| Submit your comments on this article |
| Economy |
| Wilbur Ross: Border-adjustment tax a ‘powerful mechanism' to balance budget |
| 2017-03-05 |
| [Wash Times] U.S. Commerce Secretary Wilbur Ross on Friday said a border-adjustment tax like the one being pushed by congressional Republicans would be a "powerful mechanism" to balance the budget but did not endorse the specific proposal they’re lobbying for on Capitol Hill. "We have to balance" the budget, he said on CNBC. "Border adjustable is certainly one powerful mechanism for doing that, but let’s see what else evolves." There has been an intense internal GOP debate over imposing the 20 percent tax on imports in order to raise about $1 trillion over the course of a decade. "I think there will be something found to fill the trillion-dollar hole. Whether it will be exactly border adjustable -- and if it is border adjustable whether it’ll be in exactly the same form and size -- is an open question," Mr. Ross said. "I haven’t said that we’re in accord with anything like a 20 percent border adjustable tax," he said. Proponents have said the move would end a "made in America" tax and encourage U.S. production, since foreign-made products sold in the U.S. face a lower tax burden than American-made ones. |
| Posted by:Besoeker |
| #5 10%? How about 15%? That's even better. |
| Posted by: Eohippus Cheamp5121 2017-03-05 21:41 |
| #4 Course of Action at #2 would easily cover wall construction and possibly fund the INS. |
| Posted by: Besoeker 2017-03-05 15:41 |
| #3 Donks saying no to a tax? |
| Posted by: Procopius2k 2017-03-05 15:38 |
| #2 Easiest, best and most easily-justifiable thing to do is to impose an excise tax on remittances leaving the country. To the extent that illegal aliens don't pay an income tax, a 10% excise tax on money sent back 'home' would compensate the country for the income generated. Explain it that way and the elites will look even more foolish than they usually do in saying no. |
| Posted by: Steve White 2017-03-05 11:32 |
| #1 the 20 percent tax on imports So is this an avenue to indict the coke buyers on tax evasion? Holding an amount for personal use, without a tax stamp, punishable by jail and fine? |
| Posted by: Skidmark 2017-03-05 10:17 |