Some good news for consumers and retailers alike: according to CNBC, “Republicans on Thursday said they have given up on trying to pass a border adjustment tax.”
Originally proposed by House Speaker, Paul Ryan, the BAT would have taxed all imported goods – some as much as 30 percent — and was once a “critical” part of the GOP’s tax plan, despite being widely criticized by retailers, who felt it “would pass hefty costs on to consumers.”
After dividing Republicans in Congress, and propelling some of America’s largest brands to try and “tear it apart,” the proposal has finally been shuttered, “prompting a rallying cheer across the retail sector.”
For what it’s worth, the BAT wasn’t just targeting goods made on the cheap in shitty conditions. It would’ve taxed well-made things from places like the EU and Japan, too. But now, the GOP is going to have figure out a new tax plan without one of their key revenue drivers (the BAT) and without one of their key savings initiatives (Obamacare repeal).
“Republicans have now reiterated their goal of starting to work on a joint tax plan through committees by this fall,” the story notes. And while, “many questions remain about what shape the plan will take,” at least sick people and consumers (re: everyone) won’t have to bear a disproportionate burden.
You can read more about it at CNBC.