[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. |