IncSmart District of Columbia (Small Business and Startups) - Treasury Secretary Mnuchin reports Trump administration is committed to tax reform by August.  Mnuchin also predicts the senate and house would pass laws so economy would have serious growth boom.  Sweeping tax reform is high on the Trump agenda. The House of Representatives and the Senate, controlled by Republicans, have been unable to find consensus on a tax package that could pass both chambers.

On the boarder adjustment tax, American manufacturers and the House are pushing for the tax, but retailers and the Senate are holding back.  This would give tax breaks to manufacturers who export but raise the tax bills of companies that import goods.  The broken tax code encourages the import of foreign-made goods while penalizing products made in and exported from America.  Comprehensive tax reform with a border adjustment provision will create more American jobs, increase U.S. worker wages, grow the economy and eliminate incentives to shift jobs and profits overseas.


By David Oliver

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