The House GOP's very bad tax idea

The House Republicans' proposed border adjustment tax sets a "nasty political and economic trap for Donald Trump," as Forbes writes: Few people are even aware of what the Republicans are getting ready to hit them with. There has been virtually no debate or public discussion about this new, horrible tax, yet in one of those strange fits of collective, self-destructive behavior, numerous GOP lawmakers are ready to enact it. The border adjustment tax would tax imports at 20 percent while exempting exports.  House Republicans think the revenue from the proposed border tax could finance cuts in the corporate tax rate and other taxes, as well as encourage domestic manufacturing. But the Republicans would be opening a huge can of worms.  As Forbes points out, prices for all manner of imports, from clothing to computers, from gasoline to cars, would escalate substantially.  As Forbes also notes, the costs for foreign automobile companies manufacturing...(Read Full Post)

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