http://www.startribune.com/tax-overhaul-...429071133/

Quote:A proposed tax on imports is central to the GOP plan to lower the overall corporate tax rate. It would generate about $1 trillion over the next decade to finance the lower rates without adding to the deficit. It would also provide strong incentives for U.S.-based companies to keep their operations in the United States and perhaps persuade companies to move overseas operations to the U.S.

But the tax faces strong opposition from retailers, automakers and the oil industry, and a growing number of congressional Republicans have come out against it. They worry that it will increase the cost of imports, raising consumer prices.

Majority Leader Mitch McConnell, R-Ky., says there probably aren't enough votes to pass the import tax in the Senate — not a single Republican senator has publicly endorsed it. And a powerful group of House conservatives says it's time to dump the idea.

"The sooner we acknowledge that and get on with a plan that actually works and actually can build consensus, the better off we will be," said Rep. Mark Meadows, R-N.C., chairman of the conservative Freedom Caucus.

Of course they are. Big companies love the current setup because they have the means to get their true tax rate down to a tiny percentage. It's the small and medium sized companies getting screwed.

(06-18-2017 10:27 AM)MplsBison Wrote:  http://www.startribune.com/tax-overhaul-...429071133/

Quote:A proposed tax on imports is central to the GOP plan to lower the overall corporate tax rate. It would generate about $1 trillion over the next decade to finance the lower rates without adding to the deficit. It would also provide strong incentives for U.S.-based companies to keep their operations in the United States and perhaps persuade companies to move overseas operations to the U.S.

But the tax faces strong opposition from retailers, automakers and the oil industry, and a growing number of congressional Republicans have come out against it. They worry that it will increase the cost of imports, raising consumer prices.

Just be aware of all the consequences. Whenever a tax is raised, the consumers end up paying for it.

This is not meant to be an argument against it, just something to think about.

Furthermore, this would likely cause our trading partners to add taxes to American products and likely reduce our exports.

There is no free lunch or tax.

My company is seeing a benefit from Trumps policies of penalizing Chinese dumping of plywood products. We are quoting business that was buying from the Chinese now.