HB 24-12: Implementing a Border Adjustment Tax Act (Final Vote)

[OSR stands with Israel]

This seems like a more reasonable proposal. Do we have a rough idea of how much the BAT would generate?

https://taxfoundation.org/faqs-border-adjustment/

The Tax Foundation estimates that, in the context of the House GOP tax plan, the border adjustment would raise $1.1 trillion over 10 years, and would do minimal economic harm

Though this proposal would have had the BAT be 20% not 15%

[OSR stands with Israel]

OSR?

Does any one have an amendment, I haven’t called a final vote cause I thought you had an amendment

[OSR stands with Israel]

no objections

[OSR stands with Israel]

I'm happy with moving to a final vote personally, and I'll be voting in favour - but I'd be interested to hear what the sponsor thinks of Encke's concerns? My assumption is that this additional tax which is border adjusted and if thats the case, I think the bill is clear enough. Of course, I wouldn't vote for it if it came with a slashing of corporate taxes as was in the IRL Republican proposal for reasons I've more or less made clear in other tax related debates.

I said it wouldn’t slash the corporate tax rate

[OSR stands with Israel]

Aye

[OSR stands with Israel]

Abstain

I'm happy with moving to a final vote personally, and I'll be voting in favour - but I'd be interested to hear what the sponsor thinks of Encke's concerns? My assumption is that this additional tax which is border adjusted and if thats the case, I think the bill is clear enough. Of course, I wouldn't vote for it if it came with a slashing of corporate taxes as was in the IRL Republican proposal for reasons I've more or less made clear in other tax related debates.

I said it wouldn’t slash the corporate tax rate

Had a brief conversation over Discord about this with OSR; I understand that this is a separate tax that is border adjusted and that this isn't following the GOP's tax plan, but am wondering why OSR cited this item earlier in the debate:

The Tax Foundation estimates that, in the context of the House GOP tax plan, the border adjustment would raise $1.1 trillion over 10 years, and would do minimal economic harm

The 'border adjustment' discussed in this source refers to the border-adjusting of the current corporate income tax as part of a broader plan to make the U.S. tax system completely destination-based, which is completely different from adding an extra 20% border-adjusted tax on top of the current corporate tax, which is what this bill seems to be doing (correct me if I'm completely misunderstanding everything here).

What that quoted is how much the BAT would bring in revenue not how much the total tax reform proposal would bring .


If the BAT was implemented along with the 2017 tax reform the net cost would be 400 billion instead of 1.5 trillion over 10 years