Sen. Lindsey GrahamLindsey GrahamFive key moments from Trump's first 100 days GOP senator: There will never be full U.S.-Mexico border wall The Hill's 12:30 Report MORE (R-S.C.) says the House GOP tax plan that Speaker Paul RyanPaul RyanGeorgia campaigns keep up pressure ahead of runoff vote Meet the centrist trying to strike a deal on healthcare Five key moments from Trump's first 100 days MORE (R-Wis.) tried to sell to Senate Republicans won’t get 10 votes in the upper chamber.
If Graham is correct, it’ll be a blow for Ryan and House Ways and Means Committee Chairman Kevin BradyKevin BradyOvernight Tech: Dem wants to see FCC chief's net neutrality plans | New agency panel on telecom diversity | Trump calls NASA astronaut Overnight Finance: Tariffs on Canadian softwood lumber | Trump eyes 15 percent corporate tax rate | Border wall funding fight | Deal on vote for trade pick Trump team to meet with congressional leaders on tax reform MORE (R-Texas), who are pushing a 20 percent across-the-board tax increase on imports to pay for comprehensive tax reform.
The idea has run into staunch resistance in the Senate, which bodes ill for President Trump’s hopes of passing tax reform this year.
Ryan told Senate Republicans to “keep your powder dry” and not criticize the House tax proposal until they learn more about it, according to a GOP senator who met with Ryan at lunch Tuesday.
Ryan argued that the $1.2 trillion in projected revenues raised by the border adjustment tax would be used to keep the broader tax reform package deficit-neutral, something he said would be essential to getting it passed through both chambers.
Sen. David Perdue (R-Ga.), the former CEO of Dollar General and Reebok, has led opposition to the proposal, which he described in a recent letter to colleagues as “regressive” and a plan that “hammers consumers.”
Republicans from agriculture-dependent states are worried about retaliatory tariffs if the United States raises taxes on imports.
Sen. Cory GardnerCory GardnerPicking 2018 candidates pits McConnell vs. GOP groups Taiwan deserves to participate in United Nations Reversal: Some Republicans now defending parts of ObamaCare MORE (R-Colo.) said a border adjustment tax will hit farmers hard.
“If you were to go to a farmer and say what does a border adjustment tax mean to you, they might try to sell the farm right then,” he said.