Exporters forming coalition to support House GOP border tax

Exporters forming coalition to support House GOP border tax
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A group of domestic manufacturers is putting together a coalition to support House Republicans' "border-adjustment" proposal to tax imports while exempting exports.

A source familiar with the coalition's planning told The Hill that more than 50 exporters and manufacturers have committed to being part of the group or have expressed interest in joining it. The coalition is expected to be announced shortly.

Boeing, GE, Oracle and Dow are among the businesses that are likely to be part of the group, according to reports from Politico and the Financial Times.

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The border-adjustment provision is a key piece of the House GOP tax plan, which serves as the basis for legislation being drafted in the chamber. Speaker Paul RyanPaul RyanThe Hill Interview: Budget Chair Black sticks around for now Gun proposal picks up GOP support GOP lawmaker Tim Murphy to retire at end of term MORE (R-Wis.) said on MSNBC Wednesday that he wants to pass tax-reform legislation by the end of the summer.

House Ways and Means Committee Chairman Kevin BradyKevin Patrick BradyGOP eyes limits on investor tax break Overnight Finance: White House requests B for disaster relief | Ex-Equifax chief grilled over stock sales | House panel approves B for border wall | Tax plan puts swing-state Republicans in tough spot Swing-seat Republicans squirm over GOP tax plan MORE (R-Texas) has said the border-adjustment proposal would remove incentives for businesses to move their jobs and headquarters overseas. The proposal is also a key source of revenue in the tax plan that can be used to help pay for lowering tax rates.

But opposition to the border-adjustment provision has been mounting.

Retailers and Koch Industries have warned that the proposal would increase prices for consumers. The Taxpayers Protection Alliance, an anti-government waste group, ran an ad in the Wall Street Journal on Thursday in which media mogul Steve Forbes suggested that a border-adjustment tax would be bad politics that would hurt Republican voters.

President Trump called the border-adjustment proposal "too complicated" in a recent interview with the Journal. However, he later said the topic would be under discussion.