Congress seen as not likely to pass tax overhaul quickly

But there's a potential hangup.

There's no way a carbon tax or a VAT passes a Congress controlled by Republicans unless it's offered in tandem with a massive rollback of the federal income or payroll taxes. Many carbon tax plans claim to raise $1 trillion over ten years.

President Donald Trump's administration is exploring the creation of two controversial new taxes - a value-added tax and a carbon tax - as part of a broad overhaul of the tax code, according to an administration official and one other person briefed on the process.

And a January NBC News/Wall Street Journal poll said 53 percent of US voters wanted Trump to release his tax returns while 30 percent said he didn't have to. "I'd love to have them bring their ideas on how we leapfrog America back into the lead as the most competitive place on earth for that new business". "That's what you do in your family, that's what we all do".

Adjusting taxes at the border would create incentives for companies to manufacture and produce goods domestically. A former Senate staffer said the tax break might not survive if a tax reform bill was to move forward, but there might not be any willingness to eliminate it outside the context of tax reform.

On tax reform, Trump said he wanted to wait and see what happens on healthcare legislation, which has stalled in the House of Representatives, before setting out details on taxes.

"I really don't know the extent to which it is man-made, and I don't think anybody can tell you with certainty that it's all man-made", Baker said in an interview with The Washington Post at the time, referring to climate change.

The report predicted economic harm to Georgia, Kentucky, Louisiana, Michigan, South Carolina, Tennessee and Texas - all states Trump won in the 2016 presidential election.

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The border-adjustment tax, or BAT, would tax imports and incentivize exports, and also fulfill President Trump's pledge to protect American companies from unfair global trade. However, Trump has been largely silent on the proposal since assuming office. "I think that just completely misses the mark", Horwitz said.

Three possibilities, then. One: The WaPo report is nonsense, a scare tactic created to spook House Republicans into reconsidering the border-adjustment tax before Trump does something insane and makes a deal with Pelosi.

Cue the alarm bells for import-heavy companies like Wal-Mart Stores Inc., Target Corp. and Nike Inc. But more than $1 trillion in tax revenues are needed to enable the proposed overall lower tax rates.

A value-added tax is a provision in a proposal from Sen. That change could cost the plan votes from senators in states that benefit from those deductions.

Earlier Wednesday, House Democrats announced a "discharge petition" on a bill that would require presidents and presidential nominees to release their tax returns. "Democrats are never going to support these efforts to completely gut Obama's signature health-care law". "But tax reform in my mind is pretty easy".

The IRS, however, has said people can still disclose their tax returns even if they're under audit. There, the picture gets cloudier; lobbyists on both sides of the border-adjustment tax issue say they're not sure who'll determine the final contents of the administration's plan. If they can get it done right, it's a win. Are they doing business taxes only or personal taxes too?

And there are some reasons to believe a border-adjusted tax would be more economically efficient than the current corporate income tax and make it harder for multinational companies to use clever strategies to avoid tax.

"The Border Adjustment Tax ... slaps outrageous taxes on imported goods - like clothing, food, medicine, and gasoline - products Americans rely on every day", the coalition says on its website. Home mortgage and charitable donation deductions would be preserved but other deductions would be reduced in the 20 percent and 25 percent brackets.

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