House Speaker Paul Ryan will argue Tuesday that Republicans should enact permanent tax reform instead of a temporary tax cut, but will also suggest that he is open to alternatives to his proposed border-adjusted tax.
"We are going to get this done in 2017. We need to get this done in 2017," Ryan will say in his remarks to the National Association of Manufacturers on GOP plans to introduce and pass a joint tax bill this fall. "We cannot let this once-in-a-generation moment slip."
"Transformational tax reform can be done, and we are moving forward. Full speed ahead," Ryan will say.
Ryan has long sought comprehensive tax reform. Before being drafted as speaker, he won the gavel of the House Ways and Means Committee that has jurisdiction over taxes, and last year, he helped author a tax reform blueprint that has proved to be the starting point for intra-GOP talks on tax reform.
But the border adjustment provision of Ryan's outline has generated controversy. It has elicited fierce opposition from retailers and other industries that fear it would result in higher taxes on imported products. Border adjustment would work by exempting export sales from companies' taxable income, but disallowing the deduction of the cost of imported goods from taxable income. Supporters maintain that importers would not be hurt because currency would adjust to offset the import tax.
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