May 25, 2017
Congress’s chief tax-writing committee examines tax reform with witnesses splitting on the benefits of plans to tax imports, but not exports. House Ways and Means Chairman Kevin Brady expressed support for the plan, as did Archer Daniels Midland‘s Chief Executive. He argues the tax system played a role in the U.S.'s declining share of the global grain trade over the past 40 years.
“We need to modernize our tax code to allow us to serve the world. Other countries have responded to our inaction. We have the opportunity to give them the chance to fairly compete and provide American products to customers around the globe,” Juan Luciano, Archer Daniel Midland, Chief Executive.
House Republicans say a border adjustment tax will help raise 1 trillion dollars to underwrite their tax reform proposal, which also includes cutting the corporate tax rate from 35 percent to 20 percent.