Larry Kudlow, the economist and adviser to President Ronald Reagan, said discarding a proposal to tax goods coming in from other countries will let other pro-growth changes to the tax code move forward through Congress.
Republican leaders said on Thursday that the proposed border-adjusted tax won’t be part of negotiations on how to overhaul the U.S. tax code. Speaker of the House Paul Ryan (R-Wisc.) supported the controversial proposal, while retailers said it would hurt shoppers with higher prices that would stifle consumer spending.
“We buried that several times, and it kept coming back,” Kudlow said on CNBC. “Speaker Ryan in fact in recent days mentioned it again. Now, let’s get on to the main chance.”
The so-called Big Six — which includes House Speaker Paul Ryan, Ways and Means Chairman Kevin Brady, White House economic adviser Gary Cohn, Treasury Secretary Steven Mnuchin, Senate Majority Leader Mitch McConnell and Senate