U.S. Republican leaders announce end of border tax proposal

Submitted by admin on Sat, 08/19/2017 - 08:03

A Republican proposal in the House of Representatives to institute a border tax on imported items has been killed, party leaders said on Thursday, saying they did so as part of a tax overhaul deal struck between congressional and administration negotiators.

The border adjustment tax was meant to discourage U.S. companies from manufacturing products overseas and then importing them back into the United States for sale.

The decision is a victory for large retailers and other importers who lobbied aggressively against the proposal, including a coalition that included automakers like Toyota and stores like Target, Autozone and Best Buy...

This is excerpted from 27 July 2017 edition of CBC News.