Since it was announced over a year ago, the Border Adjustment Tax was highly controversial among manufacturers. While it had the potential to raise revenue, it also divided American manufacturers and industries.
Last week, House Speaker Paul Ryan (R-Wis.), Senate Majority Leader Mitch McConnell (R-Ky.), Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, Senate Finance Committee Chairman Orrin Hatch (R-Utah) and House Ways and Means Committee Chairman Kevin Brady (R-Texas) issued a joint statement on tax reform noting that, “While we have debated the pro-growth benefits of border adjustability, we appreciate that there are many unknowns associated with it and have decided to set this policy aside in order to advance tax reform.”
The National Marine Manufacturers Association asked elected officials to consider the impacts it would have on the global supply chain that American manufacturers rely on.
NMMA said it welcomes White House and Congressional leaders’ commitment to tax reform, and will continue to work to share the interests and concerns of the recreational boating industry on a plan that lowers rates, allows for better business expensing, protects small and family owned businesses, and spurs economic growth.