20:48 GMT25 September 2020
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    US President Donald Trump and top Republican leaders in the administration and Congress have set aside plans for a border adjustment tax as part of a new reform plan unveiled on Thursday, according to a joint statement issued by the White House.

    WASHINGTON (Sputnik) — The controversial proposal would have taxed imports while letting exports go untaxed.

    "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," Trump, House Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, Senate Finance Committee Chairman Orin Hatch and House Ways and Means Committee Chairman Kevin Brady said in the statement.

    The Republican leaders said they would focus on drafting legislation that would result in the first comprehensive tax reform in a generation.

    The House Ways and Means Committee and Senate Finance Committee will take the lead and begin producing the legislation, the statement said.

    The committees will work to ensure that tax relief for American families is a focal point of their legislation. They also hope to achieve lower tax rates for all American businesses, particularly small businesses.

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    Tags:
    tax reform, Donald Trump, United States
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