President Trump has gone back to the drawing board on is tax reform as he looks for wide-ranging Republican support behind legislation to overhaul the tax system. White House officials have said that it is unlikely a tax overhaul will meet the August deadline set by Treasury Secretary Mnuchin. However, the administration so far has swatted down alternative ways for raising revenues, such as a carbon tax, to offset lower rates. Brady has proposed a border adjustment system, which would eliminate corporate deductions on imports, to raise $1 trillion over 10 years that could fund lower corporate tax rates. Those additional revenues could then enable the end of the 12.4 percent payroll tax, split evenly between employers and employees, that funds Social Security, while keeping the health insurance payroll tax in place.

Source: Fox News April 10, 2017 08:03 UTC