White House, Lawmakers Drop Border Adjustment Tax From Reform Plan

The Trump administration and top lawmakers working on a tax overhaul said Thursday their goal is to reduce tax rates "as much as possible" and create a system that encourages U.S. companies to bring back profits "trapped overseas." In a short joint statement, Treasury Secretary Steven Mnuchin, House Speaker Paul Ryan and other officials also said they had decided to set aside the so-called border adjustment tax. They said they expect legislation to move through relevant congressional committees "this fall."