CNBC reports today (at 5.22 in the below video) that Paul Ryan makes no reference to the Border Adjustment Tax in his pending speech on tax reform. Treasury Secretary Mnuchin did not rebut this assertion. If true, this is a major shift from Mr. Ryan. Is the end near???
Mnuchin speaks in the same interview about the need to implement a territorial tax system. Please NOTE that we can have a territorial system without having a VAT or a BAT. Territorial tax systems and the Border Adjustment Tax are not synonymous. Mnuchin is saying that he does not want to tax income earned offshore, and thus wants to open the door to repatriation of foreign earnings on some basis.
I have previously reported rumors that a hybrid system will be proposed wherein foreign earnings are taxed at a lower level to replace the BAT. This plan would match (minimally) what Mnuchin is claiming.
Stay tuned!
Thanks for the great explanation, Ryan.
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