A news report that the European Union and other U.S. trading partners are preparing to challenge House leaders' proposal to overhaul U.S. corporate taxes spurred the plan's leading congressional advocate to declare that it would survive “any challenge that they bring.”
Rep. Kevin Brady, the Texas Republican who chairs the tax-writing House Ways and Means Committee, said he fully expects other nations to challenge the proposal for a “border adjusted” tax. That plan, which is also supported by House Speaker Paul Ryan, calls for taxing U.S. companies' domestic sales and imports, while exempting their exports.
“We expect other countries to challenge this provision,” Brady said Monday. “Because they have a pretty sweet deal right now.”
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