Tax Reform Will Proceed Without the BAT

On July 27, the “Big Six” of tax reform—House Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, Treasury Secretary Steve Mnuchin, National Economic Council Directory Gary Cohn, Senate Finance Committee Chairman Orrin Hatch and House Ways and Means Committee Chairman Kevin Brady—released a joint statement noting that tax reform will move forward without the border-adjustment tax (BAT) due to too many unknowns, a move many are seeing as a win for retailers.

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