Koch Industries takes aim at House Republican tax reform planWASHINGTON (Reuters) - Koch Industries, the private conglomerate owned by billionaire conservatives Charles and David Koch, warned on Wednesday that a Republican tax reform proposal meant to encourage U.S. exports could have devastating effects on the economy and consumers. The proposal, known as border adjustability, is part of a larger tax reform plan backed by Republicans in the House of Representatives, including Speaker Paul Ryan. It has attracted the attention of advisers to President-elect Donald Trump as a potential tool for creating manufacturing jobs for blue-collar Americans. But the provision, which would tax imports while exempting U.S. exports from corporate income tax, has raised concerns in the retailing and energy sectors about its potential effects on prices for imported consumer items and foreign goods used in domestic production. Corporate lobbyists say that Trump’s threatened 35 percent import tax against U.S. companies that move jobs overseas could reflect an interest by the president-elect in a border-adjusted approach to tax reform. The Trump team and Republicans in Congress are currently trying to hammer out an agreement on tax reform for 2017.      “The proposed border tax adjustment will distort the market, increase consumer prices and create an uneven playing field for companies and consumers,” Philip Ellender, who oversees government and public affairs for the Wichita, Kansas-based multinational, said in a statement. “The long-term consequences to the economy and the American consumer could be devastating,” added Ellender, who said Koch otherwise supports tax reform. Koch is the second largest private U.S. company, with operations that range from refining and chemicals to ranching and forest products. Its owners are known to spend heavily on conservative initiatives and to oppose government intervention in business. Representative Kevin Brady, Republican chairman of the House tax committee that produced the reform plan, welcomed the Koch statement as feedback but described border adjustability as “a key provision” that would level the playing field for “Made in America” products.  Brady has said the plan would unleash economic and job growth by cutting the corporate tax rate from 35 percent to 20 percent, simplifying the tax code and encouraging investment. Border adjustability would help pay for tax cuts by generating $1.2 trillion in revenues over a decade, according to the non-partisan Tax Policy Center.  The provision would also discourage U.S. companies from moving operations abroad as a result of another provision, which would eliminate U.S. taxes on the foreign profits of U.S. multinationals. politicsNews
koch industries takes aim house republican tax reform planwashington reuters koch industries private conglomerate owned billionaire conservatives charles david koch warned wednesday republican tax reform proposal meant encourage exports could devastating effects economy consumers the proposal known border adjustability part larger tax reform plan backed republicans house representatives including speaker paul ryan it attracted attention advisers donald trump potential tool creating manufacturing jobs americans but provision would tax imports exemption exports corporate income tax raised concerns retailing energy sectors potential effects prices imported consumer items foreign goods used domestic production corporate lobbyists say trump threatened percent import tax companies move jobs overseas could reflect interest approach tax reform the trump team republicans congress currently trying hammer agreement tax reform the proposed border tax adjustment distort market increase consumer prices create uneven playing field companies consumers philip slender oversees government public affairs wichita multinational said statement the consequences economy american consumer could devastating added slender said koch otherwise supports tax reform koch second largest private company operations range refining chemicals ranching forest products its owners known spend heavily conservative initiatives oppose government intervention business representative kevin brady republican chairman house tax committee produced reform plan welcomed koch statement feedback described border adjustability key provision would level playing field made america products brady said plan would unleash economic job growth cutting corporate tax rate percent percent simplifying tax code encouraging investment border adjustability would help pay tax cuts generating trillion revenues decade according tax policy center the provision would also discourage companies moving operations abroad result another provision would eliminate taxes foreign profits multinational politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Koch Industries takes aim at House Republican tax reform planWASHINGTON (Reuters) - Koch Industries, the private conglomerate owned by billionaire conservatives Charles and David Koch, warned on Wednesday that a Republican tax reform proposal meant to encourage U.S. exports could have devastating effects on the economy and consumers. The proposal, known as border adjustability, is part of a larger tax reform plan backed by Republicans in the House of Representatives, including Speaker Paul Ryan. It has attracted the attention of advisers to President-elect Donald Trump as a potential tool for creating manufacturing jobs for blue-collar Americans. But the provision, which would tax imports while exempting U.S. exports from corporate income tax, has raised concerns in the retailing and energy sectors about its potential effects on prices for imported consumer items and foreign goods used in domestic production. Corporate lobbyists say that Trump’s threatened 35 percent import tax against U.S. companies that move jobs overseas could reflect an interest by the president-elect in a border-adjusted approach to tax reform. The Trump team and Republicans in Congress are currently trying to hammer out an agreement on tax reform for 2017.      “The proposed border tax adjustment will distort the market, increase consumer prices and create an uneven playing field for companies and consumers,” Philip Ellender, who oversees government and public affairs for the Wichita, Kansas-based multinational, said in a statement. “The long-term consequences to the economy and the American consumer could be devastating,” added Ellender, who said Koch otherwise supports tax reform. Koch is the second largest private U.S. company, with operations that range from refining and chemicals to ranching and forest products. Its owners are known to spend heavily on conservative initiatives and to oppose government intervention in business. Representative Kevin Brady, Republican chairman of the House tax committee that produced the reform plan, welcomed the Koch statement as feedback but described border adjustability as “a key provision” that would level the playing field for “Made in America” products.  Brady has said the plan would unleash economic and job growth by cutting the corporate tax rate from 35 percent to 20 percent, simplifying the tax code and encouraging investment. Border adjustability would help pay for tax cuts by generating $1.2 trillion in revenues over a decade, according to the non-partisan Tax Policy Center.  The provision would also discourage U.S. companies from moving operations abroad as a result of another provision, which would eliminate U.S. taxes on the foreign profits of U.S. multinationals. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: koch industries takes aim house republican tax reform planwashington reuters koch industries private conglomerate owned billionaire conservatives charles david koch warned wednesday republican tax reform proposal meant encourage exports could devastating effects economy consumers the proposal known border adjustability part larger tax reform plan backed republicans house representatives including speaker paul ryan it attracted attention advisers donald trump potential tool creating manufacturing jobs americans but provision would tax imports exemption exports corporate income tax raised concerns retailing energy sectors potential effects prices imported consumer items foreign goods used domestic production corporate lobbyists say trump threatened percent import tax companies move jobs overseas could reflect interest approach tax reform the trump team republicans congress currently trying hammer agreement tax reform the proposed border tax adjustment distort market increase consumer prices create uneven playing field companies consumers philip slender oversees government public affairs wichita multinational said statement the consequences economy american consumer could devastating added slender said koch otherwise supports tax reform koch second largest private company operations range refining chemicals ranching forest products its owners known spend heavily conservative initiatives oppose government intervention business representative kevin brady republican chairman house tax committee produced reform plan welcomed koch statement feedback described border adjustability key provision would level playing field made america products brady said plan would unleash economic job growth cutting corporate tax rate percent percent simplifying tax code encouraging investment border adjustability would help pay tax cuts generating trillion revenues decade according tax policy center the provision would also discourage companies moving operations abroad result another provision would eliminate taxes foreign profits multinational politicsnews