U.S. House Republicans exploring border tax design changes: lawmakerWASHINGTON (Reuters) - Republicans in the U.S. House of Representatives are considering possible changes to the design of their controversial border adjustment tax proposal to accommodate industries worried about being harmed by the provision, a top lawmaker said on Friday. The measure, a centerpiece of the House Republican tax reform blueprint backed by Speaker Paul Ryan, is intended to encourage investment and manufacturing in the United States. But it faces mounting pressure from U.S. retailers, oil refiners and automakers who fear it could result in higher prices for consumer goods including gasoline.  Major U.S. exporters on Thursday threw their support behind a border tax, but President Donald Trump has sent mixed signals and some U.S. Senate Republicans question whether it would pass muster under international trade rules. “We are listening carefully and exploring a number of ideas on both design and the transition of this provision to accommodate some of the concerns, valid concerns,” House Ways and Means Committee Chairman Kevin Brady told a conference on tax issues. “I’m confident ... that the design of the border adjustability and the transition of it will allay those concerns,” he added without providing details. He previously said the committee would look at transition rules but has not suggested possible design changes until now.  The Texas Republican, whose panel is working on tax reform legislation, is not considering product or industry exemptions but said the committee is engaged in discussions with industries including import-dependent oil refiners.  The border adjustment proposal would exempt U.S. corporate export revenues from tax but impose a 20 percent levy on imports by preventing U.S. companies from deducting import costs from their taxable income. Import-dependent companies say the sweeping change could hurt their businesses and customers. “Their concerns about consumer impacts or tax impacts, we don’t want those either,” Brady said. Brady said the policy would tax all products sold in the United States equally while matching the export tax approach of U.S. trading partners. He acknowledged that the change could be phased in over time to help smooth the transition but denied that the proposal would violate international trade rules by penalizing imports or subsidizing exports. Business lobbyists have suggested a number of changes, from a nominal tax to compensate import-dependent businesses to an import tax rate that would vary by country of origin to match the taxes U.S. products face abroad.         “We know where we want to go and we’re going to listen to all ideas. But we’re going to end up with a tax code that taxes products at the same equal rate in the United States,” he said. politicsNews
house republicans exploring border tax design changes lawmakerwashington reuters republicans house representatives considering possible changes design controversial border adjustment tax proposal accommodate industries worried harmed provision top lawmaker said friday the measure centerpiece house republican tax reform blueprint backed speaker paul ryan intended encourage investment manufacturing united states but faces mounting pressure retailers oil refinery automakers fear could result higher prices consumer goods including gasoline major exporters thursday threw support behind border tax president donald trump sent mixed signals senate republicans question whether would pass muster international trade rules we listening carefully exploring number ideas design transition provision accommodate concerns valid concerns house ways means committee chairman kevin brady told conference tax issues i confident design border adjustability transition ally concerns added without providing details he previously said committee would look transition rules suggested possible design changes the texas republican whose panel working tax reform legislation considering product industry exemptions said committee engaged discussions industries including oil refinery the border adjustment proposal would exempt corporate export revenues tax impose percent levy imports preventing companies reducing import costs taxable income companies say sweeping change could hurt businesses customers their concerns consumer impacts tax impacts want either brady said brady said policy would tax products sold united states equally matching export tax approach trading partners he acknowledged change could phased time help smooth transition denied proposal would violate international trade rules realizing imports subsidizing exports business lobbyists suggested number changes nominal tax compensate businesses import tax rate would vary country origin match taxes products face abroad we know want go going listen ideas but going end tax code taxes products equal rate united states said 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: U.S. House Republicans exploring border tax design changes: lawmakerWASHINGTON (Reuters) - Republicans in the U.S. House of Representatives are considering possible changes to the design of their controversial border adjustment tax proposal to accommodate industries worried about being harmed by the provision, a top lawmaker said on Friday. The measure, a centerpiece of the House Republican tax reform blueprint backed by Speaker Paul Ryan, is intended to encourage investment and manufacturing in the United States. But it faces mounting pressure from U.S. retailers, oil refiners and automakers who fear it could result in higher prices for consumer goods including gasoline.  Major U.S. exporters on Thursday threw their support behind a border tax, but President Donald Trump has sent mixed signals and some U.S. Senate Republicans question whether it would pass muster under international trade rules. “We are listening carefully and exploring a number of ideas on both design and the transition of this provision to accommodate some of the concerns, valid concerns,” House Ways and Means Committee Chairman Kevin Brady told a conference on tax issues. “I’m confident ... that the design of the border adjustability and the transition of it will allay those concerns,” he added without providing details. He previously said the committee would look at transition rules but has not suggested possible design changes until now.  The Texas Republican, whose panel is working on tax reform legislation, is not considering product or industry exemptions but said the committee is engaged in discussions with industries including import-dependent oil refiners.  The border adjustment proposal would exempt U.S. corporate export revenues from tax but impose a 20 percent levy on imports by preventing U.S. companies from deducting import costs from their taxable income. Import-dependent companies say the sweeping change could hurt their businesses and customers. “Their concerns about consumer impacts or tax impacts, we don’t want those either,” Brady said. Brady said the policy would tax all products sold in the United States equally while matching the export tax approach of U.S. trading partners. He acknowledged that the change could be phased in over time to help smooth the transition but denied that the proposal would violate international trade rules by penalizing imports or subsidizing exports. Business lobbyists have suggested a number of changes, from a nominal tax to compensate import-dependent businesses to an import tax rate that would vary by country of origin to match the taxes U.S. products face abroad.         “We know where we want to go and we’re going to listen to all ideas. But we’re going to end up with a tax code that taxes products at the same equal rate in the United States,” he said. 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: house republicans exploring border tax design changes lawmakerwashington reuters republicans house representatives considering possible changes design controversial border adjustment tax proposal accommodate industries worried harmed provision top lawmaker said friday the measure centerpiece house republican tax reform blueprint backed speaker paul ryan intended encourage investment manufacturing united states but faces mounting pressure retailers oil refinery automakers fear could result higher prices consumer goods including gasoline major exporters thursday threw support behind border tax president donald trump sent mixed signals senate republicans question whether would pass muster international trade rules we listening carefully exploring number ideas design transition provision accommodate concerns valid concerns house ways means committee chairman kevin brady told conference tax issues i confident design border adjustability transition ally concerns added without providing details he previously said committee would look transition rules suggested possible design changes the texas republican whose panel working tax reform legislation considering product industry exemptions said committee engaged discussions industries including oil refinery the border adjustment proposal would exempt corporate export revenues tax impose percent levy imports preventing companies reducing import costs taxable income companies say sweeping change could hurt businesses customers their concerns consumer impacts tax impacts want either brady said brady said policy would tax products sold united states equally matching export tax approach trading partners he acknowledged change could phased time help smooth transition denied proposal would violate international trade rules realizing imports subsidizing exports business lobbyists suggested number changes nominal tax compensate businesses import tax rate would vary country origin match taxes products face abroad we know want go going listen ideas but going end tax code taxes products equal rate united states said politicsnews