U.S. Senate finance panel unlikely to support import tax: chairmanWASHINGTON (Reuters) - A 20 percent import tax, backed by Republican leaders in the House of Representatives, is unlikely to win enough support from the Senate Finance Committee to be part of any Senate tax reform bill, the panel’s Republican chairman said on Tuesday. The comment by Senator Orrin Hatch of Utah is the strongest sign yet of the daunting legislative challenge that lies ahead for the border adjustment tax, or BAT, a controversial House Republican proposal that has already divided the business community and Republicans in Congress. Hatch’s finance committee, which consists of 14 Republicans and 12 Democrats, has oversight authority for tax policy and would need to approve any tax reform legislation considered in the Senate. “It’s going to be tough to pass. I don’t think we can move it through the Finance Committee,” the Utah Republican told reporters after discussing the BAT proposal at a meeting with Treasury Secretary Steven Mnuchin. Hatch said the administration also opposes BAT: “They’re against that ... if I interpret it correctly.” The proposal, which would exempt U.S. export revenues from federal taxation but impose a flat 20 percent tax on imports, is strongly backed by House Speaker Paul Ryan and House Ways and Means Committee Chairman Kevin Brady. Neither Ryan’s office nor Brady’s had an immediate comment on Hatch’s remarks. If the House approved BAT but the Senate excluded it from legislation, House Republicans would need to use bicameral negotiations to get it included in final legislation for President Donald Trump’s signature. House Republicans have billed border adjustment as a way to meet Trump’s pledge to create jobs at home while preventing American companies from moving manufacturing jobs and production facilities overseas. But it has divided U.S. business by drawing enthusiastic support from exporters and fierce opposition from import-dependent industries, leaving many Republican lawmakers wary of the proposal. Republican supporters say BAT is needed to pay for steep business tax cuts, citing independent analyses that estimate it would raise more than $1 trillion over a decade. Administration officials have called for financing tax cuts with future economic growth. Some lawmakers have suggested deficit-financed tax cuts instead.        “We have to raise revenue,” Hatch said. “There’s no question about that. And we will. We know where it all is anyway.” politicsNews
senate finance panel unlikely support import tax chairmanwashington reuters a percent import tax backed republican leaders house representatives unlikely win enough support senate finance committee part senate tax reform bill panel republican chairman said tuesday the comment senator train hatch utah strongest sign yet daunting legislative challenge lies ahead border adjustment tax bat controversial house republican proposal already divided business community republicans congress hatch finance committee consists republicans democrats oversight authority tax policy would need approve tax reform legislation considered senate it going tough pass i think move finance committee utah republican told reporters discussing bat proposal meeting treasury secretary steven mnuchin hatch said administration also opposes bat they i interpret the proposal would exempt export revenues federal taxation impose flat percent tax imports strongly backed house speaker paul ryan house ways means committee chairman kevin brady neither ryan office brady immediate comment hatch remarks if house approved bat senate excluded legislation house republicans would need use bicameral negotiations get included final legislation president donald trump signature house republicans billed border adjustment way meet trump pledge create jobs home preventing american companies moving manufacturing jobs production facilities overseas but divided business drawing enthusiastic support exporters fierce opposition industries leaving many republican lawmakers wary proposal republican supporters say bat needed pay steep business tax cuts citing independent analyses estimate would raise trillion decade administration officials called financing tax cuts future economic growth some lawmakers suggested tax cuts instead we raise revenue hatch said there question and we know 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. Senate finance panel unlikely to support import tax: chairmanWASHINGTON (Reuters) - A 20 percent import tax, backed by Republican leaders in the House of Representatives, is unlikely to win enough support from the Senate Finance Committee to be part of any Senate tax reform bill, the panel’s Republican chairman said on Tuesday. The comment by Senator Orrin Hatch of Utah is the strongest sign yet of the daunting legislative challenge that lies ahead for the border adjustment tax, or BAT, a controversial House Republican proposal that has already divided the business community and Republicans in Congress. Hatch’s finance committee, which consists of 14 Republicans and 12 Democrats, has oversight authority for tax policy and would need to approve any tax reform legislation considered in the Senate. “It’s going to be tough to pass. I don’t think we can move it through the Finance Committee,” the Utah Republican told reporters after discussing the BAT proposal at a meeting with Treasury Secretary Steven Mnuchin. Hatch said the administration also opposes BAT: “They’re against that ... if I interpret it correctly.” The proposal, which would exempt U.S. export revenues from federal taxation but impose a flat 20 percent tax on imports, is strongly backed by House Speaker Paul Ryan and House Ways and Means Committee Chairman Kevin Brady. Neither Ryan’s office nor Brady’s had an immediate comment on Hatch’s remarks. If the House approved BAT but the Senate excluded it from legislation, House Republicans would need to use bicameral negotiations to get it included in final legislation for President Donald Trump’s signature. House Republicans have billed border adjustment as a way to meet Trump’s pledge to create jobs at home while preventing American companies from moving manufacturing jobs and production facilities overseas. But it has divided U.S. business by drawing enthusiastic support from exporters and fierce opposition from import-dependent industries, leaving many Republican lawmakers wary of the proposal. Republican supporters say BAT is needed to pay for steep business tax cuts, citing independent analyses that estimate it would raise more than $1 trillion over a decade. Administration officials have called for financing tax cuts with future economic growth. Some lawmakers have suggested deficit-financed tax cuts instead.        “We have to raise revenue,” Hatch said. “There’s no question about that. And we will. We know where it all is anyway.” 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: senate finance panel unlikely support import tax chairmanwashington reuters a percent import tax backed republican leaders house representatives unlikely win enough support senate finance committee part senate tax reform bill panel republican chairman said tuesday the comment senator train hatch utah strongest sign yet daunting legislative challenge lies ahead border adjustment tax bat controversial house republican proposal already divided business community republicans congress hatch finance committee consists republicans democrats oversight authority tax policy would need approve tax reform legislation considered senate it going tough pass i think move finance committee utah republican told reporters discussing bat proposal meeting treasury secretary steven mnuchin hatch said administration also opposes bat they i interpret the proposal would exempt export revenues federal taxation impose flat percent tax imports strongly backed house speaker paul ryan house ways means committee chairman kevin brady neither ryan office brady immediate comment hatch remarks if house approved bat senate excluded legislation house republicans would need use bicameral negotiations get included final legislation president donald trump signature house republicans billed border adjustment way meet trump pledge create jobs home preventing american companies moving manufacturing jobs production facilities overseas but divided business drawing enthusiastic support exporters fierce opposition industries leaving many republican lawmakers wary proposal republican supporters say bat needed pay steep business tax cuts citing independent analyses estimate would raise trillion decade administration officials called financing tax cuts future economic growth some lawmakers suggested tax cuts instead we raise revenue hatch said there question and we know politicsnews