U.S. tax reform proposal on border trade faces growing oppositionWASHINGTON (Reuters) - A sweeping tax reform proposal meant to boost U.S. manufacturing faces mounting pressure from industries that rely heavily on imported goods as President-elect Donald Trump and congressional Republicans work to finalize new tax legislation. As Republican members of the House of Representatives tax committee prepared to discuss tax reform this week, the panel received a letter from 81 industry groups rejecting the proposal known as “border adjustability.” A lynchpin of the House Republican “Better Way” agenda and viewed favorably by Trump’s team, the policy would help  manufacturers by exempting export revenues from corporate taxes. But it would tax imports, hitting import-dependent industries. House Republicans hope to persuade Trump to back the policy as a means to fulfill his campaign pledge to create blue-collar jobs. This week, incoming Trump White House Chief of Staff Reince Priebus expressed support for the approach as a possible alternative to tariffs.  Trump and House Republicans have not reached agreement on border adjustability but could iron out most of their remaining differences on tax reform in two to three weeks, ahead of the Jan. 20 inauguration, former Trump adviser Stephen Moore told reporters in Michigan. In a Dec. 13 letter to House Ways and Means Chairman Kevin Brady and incoming top Democrat Richard Neal, groups representing the auto and retailing industries, among others, said: “Companies that rely on global supply chains would face huge business challenges caused by increased taxes and increased cost of goods.”  They warned of “reductions in employment, reduced capital investments and higher prices for consumers” as potential consequences. “The Better Way tax reform proposal, without the border adjustment provision, can provide the basis for the strong economic growth we all seek,” it said. Border adjustability has come under fire from Koch Industries, the private conglomerate controlled by billionaires Charles and David Koch, who support Republicans and other conservatives in Congress. Advocates of border adjustability say the House tax plan would collapse without the more than $1 trillion in revenues the provision would raise to help pay for tax cuts.      In a statement, Brady urged companies to focus on the entire plan, which would cut the corporate tax rate to 20 percent from 35 percent and end taxation of U.S. corporate profits overseas. Neal said he was encouraged that Republicans are considering incentivizing manufacturing and exports but added: “There are genuine concerns that this could result in an increase in consumer prices.” politicsNews
tax reform proposal border trade faces growing oppositionwashington reuters a sweeping tax reform proposal meant boost manufacturing faces mounting pressure industries rely heavily imported goods donald trump congressional republicans work finalize new tax legislation as republican members house representatives tax committee prepared discuss tax reform week panel received letter industry groups rejecting proposal known border a lynching house republican better way agenda viewed favorably trump team policy would help manufacturers exemption export revenues corporate taxes but would tax imports hitting industries house republicans hope persuade trump back policy means fulfill campaign pledge create jobs this week incoming trump white house chief staff rence priests expressed support approach possible alternative tariffs trump house republicans reached agreement border adjustability could iron remaining differences tax reform two three weeks ahead inauguration former trump adviser stephen moore told reporters michigan in letter house ways means chairman kevin brady incoming top democrat richard neal groups representing auto retailing industries among others said companies rely global supply chains would face huge business challenges caused increased taxes increased cost they warned reductions employment reduced capital investments higher prices consumers potential consequences the better way tax reform proposal without border adjustment provision provide basis strong economic growth seek said border adjustability come fire koch industries private conglomerate controlled billionaires charles david koch support republicans conservatives congress advocates border adjustability say house tax plan would collapse without trillion revenues provision would raise help pay tax cuts in statement brady urged companies focus entire plan would cut corporate tax rate percent percent end taxation corporate profits overseas neal said encouraged republicans considering incentivizing manufacturing exports added there genuine concerns could result increase consumer 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. tax reform proposal on border trade faces growing oppositionWASHINGTON (Reuters) - A sweeping tax reform proposal meant to boost U.S. manufacturing faces mounting pressure from industries that rely heavily on imported goods as President-elect Donald Trump and congressional Republicans work to finalize new tax legislation. As Republican members of the House of Representatives tax committee prepared to discuss tax reform this week, the panel received a letter from 81 industry groups rejecting the proposal known as “border adjustability.” A lynchpin of the House Republican “Better Way” agenda and viewed favorably by Trump’s team, the policy would help  manufacturers by exempting export revenues from corporate taxes. But it would tax imports, hitting import-dependent industries. House Republicans hope to persuade Trump to back the policy as a means to fulfill his campaign pledge to create blue-collar jobs. This week, incoming Trump White House Chief of Staff Reince Priebus expressed support for the approach as a possible alternative to tariffs.  Trump and House Republicans have not reached agreement on border adjustability but could iron out most of their remaining differences on tax reform in two to three weeks, ahead of the Jan. 20 inauguration, former Trump adviser Stephen Moore told reporters in Michigan. In a Dec. 13 letter to House Ways and Means Chairman Kevin Brady and incoming top Democrat Richard Neal, groups representing the auto and retailing industries, among others, said: “Companies that rely on global supply chains would face huge business challenges caused by increased taxes and increased cost of goods.”  They warned of “reductions in employment, reduced capital investments and higher prices for consumers” as potential consequences. “The Better Way tax reform proposal, without the border adjustment provision, can provide the basis for the strong economic growth we all seek,” it said. Border adjustability has come under fire from Koch Industries, the private conglomerate controlled by billionaires Charles and David Koch, who support Republicans and other conservatives in Congress. Advocates of border adjustability say the House tax plan would collapse without the more than $1 trillion in revenues the provision would raise to help pay for tax cuts.      In a statement, Brady urged companies to focus on the entire plan, which would cut the corporate tax rate to 20 percent from 35 percent and end taxation of U.S. corporate profits overseas. Neal said he was encouraged that Republicans are considering incentivizing manufacturing and exports but added: “There are genuine concerns that this could result in an increase in consumer prices.” 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: tax reform proposal border trade faces growing oppositionwashington reuters a sweeping tax reform proposal meant boost manufacturing faces mounting pressure industries rely heavily imported goods donald trump congressional republicans work finalize new tax legislation as republican members house representatives tax committee prepared discuss tax reform week panel received letter industry groups rejecting proposal known border a lynching house republican better way agenda viewed favorably trump team policy would help manufacturers exemption export revenues corporate taxes but would tax imports hitting industries house republicans hope persuade trump back policy means fulfill campaign pledge create jobs this week incoming trump white house chief staff rence priests expressed support approach possible alternative tariffs trump house republicans reached agreement border adjustability could iron remaining differences tax reform two three weeks ahead inauguration former trump adviser stephen moore told reporters michigan in letter house ways means chairman kevin brady incoming top democrat richard neal groups representing auto retailing industries among others said companies rely global supply chains would face huge business challenges caused increased taxes increased cost they warned reductions employment reduced capital investments higher prices consumers potential consequences the better way tax reform proposal without border adjustment provision provide basis strong economic growth seek said border adjustability come fire koch industries private conglomerate controlled billionaires charles david koch support republicans conservatives congress advocates border adjustability say house tax plan would collapse without trillion revenues provision would raise help pay tax cuts in statement brady urged companies focus entire plan would cut corporate tax rate percent percent end taxation corporate profits overseas neal said encouraged republicans considering incentivizing manufacturing exports added there genuine concerns could result increase consumer politicsnews