Trump budget advocates territorial tax system, omits border adjustment

US President Trump today released his first budget, presenting tax proposals that echo the principles that the Administration laid out in its tax plan last month.

In the realm of international tax, the budget advocates a transition to a territorial system and a one-time deemed repatriation of existing overseas profits.

Consistent with Trump’s April 26 tax plan, the budget omits any mention of a border adjustment tax on imports.

The border adjustment tax continues to be pushed by House of Representative leaders, though, and was today the subject of a House Ways and Means Committee hearing.


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