HOUSE GOP’S CORPORATE TAX SCHEME HAS ITS REPUBLICAN SKEPTICS
BY STEPHEN OHLEMACHER
WASHINGTON (AP) — House Republicans face opposition to their plan to overhaul the way corporations pay federal taxes from a powerful group of lawmakers – other Republicans.
“I’m not very enthused about it,” said Republican Sen. Orrin Hatch of Utah, the chairman of the Finance Committee and the Senate’s top tax writer.
Another skeptic is John Cornyn of Texas, the No. 2 Republican in the Senate.
“The question is, who is going to pay the tax?” Cornyn asked. “Is it going to be our citizens?”
Seeking to overhaul the tax code for the first time in 30 years, the House GOP plan would scrap the 35 percent tax on corporate profits, which is riddled with exemptions, deductions and credits. It would be replaced with something called a “border adjustment tax.”