Two of the top leaders in Congress, the speaker and the House Ways and Means Committee chairman, are running into stiff opposition to their border adjustment tax.One of the major “American First” issues that emerged with the election of President Trump and from which he has since distanced himself (i.e., labeling China a currency manipulator, reducing support for NATO, etc.) now finds itself withering for lack of support. That is the Border Adjustment Tax (BAT), also called the Destination-Based Cash Flow Tax by House Speaker Paul Ryan (R-Wisconsin) and House Ways and Means Committee Chairman Kevin Brady (R-Texas), the ones carrying the torch on this issue. The Brady-Ryan plan called for:
Replacing the corporate income tax with a 20 perc...
Beef packer margins improved to -$130/head last week, up $44 from the prior week as sharply lower fed cattle prices more than offset continued seasonal weakness in the Choice cutout. The cutout declined to $373/cwt while fed cattle prices fell to $238/cwt, allowing packer spreads to recover for...
What You Need to Know Today: The conflict between the U.S. and Iran continues to escalate with the two sides exchanging attacks over the weekend. President Trump said Iran “will pay” for recent attacks that claimed the lives of U.S. troops stationed in Jordan. There are some signs...
