‘Border adjustment,’ a controversial Republican proposal, would tax U.S. imports and exempt exports from taxation. WSJ’s Jason Bellini explains how it would work. Photo: Daniel Becerril/ReutersWASHINGTON—Republicans see a once-in-a-generation opportunity to overhaul the U.S. tax code. Just weeks into Donald Trump’s presidency, they are getting a taste of why such attempts are always confounding—every action creates an equal and opposite reaction. A linchpin of the House Republicans’ tax plan, an approach called “border adjustment,” has split Republicans and fractured the business world into competing coalitions before a...

Source: Wall Street Journal February 07, 2017 16:30 UTC