The tax plan proposes transforming the U.S. corporate income tax into a combination of a 20 percent value added tax (VAT) and a 20 percent subsidy to wages. Let me also clarify another critical point about the House tax plan that reporters have neither understood nor publicly discussed. The House tax plan has two parts -- a business tax reform and a personal tax reform. Second, the NY Times and other media have done a great disservice to the public in claiming the House tax plan "taxes imports." Unfortunately, thanks in large part to #FakeEconomics, the House tax plan, like the House healthcare reform, appears to be dead on arrival.

Source: Forbes April 26, 2017 19:18 UTC