The rise and fall (but mostly fall) of the border adjustment tax

On Feb. 7, with voting in the House of Representatives concluded for the day, Rep. David Brat held court in the Speaker’s Lobby, the ornate room just off the chamber floor. He was speaking with a group of tax reporters to discuss the topic on every taxwriter’s mind: the border-adjusted tax.

Brat, who is best known for unseating former House Majority Leader Eric Cantor, is also an economist and a former professor. So, it was with the confidence of a college professor that he lectured reporters on the merits of changing the way imports and exports are taxed.