Tax Reform Update: On July 27, key leadership in Congress and the Administration responsible for the top-level principles that will guide tax reform, released a statement announcing they will not include the border adjustment tax (BAT) in any tax plan moving forward. AAFA released a press release shortly after, applauding the decision to remove the BAT from consideration and emphasizing our support for permanent tax reform that simplifies the code, lowers burdens, supports U.S. jobs, grows the economy, and makes our nation more globally competitive.