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From: —_—~Richard Kh Sent: 4/4/2017 5:28:21 PM To: jeffrey E. [jeevacation@gmail.com] Subject: Fwd: White House exploring VAT (Washington Post) Attachments: image002jog01D2AD4706F2BBA0.jpg; image001jpg01D2AD460BC6CEE0.jpg Importance: — High Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cell Begin forwarded message: Subject: White House exploring VAT (Washington Post) Date: April 4, 2017 at 1:26:22 PM EDT Reply-To: "Ens, Amanda" <a David Woo just sent this — please let me know if you’d like an update on his Washington/market views More sign that VAT is making its way into the discussion... As you all know, | have been arguing that VAT make tremendous economic sense A VAT has all the virtues of a BAT without any of its drawbacks The fact that this is being discussed makes me think that we are getting to a more serious stage of the negotiation over tax reform This news is bullish for Trump trades, at least for the medium-term White House explores two new tax ideas — a value-added tax and carbon tax — as leading proposal to raise revenue falters Washington Post April 4 By Damian Paletta and Max Ehrenfreund President Trump's administration is exploring the creation of two controversial new taxes — a value-added tax anda carbon tax — as part of a broad overhaul of the tax code, according to an administration official and one other person briefed on the process. HOUSE_OVERSIGHT_014857