Rep. Devin Nunes just told CNBC that there will be no tax reform without border adjustment tax. He was pressed on the topic and only slightly softened his tone.
Why this matters: Nunes told CNBC he's speaking only for himself, but as a senior Republican on the tax-writing Ways and Means Committee who is tight with Chairman Brady and Speaker Ryan his words carry weight. Border adjustment tax is already starting to run into opposition from some Republican senators and conservative House members. Without the $1 trillion it could raise, all sorts of other Republican priorities become more difficult.