The White House has released a joint statement on tax reform, noting that a border adjustment tax (alternatively called the BAT) would not be included in its tax reform policy, according to the Toy Association.

The BAT would have moved the tax system from one based on location of profits, or a company’s headquarters, to one that is based on the location of sales.

The new tax reform principles outlined in the statement propose a corporate and pass-through tax rate of 15 percent. Congressional Republican leadership noted that the principles will serve as critical guideposts for tax reform, with the goal of legislation moving through the committee approval process this fall followed by consideration on the House and Senate floors.