The document is an email from Richard Kahn, forwarded from Amanda Ens of Bank of America Merrill Lynch, discussing a Washington Post article about the White House exploring a Value-Added Tax (VAT). The VAT has all the virtues of a Border Adjustment Tax without its drawbacks, and it suggests that tax reform negotiations are getting more serious. The news is bullish for Trump trades, at least in the medium term. The email also mentions the administration's consideration of other new taxes as part of its broad overhaul of the tax code, including a carbon tax, to help raise revenue without creating a giant hole in the deficit.