Speaker Ryan Promises Overhaul of Tax System
Ladies and gentlemen, we are going to fix this nation’s tax code once and for all.
Speaker of the House Paul D. Ryan
Ladies and gentlemen, we are going to fix this nation’s tax code once and for all.
Speaker of the House Paul D. Ryan
Speaker of the House Paul D. Ryan (R-WI) said that Republicans in Congress are working with the Trump Administration to develop a "transformational" tax reform plan.
At the National Association of Manufacturers summit, Speaker Ryan highlighted various aspects of a "transformational tax reform plan" that included:
- simplifying and modernizing the tax code to remove complexities and make compliance less complicated;
- eliminating "burdensome" taxes, such as the estate tax and the alternative minimum tax;
- significantly cutting the corporate tax rate; and
- consolidating income tax brackets from seven to three and doubling the standard income tax deduction.
Speaker Ryan asserted that the proposed tax reforms would (i) disincentivize companies from off-shoring jobs and (ii) increase the number of high-paying jobs available to Americans. To support his second claim, he cited a Tax Foundation report projecting that the 2016 House Republican tax reform framework would lead to 1.7 million additional full-time jobs.