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ICYMI: Speaker Paul Ryan Commits To Delivering On Tax Reform

- August 22, 2017

 

   

VIDEO: Speaker Paul Ryan: Americans Deserve A Simpler Tax Code

"But also it is a matter of economic growth. It's faster wages. But also, it's fairness. What we're proposing on the individual side is get rid of the loopholes, get rid of the carve-outs. Just lower people's tax rates. Let you keep more of your own money. And simplify the code so much that you can fill out your taxes on a postcard. You don't have to go to some, you know, accountant to try and do it all."

VIDEO: Speaker Paul Ryan: Tax Reform Will Keep America Competitive

"If we keep taxing our job creators, our businesses, at much, much higher tax rates than our foreign competitors tax theirs, we're going to lose. We're going to lose in global competition. I was just meeting with a father/son business in -- ... Their biggest competitor is Canada, a company in Canada. Their tax rate -- they're a corporation, small business, 35 percent. You know what the Canadian tax rate is? Fifteen percent. Eight out of 10 businesses in America file their taxes as people, as individuals. We call them, like, Subchapter S corporations, LLCs. Their top effective tax rate is 44.6 percent. Canadians are at 15 percent. The Irish at 12.5 percent. China, 25 percent. The average tax rate on businesses in the industrialized world is 22.5 percent. And we are taxing American businesses 35 percent to almost 45 percent? That is a recipe for disaster. And at worst, if they're successful enough to make money by selling a product overseas, they can't bring their money back because of our tax laws. And so what's happening is we're losing American businesses."

VIDEO: Speaker Paul Ryan: We’re Committed To Getting Tax Reform Done

"We want a tax code built for growth, built for economic activity. We want a tax code that raises wages, keeps American companies in America, gives us faster economic growth. ... And so that is why we are committed to getting this done this year."
 

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