SPEAKER RYAN: Here's the point, and the analysis is really clear. There's been a number of analyses done. This tax bill, for the average taxpayer in every income group gets a tax cut. This tax bill, for average taxpayers in every state, gets a tax cut. Now, I'm sure that there are going to be people out there, especially much higher income people who can utilize all the loopholes that are out there, that can hire an accountant or a tax lawyer to utilize a bunch of loopholes that are in the tax code and by losing some of those loopholes, they may not be as well off. But the whole purpose of this is to take away those loopholes, so you can lower everybody's tax rates across the board. The whole purpose of this is to take away loopholes and just give everybody a general tax cut.
Speaker Ryan on Tax Reform Creating Better Opportunities For Young People
SPEAKER RYAN: First, I'd say one thing in particular. When you're getting out and you're starting off, you're starting off at a new wage, you're starting off at a starting wage. We're lowering the tax rates on the taxpayer just like you. So, instead of having you taxed at say 25%, you go down to 15 and 12% tax bracket. So basically lower your tax rates to let you keep more money, double your standard deduction so that when you're coming out of college you've just got a simple system. You can fill out your taxes basically on a form like a postcard. So you get to keep more of your money in the first place. But here's the thing I think is better, and this is very, very good for millennials, simply because we want you to have more money in your pocket to start with. What we really want to accomplish especially for our youth in America is a healthier economy.
Budget and Spending Taxes