Speaker of the House, Paul Ryan (R-Wis.), expressed optimism regarding tax reform when pressed by Fox & Friends Tuesday morning. Ryan was asked pointedly whether or not he believed tax reform will be done this year and he said, “Yeah, it’s going to get done.” The Speaker was further asked if he and the president are on the same page on the principles of the tax reform. He replied, “We are, very much so. Absolutely, we totally agree on this. We think it’s critical for economic growth to get people back to work, to get this economy growing and to make America more competitive … to make America great again.”
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Paul Ryan noted that there is $2 trillion to $3 trillion “of money sitting overseas that can’t come back into America to be reinvested in our economy because of our tax laws.” He said, “So we’ve got to make it so that all these businesses, like Apple and everybody else, can bring their money back home.” Ryan described that the existing tax code says that if people make money overseas, they should keep it there. “Invest overseas, build factories overseas. We don’t want to do that,” he said. “Let people bring their money back home, companies bring their money back home, and reinvest it in this country. That is a critical piece of tax reform which we know will create jobs.”
Ryan not only spoke optimistically about the speed with which tax reform will happen but, he also clearly outlined the benefit each American will experience. “This is critical,” Ryan continued. “We have a real problem which is we have one of the worst tax systems in the industrialized world, it’s costing us jobs, it’s costing us economic growth. We tax our businesses and our products a whole lot more than our foreign competitors’ tax theirs, so we’ve got to radically simplify this tax code, make it easier and simpler for families. Our plan says families can fill out their taxes on a postcard instead of this really complicated system with really obnoxious IRS and we’ve got to get our taxes on our businesses down so they can compete and hire. We think this is one of the most important things we can do to create jobs and economic growth and get people back to work.”
How optimistic are you about the coming tax reform?
Credit: The Hill