Rep. Ryan: Tax Code Is Sinking Economy

Wednesday, 14 Sep 2011 04:16 AM

By Hiram Reisner

  Comment  |
   Contact  |
|  A   A  
  Copy Shortlink
House Budget Committee Chairman Paul Ryan says the nation’s complicated tax code provides loopholes to determine “winners and losers,” preventing U.S. businesses from being more competitive in the global arena. The Wisconsin Republican also told Fox News’ Greta Van Susteren that improving the moribund economy is partly dependent on eliminating “crony capitalism.”
“Our tax code is extremely complicated — it is so complicated that it is one of the reasons why our economy is not growing well right now,” Ryan said. “And we do what I call crony capitalism — we pick winners and losers in the tax code through loopholes — some businesses don’t pay a lot of taxes, make good money because they use loopholes. Other businesses play by the rules, pay really high tax rates.

“And right now, we tax our businesses at much higher tax rates than our foreign competitors tax theirs, and we’re losing in global competition — if we want to have a good economy, prosperous America, we need to be competitive on our tax policies,” he said. “And right now, we’re taxing American businesses at rates much higher than our foreign competitors are taxing theirs.”

Ryan — who is releasing a video Wednesday on simplifying the tax code — said it is imperative to eliminate loopholes and “lower taxes on everybody.” He also said that while traveling across Wisconsin, business owners consistently asked him what the government is going to be doing to eliminate high taxes and excessive regulations.

“And those are the things that are not being addressed in this new jobs bill the president's sending us, but those are the things that our job creators are telling us they need that kind of  certainty so they can actually start planning and investing and having confidence,” Ryan said.

“One of those things we proposed in our budget was to lower our tax rates on businesses, individuals to no higher than 25 percent, but to pay for that by closing loopholes,” he said. “Get rid of the loopholes, lower the tax rates to make us more competitive, so we don’t tax our job creators more than our foreign competitors are taxing their companies.”

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Copy Shortlink
Send me more news as it happens.
Get me on The Wire
Send me more news as it happens.
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Passengers Push Plane on Icy Russian Runway (With Help of a Tractor)

Wednesday, 26 Nov 2014 20:45 PM

Passengers on a Russian plane got off to push the aircraft to help get it on the runway after it began slipping on ice i . . .

Bernie Tiede, Convicted Murderer Mortician, to Get New Sentencing

Wednesday, 26 Nov 2014 17:39 PM

Bernie Tiede, the mortician who was convicted of killing his companion Marjorie Nugent in 1996, will receive a new sente . . .

Chrysler Pentastar Logo Getting Phased Out With FCA Formation

Wednesday, 26 Nov 2014 15:51 PM

Chrysler's iconic Pentastar logo is being phased out as the company introduces a new logo in keeping with the newly form . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved