Tags: Ryan | taxes | economic | growth

Paul Ryan: Lower Taxes Generate Stronger Economic Growth

By Dan Weil   |   Wednesday, 26 Feb 2014 10:45 AM

The basis of Republican tax reform efforts is that cutting income tax rates spurs economic growth, says House Budget Committee Chairman Paul Ryan, R-Wis.

House Republicans are expected to unveil a tax proposal Wednesday that would slice the top personal income tax rate to 25 percent from 39.6 percent but slap a 10 percent surtax on certain earned income for those bringing in more than about $450,000 a year.

President Obama and Democrats in Congress will almost certainly reject the idea, but Ryan is undaunted.

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"Just because we have a progressive liberal president and Senate doesn't mean we should do nothing and offer no ideas on how to grow the economy," he tells CNBC.

Ryan says he's not enamored with the idea of a surtax. But, "with the code we have — and we're trying to replace it with a revenue-neutral code — which is the parameters we have to deal with, [we have to] do some base-broadening that isn't ideal," he explains.

"Lowering tax rates, simplifying the tax code — making it clearer, simpler, fairer — is clearly one of the best things we can do to create growth and jobs in this economy."

Ryan also reiterates his opposition to an increase in the minimum wage, saying it would destroy jobs.

As for the GOP tax plan, "99 percent of all filers are going to be subject to a rate of 25 percent or less," a Republican aide familiar with the proposal tells The Washington Post. "Ninety-nine out of 100 is a pretty good grade."

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