Tags: Paul Ryan | Trump Administration | Trump Tax Reform | vote | republicans | house | speaker

Paul Ryan's Victory Lap: 'Tax Reform Is So Very Hard'

(C-SPAN)

By    |   Thursday, 16 November 2017 03:01 PM

House Speaker Paul Ryan said Thursday that passage of the chamber's sweeping tax-reform plan was "about giving hard-working taxpayers bigger paychecks and take-home pay."

"Tax reform is so very hard," the Wisconsin Republican told reporters at the Capitol after the 227-205 vote.

He was flanked by House Majority Leader Kevin McCarthy of California, Texas Rep. Kevin Brady, and other party members.

"But we know there are people really struggling in this country," he said. "We know that we are just coming through a decade of real economic anxiety.

"We know that this is a nation that has so much more potential that is not yet been tapped," Ryan said. "That's what this day is about.

"That's what getting this done is about."

The party-line vote approved the biggest revamp of the U.S. tax system in three decades and put Republicans closer to delivering to President Donald Trump a crucial legislative victory after nearly a year of failures.

Most of the House bill's tax cuts would go to business, including slashing the current 35 percent corporate rate to 20 percent and reducing fees on millions of partnerships and certain corporations, including many small businesses.

In addition, personal income tax rates for many Americans would be reduced through some deductions, and credits would be reduced or eliminated.

However, the plan is estimated to grow the federal budget deficit by $1.5 trillion over the coming decade.

The Senate is working on its own version, which also would cut the corporate rate to 20 percent, completely eliminate the state and local tax deduction — and it was expected to include a repeal of the Obamacare individual mandate.

In his victory lap, Ryan thanked President Donald Trump and his administration for their efforts on the tax plan — saying "the powers of the status quo in this town are so strong.

"Yet, 227 men and women of this Congress broke through that today. That is powerful.

"From the very start, we said failure is not an option," the speaker said. "The president and his team have worked so well with us.

"He's been tremendous partner."

Ryan said the bill's passage comes as "families are struggling for peace of mind" and as Congress is working toward "getting the economy to grow faster to bigger wages, more jobs, and put America in the driver's seat in the global economy once again.

"It's about giving people hope and new opportunity," he said.

"It's about making sure that America continues to be the best place in the world, the best place in the world, to live, to thrive, to start a business, to create a job, to grow, to construct.

"We have a long road ahead of us," Ryan acknowledged, as Congress seeks to have tax reform pass by the end of the year.

"I'm excited on behalf of the American people waiting to see us get this done," Ryan said, reflecting on Republican promises to voters during the November election to reform the nation's byzantine tax code.

"We asked the people of this country who are struggling give us a chance to make good by you," he said. "Give us a chance to make lives better for you.

"Give us a chance to improve your life.

"This conference today did one of the greatest things we could possibly do to make good on that promise — and I'm so proud."

President Trump later congratulated the House on Twitter:

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Passage of the chamber's sweeping tax-reform plan was "about giving hard-working taxpayers bigger paychecks and take-home pay," House Speaker Paul Ryan said Thursday during a celebratory rally.
vote, republicans, house, speaker
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2017-01-16
Thursday, 16 November 2017 03:01 PM
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