Tags: Donald Trump | Paul Ryan | Trump Administration | Trump Tax Reform | gop | house freedom caucus | republicans

GOP Champions Tax Plan: 'Status Quo Is Unacceptable'

Image: GOP Champions Tax Plan: 'Status Quo Is Unacceptable'
House Speaker Paul Ryan, R-Wis. (John Hart/AP)

By    |   Wednesday, 27 Sep 2017 08:40 PM

Republicans lauded the tax-reform framework they introduced Wednesday, with House Speaker Paul Ryan saying the party was "taking the next step to liberate Americans from our broken tax code."

"This is a historic day," Ryan, who represents Wisconsin, said shortly before President Donald Trump championed the blueprint in a speech in Indiana. "This is a day that is a long time in coming.

"Our tax code has become a constant source of frustration," he added. "It's too big. It's too complicated. It's too expensive."

Senate Majority Leader Mitch McConnell of Kentucky said "hard-working American families know the status quo is unacceptable.

"They want to keep more of their hard-earned money so they can make ends meet, provide for their children, and save for retirement.

"It's time to take more money out of Washington's pockets, and put more of it in the pockets of Americans,'" McConnell said.

President Trump introduced the framework at a rally in Indianapolis, saying it would "deliver historic tax relief to the American people" and would "dramatically reform America's outdated, complex, and extremely burdensome tax code."

"It's a relic," Trump said at the State Fairgrounds. "The current tax system is a colossal barrier, standing in the way of America's economic comeback, because it can be far greater than it's ever been."

President Trump repeatedly said the plan would provide needed tax relief for the middle class.

"It's time to take care of our people, to rebuild our nation, and to fight for our great American workers," the president said.

Members of the conservative House Freedom Caucus praised Trump's speech, calling it "a forward-looking tax-reform framework that will let hard-working Americans keep more of their money, simplify our system, end carve outs for special interests — and will help make our businesses competitive abroad."

Ohio Sen. Rob Portman said the blueprint was not only about tax reform.

"This is about wages," he said. "It's about jobs. It's about opportunity."

Sens. Mike Lee of Utah and Marco Rubio, who represents Florida, emphasized the plan's move to expand the $1,000 child tax credit to families with higher incomes.

"An enhanced child tax credit remains the best way to provide meaningful tax relief for working American families," the senators said.

"We are very encouraged by the plan's priority for a 'significantly increased' child credit as its vehicle for this relief, and applaud the tax writers for this choice.

"Given the fundamental reforms of the framework, the child credit must be at least doubled in order to ensure working families get real tax relief.

"The child credit should also be applied to payroll tax liability in order to cut the taxes that working-class families pay.

"Tax reform should focus on addressing the present-day challenges facing working families," they said.

Texas Rep. Jeb Hensarling said the framework would lead to a "fairer, flatter, simpler, and more competitive tax code.

"One that can deliver more jobs and bigger paychecks," he said.

New Mexico Rep. Steve Pearce highlighted the relief to small businesses under the plan.

"Small businesses are the cornerstone and families are the backbone of our state," he said. "For too long, our nation's complex, antiquated, and one-sided tax code has caused stress, undue burden, and hard-earned money to ensure compliance.

"This is simply wrong, and must change not only for the success of our communities, but for the success of New Mexico and the nation."

Republican National Committee Chair Ronna McDaniel called on Democrats to "join President Trump and Republicans in supporting this plan for tax relief.

"Americans deserve to get their time and money back," she said.

Grover Norquist, president of Americans for Tax Reform, praised many aspects of the Republican plan — noting Vice President Mike Pence assured him at the White House that the top corporate rate would have a "red line" rate of 20 percent.

"That would bring a huge increase in the after-tax cash flow for every American company," Norquist told Julia Chatterley on Bloomberg News.

"There are the straight tax cuts for middle-income people," he added. "All individual rates come down.

"It dramatically reduces the cost of capital for new-business investment," Norquist said. "It will attract capital from all over the world."

Other Republicans took to Twitter:

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Republicans lauded the tax-reform framework they introduced Wednesday, with House Speaker Paul Ryan saying the party was "taking the next step to liberate Americans from our broken tax code."
gop, house freedom caucus, republicans, status quo
Wednesday, 27 Sep 2017 08:40 PM
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