Tags: Trump Administration | Trump Tax Reform | paul ryan | house | senate | decision | obamacare

Paul Ryan: House Waiting on Senate's Decision on Obamacare Mandate Repeal

(CNBC/"Squawk Box")

By    |   Wednesday, 15 Nov 2017 10:12 AM

The House has already voted "two or three times" to repeal the Obamacare individual mandate, but if the Senate can get its tax bill including the repeal through the floor, then House members will assess at that time whether they also want to include the repeal in the tax reform bill, House Speaker Paul Ryan said Wednesday.

"We passed our repeal of the individual mandate back in May," Ryan told CNBC's "Squawk Box" program, referring to the House healthcare bill.

"What we didn't want to do is make tax reform harder than it already is."

The Wisconsin Republican said he doesn't know if the Senate will have enough votes to pass its version of tax reform legislation, but if it does, House members will revisit the reform proposal then.

"Of course, we don't like the individual mandate right now," he said. "We're just focused purely on tax reform from the tax code side. That's the House bill. That's the bill we're bringing to the floor that's what we worked out with our members."

There is also a big difference in how the two bills address deductions for state and local taxes. According to the Senate tax blueprint introduced Thursday, the SALT deduction would be repealed entirely, but the House version repeals it only for state and local income and sales taxes, but preserves it for preserve it for property tax up to $10,000 a year.

"That's bottom line with us," said Ryan. "We have to do that because we have members from these particular states that this matters to. We want to make sure that taxpayers in every state and every income group get relief. We don't want relief to just go to 46 states; we want relief to go to 50 states."

Ryan said that he House bill allows the average taxpayer in all income groups to get a tax cut, and that means keeping the property tax deduction.

"I'm sure there are people who use a lot of deductions who have tax lawyers and accountants that may not see it that way, but the purpose of this is to cut taxes for everybody, and so we want to keep doing that, and we know that this fix is really necessary to make sure that's the case," said Ryan.

"Yes, that is one of the bottom lines for the House."

Meanwhile, repatriation of companies that have kept their money out of the United States is also important, said Ryan.

"In 2018, it's going to be $600 billion repatriated, and that's going to be used for equipment," said Ryan. "I do now that inversions will take off. We've seen a rash of inversions and a rash of foreign companies buying U.S. companies.

"We don't get this done, those companies that are sitting back and waiting for us to finish this tax code, and they’re going to leave."

© 2017 Newsmax. All rights reserved.

   
1Like our page
2Share
Politics
The House has already voted "two or three times" to repeal the Obamacare individual mandate, but if the Senate can get its tax bill including the repeal through the floor, then House members will assess at that time...
paul ryan, house, senate, decision, obamacare, mandate
477
2017-12-15
Wednesday, 15 Nov 2017 10:12 AM
Newsmax Inc.
 

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.

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