Tags: Paul Ryan | Trump Administration | Trump Tax Reform | paul ryan | tax reform | gop | restore

Speaker Ryan: Tax Reform Bill Will Restore Economy, Companies

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By    |   Wednesday, 20 December 2017 09:41 AM

Landmark tax reform legislation passed by the House and Senate will eventually restore the nation's economy through its cuts for corporate taxes, which will drop from 35 percent to 21 percent through the bill, House Speaker Paul Ryan said Wednesday.

"Don't forget that we tax American corporations at the highest rate in the world," the Wisconsin Republican told NBC's "Today" show anchor Savannah Guthrie. 

"As a result of that, we're losing jobs overseas, and American businesses are becoming foreign companies."

The new tax rates will allow corporations to bring their money back from overseas and to enjoy a tax rate that's on par with those from other countries, Ryan continued, while giving them an incentive for investing in American jobs.

"You can write off investments by hiring more people when you purchase new plants and equipment," he said. "Workers benefit, wages go up, more jobs occur. We need to put the American economy in a better competitive position to compete and get faster economic growth. This is a tax cut for families, as well."

Guthrie, however, quoted Michael Bloomberg, who said that the nation's CEOs "aren't waiting on a tax cut to jumpstart the economy . . . It's pure fantasy to think that the tax bill will lead to higher wages and growth."

Ryan said he'd compare that to surveys of businesses that show most companies would re-invest in workers and factories, while paying people higher wages.

"Workers benefit on this through higher wages," said Ryan. "It's not a question. It's a question of when."

She argued, though, that corporations are "sitting on a ton of cash" and wanted to know why they are not raising wages now.

"About $3 trillion of that cash is trapped overseas and cannot come back into our economy to be reinvested because of our tax laws," said Ryan. "You remove these barriers to invest in our economy. You give businesses an incentive to invest in America, in their factories. And that's what we do."

Meanwhile, he said nobody knows at this time if the growth coming from tax cuts will equal the costs to the national deficit, but it is known that it will increase economic growth.

"We haven't had a three-step growth in the economy since 2008," he said. "That means stagnant wages, flat living standards. You have to get economic growth so people can get ahead in America."

However, he told ABC News' "Good Morning America," in a separate interview, that the last thing Congress would want to do is reverse cuts if the deficit suffers.

"That's the last thing we would want to do," he said. "Two things are necessary to get it under control. Getting spending under control and reforming entitlements and growing the economy. This is our plan to grow the economy.

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Landmark tax reform legislation passed by the House and Senate will eventually restore the nation's economy through its cuts for corporate taxes, which will drop from 35 percent to 21 percent through the bill, House Speaker Paul Ryan said Wednesday.
paul ryan, tax reform, gop, restore, economy
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2017-41-20
Wednesday, 20 December 2017 09:41 AM
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