Tags: Paul Ryan | Trump Administration | Trump Tax Reform | paul ryan | tax reform | legislation | spur

Paul Ryan: Tax Reform Legislation Will Spur Economic Growth

(Fox News/"Fox & Friends")

By    |   Thursday, 16 November 2017 11:01 AM

Tax reform will mean economic growth for the country, House Speaker Paul Ryan insisted Thursday, speaking to Fox News just hours before his chamber was to take its vote on the measure.

"We have about a 10-year slide of really slow growth," the Wisconsin Republican told the "Fox & Friends" program. "That's what this is all about. Building a tax code to get economic growth."

The slide has meant that people don't get wage increases and "living standards get stagnant," said Ryan, but the tax reform will bring the country to a "3 percent economy."

Ryan continued that the tax reform measure means that the average taxpayer in every income tax group will see tax cuts, and that the measure, if passed, will replace a current tax code that is riddled with loopholes.

"I'm sure there are wealth people who have tax lawyers and accountants who can take advantage of every loophole out there and when those loopholes go away, they're not going to like that," the speaker said. "But the point of this is fewer loopholes and just a level system and lower tax rates."

The measure will also give middle income families a big tax cut, said Ryan.

"The median household in America is going to get a $1,182 tax cut," he continued. "Seventy eight percent of people are telling us in surveys they're living paycheck to paycheck in this country. Another 57 percent of Americans are saying that they're $500 away from desperation. So, look, this is a serious issue. We want to cut everyone's taxes."

He also accused former House Speaker Nancy Pelosi of "making that stuff up," when she called the tax bill a tax hike on 36 million middle class Americans.

"If you're a family, your first $24,000 are tax-free," said Ryan. "What that means is nine out of ten Americans will be able to fill out their taxes on the side of a postcard; right? That's radical simplification.

"And then everybody else in the country, we're lowering tax rates. We're saying the income you're paying right now is at a lower rate. It's more about jobs and foundation. It's going to create about a million new jobs."

Meanwhile, lawmakers in high-tax states are complaining that the tax plan will hurt their constituents because they will not enjoy deductions for state and local taxes they pay.

"We actually added back a $10,000 property tax deduction in addition to the tax cuts that are already in the bill that everybody gets," said Ryan.

"We've actually run numbers on these districts and shown that taxpayers in those districts, in those states still get tax cuts, both itemizers and non-itemizers . . . so what we've done is added a $10,000 property tax deduction. Everybody gets it, but it's really the high tax state people that would feel it the most, that deduction."

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Tax reform will mean economic growth for the country, House Speaker Paul Ryan insisted Thursday, speaking to Fox News just hours before his chamber was to take its vote on the measure.
paul ryan, tax reform, legislation, spur, economic, growth
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2017-01-16
Thursday, 16 November 2017 11:01 AM
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