House Speaker Paul Ryan Says Tax Overhaul Is Long Overdue - NBC 10 Philadelphia
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House Speaker Paul Ryan Says Tax Overhaul Is Long Overdue

The tax proposal would significantly add to the deficit and eliminated some popular tax breaks enjoyed by millions of families and businesses

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    A tax reform plan outlined by the Trump administration two days before the president's 100th day in office proposes deep cuts to personal income tax as well as corporate taxes. The plan also repeals the estate tax. (Published Wednesday, April 26, 2017)

    Noting he had just gotten his driver's license the last time Congress overhauled the nation's tax system, House Speaker Paul Ryan on Wednesday insisted lawmakers will act soon even as he deals with deep divisions in his own Republican Party.

    During a roundtable discussion Wednesday at a central Ohio contract packaging plant, Ryan focused on reducing the number of tax brackets to three, eliminating tax breaks and simplifying the code to cut rates for individuals.

    "In every generation you have an opportunity," Ryan, 47, said. "The last time we did this — this being, reform our tax system — was the year I got my driver's license: 1986. We have not done this in a long, long time and it's high time in coming."

    President Donald Trump has proposed reducing the top corporate tax rate by 20 percentage points and allowing private business owners to claim the new lower rate for their take-home pay. It would whittle the number of tax brackets for individuals from seven to three, lower the top tax rate from 39.6 percent to 35 percent and double the standard amount taxpayers could deduct.

    Trump Looks to Cut Corporate Tax Rates With New Plan

    [NATL] Trump Looks to Cut Corporate Tax Rates With New Plan

    The Trump Administration, along with House Republican lawmakers, is looking slash corporate tax rates in a new outline coming out three days before Donald Trump's 100th day in office. Trump has also given up on his $1 billion request from Congress to fund a wall between Mexico and the United States. 

    (Published Wednesday, April 26, 2017)

    The proposal would significantly add to the deficit and eliminated some popular tax breaks enjoyed by millions of families and businesses. House Republicans and the Trump administration have already called for getting rid of the deduction for state and local taxes, a big tax break that benefits millions, especially people living in Democratic-controlled states with high local taxes such as New York, New Jersey and California.

    Several Republicans in those states already have announced their opposition to scrapping that tax break.

    Ryan used the appearance at Accel Inc., a manufacturer in New Albany, Ohio, to promote overhaul of the tax code.

    "We are taxing businesses, employers, jobs more than 50 percent in many cases," he said. "How can we compete with the likes of all the rest of the world when we tax our job creators and our employers at much, much higher tax rates than our competitors tax theirs? This is why we have got to get tax reform."

    At his appearance, Ryan refused to answer questions about Trump's firing of FBI Director James Comey.