Speaker Ryan: GOP Tax Plan Will Lower Everyone’s Tax Rates

By NTK Staff | 11.15.2017 @9:28am

"What we're doing is we're lowering everybody's tax rates," Ryan told Fox News about the Republican tax reform plan.

Speaker Paul Ryan (R-WI) said the Republican tax reform plan will provide “the average taxpayer in every income group … a tax cut,” during a town hall on Tuesday.

“But here’s the point, and the analysis is really clear. There’s been a number of analyses done. This tax bill, for the average taxpayer in every income group, gets a tax cut,” Ryan told Fox News. “This tax bill, for average taxpayers in every state, gets a tax cut.”

Ryan then explained how the whole purpose of the Republican tax reform plan is to take away the loopholes in the current tax code that have benefited the higher-income earners in America and give every American a tax cut.

“So the point is every income group on average gets a tax cut under this bill,” Ryan explained.

Fox News’ Martha MacCallum asked Ryan who would be in higher income brackets under the plan, and Americans making $100,000 or $200,000 a year would see a tax hike.

“No, no, people of above $1 million. I’m talking about people who are extremely wealthy,” Ryan told MacCallum.

Ryan then explained how, under the current tax code, 70 percent of Americans don’t itemize their deductions. They take the standard deduction.

“With this plan, 90 percent of Americans will be able to use the standard deduction. You can fit your taxes – I’m going to bring a couple props out – literally on a postcard,” Ryan explained while displaying the postcard Americans will be able to use to file their taxes under the Republican plan.

“What we’re doing is we’re lowering everybody’s tax rates. We’re saying for that high-income earner, more of your income is taxed at a lower rate,” Ryan concluded. “And more importantly, that’s the people who own big, successful businesses, and we’re cutting tax rates on businesses across the board.”

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