The crown jewel of getting the American economy going is tax reform, according to Ryan.
Speaker Paul Ryan (R-WI) guaranteed on Monday that Congress will pass tax reform legislation in 2017, during an interview on Fox News.
“Tax reform is really important. Look at, hard-working taxpayers in American deserve a break,” Ryan told Fox News’ Bill Hemmer. “They don’t want a tax code that is working for the tax collectors. They want a tax code that is simplified, that makes it easier for taxpayers to comply.”
Hemmer pointed out to Ryan that the United States is the only country in the world that discourages capital from coming back into the U.S.
“We’re pushing businesses overseas,” Ryan said. “We’re telling U.S. companies ‘stay overseas and if you make money overseas by selling something overseas keep it there.’ That’s crazy.”
Ryan continued, “we need to make it so that companies can be successful on a worldwide basis, and bring those dollars back home. We got two or three trillion [dollars] of U.S. money parked overseas that should come back into the U.S. economy but we can’t because of our tax code.”
Hemmer pointed out to Ryan that investors are expecting tax reform to get done while Republicans control both the House and Senate and there is Republican in the White House.
Ryan agreed with Hemmer and told him that it is “high time” to accomplish tax reform in America, citing the competitive disadvantage that American companies face in the global marketplace as the main reason why.
Hemmer concluded the interview by asking Ryan if he can guarantee that tax reform will get done in 2017.
“We have to do tax reform in 2017 if we’re going to get a confident America,” Ryan told Hemmer. “If we’re going to rebuild our country’s resilience, and if we’re going be able to get the kind economy we need so people can be confident about their future, get good-paying jobs, good jobs that are careers, and get this growth rate up.”
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