House Speaker Paul Ryan said the rate at which American corporations are merging with foreign entities or moving businesses overseas to seek tax relief should encourage Democrats to make tax reform a priority.
Ryan, who has been a strong proponent of simplifying the tax code, noted Monday the United States has some of the highest tax rates on small businesses and the highest corporate tax rate in the industrial world, which is stifling economic growth and job creation.
“You just can’t defend this tax code anymore,” he said during an appearance at the Economic Club of New York Monday. “The fear I have is the progressives who kind of control the Democratic party don’t think anything close to what looks like tax reform is a good thing.”
The Wisconsin Republican said he hopes the parties can find common ground on the issue, adding GOP lawmakers offered to switch to a territorial system last year, which was rejected.
All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.