Paul Ryan confidently predicted Tuesday that Congress will get tax reform done by the end of the year.
“It’s going to get done this year,” the House Speaker said when he was asked for a timeline during an interview on “Fox and Friends.”
“This is critical,” Ryan continued. “We have a real problem which is we have one of the worst tax systems in the industrialized world, it’s costing us jobs, it’s costing us economic growth. We tax our businesses and our products a whole lot more than our foreign competitors’ tax theirs so we’ve got to radically simplify this tax code, make it easier and simpler for families. Our plan says families can fill out their taxes on a postcard instead of this really complicated system with really obnoxious IRS and we’ve got to get our taxes on our businesses down so they can compete and hire. We think this is one of the most important things we can do to create jobs and economic growth and get people back to work.”
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“There are 2-3 trillion dollars, I’ve seen even bigger estimates of money sitting overseas that can’t come back into America to be reinvested in our economy because of our tax laws so we’ve got to make it so that all of these businesses like Apple and everybody else can bring their money back home because right now what the tax code says is if you make money overseas, keep that money overseas, invest overseas, build factories overseas,” he added.
“We don’t want to do that, let people bring their money back home, companies bring their money back home and reinvest it in this country. That is a critical piece of tax reform that we know will create jobs and economic growth.”
Ryan said he and the president are “very much so” on the same page for tax reform.
“Absolutely, we totally agree on this.”