Speaker of the House Paul Ryan said that GOP lawmakers plan on completing tax reform before the end of the year, arguing that it’s a necessary component in their plans to spark economic growth.
The Wisconsin Republican touted their plan to drastically cut rates during an employee town hall at Boeing factory in Everett, Wash., Thursday. Ryan said the proposal has long been in the works, noting that the tax system hasn’t been reformed since 1986.
“In Congress, we worked on this all last year in 2016 hoping to be ready so if we had the opportunity to be able to pass this bill we wouldn’t sit there in January of 2017, you know, just starting the work,” he said. “So we’ve been working on this for almost two years — actually I’ve been working on this for pretty much my adult life.”
House Republicans rolled out their “A Better Way” blueprint on tax reform last year and have been working on getting on the same page as the Senate and the White House since then. While there are certain provisions that still need to be ironed out, members are hopeful they will be able to release a bill shortly after they return from their August recess.
“I worked for Jack Kemp whose son Jeff played for the Seahawks as a quarterback on this issue, so this has been over 30 years in the making, specifically in Congress its been almost two years in the making,” he continued. “And now we are getting to the point where we are really getting ready to stick the landing and get through the process this fall.”
GOP lawmakers are hoping to use the reconciliation process to pass tax reform, which would allow them to pass the legislation with just a simple majority in the Senate. Ryan said the county needs to lower the corporate tax rate if it wants to remain competitive in the global marketplace.
“Our goal is to get it done this year so when you roll out of bed on January 1, 2018 you are experiencing a new tax system so that businesses have the certainty they need to make good business decisions to grow, to invest to reach and expand,” he said. “That’s why we think we can get 3 percent economic growth in 2018 if in 2017 we get tax reform done — so that’s the plan. Do it this year.”
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