House Speaker Paul Ryan to deliver major speech on tax plan

Judith Bessette
Junho 21, 2017

An aide for Ryan told Business Insider that the speech will kick off a "sales pitch" for tax reform to get done this year but will "not litigate the issues now being resolved between the House, Senate, and administration".

"We're going to stick the landing because we know we've got to", Ryan said in a CNBC interview after an address to manufacturers billed as his first major speech on taxes. Why are we going to get this done in 2017?

In his speech Tuesday, Ryan steered clear of the controversial border-adjusted tax concept in his tax plan, which he has said would help pay for the steep rate cuts all Republicans want.

It has been about a year since Ryan and other House Republicans released a blueprint for how they would overhaul the tax code.

"If the health care bill doesn't pass, then that trillion dollars of Obamacare taxes. we won't incorporate those in tax reform", Ryan said on CNBC's "Power Lunch."We will have to put those off to the side and they will have to be gotten to when we get to health care reform".

Rep. Paul Ryan, speaker of the House and his party's 2012 vice presidential candidate, laid down a series of markers that should guide what he called a "once in a generation" chance to reshape the tax code.

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"Our capacity to come together and to always move forward toward a better, stronger nation is being tested", he said. In some cases, such as that of Burger King, companies have relocated their headquarters outside the U.S.to reduce their tax rates, a controversial tactic known as an inversion.

Ryan didn't reveal new policy details or a shift in his thinking, which prompted a sharp retort from his Democratic counterpart. The aim is to unveil tax reform legislation in September.

Pledging the biggest overhaul to taxes since the Reagan era, Trump's campaign revolved around reinstating economic prosperity for "left behind" Americans.

Given the Republican Party's control of all the levers of the legislative process, Ryan argued that the time is right to undertake what is possibly the single most hard legislative task American lawmakers can set for themselves. But Republicans say they are determined to do something ahead of next year's primaries and midterm elections. Earlier this year, House members balked when Trump officials demanded that they vote on a bill to repeal and replace former President Barack Obama's health law. "We will keep fighting for comprehensive tax reform that grows the economy without shifting the tax burden to American families". The top GOP in US House of Representatives said that President Donald J.Trump and other Congressional Republicans can not let the opportunity of reforming the tax system slip away. That will require bridging gaps between Republicans who emphasize spending cuts and those who want to spend more on the military.

He also scotched the idea, that some Republicans - including President Trump on occasion - have supported, of simply pushing through a package of tax cuts and leaving the hard work of reform to a later date.

A growing number of Republicans say they would rather just cut taxes than take on the hard task of simplifying the tax code, which would include eliminating many tax breaks to finance lower overall tax rates.

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