As he continues to make the case for historic tax reform, Speaker Ryan sat down with The Skimm on the Speaker’s Balcony to discuss how overhauling our tax code will help millennials. Watch the full video here and check out the excerpt below.
The Skimm: “The current tax code has been around since as long as we've been alive. What is going to change, and who is it going to change for?”
Speaker Ryan: “Well first of all that makes me feel kind of old, I was 16 when we re-wrote the tax code last time, I was working the quarter grill at McDonald’s. And what’s going to change is we’re going to overhaul this entire thing. The code has gotten so complicated, so complex, that about 9 out of 10 people need assistance just doing their taxes. So by dramatically taking away loopholes, you simplify the system. You double the standard deduction. . . . The whole purpose of this is to give middle income taxpayers a tax cut, to reduce people's taxes. If you’re in the 10 percent bracket, more of your money is going to be in the zero percent bracket. If you’re in the 15 percent bracket, you’re going to be in the 12 percent bracket. This is about lowering peoples tax rates. The purpose of this is to simplify the system, close the loopholes, you decide what to do with your money.”
ICYMI: Speaker Ryan spoke at The Heritage Foundation this morning on how tax reform will empower people who work hard and play by the rules.