Speaker Ryan on CNBC: Tax Reform is the Game Changer for Our Economy | Speaker.gov

This morning, Speaker Ryan appeared on CNBC’s ‘Squawk Box.’ He discussed the tax reform framework that House, Senate, and White House leaders released yesterday. Below are some excerpts from the interview:

House Speaker Paul Ryan: Tax reform is a 'game-changer' for US economy from CNBC.

Game Changer

“I’ve been working on this pretty much my adult life. I was Jack Kemp’s staff economist working on this stuff back in the '90s and I was chair of the Ways and Means committee before I had this job. There is not another thing we can do in Congress, in law, that will do more to grow this economy, lift wages, help people get a raise and bring confidence into our economy and hit the 3 percent growth average we used to have . . . This is it. This is the game changer for our economy and we are so uncompetitive globally it's crazy. . . There's so much economic anxiety. Tax reform does so much to fix those problems and that is why we are all in on this, we are unified and excited about this.”

Economic Anxiety

“Our rates on businesses are so high: 35 percent for corporations, 44.6 percent top effective rate for pass-throughs which is 80 percent American businesses. That's what we're taxing businesses at and the average in the world is 22.5 percent, so this is killing us and if you make money overseas you can't bring it home because you get taxed . . . We know we can get much faster economic growth, bigger paychecks and more jobs in this economy with tax reform . . .The demagoguery is going to come. This is politics. That happens. We know what works and we know Americans need a break. We know people need a break on their paychecks and we know we need faster economic growth so we can get more wages. We haven't hit 3 percent growth and that's why you have economic anxiety. That is why you have stagnant wages. This gets us a 3 percent economy growth and we know that, that's why we're so dedicated to doing this.”

Getting It Done

“We will use reconciliation for tax reform . . . We're bullish on tax reform because we know this is the biggest thing we can do to help economic growth, to make American businesses more competitive, to keep companies in America and not inverting and moving overseas and manufacturing. Look, a 20 percent corporate tax rate with full expensing for five years in a territorial system? We'll knock it out of the park with that. Bringing the pass through rates down to 25 percent? We'll knock it out of the park. Giving middle-class taxpayers a break moving paycheck to paycheck? This is going to be good for our country. Yes, we have to get through the whole K street bonanza. We have to get through the pressers and demagoguery and the misinformation and focus on doing our jobs. We have the votes and tools to do it because we're using reconciliation and that's why I’m bullish on getting this done.”

Related:

Speaker Ryan’s Interview with Sean Hannity on Tax Reform