Summary: Today during his weekly press conference, Speaker Ryan discussed the Tax Cuts and Jobs Act.
“Well this has been another very important week for tax reform. Really, it’s an important week for families out across America. The Ways and Means Committee has been debating and shaping the Tax Cuts and Jobs Act.
“And later today, when the committee takes its vote, we will be one step closer to cutting taxes for Americans at every income level.
“You know how much I love this stuff—I love helping craft and shape policy, especially tax policy. It’s been nearly a lifelong passion of mine. But it’s not just because I think it’s fascinating—I love doing this stuff because this policy actually helps improve people’s lives.
“People are sick of the status quo. People are sick of being left behind by the tax code while special interests are given a leg up by carve-outs and loopholes.
“I love this stuff because we’ve been crafting good legislation that means bigger paychecks for American families. It means fairer taxes. It means more jobs. That’s what this is all about.
“$1,182. $1,182 is how much the typical American household will see in their paychecks thanks to the Tax Cuts and Jobs Act. That’s an average household of four earning $59,000. We’re doubling the standard deduction. We’re increasing the child tax credit. We’re lowering tax rates across the board.
“That’s not all. Middle-income families? Middle-income families will see a pay raise too. This legislation would result in 3.1 percent higher wages for people. That means more take-home pay every month, in addition to a tax cut. Higher pay, lower taxes.
“Yes, there are details that are being ironed out in the committee process. That is exactly how the legislative process is supposed to work. I want to commend Chairman Brady, and I want to commend the members of the Ways and Means Committee for their excellent work.
“We’re doing this the right way. We’re doing this the regular order way. It takes time, but trust me, we are going to get this over the finish line. We’re going to get this over the finish line because we need to get this done for American families. We need to get this done for people who will be helped by simpler, fairer taxes.
“And today, we’re taking one big step closer to fulfilling that goal.”