Thursday afternoon, Speaker Ryan visited The Boeing Company, where he toured the facility and participated in a town hall meeting with company employees. After the tour, he spoke live on CNBC’s Power Lunch about the need for historic tax reform. Watch clips from the interview here and here and check out the excerpts below.
“We’ve got to reform this tax system”
"Yes, we can stick the landing, no pun intended, on tax reform this calendar year…We all agree we've got to reform this tax system, raise wages, increase economic growth, more take-home pay, more productivity, better competition for American businesses who really have their hands tied behind their backs when it comes to competition in the tax code. We all agree with that.”
“Permanence is necessary”
“We really do believe it's got to be permanent. That’s something that the Ways and Means Committee, the Finance Committee, is passionate about, I, as well, am passionate about it. Permanence works, permanence is necessary, and permanence is absolutely doable…We have a tax system written in 1986 for the 20th century and we are well into the 21st century and the rest of the world is passing us by. We have such an antiquated, anti-competitive tax system that just dropping rates without fixing the actual system would not be nearly as growth-producing as a permanent reform, which also cuts taxes and lowers rates for workers and families and businesses."
“We’re letting people keep more of their hard-earned money”
“We do want to have preferences for things like charity, homeownership, and retirement savings...The point we're trying to make is those are important things that are broad-based for all American families and workers. When you raise the standard deduction like we’re proposing, that dramatically simplifies the code so much that even with those three preferences I mentioned, you can have a postcard sized tax form. We think that brings tremendous fairness and simplicity, more importantly by consolidating the brackets from seven to three, we're cutting people’s taxes, we’re cutting people’s tax rates, we’re letting people keep more of their own hard-earned money so that they can decide what they want to do with it. We think that’s really good for families, for workers, and for economic growth.”