Wisconsinites are getting a tax cut: Speaker Ryan talks to TMJ4’s Charles Benson | Speaker.gov

This week, House Speaker and Wisconsin’s First District Congressman Paul Ryan spoke to TMJ4’s Charles Benson about how Wisconsinites will benefit from the Tax Cuts and Jobs Act. Watch the interview here and check out excerpts below:

Paul Ryan: “I ran the numbers on Wisconsin, the average family of four in Wisconsin, earning the median income in Wisconsin, is going to get a little over a $2,000 tax cut, next year alone. That helps a lot of people who are living paycheck-to-paycheck. That helps a lot of people in Wisconsin who are struggling to make ends meet, who are nervous about their situation, their economic problems.”

Paul Ryan: “Here’s how you should do the math, I was in Beloit this weekend at a Volleyball tournament…”

Charles Benson: “You’re talking [about] this at a Volleyball tournament?”

Paul Ryan: “Oh yeah, everywhere I go I get this. . . .Double the Child Tax Credit from where it is today, so if you have kids, your Child Tax Credit goes from $1,000 to $2,000, your tax rates go down across the board, everybody’s tax rates go down, and thirdly the standard deduction doubles, so instead of having the first $12,000 not being taxes, your first $24,000 as a family is not being taxed. But what is just as exciting is the wage increases we think will come from having business tax relief, so that we can make businesses more completive, so they can hire more people, pay more wages, but more importantly compete in a global economy that we’ve been really not doing well with that. We’ve had the worst tax code in the industrialized world. Now we’re going to have one of the best.”

Paul Ryan: “Charles, you’re a Milwaukee guy, the biggest company we have in Milwaukee that was publically traded was Johnson Controls, which used to be headquartered in Milwaukee, Wisconsin. . . .Their headquarters are in Cork, Ireland, because Ireland has a 12.5 percent tax rate, not a 35 percent tax rate. When you start losing headquarters, when you start losing companies going overseas, we lose jobs.”

Charles Benson: “You’re eliminating the individual mandate, and some people fear that’s going to cost them more?”

Paul Ryan: “Actually it’s quite the opposite. So instead of making people buy health insurance they don’t want or can’t afford, we’re letting people do what they want to do. We’re giving people freedom to buy the health care plan of their choosing, instead of forcing people to buy a plan that they don’t want or can’t afford.”