Paul Ryan says tax reform to help businesses, families
MADISON, Wis (CBS 58) - House Speaker Paul Ryan told a crowd in Madison Monday the G.O.P. plans on passing a tax reform plan by the end of the year that helps middle class families and businesses.
“This is about giving the middle class a tax cut,” Ryan said. “This is about giving a break to middle class families.”
Ryan said the plan doubles the standard deduction, increases the child subsidy and gets rid of the marriage penalty. Rep. Gwen Moore, R-WI, sent a statement in response to Ryan’s comments.
“Despite Speaker Ryan’s assertions, his tax plan hurts middle class families, plain and simple. The fact that the top 1 % of Americans will get massive tax breaks, while 30 % of middle class families will see a tax increase is not class warfare rhetoric, it’s just the truth. We need a tax plan that helps everyday consumers and families, not just the wealthiest Americans and largest companies.”
Ryan said helping businesses is a major emphasis of the plan, and he says that will allow Wisconsin companies to hire more workers.
“Nine out of ten businesses in Wisconsin are getting taxed as individuals, and their top tax rate goes as high as 40 percent,” Ryan said. “How on earth can Wisconsin compete with Canada when we’re taxing businesses as high as 40 percent, and Canada is taxing their businesses at 15 percent.”
Republicans say the plan will make filling out taxes simpler. Ryan said nine out of ten people will be able to fill them out on a sheet the size of a post card.
Ryan says the biggest obstacle to the plan is the Senate, But because of Senate budget rules, the bill cannot be filibustered, meaning the Senate could pass it along party lines by a simple majority.