Paul Ryan: It’s time for Dems to get behind tax reform

Printed from: https://newbostonpost.com/2016/09/20/paul-ryan-its-time-for-dems-to-get-behind-tax-reform/

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House Speaker Paul Ryan said the rate at which American corporations are merging with foreign entities or moving businesses overseas to seek tax relief should encourage Democrats to make tax reform a priority.

Ryan, who has been a strong proponent of simplifying the tax code, noted Monday the United States has some of the highest tax rates on small businesses and the highest corporate tax rate in the industrial world, which is stifling economic growth and job creation.

“You just can’t defend this tax code anymore,” he said during an appearance at the Economic Club of New York Monday. “The fear I have is the progressives who kind of control the Democratic party don’t think anything close to what looks like tax reform is a good thing.”

The Wisconsin Republican said he hopes the parties can find common ground on the issue, adding GOP lawmakers offered to switch to a territorial system last year, which was rejected.

“So, I hope that view changes, but right now, their stated position is they want a worldwide tax system but ending deferral — so there’s a big gulf between our two views,” he continued. “I would think that just with the pace of inversions and takeovers that the case for tax reform is indisputable and we can overcome those ideological barricades that dominate the other side of the aisle.”

The current system leads to little to no economic growth and small businesses that file as individuals are being hammered, according to Ryan.

“Where I come from in Wisconsin manufacturers compete head-to-head with the Canadians who are taxed at 15 percent,” Ryan said. “I mean you can sit in Treasury and try to be as punitive as you want on people who are inverting – -it ain’t gonna work, they’re just get bought by foreign companies at the end.”

Ryan added, in the House’s GOP blueprint, “A Better Way,” Republican lawmakers laid out a plan they believe will dramatically increase economic growth by lowering both the individual and corporate tax rates.

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