GOP leaders plan to finalize tax bill behind closed doors
- Author: Zachary Reyes Jun 21, 2017,
Jun 21, 2017, 1:59
One of the top Republican cheerleaders for tax cuts kicked off his party's effort Tuesday to overhaul a USA tax code always been criticized by both parties as out of date and harmful to economic growth but which has been impervious to prior attempts at reform.
In his speech, Ryan is expected to emphasize the importance of permanent reforms, reject the notion that legislation should do little more than reduce tax rates and make a case for mechanisms to prevent US corporations from moving income, assets and jobs overseas. "I'm really confident at the end of the day we're going to agree on how to do this". Ryan will also emphasize the importance of permanent reforms, reject the notion that legislation should do little more than reducing tax rates and make a case for mechanisms to prevent US corporations from moving income, assets and jobs overseas.
"I don't know what "special interest carve out" and "excessive deductions" mean", he said.
Ryan's speech urged Republicans not to squander an opportunity to "do something transformational" for the economy and overhaul the tax code permanently.
"We want to get these rates as low as we possibly can" while still making the numbers "work", he said. "We can not let this once-in-a-generation moment slip by". "This is one of the greatest killers of intergenerational transfer of small businesses, from family businesses, from one family to the next".
Ryan didn't reveal new policy details or a shift in his thinking, which prompted a sharp retort from his Democratic counterpart.
"When Paul Ryan wants to get serious about tax reform, he should listen to what the American people want".
Prospects for a tax overhaul have "dimmed a lot" in recent months, said Jonathan Traub, a tax specialist with Deloitte Tax LLP and former staff director for Ways and Means Committee Republicans. The GOP also has to resolve disputes and settle on revenue and spending targets in a fiscal 2018 budget resolution before lawmakers can act on taxes.
Such an approach also would come as Senate Republicans have been widely criticized for crafting a health care bill behind closed doors, with even some in the GOP complaining about the secretive process.
Politico noted the speech is aimed at assuring nervous supporters that Congress will move ahead on taxes, Politico reported. The top GOP in US House of Representatives said that President Donald J.Trump and other Congressional Republicans can not let the opportunity of reforming the tax system slip away.
He also scotched the idea, that some Republicans - including President Trump on occasion - have supported, of simply pushing through a package of tax cuts and leaving the hard work of reform to a later date. Analysis by NRF and many of its member companies indicates that the proposed tax would drive up costs, erode profits and exceed any benefits from a lower corporate tax rate. Other Republicans, including Senate Finance Chairman Orrin Hatch and Senator Pat Toomey, have called for changing the rules to make way for a 20 or 30-year temporary tax cut rather than the existing 10-year limit.