Ryan on tax
- Tax reform is about building confidence
- We are delivering on agenda on growing economy
- Manufacturing is thriving in the US
- Regulation is being rolled back and saving money for American
- Need to close the skills gap. Need to connect people with skills to get good paying jobs.
- We are continuing to work to repeal and replace Obamacare
- Obamacare is collapsing. Higher premiums with little or no options.
- Tax code stuck in neutral and too confusing
- Eliminate death tax and alternative minimum tax
- 7 brackets into 3. Double standard deductions.
- Going to cut taxes
- Need to fix for individuals and corporations
- Small businesses pay top tax rate of 44.6%. Overseas corporations pay 22%. How can we compete?
- Cannot accept tax system that drains jobs and sends them overseas
- Tax cuts need to be permanent. Businesses need to have confidence that rug won't be pulled out from under them.
- We are going to get tax reform done in 2017.
Speech ends.
S&P is down -9.51%.
Nasdaq is down -26 points
Dow is down -16 points.
All are not far from the pre-speech level.
Overall, was it anything new?
Nope. The story remains the same. Lower corporate and individual tax rates. Simplify. Create jobs. Of course there was the collapsing of Obamacare.
Last week, Trump said that the tax reform could not be done until healthcare reform. I don't know which comes first but Ryan says tax reform will be done in 2017.
