The $1,182 tax cut for the typical American household isn't very much.FACT
Millions of Americans are living paycheck to paycheck. Almost half the country says they would not be able to pay an unexpected bill of $400 or more. When faced with that reality, a tax cut of $1,182 for the typical American household can go a long way towards providing peace of mind and financial stability.
More in our Myth vs. Fact series:Read More
WASHINGTON—House Speaker Paul Ryan (R-WI) released the following statement after Congress received the president’s additional request for supplemental disaster relief funding:
“Congress has proven its commitment to aid those Americans suffering from the natural disasters of the fall—from Americans in Texas, Florida, California to Americans in the U.S. territories of Puerto Rico and the U.S. Virgin Islands. We appreciate the president’s new funding request and value our continued partnership on this effort. The House will review the request and work with the administration and members from affected states to help the victims get the resources they need to recover and rebuild.”
As the U.S. Virgin Islands continue to rebuild from hurricane damage, Congress is committed to making sure they have the resources they need. Thank you @GovernorMapp, for your visit this week. pic.twitter.com/u0g0tl1Opb
— Paul Ryan (@SpeakerRyan) November 17, 2017
Yesterday was an historic one. The House kept its promise to the American people by passing the Tax Cuts and Jobs Act—legislation that will deliver more jobs, bigger paychecks, and fairer taxes.
Speaker Ryan has been working on this issue for decades. And he took to the House floor prior to the vote, equipped with lots of charts, to explain how this legislation will benefit hardworking, middle-income families.
Passing the Tax Cuts and Jobs Act today is the single biggest thing we can do to help middle-income families in America. pic.twitter.com/rsQPWfNJFz
— Paul Ryan (@SpeakerRyan) November 16, 2017
The median household income in this country is $59,000. The typical family of 4 at that income level will see a tax cut of $1,182 next year. pic.twitter.com/hx2iaa1EQH
— Paul Ryan (@SpeakerRyan) November 16, 2017
When we tax our businesses at much higher rates than our foreign competitors do, they win and we lose. Time to level the playing field. pic.twitter.com/ER3ik23zl8
— Paul Ryan (@SpeakerRyan) November 16, 2017
It is time that the general interests of the hardworking taxpayers prevail over the special interests in Washington. pic.twitter.com/58UsOoor5u
— Paul Ryan (@SpeakerRyan) November 16, 2017
This plan gets rid of deductions for homeowners.FACT
For current mortgage borrowers, absolutely nothing is changing with your mortgage-interest deduction. For new home mortgages, you will still be able to claim a mortgage-interest deduction on up to $500,000 of mortgage principal. That means that about 97.5 percent of all new home owners will still be able to write off all of their mortgage interest come tax time.
You will also still be able to write off up to $10,000 in state and local property taxes from your federal tax bill, no matter when or where you bought your home.
For every single taxpayer in America, the standard deduction will nearly double: $12,000 for an individual and $24,000 for a couple filing jointly. So for millions of Americans who currently deal with the hassle of itemizing each year, now it may make more sense to simply take the standard deduction and keep more of your money—from taxes and from tax accountants.
WASHINGTON—Today, House Speaker Paul Ryan (R-WI) and House Republicans held an open press event in the Capitol to mark passage of H.R. 1, the Tax Cuts and Jobs Act. Following are the Speaker’s remarks as delivered:
“I want to thank the man in the House who made this day possible: our joyful field general from Houston, our good friend and leader, Kevin Brady.
“I’ve got to say, this is nothing short of extraordinary. Let me just tell you, getting 218 members to agree on something as complicated as the . . . well, we needed 218. Okay, let me rephrase it: Getting 227 members to agree on something as complicated . . . This country has not rewritten its tax code since 1986. The powers of the status quo in this town are so strong. Yet 227 men and women of this Congress broke through that today. That is powerful.
“Of course, I want to thank not just the members who made this possible today, I want to thank the president, I want to thank his administration, and I want to thank our partners in the Senate who are doing their work as well. From the very start, we said that failure is not an option, and the president and his team have worked so constructively every step of the way with us. He’s been a tremendous partner on this issue.
“And you know, I’ve just got to say how proud I am of this conference. Tax reform is so very hard. But we know that there are people who are really struggling in this country. We know that we are just coming through a decade of real economic anxiety. And we know that this is a nation that has so much more potential that has not yet been tapped. That’s what this day is about. That’s what getting this done is about.
“This is about giving hardworking taxpayers bigger paychecks, more take-home pay. This is about giving those families who are struggling peace of mind. It’s about getting this economy to grow faster so that we get bigger wages, more jobs, and we put America in the driver’s seat of the global economy once again. It’s about giving people hope and a new opportunity. And it’s about making sure that America continues to be the best place in the world—the best place in the world—to live, to thrive, to start a business, to create a job, to grow, to construct.
“We’ve got a long road ahead of us. This is a very, very big milestone in that long road. We’ve got a long road ahead of us, and we have a timeline to get this done by the end of the year. We have the Senate right now working on doing this. We’re excited about going through the legislative process, going to conference, getting this done, making this bill even better. But most importantly, I am excited on behalf of the American people, who are waiting to see us get this done.
“Last thing I’ll say is this: We collectively asked the country in 2016 to give us a chance to go work for them. We asked the people of this country, who are struggling, give us a chance to make good by you. Give us a chance to make lives better for you. Give us a chance to improve your life. This conference today did one of the greatest things we could possibly do to make good on that promise, and I am so proud.”Read More
WASHINGTON—Today, House Speaker Paul Ryan (R-WI) delivered remarks on H.R. 1, the Tax Cuts and Jobs Act. Following are Speaker Ryan’s remarks:
“Mr. Speaker, I want to start off by thanking Kevin Brady and all of the members of the Ways and Means Committee for this job well done.
“Mr. Speaker, we are in a generational-defining moment for our country. And what we’re doing here is not just determining the kind of tax code we have—what we’re doing here is determining what kind of country we’re going to have.
“Right now, because of this anemic economic recovery. Don’t forget, we had one of the worst recessions in our lifetime since 2008. Ever since then, this economy has been flat . . . This economy has been way under its potential. This economy has been growing at a limp one to two percent.
“And you know what that means for hardworking taxpayers—you know what that means for Americans? Nobody gets a wage increase, living standards are stagnant, economic anxiety is high.
“78 percent of our workers in this country today are living paycheck to paycheck. Most Americans say they don’t even have $500 in their bank account for an unexpected emergency or an expense. This is the economic anxiety that’s for real in this country today.
“Instead of thinking about getting ahead, families are struggling just to get by. Think about all the moms and the dads and all the hardworking taxpayers going to bed tonight, not sleeping, worried about what comes next week. That is not how it should be. This is not how it is in this country traditionally.
“We need to restore growth. We need to restore opportunity. We need to restore this beautiful thing we affectionately call the American Idea. Passing this bill is the single biggest thing we can do to grow the economy, to restore opportunity, and to help middle-income families that are struggling.
“People always ask: What’s in it for me? How will I benefit from this? Well, I’m a chart guy. Why is this important?
“What this shows you is under this plan, the average family at every income level gets a tax cut. A tax cut at every average level. What this shows you is that the people who are struggling, the people who are middle-income brackets, the people here who are low-income trying to become middle-income, they get the biggest tax cut.
“This plan is good for people from all walks of life, all across the country, and the bigger relief goes to those who need it most. Let’s put this into numbers. The typical household of four people makes $59,000 in this country. That family of four? $1,182 tax cut in the first year alone.
“The median family income is nearly $87,000. That family will get a $1,941 tax cut. Right away, year one. so if you're one of those 57 percent of Americans who say you don't even have $500 to go to an emergency, this really helps you.
“Let's talk about those people who itemize their tax, who live in high tax states—maybe a couple making $115,000, living in a high tax state. Let's say they've got $8,400 in a mortgage interest payment and $6,900 in property interest taxes for the year. They can write those off under this plan and still see a tax cut of $1,130. If they've got kids, an even larger tax cut.
“Not only do people get to keep more of their own money in their own pocket, but we dramatically simplify the tax system. We make it more fair. Today, seven out of 10 Americans don't itemize their deductions. 70 percent of Americans take what we call the standard deduction for their taxes. It's just that—it's standard, straightforward. You're not taxed on that income.
“But over the years, Washington has piled on special-interest loophole after special-interest loophole after special-interest loophole. These are skewed to people who are wealthy, who are well-connected, who can afford all the tax lawyers, all the accountants to navigate the tax code so they can get a good deal.
“If you're not in that group, if you don't have lawyers and accountants and you're just scraping away at your middle income, you don't get those deals.
“What we want to do is take those loopholes away, make it fair for everybody, lower tax rates and make it easy. Here's how easy this gets. We’re going to make it so easy that by doubling the standard deduction, 90 percent of Americans, nine out of 10 Americans will be able to fill out their taxes on a form the size of a postcard.
“And what this means is, for a single person you don’t pay taxes in your first $12,000 of income. For a married couple, you don't pay taxes on your first $20,000 of income.
“Here's the basic philosophy: Instead of jumping through all the hoops that the IRS puts in front of you, instead of doing what the special interest groups say you need to do in order to get some of your money back, we basically say, keep your money in the first place. It's your money. Do what you want with it.
“All of this is about tax relief. It's about fairness. It's about simplicity. It's about easing the stress and anxiety that's in this country. But we need better jobs, more jobs, faster economic growth, higher wages.
“And this brings us to the way we tax ourselves as businesses. This brings us to what do we do to make America the most competitive place in the world?
“Here is the real problem we've got when it comes to the way we tax our businesses. We're the worst in the world at it. We tax our businesses at the highest corporate tax rate in the industrialized world. What does that do?
“Let me give you an example where I come from. In Wisconsin, the example is Johnson controls. Johnson Controls is a company with a history dating back to the 1880's in our state. It was the biggest company we had headquartered in Wisconsin. Not anymore. Because Johnson Controls is an Irish company. The Irish tax rate is 12.5 percent.
“This is happening all over the country. Companies just to stay competitive are becoming foreign companies.
“And when the headquarters of that company leave yours hometown, when the headquarters of that business and that employer leave yours state and goes to another country, there goes the United Way campaign. There goes the white collar jobs. There goes the manufacturing. There goes the research and development. There goes America’s competitiveness.
“What’s worse, foreign companies are buying U.S. companies because it's cheaper because of taxes. So here's what we do. Instead of being the worst in the pack, we leapfrog ourselves by bringing that tax rate down to 20 percent.
“Because guess what? When you tax your businesses at much, much higher tax rates than our foreign competitor’s tax theirs, they win and we lose. We have got to stop losing. We have got to start winning.
“That’s what this does. What’s even more impressive about this is it lowers taxes for those small businesses, those mom and pops, even more. So we got to make sure that our businesses, the job creators of America, have every incentive to stay there, have every incentive to build here, have every incentive to hire here.
“What’s more, we're finding that by doing this, we're going to get faster economic growth. We’re going to get more jobs. We’re going to get higher wages, better take-home pay.
“Let me just break it down in simple numbers. The nonpartisan tax foundation ran the numbers. They said with this bill, we'll get faster growth, about 3.5 percent faster economic growth, 890,000 new jobs. They estimate that in New York state alone, 57,834 new jobs. Wisconsin: 17,999 new jobs. California: 101,422 new jobs. Texas: 74,037 new jobs.
“And when you pass this bill, you grow this economy. And so why do we do all of this? Because it's about giving people more take-home pay. It’s about raising wages. It’s about helping families who are struggling get ahead.
“It’s about getting Washington out of the business of picking winners and losers and giving the American people the kind of economy they deserve. This just shows you that across every income scale, across the board, wages will go up.
“Because we're going to grow the economy, most of the wage growth goes to the people who need it most—people in the middle, people who are struggling. That is why we're here.
“My colleagues, right now, we are in the middle of a long day where people are working tooth and nail in their jobs. We are right here in the middle of a day where America's workers are trying to figure out how to make ends meet, trying to keep up with everything.
“Those people, the hardworking taxpayers of this country that we represent, that is why we are here. This is why we're doing this. They are the foundation of this country. We’re here today for them. The special interests are trying to protect their piece of the pie.
“All the negativity you see out there, there's probably a special interest group back there trying to keep their special place in the tax code. It is fine time, it is high time we root that out, we don't settle for the status quo and we give people the kind of tax code they need and deserve.
“It has been 31 years since we last did this, and it is finally time that we get the general interest of this country to prevail over the special interests in Washington. We know that this brings more fairness. We know that this increases tax-home pay and bigger paychecks. We know that this grows the economy and creates more opportunity.
“Faster economic growth is not going to fix every problem America has, but my colleagues I ask you today to raise your gaze and do something bold—to see the forest through the trees, to think about the people we are here to actually represent, to think about the people who are struggling, who are going to go to bed tonight and probably not sleep because they're worried about what's going to happen tomorrow.
“That’s what this is. This is one of the most historic and the biggest things that we will ever do. And the reason is because this is one of the biggest things we can do to improve people's lives, to revitalize that beautiful, American idea, to spread liberty and freedom. This is something that's going to refresh our confidence in ourselves, in our confidence in each other.
“Enough settling. Enough giving in. Let's start to reclaim our future right here in this moment, in this chamber, in this moment. Let's pass this bill. “
Today, ahead of the vote on the Tax Cuts and Jobs Act, Speaker Ryan delivered remarks on the floor about the need to reform our broken tax code. He has spent his entire career working on this issue. And, just like old times, the Speaker was accompanied by a series of charts illustrating how this bill will deliver more jobs, fairer taxes, and bigger paychecks for the American people.
In case you missed it, here are the charts:
WASHINGTON—House Speaker Paul Ryan (R-WI) and Resident Commissioner Jenniffer González-Colón released the following statement following passage of H.R. 1, the Tax Cuts and Jobs Act:
“Puerto Rico is still working to rebuild following the damage done by Hurricanes Irma and Maria. Congress has been sending aid, many of our members have visited Puerto Rico following the storms, and we are always looking for more ways to help the island. One of those ways is through additional tax incentives so that our fellow U.S. citizens in Puerto Rico can have all the possible resources to rebuild their lives and their economy. It is our intention to make improvements to our tax reform legislation as it relates to Puerto Rico when we go to conference.”Read More
This morning, ahead of the historic House vote on the Tax Cuts and Jobs Act, Speaker Ryan spoke with Fox & Friends about how this plan will deliver relief for middle income families. Watch the full interview here and check out excerpts below.
Speaker Ryan: “The point of this is to make the system fairer—fewer loopholes, level system and lower tax rates. Give middle income families a big tax cut. The median family—the median household in America—is going to get $1,182 tax cut. 78 percent of people are telling us in surveys they’re living paycheck to paycheck in this country. Another 57 percent of Americans are saying that they’re $500 away from desperation. So, look, this is a serious issue. . . . The analysis shows that the average taxpayer in every group does get a tax cut.”
Speaker Ryan: “If the person watching TV right now wants to do the math in their head. You got kids, your child tax credit goes from $1,000 to $1,600 per kid, that means anther $600 per child. Your first $24,000 are not going to be taxed. You’re getting lower tax rates across the board. And then on businesses . . . we’re dropping tax rates dramatically, we’re going from 35 percent to 20 percent on corporations. We’re going from over 40 percent, down as near as 25 percent for small businesses and for small, small businesses are going to get a 9 percent tax rate. And all of these business, every single one of them, get to deduct their expenses of their plant and equipment. If they want to invest in their people by buying more equipment and factories, they can write that off in year one. That’s never been done before like this, it’s going to be a huge job creator.”
ICYMI: At Speaker Ryan’s Tax Reform Town Hall on Fox News, he answered questions on how the Tax Cuts And Jobs Act will help you and your family.Read More
This is just a tax cut for the rich.FACT
That is the same old line of attack that Washington Democrats have been saying for years. The irony is that our current tax system is rigged to disproportionately benefit the wealthy instead of middle-income families. It works best for those who know how to take advantage of all the loopholes in our outdated tax code.
The Tax Cuts and Jobs Act cuts taxes for the average taxpayer in every income group. In fact, the typical American household will receive a tax cut of $1,182. For families who are living paycheck to paycheck, keeping that money in their pocket is simply the right thing to do.Read More
Retweet to agree → The American people deserve to know—and to understand—exactly what data the government is collecting. pic.twitter.com/5dI7ZHLkio— Paul Ryan (@SpeakerRyan) November 15, 2017
WASHINGTON—Today, House Speaker Paul Ryan (R-WI) spoke on the House floor in support of Foundations for Evidence-Based Policymaking Act, legislation the speaker introduced earlier this month. Below are his remarks as prepared for delivery:
“My colleagues: today I rise in strong support of the Foundations for Evidence-Based Policymaking Act.
“First, I want to thank the sponsors of this bill: Mr. Farenthold, Mr. Kilmer, and Chairman Gowdy. Blake Farenthold and Derek Kilmer were key drivers of this measure and made it stronger by incorporating the OPEN Government Data Act. And Trey Gowdy and his staff—especially Katy Rother—spent countless hours working with my team, especially Ted McCann, and others to turn the Commission on Evidence-Based Policy’s vision into legislation. All the members of the commission did incredible work.
“I want to especially thank Senator Patty Murray for her willingness to work together on this issue. We may be on different sides of the aisle, but there’s one thing we passionately agree on: what government does, it should do well. The taxpayer’s money should always be protected, and that is exactly why we came together to write this bipartisan legislation.
“So, what does this bill do? It protects privacy. It improves transparency. It ensures that federal agencies are protecting the data collected by the government. The American people deserve to know—and to understand—exactly what data the government is collecting. And they deserve to know that the strictest safeguards are placed on that data.
“The driving purpose of this legislation is simple: we are requiring federal agencies to prioritize evidence when measuring a program’s success.
“So here is what we’re talking about. Take poverty. Instead of measuring success based on inputs, on how much money we spend, let’s measure success by outputs, by outcomes. Is it working? Are people getting out of poverty?
“By directing agencies to do this, no longer will ‘we don’t know’ be an acceptable to answer when asked if a program is working.
“With this bill, we are asking the federal bureaucracy to step up its game. We are asking ourselves how we can improve the lives of our fellow citizens by better understanding the programs that we put in place. This is just good common sense policy, but it is going to mean a real sea change in how we solve problems.
“With that, I urge passage of this bill.”Read More
Tomorrow, the House will take an historic vote on the Tax Cuts and Job Act. You’ve heard the numbers over and over again: An $1,182 tax cut for typical households, a $4,000 pay raise for workers, and nearly 900,000 new full-time jobs.
But now, the Chamber of Commerce, using estimates from the nonpartisan Tax Foundation, has a useful tool showing how tax reform will benefit each individual congressional district.
For example, in Wisconsin’s 1st District, which Speaker Ryan represents, 54,534 taxpayers who claim the Child Tax Credit will see that credit expanded from $1,000 today to $1,600 under our plan. Moreover, 38,510 taxpayers with small business income will benefit from our new, lower small business tax rates. And, thanks to nearly doubling the standard deduction, more of the 126,539 taxpayers in the 1st District who currently itemize will be able to file their taxes on a postcard-size form.
All told, middle-income Americans, who have been squeezed for too long under our current tax code, will finally get a break. That is why it’s so important we pass the Tax Cuts and Jobs Act in the House tomorrow.Read More
This morning, Speaker Ryan joined CNBC’s Squawk Box, where, as usual, they got a bit wonky on tax reform. Watch the full interview here and check out excerpts below:
Speaker Ryan: “We want to make sure that taxpayers in not just every income group, but in every state get relief. We don’t want relief to just go to 46 states. We want relief to go to 50 states. That’s why we’re making sure that we work the numbers. This $10,000 property tax deduction that we allow to continue really does make sure that a person in that kind of category is taken care of. What the CBO, Joint Tax, and all the other analysis says is that the average taxpayer in every income group gets a tax cut . . . the purpose of this is to cut taxes for everybody, and so we want to keep doing that and we know that this SALT fix is really necessary to make sure that that’s the case.”
Speaker Ryan: “The status quo is that we’re the only country left with a worldwide tax system, which penalizes companies from bringing money back. They basically don’t as a result. That’s why we have 3 trillion dollars of cash parked overseas in the first place. Unlocking that brings that money home, but unlocking that also puts us on a better level playing field, by having a territorial system. Combining that with a 20 percent tax rate, getting us from the last of the country pile, meaning the highest industrial world tax rate, to one of the best tax rates. We really are convinced that that’s going to give us faster economic growth, higher wage growth. The Tax Foundations says almost a million new jobs, faster GDP growth, and pressure upwards on wages, about 4 percent on average on wages. So that means everybody’s after-tax income goes up in this country because of that.”
Speaker Ryan: “We better do what we said we would do. We ran on tax reform. We know there’s nothing more we could do that will do more to grow the economy and raise wages, get after-tax incomes up, get economic growth faster, get to a 3 percent economy. We know there’s nothing we can do like this, that gets us to this kind of an economy, we know we can have. Yes, we said we would do this, and we have to do this. That’s the covenant we have with our supporters, the voters, the people. That’s why you vote for Republicans. Yeah, you bet, we need to make good on this promise if we’re going to be successful politically, but most importantly, if we want to be successful as a country we have to get this done.”
The average taxpayer in every income group will get a tax cut. That is the whole purpose of the Tax Cuts and Jobs Act. pic.twitter.com/MnrwnRwVIG— Paul Ryan (@SpeakerRyan) November 15, 2017
Last night, ahead of tomorrow’s vote on the Tax Cuts and Jobs Act, Speaker Ryan joined Fox News’ Bret Baier and Martha MacCallum for a tax reform town hall in Herndon, Virginia.
In case you missed it, here are the top five moments:
Too many Americans are living paycheck to paycheck. How this plan helps your family: ✔Lower taxes ✔Higher wages ✔Faster economic growth pic.twitter.com/bHHwZ4t9pA
— Paul Ryan (@SpeakerRyan) November 15, 2017
The Tax Cuts and Jobs Act lowers taxes for every income level and for average American households in every single state. pic.twitter.com/D0Uy58WFOV
— Paul Ryan (@SpeakerRyan) November 14, 2017
By doubling the standard deduction, 9 out of 10 Americans will be able to file their taxes on a form the size of a postcard. pic.twitter.com/3aOq3NxWx3
— Paul Ryan (@SpeakerRyan) November 14, 2017
Small businesses provide most of the jobs in our economy. Our plan cuts the tax rate on many new and growing small businesses to just 9%. pic.twitter.com/BbEj66Rzno
— Paul Ryan (@SpeakerRyan) November 14, 2017
Great question from Shannon: "If the Tax Cuts & Jobs Act is passed, how soon do you expect we can see job growth?" The answer → immediately. pic.twitter.com/6DFK6S1TzL
— Paul Ryan (@SpeakerRyan) November 15, 2017
The Tax Cuts and Jobs Act is a tax cut for corporations, not families.FACT
Our current tax code is shipping jobs overseas. It is literally incentivizing companies to move to other countries, taking good-paying jobs and tax revenue with them. Getting tax rates down helps us keep those jobs where they belong—right here in America. It also helps raise wages and results in faster economic growth.Read More
WASHINGTON–House Speaker Paul Ryan (R-WI) issued the following statement after the Committee on House Administration held a hearing as part of its ongoing review of the House’s sexual harassment policies:
“Today’s hearing was another important step in our efforts to combat sexual harassment and ensure a safe workplace. I want to especially thank my colleagues who shared their stories. Going forward, the House will adopt a policy of mandatory anti-harassment and anti-discrimination training for all Members and staff. Our goal is not only to raise awareness, but also make abundantly clear that harassment in any form has no place in this institution. As we work with the Administration, Ethics, and Rules committees to implement mandatory training, we will continue our review to make sure the right policies and resources are in place to prevent and report harassment.”Read More
Tonight, Speaker Ryan will join Fox News’ Bret Baier and Martha MacCallum for a tax reform town hall. The hour-long event will take place live from Herndon, Virginia starting at 6:30 p.m. ET/5:30 p.m. CT.
⇒ Watch the town hall live on Fox News ⇐
The town hall comes ahead of a House vote this week on The Tax Cuts and Jobs Act—historic legislation to cut taxes for middle-income Americans and deliver more jobs, fairer taxes, and higher paychecks. This bill will cut taxes on typical households by $1,182, raise wages by upwards of $4,000, and create nearly 1,000,000 full-time jobs.
So be sure to tune in, and visit speaker.gov to learn more.Read More
Recent natural disasters have brought a renewed focus upon Congress’ efforts to improve our nation’s flood insurance program (NFIP).
The NFIP was created in 1968, and like many federal programs, the intent is noble but the execution has left a lot to be desired. The reality is harsh: The NFIP has borrowed over $30 billion from taxpayers, regularly operates an annual deficit, and operates (is there another word you can use here or right before?) as a monopoly service provider for millions. It’s a program in need of greater accountability and additional reforms to keep it efficient and competent.
That changes today. The House is considering the 21st Century Flood Reform Act, a collection of seven bills that injects private market competition and pragmatic reforms to update this floundering program.
Among the many reforms the bill makes, it provides affordable coverage for policyholders by decreasing the annual cap on an individual’s annual rate increases and caps surcharges on low-risk properties. At the same time, it improves the financial soundness by gradually increasing rates for certain properties to meet actuarial risk.
Perhaps most importantly, the legislation would help establish a private market for flood insurance, which will increase access, competition, and consumer choice. That means real money saved for real people.
Taxpayers deserve a streamlined, efficient flood insurance program with real accountability, and policyholders in high-risk areas for flooding deserve stability and market-based rates for their insurance. The 21st Century Flood Reform Act helps us get there.
Read more here.Read More
Last week, we sent you a few examples of what House Republicans are doing to highlight the Tax Cuts and Jobs Act. You may have already guessed this, but there’s more where that came from:
After the Ways and Means Committee passed the bill, House Majority Leader Kevin McCarthy (R-CA) announced that the House would be voting on it this week “to deliver a win for the American people.”
House Majority Whip Steve Scalise (R-LA) appeared on The Mike Gallagher Show with a simple message: “We’ve got to get [tax reform] done. Failure is not an option. That’s been my approach from the beginning . . . Our tax cutting and jobs bill is what this economy needs. Families want to see more money in their pockets. They’re going to, under our bill, have more of their hard-earned money saved in their pockets by lower tax rates.”
Rep. Kevin Yoder (R-KS) explained what our tax plan will mean for a public school teacher earing $54,000 a year in this video. (Spoiler: It’s a $1,800 tax cut.)
Rep. Doug Collins (R-GA) wrote an op-ed in the Gainesville Times explaining how the House tax reform plan will return the focus to U.S. workers.
To take the message directly to his constituents, Rep. Andy Barr (R-KY) has asked folks to share their tax stories so he can explain what the Tax Cuts and Jobs Act will mean for people on a personal basis.
Rep. Carlos Curbelo (R-FL) released a post-passage statement explaining what the bill will mean for South Floridians: “The Tax Cuts and Jobs Act puts middle-income American families first with a larger child tax credit and a new family flexibility credit that will help them keep more of their hard-earned paychecks.”
Rep. Sam Johnson (R-TX) made a great point that speaks to the importance of regular order: “Reforming America’s complicated and broken tax code is too important to not get right.”
Speaking of regular order, Rep. Duncan Hunter (R-CA) offered specifics in an op-ed: “After years of hearings and meetings and listening to people across this country, we look forward to getting this done before the end of this year. Simply stated, we want a tax code that works for you.”
And just this morning, Rep. Rob Wittman (R-VA) joined the leadership press conference to drive the message home: The Tax Cuts and Jobs Act will provide “more jobs, fairer taxes, and bigger paychecks.” Watch the full press conference here.
Learn more about the Tax Cuts and Jobs Act on speaker.gov, and stay tuned—because this week, House Republicans are going to get this done for the American people.Read More
Today, the House will consider the conference report for the 2018 National Defense Appropriations Act (NDAA). The House passed its original bill in July.
It’s the primary duty of the federal government to provide for the national defense. This bill will do exactly that. It supports our military and their families, and it equips, trains, and supplies our troops.
Support for the U.S. military was abysmal under the previous administration. The NDAA provides $634 billion for the military, including modernizing equipment and supplying new aircraft, ships, and vehicles.
The NDAA authorizes increases to the size of the Army, Navy, Marines, Air Force, Army Guard and Reserve, Naval and Air Reserve, and Air Guard, so we can be absolutely prepared for any threat against our citizens at home and abroad.
Not only that, but this legislation gives our service members a 2.4 percent pay raise—that’s the largest in eight years. We think our men and women in uniform deserve that.
We have the taxpayers in mind, too. Over the past few years, Congress has enacted reforms that will save taxpayers billions of dollars. Those include updating the retirement system, improving the military health care system, reorganizing the defense bureaucracy, improving congressional oversight and transparency, and changing the way the Pentagon buys supplies. The list goes on. This is no small feat, and it’s important because it means that every dollar spent will be wisely used to strengthen our national defense.
This legislation is a huge victory for our service members and, following the vote today, we look forward to it being signed by the president. Our men and women in uniform depend on it.Read More
Summary: It’s a big week on Capitol Hill. During a press conference with Republican leaders, Speaker Ryan discussed what’s on the House’s agenda: the national defense bill and the Tax Cuts and Jobs Act.
“First of all: This national defense bill? This bill is a big, big step toward keeping the promise we made to rebuild our nation’s armed forces. It’s so critical. It will give our military the tools and the resources that it needs to address the threats that we face all around the world. And it delivers, as was mentioned, a well-deserved pay raise for our servicemembers.
“It’s a very important piece of legislation and we look forward to putting it on the president’s desk. And we’re very excited about this promise being kept and getting done this week.
“On tax reform, here is why this is such a big moment—and it has nothing to do with politics or politicians: Most Americans are living paycheck to paycheck. A whole lot of people are telling us that they are $400 away from a disaster. Instead of thinking about getting ahead, you got more people in this country worried about falling behind. This anxiety that we have in this country—that feeling that people are one emergency away from a disaster—is a daily reality for most of our fellow citizens.
“Meanwhile, Washington has been propping up a tax system riddled with special loopholes for the well-connected.
“This bill changes this. We are cutting taxes for middle- and low-income families. The typical median household of four gets a $1,182 tax cut. That’s big relief for people who really feel like they are one bad news away from a disaster. That is $1,182 you can save, use toward a big project, or something you have been putting off for too long.
“This is not just a tax bill. This is a jobs bill. It’s a fairness bill. By leveling the playing field and making our businesses more competitive, guess what? Wages are going to go up. The analysis is very clear. This will help wages raise in this country. This will help living standards increase in this country. More jobs will come home.
“So by unrigging the system, by making it so fair and so simple and—yes—you will be able to do [your taxes] on a postcard. . . .
“Look, here’s what’s going on right now. People in Washington are focusing on what this means for other people in Washington. But for us, it is about the hardworking people in America who are working hard and feel like they’re slipping behind. This should not be about settling.
“You know, people right now are hoping things will get better. This bill? This bill will make things better for hardworking Americans. We want a country where everybody can rise. We want a country where people are confident. We want a country where people can aspire and believe that they can reach their American Idea or their dream. That’s the country we’re used to having and that’s the country we’re going to have by getting this thing done. And that is why we’re focused on people’s problems.
“And that is why we’re really, really excited about getting this done this week.”Read More
$1,301—that’s the amount of George’s federal tax cut as a result of the Tax Cuts & Jobs Act. This is his story↴ https://t.co/AybMDgI8Mt— Paul Ryan (@SpeakerRyan) November 14, 2017
For as long as he can remember, George had always wanted to be a firefighter. As a child, more than a few of his Halloweens were spent in a firefighter costume, complete with a Dalmation stuffed animal. Many kids go through a phase of wanting to be a firefighter when they grow up—but with George, it was different. Both his father and grandfather were firefighters in the same small, Iowa community where George has called home his entire life.
Now, at 24 years old, George is the youngest firefighter in his firehouse. The shifts are long and the job is dangerous, but this is always what he wanted to do—follow in his family’s footsteps of serving his community. A salary of $48,000 per year affords George a comfortable life in his town. However, he’s starting to think ahead and wants to start putting more money away for his future family.
The Tax Cuts and Jobs Act will allow George to see an even greater reward for his hard and selfless work. With a nearly doubled standard deduction, the first $12,000 of his paycheck will be protected from taxes. In addition, George will pay a top marginal tax rate of just 12 percent instead of the 25 percent rate he now pays. This means that each year, George will receive a total federal tax cut of $1,301. He’ll go from giving $5,173 back to the federal government each year to just $3,872. That’s $1,301 more George will have in his pocket each year—$1,301 more each year he can put away for his future family.
Read more:Read More
It has been more than 30 years since we last overhauled our tax code, and in that time, it has swelled to seven tax brackets and more than 70,000 pages. Washington has piled up all these carveouts and loopholes—making things far too complicated and far too expensive for you and your family. This needs to end, and we have a plan to do it.
First, we are going to throw out these loopholes.
Then we will use that money to lower taxes.Read More
This week, the House will vote on The Tax Cuts and Jobs Act. This historic legislation will cut taxes on hardworking Americans, and deliver much needed relief to middle-income families. We know there’s a lot of information flying around out there, so here’s a list of the most important numbers you need to know:
$1,182: The tax cut typical American families will receive.
$4,000: The wage increase average Americans will receive.
100%: The amount of income levels that will receive a tax cut.
890,000: The amount of new, full-time jobs that will be created.
$24,000: The new, nearly-doubled standard deduction for joint filers.
$1,600: The new Child Tax Credit, up from $1,000 under the current tax code.
20%: The new corporate tax rate, down from 35% under the current tax code.
25%: The new tax rate on small businesses, most of whom currently file as individuals.
31: The amount of years since we last overhauled our tax code.
$1,000,000,000: The additional investment AT&T will make in the U.S. if tax reform is enacted.
90%: The number of Americans who will be able to file their taxes on a postcard-sized form.
4: The new number of tax brackets, down from 7 under the current tax code.
$500,000: The cap on the total principal on which new homeowners can write-off mortgage interest.
$10,000: The amount of state and local property taxes you can deduct.Read More
Since getting married in June, Ted and Casey had been living in Ted’s rented, 800 sq. foot apartment with their black lab, Tex. While space was a bit tight, they knew living in the apartment was only temporary. After months of searching for their first home, Ted and Casey finally found it—a three-bedroom, two-bath house in a family-friendly Long Island neighborhood with a decent-sized backyard for Tex to run around in. While they need to make a few updates, like replacing the Pepto-Bismol pink toilet and tile in the upstairs bathroom, it’s the perfect house to start their family.
Ted is a history teacher at the local high school, while Casey works as a sales representative for a building supply company. They plan on having kids, but Ted and Casey want to wait a couple of years so they can be in a better spot financially. Combined, they make $115,000 per year. With their new house, Ted and Casey will have to pay $8,400 in mortgage interest and $6,900 in state and local property taxes (New York is a high-tax state) each year.
The Tax Cuts and Jobs Act will provide Ted and Casey with more support now and in the future. With lower tax rates, a nearly doubled standard deduction, and the new Family Flexibility Credit, their tax bill will go from $12,180 to $11,050. That’s a federal tax cut of $1,130. In addition, Ted and Casey will also see tax relief for their mortgage interest credit and state and local property taxes, all without having to itemize their deductions. The money they save each year will help them achieve that financial security they need. And, when they do start having children, Ted and Casey can take advantage of the increased Child Tax Credit—$1,600 per child. Our tax bill helps families like Ted and Casey not only keep more of their money, but allow them to save for the future.
Read more:Read More
I'm pleased to report that we are now one step closer to cutting taxes for you and your family.
Look, there are people in Washington that want to keep things exactly as they are: broken, unfair, and stacked against middle-income families and those striving to get there. But that’s just background noise.
What really matters is how this helps you and your family. Our plan means more money in your pocket, more take-home pay in your paycheck, and more peace of mind in your life.
In fact, under our plan, the typical household will get a tax cut of $1,182. This is real relief, and a long overdue break for the hardworking people in this country.
We’ve still got work to do, but this is good news for the American taxpayer.
The Tax Cuts and Jobs Act is all about helping people. Why? Because hardworking middle-class families deserve a break. For too long, our tax code has prioritized entrenched interests over ordinary Americans. It’s time for a change.
But tax reform isn’t easy. The defenders of the status quo are out in full force. But through the noise, there’s one number to keep in mind: $1,182. That’s how much of a tax cut the typical American household will receive from the Tax Cuts and Jobs Act. Specifically, under our plan, the average household of four earning $59,000 (the median household income), will receive a $1,182 tax cut. That’s the whole purpose of this plan. By nearly doubling the standard deduction, and expanding the child tax credit, middle-income families will finally get real tax relief.
Now, $1,182 may not seem like a lot to everyone, but as Speaker Ryan said last week: “That $1,182 more covers about a year’s worth of gas for your car. It covers your family’s phone bill for the year . . . That $1,182 more—it can help you pay down your debt faster. It can help you start and renovate your home faster. That $1,182 more for the average family—that will help you put away for college. It will help you save for retirement. It will help you save for a rainy day.”
Why is this number so important? Right now, 78 percent of American workers are living paycheck to paycheck. Many Americans are struggling to make ends meet as wages stay flat. But with our bill, middle-income families will get a tax cut and a pay raise, too. According to the Tax Foundation, the plan will result in 2.7 percent higher wages. See how much our plan will help in your state.
So give it some thought: What would you do with $1,182?
Something pretty special happened at the U.S. Capitol this week. At a ceremonial unveiling of a commemorative POW/MIA chair, leaders from both parties and both chambers of Congress came together to recognize the tremendous sacrifice of our service members and their families.
The inscription above the chair reads:
“Let this empty chair serve as a memorial to those who served in the military of our great nation, but have not returned home to us. They are Prisoners of War and Missing in Action. America will forever be grateful for your bravery and sacrifice to our nation. We will never forget.”
Next time you visit the Capitol Visitor’s Center, be sure to take time to see the memorial for yourself, and as you do so, try to set aside a moment to say a prayer or thank a veteran standing nearby.
Congressional leaders unveil the POW/MIA chair in Emancipation Hall of the U.S. Capitol.
Rep. Sam Johnson (R-TX), who was a Prisoner of War in Hanoi Hilton for seven years, sees the memorial chair for the first time.Read More
Every day, we say ‘thank you’ to our veterans and their families. On Veterans Day—their day—we ought to take a moment to reflect on what we are thanking them for. We ought to take time to think about what our veterans have been through. Not just wherever they were, and whatever they did. Think about the holidays they missed at home, or how many times they didn’t get to put their kids to bed. Think about the stories they have, and the wounds they carry.
It is important we say ‘thank you.’ But it is just as important that we live up to our words and live out our gratitude to the men and women who have kept us free. God bless our veterans, and God bless America.Read More
Happy 242nd Birthday to the United States Marine Corps. Whenever our nation needs you, you are there—first, last, and always. To all Marines, and to your families: thank you, and Semper Fi!
3 Moments with Marines
1 - On the Speaker's Balcony at the U.S. Capitol.
2. Collecting contributions for Toys for Tots.
3. Meeting with Marines—and Wisconsinites—in Norway.
WASHINGTON—House Speaker Paul Ryan (R-WI) issued the following statement after the Ways and Means Committee passed H.R. 1, the Tax Cuts and Jobs Act:
“Today, we took yet another critical step toward delivering real relief to the American people. I want to thank Chairman Brady and the Ways and Means Committee for making important improvements to this historic legislation. After listening to our members, the committee preserved the adoption tax credit for middle-income families, and increased targeted relief for Main Street small businesses and startups. This bill will cut taxes for a typical household by $1,182, raise take-home pay by upwards of $4,000, and create nearly one million full-time jobs. It is exactly the type of tax cut and job growth our country needs to get back on track, and I look forward to a robust debate on the House floor.”Read More
WASHINGTON—House Speaker Paul Ryan (R-WI) released the following statement following the introduction of the Senate’s tax reform legislation:
“I commend the Senate for introducing tax reform legislation today. This is great news—we are one step closer to delivering tax relief for American families. Both the House and Senate bills achieve the same goal: more jobs, fairer taxes, and bigger paychecks. Both bills will cut taxes, raise wages, and boost economic growth. We look forward to the Senate advancing this plan so that we can reconcile our two bills and get tax cuts enacted for American families. The time for historic tax reform is now—and we are getting the job done.”Read More
— Fox News (@FoxNews) November 9, 2017
This morning, Speaker Ryan joined Fox News’ America’s Newsroom, where he talked about how the Tax Cuts and Jobs Act will deliver real tax relief for Americans in all walks of life. Watch the full interview here and check out the excerpt below.
Speaker Ryan: “What we’re doing for a family, instead of the first $12,000 being tax free, the first $24,000 are tax free. You know what that means, Bill? That means that 90 percent of all taxpayers in this country don’t have to itemize their deductions. . . . Oh, then you’re going to enjoy lower tax rates all the way up the income bracket until you become a millionaire. Oh, and then we’re saying if you have kids, $1600 per child tax credit. Look, the problem, Bill, is half the country is living paycheck to paycheck right now. A whole bunch of other folks are living about one paycheck away from living paycheck to paycheck. The average household will get a $1,200 tax break, an $1,182 tax break, that’s a lot of money for people who are on the edge, on the verge, worried about just next month. So that’s really what the design is here.”
Recent InterviewsRead More
Summary: Today during his weekly press conference, Speaker Ryan discussed the Tax Cuts and Jobs Act.
“Well this has been another very important week for tax reform. Really, it’s an important week for families out across America. The Ways and Means Committee has been debating and shaping the Tax Cuts and Jobs Act.
“And later today, when the committee takes its vote, we will be one step closer to cutting taxes for Americans at every income level.
“You know how much I love this stuff—I love helping craft and shape policy, especially tax policy. It’s been nearly a lifelong passion of mine. But it’s not just because I think it’s fascinating—I love doing this stuff because this policy actually helps improve people’s lives.
“People are sick of the status quo. People are sick of being left behind by the tax code while special interests are given a leg up by carve-outs and loopholes.
“I love this stuff because we’ve been crafting good legislation that means bigger paychecks for American families. It means fairer taxes. It means more jobs. That’s what this is all about.
“$1,182. $1,182 is how much the typical American household will see in their paychecks thanks to the Tax Cuts and Jobs Act. That’s an average household of four earning $59,000. We’re doubling the standard deduction. We’re increasing the child tax credit. We’re lowering tax rates across the board.
“That’s not all. Middle-income families? Middle-income families will see a pay raise too. This legislation would result in 3.1 percent higher wages for people. That means more take-home pay every month, in addition to a tax cut. Higher pay, lower taxes.
“Yes, there are details that are being ironed out in the committee process. That is exactly how the legislative process is supposed to work. I want to commend Chairman Brady, and I want to commend the members of the Ways and Means Committee for their excellent work.
“We’re doing this the right way. We’re doing this the regular order way. It takes time, but trust me, we are going to get this over the finish line. We’re going to get this over the finish line because we need to get this done for American families. We need to get this done for people who will be helped by simpler, fairer taxes.
“And today, we’re taking one big step closer to fulfilling that goal.”Read More
WASHINGTON—Today, House Speaker Paul Ryan (R-WI) participated in a U.S. Capitol Police Medal of Honor ceremony to honor those who saved the lives of the Republican baseball team, including House Majority Whip Steve Scalise (R-LA), when a shooter opened fire on June 14. Below are his remarks as prepared for delivery:
“Thank you, Chief. And thank you to all of our Capitol Police, and local law enforcement. You and your families mean so much to us. To see these officers get their due—this really is another milestone in our collective recovery.
“Even as we have tried to go back to normal, we know that we were so close to losing our friends. Seeing Steve buzzing around on his scooter makes us feel so grateful.
“I know these officers will say that they were doing just their jobs. But we would not be doing ours if we moved forward without saluting these heroes. Your bravery and God’s grace brought us together in those first difficult hours.
“There is one story from June 14th that I want to share with you quickly. That afternoon, Agent Bailey came to see me. I think it was about 4 o’ clock. He was on crutches. And his pants were torn from the bottom. We sat down in my office and talked for about 10 minutes or so. And he just calmly walked me through what happened.
“Here I was, basically jumping out of my chair, still on edge, thinking about Steve, and Crystal, and Matt Mika. And I realize now that Bailey was putting me at ease. He was reassuring me. Except for the two things I just mentioned—the crutches and the clothes—you would have had no idea that—just hours earlier—this man’s life was in danger. He was the same quiet, level-headed guy we are used to seeing every day in the Capitol.
“This medal honors actions taken to save lives in the face of danger. May it also honor the grace and selflessness these officers showed in the days and weeks after. They sought no spotlights. They never do. That quiet courage, that professionalism—yes, it is their training. Yes, it is their code. But we can all learn a lot from it. It is what united us after this attack, and it is how we have emerged a stronger family, and a stronger institution.
“Thank you for saving the lives of our friends. We will always be in your debt.”
The Tax Cuts and Jobs Act is all about delivering relief to hardworking Americans. Above all, typical middle-income families can expect a tax cut and a pay raise, TOO. Or, said another way, Tax Cut + Pay Raise = Tax Cuts and Jobs Act. And that adds up to a big boost for people living paycheck to paycheck.
First, typical American households will get a $1,182 tax cut. This is a result of individual tax rate cuts, which will ensure people at all income levels pay less in taxes.
On top of that, average American families will get upwards of a $4,000 pay raise. This is the result of corporate tax rate cuts, which repeated studies show would raise wages for middle-income Americans.
Combined, these benefits mean you will earn more money and keep more money. So don’t believe the defenders of the status quo who argue that tax reform will not help the middle class. The Tax Cuts and Jobs Act will be a game-changer for Americans across the country by giving them the tax cut and pay raise they need and deserve.
To learn more, visit speaker.gov or check out the links below:Read More
You know we’re working on tax reform. Last week, we released bill text for the Tax Cuts and Jobs Act, our plan to simplify the tax code and deliver more jobs, fairer taxes, and bigger paychecks to Americans. Today, the Ways and Means Committee will approve the legislation, sending it to the House floor.
But let’s get down to business: Who does this tax cut help?
The simple answer: YOU.
At every income level, there is a tax cut for the average family.
In other words, whether you live in California, New York, or the heartland, the typical household in your state will see a big tax cut.
That's especially true for middle-income families. Families with kids will see additional benefits. The average American household will get a $1,182 tax break. As the JCT Chief said, "There is a tax benefit to all income categories as we measure them."
That’s because marginal tax rates will go down and the standard deduction will go up, making the effective rate (the rate you pay the government) drop.
We mean it when we say tax cuts will grow the economy. The numbers prove that as well. It’s projected to boost economic growth by 3.9 percent and create almost a million full-time jobs. That’s huge. Additionally, the tax cuts on the corporate side will cause companies to raise wages for middle-income Americans—by up to $4,000 for an average American family. That’s quite a chunk of change.
Bottom line: You, yes you, typical American family, will experience the benefits of tax reform.
Learn more at speaker.gov.Read More
On Wednesday afternoon, Republicans and Democrats came together in Emancipation Hall to unveil a commemorative chair in honor of the nation's prisoners of war (POW) and our nearly 83,000 servicemen and women missing in action (MIA). Speaker Ryan made the following remarks at the ceremony, as prepared for delivery:
First, I just want to say: Sam Johnson is not only my colleague and my friend. He is my personal hero. It is such an honor to be part of this moment with you…
When I think about what this chair represents, I think about the families.
I think about the Hendrickson family in my hometown of Janesville, Wisconsin.
Everyone knew ‘Uncle Donnie’ growing up. They knew that when he was in Korea he kept a picture of his mother, Sadie, right next to his heart. They knew that he wrote home about the good fight he was fighting.
They knew him. But they never really met him.
U.S. Army Corporal Donald Hendrickson was 19 when he was reported missing in action, last seen during a battle in December of 1950 when the temperature fell to 35 below.
While his letters stopped, his mother’s did not.
Sadie kept writing to her son right up until the moment he was declared dead. His remains were listed as “non-recoverable.”
Still, Sadie never gave up, filling her home with stories and memories…anything to keep him alive.
For the families of our POWs and MIAs—heroes in their own right—there is so much waiting…so many prayers…and closure that may never come.
But. There is always the hope of reunion.
Last year, more than six and a half decades on, Corporal Hendrickson’s remains were identified, and brought home.
On a blustery Saturday last October, he was buried with full military honors at Oak Hill Cemetery in Janesville.
His great niece received the flag. His community lined the procession route.
And, just how in life he kept that picture close, that is how Donald Hendrickson was laid to rest: by his mother’s side.
There is always the hope of reunion.
Think about the mothers today. Think about the families.
Think of them on Veterans Day, and every day if you can.
Think of the families when you visit this marker in this place, at the heart of our republic.
Thank you for all being here.Read More
“Get off the talking points!”
That, in a nutshell, pretty much sums up Democrats’ failing and flailing strategy to discredit the Tax Cuts and Jobs Act. And that is what CNBC’s Steve Liesman told DNC Chair Tom Perez in response to a question about a 2017 tax plan by talking about ‘trickle down’ economics, and then something about George Bush, though we’re not clear exactly which one he was talking about.
These are the same recycled talking points we’ve heard from Democrats for years, decades even. And they are not only hilariously cliché, but downright divorced from reality.
Then some Senate Democrats were forced to delete tweets claiming that the Tax Cuts and Jobs Act raises taxes on most working-class families. These retractions came after The Washington Post awarded their comments a prestigious Four Pinocchio rating: “In their haste to condemn the GOP tax plan, Democrats have spread far and wide the false claim that families making less than $86,100 on average will face a hefty tax hike. Actually, it’s the opposite. Most families in that income range would get a cut. Any Democrat who spread this claim should delete their tweets and make clear they were in error.”
On Monday, the start of committee markup brought a chance for Democrats to get back on track. Under the headline, “Democrats yell, seethe during markup of GOP tax plan,” CNN notes that “GOP members were united as they lauded their legislation as a tax break for businesses and Americans across the board,” while “at times, Democrats' messaging appeared to be all over the board.”
Discredited tweets, rejected talking points, yelling and seething. Not exactly an inspiring start.
As POLITICO has reported, Democrats are in disarray trying to “rev up their base” and “tank” these middle-class tax cuts. Despite all the wrangling, “some moderate and conservative Democrats haven’t ruled out backing the Republican plan, saying there’s a lot in there to like, including a lower corporate tax rate.”
Now, those Democrats have a point. As the Washington Examiner pointed out this week, Democrats have long supported cutting the corporate tax rate as a means to raise wages, create jobs, and spur economic growth: “Why would Democrats want simplification and rate reduction in corporate taxes when they are in charge, but oppose it when Republicans are in charge? Because they know it will work.”
So there you have it. Republicans are unified around a plan to deliver more jobs, fairer taxes, and bigger paychecks to the American people.
And Democrats are, well, ¯\_(ツ)_/¯.Read More
This morning, Speaker Ryan called into both The Brian Kilmeade Show and The Mike Gallagher Show to discuss how the Tax Cuts and Jobs Act will deliver relief to hardworking Americans. Listen to the interviews here and here, and check out the excerpts below:
Speaker Ryan: “A $1,200 tax cut for the average household in America, where you got half the country living paycheck to paycheck, is a big deal. Dropping the tax rates on businesses by 40 percent so they can compete globally and hire more people, is a big deal. . . . When you see an analysis that just came out that says that this tax reform bill will increase jobs by 1,000,000, increase economic growth, take-home pay, and wage growth, that’s a big deal.”
Speaker Ryan: “Here’s what this bill does. You still get to write-off the first $500,000 of your mortgage, and we added back, a property tax deduction. Oh and don’t forget the fact you just got a doubled standard deduction, so your first $24,000, instead of your first $12,000, are tax free. If you have kids, you just increase your child tax credit by $600 per child and we’re lowering tax rates across the board. . . . So the difference here with these kind of deductions is this. Do we cut tax rates and let you keep your money and you decide what to do with it, or do we keep tax rates higher, you send your money to Washington, and then if you do something that the IRS approves of, like a mortgage or something, then you can get some of your money back? Our philosophy is, just cut tax rates across the board, so you deduct less, but you keep your money first. And you decide what you want to do with your money, because it’s your money.”
Speaker Ryan: “We fundamentally believe that this Tax Cuts and Jobs Act will get us faster economic growth, give people more confidence, more take-home pay. The firefighter gets a $1,300 tax cut, the average family a $1,200 tax cut, a small business making $500,000 gets a $25,000 tax cut.”
Recent Interviews:Read More
This morning, AT&T pledged to invest an additional $1 billion in the United States if Congress enacts pro-growth tax reform.
In making the announcement, the company explained that “By immediately lowering the corporate tax rate to 20%, this bill will stimulate investment, job creation and economic growth in the United States. With a rate of 20% combined with provisions for full expensing of capital expenditures for the next five years, we’re prepared to increase our investment in the United States. If the House bill is signed into law, we’d commit to increase our domestic investment by $1 billion in the first year in which the new rates are in place. And research tells us that every $1 billion in capital invested in telecom creates about 7,000 good jobs for the middle class.”
This goes directly to the heart of our case for tax reform. The Tax Cuts and Jobs Act will slash the corporate tax rate down from 35 percent—the highest in the industrialized world—down to just 20 percent. Countless studies show that this reform alone will directly lead to upwards of a $4,000 pay raise for the middle class, and the nonpartisan Tax Foundation estimates that it will create at least 587,000 full-time jobs.
Higher wages and more jobs means more money in the pocket of hardworking middle-class families. And more jobs right here in the United States means more people thriving make it to the middle class can get there.
Today’s news is yet another example of why we need to get tax reform done in 2017. The American people are counting on us to deliver relief, and relief is on the way.
Visit speaker.gov to learn more.Read More
The alarm clock on her cell phone goes off at 6:30 a.m., and instead of hitting snooze, Cindy crawls out of bed and makes her way into the kitchen. She has thirty minutes before she has to get her daughter Emily up for school. In that time, she makes sure Emily’s lunch and backpack are packed, and grabs a quick bite to eat. Once Emily wakes up, it’s a rush to get her out the door to catch the 7:50 a.m. bus. Cindy then only has a few more minutes to get herself out the door for work.
Cindy works as an assistant manager at a local restaurant. As a single mom, job stability is important. And while this job has that stability, most days, she feels like she’s barely getting by. The hours are long, and the pay isn’t much. But with promotion to general manager in sight, Cindy hopes one day she might be able to get beyond living paycheck to paycheck and start saving for the future.
The Tax Cuts and Jobs Act was written with families like Cindy’s in mind. With lower tax rates, a nearly doubled standard deduction, an increased Child Tax Credit, and the Family Flexibility Credit, Cindy will receive a tax refund of over $1,000—over $700 more than she would have received back under our current tax code. That’s $700 more each year Cindy can put towards paying off some of her debt or investing in her daughter’s future. But most importantly, our tax bill lets Cindy decide what to do with her hard-earned money.Read More
Today, Speaker Ryan sat down for an extended conversation with the Washington Examiner’s Joseph Lawler to discuss how the Tax Cuts and Jobs Act will deliver more jobs, fairer taxes, and bigger paychecks for the American people.
Watch the full discussion here, and check out the top three moments below:
The status quo is bad—flat wages and struggling businesses. Tax reform is the game changer we need for American jobs and middle-class wages. pic.twitter.com/cGbPu2KAtQ— Paul Ryan (@SpeakerRyan) November 8, 2017
America's corporate tax rate is 35%—the highest in the industrialized world. In today's global economy, we've got to be more competitive. pic.twitter.com/dSpQafmjW2— Paul Ryan (@SpeakerRyan) November 8, 2017
In the House, we've passed almost 400 bills in the first 10 months of the Trump admin. That's more than under Clinton, Bush, or Obama. pic.twitter.com/0q32cR6amX— Paul Ryan (@SpeakerRyan) November 8, 2017
This afternoon, longtime listener and third-time caller, Speaker Paul Ryan, joined The Rush Limbaugh Show, where the two discussed how the Tax Cuts and Jobs Act will deliver more jobs, fairer taxes, and bigger paychecks to working people and families across America. Listen to the interview here, read the transcript here, and check out the excerpts below.
Speaker Ryan: “It’s a $1,182 tax cut for the average household in America. It takes the child credit from a thousand to $1600. So $600 more per child of a tax credit. . . . It lowers your tax rates across the board, and it doubles the standard exemption, which means for a couple, instead of the first $12,000 being tax-free, your first $24,000 of income will be tax-free.”
Rush Limbaugh: “Now, that's a huge cut.”
Speaker Ryan: “That's a huge cut. And, by the way, by doing that, doubling the standard deduction, 90 percent of Americans will be able to file their taxes on a form the size of a postcard so it's a radical simplification of the IRS itself but radical simplification of the tax code. And the whole theory is here, instead of doing all these things that the IRS tells you to do, we're just going to cut your taxes and let you keep more of your money in the first place, and you decide what you want to do with your money. That's our philosophy driving this.”
Rush Limbaugh: “One of the other big areas it seems to me that is a potentially huge cut. . . . A great benefit for people here in terms of keeping their own money. The pass-through change here. Would you spell out the [Subchapter]-S pass-through… Explain how that works?”
Speaker Ryan: “Yeah. So eight out of 10 businesses, eight out of 10 businesses in America are not corporations. They're what we call pass-through businesses, like Subchapter-S corporations or LLCs or sole proprieties. So that's 80 percent of all American businesses. They pay the top individual tax rate, which goes above 40 percent these days. We're dropping the tax rate for these businesses, small businesses, to 25 percent. And for smaller businesses, you know, businesses making less than $100,000, they're going to have a much, much lower tax rate.”Read More
The Tax Cuts and Jobs Act is a tax cut for the middle class, and House Republicans recognize that small business is a huge driver of middle-class lives. That’s why this legislation is designed to provide small businesses tax relief, whether it's a business that employs hundreds of workers or is just a regular mom-and-pop operation. Here's how it works:
The reality is that most small businesses file as individuals. These small-businesses are known as “pass-through” entities and will experience major tax relief from our plan.
1. They will experience all the benefits that individual taxpayers see, such as:
2. That’s not all. In order to ensure that small businesses continue to expand and raise wages, the Tax Cuts and Jobs Act includes a small business provision: a 25 percent cap on how much small businesses can be taxed.
3. Cash flow is incredibly important to small businesses. Another provision in the plan allows small businesses to write off capital investment expenditures in the year they are incurred. That includes computers, manufacturing equipment, and trucks. That’s a tax break these businesses will see immediately.
As Stephen Moore of the Heritage Foundation and Alfredo Ortiz of the Jobs Creators Network said in an op-ed over the weekend, “Taken together, these small business provisions in the new tax bill bring vital relief to the nation’s job creators. President Trump said last week that one primary goal of this bill is to make America’s business tax system one of the most competitive in the world, where businesses can expand, hire, and raise wages. All small businesses should support it.”
We believe small businesses are the backbone of the American economy. They are the ones creating jobs and raising wages. Helping small businesses means we’re helping the middle class. That’s why they receive major tax cuts in our legislation.
Simply put: It’s good for the middle class and good for the economy.Read More
The Tax Cuts and Jobs Act is all about making the tax code simpler, flatter, and fairer. One way we do that is by eliminating and consolidating confusing, redundant deductions, and only keeping those that most directly benefit the middle class. That is why our bill, as promised, preserves the mortgage interest deduction.
As expected, the special-interest defenders of the broken status quo are already mounting a scare campaign about this issue. So let’s set the record straight.
So don’t believe everything you see on TV or read online. The Tax Cuts and Jobs Act will keep the mortgage interest deduction in place, give average American households a $1,182 tax cut, and create nearly one million full-time jobs. To learn more, visit speaker.gov.Read More
Summary: Today at a press conference with House leaders, Speaker Ryan expressed his sorrow for the innocent lives lost in Sutherland Springs. He also discussed House floor activity on behalf of our veterans and the Tax Cuts and Jobs Act.
‘Yes, we do pray.’
“I first want to express my deep sorrow for the people of Sutherland Springs. I think Jodey said it extremely well—there should be no more safe place from the evils of the outside world than in a place of worship. So we pray for the victims and their families—and yes, we do pray.
“I also want to commend the men who pursued the shooter. These men put themselves in harm’s way to stop a killer. These people are heroes—they put their lives on the line for their neighbors. And we’re [grateful] for what they did.
Caring for Our Veterans
“Of course, as was mentioned, this week we celebrate Veterans Day. As you heard, just yesterday we passed as a host of bills to improve access to care for those who served our country. I want to thank Jodey Arrington, I want to thank the folks on the Veterans' Affairs Committee for their work on this and for being here this morning.
Tax Cuts across the Board
“Now, last week was a big one in the House. Last week, we released the Tax Cuts and Jobs Act, the plan to deliver more jobs, fairer taxes, and bigger paychecks to working people and families in America.
“You know what the number that’s huge for this one [is]? $1,182. The average tax cut for the average household with two kids is $1,182. You’ve got to remember: Half the country’s living paycheck to paycheck. And a whole bunch of other people in this country are one paycheck away from living paycheck to paycheck. $1,182 for that average family? That goes a long ways to bring them relief, to bring them peace of mind. That’s how much the typical American household is going to save under this plan. That’s a tax cut that makes a big difference in their lives.
“The Tax Cuts and Jobs Act is also about jobs. Factoring in the bill’s impact on growth and the economy, the Tax Foundation put out an estimate that says this plan will create nearly one million new full-time jobs—nearly one million new full-time jobs—and raise incomes by over $2,500 over a decade. That brings hope to people in this country. That brings bigger paychecks, more take-home pay, more jobs, faster economic growth. That’s how we empower people and create opportunity.
“The Ways and Means Committee is marking this up as it goes. This has been a long time in the making—I’m very excited about it, and I can’t wait to get this done because we know that this is the kind of relief that people need. The Joint Tax Committee says it’s a tax cut for everybody across the board. But most importantly, we know it levels the playing field for American job creators so they stay here. It levels the playing field for our businesses so they don’t ship jobs overseas anymore. It gives hardworking taxpayers in the middle the kind of relief that they need to get ahead—the peace of mind they need so they can plan.
“That’s why we’re excited about this moment. That’s why we’re excited the Ways and Means Committee is doing a great job of getting it through their committee this week.”Read More
Last night, Speaker Ryan sat down with Fox News’ The Ingraham Angle to discuss how the typical American household will see a $1,182 tax cut under the Tax Cuts and Jobs Act. And yes, he brought the postcard. Watch the full interview here and check out excerpts below.
Speaker Ryan: “This tax cut is an average of $1,182 for the average household in America. That’s who this is aimed for. It’s about giving a break to the middle class and the people who are living paycheck to paycheck and then leveling the playing field for American businesses… Look, the Tax Foundation just told us this thing is going to create almost one million new jobs. It’s going to give us more growth and higher wages.”
Speaker Ryan: “We’re still lowering people’s taxes. Look at this:
We are so dramatically simplifying the tax system, 90 percent of Americans will get to use this. 9 out of 10 Americans, because of the dramatic overall and simplification, getting rid of loopholes, getting rid of carve outs and just cutting people’s taxes.”Read More
Last week, the Ways and Means Committee unveiled the Tax Cuts and Jobs Act—historic legislation that will give typical American households a $1,182 tax cut, raise wages by upwards of $4,000, and create 890,000 full-time jobs. Job creators responded with praise for the plan’s promise to deliver more jobs, fairer taxes, and bigger paychecks to the American people.
21st Century Fox: “Today’s announcement is a major step toward meaningful tax code reforms that will help grow the U.S. economy and boost investment and opportunity for American job-creators like 21st Century Fox. We are pleased to see this legislation appropriately reduces the corporate tax rate and continues to rightfully treat advertising costs as an ordinary business expense. We look forward to a more fulsome review of this legislation’s other provisions and commit to work constructively with Congressional leaders and the Administration to advance pro-growth legislation.”
Aerospace Industries Association: "The Aerospace Industries Association strongly supports, and has continuously urged Congress to pass, permanent and and comprehensive tax reform. This landmark revision enables U.S. economic expansion and job growth while helping the manufacturing sector improve its global competitiveness. In particular, the principles we set forth in our communications to Congress and the administration include a more competitive corporate tax rate, creation of a territorial tax system and repatriation of accrued overseas income."
Alliance for Competitive Taxation: “The release of H.R. 1 is an important first step towards pro-growth tax reform that will create jobs and boost the wages of American workers, expand our industrial and technological base, and strengthen the domestic economy. We applaud the adoption of a 20% competitive corporate tax rate and movement in the direction of a territorial tax system that will not penalize U.S. companies when they invest their foreign profits at home.”
American Bankers Association: “We welcome today’s release of the House Ways & Means Committee’s tax reform proposal, and believe it’s an important and positive step toward finally reforming our nation’s tax code. We appreciate that Chairman Brady and the committee recognize that a lower tax rate is necessary for all U.S. businesses, including America’s banks, to be more competitive in the global market. ABA remains committed to comprehensive tax reform that grows the economy, creates jobs and adheres to our core principles.”
American Chemistry Council: “We commend Chairman Brady for taking this important step toward modernizing our nation’s tax code. We strongly encourage enactment in the 115th Congress of a fair, simpler and internationally competitive system that promotes American economic growth and new jobs. We look forward to a careful review of the legislation using our guiding principles for tax reform as our yardstick.”
American Council for Capital Formation: “The tax bill released today is three decades in the making and leaders on Capitol Hill and the White House should be commended for unveiling a pro-growth tax reform that will help pave the way for new job creation, higher wages, and sustained economic prosperity.”
American Farm Bureau Federation: “Farm Bureau applauds Congress for its progress in reforming the tax code. This new tax plan moves us closer to a tax system that rewards the hard work and entrepreneurship of America’s farm and ranch families. Today’s proposal includes expanded, immediate expensing while continuing the business interest deduction important to so many farmers and ranchers. It also provides immediate relief from the estate tax with a repeal to follow in subsequent years.”
American Petroleum Institute: “Today the House Ways & Means Committee took a bold step to modernize the nation’s tax code to sustain U.S. economic growth, spur strong energy investment, and create American jobs and we commend Chairman Brady for his tremendous leadership on this issue. The last comprehensive update to the U.S. tax code was in 1986 and significant proposals, like lowering the corporate tax rate and strong cost-recovery provisions, will help ensure that our tax system is smart, fair and pro-growth to benefit American consumers, businesses, and the economy.”
Associated Builders and Contractors: “We are pleased House Republicans worked diligently with the White House to get a long-overdue tax reform bill off the ground and begin the legislative process. Our members will feel the direct positive impact of this bill with another dollar in their paychecks, allowing them to create jobs and drive growth. We also applaud measures in the bill that eliminate the alternative minimum tax and expand options to invest in education. We look forward to working with Congress and our colleagues in the business community to deliver a final tax reform package that meets the goal of a simpler, fairer tax code not just for merit shop construction businesses, but all Americans."
Association of Equipment Manufacturers: “The equipment manufacturing industry commends Speaker Ryan, Chairman Brady and all the members of the House Ways & Means Committee for taking an important step on the path toward achieving pro-growth, pro-manufacturing tax reform. The legislation introduced today serves as a good foundation for continued debate in Congress. The Association of Equipment Manufacturers and its more than 950 members support permanent tax reform that simplifies the code, lowers rates for all businesses, and ultimately creates good-paying manufacturing jobs in America.”
AT&T: “Comprehensive tax reform with competitive business tax rates will ensure lasting economic growth, investment and job creation. We are very encouraged by the legislation introduced today in the U.S. House that proposes a permanent 20 percent corporate tax rate. We look forward to working with the business community, members of Congress, and the President to enact this landmark legislation.”
Business Leaders for Michigan: “We are very pleased to see the House bill include a corporate rate of 20 percent. . . . We appreciate House Speaker Paul Ryan’s leadership and the bold action taken by Congressional leaders today in introducing this legislation. While we still need to review the details of the bill, this is an important step and we look forward to working with members of Congress and the Administration to enact meaningful tax reform this year.”
Business Roundtable: “Tax reform is the single most important action government can take to unleash private sector investment and spur economic growth that will benefit all Americans. We encourage all businesses to put aside their parochial interests and allow policymakers to come together to deliver legislation to the President’s desk by the end of the year.”
Chamber of Commerce: “This bold tax reform bill is exactly what our nation needs to get our economy growing faster. A lot of work remains to be done to get the exact policy mix right and move from a legislative draft to an enacted law. We share Chairman Brady’s commitment to permanent reform because temporary tax relief simply will not produce the pro-growth environment we all desire. The business community stands ready to be an active partner with lawmakers over the coming weeks—and every step of the way—as we push to complete a re-write of our outdated tax system.”
Consumer Technology Association: “CTA thanks House Speaker Paul Ryan (R-WI) and Ways and Means Committee Chairman Kevin Brady (R-TX) for charting a bold course on a once-in-a-generation opportunity to revolutionize our archaic and uncompetitive tax system. Bold tax reform provides us with a real opportunity of reviving American entrepreneurship at a time of decline. Just by lowering the corporate tax rate to 20 percent, our country will become one of the most attractive places to launch a startup and do business. CTA continues to review the details of the Tax Cuts and Jobs Act and is eager to work with Chairman Brady and the committee as this legislation moves forward.”
CRANE Coalition: “We applaud the House for pursuing increased economic growth and job creation by preserving the Modified Accelerated Cost Recovery System (MACRS), which has been proven over decades of bipartisan policymaking to support domestic investment by keeping the cost of capital lower. The House also builds on the MACRS foundation by instituting full expensing of machinery and equipment for five years. Along with the sharply reduced corporate tax rate, the continuation of MACRS and the institution of expensing will help ensure that U.S. businesses can compete at home and abroad with businesses from anywhere in the world.”
Entertainment Software Association: “Today’s tax reform proposal will energize tech sector innovation and economic opportunity. For the $30.4 billion US video game industry, which employs more than 220,000 people all across the United States, the pro-growth policies introduced will incentivize greater US investment and more high-quality American jobs. ESA commends Speaker Ryan, Chairman Brady, House leadership, and the Ways and Means Committee for crafting a reform package that drives US economic growth. The video game industry is committed to working with congressional leaders at every stage of this process.”
Family Business Coalition: “The Tax Cuts & Jobs Act combines historic middle-class tax relief with bold pro-growth tax cuts for small businesses. Permanent death tax repeal removes a crushing burden from the backs of family businesses and farmers across the country.”
Financial Services Roundtable: “Meaningful tax reform will unleash needed economic growth and benefit more Americans. As the legislative process moves forward, we are committed to working with policymakers to push a simpler, fairer and more modern tax code over the finish line.”
Food Marketing Institute: “FMI firmly believes that broad-based tax reform that lowers effective rates, simplifies the tax code and creates a level playing field for all industries will unleash innovation and help the industry create good-paying jobs for its associates and an enhanced shopping experience for its customers.”
Grocery Manufacturers Association: “This is a critical step forward towards enacting the first major overhaul of our tax system in 30 years. Food, beverage, and consumer products manufacturers have long supported necessary tax reforms to create good American jobs and help our economy thrive, and we applaud this progress. “By creating a tax system that includes a lower internationally competitive tax rate and a territorial approach, Congress can help level the playing field for our nation’s manufacturing industry, strengthen the purchasing power of American consumers, and drive economic growth for American workers.”
Independent Community Bankers of America: “ICBA remains strongly encouraged by the continued dedication of Congress and the Trump administration to passing pro-growth tax reform. We support lowering the marginal tax rates for businesses and individuals, and will comprehensively review the House tax plan released today and provide feedback to lawmakers."
Information Technology Industry Council: “America needs a pro-growth tax reform bill that modernizes the nation’s antiquated tax code. If done right, tax reform will place American companies on a level-playing field, increase competition globally and create more jobs for Americans. These are the standards we will use to evaluate the entire legislative package. The tech industry thanks Chairman Brady and the members of the House Ways and Means Committee for continuing to prioritize this once-in-a-generation opportunity. We look forward to reviewing this plan.”
Insured Retirement Institute: “We were very pleased to see today that Speaker Paul Ryan (R-WI), House Ways and Means Chairman Kevin Brady (R-TX) and all the members of the House Republican Conference recognized the crucial role tax-deferral plays for Americans saving for their retirement. The 'Tax Cuts and Jobs Act' legislation maintains the tax-deferred treatment of retirement savings and preserves Americans right to choose how their retirement savings will be taxed. It will allow Americans to continue to use what has proven to be an effective tool to help them save during their working lives when their income, taxes, and expenses are highest.”
Intuit: “Intuit is pleased Government is taking up tax reform and tax simplification, and moving toward Congressional consideration of this critical priority. We recognize that these issues will evolve as Congress works through the legislative process. Intuit has long advocated for tax simplification for individuals, families, small businesses and the self-employed. Our mission to ‘Power Prosperity Around the World’ demands that we champion a simpler tax code and common-sense tax reform that reduces the burden on American taxpayers and helps them improve their financial lives.”
Job Creators Network: “Today’s tax bill is a step forward that will help millions of small businesses. From simplifying accounting rules and allowing for immediate expensing to lowering tax rates, this bill will help Main Street businesses invest, grow and create bigger paychecks for American workers. Many pass-through small businesses will benefit from the new top 25 percent small business tax rate. Others will benefit from the larger standard deduction and the elimination of the 15 percent tax bracket.”
Motion Picture Association of America: “The MPAA applauds Chairman Kevin Brady and all the members of the Ways and Means committee for their work to release pro-growth tax reform legislation. The U.S. film and television industry supports two million American jobs and a network of thousands of small businesses across all 50 states. We are encouraged that the committee’s proposed changes to the U.S. tax code will encourage further job creation and economic growth."
National Association of Broadcasters: "Local broadcasters applaud today’s House Ways and Means Committee introduction of comprehensive tax reform legislation that will grow America’s economy, specifically their decision to retain the full and immediate deductibility of business advertising expenses. Study after study has shown that advertising is a driving engine for economic growth, sustaining and supporting millions of high-paying American jobs, and today’s legislative framework recognizes those important benefits. NAB looks forward to working with members on both sides of the Capitol towards passage of comprehensive legislation that modernizes the tax code to the benefit of American businesses and families.”
National Association of Manufacturers: “Today is a tremendous day in America thanks to this grand slam for hardworking manufacturers and the U.S. economy. The proposal is a guaranteed path to surge investment, jobs and economic growth that will lead to better lives for every American. . . . Above all, manufacturers are cheering this bold proposal by Chairman Brady, Speaker Ryan, Chairman Black and other House leaders because these tax cuts will make a real and positive difference for middle class Americans, creating more wealth for higher wages, to reduce the cost of living and to increase savings for retirement and the future. These outcomes are what these real reforms are all about—and why they’re needed."
National Association of Wholesaler-Distributers: “We applaud the House Ways and Means Committee and Leadership for their perseverance and determination to bring this once-in-a-generation opportunity to a successful conclusion. We appreciate that as they developed this tax reform proposal, Chairman Brady and his staff sought input from stakeholders, and that they continue to seek input now that the bill has been released. We will quickly review the provisions affecting business taxpayers and provide constructive commentary as this long-awaited process moves forward.”
National Restaurant Association: “The National Restaurant Association applauds the tax reform legislation released today by Chairman Kevin Brady and the House Ways and Means Committee. Tax reform will help restaurants continue to be economic engines and job creators. We will continue to work with Congress as the negotiations regarding tax reform progress.”
National Retail Federation: “President Trump wants to sign tax reform into law by Christmas, and we think that would be the perfect present for the American people and the U.S. economy. . . . There are lots of details in this bill that need to be carefully examined, but we should focus on the art of the possible rather than letting the perfect be the enemy of the good. Let’s focus on the objective and get the job done.”
RATE Coalition: “Congress took another critical step today towards restoring America’s competitive edge in the globalized marketplace. . . . Now that a bill to enact comprehensive reform has finally emerged after more than thirty-one taxing years, we look forward to reviewing its details with the diligence America’s businesses and workers deserve. Fixing our broken tax system is a once-in-a-generation opportunity and the RATE Coalition stands ready to help Congress make the most of this moment.”
Real Estate Roundtable: “By reducing barriers to private sector capital formation and business investment, tax reforms in the House bill will boost economic demand and job growth. The bill would reduce the tax burden on all job-creating businesses, not only C corporations. If the final bill is similar to the one introduced today, our industry will put more people to work modernizing and improving existing properties—office buildings, shopping centers, apartments, industrial properties—to meet the changing and growing needs of American businesses and consumers.”
Retail Industry Leaders Association: "America’s retailers pay among the highest effective corporate tax rates among all industries, which is why retailers are committed to reform that lowers rates for retailers and the customers they serve. While we continue to review the details, we are strongly encouraged by the House proposal to reduce taxes on the middle class and permanently lower the corporate tax rate to 20 percent. Tax reform that works for American businesses and families is vital to helping our economy grow. We look forward to working with Congress and the Administration to pass reform that works for retail, our customers and the economy.”
S&P Global: “S&P Global is encouraged by Congress taking the next step forward in achieving comprehensive tax reform. We firmly believe that transformative, permanent, and meaningful tax policy change is needed to make U.S. companies of all sizes more competitive in the global economy.”
Save Our Savings Coalition: “The proposal released today is good news for millions of middle-class families across the nation. Under this plan, American workers, families, and retirees will continue to have the freedom to choose the savings vehicle that best suits their needs. We are extremely pleased that Congress has taken steps on behalf of hard-working Americans who rely on the security of their savings, although some technical changes in the bill will impact the retirement system, and the Coalition is analyzing those changes to assess their impact.”
Securities Industry and Financial Markets Association: “Today is another step towards significant tax reform. There is much to review in Chairman Brady’s bill and we look forward to providing our thoughts as the process moves forward, but we remain committed to the ultimate goal of a more efficient, pro-growth tax code.”
Small Business & Entrepreneurship Council: “We are pleased that the permanent, lower rates agreed upon in the original tax framework are included in the proposal. Permanency is vital as businesses of all sizes need certainty to plan and make rational decisions about future investments and growth. . . . The process of getting a bill to President Trump’s desk has reached its next critical stage and entrepreneurs remain hopeful that tax relief and reform will be enacted this year. We thank House leaders and Chairman Brady for their work in getting us to this point. Achieving this important policy goal is needed to fuel confidence and business growth into 2018, encourage more people to start businesses, and bring widespread opportunity for many more Americans to attain financial security and the American Dream.”
TechNet: “TechNet strongly supports meaningful reforms to our tax code that will jumpstart our economy, usher in a wave of innovation and investment, and make us more competitive on the global stage. We thank Chairman Kevin Brady and his colleagues on the Ways and Means Committee for their work in developing this legislation and kicking off the most important phase of this debate. We are encouraged to see a commitment in this bill to significantly lower the corporate tax rate, make it easier for global businesses to bring back overseas earnings to invest here at home, promote startups, preserve the R&D tax credit, and restore the Investment Tax Credit. We will continue reviewing the details of this bill closely and work to ensure we do everything possible to seize this once-in-a-generation opportunity to modernize the tax code in a way that supports innovation and investment in the United States.”
United Technologies: “This is a watershed moment. We applaud the release of this bill and look forward to reviewing the details.”
UPS: "UPS, a global logistics provider and leading advocate for tax reform, commends Congressional leaders on the release of the Tax Cuts and Jobs Act, the next step in creating a simpler, but comprehensive tax system to stimulate the economy, create jobs and develop a globally competitive tax structure. We stand ready to work with congress to help support a bill that will fix our broken tax code and move the country forward on a policy proposal that recognizes the need for a globally competitive tax rate and a modern international tax system. We hope Congress will unlock the opportunity to make America more competitive in the global marketplace."Read More
Right now, tax reform is the talk of the town—and the country. Since releasing the Tax Cuts and Jobs Act last week—a bill to overhaul our tax code and deliver real tax relief—House Republicans have broken down what the bill means for the American people. Here are a few highlights:
Ways and Means Chairman Kevin Brady (R-TX) has been the media master, appearing on almost every major network to discuss the ins and outs of the bill. As he put it on Fox News, every American will be better off under our plan.
House GOP Conference Chair Cathy McMorris Rodgers (R-WA) got it right on Fox Business: “We want you to have bigger paychecks and more take-home pay.”
Rep. Kristi Noem (R-SD) wrote this piece for her constituents in which she breaks down what the legislative language means for real people, like small business owners or parents planning for their kids’ futures.
Rep. Ron Estes (R-KS) wrote a spot-on op-ed for the Washington Examiner—the headline says it all: “Republican tax reform puts families first again.”
Hey there, sports fans—Rep. Steve Russell (R-OK) took tax reform to an athletic audience in this Facebook live video.
House Budget Committee Chairman Diane Black (R-TN) addressed regional manufacturers on Friday on the positive impact tax reform will have on businesses: “Let’s just get off your backs—give you an opportunity to do your business.”
In a Detroit News op-ed, Rep. Mike Bishop (R-MI) writes about how tax reform will inspire Americans: “Tax reform is about giving hardworking Americans the confidence they need to make their dreams a reality.”
Rep. Martha Roby (R-AL) puts in perspective how this will help the people she represents: “For that mom working a retail job or the dad driving the truck, or the parent working two or three jobs so the other one can stay home, having an extra $1,000 in your pocket is a really big deal.”
Rep. Jackie Walorski (R-IN) shared stories from people in Indiana’s 2nd District about why tax reform will help local businesses and families.
Rep. Steven Palazzo (R-MS), a CPA, opened his op-ed in Mississippi's Sun Herald with a zinger: "'Tax season is my favorite time of the year,' said no one ever." He's right—and it's one of the reasons tax reform is so important.
But you don’t have to take our word(s) for it—if you need more, head over to fairandsimple.gop for more examples of what tax reform will mean for real Americans.Read More
Last week, after the introduction of the historic tax reform legislation, Speaker Ryan sat down for a long-form conversation with The New York Times podcast, “The New Washington,” to discuss how the Tax Cuts and Jobs Act will give American families a raise. Listen to Speaker Ryan and The New York Times’ Carl Hulse talk tax reform, haircuts, and waiting tables here, and check out the excerpt below.
1. “I've been working on this issue for a long time, since before I was elected. I used to run economic models on tax reform when I was working on think tanks. So I've worked on this. I spent my young years working with tax economists on just these issues and that's why I pursued the chairmanship of Ways and Means was first and foremost to do tax reform. So yeah this is an issue—the reason I care about it so much is I see it can do the most good to the most number of people in one single reform of almost anything we can do in this country. That's why I care so much about it, because I could see it having such an enormous positive impact on pretty much all people in this country and the country itself.”
2. “In our general philosophy, lower tax rates, get rid of the loopholes. Let taxpayers decide what they want to do with their money. It is their money. And that act of freedom, that liberalization that people get from just being able to make their own decisions with what they want to do with their money, that's good for the economy, it's good for people.”
3. “I think one of the reasons why we're a polarized high anxiety country is because we've had pretty flat economic growth and pretty flat opportunity. Most people haven't got a pay increase. Most people, half the people in this country, live paycheck to paycheck, so there's a lot of economic anxiety. And I think just one of the key solutions is faster economic growth, more jobs. And I think the best thing we could do to deliver that is tax reform.”Read More
Last week, the Ways and Means Committee introduced the Tax Cuts & Jobs Act—historic legislation to reform our tax code and deliver more jobs, fairer taxes, and bigger paychecks to the American people.
The special interests and other defenders of the current, broken tax system are—as expected—already running a full-fledged misinformation campaign. We are not going to let that stop us.
That’s why we want to arm you with the facts. Ahead of today's committee markup, here is everything you need to know about our plan, which will cut taxes $1,182 for typical, middle-income American families, give them a well-deserved pay raise, and create 890,000 full-time jobs.Read More
The time for historic tax reform is now. Last week, the House released the Tax Cuts and Jobs Act, legislation that will deliver relief to the middle class.
It didn't take just a few weeks. We’ve been preparing for this moment for a long, long time. We garnered member input. We are going through regular order. We did this the right way. The hard work and due diligence by all members of our conference has really paid off. It’s good legislation that will create more jobs, fairer taxes, and bigger paychecks. It’s what people and families deserve.
Today, the Ways and Means Committee will mark up the Tax Cuts and Jobs Act. Watch the markup live here.
Here’s a timeline which demonstrates how we’ve been preparing for this moment:
For more resources on our tax reform plan, visit speaker.gov.Read More
Watch the latest video at video.foxnews.com
This morning, Speaker Ryan appeared on Fox News Sunday, where he discussed how a typical American household will see a $1,182 tax cut under the Tax Cuts and Jobs Act. Watch the full interview here and check out excerpts below.
Speaker Ryan: “You see this postcard? This is literally the kind of tax form that nine out of 10 tax payers will be able to use. Right now about 70 percent don’t itemize. By doubling the standard deduction we’re making it feel like people don’t have to itemize their deductions. So instead of having the first $12,000 that you don’t pay tax on it will be the first $24,000 for a couple you don’t pay your tax on, and we’re lowering people’s tax rates. The difference here is we’re basically saying instead of using a tax deduction to lower your tax rate, lower your tax liability, we’re just going to make it easier for you, [so you] don’t pay taxes in the first place. But this is a clear middle-class tax cut. No two-ways about it.”
Speaker Ryan: “Here's what’s fair. Clean out the special interest loop holes in the tax code and let people keep their money in the first place… You just mentioned a couple of things that are good, that are valuable. Paying student loans, you have medical expenses. So what we're doing here, by raising the standard deduction, and lowering people's tax rates, we're saying you do what you want with your money cause it's your money. Instead of using a deduction to get some kind of a tax break based on this behavior. It's your money, you do what you want with it.”
Yesterday, the Ways and Means Committee unveiled the Tax Cuts and Jobs Act—historic legislation that will give typical American families a $1,182 tax cut. Leading conservative organizations responded with praise for the plan’s promise to deliver more jobs, fairer taxes, and bigger paychecks to the American people.
American Action Network: “The tax bill introduced in the House today will provide relief for American families and small businesses with a simpler, fairer tax code. Meaningful tax reform means higher wages, more jobs, and a $1,200 tax cut for the average middle-class family. Congress must work together to swiftly pass this tax reform bill, and the American Action Network is committed to spend an additional $8 million supporting this legislation, bringing our total spending to over $22 million advocating for tax cuts for the middle class.”
Americans for Prosperity: “I write today to express support for the committee as it moves forward in its effort to deliver meaningful, pro-growth tax reform this year. The Tax Cuts and Jobs Act of 2017 (H.R. 1) provides a solid foundation on which to build a bold tax reform package that seeks to unrig our economy. . . . We look forward to working with Representatives, Senators, and the Trump Administration in delivering a pro-growth tax reform package this year: one that is simple, efficient, predictable, fair and, importantly, does not place any new additional burdens on taxpayers.”
Americans for Tax Reform: "The tax reform bill is a tax cut AND a jobs bill. Growth. Growth. Growth. Long overdue. Great news for taxpayers and those left behind by eight years of slow growth under Obama."
Citizens Against Government Waste: “The Tax Cuts and Jobs Act would boost wages, turbocharge the economy, and allow Americans to keep more of their own money. Every taxpayer dollar that is returned back to the American people is a dollar not frittered away by a federal bureaucracy teeming with waste, fraud, abuse, and mismanagement. From a permanent corporate rate of 20 percent that dramatically enhances America’s global competitiveness, to a simplification of the tax code that will allow most Americans to file their taxes on a postcard, this bill delivers for every American.”
Club for Growth: “Few things in Washington have the potential to unleash economic growth and job creation like the prospects of a pro-growth tax plan. There are lots of components to praise in the House’s tax legislation, like immediate expensing for businesses and cutting the corporate tax rate. . . . Club for Growth is eager to continue working with Congress to implement the most pro-growth tax plan in our nation’s history.”
Faith & Freedom Coalition: “A vote for this bill is a vote for tax cuts that Republicans have promised and America’s hardworking families desperately deserve. The Tax Cuts and Jobs Act will help struggling American families succeed in today’s economy and make our job-creating businesses more competitive.”
Family Business Coalition: “The Tax Cuts & Jobs Act combines historic middle-class tax relief with bold pro-growth tax cuts for small businesses. Permanent death tax repeal removes a crushing burden from the backs of family businesses and farmers across the country.”
Freedom Partners: “The House tax plan released today contains many positive provisions that will go a long way toward unrigging the economy and delivering a simpler, fairer and flatter tax code that works for everyone. Americans will benefit from more jobs, higher wages, more take home pay and better financial security in a growing economy.
Freedom Works: “After more than 30 years, we have a generational opportunity to fundamentally reform America’s tax code. We applaud Chairman Brady for his years of hard work on this crucial effort. The Tax Cuts and Jobs Act is a pro-growth tax reform bill that will boost the middle class, increase workers’ take home pay, and create jobs for Americans. We are committed to getting this bill across the finish line this year. Failure is not an option for us and our grassroots community. We need to boost the economy and get our country back to annual growth above 3 percent. FreedomWorks is mobilizing activists across the country to let our elected officials in the House and Senate know we support the plan. Getting this bill signed by the end of 2017 is our top priority.”
Heritage Action: “At first glance, the preliminary text released today has the potential to unleash economic growth, create American jobs, increase wages for American workers, allow families to keep more of their hard-earned money, and make U.S. businesses competitive across the globe. Heritage Action applauds President Trump, Chairman Brady and congressional leaders for producing a serious plan to fundamentally reform a stagnant and convoluted tax code that suppresses American job creators and workers.”
Heritage Foundation: “The details of the Tax Cuts and Jobs Act released today by the House Ways and Means Committee include some of the essential components of pro-growth tax reform. As it currently stands, the plan would significantly lower business tax rates and provide temporary expensing for new capital investments. These components would be a boost for working Americans who will see increased wages and greater job opportunities. The plan also takes huge strides in simplifying the tax code by lowering tax rates for a majority of Americans, reducing the use of itemized deductions, and significantly scaling back the state and local tax deduction which vastly benefits the wealthiest Americans.”
Hispanic Leadership Fund: “We are highly encouraged that the low-overdue process of reforming out nation’s broken tax code is finally here. It is critically important to the American economy that the focus is rightly placed on creating jobs, increasing income for working families, and giving all Americans the opportunity to pursue the American dream.”
National Taxpayers Union: “The Tax Cut and Jobs Act of 2017 signals that Republicans in the House of Representatives take seriously their responsibility to foster an economy that works for all Americans. The reforms proposed in this legislation can unleash our country’s economic potential that has suffered under an complex and burdensome tax code for too long. Pro-growth tax reform must provide certainty for American businesses and families and this bill marks a significant step forward in securing lasting confidence for all Americans.”
Taxpayers Protection Alliance: “We are encourage that this plan will simplify the tax code, boost small businesses, and create a fair playing field for the middle-class. The tax plan presented provides the framework for individual tax reform, with a reduction in tax brackets from seven to four. The plan also simplifies the tax code, which already contains 2.4 million words. To put that in perspective, the novel War and Peace has 587,000 words.”Read More
Local Small Business Making $500,000 in Income
• When Glenda was a teenager she started her own little lawn care business, mowing the yards of her neighbors during the spring and summer months. Sixteen years later, “Glenda’s Gardening and Landscape” has 41 workers, serves three counties in the area, and is expected to earn $500,000 in net income this year. Under today’s broken tax code, where small business income is taxed at individual rates, Glenda and her husband will personally be taxed on everything earned by the company. That means paying taxes at individual wage rates, with an income tax bill of about $128,000.
• With the Tax Cuts and Jobs Act, Glenda, her family, and her business will see some much-needed tax relief. Her net business income will be taxed at a low maximum rate of 25 percent, which in combination with no Alternative Minimum Tax (AMT) will reduce her tax bill by about $25,000. This will allow her to use this hard-earned money to grow the business further, create more jobs, and give her loyal workers a raise.
Main Street Startup Company Making $62,000 in Income
• Tom always dreamed of opening his own bakery. Two years ago, he went for it and opened up “Tom’s Treats.” Business has been slow but steady and this year he expects the bakery to earn roughly $62,000 in net income.
• Under today’s tax code, he will pay $8,638 in taxes. But, with the Tax Cuts and Jobs Act, Tom will see his tax bill go down to $5,631—a tax cut of $3,007 as a result of the bill’s tax relief for small businesses that file as individuals. That’s a significant and sustained boost to help Tom through the ups and downs of owning a business, managing a payroll, and making his own American dream a reality.Read More
WASHINGTON—Today, House Speaker Paul Ryan (R-WI) released the following statement after the House passed the CHAMPIONING HEALTHY KIDS Act, which includes a five-year funding extension for the Children’s Health Insurance Program (CHIP):
“Caring for children in need goes beyond party lines—it’s unfortunate House Democrats didn’t see it this way today. Under this bill, children who, through no fault of their own, don’t have health insurance and are eligible will continue to benefit from CHIP coverage. This five-year extension is done in a responsible and common-sense manner that keeps our fiscal promises and fulfills our moral responsibilities. I’m proud of the conservative solutions that are prioritized in this bill, and I look forward to the Senate following suit and getting this done. The most vulnerable depend on it.”Read More
$1,182. That’s how much of a tax cut typical, middle-income American families will receive thanks to the Tax Cuts and Jobs Act.
As Speaker Ryan said this yesterday, “For many families, having an additional $1,182 more will make a real difference. That $1,182 more covers about a year’s worth of gas for your car. It covers your family’s phone bill for the year—depending on how much data, of course, your kids use. That $1,182 more—it can help you pay down your debt faster. It can help you start and renovate your home faster. That $1,182 more for the average family—that will help you put away for college. It will help you save for retirement. It will help you save for a rainy day.”
The entire purpose of our plan is to cut taxes for hardworking middle-class families. These Americans have been squeezed the most under our broken tax code, and they are going to finally get the relief they deserve.
In addition to saving $1,182 annually from lower individual tax rates, families can also expect big wage increases. A deluge of recent studies forecast that average households can expect upwards of $4,000 in additional take-home pay thanks to our plan to cut the corporate tax rate.
Lower taxes and bigger paychecks means more money in your pocket. And that’s what the Tax Cuts and Jobs Act is all about.
CLICK HERE to read the full legislative text of the Tax Cuts and Jobs Act.
CLICK HERE to read the section-by-section summary of the Tax Cuts and Jobs Act.
CLICK HERE to read the policy highlights in the Tax Cuts and Jobs Act.
CLICK HERE to read examples of how the Tax Cuts and Jobs Act will help Americans of all walks of life.Read More
The Tax Cuts and Jobs Act is a bold, pro-growth bill that will overhaul our nation’s tax code for the first time since President Reagan’s historic tax reform 31 years ago. With this bill, a typical middle-income family of four, earning $59,000 (the median household income), will receive a $1,182 tax cut.
Most importantly—here’s what the Tax Cuts and Jobs Act means for you and your family:
You will be able to keep more of your hard-earned money every month.
You will have help raising your children and supporting your family.
You will have an easier time filing your taxes each April.
You are going to have more job opportunities and see your paycheck grow after years of stagnant wages.
You will be able to more easily start your own small business and be your own boss.
You will see more “Made in America.”
You and your family will be able to continue using the retirement savings option that best suits your needs at each stage of your lives.
The people below have two definite things in common: They are all hard-working Americans, and they all will receive more take-home pay thanks to the Tax Cuts and Jobs Act—our bold legislation to overhaul America’s tax code for the first time in 31 years.
The non-partisan Tax Foundation ran the numbers. And verdict is in: American people and families will experience a tax cut. Here’s the breakdown:
“Our results indicate a reduction in tax liability for every scenario we modeled, with some of the largest cuts accruing to moderate-income families with children and fixed-income retirees. . . All of our sample filers receive a tax cut, but the size of that reduction varies. The significantly higher standard deduction, combined with a more generous (and more broadly available) child tax credit, drives the reductions in tax liability for low- and middle-income filers.”
In other words, everyone benefits, but moderate-income families and retirees do even more. That’s what we call policies that benefit the middle class.
Take their example of a married couple making $85,000 with two children:
“Our third household (Kavya and Nick) is a single-earner married couple with two kids, earning $85,000. We assume tax-deferred retirement savings of $5,500, and that the couple takes the standard deduction. They also benefit from the expanded child tax credits, and see an overall tax savings of 10 percent, from $10,614 to $9,542. This family’s after-tax income increases by 1.4 percent.”
Bottom line? Real people will see real results. That’s the purpose of our plan—more jobs, fairer taxes, and bigger paychecks for all Americans. Click here for the breakdown of the relief coming to these families thanks to the Tax Cuts and Jobs Act.Read More
Over the last several months, the House has worked closely with the Trump administration to produce our historic tax reform legislation. This afternoon, after unveiling the Tax Cuts and Jobs Act, Speaker Ryan joined Fox News’ The Daily Briefing with Dana Perino live from the White House to explain how under our plan, a typical working family of four will get a tax cut of $1,182. Watch the full interview here and check out excerpts below:
Speaker Ryan: “It's all about bigger paychecks, it’s about cutting taxes for middle income families and simplifying the system, honestly, you can look at our postcard. . . . We really believe, Dana, this will help us hit our economic potential, faster economic growth, more jobs. It also means higher wages. And by letting people keep more of their own money by cutting their tax rates and increasing child credit and the standard deduction, that means you just get bigger paychecks. That means you keep more of your own money in your paycheck in the first place. We think that's really good for families and very good for the economy.”
Speaker Ryan: “I noticed even The Washington Post today said the Democrats’ criticisms got ‘Four Pinocchios’ on that claim. My basic thinking is that at the end of the process when it comes down to the last vote, my guess is we do get Democrats. . . . Because guess what? They represent families. They represent manufacturing. They represent states like Missouri and Indiana and North Dakota that also have small businesses that are getting taxed twice as much as their foreign competitors. They represent companies that are leaving this country and going overseas. They care about those things, too, I think. That's why at the end of the day, I do think we'll get some Democratic support.”
Following the introduction of the historic Tax Cuts and Jobs Act, Speaker Ryan sat down with CNN’s Phil Mattingly to explain how this legislation will help working families. Under our plan, a typical working family of four will save $1,182 on their taxes. Watch the full interview here and check out excerpts below:
Speaker Ryan: “I just tell people, take a look at what this bill is. Do your taxes. If you’ve got some kids, take that number of kids and multiply it by $600. That’s the increase in your per-child tax credit. Instead of a couple not paying taxes on the first $12,000, you are not going to pay taxes on your first $24,000 in income. And oh, by the way, your tax rates are going down on top of that.”
Speaker Ryan: “It's clear and obvious that the whole purpose of this is a middle class tax cut, to give people more take home pay. . . . And more to the point, we have to get faster economic growth, because with faster economic growth, you get bigger paychecks, you get bigger wage growth. We are almost dead last in competitiveness in the industrialized world with our tax code. We're putting ourselves in the front of the pack with this. By getting the rates down and leveling the playing field for American businesses, so we literally don't penalize American businesses competing in the global economy, we're going to get more take home pay, we're going to get more economic growth and more jobs. This leads to higher standard of living and bigger paychecks. That's the purpose of doing this.”Read More
Family of Four Making $59,000 Per Year
• Steve and Melinda have two children in middle school and are living secure middle-class life – but budgets are tight. With tax reform, they’ll get some much-needed breathing room financially.
• As a result of lower tax rates, a significantly larger standard deduction, and an enhanced Child Tax Credit and Family Flexibility Credit, Steve and Melinda will pay over $1,182 less in taxes than last year, reducing their total tax bill from $1,582 to only $400. That’s more money they can use for whatever is important to them, whether it’s paying bills, purchasing a new refrigerator, or putting away savings for the future.
Single Mother Making $30,000 Per Year
• Cindy has a fulfilling job and a promising career path as an assistant manager at a local restaurant. She works hard to support herself and her 11-year-old daughter, but most days Cindy feels like she’s barely getting by much less getting ahead. With the Tax Cuts and Jobs Act, relief is in sight.
• Come Tax Day, Cindy will receive a tax refund of more than $1,000 as a result of the bill’s lower tax rates, larger Child Tax Credit, and Family Flexibility Credit. This is more than $700 larger than the refund she receives today, offering a more meaningful reward for her hard work as she raises her daughter and pursues her own professional aspirations.
Firefighter Making $48,000 Per Year
• Alan is a young firefighter in the community he has called home his entire life. He enjoys the job and has chosen it as his profession just like his father and grandfather did before him. The Tax Cuts and Jobs Act will allow him to see even greater reward for his hard and selfless work.
• Under this legislation, Alan will pay a top marginal tax rate of just 12% instead of the 25% top rate he pays today. Additionally, he’ll see nearly double the amount of his paycheck protected from taxes because the bill significantly increases the individual standard deduction from $6,350 today to $12,000. In the end, Alan will see his total tax bill go down from $5,173 currently to just $3,872 – a total tax cut of $1,301.
New Homeowners Making $115,000 Per Year in a High Tax State
• John and Rebecca got married this past summer and just bought their first home. Today, they make a combined income of $115,000. They will pay $8,400 in mortgage interest and $6,900 in state and local property taxes. John and Rebecca would like to have children, but they’re not sure if now is the right time financially. Under the Tax Cuts and Jobs Act, they’ll receive more support now and into the future.
• The bill reduces their tax bill from $12,180 to $11,050 – a total tax cut of $1,130. This results from lower tax rates, a significantly larger standard deduction, and the addition of the new Family Flexibility Credit. With these benefits, John and Rebecca will also see tax relief for both their mortgage interest and state and local property taxes – all without having to itemize deductions.
• Finally, if John and Rebecca do have a child, they would be able to claim an increased Child Tax Credit of $1,600 – up from just $1,000 today – reducing their taxes even further so they can keep more money to support their new family.Read More
Job Creators of All Sizes
Today, Speaker Ryan and House Ways and Means Committee Chairman Kevin Brady (R-TX) released the Tax Cuts and Jobs Act—bold legislation to overhaul America’s tax code for the first time in 31 years. Speaker Ryan delivered the following remarks during a press conference alongside Chairman Brady, members of the Ways and Means Committee, and House leaders:
“First, I want to thank these families for taking time out of their day to join us. Welcome—it is great to have you here with us today. Fantastic. “You are who this is all about. This plan is for the middle-class families in this country who deserve a break. It is for the families who are out there living paycheck to paycheck, who just keep getting squeezed. You know, about half the country today is living paycheck to paycheck. And a lot more people are about a paycheck away from living paycheck to paycheck in this country. And this is going to help give people relief. “The Tax Cuts and Jobs Act will deliver real relief for people in the middle—and people who are also striving to get there. “With this plan, the typical family of four will save $1,182 a year on their taxes. For many families, having an additional $1,182 more will make a real difference. That $1,182 more covers about a year’s worth of gas for your car. It covers your family’s phone bill for the year—depending on how much data, of course, your kids use. That $1,182 more—it can help you pay down your debt faster. It can help you start and renovate your home faster. That $1,182 more for the average family—that will help you put away for college. It will help you save for retirement. It will help you save for a rainy day. “With this plan, we are getting rid of loopholes for special interests and we are leveling the playing field. We are making things so simple that you can do your taxes on a form the size of a postcard. With this plan, we are making pro-growth reforms so that yes, America can compete with the rest of the world. But we’re also making it so that families like these that are here can have more take-home pay. “This is it. This is a very important and special moment for our country, for all Americans. Are we going to let defenders of the status quo win and see our country continue down this downward spiral? Or are we going to realize the promise of our country? Are we going to revitalize the American Idea? This is our chance to make sure that generations to come don’t just get by—they get ahead in this country. “Let me turn this over to the person who has lead this effort. I am so proud of this man and this committee in this room. I want to turn it over to the chairman of the Ways and Means Committee, and I want to thank all the members of the Ways and Means Committee for bringing us to where we are—for getting us to this point. Ladies and gentlemen, the leader of this moment, Kevin Brady, chairman of the Ways and Means Committee.”Read More
WASHINGTON—Today, House Speaker Paul Ryan (R-WI), Ways and Means Committee Chairman Kevin Brady (R-TX), and other members of House leadership and the Ways and Means Committee introduced the Tax Cuts and Jobs Act—bold legislation to overhaul America’s tax code for the first time in 31 years. With this bill, a typical middle-income family of four, earning $59,000 (the median household income), will receive a $1,182 tax cut.
Upon introducing the Tax Cuts and Jobs Act, Speaker Ryan issued the following statement:
"This is an historic day. For too long, hardworking Americans have suffered under a tax code that is too unfair, too complicated, and too expensive. That ends this year. The Tax Cuts and Jobs Act will simplify the code so you can file your taxes on a form the size of a postcard. Under our plan, typical middle-class families will see bigger paychecks and receive a $1,182 tax cut. That means greater take-home pay and more money in your pocket. Working with the Senate and President Trump, we are going to make good on our promise to deliver relief to the American people. It's time to get this done."
The Tax Cuts and Jobs Act is a game-changer for our country. Under our plan, typical middle-class American families will receive a $1,182 tax cut.
For individuals and families, the Tax Cuts and Jobs Act:
o Establishing a new Family Credit – which includes expanding the Child Tax Credit from $1,000 to $1,600 to help parents with the cost of raising children, and providing a credit of $300 for each parent and non-child dependent to help all families with their everyday expenses.
o Preserving the Child and Dependent Care Tax Credit to help families care for their children and older dependents such as a disabled grandparent who may need additional support.
For job creators of all sizes, the Tax Cuts and Jobs Act:
The House Ways and Means Committee will mark up the Tax Cuts and Jobs Act on November 6, 2017.
It’s undeniable that wildfires are a huge problem in the United States. The images and stories from the wildfires that ravaged northern California just a few weeks ago are haunting.
People wonder why these wildfires happen. Weather conditions are a huge factor, of course. But what a lot of people don’t know is that perhaps the biggest factor in the severity of a wildfire is the health of the forest itself. And the answer is proper management of our forests.
As Natural Resources Chairman Rob Bishop wrote in an op-ed this week: “It is no longer debatable that proactive management—prescribed burns, salvaging of dead trees, responsible timber harvesting, among other prescriptions—reduce wildfire severity. According to the Forest Service, 90 percent of fuel management treatments reduce wildfire intensity, allowing better and less costly control and suppression by firefighters.”
But the reality is, a lot of our federal forests are not being properly managed. The U.S. Forest Service and the Bureau of Land Management, the agencies in charge of most forests on federal land, simply do not have the tools they need to treat our nation’s forests. These agencies are often paralyzed by the threat of environmental litigation that will ensue if they take action to manage federal forests. Collaboration at the state and local level to help improve forest health is also stymied by this threat. Stakeholders are scared to come up with a plan to manage the forests because—you guessed it—they know they will be immediately sued by special interest groups.
The Resilient Federal Forests Act tackles these problems head on. It addresses the obstructionist litigation by requiring litigants opposing forest management activity to come to the table rather than just saying “no.” The legislation also incentivizes and rewards collaboration and encourages local participation in forest health projects. This legislation also fixes the fire “borrowing” issue, making sure these agencies have the funds they need to fight wildfires throughout the summer, and to start managing our forests proactively. Read more details here.
Now more than ever, there is a needed urgency to protect our nation’s federal forests from the kind of devastation that California experienced. That’s why the House is taking action today. The Resilient Federal Forests Act is a good bill that will help us stop forest fires before they occur.Read More
WASHINGTON—Yesterday, following recommendations made in the Commission on Evidence-Based Policymaking’s final report, House Speaker Paul Ryan (R-WI) introduced the Foundations for Evidence-Based Policymaking Act. Along with a companion Senate bill introduced by Senator Patty Murray (D-WA), the legislation acts on the commission’s findings to establish a more secure, transparent, and efficient data system that will help federal agencies better assess the effectiveness of their programs. Following the bill’s introduction, Speaker Ryan released the following statement:
“This is an exciting day. Patty and I have long advocated for a way to better measure the federal government’s effectiveness—and this bill puts those efforts into action. As lawmakers, we have to change our approach not only to how we make policy, but how we gauge its results. Ensuring our programs work is just common sense—and what American taxpayers deserve. I want to thank the commissioners and my colleagues in both chambers for their extensive work that helped make this possible. I’m really proud of the bill we’re introducing today.”
Following introduction in the Senate, Senator Murray released the following statement:
“No matter what side of the aisle you’re on, we should all agree that government should work as efficiently as possible for the people it serves. So I’ve been proud to work with Speaker Ryan to find new ways Democrats and Republicans can work together to improve how the federal government makes decisions that impact the lives of millions of people in Washington state and around the country. This bill will begin to put the recommendations of the bipartisan Evidence-Based Policymaking Commission we created into action by improving how the federal government gathers and uses data and evidence to inform decision-making, as well as ways to strengthen the privacy and increase the transparency around this information. I look forward to working with Speaker Ryan and other members on both sides of the aisle to get this bill signed into law, and then continuing our bipartisan efforts to help government work better.”
Original co-sponsors of the legislation also include House Oversight Committee Chairman Trey Gowdy (R-SC), Rep. Derek Kilmer (D-WA), Rep. Blake Farenthold (R-TX), and Senator Brian Schatz (D-HI).
Summary: The Foundations for Evidence-Based Policymaking Act
Title I, Federal Evidence-Building Activities
Title II, OPEN Government Act
Title III, Confidential Information Protection and Statistical Efficiency
WASHINGTON—House Speaker Paul Ryan (R-WI) issued the following statement today regarding Rep. Jeb Hensarling’s (R-TX) announcement not to run for reelection in 2018:
“I want to thank Jeb for his service to this country. He is a true constitutional conservative who understands that free enterprise is critical to a thriving America. Jeb led conservatives in the House as chairman of the Republican Study Committee and has fought tirelessly for all Americans as chairman of the Financial Services Committee. I want to thank him in particular for his work on a hallmark jobs bill, the Financial CHOICE Act, which passed the House this summer, and for his instrumental role in our Better Way agenda. I am going to miss him and this institution will miss him, but knowing Jeb, I’m positive he has a great chapter ahead.”Read More
Make no bones about it, the defenders of our ghastly tax code are coming.
The special interest ghouls will do anything to protect all their little tricks and treats. They will haunt the hallways and demonize our plan. They will conjure up new scare tactics and spread wicked tales. They will cast us as bogeymen and attempt to distract us with Hocus Pocus. You will hear Stranger Things said about this bill than you can imagine. These poltergeists want you to be frightened.
That’s because, for the skeletons of the status quo, our plan is a Nightmare on K Street. We will clear out the cobwebs and throw those scary carveouts into the graveyard. We will slash tax rates for families, double the standard deduction, consolidate the existing Se7en brackets, and increase the Child Tax Credit so you can keep more of what you earn. Instead of the same mysterious brew of booreaucracy, we will simplify things so that you can do your taxes on a form the size of a postcard.
And if that doesn’t lift your spirits, this plan will also give everyday hardworking families a monster pay raise—witches very good news.
There’s a reason we haven’t reformed the tax code since 1986—It takes real guts. But we cannot accept the current system as the new para-normal. The Thing to remember is that we now face a choice: We can continue to slide down this path of stagnant growth and flat wages, or we can Get Out of this rut, renew the American idea, and usher in a renaissance of growth and prosperity.
We know this post is a little bit candy corny—at times enough to make you Scream—but The Shining opportunity before us could not be more clear. So don’t be spooked, and let’s get this done.Read More
Yes—it’s true. Much of October was spent on tax reform, turning a framework into legislative text that will soon be introduced. But there was much more that happened this month, including a visit to Puerto Rico to survey hurricane damage and a Congressional Gold Medal for Filipino World War II veterans that was 70 years overdue.
Here are moments from the month that show October was about more than tax reform:
1. The Survivor Meeting – Speaker Ryan meets with Matt Mika, who was injured during the June Congressional baseball practice shooting, to hear more about his recovery.
2. The Puerto Rico Visit – While touring the devastation in Puerto Rico caused by Hurricanes Irma and Maria, Speaker Ryan thanks people at the FEMA command center who are working around the clock on recovery efforts.
3. The Bill Signing – Speaker Ryan signs a bill, sponsored by Rep. John Ratcliffe (R-TX), to help state and local law enforcement agencies fight cyberattacks.
4. The Congressional Gold Medal Ceremony – Speaker Ryan presents the Congressional Gold Medal, the highest civilian honor Congress can bestow, to the Filipino veterans of World War II for their service and sacrifice during the war.
5. The Intern Meeting – Speaker Ryan takes some time to answer questions and get to know his fall intern class, which includes college students and recent graduates who are looking to learn and make a positive difference in their country.
6. The FEMA Briefing – In the aftermath of Hurricanes Harvey, Irma, and Maria, Speaker Ryan participates in an interdepartmental briefing at FEMA’s headquarters to learn more about recovery efforts.
7. The Disaster Relief Funding – Speaker Ryan signs a bill for more disaster relief funding in the wake of wildfires and hurricanes. Pictured here from left to right: Rep. Kay Granger (R-TX), Rep. John Carter (R-TX), Rep. Mario Diaz-Balart (R-FL), Rep. Jenniffer Gonzalez (R-Puerto Rico).
Ok, ok…so a few of these photos are tax-related. What can we say? Eliminating the tax talk cold-turkey is more of a challenge than originally anticipated.
8. The Tax Reform Skimm – Speaker Ryan participates in the Skimm’s “Sip ‘n Skimm” interview series, talking tax reform, from the Speaker’s balcony.
9. The Manufacturing Tour – While taking his pitch for tax reform on the road, Speaker Ryan stops to learn from an employee at Dixon Valve & Coupling in Maryland.
10. The Heritage Speech – In his address to conservatives at The Heritage Foundation, Speaker Ryan outlines the historic choice we face on tax reform.Read More
This week, Speaker Ryan signed another Congressional Review Act bill. This one repeals the Consumer Financial Protection Bureau’s (CFPB) anti-arbitration rule, which inhibits the ability of consumers to resolve disputes outside of the courtroom. The rule benefits wealthy trial lawyers at the expense of consumers and repealing it is the right call for regular people. Read more about the rule and our legislation to repeal it here. (Also pictured, from left to right: Rep. Hensarling (R-TX), Rep. McHenry (R-NC), and Rep. Rothfus (R-PA).)
NOTE: Congress has used the Congressional Review Act to successfully repeal fourteen harmful regulations that made it difficult for small businesses to thrive and tough for people to find jobs. Once President Trump signs this into law, this legislation will mean 15 harmful regulations have been repealed. Learn more here.Read More
You could sense the anticipation and the excitement in the room. It was a day that was long, long overdue, but finally, more than 70 years after the end of World War II, Filipino veterans were recognized for their bravery on the battlefield.
In a ceremony at the U.S. Capitol, Congress awarded the Filipino veterans of WWII with the Congressional Gold Medal, and leaders from both parties thanked them for their service and sacrifice. As Speaker Ryan told the 650-person audience in Emancipation Hall, "let this ceremony serve to ensure that those who fought for freedom are never forgotten, and always remembered."
Note: The Congressional Gold Medal dates all the way back to George Washington and is the highest honor that Congress can bestow to express the appreciation of the American people. To learn more, visit here.Read More
WASHINGTON—Today, House Speaker Paul Ryan (R-WI) released the following statement after President Trump declared the national opioid epidemic a public health emergency:
“One hundred seventy-five deaths a day—that’s the reality of our opioid crisis. From our biggest cities to our smallest towns, this epidemic has infiltrated the heart and soul of American communities through prescription drugs and heroin. The president is right to declare this a public health emergency. Building on actions Congress has already taken, this directive will help states and local communities better fight this battle, and strengthen the tools available at the federal level.
“It’s time to remove the stigma of addiction and ensure people have access to the help they desperately need—and deserve.”
The House doubled down in its work to fight the opioid crisis in 2015. Since then, major bills like the Comprehensive Recovery and Addiction Act and the 21st Century Cures Act have been signed into law. In addition, this year’s government funding bill directed $781 million toward addiction education, prevention, and treatment, and supporting local law enforcement and communities tackling this epidemic.
To learn more about the House’s actions to combat opioid abuse, visit speaker.gov or visit the links below.
August 2017: Opioids Are Taking Over in Our Communities May 2017: National Resources to Fight the Opioid Epidemic, House Tackling Opioid Crisis, What does opioid addiction look like to you? December 2016: Speaker Ryan Signs Cures Act, Sends to President’s Desk July 2016: Speaker Ryan Holds Enrollment Ceremony for Bipartisan Bill to Combat Opioid Epidemic, One Step Closer to Stopping the Opioid Epidemic March 2016: House Action on the Opioid EpidemicRead More
Summary: Today, Speaker Ryan discussed House passage of the budget resolution that puts us on the path toward historic tax reform.
“First of all, I am very excited. Because today, we passed a budget that is fiscally responsible. It strengthens our national defense. And it’s really good for taxpayers.
“Most importantly, this budget that we just passed in the House today brings us one step closer to historic tax reform. That means more jobs, fairer taxes, and bigger paychecks for Americans.
“Too long, the American people have been living under a broken system where they see too little of their own hard-earned dollars. They spend hours and hours, they spend dollars and dollars just doing their taxes. So much time and money is wasted just complying with this incredibly complicated tax code, only to be rewarded by having a big chunk of their income taken and claimed by the government.
“It’s unsustainable. People really are struggling in this country. So many people are just living paycheck to paycheck. Families deserve a break. Single moms who live paycheck to paycheck deserve a break. Parents working to send their kids to college—they deserve a break. The guy who just got a job a couple months ago who was unemployed for many months? He deserves a break. That’s what this tax plan is all about.
“Our tax reform plan invests in these people—in real people. Because we really believe that families know how to invest their dollars better than the federal government. We believe that families need a break. Tax reform will help reignite the American dream. It will help bring us back to a place of confidence, freedom, happiness—a stronger, healthier economy.
“And this budget that the House just passed 20 minutes ago brings us closer to making that dream a reality.”Read More
WASHINGTON—On Wednesday, November 8, leaders of the U.S. House and Senate will dedicate a commemorative chair in honor of American prisoners of war (POW) and the nearly 83,000 servicemen and women missing in action (MIA).
House Speaker Paul Ryan (R-WI), Senate Majority Leader Mitch McConnell (R-KY), and House Democratic Leader Nancy Pelosi (D-CA) will take part in the bipartisan, bicameral ceremony. The ceremony is open to credentialed media, members of Congress, and invited guests only. It will begin at 3:00 p.m. ET in Emancipation Hall and will be live-streamed on speaker.gov/live.
Commemorative chairs have been unveiled throughout the country to serve as a reminder of America’s servicemen and women held prisoner or missing in action. In accordance with Public Law 114-147, the National POW/MIA Remembrance Act, the chair dedicated on November 8 will be placed in Emancipation Hall of the United States Capitol Visitor Center.Read More
This week, yet another study confirmed that tax reform will raise wages and create jobs. The analysis from the nonpartisan Tax Foundation shows that by cutting the corporate tax rate to 20 percent, average American households will see a pay raise of at least 2.5 percent, or $1,800.
Study after study has predicted similar benefits to hardworking Americans:
Council of Economic Advisors (10/16/17): Corporate tax reform will boost wages by at least $4,000 annually.
Lawrence Kotlikoff, former Council of Economic Advisors under President Reagan (10/17/17): Corporate tax reform will boost wages by at least 4 to 7 percent, or $3,500.
Lawrence Lindsey, former director of the National Economic Council (10/10/17): Corporate tax reform will boost wages by at least 4 to 5 percent.
National Association of Manufacturers (9/27/17): A majority of American manufacturers will raise wages and hire more workers if tax reform is enacted.
In addition, the study estimates that corporate tax reform will lift GDP by 3 percent and create at least 587,000 full-time jobs.
As the report explains, “There is typically little public support for corporate tax reform because most people don’t see how it will benefit their lives. Corporate tax reform may not ‘put cash in people’s pockets’ in the same way as a cut in individual tax rates, but it can have a powerful effect on lifting after-tax incomes and living standards.”
That’s why our plan will also cut individual tax rates, double the standard deduction, and increase the Child Tax Credit. Together, these reforms will allow American workers and families to keep more of their hard-earned money.
So don’t believe the tired, old arguments from the Left that tax reform is really just a tax cut for the wealthy. As Speaker Ryan recently told the Heritage Foundation, “This plan is really the single most important thing we can do to help the middle class.”Read More
WASHINGTON—House Speaker Paul Ryan (R-WI), House Intelligence Committee Chairman Devin Nunes (R-CA), House Foreign Affairs Committee Chairman Ed Royce (R-CA), and House Armed Services Committee Chairman Mac Thornberry (R-TX) issued the following statement on Iraq:
“Ongoing clashes between forces aligned with the Iraqi government and Kurdistan Regional Government are undermining hard-fought gains in the fight against ISIS, and threatening to plunge Iraq into a new wave of sectarian violence. The bloodshed must stop immediately. We support a united Iraq under the federal government in Baghdad, and we support the Kurdistan Regional Government.
“To that end, we welcome today’s reports that the Kurds are offering to suspend results of their recent referendum in return for a ceasefire and negotiations with the central government. Baghdad should accept this offer and enter into meaningful discussions that address long-term Kurdish concerns about autonomy, share of the national budget, and oil revenues. Meanwhile, it is critical that the Iraqi government heed Secretary Tillerson’s concern about the role and activities of Iranian-backed Shia militias. We are very concerned about Iranian involvement in recent operations. These forces have been responsible for horrible abuses, including the deaths of Americans. They have no place in a peaceful, united, and stable Iraq.”Read More
Thirty-four years ago this week, in the early hours of October 23, 1983, two trucks carrying explosives infiltrated the U.S. Marine Corps barracks in Beirut, Lebanon. The blasts killed 241 Americans, many of whom were marines, in one of the deadliest terrorist attacks in our nation’s history. The bombing was orchestrated and perpetrated by the Iranian terror proxy Hezbollah.
More than three decades later, the fight against Hezbollah and its sponsors in Tehran continues. That is why today the House is voting on three bills to further weaken and isolate this terrorist organization.
The first two bills, the Sanctioning Hezbollah’s Illicit Use of Civilians as Defenseless Shields Act and the Hezbollah International Financing Prevention Act, place additional sanctions on Hezbollah to stymie its access to weapons and crack down on the despicable practice of using civilians as human shields. A third piece of legislation urges the European Union to follow our lead and fully designate Hezbollah as a terrorist organization.
In addition, the House will consider the Iran Ballistic Missiles and International Sanctions Enforcement Act, a bipartisan bill that targets Iran’s development and testing of ballistic missiles. Tehran has continued to expand its ballistic missile program in spite of the Obama administration’s nuclear agreement, which merely discourages—rather than bans—these activities.
Earlier this month, President Trump outlined a new strategy to counteract Iranian aggression, including its nuclear program, support for terrorism, and ballistic missile program. Following this announcement, the bills on the Floor today are the first of many steps we must take to hold Iran and its affiliates accountable for their actions. So as we commemorate the 34th anniversary of the Marine barracks bombing and remember the brave Americans lost that day, we redouble our commitment to defeating all those who seek to do us harm.Read More
This morning, Speaker Ryan participated in a Reuters Newsmaker event, where he continued to make the case for how historic tax reform will help working families. Watch the full interview here and check out the excerpts below.
Speaker Ryan: “This so-called recovery we’ve had, it’s been very good for people on the top end, people in equity markets and on Wall Street are doing really well. But if you’re working on a fixed income, living paycheck to paycheck like half the people in this country who live paycheck to paycheck, another large amount of people are about one paycheck away from living paycheck to paycheck, you haven’t seen a raise in a long time. You’re seeing your living standards pretty much flat line because your prices are going up. So we do have a sense of urgency, we want the economic growth to apply to everybody, we want middle-income taxpayers to finally get a break and we want middle-income taxpayers to actually feel some confidence and to get some growth in their wages and their paychecks.”
Speaker Ryan: “I’m pretty darn confident that when we drop our corporate tax rate from the highest in the industrialized world, to leading the pack in the industrialized world, that’s going to lead to more investments, higher wages, bigger paychecks, more jobs. I’m pretty darn confident that doing that, that will happen. We wouldn’t be doing this, if we didn’t believe that.”Read More
WASHINGTON—U.S. House and Senate leaders today presented a Congressional Gold Medal in honor of the Filipino veterans of World War II for their service and sacrifice during the war. The ceremony took place in Emancipation Hall of the U.S. Capitol Visitor Center. The following are Speaker Ryan's remarks prior to the presentation of the medal, as prepared for delivery:
"Ladies and gentlemen, good morning. I am honored to welcome all of you to the United States Capitol. The Congressional Gold Medal is one of our oldest traditions. It is the highest civilian honor this body can bestow. Today, pursuant to S. 1555, we award this Medal to the Filipino veterans of World War II.
"This is a day that is long, long overdue. Everyone knows about Pearl Harbor on December 7th, 1941. Perhaps lesser known is that, within hours, Japanese forces also invaded the Philippines. Under the command of General MacArthur, American and Filipino forces fought side-by-side to stave off the invasion.
"All told, 250,000 Filipinos answered President Roosevelt’s call to duty. Most had no formal training. Many had never even picked up a weapon. But they risked—and in the case of many—gave their lives fighting under our stars and stripes. They battled not only the enemy, but starvation and malnutrition. But they never lost sight of the cause. And they never accepted defeat.
"In the midst of the struggle, President Roosevelt addressed the Filipino people. He said, 'The great day of your liberation will come, as surely as there is a God in heaven.' And sure enough, that day came. But only due to the incredible valor and sacrifice of the Filipino resistance movement. And only at a heavy cost. More than 10,000 Americans and nearly one million Filipinos, mostly civilians, died in the Philippines.
"We are blessed to be joined today not only by some of these veterans, but also their families. Thank you for being here. You are an integral part of this legacy. And without you, we know this day would not have been possible.
"A longtime dear friend of mine, my former deputy chief of staff, Joyce Meyer, tells the story of her great grandfather, Andres Arribe. He was one of many Filipinos recruited from Manila during the war. He was a sharp shooter. He was at Leyte when General MacArthur was there. But like too many others, he was stricken with tuberculosis and passed away shortly after the war.
"But his granddaughter used his veterans benefits to help pay for a college education, and she became the first in her family to move to America. And today, her daughter—this soldier’s great-granddaughter—works for the President of the United States. "So you see, this is not simply a feel-good story of delayed recognition. We are here to immortalize the legacy of great liberators, who have paved the way for generations to follow. "Let this ceremony serve to ensure that those who fought for freedom are never forgotten, and always remembered.
"Thank you all for being here."
This day is long overdue. On behalf of Congress, I am humbled to present the Congressional Gold Medal to the Filipino veterans of WWII. pic.twitter.com/xYgm7X4JHI— Paul Ryan (@SpeakerRyan) October 25, 2017
WASHINGTON—Today, House Speaker Paul Ryan (R-WI) announced a new addition to the Office of the Speaker:
Stephanie Parks joins the speaker’s office today as Assistant to the Speaker for Policy, handling health care and veterans affairs issues. Previously, Stephanie was professional staff at the Ways and Means Committee, where she was responsible for private health insurance market policy issues, including policy related to the Affordable Care Act and health care tax provisions. Stephanie also worked for the Budget Committee, and was on staff when Speaker Ryan was chairman. She is a Las Vegas native and a proud Notre Dame alum.
“I am thrilled to welcome Stephanie Parks back to the Team Ryan family,” Speaker Ryan said. “Stephanie has a deep understanding of health care, thanks to her time working on this issue at both the Ways and Means and Budget committees. Her extensive experience and can-do attitude will make Stephanie an invaluable advisor as we work to improve our nation’s health care system.”Read More
WASHINGTON—House Speaker Paul Ryan (R-WI) issued the following statement today regarding Senator Flake’s announcement:
“I’m saddened that Congress is losing my friend Jeff Flake. Throughout his career in public service, Jeff has been a champion of constitutional, limited government and a trailblazer for fiscal restraint. He as much as anyone helped to end a corrosive earmarking process that enabled runaway spending. Jeff’s retirement is a loss to the Senate and the greater cause of conservatism. I wish him well as he continues to advocate for our principles outside of government.”
Summary: Today at a press conference with House leaders, Speaker Ryan discussed the role the budget plays in passing historic tax reform. Opening Statement:
“As was said, by completing this budget, that is one big step closer toward historic tax reform. Which means we are one big step closer toward a pay raise for middle-income families, for hardworking taxpayers. That is who this thing is about. “It is about the people. You got to remember more than half the people in this country are living paycheck to paycheck. And then a lot more people are living one paycheck away from living paycheck to paycheck. That is what’s happening in this country.
“So it’s about these people who are struggling to get by. It’s about giving those families a real break on their taxes, so that you get to keep more of your money in the first place. It’s about making this system simpler and fairer, removing the hassles and the headaches, to the point you can do your taxes on a form the size of a postcard, which Steve [Scalise] just showed you. Because all that time and money that Americans spend doing their taxes? That is time and money that could be better spent on other things that are important to families.
“In addition to all of that, we are going to help workers in a big way by leveling the playing field for American businesses big and small. What that’s going to do—it’s going to help bring back jobs and capital that have gone overseas.
“So it is no surprise that we’ve already seen a number of estimates showing that this alone is going to mean more take-home pay for families. Higher wages. Bigger paychecks. Helping middle-income people isn’t just the goal of this plan—it’s the whole purpose of this plan.
“So adopting this budget is another sign of real momentum for tax reform—of getting the train on the tracks and getting this moving so we can deliver real tax relief and a healthier, stronger economy for the American people. “I want to thank President Trump for his leadership. I want to thank him for expressing to our members just how urgent this is for the country and how needed this is for workers. As he said, we are on the verge of doing something very historic. “We are on the verge of doing something that is going to make a big difference for so many families. And that is why we’re excited about getting this budget moving this week and moving on to tax reform.”Read More
A coalition of tax reform advocates—the Alliance for Competitive Taxation (ACT), Job Creators Network (JCN), and Reforming America’s Taxes Equitably (RATE) Coalition—are urging Congress to pass a budget to unlock historic, pro-growth tax reform. In a letter to House members, the coalition argues that adopting the Senate amendment to the House budget will put Congress on track to get tax reform done this year.
“Amid the once-in-a-generation opportunity before you, the American people are counting on Congress to right those wrongs. Adopting the budget resolution passed by the United States Senate this week is the master key capable of unlocking both tax reform and the pay raise workers deserve. As the Council of Economic Advisers reported, the reforms included in the Unified Framework would ‘increase average household income in the United States by, very conservatively, $4,000 annually.’”
Tax reform will deliver relief to hardworking Americans and give them a well-deserved pay raise. But this is not just about the tax code. Right now, we face an historic choice between an America in decline and an America that meets its full potential. It’s about the country we are going to leave for our children and grandchildren. And that’s why, as President Trump says in his new op-ed, 2017 has to be the year we finally get this done.Read More
I hear the real-life stories everywhere I go, including my recent visit to a family-owned and operated pipe manufacturer in Pennsylvania. So many people are worried about saving for their kids' college, or saving for retirement, or buying a house.
Bottom line: It's time to give the middle class a break.
It's time to to level the playing field so American businesses can actually compete on the world stage. When our small businesses do well, they can expand, create new jobs, and raise wages for their workers.
The time to fix our broken tax code—for workers and for job creators—is now.Read More
Earlier today, Speaker Ryan appeared on CBS This Morning to discuss how tax reform will help bring relief to middle class families. Watch the full interview here and see excerpts below.
CBS This Morning: How are you going to make the case that this is not a tax cut for the wealthy?
Speaker Ryan: “This is about the people, about half of which in this country, are living paycheck to paycheck and giving them a break on their taxes, giving them some tax relief and closing loopholes and carve outs which disproportionately benefit the very high income people, the very well-connected businesses. By plugging those loopholes and lowering rates for everybody, you make it fair and simpler for everybody and we also think it's important for our businesses. Bring the money back from overseas. Make their tax rates competitive with the rest of the world so you have incentive to stay in America and make things in America. That's the focus of our tax reform.”
Speaker Ryan: “Here’s the deal, this is going to be designed to lower tax rates for people in the middle, not people on the high end. So let’s just take this in perspective, you double the standard deduction, that’s that many more people who don't even have to itemize their deduction. You lower people’s tax rates, that means less of their income is being taxed in the first place. You increase the per child tax credit, you get rid of the marriage tax penalty. All of those things benefit everybody in the middle class. . . . If this was a tax increase on middle income taxpayers, we wouldn't be doing this. This is about lowering people's taxes in the middle class, simplifying the tax system and growing this economy."
Speaker Ryan: “There's two things we're going to do here. Number one, when you take away a carve out and a loophole, that broadens the tax base, that means more income is subject to taxation. Guess who disproportionately and mostly benefits from carve outs and loopholes? Wealthy and well-connected. You get rid of those loopholes, you can lower the rates and it's fairer for everybody. Also what we’ve learned is when you lower tax rates, when you help people living paycheck to paycheck, when you put American businesses on a level playing field with foreign competition, you get faster economic growth, you get more jobs, you get more tax revenues, and those two things, get rid of loopholes, faster economic growth, gives us better revenue and more growth so that we don't have a deficit problem.”Read More
WASHINGTON—House Speaker Paul Ryan (R-WI) issued the following statement upon Senate passage of a budget resolution:
“I applaud the Senate for passing a budget and appreciate adoption of a new Title 5 in the resolution to address the House's priorities. This action keeps us on track to enacting historic tax reform that will mean more jobs, fairer taxes, and bigger paychecks for American families. We want Americans to wake up in the new year with a new tax code, one that is simple and fair. Now it is time to meet this moment and deliver real relief to hardworking people.”Read More
WASHINGTON—House Speaker Paul Ryan (R-WI) issued the following statement today regarding Rep. Pat Tiberi’s announcement:
“Pat Tiberi has brought great decency and relentless passion to this House. During our time together on the Ways and Means Committee, I was always struck by his deeply felt commitment to helping hardworking people get ahead and have more opportunities. He takes so seriously what it means to serve.
“For me, personally, Pat is a dear friend whose thoughtfulness I cherish. I know these sentiments are shared today by lawmakers on both sides of the aisle. On behalf of the whole House, I want to thank Pat for his service.”
We need to get tax rates down so American businesses can compete with the rest of the world.
Here's what I mean. The average tax rate on businesses around the world is 22.5 percent. But here in America, job creators pay between 35-45 percent. That's crazy, and it makes it really hard for small businesses to grow and hire new workers.
America is a nation of winners, but right now the rules are rigged against our workers. We refuse to settle because you deserve better. You deserve a level playing field and growing economy, where wages are increasing and jobs are flourishing. That's exactly what comprehensive tax reform will get us.Read More
Bermuda. Great beaches. Great weather. And, as it turns out, a great place to move your business to avoid the U.S. corporate tax code.
Today, another American business announced that it will move its operations offshore. In a $2.5 billion deal, Warranty Group Capital, headquartered in Chicago, will be acquired by Assurant, which will in turn invert to Bermuda.
At 35 percent, the United States has the highest corporate tax rate in the industrialized world. For context, the global average among developed nations is just 22.5 percent. And Bermuda has no corporate income tax at all.
Simply put, our tax code incentivizes businesses to move overseas. This is the result of taxing our corporations at much higher rates than our foreign competitors, and creating an unlevel playing field between companies headquartered in America and those based abroad.
The really sad part is that these stories have become almost routine. We go about our daily lives and don’t pay too much attention to them. It’s business as usual.
But in reality, these stories paint a broader, dire picture: The continued drain of American businesses overseas at the expense of our workers and our economy.
This needs to end. That is why our unified framework for tax reform proposes slashing the corporate tax rate from 35 to 20 percent—below the average in the industrialized world. And we will move to a territorial system that helps unlock the trillions of dollars in profits trapped abroad.
This won't just mean keeping businesses at home—it'll mean keeping good-paying jobs here. A new set of studies shows that these reforms will boost wages for average American households by thousands of dollars. That means more money in your pocket to save, invest in your children’s education, plan for retirement, or take that dream vacation—perhaps to Bermuda.Read More
The speaker first addressed the WMC Foundation's State of Wisconsin Business & Industry luncheon, where he argued that a healthier and more competitive economy means more jobs and bigger paychecks for hardworking Americans.
“This is about giving middle class families a tax cut, this is about giving a break to middle class families, and it’s about getting tax rates on businesses down,” Speaker Ryan explained. "I think the class warfare rhetoric especially rings hollow these days when we’re talking about making sense to keep businesses in Wisconsin, businesses in America and lowering the tax rates on American businesses so that it pays to stay in America, so that it pays to stay building things in America.”
Later in the day, he toured Evonik Corp. in Janesville and met with employees about how tax reform will also save Americans money by simplifying the filing process.
“We spend billions of dollars and billions of hours a year, as people, filling out our taxes. It’s a complete waste of time and energy and money.”
Speaker Ryan’s tax appeal in Wisconsin comes amid new projections showing how corporate tax reform alone will boost wages for average American households by thousands of dollars annually. (See here, here, and here.) This pay raise is what hardworking families can expect before factoring in cuts to individual tax rates. And that is just another way that tax reform will bring more jobs, fairer taxes, and bigger paychecks.Read More
Another new study released this week confirms that corporate tax reform alone will spur massive wage growth in the United States. The analysis, led by Boston University Professor Lawrence Kotlikoff, argues that "the new Republican tax plan raises GDP by 3 and 5 percent and real wages by between 4 and 7 percent. This translates into roughly $3,500 annually, on average, per working American household."
This confirms projections released yesterday by the Council of Economic Advisors (CEA), which also showed how cutting the corporate tax rate and bringing trillions of dollars in profits back home from overseas will boost wages for hardworking Americans. It also aligns with Lawrence Lindsey's assertion that "It would not be surprising to see real wage increases of 4% to 5%" if tax reform is enacted.
These studies directly contradict myths perpetrated by the Left that corporate tax reform benefits the wealthy at the expense of the middle class—a charge Speaker Ryan confronted head on during his address at The Heritage Foundation last week:
"Fixing the business side of our tax code is really all about helping families and workers. Cutting the corporate tax rate means more jobs here in the United States. It will foster increased competition, which will directly drive up wages for our workers. Higher wages means bigger paychecks. Bigger paychecks and lower tax rates means more money in your pocket. And more money in your pocket means a better standard of living."
Americans deserve a pay raise, and these reports show what middle-class families stand to gain before tax rate cuts. That is how we deliver on our promise to give hardworking Americans more jobs, fairer taxes, and bigger paychecks through pro-growth tax reform.Read More
Tax reform is all about more jobs, fairer taxes, and bigger paychecks. That last one is particularly important. Pro-growth reform means a pay raise for American workers. And a new report from the Council of Economic Advisers (CEA) shows just how much they stand to gain from our plan.
The study finds that as a result of corporate tax reform alone, on average, American families will see a wage increase of at least $4,000 annually.
The pay raise is a result of reforms that help keep businesses in the United States and bring jobs and capital back home from abroad. (And this pay raise is even before tax cuts that Americans can expect to see.) Today, America has one of the highest corporate tax rates in the industrialized world at 35 percent. By slashing this rate to 20 percent, and bringing trillions of dollars in profits back home from overseas, we will unleash real wage growth not seen in a generation.
The CEA findings align with a recent survey conducted by the National Association of Manufacturers (NAM), which showed that a majority of American manufacturers would raise wages if tax reform is enacted.Read More
Speaker Ryan likes tax reform. A lot.
But for him, it's not just about the spreadsheets and data crunching. It's about making a real difference in the lives of middle-class Americans. That's the whole purpose of tax reform.
And that is the reason he has spent literally hundreds of hours on the road this year, meeting face-to-face with workers on the shop floors of American factories. to learn their stories and bring them a message of hope. He is on a mission—a mission that recently took him to Dixon Valve and Coupling Company in Maryland, a family-owned-and-operated manufacturing business that has been running for more than 100 years.
Speaker Ryan is taking the message of tax reform everywhere. In the last couple of months, he's visited with workers in:
To find out when he might visit your state, sign up for email updates here.Read More
SAN JUAN, PUERTO RICO—House Speaker Paul Ryan (R-WI) traveled with a bipartisan delegation to Puerto Rico today. After completing his briefing and an aerial tour of affected areas, Speaker Ryan released the following statement:
“First, I want to say that my heart goes out to the people of Puerto Rico. What I’ve seen here today has confirmed that this is first and foremost a humanitarian disaster. But I’ve also seen a compassionate, resilient spirit. What I’ve seen here is people coming together, working together, to help the victims and rebuild communities. I want to commend everyone who has come to the aid of the people of Puerto Rico and the U.S. Virgin Islands—including local officials and first responders, FEMA, our armed services, and the Coast Guard.
“We are absolutely committed to providing Puerto Rico and the U.S. Virgin Islands with the necessary resources so they can rebuild and recover. That’s why the House moved quickly to pass important disaster funding legislation yesterday. This legislation will provide more disaster response resources to Puerto Rico, the U.S. Virgin Islands, and other areas in the United States affected by natural disasters.
“We do not forget that these are Americans. A large number of them fight alongside us in our wars. I’ll say it again: We are committed to helping Puerto Rico and the U.S. Virgin Islands get what they need to make it through this difficult time.”
Speaker Ryan’s bipartisan delegation included House GOP Conference Chair Cathy McMorris Rodgers (R-WA), House Appropriations Committee Chairman Rodney Frelinghuysen (R-NJ), House Appropriations Committee Ranking Member Nita Lowey (D-NY) and Resident Commissioner Jenniffer González-Colón (R-Puerto Rico).
Upon arrival, the delegation received a briefing at the Joint Field Office from FEMA and Coast Guard officials. The delegation also took part in an aerial tour of the damage.
The speaker and representatives met with Governor Ricardo Rosselló, who gave an update on the current disaster situation and the path forward.
The delegation also hosted a discussion with mayors and local residents, who shared stories of how the storm has affected their communities.Read More
WASHINGTON—House Speaker Paul Ryan (R-WI) issued the following statement on Iran:
"The nuclear agreement struck by the previous administration with Iran is fatally flawed. Not only did it codify Tehran’s domestic enrichment capability, but once key restraints expire in the coming years, the regime will be free to pursue nuclear weapons under the guise of international legitimacy. All the while, Iran has continued to test-fire ballistic missiles and finance its terrorist proxies across the globe. Simply enforcing a fatally flawed agreement is not sufficient. I support President Trump’s decision to reevaluate this dangerous deal, and the House will work with his administration to counter Iran’s range of destabilizing activities."Read More
Yesterday, following his address at The Heritage Foundation, Speaker Ryan joined The Laura Ingraham Show to discuss our historic opportunity to fix the broken tax code. Listen to the interview here and check out the excerpt below.
Speaker Ryan: “We put together this framework with the President and the Senate and it’s literally 9 out of 10 taxpayers under our plan can do their taxes on a post card. . . . The people who have all these loopholes snuck into the tax code are not going to like it and that’s what the speech I gave at Heritage today was saying we’re going to have an army of special interests descend upon Capitol Hill in a matter of days to try to defend the status quo—which, by the way, is a rigged deal where well-connected people, well-off people can hire accountants and lawyers to navigate this code and get a good deal for them, but it leaves everyone else stuck with higher tax rates and higher taxes. So the whole purpose of this is to unrig the deal, unrig the economy, unrig the tax code, get rid of those loopholes, and just lower everybody’s tax rates and simplify the system. . . . Simplify it so you can do your taxes on a post card and just keep your money in the first place. That’s the whole point of all of this.”
ICYMI: Watch Speaker Ryan’s speech at The Heritage Foundation here.Read More
H-232 The Capitol
Washington, DC 20515
The Speaker acts as leader of the House and combines several roles: the institutional role of presiding officer and administrative head of the House, the partisan role of leader of the majority party in the House, and the representative role of an elected Member of the House. By statute, the Speaker is also second in line, behind the Vice President, to succeed to the presidency.
The Speaker presides over the House, administering the oath of office to Members, calling the House to order, and preserving order and decorum within the Chamber and in the galleries. Additionally, he appoints the chairmen to preside over the Committee of the Whole, appoints special or select committees, appoints conference committees, has the power of recognition of Members to speak, and makes many important rulings and decisions in the House. The Speaker may vote, but usually does not, except in the case of a tie. The Speaker and the Majority Leader determine the legislative agenda for the House, and often confer with the President and the Senate.