• WisPolitics


Friday, June 24, 2016

 8:32 AM 

Ryan to unveil House GOP tax plan

House Speaker Paul Ryan, R-Janesville, and his caucus today will lay out a tax blueprint they say is a "simpler, fairer, flatter code." 

A policy paper outlining the plan rails against the "overly complicated and complex code," noting the tax laws now number about 70,000 pages. Some examples of the complexities include the multiple different tax breaks for higher education, the two different children tax benefits and the five paragraphs it takes to define marriage. 

And though the problem is bad for everyday Americans, it's "particularly severe" for small businesses, the paper says. 

The paper also says the tax code encourages businesses to move its headquarters overseas, noting the U.S. corporate tax rate of 35 percent is higher than the rest of the developed world. Unlike most countries, the paper adds, the U.S. also taxes companies headquartered here for overseas profits. 

The paper, then, proposes a "simpler, more pro-growth tax code." 

Among the proposals are: 

*reducing the tax brackets from seven to three, lowering the highest tax bracket from 39.6 percent to 33 percent; 

*establishing a new tax system for the 95 percent of businesses that currently pay the top income tax bracket. Those businesses would instead limit the tax rate for those businesses to 25 percent; 

*letting people deduct more money for their income from savings and investments and simplifying other deductions, including education and homeownership ones; 

*continuing the earned income tax credit yet find way to make it a "more effective and efficient incentive to work"; 

*ensuring businesses can immediately write off investments instead of spreading out the write-offs over several years as the value of those assets depreciate; 

*exempt any dividends from U.S.-based companies' foreign subsidiaries, ensuring their overseas profits aren't taxed 

*cutting the corporate tax rate from 35 percent to a flat rate of 20 percent 

The announcement, which will be live-streamed, will start at 9 a.m. Central time. 

See the policy paper: 
http://wispolitics.com/1006/160624RyanTaxPlan.pdf 

Watch the live stream: 
http://www.speaker.gov/live 


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