Speaker of the House Paul D. Ryan (R-WI) said that Republicans in Congress are working with the Trump Administration to develop a "transformational" tax reform plan.
At the National Association of Manufacturers summit, Speaker Ryan highlighted various aspects of a "transformational tax reform plan" that included:
- simplifying and modernizing the tax code to remove complexities and make compliance less complicated;
- eliminating "burdensome" taxes, such as the estate tax and the alternative minimum tax;
- significantly cutting the corporate tax rate; and
- consolidating income tax brackets from seven to three and doubling the standard income tax deduction.
Speaker Ryan asserted that the proposed tax reforms would (i) disincentivize companies from off-shoring jobs and (ii) increase the number of high-paying jobs available to Americans. To support his second claim, he cited a Tax Foundation report projecting that the 2016 House Republican tax reform framework would lead to 1.7 million additional full-time jobs.
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