US House speaker vows to complete tax reform in 2017

House Speaker Paul Ryan of Wis., speaks during the National Association of Manufacturers (NAM) 2017 Manufacturing Summit in Washington, Tuesday, June 20, 2017.

This statement came in the form of remarks in a speech aimed at U.S. manufacturers, the Republican said that the administration under stewardship of Trump is moving quickly to deliver basic tax reform applicable for individuals, small businesses and corporations.

Mr. Ryan's speech to the National Association of Manufacturers, sandwiched between cable news appearances, is meant to build momentum and public support for the party's aims.

The obstacles in Congress are many. The tax would generate revenue that the proposals put forward by the House would need to finance other cuts they are proposing. But the GOP is planning a busy fall.

Republicans are promising the biggest tax overhaul since the Reagan era, saying a simplified system with tax cuts for individuals and businesses, along with reforms to eliminate taxes on the foreign profits of USA corporations, can boost economic growth and create jobs. It would require consumer price increases of 15 percent or more to retain profitability, effectively creating a new tax paid by consumers.

Ryan's planned remarks, however, do touch on the idea of the border adjustment tax, which he favors. Mr. Ryan has acknowledged the concerns, but he is also forging ahead in the absence of an alternative.

In a question-and-answer session after the speech, Ryan said he thinks getting tax reform done by the end of the calendar year is "eminently doable".

Ryan supports a new tax on imports to help finance a lower overall tax rate for corporations, and to encourage USA companies to stay in the United States. "We can not let this once-in-a-generation moment slip by". "We must think differently, so that once again we make things here and export them around the world".

A growing number of Republicans say they would rather just cut taxes than take on the hard task of simplifying the tax code, which would include eliminating many tax breaks to finance lower overall tax rates. Conservatives and some parts of the Trump administration favor a tax cut.

His comments come in excerpts of the speech released by his office, the website said.

Mr. Ryan will say Tuesday that a permanent tax law is important, which means it will likely need to be constructed to avoid increasing budget deficits beyond a 10-year budget-scoring window. USA businesses are taxed on what they earn both at home and overseas (after a partial exemption).

"Every expert agrees that temporary reforms will only have a negligible impact on wages and economic growth", he will say.

"We are going to get this done in 2017".

The White House's one-page outline of the 2017 Tax Reform for Economic Growth and American Jobs plan.

- To even get to tax policy, Republicans will have to pass a budget that allows them to use reconciliation, the procedural tool that enables a simple majority vote in the Senate.

But the biggest hurdle to a tax cut for Republicans is reaching a consensus on whether a bill should be revenue-neutral and, if so, how it should raise revenue to pay for tax-rate cuts. Ryan barely forced a bill through the House, despite controlling a significant majority of seats.

Ryan and Vice President Mike Pence on Tuesday reiterated a commitment to overhauling the tax code this year but offered no new details on how they plan to do so. But Republicans say they are determined to do something ahead of next year's primaries and midterm elections.

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