House Speaker Paul Ryan tried on Tuesday to jump start negotiations on reforming the tax code. Billing it as a “once-in-a-generation moment,” the Janesville Republican pitched an ambitious overhaul agenda to the National Association of Manufacturers. Ryan wants to eliminate “burdensome” taxes, including the estate tax and the alternative minimum tax, and eliminate most deductions.
And “we will consolidate the existing seven brackets into three, double the standard deduction, and simplify things to the point that you can do your own taxes on a form the size of a postcard,” Ryan said.
There still is no tax bill in either chamber of Congress, with disputes among House and Senate Republicans remain unresolved – but Ryan wants to get legislation considered this fall.
“Our goal – and we think this is eminantly doable – is just to get it done by the end of the calander year,” Ryan said. “My personal goal is to get it done by opending day of gun deer season. That’s the Saturday before Thanksgiving.”
Ryan said any tax reforms — as well as any tax cuts — will need to be permanent.