House Speaker Paul Ryan said on May 10, a tax overhaul is long overdue.
“Once in every generation, you have an opportunity. The last time we did this—’this’ being ‘reform our tax system’, was the year I got my driver’s license—1986. We have not done this in a long, long time, and it’s a high time in coming,” he said at a contract packaging plant in New Albany, Ohio.
“We want to clean up the individual side of the tax code, we propose to consolidate down to 3 brackets, get rid of special interest carve-outs, simplify the tax code, make it so simple people can fill out their taxes on a form the size of a postcard,” said Ryan.
He added that taxes are currently too high for U.S. businesses, causing them to move their manufacturing overseas.
