Speaker Ryan on Fox News, CNBC: Tax Reform Lets People Keep More of their Hard-Earned Dollars

 

Following the passage of historic tax reform, Speaker Ryan spoke to CNBC and Fox News about how the Tax Cuts and Jobs Act will bring real relief to middle-income Americans. Watch the interviews and check out the excerpts below. 

CNBC’s Squawk Box

Speaker Ryan: “If you’re living paycheck-to-paycheck, which is more than half of the people in this country, making the median family income of four and you got a $2,000 tax cut next year, that’s not nothing. . . . To families who are out there struggling, that’s something. Doubling the child tax credit, doubling the standard deduction, lowering rates across the board, that means a lot, to a lot of people.”

Joe Kernen: “Here’s one thing I got from the Joint Committee on Taxation. If you take what we think of as the middle-class, people earning between $40,000 and $200,000, not the top 5 percent, between the top 5 percent and the bottom 50 percent, that 45 percent, they pay 37.6 percent of personal taxes, of the total, they get 52 percent of the tax cut. Whereas the top 5 percent pay 59 percent of the taxes but only get 43 percent of the tax cut. So that’s 87 percent more that the people in the middle-class are getting so how is it being characterized as a tax cut for the rich . . . .  It’s picked up by the media, every headline I see in every newspaper and every cable channel I turn on, that’s what I see. . . . Is it impossible to get the message out?”

Speaker Ryan:It’s impossible to get the message out in the slew of all of this because that is the mantra, it has been the mantra, it will be the mantra, and it’s always been the mantra. Look there’s a different philosophy here. On the left, people look at life and the economy as a zero-sum game, that it’s not dynamic. That someone’s gain comes at another person’s loss. That the economic pie of life is fixed and that it’s government’s job and role to equitably distribute the pie. We have a different philosophy. We believe in equality of opportunity, not equality of outcome. This is the equality of outcome philosophy. So you have to understand the philosophy behind making those talking points and that’s what it is.”

The Story with Martha MacCallum

Martha MacCallum: “Why is there such a disconnect between what people think they are going to get and what the numbers are telling us they will get?”

Speaker Ryan: “Well when people are bombarded with that kind of rhetoric, no wonder they’re a little confused. When they’re bombarded from the rhetoric from the Left and from a lot of people in the media, that this is going to hurt them, this is going to raise their taxes, it’s going to do other things, people are going to be confused. You know, this was the kind of debate I’m told they had in ’86 when Reagan passed his tax reform. In the polling before they passed it, only 18 percent of Americans at the time thought they were going to get a tax cut. So this is the kind of hyperbolic rhetoric you have when we’re doing monumental reform, which lets people keep more of their own hard-earned dollars, which gets our businesses in sync with the rest of the world so we’re not punishing them and losing jobs. The Left hates this. They’re not for it. And what the news you’re seeing today, just in hours, you just mentioned in your lead in, ATT $1,000 bonus for what, 200,000 employees? A billion dollar capital investment? There’s—you know that tells me that’s 7,000 jobs right there. Comcast, $1,000.”

 

 

Article source: https://www.speaker.gov/general/speaker-ryan-fox-news-cnbc-tax-reform-lets-people-keep-more-their-hard-earned-dollars

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