“America has the worst tax code in the industrialized world. It is killing economic growth. It is driving companies to become foreign companies. More and more and more U.S. companies are going to leave this country because of our tax laws.”
— Speaker of the House Paul Ryan (R-WI)
The Speaker of the House, Paul Ryan, made an important announcement on Thursday when he told the media during his weekly press conference that the GOP would be making tax reform a priority in the coming year. He argued that the USA currently has the worst tax code in the industrialized world, and that it has been hampering our economic growth for the last decade.
— Paul Ryan (@SpeakerRyan) February 16, 2017
Later, in a press release on his website, Rep. Ryan further explained why tax reform was such an important issue today.
The nonpartisan Tax Foundation’s International Tax Competitiveness Index ranks our tax code behind all but four Organisation for Economic Co-operation and Development (OECD) member nations. This means our tax code is putting American businesses at a steep disadvantage to our foreign competitors.
Now we have a once-in-a-generation opportunity to change this.
According to the assessment, “If the U.S. were to enact this reform, the U.S.’s ranking would improve significantly on the Index. Our tax code would move from 31st plan (out of 35 countries) to 3rd, just behind Estonia and New Zealand.”
This plan will make America’s tax code so competitive and so pro-growth that we will leapfrog from almost dead last to the front of the pack. That’s why we are so determined to finally get tax reform done. Leveling the playing field for our businesses and providing incentives to bring jobs back from overseas would revitalize the economy and help more Americans get back to work.
The GOP has been sadly underwhelming over the last decade as they’ve won control of the House, then the Senate, and finally the White House. They’ve continually disappointed their conservative base, and have nary a policy victory to hang their hats on. Here’s hoping that in 2017 the GOP can finally reform our tax code, and repeal Obamacare at the same time. If they can accomplish these two tasks, we’ll look back on 2017 as the banner year when the American economic engine finally re-awoke and ushered in a new era of prosperity for our people.