Near the end of April, President Trump proposed a tax plan that would offer major relief from the tax burden US business and workers carry. Now Paul Ryan blocks the Trump tax plan
Despite what the left would like for you to believe, this new tax plan gives a huge break to not only corporate taxes but also middle class taxes. The number of tax brackets would be reduced from seven to three. Business tax will be dropped down to 15%. The new plan would also repeal the death tax.
It seems like a great plan. Why didn't it get put into place? Well, to put it simply, Paul Ryan thinks his plan is better.
Paul Ryan Blocks the Trump Tax Plan
So how is Ryan's plan better? It's not. Ryan wants to implement a new border-adjustment tax that will help to pay for the decline in corporate taxes. Under Ryan's plan Americans would be paying more for imported goods.
The hard-headedness of Paul Ryan may cause the tax cuts to be delayed for American workers this year.
Paul Ryan’s tenure as House speaker will be judged in part on whether he can deliver a Republican tax plan. But rather than spearhead the effort to reach consensus, Ryan is still clinging to his own widely rejected proposal.
The resulting impasse could relegate the House to the sidelines as the Trump administration and Republican senators try to come up with an alternative plan. The worst-case scenario for Republicans is that they never find one.
Blame Ryan’s wonky streak. Unlike most of his predecessors — who don’t usually hatch their own proposals but rather sift through the options to find the one that can pass — Ryan has been unusually invested in the details of major legislation.
And on taxes, he still maintains that the rest of the party will come around to the merits of his idea, namely a border-adjustment concept Ryan has proposed to help pay for a steep cut to the corporate tax rate.
Paul Ryan needs to not let his arrogance get in the way of this Trump tax plan. Many people stand to benefit from this tax plan and he is only thinking about himself.