"We really can get this done this year", he told CNBC on Thursday.
House Speaker Paul Ryan says he is confident a tax overhaul plan from President Donald Trump and congressional Republicans will be passed this year. "This is it. This is the game changer for our economy", he added.
"Instead of a source of pride, our tax code has become a constant source of frustration", Ryan said.
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Trump has touted the plan as a job-creating boon for the middle class; Democrats have slammed it, with Senate Minority Leader Chuck Schumer (D-N.Y.), calling it a "massive windfall for the wealthiest Americans" and nearly no one else. "The state has 3.2 million residents who claim the deduction, and New York's itemizers make up primarily lower- and middle-income households: 85 percent of those who claim the SALT deduction earn less than $200,000 in annual income". The plan calls for doubling the standard deduction, now $6,300 for single filers and $12,600 for most married couples. "Not the wealthy and well-connected". Instead of giving tax breaks to billionaires, he said, the USA should be making its best effort to "rebuild the disappearing middle class".
Nonpublic pass-through businesses - such as sole proprietors, limited liability companies and partnerships - pay no income tax themselves. The others were Cohn, Treasury Secretary Steven Mnuchin, House Ways and Means Chairman Kevin Brady, Senate Majority Leader Mitch McConnell and Senate Finance Chairman Orrin Hatch. The director of the National Economic Council also said there's "no room to negotiate" the proposed 20 percent corporate tax rate. "That's why I feel like we're really wired for success", Ryan said.