Tax reform might be passed before Thanksgiving. It’s unlikely, given how much petty in-fighting exists among the Republican party, but not impossible. Speaker of the House Paul Ryan appeared on Rush Limbaugh today to talk about it.
Limbaugh hammered Ryan pretty hard. The Congressman didn’t fall apart, however.
“The fact is that we’ve gotten to the point that 95% of all income tax revenue is paid for by the top 20% of wage earners. And yet I saw a poll out there — and I know this is what you’re up against — I saw a poll where something like 80% of the American people don’t think the rich are paying enough, and this is purely because of Democrat demagoguery,” Limbaugh ranted.
Ryan responded that though the left was doing all that it could to derail the tax plan, he hoped to prevail regardless. The public is susceptible to the Democrats’ manipulations because they’ve gone unchecked for so long.
Will taxes be raised? Lowered? Ryan says that the new tax plan will benefit every American, rich or poor.
“So, the president made it pretty clear he didn’t want that rate to go down. But if you look underneath the rate, more of your income is taxed at a lower rate… every single person, every rate payer, every bracket person gets a rate cut. On average, for the average family in America, it’s 11… It’s 100… It’s a $1,182 tax cut, an $1,182 tax cut for the average household in America,” explained Ryan.
“That’s a huge cut — and, by the way, by doing that, doubling the standard deduction… we’re just gonna cut your taxes and let you keep more of your money in the first place, and you decide what you want to do with your money.”