House Speaker Paul Ryan reaffirmed that tax reform is a 2017 priority. Ryan promised in remarks this week that the tax code would be overhauled before the end of the year and argued that tax cuts need to be permanent to support business growth and stability, according to CBS.
“We are going to get this done in 2017,” Ryan said in a speech to the National Association of Manufacturers. “We have to get this done in 2017. We cannot let this once-in-a-generation moment slip by. Transformational tax reform can be done, and we are moving ahead—full speed ahead.”
In a letter to Chairman Kevin Brady of the Committee on Ways and Means, NFIB President and CEO Juanita Duggan laid out details of what tax reform should look like to benefit small businesses. “Tax reform should result in a tax code that is easier to comply with, ensures that small businesses have rate parity with their larger competitors, and reduces tax rates for all small businesses,” Duggan wrote.
“The Committee and Congress must understand that small business owners are paying close attention, and they are making decisions that affect the economy based on how Washington performs,” Duggan said.
Lawmakers have been arranging a strategy to push forward a tax package in the Senate with a simple majority to avoid stalling from opponents. But through this special budget process, the bills considered couldn’t raise the deficit beyond a window of time, which is typically 10 years, according to The Hill. This means that the tax legislation would be temporary, but for Ryan, the uphill battle for tax reform requires a permanent solution.
There are ways around this time restriction in the special process, like writing revenue-neutral tax reform that is permanent. Ryan and many leaders within the House Ways and Means Committee are exhausting measures to make sure that the tax solution isn’t temporary.
“Businesses need to have confidence that we won’t pull the rug out from under them,” Ryan said.
Vice President Mike Pence also assured those at the same event that after the Affordable Care Act is repealed and replaced, Congress is going to “pass the largest tax cut since the days of Ronald Reagan”—and that it will happen this year.