Transcripts

"Reviving the Economy"-Congressional Difference of Opinion, Rep. Paul Ryan, R-WI

SUSIE GHARIB: We continue our focus on the government's role in "Reviving the Economy" with a series of commentaries we call a congressional difference of opinion. Tonight, Representative Paul Ryan, Republican of Wisconsin has some thoughts on taxes and American business.

REP. PAUL RYAN, (R) WISCONSIN: Facing serious economic challenges from mounting mass layoffs to increasing global competition, we need to implement innovative solutions to get America back on track and create jobs. Unfortunately, Washington is seeking to take us in the opposite direction, by increasing the tax burden on American manufacturers, small businesses and on families. Washington is looking for any revenue to extract from our economy in an attempt to chase its gusher of new spending. I have proposed a completely different direction with innovative tax reforms and long overdue controls on spending from Washington. For individuals, I propose to give taxpayers a choice: you can choose the current tax code or you can pay your taxes with a simple, flatter system with two low rates and a form that fits on a postcard. We should also eliminate the current tax penalty on investment, savings and risk-taking, activities in short supply these days. For America's job creators, we should level the playing field for American-made products to compete against foreign competitors. I have proposed to scrap our corporate income tax, the second highest in the industrialized world and replace it with a business consumption tax that would be imposed on foreign goods entering the U.S. and repealed on our American-made exports. We must promote the export of U.S. products rather than the export of U.S. jobs. Now, more than ever, we need to strengthen American jobs and put American products and workers in a position to thrive in the 21st century global economy. To learn more about my reforms, I encourage you to visit americanroadmap.org. I'm Congressman Paul Ryan.

GHARIB: Tomorrow, Congressman Jim McDermott, a Democrat of Washington and his take on taxes.