WATCH: Ryan addresses GOP plan for tax reform
House Speaker Paul Ryan spoke on the GOP tax overhaul plan this morning. Watch his remarks in the player above.
House Speaker Paul Ryan says he is confident a tax overhaul plan from President Donald Trump and congressional Republicans will be passed this year.
"We really can get this done this year," he told CNBC on Thursday. "You're not going to get 3 percent [economic] growth in 2018 if you don't get this done in 2017. So we're really serious about that."
The president and GOP leaders said the tax plan aims to simplify the tax code and make cuts to tax rates for the middle class and corporations. The corporate tax rate under the plan would drop from 35 percent to 20 percent. And GOP leadership has maintained that their plan would provide tax relief to middle class families, despite Democratic criticism that said the proposal was "morally repugnant."
Ryan said the plan will "protect the low-income and middle-income households. Not the wealthy and well-connected."
However, the Associated Press reported that "there are too many unknowns in the proposal right now to know how it actually would affect taxpayers."
PBS NewsHour will update this story as it develops.