Welcome

Thank you for visiting Paducahsun.com, online home of The Paducah Sun.

Calendar
June 2012
S M T W T F S
27 28 29 30 31 01 02

Click here to submit an event.

Ryan promises tax overhaul this year

Associated Press

WASHINGTON -- House Speaker Paul Ryan insisted on Thursday that Congress will overhaul the U.S. tax system this year despite the chaos consuming Washington and the political divisions in Congress.

"I feel very confident we can meet this goal," Ryan, R-Wis., told reporters.

Ryan was bolstered by skittish business leaders who began an aggressive lobbying effort to ensure that their vision for a tax overhaul isn't lost in the daily distractions of President Donald Trump's administration.

The conservative Koch brothers' political network announced it is preparing to spend millions of dollars toward that end. The announcement came on the same day a handful of business executives told a congressional committee that the current tax system makes U.S. companies uncompetitive.

"We no longer live in a world where the U.S. can set a corporate tax rate without considering what our international competition looks like," John Stephen, AT&T's chief financial officer, told the House Ways and Means Committee. "Countries are vigorously competing against each other to attract investment and jobs, but the U.S. has done little to retain its competitive advantage."

The Trump administration released a one-page tax proposal last month that included massive tax cuts for businesses, a bigger standard tax deduction for middle-income families, lower investment taxes for the wealthy, and an end to the federal estate tax for the very rich.

Thirty-one years after the last overhaul, there is widespread agreement that the current tax system is too complicated and picks too many winners and losers, compelling companies to make business decisions based on tax implications instead of sound business reasons.

But there are deep political and practical disagreements over how to fix it. Is it OK for a tax overhaul to add to the nation's debt? Should corporations pay less? Should rich people pay more? "I do believe that there are very serious and legitimate concerns to any version of tax reform, and we're going to have to accommodate those concerns as we move to a new tax system," Ryan said.

Billionaire industrialists Charles and David Koch are undertaking a multimillion-dollar campaign through the summer to ensure their conservative tax plan is not forgotten, said James Davis, spokesman for the Kochs' political network.

The campaign will include digital ads and town hall meetings, along with phone banks and direct mail.

"Now is the time. We've got to unite around these principles," Davis said. "The White House hopefully will see this as a jolt to support them in driving this forward."

Comments made about this article - 0 Total

Comment on this article

Your comment has been submitted for approval
captcha 1f114af3ce774eacb6e4c0dc89371975
Top Classifieds
  • Labrador Pups $500 839-1198 Details
  • HAVANESE PUPS AKC Home Raised, Best H ... Details
  • House for SaleAurora, KY2 Bdr, Liv RM ... Details
  • Lower town Condo w/ garage, Leslie He ... Details
  • SEEING is believing! Don't buy p ... Details
  • Hill Crest SubdivisionCorner Lot180x ... Details
  • Beautifully &Totally Renovated Co ... Details
  • Details
  • AUTOMOVER SPECIAL6 lines - 14 dayson ... Details
  • Old Ford Backhoefixable or for parts2 ... Details
  • 2007 NissanAltima Hybrid147,000 miles ... Details
  • White 2013 Chevy Impala LT 70k mls $8 ... Details
  • 2011 Outback Keystone Super Lite 277- ... Details
  • Coachman Pop-Up Camper $1800 270-744- ... Details

Most Popular
  1. Forbes ranks Louisville No. 1 in manufacturing resurgence
  2. City to host fire training program
  3. Crowd turns out for commission meeting
  1. Preliminary autopsy: Wreck killed Ford
  2. Crowd turns out for commission meeting
  3. Baptist Health celebrates opening of cancer center
  1. Forbes ranks Louisville No. 1 in manufacturing resurgence
  2. City to host fire training program
  3. Crowd turns out for commission meeting
Discussion

Check out these recently discussed stories and voice your opinion...