Ryan: 'Planets are aligned' on tax reform

Ryan: 'Planets are aligned' on tax reform
© Greg Nash

House Speaker Paul RyanPaul Davis RyanAEI names Robert Doar as new president GOP can't excommunicate King and ignore Trump playing to white supremacy and racism House vote fails to quell storm surrounding Steve King MORE (R-Wis.) on Sunday said Congress is likely to pass a major overhaul of the tax code by the end of the year, but cautioned that Republicans "don't want to put an artificial deadline" on reform.

"We don't want to put an artificial deadline on tax reform because we want to get it right," Ryan told radio host John Catsimatidis. "So this is really a plan for 2017, and we are convinced that we can get this done in 2017 so that the economy can really start to take off."

"It's a long time in coming, but all the planets are aligned, meaning you have the House, the Senate and the White House all working on this plan together to make sure we get comprehensive tax reform," he added.

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Ryan's comments echoed those of the White House, which has also vowed to implement tax reform this year. The Trump administration released a one-page outline of its tax plan last month, calling for dramatic cuts to both personal income and business taxes.

But Ryan also defended his proposal for a border adjustment tax. President Trump floated the idea as a candidate, but his administration has since backed away from such a tax. Treasury Secretary Steve Mnuchin also cast doubt on the idea last month, saying administration officials "don't think it works in its current form."

"One-hundred-and-sixty countries already have a border adjustment tax. All of our trade competitors for that matter basically border adjust their taxes," Ryan said. "We don't have that."

"The border adjustment is basically getting us in sync with the rest of the world, because the rest of world already border adjusts their taxes."