Here & Now

What Paul Ryan’s Tax Reform Plan Means For You

Frederica Freyberg:

Slower than hoped for progress on key Republican initiatives like healthcare and tax reform might prompt Congress to cancel its August recess. House Speaker Paul Ryan told the 2017 manufacturing summit this week that tax reform would be completed this year. Ryan talked about cutting corporate and personal taxes, simplifying the tax code and eliminating the death tax.

Paul Ryan:

We will clear out special interest carve outs and expensive deductions and focus on keeping those that make the most sense. Homeownership, charitable giving, retirement savings. We will consolidate the existing seven brackets into three. Double the standard deduction and simplify things to the point that you can do your own taxes on the form the size of a postcard. This instead of the 1040 form. Wouldn’t that be nice?