Tax Code Overhaul, Obamacare Replacement Among Speaker’s Focuses
The New York Times reported that last week House Speaker Ryan on Thursday, speaking in the Great Hall of the Library of Congress, said the GOP’s “No. 1 goal for the next year is to put together a complete alternative to the left’s agenda.” He added, “We will put out specific proposals and give the people a real choice.” That agenda, he said, would include “a sweeping overhaul of the tax code,” as well as “trade agreements that would benefit American manufacturers,” and a stronger military. He stated that the goal of Republicans is to “see spending going down, taxes going down, debt going down.” The AP said that Ryan promised “that the House will finally come up with a replacement to President Barack Obama’s health care law and attempt to overhaul the tax code.” Specifically addressing plans for the tax code, “Ryan called for eliminating loopholes and collapsing down to two or three rates.” He explained, “The only way to fix our broken tax code is to simplify, simplify, simplify.” The AP said that though the speech was “short on new ideas and lacking specifics,” it showed that Ryan “has no desire to hang back and play a supporting role.”
What This Means For Small Businesses
As the new House Speaker, Paul Ryan has a chance to ensure Congress works to keep the priorities of small businesses in mind going forward. The agenda he has outlined includes plans to overhaul the antiquated, burdensome tax code and repeal Obamacare. These are two top priorities for small businesses as well. However, it remains to be seen if Congress can put partisan politics on hold to focus on the business of governing while keeping in mind the interests of the small business community.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.