For Immediate Release
Paul Ryan Still Missing the Point: "Lowering tax rates does not create jobs. Period."
WASHINGTON - Today, Speaker of the House Paul Ryan gave his first major speech on tax reform while at the NAM 2017 Summit. One thing was clear from this address: Ryan will continue to go to any lengths to pass off tax cuts for the wealthy as pro-growth legislation that would help Americans. Chair Morris Pearl sounded off this afternoon, saying:
Does Representative Ryan have constituents in Wisconsin who are entrepreneurs, but who said: “If I am really successful and make it to the top tax bracket, I will only get to keep 65% of the profits -- so I would rather not bother making any money at all”? I have yet to meet that business person.
What budding young entrepreneurs need is the social safety net in place, so that they can leave their nine-to-five jobs and start a new business in their garages (or in their local coffee shops) and not have to worry about their families going without health insurance.
Let me make this clear: lowering tax rates does not create jobs. Period. Lowering tax rates just makes the one percent even richer. If someone has a profitable idea, the United States of America is the best country in which to make a lot of money, and 65% of a lot of money is still a lot of money. If it is not a profitable idea, lowering tax rates to zero won’t help.
The Patriotic Millionaires believe it is time for Ryan to go back to the drawing board with tax reform.