House Speaker Paul Ryan called the current tax system 'too confusing and expensive' and promised for an complete overhaul of the federal tax code this year. Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) House of Representatives Speaker Paul Ryan vowed on Tuesday to complete an overhaul of the federal tax code in 2017, despite party infighting and political distractions from alleged Russian meddling in the 2016 election. In a speech to the National Association of Manufacturers, a powerful Washington lobby group, Ryan said President Donald Trump and the Republican-controlled Congress cannot afford to let the opportunity for tax reform slip this year. "We are going to get this done in 2017. We need to get this done in 2017," Ryan said. "Transformational tax reform can be done, and we are moving forward. Full speed ahead." The Trump administration and congressional Republicans face mounting pressure from U.S. businesses and voters to succeed on tax reform, a top 2016 campaign pledge that could determine whether Republicans retain control of Congress in the 2018 midterm elections. It was not clear whether Republicans can overcome infighting over healthcare legislation and government spending to move forward on tax reform.