The tax reform bill Republicans are pushing this year cannot be a repeat of former President George W. Bush's temporary tax cuts, House Speaker Paul Ryan said Wednesday.
"You can't just do what Bush did in 2001, 2003," Ryan said, referring to the tax bills that cut individual tax rates and provided tax relief, but were only temporary.
Instead, the Wisconsin Republican said in a live-streamed AP interview that a broader overhaul of the tax code is needed to make the U.S. attractive to businesses relative to other countries.
"Narrow tax cuts won't fix that," Ryan said of the problem of the country losing businesses to lower-tax jurisdictions.
Ryan said Republican leaders and the Trump administration would lay out a tax reform outline the week of the 25th. He declined Wednesday to discuss what might be in that outline, and said he would leave it to the committees responsible for taxes to work out those details.
He also declined to say whether the joint plan would call for a revenue-neutral tax plan, meaning one that would not be projected to add to federal deficits.
Many congressional Republicans favor legislation that would reduce federal revenues. And some would rather see a large tax cut, even if it is temporary, than a reform that is permanent and written to be revenue-neutral to be able to pass Congress.