House Speaker Paul Ryan, R-Wis., said it's "high time" for tax reform so that American economy can "heal" and be "healthier."
Ryan said Monday after a tour of the Wisconsin Harley Davidson facility that American businesses and manufacturers are being taxed at a much higher rate than their foreign competitors, and as a result, American jobs and American businesses are put at a big competitive disadvantage.
"Tax reform can fix that," he said. "Tax reform can stop punishing companies for making things in America and selling them overseas. Tax reform can put American manufacturers and American companies like Harley Davidson on a much better footing to compete in the global economy and keep jobs here in America."
"That is why we are so focused on getting tax reform done," he added. "This has not been done since 1986. It's high time we do it.
Additionally, Ryan said taxes would be simplified and stated dramatic simplification was possible.
"We want to simplify the system for Americans, for families, for workers. We want to simplify the system so much that 96 percent of American workers can fill their taxes on a postcard," he said.
Ryan said the House Ways and Means Committee and the Senate Financial Services Committee would be releasing their framework for this overhaul next week.
Once tax reform is implemented with tax cuts for the middle class and tax competition for businesses, Ryan said the American economy will be stronger.
"What we mean when we get a faster economic growth is we get faster paycheck increases, more take home pay, higher living standards," he said. "That's something that Americans have not seen for a long time. That's something we can accomplish with tax reform."