Speaker of the House Paul Ryan, R-Wis., maintained everyone will be receiving a tax cut, despite the fact a few wealthy individuals will be subjected to the “bubble tax,” a provision that could tax income at over 45 percent.
Fox News host Laura Ingraham pushed Ryan about the “bubble tax” and said it would lead to higher tax brackets. She then asked if Hillary Clinton was in office.
“We are not for higher brackets. Everyone enjoys a tax cut all across the board,” Ryan said. “What this ‘bubble rate’ does is it says the millionaires don’t get the tax cut that is aimed for low and middle-class people, the people in the 12 percent bracket. All it is saying, we want to preserve middle-class tax cuts for middle class, but a person in the top bracket — $1 million to $1.2 million — they still get lower taxes.”
“That’s the point. We don’t like high tax rates either. But what we’re trying to do is we are trying to make all of this work. Getting taxes down on businesses for jobs leveling the playing field. But the goal of the tax cut is to aim it toward the middle class.”
House Republicans unveiled their tax reform plan on Thursday and introduced the legislation to the Ways and Means Committee on Monday.
The legislation aims to slash the corporate tax rate and reduce the number of income tax brackets while eliminating state and local tax deductions.
