taxpayers in every state, gets a tax cut. i m sure there are going to be people out there, higher income people who can utilize all the loopholes that are other, hire an accountant or a tax lawyer. utilize a bunch of loopholes in the tax code and by losing some of those loopholes, they may not be as well off. but the whole purpose of this is to take with the loopholes, so you can lower everybody s tax rates across the board. the whole purpose of this is to take away loopholes and give everybody a general tax cut. martha: let me ask you. representative ryan: every income on average gets a tax cut. martha: who is in the income bracket? $100,000? representative ryan: know, people above a million. extremely wealthy. very, very wealthy. utilizing different tax loopholes. 70% of americans already itemize their deductions. they don t itemize their deductions. they take the standard deduction. 30% itemize and use the loopholes. that s the highest income earners in america. with this pl
u.s. companies. we are saying is let s get the tax rate from the 40s to the 25, no higher. for the smaller small businesse businesses, the ones that are the mom and pop, bring those rates to 9%. senate bill doesn t go that low. set of bills let s get to 25 and no higher. people will make, as they make money, they pay lower tax rates. we go down from i think 12% in the senate and 9% in the hospital. we both acknowledge you have to get tax rates down because we are losing global competition. martha: we are going to take a quick break. i want to ask for a show of hands. if you are in this group tonight and you think you might end up paying more under this plan, raise your hand. all right, we are going to get speaker ryan to answer that question for those folks who are
i believe in both spirit and substance our tax system has become a burden. by lowering tax rates although at the income scale, each of us will have a greater incentive to climb higher, to excel, to help america grow. the power of these incentives would send one simple, straightforward message to an entire nation. america, go for it. it is a good musical martha: go for it, america. welcome back to our tax reform town hall with speakerphone rya ryan. live in herndon, virginia, president reagan 1986 attacks are from act, one of the benchmarks for president donald trump at the republicans in our tax reform overhaul, but the new g.o.p. plan takes it further by lowering taxes to foster economic growth. that is definitely the plan, will it work? back now, house speaker paul ryan, and we i want to
so i think i will end up paying more. the other piece of it, my original question was actually about income inequality, and particularly with looking at with ronald reagan s tax cuts, it s only gotten bigger, income inequality. more folks at the top are making more money, more folks at the bottom, the trickle-down just hasn t trickled all the way down. it s been 30 years. and when we take a look on your website, you call out at&t is committing to investing a billion dollars in america, which is great, but by cutting the rates from 35 to 25%, they are actually saving $3 billion a year. 30 billion over the ten years that this tax proposal is out there. i really don t see how it s a good deal for americans. speaker ryan: i will take both, is not all right? martha: please. speaker ryan: on the first one, i encourage people to go look at our website, take a look
i don t want to violate your privacy on national television, but here s what i would do if i was doing the math in my head. i would first of all say doubling my standard deduction, i don t know if you are married or not, but if you are a family you go from okay, he s got his ring. there we go. martha: he can prove it. speaker ryan: that means you go from $12,700 to $24,000 tax-free, first $24,000 tax-free off the bat. if you re single you go from $6300 to $12,000, first 12,000 tax-free. for these millenniums, you don t pay taxes on my first 12,000, or in your case the first 24,000. then, if you have kids, your per child tax credit goes from $1,000 to $1600 per child. take your number of kids, multiply that by $600 and you get that one per year. then take a look at tax rates that go down. it s kind of what you just mentioned, the president was pretty clear with us about this as well.