CHESTERTOWN, Md. (AP) – House Speaker Paul Ryan says easing taxes on manufacturers and other businesses is critical to helping America remain competitive in an increasingly global economy.
Touring a 101-year-old manufacturing business Thursday on Maryland’s Eastern Shore, Ryan said small businesses like Dixon Valve & Coupling are key to America’s economic growth but are taxed at significantly higher rates than competitors overseas, particularly in China.
Ryan’s visit came just hours after House passage of a $4.1 trillion budget plan that envisions deep cuts to social programs while paving the way for a GOP effort to rewrite the tax code.
The Republican plan includes cutting both corporate and individual tax rates and eliminating a variety of tax loopholes. GOP lawmakers say the plan would drive economic growth while also boosting tax revenues.