House Speaker Paul Ryan speaks at a news conference unveiling the House Republicans' new tax plan, the "Tax Cuts & Jobs Act."
Watch the House GOP leadership's full statement below transcript:
SPEAKER PAUL RYAN: Good morning. Good morning.
All right, all right. First, I want to thank these families for taking time out of their day to join us. Welcome. It is great to have you here with us today. Fantastic.
You are who this is all about. This plan is for the middle-class families in this country who deserve a break. It is for the families who are out there living paycheck to paycheck, who just keep getting squeezed. You know, about half of the country today is living paycheck to paycheck. And a lot more people are about a paycheck away from living paycheck to paycheck in this country, and this is going to help give people relief. The Tax Cut and Jobs Act will deliver real relief for people in the middle, people who are also striving to get there.
With this plan, the typical family of four will save $1,182 a year on their taxes. For many families, having an additional $1,182 more will make a real difference. That $1,182 more covers about a year's worth of gas for your car. It covers your family's phone bill for the year, depending how much data, of course, your kids use.
That $1,182 more, it can help you pay down your debt faster. It can help you start and renovate your home faster. That $1,182 more for the average family, that will help you put more money away for college. It will help you save for retirement. It will help you save for a rainy day.
With this plan, we are getting rid of loopholes for special interests and we are leveling the playing field. We're making things so simple - we're making things so simple that you can do your taxes on a form the size of a postcard.
With this plan, we are making pro-growth reforms so that yes, America can compete with the rest of the world. But we're also making it so that families like these here can have more take-home pay. This is it. This is a very important and special moment for our country, for all Americans.
Are we going to let the defenders of the status quo win and see our country continue down this downward spiral? Or are we going to realize the promise of our country? Are we going to revitalize the American idea (ph)?
This is our chance to make sure that generations to come don't just get by, they get ahead in this country.
Let me turn this over to the person who has led this effort. I am so proud of this man in this committee in this room. I want to turn it over to the chairman of the Ways and Means Committee. And I want to thank all of the members of the Ways and Means Committee for bringing us to where we are, or for getting us to this point.
And ladies and gentlemen, the leader of this moment, Kevin Brady, chairman of the Ways and Means Committee.
REP. KEVIN BRADY: Thank you, Mr. Speaker.
Thank you to the American families standing with us today, and thank you as well the Ways and Means Committee members who have been listening and traveling across this country for this historic day.
This is an exciting day, and I think we all feel the excitement here in this room and here in this country. I know the American people have got to be excited to do -- as well. Real relief from today's complex, costly and unfair tax code is on the way.
With this bill, there's relief for real American families. There's relief for American workers, and there's tax relief for our hardworking job creators of all sizes. And with this bill, we will grow our economy by delivering more jobs, fair taxes, and bigger paychecks to Americans of all walks of life.
That's especially true for low and middle-income Americans who are just sick of today's broken tax code, its impact on their jobs, their lives and their paychecks. Under the Tax Cuts and Jobs Act, that's going to change, and it's going to change right now.BRADY: For a middle-income family of four making $59,000 year, as the speaker said, this bill delivers a tax cut of nearly $1.200.
So that Main Street business making $62,000 a year working day and night and weekends, a tax cut of over $3,000 for that Main Street business. That's your money. You earned it. You deserve to keep it. And you should be able to use it for whatever you want. That's exactly what this bill will do, and that's why the Tax Cut and Jobs Act has President Trump's full support.
This is it, America, this is our opportunity to make tax reform a reality deliver the most transformational tax cuts in a generation. So let's not let Washington special interests, the TV pundits or the pessimists fool you. None of them though we'd even get this far with tax reform, and they're wrong.
Now working together with President Trump, our colleagues in the House and Senate and you, the American people, we're going to wrong once and for all by getting pro-growth tax reform to the president's desk this year.