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updated: 10/5/2017 1:27 PM

Ryan touts GOP tax plan during visit to Maryland factory

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  • In this Sept. 26, 2017 photo, Speaker of the House Paul Ryan, R-Wis., speaks at Republican National Committee Headquarters on Capitol Hill in Washington.  Republicans are focused on cutting taxes instead of deficits as they look to power a $4.1 billion budget plan through the House on Thursday.

    In this Sept. 26, 2017 photo, Speaker of the House Paul Ryan, R-Wis., speaks at Republican National Committee Headquarters on Capitol Hill in Washington. Republicans are focused on cutting taxes instead of deficits as they look to power a $4.1 billion budget plan through the House on Thursday.
    Associated Press

 
 

CHESTERTOWN, Md. -- 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.

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