Ryan touts GOP tax plan during visit to Maryland factory

Ryan touts GOP tax plan during visit to Maryland factory

October 5th, 2017 by Associated Press in National General

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. (AP Photo/J. Scott Applewhite)

Photo by The Associated Press /Times Free Press.

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.