Paul Ryan Misleads on Corporate Tax Revenues
House Speaker Paul Ryan misleadingly claimed that corporate tax revenues are “still rising,” even though the 2017 tax law cut tax rates. In the first six months of fiscal year 2018, corporate tax receipts have declined by 22.3 percent from a year ago. Revenues are also projected to be less over the next 10 years than they otherwise would have been because of the law.
Ryan, who recently announced he is leaving Congress in January 2019, discussed his legacy as speaker during an appearance on NBC’s “Meet the Press.” Ryan pointed to the Tax Cuts and Jobs Act that was signed into law on Dec. 22, 2017, as an example of his achievements.
The bill, among, effective in the 2018 tax year.
