On the heels of the Republican Party’s big announcement regarding its long-awaited tax reform plan, which would nearly double the standard deduction and slash the corporate tax rate by 15 percentage points, House Speaker Paul Ryan (R-Wis.) will tour a Pennsylvania factory to keep the tax-related momentum going.
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Ryan will head to Pennsylvania Machine Works, a family-owned and –operated pipe fitting manufacturer, where he will tour the factory and hold a question and answer session with employees about the newly-detailed tax reform overhaul.
“Our employees are looking forward to the opportunity to meet with him and discuss topics that impact them such as healthcare and tax reform,” Penn Machine Works President Joseph Pro Jr., said in a statement to FOX Business, adding that the company is “honored” to have been selected by Speaker Ryan for a visit.
Penn Machine Works was founded in Philadelphia in 1931 and has main facilities located in Texas and New Jersey.
In August, Ryan visited a couple of major U.S. manufacturers, including Boeing (NYSE:BA), to promote the benefits of a comprehensive tax overhaul for American workers. A White House official said Wednesday that pension plans will benefit from a cut to the U.S. corporate tax rate.
On Wednesday, the GOP released details of its tax plan, which aims to collapse the current seven-tier bracket into three tiers, with the potential for an additional surtax on the wealthiest Americans. The set brackets for individuals are 12%, 25% and 35%. The plan not only calls for a reduction in the corporate tax rate, but it also aims to set the “pass-through” rate for businesses at 25%. The estate tax and the alternative minimum taxes will be eliminated.
On Wednesday in Indiana, President Donald Trump said the middle class will benefit the most from the plan.
"The biggest winners will be middle class workers as jobs start pouring into our country, as companies start competing for American labor, and as wages continue to grow," he said.
The White House and GOP leadership have said they plan to pass tax reform legislation before year’s end.