Republicans are open to a partial tax deal but the door is open just through this summer, House Ways and Means Chairman Paul Ryan, R-Wis., said Friday.
The new head of the tax-writing committee of the House of Representatives used a news conference to signal he’s willing to do a small deal in order to get the ball rolling for a large one.
“If we have to do it tax reform in phases … I am open to it,” said Ryan, a former GOP vice presidential candidate in 2012.
Ryan opened by noting he will not run for president in 2016, saying he felt he could be more useful to his party in Congress, where he said “there are going to be some opportunities” to make changes to the tax code.
Realistic about the limited chances to pass a comprehensive bill, Ryan said he’s open to looking at ways to help families in the tax code_ a priority of President Barack Obama_ while making some progress on lowering the tax rate for corporations, which now stands at 35 percent although loopholes mean few actually pay anywhere near that.
The time for results is limited, said the chairman, because if it goes past fall in the decision-making process the Congress will be into a new budget cycle, one that intersects with a presidential election.
“Tax reform is a 2015 thing ... it has to be done by the end of summer," said Ryan.
On other matters, Ryan offered rare praise for Obama, pointing to “very strong” efforts by the president to push for new trade deals over the objections of the more-liberal members of his own party.
The House of Representatives will let debate over special trade-promotion authority begin in the Senate, Ryan confirmed, because “it’s a legislative calendar issue.”
Historically, the House has been a tougher sell on trade agreements and authority to negotiate them.
Asked specifically if legislators might lift the cap on how much income is subject to Social Security taxes, in order to replenish a dwindling fund for disability payouts, Ryan did not answer it directly.
“We’re not looking to raise taxes,” said Ryan.
Changing the formula for how much income is subjected to the Social Security taxes isn’t the same thing, however, as raising the individual tax rate.