Paul Ryan is a fiscal conservative. He has a huge plate in front of him as the new Speaker, yet one of his main objectives while serving in the House was to overhaul the tax system, which in itself is a monumental chore. If one thing he can do as Speaker would be to speed through the implementation of his tax reforms and reduce spending, that in itself will be to his legacy. That’s if he can plow through everything else without getting stuck in the politics of it.
1. Paul Ryan takes the top chair
2. Ryan has a fiscal focus
Via WSJ The House elected Republican Rep. Paul Ryan as its speaker Thursday, catapulting one of its youngest members to the top job in hopes that a policy-oriented fiscal conservative could give the party a fresh start after years of strife.
A former chairman of both the Budget Committee and the tax-writing House Ways and Means Committee, the 45-year-old has made fiscal policy his trademark issue. His budget plan, which came to be known as the Ryan budget, called for deep cuts in spending and an overhaul of Medicare. As a head of the tax panel, Mr. Ryan had slated 2016 as the year to roll out his big tax ideas.
Of all his policy priorities, perhaps none is higher than overhauling the tax system with the aim of accelerating economic growth and boosting wages and employment. Mr. Ryan has been working on a comprehensive revamp that would lower basic rates for both individuals and businesses large and small, while narrowing or eliminating many current breaks. He has worked with Democrats to use part of the overhaul to shore up the troubled federal highway program as well. Via Wall Street Journal