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Ryan and Pence promise sweeping tax reform in 2017

Carolyn Kaster / AP

Speaker of the House Paul Ryan and Vice President Mike Pence both addressed the National Association of Manufacturers' 2017 Manufacturing Summit this afternoon with a clear commitment to pass massive tax reform before the end of the year.

  • Ryan: "We are going to get this done in 2017…because we have to get this done in 2017. We cannot let this once-in-a-generation moment pass us by."
  • Pence: "We're going to pass the largest tax cut since the days of Ronald Reagan, and we're going to do it this year."

The big goals: Consolidating the current seven tax brackets into three, eliminating the alternative minimum tax and estate tax, implementing a new territorial system that doesn't tax overseas income for businesses, creating a new lower tax level specifically for small businesses, and using savings from closing loopholes to lower taxes for everyone.

More from Ryan:

  • His personal goal for tax reform: He thinks it can get done by the Saturday before Thanksgiving. "We really think it's very, very much doable to get this done by the fall."
  • His lofty rhetoric: "Once in a generation or so, there is an opportunity to do something transformational — something that will have a truly lasting impact long after we are gone. That moment is here, and we are going to meet it."
  • What can come from his tax plan: "We have to fix all of it, both for individuals and businesses because this will create jobs. This is what this is all about: jobs, jobs, jobs."

More from Pence:

  • To the manufacturers: "Manufacturers make America — and they make America great…you're woven into the very fabric of American life and you're woven into our future, too."
  • On infrastructure: "Before we're done in seven and a half years, President Donald Trump is going to rebuild the infrastructure of the United States of America."
  • Defense and manufacturing: "I want to assure you that you have a president who understands that we do not build Navy ships and aircrafts and the weapons that defend our freedom — we do not fill the arsenal of democracy — without American manufacturing."