Speaker Ryan cites Johnson Controls move as example of why corpo - WKOW 27: Madison, WI Breaking News, Weather and Sports

Speaker Ryan cites Johnson Controls move as example of why corporate tax reform is needed

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JANESVILLE (WKOW) -- U.S. House Speaker Paul Ryan (R-WI-1) touted proposed reforms in Rock County Monday, including a reduction of the nation's corporate tax rate.

Speaking to employees at Castle Metals, which opened a brand new steel plant just two months ago, Speaker Ryan talked length about the importance of manufacturing in the American economy.

Speaker Ryan also talked about the need to reduce the country's corporate tax rate in order to spur more manufacturing growth.
    
Democratic presidential candidate Hillary Clinton has been very critical of a Milwaukee company for moving it's headquarters overseas to avoid taxes, but Speaker Ryan said Monday it's a matter of simple math.

"Johnson Controls is going to become an Irish company, because they're buying this company called Tyco," said Speaker Ryan. "You know what the tax rate on companies in Ireland is?  12.5 percent. Ours is 35 (percent)."

Ryan also spoke at length about how Congress has worked to expand the powers of U.S. prosecutors so they can go after foreign companies for trade violations, without discouraging those countries - such as China - from trading with the U.S.

Speaker Ryan also spoke to about 1,400 students at Janesville Craig Monday afternoon.

He will speak to 27 News in a sit-down interview scheduled for this Friday.

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