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CNBC Transcript: House Speaker Paul Ryan Sits Down with CNBC’s Brian Sullivan

WHEN: TUESDAY, June 20, 2017

WHERE: CNBC'S "POWER LUNCH"

Following is the unofficial transcript of a CNBC interview with House Speaker Paul Ryan on CNBC's "Power Lunch." Following are links to video of the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000629173 and http://video.cnbc.com/gallery/?video=3000629170.

All references must be sourced to CNBC.

BRIAN SULLIVAN: WELCOME BACK TO "POWER LUNCH." HERE IN DC AT THE ASSOCIATION OF MANUFACTURERS SUMMIT WITH A VERY SPECIAL GUEST, HOUSE SPEAKER, PAUL RYAN. SPEAKER RYAN THANK YOU FOR JOINING US.

PAUL RYAN: THANKS FOR HAVING ME.

SULLIVAN: LETS TALK TAX REFORM ONE OF YOUR BIGGEST SPEECHES YOU HAVE GIVEN IN A WHILE. YOU SAID, WE WILL GET IT DONE THIS YEAR. WE NEED TO GET IT DONE THIS YEAR GARY COHN EARLIER TODAY AT THE TECHNOLOGY CEO EVENT BASICALLY SAID WE WANT TO WAIT UNTIL SEPTEMBER TO GET IT ON THE FLOOR SO THAT WE CAN HAVE THE DETAILS PUT TOGETHER WHAT MAKES YOU SO CONFIDENT WE CAN GET THIS DONE THIS YEAR.

RYAN: WE HAVE ALL AGREED ON THE TIMELINE, GARY, STEVE MNUCHIN, THE HOUSE AND SENATE TAX WRITERS. WE BELIEVE THIS FALL IS THE TIME TO GET IT DONE AND GET IT DONE BEFORE THE END OF THE CALENDAR YEAR. THIS HAS TO GET DONE. AMERICAS TAX SYSTEM IS ONE OF THE WORST IN THE INDUSTRIALIZED WORLD. IT IS A HUGE ANTI-COMPETITIVE FORCE IN OUR ECONOMY. WE KNOW WE NEED TO GET TAX REFORM DONE THEY ARE THE ABCS IT IS THE BASICS OF TAX REFORM WE AGREE ON ALMOST ALL OF THAT WE ARE NARROWING OUR DIFFERENCES BETWEEN THE HOUSE, THE SENATE, WHITE HOUSE GETTING ON THE SAME PAGE WE ARE GOING TO BE DELIVERING TAX REFORM IN THE FALL THE REASON I AM CONFIDENT ABOUT DOING THIS, EVERY REPUBLICAN I KNOW IN CONGRESS IS DEDICATED TO GETTING TAX REFORM DONE. WE REALIZE THIS IS EXETENSIAL FOR THE FUTURE GROWTH OF OUR ECONOMY AND THE COMPETITIVENESS OF AMERICAN BUSINESSES, BIG AND SMALL

SULLIVAN: BUT EVEN AMONGST THE GOP IN CONGRESS, LETS LEAVE THE SENATE OUT OF IT FOR NOW THERE ARE STILL DIFFERENCES OF OPINIONS I AM SURE THERE ARE STILL DIFFERENT GOALS AND DIFFERENT THINGS PEOPLE WANT YOU AND THE TRUMP ADMINISTRATION SEEM FAIRLY ALIGNED ON A FEW THINGS

RYAN: JUST ABOUT EVERYTHING, ACTUALLY.

SULLIVAN: THREE TAX BRACKETS DOWN FROM SEVEN. CORPORATE TAXES, VICE-PRESIDENT PENCE SPEAKING BEFORE YOU SAID WE NEED A 15% CORPORATE TAX RATE WOULD YOU GET BEHIND THAT?

RYAN: I WOULD LOVE IT IF WE COULD GET THE NUMBERS TO MAKE IT WORK. IM ALL FOR IT I THINK IT IS ACTUALLY POSSIBLE. IT IS SOMETHING WE ARE GOING TO SPEND ALL SUMMER LONG DRAFTING AND GETTING SCORES GETTING THE NUMBERS TO WORK. WE, BEING THE HOUSE TAX WRITERS, THE SENATE TAX WRITERS AND THE WHITE HOUSE AND THE TREASURY DEPARTMENT, GETTING THESE NUMBERS TO WORK. WE WANT TO GET THESE RATES AS LOW AS WE POSSIBLY CAN GET TO A TERRITORIAL SYSTEM, THE BASICS THAT WE ALL AGREE ON. THATS WHAT WE ARE WORKING OFF OF RIGHT NOW SO WE CAN STICK THE LANDING THIS FALL. BECAUSE WE REALLY DO BELIEVE YOU CAN'T GET TO 3% GROWTH WITHOUT THIS WE THINK THE REGULATORY RELIEF THATS OCCURRING RIGHT NOW COMBINED WITH COMPREHENSIVE, PERMANENT TAX REFORM IS SORT OF THE KEY TO GETTING US NORTH OF 3% GROWTH. THATS WHAT WE NEED TO DO. PEOPLE ARE GOING TO DISAGREE ABOUT THE DETAILS. THATS WHAT CONGRESS IS LIKE THATS WHAT LEGISLATING IS ALL ABOUT. WE ALL, 100%, ALL IN AGREE ON GETTING IT DONE.

SULLIVAN: MANY DISAGREE WE CAN GET TO 3% GROWTH REGARDLESS

RYAN: ILL TAKE THAT AT ANY TIME. I LOVE THE FIGHT TO TRY.

SULLIVAN: YOU ARE THAT CONFIDENT?

RYAN: I AM CONFIDENT WE WONT GET IT IF WE DONT DO TAX REFORM I DO BELIEVE YOU CAN'T EVEN GET CLOSE TO 3% IF YOU DONT GET THIS KIND OF FUNDAMENTAL FISCAL POLICY PUT IN PLACE. SO I THINK TAX REFORM IS ABSOLUTELY ESSENTIAL TO GETTING DASTER ECONOMIC GROWTH THAT'S DURABLE THAT'S LONG-LASTING. THERE IS NO WAY WE CAN COME CLOSE TO 3% IN A LONG TERM BASIS IF WE DONT GET COMPREHENSIVE TAX REFORM. PLUS JUST LOOKS AT THE FACT THAT WE ARE ON THE BUSINESS END OF TAX COMPETITION GLOBALLY. WE STARTED IN 1986, WE HAD A GREAT SYSTEM RELATIVE TO THE REST OF THE WORLD. THE REST OF THE WORLD HAS REFORMED THE TAX SYSTEM TO THE POINT WHERE THE AVERAGE TAX RATE IN THE INDUSTRIALIZED WORLD IS 22.5% OUR C-CORP RATE IS 35% AND OUR TAX RATE ON PASSERS IT IS 44.6%. IT IS KILLING US AND WE KNOW THIS SO THAT'S WHY REPUBLICANS ARE TOTALLY DEDICATED TO GETTING THIS DONE.

SULLIVAN: YOU REFERENCED IN YOUR SPEECH, 1986, THE LAST YEAR WE GOT REAL TAX REFORM, THATS THE YEAR YOU GOT YOUR DRIVERS LICENSE. EVEN THEN, IT TOOK A COUPLE OF YEARS. WHY THE URGENCY AND WHY ARE YOU SO CONFIDENT YOU CAN GET IT DONE THIS QUICKLY, SPECIALLY BECAUSE WE HAVE A BREAK FOR THE FOURTH OF JULY AND THEN THE 36 DAY SUMMER RECCESS.

RYAN: IM NOT WORRIED ABOUT THE RECESS

SULLIVAN: WOULD YOU WORK THROUGH THE SUMMER RECESS?

RYAN: I AM NOT WORRIED ABOUT THE RECESSES THAT DOESNT BOTHER ME. WE CAN STAY AS LONG AS IT TAKES TO GET THIS DONE SO THE SUMMER RECCESS AND THE DAYS IN SESSION WE ARE IN SESSION MORE THAN WE USUALLY ARE. I AM NOT WORRIED ABOUT THAT WHATSOEVER THE REASON I FEEL CONFIDENT WE CAN GET THIS DONE, IS NUMBER ONE, IT IS NOT LIKE WE JUST GOT STARTED ON THIS THIS YEAR WE HAVE BEEN WORKING ON THIS FOR YEARS. THE WAYS AND MEANS COMMITTEE, I USED TO BE CHAIRMAN THERE. THIS IS A SIX-YEAR PROJECT THE SENATE FINANCE COMMITTEE HAS BEEN WORKING ON THIS FOR A LONG TIME. PRESIDENT TRUMP RAN ON DOING THIS WE, THE HOUSE REPUBLICANS, SENATE REPUBLICANS, RAN ON DOING THIS THIS IS A -- ONE OF THE MOST PROMINENT COMMITMENTS WE MADE TO THE PUBLIC AND GUESS WHAT WE WON THE ELECTION. WE HAVE THIS ABSOLUTE TRANSFORMATIONAL OPPORTUNITY IN FRONT OF US. THE WHITE HOUSE, THE HOUSE, THE SENATE ALL LINED UP. WE HAVE THIS BUDGET RULE, WE CALL IT RECONCILIATION THAT GIVES US THE ABILITY TO PASS THIS WITHOUT BEING FILIBUSTERED SO WE HAVE GOT IT LINED UP AND THAT MEANS THERE IS REALLY NO EXCUSE FOR GETTING IT DONE AND WE KNOW IT IS ABSOLUTELY CRITICAL AND ESSENTIAL FOR GETTING FASTER ECONOMIC GROWTH.

SULLIVAN: IS THERE A BIG EXCUSE ABOUT GETTING IT DONE IN THE PROBE AND ALL THE HEADLINES, MR. SPEAKER

RYAN: NO.

SULLIVAN: DOES THAT HURT YOUR AGENDA AND YOUR ABILITY TO GET IT DONE?

RYAN: NOPE.

SULLIVAN: HOW SO? WHY NOT?

RYAN: BECAUSE IT JUST DOESN'T WE CAN WALK AND CHEW GUM AT THE SAME TIME, HONESTLY.

SULLIVAN: ILL TAKE A SHOT AT THE MEDIA. I READ A LOT OF HEADLINES THIS, THIS, THIS WILL DERAIL THE TRUMP AGENDA YOU READ THAT EVERYDAY SOMEWHERE. YOU HEAR THAT EVERYDAY SOMEWHERE.

RYAN: LET ME GIVE YOU A SENSE OF HOW THINGS WORK IN CONGRESS. THAT'S THE INTELLIGENCE COMMITTEE. THE INTELLIGENCE COMMITTEE ISNT WRITING TAX REFORM THE WAYS AND MEANS COMMITTEE WRITES IT. THE WAYS AND MEANS COMMITTEE IS NOT INVOLVED IN THIS INVESTIGATION. THEY ARE BUSY WORKING ON TAX REFORM THE INTELLIGENCE COMMITTEE IS GOING TO GO DO THEIR INVESTIGATION, THE SPECIAL COUNCIL IS DOING HIS INVESTIGATION AND THE SENATE INTELLIGENCE COMMITTEE IS DOING THEIRS MEANWHILE THE WAYS AND MEANS COMMITTEE, THE FINANCE COMMITTEE AND THE HOUSE AND THE SENATE THEY ARE DOING TAX REFORM. JUST LIKE THE COMMERCE COMMITTEE IS WORKING ON ENERGY REFORM, JUST LIKE THE JUDICIARY COMMITTEE IS WORKING ON IMMIGRATION REFORM THATS THE WAY CONGRESS WORKS. COMMITTEES AND SPEACIAL JURISDICTIONS DO THEIR WORK THEY BRING THEIR BILLS TO THE FLOOR AND EVERYBODY COMES AND VOTES ON IT. THATS WHY I AM NOT WORRIED ABOUT THESE THING THAT IS THE MEDIA GETS SUCKED INTO THE VORTEX AS A DISTRACTION AS IF IT IS ONE SUBJECT AFTER ANOTHER ONLY ONE AT A TIME WE ARE WORKING ON ALL OF THESE THINGS AT THE SAME TIME.

SULLIVAN: IS THE BORDER ADJUSTMENT TAX DEAD?

RYAN: IT'S NOT DEAD. IT'S JUST – WE ACKNOWLEDGE ALONG WITH THE ADMINISTRATION THAT IN ITS PRESENT FORM OF FULL, FAZED IN, IMMEDIATE, 100% DAY ONE – YOU CAN'T DO THAT. WE DON'T WANT THE CURRENCY TO HAVE TO APPRECIATE 25% OVERNIGHT. WE THINK THAT WOULD BE VERY DISRUPTIVE.

SULLIVAN: NOW, YOU HAVE A LITTLE RETAILED NAMED KOHL'S IN YOUR DISTRICT. I WOULD IMAGINE THEY ARE NOT A FAN OF THE BAT.

RYAN: THEY ARE RETAILERS ALL OVER AMERICA. SO, WE DON'T WANT TO DO THINGS THAT SEVERELY DISRUPT COMPANIES, LET ALONE U.S. HOLDINGS OF FOREIGN – FOREIGN HOLDINGS OF U.S. COMPANIES, THIRD WORLD DEBT. THERE'S A LOT OF ISSUES THAT YOU HAVE TO DEAL WITH. SO WHAT WE WANT TO DO, THOUGH, IS WE WANT TO HAVE INTERNATIONAL TAX REFORM THAT IS LASTING AND ENDURABLE THAT PUTS AMERICA IN A GOOD, COMPETITIVE ADVANTAGE GOING FORWARD.

SULLIVAN: THE PROBLEM WITH NO BAT THEN, WOULD BE A HOLE. I GUESS, WHAT, A $600 BILLION HOLE. HOW DO YOU FUND THAT OFFSET?

RYAN: YEAH, IT'S A REVENUE HOLE THAT PROVIDES– IF YOU JUST GO COLD TURKEY AND HAVE NONE, IF YOU GO NONE, THEN YOU HAVE TO – THAT MEANS YOU ARE NOT HAVING A DESTINATION BASED TAX. YOU ARE GOING THROUGH AN INCOME TAX LIKE WE HAVE TODAY, A PRODUCTION BASED TAX. THAT MEANS YOU ALSO HAVE ANTI BASE EROSION RULE ISSUES. THAT MEANS WHEN YOU SWITCH TO A TERRITORIAL SYSTEM, YOU HAVE TO WORK ON NEW BASE EROSION RULES TO GUARD AGAINST THAT. IF YOU HAVE A DESTINATION BASED TAX, YOU DON'T WORRY ABOUT THAT. IT DOES NOT MATTER WHAT YOU DO OVERSEAS. SO IT DOES CHANGE THE WAY A MAJOR TAX REFORM WORKS. THE GOOD THING IN THE WAYS AND MEANS COMMITTEE IN THE HOUSE, IS WE HAVE WORKED ON BOTH. THE SENATE FINANCE IS WORKING ON AN ALTERNATIVE RIGHT NOW. SO, WHAT WE ARE DOING RIGHT NOW, THE TAX WRITERS, IS WE ARE JUST COMPARING AND CONTRASTING VARIOUS VERSIONS OF REFORMS TO GET THE BEST POSSIBLE ONE THAT GIVES US THE LOWEST POSSIBLE RATES AND THE MOST INTERNATIONALLY COMPETITIVE TAX SYSTEM. AND THE BEST ONE WE CAN PASS. AND THE ANALYSIS WE ARE GOING THROUGH RIGHT NOW, WE ARE GOING TO STICK THE LANDING BECAUSE WE KNOW WE'VE GOT TO. AND THAT'S WHY I'M REALLY CONFIDENT AT THE END OF THE DAY, WE ARE ALL GOING TO AGREE ON HOW TO DO THIS.

SULLIVAN: MR. SPEAKER, YOU TALKED ABOUT TAX FAIRNESS. AND MANY PEOPLE WILL SAY THAT SOME OF THE OBAMACARE TAX CUTS – BECAUSE THEY ALL SEEM LINKED AT THE HIP. IN MANY WAYS, AHCA IS ITSELF A TAX REFORM BILL. YOU WOULD AGREE WITH THAT?

RYAN: YEAH, IT TAKES A TRILLION DOLLARS OF REVENUE OUT OF THE BASELINE. SO YEAH, WHAT IT DOES IS BY GETTING OBAMACARE FIRST, YOU LOWER THE REVENUE BASELINE BY A TRILLION DOLLARS THAT YOU HAVE TO HIT FOR TAX REFORM. IF – I ASSUME THIS IS WHERE YOUR QUESTION IS GOING – IF FOR SOME REASON IT DOES NOT HAPPEN, IF THE HEALTHCARE BILL DOES NOT PASS, THEN THAT TRILLION DOLLARS OF OBAMACARE TAXES – WHAT WE HAVE ALREADY DECIDED TO DO, WE WILL JUST PUSH OFF TO THE SIDE. AND WE WON'T INCORPORATE THOSE IN TAX REFORM. THAT MEANS THOSE OBNOXIOUS HEALTHCARE TAXES, THEY REALLY ARE PRETTY OBNOXIOUS TAXES, WE WILL HAVE TO PUT THOSE OFF TO THE SIDE AND THAT WILL HAVE TO BE GOTTEN TO WHEN WE GET TO HEALTHCARE REFORM AND WE WILL REFORM THE REST OF THE TAX CODE.

SULLIVAN: SO, ALSO, YOU TALKED ABOUT TAX FAIRNESS AND MAYBE CERTAIN DEDUCTIONS – RICH PEOPLE LIKE ITEMIZED DEDUCTIONS. YOU WANT TO REDUCE THE NUMBER OF ITEMIZED REDUCTIONS DOWN TO THREE.

RYAN: THAT'S RIGHT.

SULLIVAN: THE ONE THING THAT WAS VERY LOUD AND SOMETHING YOU DID NOT SAY TO OUR AUDIENCE IS SOMETHING STEVEN MNUCHIN HAS PROPOSED. WHICH IS THE ELIMINATION OF STATE AND LOCAL TAX DEDUCTIONS FROM FEDERAL TAXES. THAT IS THE SINGLE BIGGEST DEDUCTION THAT MOST ITEMIZED TAX TAKERS TAKE.

RYAN: THAT'S IN OUR PLAN. YEAH.

SULLIVAN: SO, WOULD YOU SUPPORT THE ELIMINATION OF STATE AND LOCAL?

RYAN: ABSOLUTELY. YEAH. IT HAS BEEN IN OUR PLAN FOR OVER A YEAR. YES.

SULLIVAN: YOU KNOW, I LIVE IN NEW JERSEY.

RYAN: I AM SAYING YES TO YOU.

SULLIVAN: NEW YORK – NO HOLD ON.

RYAN: YOU ARE NOT USED TO POLITICIANS GIVING YOU QUICK, CLEAN ANSWERS, ARE YOU, I GUESS?

SULLIVAN: I AM REALLY NOT, ACTUALLY. I'M NOT USED TO POLITICIANS GIVING ME A LOT OF ANSWERS. I'M NOT A POLITICAL GUY. NEW YORK, NEW JERSEY, MASSACHUSETTS, CALIFORNIA.

RYAN: YEAH, SO –

SULLIVAN: THERE ARE STILL REPUBLICANS IN THOSE STATES. WHAT WOULD YOU SAY TO THEM? BECAUSE IS THAT NOT GOING TO WHACK THOSE STATES?

RYAN: I WOULD SAY TWO THINGS. FIRST OF ALL, LOOK AT TAX REFORM IN ITS TOTALITY. SECOND OF ALL, LET'S GET THE TAX RATES AS LOW AS POSSIBLE FOR EVERYBODY. NOT BASED UPON WHERE YOU LIVE. AND THIRD OF ALL, LET'S STOP MASKING PROFLIGATE GOVERNMENTS, LET'S STOP DISGUISING THE INEFFICIENCIES OF SOME OF THESE STATE GOVERNMENTS YOU JUST MENTIONED AND MAKE TAXPAYERS AND ALL OF THOSE OTHER STATES THAT HAVE BALANCED BUDGETS AND FULL PENSION SYSTEMS – WHY DO THE WISCONSIN TAXPAYERS, WE WENT THROUGH RECALL AFTER RECALL. WE HAVE A FULL FUNDED PENSION SYSTEM, A BALANCED BUDGET WITH A SURPLUS, AND WE ARE LOWERING TAX RATES. SO WHY SHOULD THE TAXPAYERS IN WISCONSIN, THE HARD WORKING TAXPAYERS WHO HAVE A PRETTY HIGH INCOME TAX, PAY FOR THESE STATES THAT DON'T HAVE THEIR ACT TOGETHER.

SULLIVAN: I KNOW YOU HAVE TO HOP. WE'VE GOT TO GO. JUST WANT TO BE ON THE RECORD HERE. SO, YOU FAVOR REALLY THREE BASIC DEDUCTIONS: MORTGAGE INTERESTS, CHARITY AND RETIREMENT ACCOUNTS.

RYAN: CHARITY AND RETIREMENT. BUT REMEMBER WHAT I JUST SAID IN MY SPEECH –

SULLIVAN: BUT YOU WOULD DOUBLE THE STANDARDIZED DEDUCTION.

RYAN: YEAH, THAT'S THE KEY. YES. WHEN YOU BRING UP THOSE STANDARD DEDUCTIONS AND THOSE PERSONAL EXEMPTIONS FOR KIDS –

SULLIVAN: IT MAKES THE GAP UP.

RYAN: IT MAKES THE GAP UP.

SULLIVAN: TO THE INDIVIDUAL WHO SAYS, "WELL I LIKE MY ITEMIZED DEDUCTIONS."

RYAN: THAT'S RIGHT. THAT'S RIGHT. SO, WHAT IT DOES IS IT DRAMATICALLY OVERHALLS AND SIMPLIFIES THE TAX CODE. WE THINK SOMEWHERE IN THE NEIGHBORHOOD OF 96% OF AMERICANS WON'T HAVE TO ITEMIZE. AND THEY CAN LITERALLY JUST FILL UP THEIR TAXES ON A POSTCARD. SO, YOU CLEAR A LOT OF THE BRUSH UP BY RAISING THOSE STANDARD EXEMPTIONS AND STANDARD DEDUCTIONS, HAVE THOSE SIGNATURE ONES. WE THINK – FIRST OF ALL, WE BELIEVE IN – SOCIETY.

SULLIVAN: BUT STATE AND LOCAL DEDUCTIONS ARE OUT.

RYAN: YEAH. BECAUSE YOU HAVE TO DO THAT TO MAKE UP THE ROOM TO LOWER THESE TAX RATES. WHICH WOULD YOU RATHER HAVE? THIS ONE DEDUCTION BECAUSE YOUR STATE IS A HIGH TAX RATE OR LOWER TAX RATES? WHY DON'T YOU JUST TAX LOWER TAX RATES?

SULLIVAN: ARE YOU SAYING YOU AS IN ME? BECAUSE I LIVE IN NEW JERSEY. I CAN GIVE YOU MY ANSWER. HOWEVER –

RYAN: YES. LET'S JUST GIVE YOU LOWER TAX RATES. LET'S JUST GIVE YOU LOWER TAX RATES ACROSS THE BOARD.

SULLIVAN: THE FINAL QUESTION, WE HAVE GOT TO GO. AND THIS IS KIND OF LIGHT HEARTED, BECAUSE WE DEBATE THIS A LOT ON CNBC. WHICH IS, HOW MUCH – STOCK MARKET IS AT A RECORD. HOW MUCH DO YOU THINK, AS SPEAKER OF THE HOUSE, THE RECORD STOCK MARKET IS A REFERENDUM ON YOU GUYS GETTING YOUR JOB DONE?

RYAN: WELL, I THINK IT IS A REFERENDUM ON THE FACT THAT WE ARE LIFTING THE REGULATORY BLANKET OFF THE ECONOMY. AND I DO BELIEVE IT IS GETTING BAKED INTO THE SYSTEM THAT WE ARE GOING TO DO TAX REFORM. WHY? BECAUSE WE CONTROL THE HOUSE, THE SENATE, AND THE WHITE HOUSE. AND WE ARE ALL FOR THIS. WE RAN ON DOING THIS. WE HAD A VERY PROMINENT DISPLAY OF WHAT WE WOULD DO IF WE GOT ELECTED AND GOT THE CHANCE TO DO THIS. WE GOT ELECTED. WE HAVE THE CHANCE TO DO THIS. NOW, WE ARE EXECUTING IT. SO I THINK BECAUSE PEOPLE KNOW THAT AND MORE IMPORTANTLY BECAUSE IT IS REALLY IMPORTANT FOR AMERICAN COMPETITIVENESS. WE HAVE THE WORSE TAX SYSTEM IN THE INDUSTRIALIZED WORLD. EVERYBODY KNOWS THIS. EVERYBODY KNOWS WE NEED TO BE ABLE TO REPATRIATE PROFITS. EVERYBODY KNOWS WE NEED TO GET THESE RATES DOWN TO MAKE IT COMPETITIVE. AND SO, WE HAD THE POLITICAL WHEREWITHALL TO DO IT AND WE ARE GOING TO GO EXECUTE. AND THAT'S WHY I THINK THEY BAKED IT INTO THE STOCK MARKET.

SULLIVAN: HOUSE SPEAKER PAUL RYAN, IT WAS A PLEASURE TO HAVE YOU ON CNBC. GREAT DISCUSSION. SIR, THANK YOU VERY MUCH.

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