Paul Ryan ready to quit Congress after passing tax cuts for the wealthy: report
Paul Ryan (CBS News)

House Speaker Paul Ryan will soon announce that he won't run for re-election, according to confidants.

The 48-year-old Wisconsin Republican has privately told associates that he is leaving Congress after passing a tax reform bill late last year that favors wealthy campaign donors, reported Axios.

The decision has been long rumored, the website reported, but he has not yet made a public decision.

Ryan, a former vice presidential candidate, could make the announcement as soon as Wednesday, although friends say he may run again for another office.

MSNBC's Kasie Hunt reported that Ryan notified Republican lawmakers that he would be leaving Congress at the end of his current term, and he told her that he was "not resigning."