[applause] good afternoon. Thank you so much for joining us. We are coauthors of the politico playbook. We are very excited for the event this afternoon. I want to thank all of you in the room and those on livestream and the cameras in the back who are joining us to have this great conversation with congressman kevin brady. Obviously the timing could not have been better. Hes chairman of the ways and Means Committee, writing the tax proposal that came out yesterday. So were going to be going into all of the details of whats happened so far, what to expect in the coming days. Thanks. Before we get started with the program, id like to extend a special thank you to our partners at the business round table for their support in making this event possible. Here to say a few words is joshua bolten, president and c. E. O. Of the business round table. Joshua good afternoon. Business round table is pleased to partner with politico for this event and to introduce chairman kevin brady. Mr. Chairman, it has to be said, after decades of false starts and frustrated expectations, what an amazing accomplishment this week. Im speaking, of course, about your Houston Astros wing the world series. [laughter] [applause] on top of that, youve crafted a pretty damn good tax reform plan, one that provides substantial relief for workers, families an businesses. We at the business round table applaud your comprehensive approach. From the business standpoint, weve long believed that successful tax reform must allow u. S. Companies to compete and succeed in the global economy. Increasing investment and hiring in the united states. When the business round table surveyed our members, who collectively employ over 16 million people, when we surveyed them about how they would change their plans if the kind of tax reform plan the chair has put on the table were said they would increase capital 76 said they would increase hiring. Yesterday chairman brady said that the families who struggle the most have seen their pay checks leave for other countries. And that a 20 corporate rate would enable businesses to compete internationally and create jobs here in america. Business round table agrees. A recent e. Y. Study found that if the u. S. Had had a competitive corporate rate of he kind that chairman brady is we have a retired electric trish and and taxing john, and Fairfax County local 2026. A Health Care Worker and motion f three. And how we can say students across america facing 1 trillion of debt and moving the deductibility. This was all along an effort to take the foot and put it into a size seven shoe. When you hook at the scoring, it is clear that because the numbers didnt work, they had to go to the middle class to alter what middle clags homeowners and tudents and people face. This had to be recused all for one purpose and that was to jf trillion. G of . 5 which by economic forecasts is kely to be closer to 2. Trillion. The speculative nature indicate these losses are going to be recupid. I would like to know the evidence. If you ask a evidence in trying why dontinformation, we start with the Wharton School hich has con excluded sm how billion Goldman Sachs . , the umni association chirning at Goldman Sachs say its not going to spur that Economic Growth. The most have seen their pay checks leave for other countries. And that a 20 corporate rate would enable businesses to compete internationally and create jobs here in america. Business round table agrees. A recent e. Y. Study found that if the u. S. Had had a competitive corporate rate of the kind that chairman brady is proposing, the u. S. Would have retained 4,700 companies that fled our borders in the last 13 years. Mr. Chairman, we commend this important step forward in the process and we strongly support your efforts to deliver legislation to the president s desk this year. Ladies and gentlemen, house ways and Means Committee chairman kevin brady. [applause] he did the introducing for us. We have time for more questions. The most important question i have, being married to someone from houston, is where did you watch game seven . Or did you really watch it . Mr. Brady so we were finishing up the tax reform plan. The parade in houston is today so i have one more up the tax plan. Working on white boards on little bit. Jake and i have been cove time. We see you in t if you look back, republicans were saying t people. You have tak talk about that ideological hift that s ike that and especially when are sime 6 years old and we live in maryland. I worked important more than 25 years as a Union Electrician but i needed brain surgery. Due to a sift that turned into a tumor, took about a year for rehab to be somewhat functional. My balance was personal nantly affected. This happened when i was 57. The financial effects come poubded sm and that was on top of the lost earnings. I had a brain surgery in 2011. Being able to deduct my medical expenses was important when i was unable to work. Also helped with medicare doesnt cover or allow. I couldnt imagine where i couldnt find those funds. Not knowing what to do, i may food that deduction again. The legislation that the house rolled out ol wednesday this week, will effect not must myself but other people and need Nursing Home Health care who have dental expenses. The house has introduced this legislation that will take this deduction away from those excuse me, from those who need it most and have the most Serious Health problems. That will cult 500 billion. And all to fix to offer tax breaks to corporations and billionaires who need themon the least. It doesnt make sense to me. Thank you all very much. Snow the current plan to cap the deduction would be devastateic to the fire service. Not just in virginia but across the country. While Fire Departments are funded through local taxes, they base their needs on not what can be provided but determining the best way to save lives and protect property. Eliminateic the salt deduction would force governments to reduce taxes or services leading to a weaker service. Ese cuts would have a real mpact. Even with the property tax exemption. Sales and income taxes supply the majority of state revenues. Without the salt reduction we uld be fighting instead of working together. We must stand up for the sovereignty of states and our local tax decisions. In stigs to affecting the fire service, taking awe the deductibility of these taxes would have an impact on the lives of middleclass men and women many of whom i work aside and represent every day. Virginia alone. Residents would be hit with tax libets. Those workers who own a home would see their mortgage Interest Deduction diluted. This impact will only serve to impact firefighters twice, one for having a job and the other for owning a home. For these reasons, we will not support any attempt to taylor or cut the salt deduction, thank you. Thank you very much. The question is why, why, to give tax advantageses. Undermining our work force as it undermines of the state and local governments to meet the needs of the American People. Kendra. Ear from thank you for who continues to stand up for the families and program. Nst this tax we saw if you go to college, you could have an america can dream. I was a daughter of emdepraints. I have to go to college. I worked hard and i weapon off fellow rd and i won ship. But i would you please be able to do that. And seven years ago i was a drral stupid and questioning my work, my ability and whether i belonged. We call that. I was the first person in my family to go to college and depaut schedule and my family working class one of whom who works at the hotel, my family didnt have the frame of reference that i wanted to do. And now i imagine you are listening going to grute school and dont have a lot of money. They might call you and think you are an adult. When s not an easy road, i became presenting kwan and pecting twins, it turned and just simply never came back. E took all the money i had except for a vokewaugen that i drove. The tax bill is to help middle class families and spapped tax credits. Cuts for re see tax stupid loans. If you have a debt, you wont pay down the debt. These taxes will hurt working pits families and those who the billion goods. With this kind of this, what can i buy for my children. What kind of futetur. What does that mean . The bill will explode the ficient sit by . Trillion forcing cuts. And programs like tan of and snap and Housing Support and without the tax code we have to wait almost a quore for housing. As a pregnant woman and all of this incorporations of the surem wealthy. As im expecting twins, chip and afforded my daughters the health care. Want to make sure we are healthy. What happens to parents and women who are in similar circumstances. And im happy to share that the a. C. A. Sell operated their seventh birthday and part of the a. C. A. That has done so much nor families. m flad that my lives have benefited. If we as a nigs are to provide opportunity and grow generation f riders and they prot their engineers, doctors and yes, perhaps even the next president , we must invest in people in jation and jobs, because they can lift people out of poverty. Nd the future depends on it. These are my girls. Shilo is wearing pink and danny, heir friends are here so you girls are helping. [laughter] thank you for spelling out how important this is for opportunity and for the next generation and why making these cuts and doing it so they iminate the estate tax and eliminates. 0. 2 . With that, im pleased to altmama. Barbara im from knoxville, maryland and im 8 years old. So there. It is wrong to this is my son apped drew. And wrong tore cut taxes that need atlanta least cutting taxes. Dont cut taxes while cutting medicaid and medicare. Y son andrew is 54e years old. Nonverbal and profanely retarded. He was in an institution while i had hip surgery. E was accepted and at 27 years ago at 1 delish third of what the coose. He now lives with four others. Medicaid has been his lifeline and mine. Medicaid a loud him to have a normal round of life. Activities on the weekend. Sometimes he even comes home. Cutting taxes for millionaires is simply immoral. Dont take from my son from eople who dont need it. Ms. Pelosi veterans depend highly on it. And contend dra mentioned it. And why, . Tax o have an unfair policy to the been si of billionaires to send jobs overseas. We welcome Michael Smith. I worked nearly five years and have unemployed today because nabisco because of my job at the backry sent to mexico. It happened because our trade and tech last meak it easy to outsource our jobs. During the last years election, heard politicians say it was time to bring jobs home. But i see this tax bill and heres what it says. And from now on, a u. S. Company will pay no taxes in the united its on its profits from Mexican Plant where my job went. But it will pay profits here in the united states, about 0 . What we did think will happen, what do you think will happen to my brother and sisters who work under these rules . These tax bills want to move jobs out of the united states. We cannot believe this. So let me say to the people who wrote this bill. You must think im more than a chance to make some more money and so it is, forwarded with the same understanding of my coworkers back in chicago whose life will be destroyed did this bill pass is and pursue other tax breaks in this bill for swroff shore. Im Michael Smith and im more than a statistic. Deserve to be treated with dignity and reinspect and all those who were laid off. We pay taxes and implore taxes not to reward companies that outsource pi job in billions of dollars of tax application. This tax bill is a job killer. Someone said this is cut, cut, cut. What it cuts is my job. As you see your republican plan will rob from these childrens future. Why . 5 trillion. And trial fer individuals colt deduct. They can still deduct permanently and at the same timeal tax advantage to create jobs overseas. Clearly an advantage in the tax code. Why . They have to oons that. With that, i will take questions and focus on this question first. Any questions. You have a tremendous source, Ranking Member on the ways and Means Committee who noise the most and impact on peoples ersonal lives. [ [indiscernible question] mr. Neal part of it is the comply cages that arise in the Housing Market. And even if you deprsp the immediate number or shaving back of deduction, it adds layers complexities. So i sympathy many parts of the tax code, they are advising social mbers where this impacts and you consider how eople might enter that Housing Market and have a second or third child, they cant move pus he deduct being removed. And the suburbs around polvet will have a perilous effect. And the description of my makes a lot of sense. And at the same time, advertising this as middle class tax relief. And they are prepared to make personal anti. So if i could take you there for a moment and in terms of the appropriation on deproth which idnt happen in 2001 and fwathe. The deficits went through the roof. Thats what happens. The slow growth and somebody has to pay it. You may not see it in 2001 but the jobs. And looing these areal considerable number of issues that arise afterwards d if these cuts went in too, they are going to medicare and special security for cuts. This is a moment of truth for our country bus the decisions that are made affected by the tax code and have a direct impact on the deproth of our economy and america rae working families. Mr. Neal talked about Home Ownership and clearly important to sense community, people putting down routes. And to under mirne that, we have had people on this noor said i have to sell my house. And what the prorblee appreciation. O, again, a moment of truth, when they sea its for the middle cast class, its not. Heads i won, tails you lose. And they take a great deal away as you hired from our depeft hether comploort medical deductions or stunned hones or what happens listen on to this. Tudent education, central toll everything we do. And nothing brings more money to the treasury and reduces the deficit and incloses our deproth than investing in screags. To cut education is really hum nd one of the dumbest moves. They are pakistanning people to repay their stupid loans and taking money out of our education in our country. And your school isnt able to smy it in the classroom, you cant deduct it . Why . Ecause they can give the president s Tax Deduction or tax. Ate the estate families are affected. And homeowner. And local communities meet the needs of the American People. What are they thinking . This is a moment of truth and make sure that what is it in this bill that people should know more about. One thing they are finding out more, war what was said in the campaign about keeping jobs in the u. S. , this bill does the exact opposite. Gain, a moment of truth, get real. You have i think our guests, who are speaking for their own experiences, to the unfairness of this legislation. I thank our guests. I thank you, i think kendrick tapped in, barbara altman, Michael Smith, and our special guest shiloh. It for the future. For the future. [applause] tots what this is supposed be about, the future. Thank you all so much. Our distinct shrinking member for his leadership and the democrats on a camp on the committee. [inaudible] you havent heard me relitigate last years election. I wasnt involved in the president ial im only looking forward. This is about the future. I havent had time to be reading any of that anyway, but nonetheless, what ive seen lets focus on whats really important to our country. Even though you want directly involved you are a big fundraiser for the party. I am. The biggest. [laughter] not counting the president ial look. I have responsibilities for what i have responsibility for. Dont have interest in what i dont have responsibility for it comes to other campaigns. Him heartbroken we didnt win the white house. There will be all kinds of books written about what happened. I focus one year ago that election took place. It was a year in desk in a couple of days, it will be a year. One year until the next election. My focus is on the next election. A second to be thinking about comments that went on within the dnc. Any other questions . Yes, sir. They say they are richest rethink outrageous, are you saying they are lighting lying . I say there taking people for suckers, trying to pass this off as a middleclass tax cut when they know it is not. Why . Why would you cut the deduction on interest on Student Loans . Why would you say that teachers, you have to take it out of your own pocketo bring supplies to school, and you dont get a Tax Deduction. We will get Corporate America a text adduction to shift jobs overseas. Im saying m not using the word lie, i dont use the word lie. Im saying theyre misrepresenting what this bill is, and we will make sure the American People know what the impact it is on them. When you look at the wharton study, or Goldman Sachs study, none of them say that you are going to get 3 growth they all say that you, given demographic trends, are lucky to get to 2. 2 . When i talked about speculation about what might happen, recently over the board of adjustment tax, the people that you just described, they said it was given a work because the dollar was going to appreciate by 25 over five years. A thats a heck that is heck of a way to do policy. Its a same thing when you take 1,000,000,000,005 over 10 years, which is closer to 2. 4 what if theres no Economic Growth here . Whos going to pay for that . Let me also just say this dont take my. Word for it. Weve had, mr. Neil had a hearing the republicans didnt come, of course but we had a hearing about the truth in this bill. There was also supplyside economics there was also the supplyside economics agenda. He said, this whole idea that trickledown economics pace for nonsense,not true, and he went into use a term, bs, except he said the words. There are other economists who espouse trickledown economics, who are considered on the conservative side of the ledger, who will tell you the same thing. The facts do not support what they are saying. For them to try to sell a bill of goods to the American People that this meager give with one hand, take with the other, and let us give a trillion and a half tax cuts to Corporate America in addition to tax advances, to shift jobs overseas, and let them deduct their state and local, and with all of the money that that sucks out of the system, up from the middle class into the wealthy and wealthy corporations, its going to pay for itself . Please. Please. When we had the majority, we had payasyougo. thes what they have middle class pays as the wealthy and corporations go, and go with jobs, overseas. Thank you all very much. [captions Copyright National cable satellite corp. 2016] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. Visit ncicap. Org] cspans washington journal, live every day, with news and policy issues that impact you. Up saturday morning, abraham denmark of the olson center will join us to discuss the goals and significance of President Trumps trip to asia. Then, in our spotlight on magazine segment, and will feature an atlantic writer on his recent piece looking at how Hurricane Maria worsen the crisis in puerto rico. And, a discussion about the testimony about facebook, twitter, and google executives before congress on russias use of social media in the 2006 teen election. Be sure to watch cspans washington journal, life at 7 00 eastern saturday morning. Join the discussion. Earlier today, President Trump beginning trip to asia with stops in japan, south korea, china, vietnam, and the philippines. Later, on his way to japan, the president plans to stop in honolulu for chuck to hurl pearl harbor and the uss arizona memorial. South korea, they will visit with troops at camp humphrey, and adjust the cut Countries National assembly. They will also attend the asiapacific economic meeting in vietnam, as well as the association of Southeast Asian nations summit in the philippines. Means house ways and committee begins its work on a textbook and plan a tax monday. Tax