Page 64 - 5 News Today

Surprise. i think youll be very happy with it. i think the businesses will be very happy. and well be able to compete all over the world. third, were simplifying our broken system. its so complicated that nobody can figure it out. tax returns that are very, very big and large and they have to go out and higher companies to do them. so, were fixing the system. finally, the plans going to bring trillions of dollars back into the united states, money thats offshore. and youve been hearing me say $2...

Tax policy center, $1.3 trillion. moody, $1.5. tax foundation, $1 trillion. dispense of that immediately. why are republicans insisting these will pay for themselves? >> well, i think its fair to suggest theres going to be some growth. i think a lot of economists think that a good tax cut can replenish about 30% of the growth through -- or revenues through economic growth. i dont really want to justify saying that tax cuts pay for themselves. the vast majority tax cuts do not pay for themselves,...

They have a budget cap on the reconciliation of 1.5 trillion, and people like senator ron johnson of wisconsin, senator daines of montana say, theres a lot of corporations with a cut to 20% which is permanent, but not as much for small businesses, and small businesses are the drivers of job creation in this country. the president believes a fight to cutting corporate tech, you get a better boost to the economy. the hospital has small business taxes, the llcs, 25%. the senate bill could actually ...

There have been zero major legislative accomplishments since january. the immediate question is whether the administration can get tax cuts through. now they have passed the house. that $1.5 package has to get through the senate and that is facing difficulties but also watch out for something else because the supplemental funding for the government, emergency funding, if you will, expires on december 11th and theres still no sign that we have a government budget which is prepared to be adopted. ...

This is perverse. its insane. for the life of me, i dont understand why people arent marching in the streets against this thing. >> i want to talk about deficits. it used to be that republicans care ad a lot about deficits. theres been independent studies on what this tax plan does to the deficit. it shows that it actually red e reduces revenues by $1.5-1.7 trillion. and adds 1.4 trillion dollar to the deficit by 2027. >> right now we have the highest corporate tax on effort, generating almost n...

Consistent throughout any bill thats come forward. even when the presidents initial bill was presented in the two or three pages that he presented, there were no pay-fors so it was almost a $3.5 to $4 trillion bill. there was one and that was the elimination of s.a.l.t. or state and local tax deductions. there are other horrible things in here, including getting rid of the tax credit for hiring veterans, for instance. thats gone. theres so many little -- the teacher, you know, buying extra tools...

We have to we have to deal with deficits, but theres a difference between borrowing money on your credit card and borrowing money on your mortgage. this is credit card debt. this is not like wiring money to invest in infrastructure, which is what many of us believe. this is credit card debt. >> theyve got to take a little bit of issue with you here. you deny that if you lower taxes across the board, the rising water lifts all ships. this is investing in the american peoples pocketbook and lettin...

Would pay more by 2019 and nearly one in five by 2027. now white house budget director mulvaney disputes that math but promised this. if i our numbers here at the white house actually show the same thing. if they show that taxes are going up on the middle class, on the house plan, senate plan or combination of the two, we wont sign it. >> okay. as for the deficit, changes for the bill brings a total addition of up to $1.7 trillion. thats above congresss target of $1.5 trill. the gop is looking...

China first is a policy that puts chinese citizens first at the risk of other people around the world. and takes advantage of them. the fear is could america first, which is trumps foreign policy put americans at such an advantage that they take advantage of other people around the world. that isnt something that you would see someone who campaigns to be a grade negotiator find to be the best solution to trade policy. >> you just saw live pictures of the president head to go a state din wer pres...

It is making an unfair code even more unfair. >> i guess my last question for you is what you just alluded to. the "washington post" independent accounting says you got a $1.5 trillion boost to the debt. i thought that your points there were against adding to the debt. >> i heard senator corker say not one penny into the debt will he spend on a tax cut for anyone. lets see if theyre true to their word. im hearing it will be significantly more than $1.5. were hearing it will be more than $2 trill...