so there are a lot of moving pieces within the bill to get to the trillion and a half dollars, so you have to look at the bill in its entirety. you can t just say oh, it s x or it s y. it s a combination of everything that gets us to that trillion and a half dollars. maria: i understand that because the 20% corporate rate is going to impact everybody. you hope it moves the needle on economic growth. the elimination of the amt, you hope will hit a lot of people but the fact remains when you eliminate the state and local income tax deduction, i m getting a tax increase. if you re in new york, you probably are getting a tax increase so you re raising taxes on some people to pay for corporate tax cuts. gary: remember what our objective was. the president had two main objectives. number one a middle income, hard working middle income americans deserve a tax cut. they deserve to keep more of their hard earned income. both bills do that. number two, we lower the business tax rate. we lowe
largely on the notion that corporations are going to get a nice big tax cut, 20%. how do you feel about the fact that they might not get it for another year? i m not sure that s why the markets been running. the market goes up and down. as you just pointed out, we had less than a half percent pullback in the start market today. i think the market is going up because american businesses have been doing better and better as the economy continues to grow. our job is to make sure of the economy does continue to grow and we help american businesses compete in a competitive global environment. our plan is to aim to make sure we lower the business tax rate and our u.s. businesses can compete in a very competitive environment. we are very excited about what happened today. as you mentioned, we did get the house plan out of the ways and means committee and the senate did introduce their plan today which will go into committee next week. martha: what you think what are you most concerned
need to deal with. so this isn t the magic elixir, but this is a really important step for a more we went where you put the chances of the bill passing? i think the chances are high. the biggest challenge, of course, if they can come to an agreement on this lower business tax rate, they have to figure out still have to pay for all of this. that is where which deductions to eliminate coming to play and what you do with the higher income earners in the tax rate that they have. they are treating richer americans a little bit differently in the two bills and they will have to figure out who will still have to continue to pay the amount they need to pay so they can afford this tax cut on businesses. dana: ryan streeter, thanks for being here today. thank you. dana: we have a brand-new statement from comedian louis c.k. who is facing accusations of sexual misconduct. what he s now saying about the charges. plus, president trump sending
family about a $1200 tax cut. absolutely. i think this is a game-changer for our economy. reporter: 429 pages. the product of weeks of intense negotiations. now public and drawing support from the president. i really believe we ll have it done before christmas. i consider that to be one of the great christmas presents. reporter: the bill dramatically cuts the corporate and business tax rate and collapses the number of individual tax brackets from seven to four. but it s also rife with potential problems. powerful interest groups like realtors and home builders vowing to oppose the bill over the lack of new home buying credit and a $500,000 cap on the mortgage interest rate deduction for new home purchases, all as
help an ohio worker? well, that s not what it is going to be. let s say it is going to reduce taxes on businesses, which it will be. we have to do that to be competitive. everybody gets that. when you have the highest business tax rate in the entire world among all the industrialized countries and 2 1/2 to $3 trillion locked up overseas that isn t coming back we have a real problem. so we do have jobs and investment leaving this country. companies in ohio are choosing to become foreign companies. it is crazy. a new study just came out saying there would be 4700 more u.s. companies than foreign companies if we had done this kind of tax reform about a decade ago. so we want these jobs back here. so for the people i represent i was just visiting five auto plants in ohio last week and talking to the uaw workers and the other auto workers there about their future. they want to have a competitive tax code because they don t