Page 15 - Loop Holes News Today

>> neil: i wasnt born. >> wasnt either. i read about it. all of these people trying to get their favors and stuff in there. it was a bottle of scotch and said the hell with it. lets drop it to 28%, drop the corporate from 46 to 34%. get rid of all of these loop holes, tricks and things and lets just do it and get going. thats when bipartisanship really worked. it can do it now. so you really want to wait until we get to the final hour. i wouldnt overly fret. were going to get the tax cuts. may n...

Tax cuts through. maybe even getting some democratic support knowing that the rich arent going to be, you know, that well-protected here. they might end up to gary cohns point more. what do you think? >> listen, i can say this. i think if rich people net-net pay more, i dont think that will stop tax reform from going on. the real question is, if in these tax cuts on the corporate side, if its a wash because of closing loop holes or if its a de facto increase because they closed the loop holes, i...

>> neil: in the end, the rich could pay more and maybe more than theyre paying right now. to charlie gasparino. he says theres enough here, including corporate tax relief and tax relief for everybody else, that even though some of the rich might do a double take, this will be well-received. maybe, charlie, get more broad support. what do you think? >> heres the bottom line. it depends on the effective rates. we say that on the individual and the corporate side. the markets are up because of the ...

Now, 39% and corporations from 35% to 30%, then they plug loop holes and what you do is get an effective tax increase. i cant imagine politically thats something that you could sell through congress. you have to get even when you close those loop holes and effective tax cut for this to have any sort of political, i guess, credence with republicans who love tax cuts. not only that, with the market. the reason why markets react positively to tax cuts is because theres a stigmaive effect. if these ...

The president called on congress this time to get the job done. watch. >> this is our once in a generation opportunity to deliver real tax reform for everyday, hard-working americans. im committed to working with congress to get this job done and i dont want to be disappointed by congress. you understand me. >> martha: chief national correspondent ed henry live with more on the presidents plan tonight. >> good to see you. yeah, this is president trump taking on the swamp that he slammed in the c...

Theyll be out of a job. >> the thing that is so enraging about this, the only people that benefit under the system are people that can afford an army of lawyers and accountants and lobbyists and they get the loop holes. its absolutely disgusting. i have to say to austin, so delighted to hear you concerned about spending and how were going to pay for it. >> martha: thank you guys. austan and charlie, a pleasure. still ahead tonight, is defense secretary general mattis contradicting the president ...

Cuts but doesnt explain how he intends to pay for them. so i think were back in this holding pattern where hes put the ball in congresss court, mitch mcconnell made clear hes going to try to do this with only republican votes, and were going to have to see whether theyre going to actually blow a $6 trillion hole in the deficit or try to close deductions or what the president called loop holes or something to come up with the $5 trillion to pay for it. >> martha: the loop holes are what this is a...

This job done. and i dont want to be disappointed by congress. do you understand me? do you understand? understand. [applause] >> congress. i think congress is going to make a come back. i hope so. i tell you what, the united states is counting on it. [applause] >> here are my four principles for tax reform. first, we need a tax code that is simple, fair and easy to understand. that means getting rid of the loop holes and complexity that primarily benefit the wealthiest americans and special int...

Code, eliminate special interest loop holes, and im speaking against myself when i do this, i have to tell you. and i might be speaking against mr. cook. and were both okay with it. is that right? its crazy. were speaking -- maybe we shouldnt be doing this, you know. but were doing the right thing. [applause] >> true. and allow the vast majority of our citizens to file their taxes on a single simple page without having to hire an accountant. second, we need a competitive tax code that creates mo...

31 years ago. it eliminated dozens of loop holes and special interest tax breaks, reduced the number of tax brackets from 15 to 2, and lowered tax rates for both individuals and businesses. at the time it was really something special. since then our tax laws have tripled in size and the tax code itself now spans more than 2,600 pages, and most of it is not understandable. tax rates have increased and special interest loop holes have crept back into the system. the tax code is now a massive sourc...