deficits as republicans. we ought to talk about them right now. does that mean he may not vote for this? or is he getting on the record saying i have concerns about it? i think it s more the latter than the former at this point. i think we ll learn a lot over the course of today. partly because they all showed up yesterday. langford was huddling with jeff flake and corker to try to work this out. you also have a couple people concerned about the small business tax rate compared to the tax cuts for c corporations, and they re trying to work things out. my sense of what we re seeing here is kind of a public negotiation with the leadership. it s the traditional song and dance of how a bill like this comes together rather than a bunch of republicans who are coming out and saying no,ly not vote for this. they re saying i want to negotiate before we vote on it. it s an important distinct.
spent his life in sales this tax plan is as easy to sell ice or cold drinks on a high july day at nascar. it cuts taxes for average families by anywhere from a thousand to $4,000. it cuts the corporate tax rate and small business tax rate in order for us to create more jobs and expand the economy. this is going to be this is an easy sell and if any republican can t go back home and sell this, they shouldn t be in office. i think it s going to be a lot easier for republicans to sell it than democrats for democrats to defend a no vote. really? emily do you think that s the case? do you think this is easier for republicans to sell than democrats when heading home? that is not the case. republicans are struggling against the perception even though they are fully in control of the federal government, they can t govern. they can t get anything passed. they re desperate to try to pass anything. the thing that s going to be unfortunate for them is that what is in this proposal is deeply
whether it s on main street, around the world, they will know they can bring those stranded dollars back to the united states from overseas. more important, when they can win going forward. tax rate to bring it back and reinvest to zero. we expect it very strong response from our local businesses. here is what some key house conservatives asked the white house to include in this tax package. a corporate tax rate, no higher than 20%. the small business tax rate no higher than 25%. the reduction of personal income rates the middle class and doubling of the standard deduction. a repatriation of foreign earnings, permanent elimination of the estate tax, and a new territorial tax system that gives multinational companies tax parity with foreign competition. this morning, the chairman of the house freedom caucus said he would like to see a change involving wall street. that. the entrance for hedge fund managers need to go away and really, we can use that money
in the reduction in the small business tax rate from 39.5 in some cases to 25%. then he is talking about the ability to immediately write off 100% of the cost of equipment, machines, trucks, vehicles, other items for a period of five years. that would be a huge boost to companies who want to modernize or expand. the president is hoping to get democrats on board, but this morning, budget director mick mulvaney saying democrats aren t showing too much appetite for tax reform. listen here. i think there is a couple democrats who have already checked out. in fact, i ve had a conversation with some and asked would you ever support a reduction to the corporate tax rate and they say no and that s where the end of the discussion is. so many are heavily invested that anything is good for the economy, they ll never consider voting yes.
association of manufacturers in d.c. for their convention and outlined to them what all of this would mean for corporations. here s what it would mean. the president is proposing to cut the corporate tax from an average of 35% down to 20%. the small business tax rate and this would include s corps, pass-throughs, so proprietorships and llcs to max out at 25% and immediate full expenses of capital expenditures for five years. if you were to buy a new truck or equipment or a backhoe, computers, you can write it all immediately and do that for a period of five years. so for companies that are trying to retool or expand, that would be an enormous boon for them. here s what the president said in terms of what he wants this to do for the country. listen here. this is a revolutionary change. the biggest winners will be