Tax Code Change News Today

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President is because i have more experience than all the rest of these candidates for president put together. >> reporter: but he lost to george w. bush. as the ranking republican on the senate finance committee hatch ushered in the 2017 tax cuts and job act. >> this is a great day for america because were going to pass a pro growth, pro jobs, pro america bill. >> reporter: the bill was lauded as the biggest tax code change in three decades, and criticized for favoring corporations and the wealt...

Constitutionality relied heavily on the tax component, the tax penalty component of the individual mandate. republicans then legislated the individual mandate away, so that leaves a hole in the law now. and the question becomes, will the supreme court still consider it constitutional if one of the linchpins of its constitutionality is gone? is that basically the way this argument will unfold before the supreme court if it makes it that far? >> actually, lawrence, id use different language becaus...

Argument will unfold before the supreme court if it makes it that far? >> actually, lawrence, id use different language because the congress in 2017 through a tax code change did not get rid of the individual mandate. what it did was it zeroed out the penalty that must be paid by individuals who dont get insurance. so instead of charging you a tax, a personal responsibility charge if you dont secure insurance, they just zeroed it out. the law would have required you to pay a fine essentially for...

Certain circumstances to save social security and medicare over 75 years, youd be willing to raise tax revenue. do you have a number, two to one, three to one, spending cuts versus tax revenue, along those lines, what do you see? >> you know, when we say revenue, were talking about through closing loopholes, through streaming the process. its going to be some economic growth that will generate revenue through that entire process if we do it right. again, republicans want to see the tax code chan...

Not fair. we cannot subsidize one city that is trying to do the right thing by having competitive wages and another city that is having union wages. so thats what were saying with opportunity zones. youve got to level the playing field. martha" youre touching in a very interesting part of the economic recovery issue in this country, and its no surprise that richard tr u.n. ca is pushing back on this. the big question is, how are you going to neutralize the union issue in dealing with this. >> th...

Debate, its 100 years old, teddy roosevelt was trying to get something like this passed a century ago. now we find that the democrats are determined to follow the tradition of lbj who created medicare and medicaid in expanding care to cover everybody or as many americans as possible, while the republicans are more interested in cutting taxes. this alternative -- >> which their bill does cut taxes, the bill they are proposing cuts taxes for the rich. >> thats the primary purpose of it really is t...