President s speech, which is with just one hour to the closing bell, imminent. What do we have . One arm on the farm bureau and one eye on capitol hill where both have very active political scenes. In d. C. , Mitch Mcconnell and House Speaker paul ryan explaining why their unified plan will make the complex american tax system fair and simple. Here it is. This is a onceinalifetime opportunity that is all about more jobs, fairer taxes and bigger paychecks for american families. For all of us, this is a new or never moment. About getting america going again and growing again, providing jobs and opportunity here rather than overseas, providing middle class tax relief for hard working american families, so they can get ahead. Liz i just want to let you know, we are getting embargo details, which means we cannot tell you exactly how his speech is going to go, but heres what we know so far in advance of that, before we know his speech. The gops plan would cut the current Corporate Tax rate at 35 to 20 . Small businesses, which are sometimes called passthroughs would see a 25 tax rate. The plan in essence collapses tax brackets from seven down to three with a possible fourth rate for the wealthiest. Maybe somewhere in the vicinity of 37 to 38 . Now, the proposal we also understand would double the standard deductions for individuals and married couples. Also expected, ending the estate tax and the elimination of state and local tax deductions, which, that one controversial right now. Unveiling it is one thing, passing it is another, and i can guarantee you, folks, the minute the president is done speaking, the negotiating will begin between democrats and republicans, and that is the big key. When i talk about eliminating the state and local tax deduction, why is that controversial . Because it hits mostly blue states california and new york. We already have one republican, peter king, saying that is definitely a nonstarter. He says that will hit hard working americans who live in his state of no, so he does not like that. Let us bring in republican congressman mike kelly from pennsylvania, and gentlemen, were waiting on a democrat here, were waiting on democrat brian higgins, from new york as well. But ill first begin with you, congressman kelly. Its all very nice to come up with these ideas and from the start, the democrats have said the red line they would not cross would be tax cuts on the extremely wealthy. In this plan, top income earners may have to pay more when you factor in taking away the ability to deduct state and local taxes. What does that really mean . Is that the carrot that gets democrats to the table ready to work with you, the gop . I think were going to find out real quick what brings it to the table. This is what i expect to have happen at the launch of any happen, i dont what were talking about, legislation, polarized at the beginning. At the end of the day, after all the smoke has cleared, what are we try doing . This is a progrowth tax reform thats going to make sure that we can compete globally when it comes to corporations and every single hard working american has more takehome pay. When you look at that, theres no disagreement between republicans and democrats on that. Some of the other issues, is that a problem . Yes, its always a problem, when you lower the rates, you have to take a look at deductions to find out how are you still going to keep enough money to run this wonderful country . Cutting rates is one thing, but the other are the things people look at. Its the net that people worry about. Liz any successful passage of any bill in the past required compromise and perhaps concessions. What do you feel you are ready to concede if the democrats say well give on this, what will you give on . You know, im an automobile dealer, never any time that i looked at selling a car and said unless i get what i want, im not selling that car. Heres what i would say, were trying to get to a tax, a tax code that people can look at thats simpler, fair, puts more money in paychecks. Makes us more competitive. What are we willing to give on . I dont know, what are democrats willing to ask for, we know its bipartisan. I tell you what, we have a businessman in the white house thats driving this thing and driving it in a way nobody has driven it before. Very high expectations, High Energy Guy that gets all these things. When you listen to the president and we find out in a few minutes what his plan is, this is a joint effort, and i think thats what the American People expect. If its all republican or democrat or us not able to get along, thats the worst thing that will happen right now. I will say most americans, red or blue, democrat or republican, would love tax relief, but they will not in certain states get it if the deduction for state and local taxes gets eliminated and some of those states, in fact most of them are blue. Somewhere purple like florida. We have a lot of retirees with little income living in florida who pay a significant tax bill theyve been able to balance because they could write it off. Thats a punch to the gut for some of the states, is it not . Sure, its a punch to the gut for some people. What im saying, im going to repeat it. Wait until we get the package put together, go to work on it. Both sides of the aisle doing it and working for the American People. Sometimes we get too wrapped around the axle early on, and i cant go along with that because of this. Wait a minute, what if we can soften that blow . Make it more sensible to you . What if we can make it to the point it doesnt have the punch in the gut feeling for a lot of folks. Thats what we have to Work Together as a congress. Its that simple. Liz as a Business Network we look at businesses, the stock market which is publicly traded companies, trading of course, and you can see that the u. S. Has the third highest tax rate in the world. I want to bring in, if you can stand by, congressman, i want to bring in our trader right now. The moves out of d. C. , already impact the markets. We do have stocks moving significantly higher. S p in record territory. The russell 2000 there. I want to get to Sergeant Stephen guilgoyle. Whats it like at the New York Stock Exchange . You might imagine, its built up over the day. There was no euphoric rush, theyre coming into stocks and small caps, thats where youre going to see the biggest benefit from tax plan. They are reaching into tech names now because of possible repatriation, there are a couple of sectors you see leadership in. And movements in the banks, thats janet yellen related. Liz what do you see might get hurt by the plan . Is there any rush out of certain sectors . Without a doubt. The rush out of bonds, out of the treasury market and rush out of sectors that are seen as bond proxies. Utilities, telecom, the staples. The areas where dividends matter, thats where you see people move out of the stocks because theres no longer the premium associated with them. Liz trying to see what we have for the 10year about 2. 3 , up 7 basis points. There is money coming out, absolutely, from bonds. Congressman kelly, tell me again, really specifically, though, would you give on Something Like the elimination of the estate tax . That i dont get, two tenths of a percent of americans who die are affected by this. And im somebody who hates when people say thats just a rounding error, but that doesnt seem to me a real revenue maker does. This have to be revenue neutral to keep up with the conservatives in congress . Im having trouble hearing you because we have so much activity around us. Are you asking about the death tax . Liz yes, it only affects two tenths of a percent of americans who die every year, so my question is, where else would you get more revenue . I think were looking across the board at what revenue we can pick up and where we could offset, and i think thats the purpose of what were going through on the exercise that were going through and go through it as a congress, not just as a republican or democrat party, why dont we go through it as a congress to find out how it affects each one of us in a way to say you know what . Not quite to where we can be there, is 435 of us from very distinct districts. So what may be a really big issue with me, a death tax because i represent a lot of people in agriculture who have Small Business and like to be able after all their life paying taxes to pass that on to the next generation without getting taxed on it. And other places you talk about deductions for state and local taxes and say this is going to have a heavy hit on them. How do we offset . Coming together on the offsets . On the pay fors, what makes sense is what we go for. Liz after the break, well have representative brian higgins, a democrat from new york. Well get his side of this and see if he does what you said. I love the analogy, you are a car dealer who never got the exact price they wanted, nor did the buyer, and thats the great part of negotiation, when nobody is happy, its a decent deal. Sarge, how do you expect the markets will respond . There could be buy on the rumors, sell on the new, everybody thinks this is a great inflator for the markets, do you see that today . Today, i dont know, if they believe, that buy the story, were going to see movement. Its to the upside. Were at 2510, the high of the day on the s p 500, i think 2524 is realistic shortterm, longterm, you could be looking 25, 2650 and beyond tax reform. Liz were at 2510, i want the viewers to mark what theyre seeing on the lower bands of the ticker, the s p, the nasdaq, the dow, volatility because sarge is going to come back right after the president speaks. Were going to keep him in the chair and hell give us the immediate Market Reaction from the floor of the New York Stock Exchange. Closing bell is ringing in 49 minutes. Can we take a live look inside the farm bureau where the president is expected to make his speech . There it. Is a big crowd right there, waiting to hear just how tax reform will come down. Thats in indianapolis, any moment, imminent. We want to squeeze in a commercial break. Please dont move. When we come back, we have congressman higgins, a democrat. And the ceo of Carnival Cruise lines, hes going to tell us what he expects his companys bottom line and other big businesses might see in the wake of takes code that might be in ship shape, Arnold Donald in a countdown exclusive. Liz imminent, everybody, as we await president trump. Hes about to deliver that speech on tax reform, we have been waiting for this. We just heard from Republican Pennsylvania congressman mike kelly, and now fair and balanced, bring in new york democrat, congressman brian higgins. Both he and congressman kelly serve on the house ways and means committee. I know its a crazy day tr everybody. Start with this, from the beginning the democrats said the red line they would not cross was a tax cut for the wealthy. In this plan, top income earners may have to pay more when you factor in taking away the ability to deduct state and local taxes. Is that the carrot that gets democrats to the table ready to work with the gop . Its very important, obviously, but keep in mind, it was mnuchin rule that was expressed by the treasury secretary many months ago that the net benefit of tax reform would not accrue to the very, very wealthy. And i think the other disappointing thing here is this president is obsessed with achieving 3 economic growth. He will never do that with this tax proposal. Liz why not . And i understand that the belief, sort of, the hope that tax cuts always create more growth is not necessarily factual depending on the circumstance. It didnt work for george w. Bush. People saved their savings, but what were doing isnt working right now, congressman, dont we need to try something. You. We do, we need to out of top 200 corporations in america, half of the corporations pay between 0 and 10 in Corporate Taxes. Half of those dont pay anything. In fact, we as american taxpayers pay them. So while there is a cut in the Corporate Tax rate which there should be from 35 to 20. Liz so youre okay with that . Well, fine, but the effective tax rate we should keep our eye on. Heres what i would support. I would support a minimum effective Corporate Tax rate of 20 . Liz i see. In other words, everybody pays 20 . Liz because we should let people know that right now, the effective tax rate is anywhere, depending on which site youre looking at, 19 to 29 , so some of them dont pay 20 at the moment. Some are well below that, too. But i need to get, because youre a new yorker, your opinion on the possible elimination of state and local taxes, from the federal, from the federal tax rate. A lot of people depend on that in new york, california, florida, to offset what could be a very high tax bill. Will you somehow find a compromise on that issue . Not a compromise, we will fight it on the merits. People get taxed twice about the elimination of state and local taxes. So we, and i think along with many of my colleagues in the house ways and means committee, including republicans from new york will be very concerned about that. Liz peter king, already, said this is a deal breaker, he doesnt like it. Thats right, i think this is perhaps a negotiating tactic, a strategy and thats fine, but keep in mind, in the end, its not the president that will set a tax rate. Its congress, and congress will now, this is the beginning of the process, not the end of it. And there will be a lot of negotiation, a lot of hearing to flush out exactly what the Economic Impact will be, not only to the nation, but also to the individual taxpayers. Liz thank you for joining us, and i need a yes or no answer because i know you have to go, and we got to wait on the president. But, yes or no, will you at least consider working with republicans on this . Of course, we will, we were at the white house yesterday with the president and with other members both democrat and republican, of the house ways and means committee. We take our work very seriously and this will be a good rigorous debate as it should be. Liz will you come back . Of course. Liz after we hopefully see movement. Congressman brian higgins. Thanks for having me. Liz any time. Democrat from new york. I want to bring in from the business side of this carnival ceo Arnold Donald. What you know of this, good . Acceptable . Not quite there yet . Good afternoon, liz, i dont know a lot about it. What i would tell you from a cruise industry standpoint is the three largest brands account for 70 , three Largest Companies account for 70 of everything, and we only have 7 of our sailings in u. S. Ports, well pay over 650 million. Liz what is that effective tax rate . In port taxes alone. Another 156 million in things like harbor taxes and fees and pilots and other things. We pay a lot outside of income tax and in addition pay tens of millions in income tax, federal, state, local and so on and our employees pay. Liz of course, the United States is among the top three highest Corporate Tax rates on the planet. Yes. Liz thats been blamed for a lot of companies leaving the u. S. To find lower tax rates. You are domiciled in panama. That goes back to before you were ceo. Before anything. Liz panama, i checked, their rate is 20 Corporate Tax rate. Thats what i saw. Okay. Liz but if we go 20 , would you and other companies be lured back to the United States . I wouldnt say we never left the United States, we were never domiciled as a corporation, we are dual listed on the New York Stock Exchange, the global stock exchange, we are a global company. We were never domiciled. We didnt leave the u. S. Or anything. Liz you have a base in doral, florida. Yes, i would say anything that contributes to the growth of the economy is a good thing, and i think a simpler Corporate Tax broadly is probably a good thing for america. I havent studied it, look at how many people are paying more than 20 , how many are less . What happens to the treasury, the coffers, what have you . Anything that stimulates the economy, we pay lots of taxes outside of traditional income tax. Liz were going to go commercial break in a second. A tax cut on the middle class to me says theyll possibly take some of that money theyre saving and go on cruises. Where do you expect to see it on your bottom line almost immediately . I think anything that stimulates demand. If people have more disposable income, of course, theyll supply more things and people are looking for experiences, and cruise is a great vacation experience and great vacation value. We look forward to welcoming more and more people to cruise. Liz and the lowest rate would be 12 , 25 and 35 , see if money comes back in the pockets and goes back to Companies Like yours. Great to see. You good to see you. Liz Arnold Donald. Weve got camera, folks, trained on the podium in indianapolis where moments away, imminent, thats a Big Broadcast word, were imminent. President trump will make and unveil the tax reform speech. Were on it. Were watching the markets which are brushing up and hitting alltime highs. Stay tuned. Were coming right back. Be in control . This guy. 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H r block intuite, its fair and simple and the single post card for doing taxes comes to fruition, folks, you could see these move lower because perhaps individuals wont need tax preparers to get the taxes filed. Indianapolis is the place to be. Fox business Connell Mcshane is right there where the president is about to speak and Charlie Gasparino standing by in the newsroom whether the highest rate at the wealthiest are getting a tax cut or tax hike. Connell, whats the atmosphere . Whats the sentiment on the ground . Reporter well, certainly a level of anticipation building, liz, over the last few minutes as we get closer to the president s appearance, before any big president ial appearance. Whats a little different about this, this is not one of the political rallies were accustomed to with the president. Instead its a small intimate building on the indiana state fairgrounds where an invite only audience made its way here, you have local politicians, Small Business owners, supportive of the president and anticipating what he will say, hopefully in their minds cutting their taxes, not the raucous crowd you get at a political rally. A lot of people asking why indiana . Why did he pick this venue and state in there are a couple of reasons weve been pointing to you. When you see the president come on stage in a few minutes goes to who is with him . Especially on the democratic side, senator joe donnelly is a democrat, some would say he is a vulnerable democrat, next years midterm elections and cross the aisle on economic and tax related issues, that is someone the president would love to convince especially if he would lose republican support down the road, love to convince to come over and support him. And the other reason is more obvious, liz, the Vice President was once the governor, not long ago of this state, and they at the white house have been pointing us over and over to the numbers that mike pence had when governor, lower taxes and more jobs. That is simple in terms of a formula and think they can take that one around the country. So thats it, try to get democrats on board and have the Vice President s home state, looks like were just about to begin with the preliminary stages of the program. Thats the announcement you may have heard behind me. Liz absolutely, as we have the rates up on the screen. I want to bring in Charlie Gasparino, he wants a 20 Corporate Tax rate which is considerably lower than what we have right now, were waiting on loopholes, which will be closed . Which will be left open . I havent seen anything on carried interest, which is for the high earners. I thought he was about to go on, i was about to yell at producer for making me sit here while there was breaking news. A lot of happy talk about the tax plan, people say how great it is, how great it is, then theres going to be a fight, and the fight in committee, and that fight in committee is over loopholes. Heres what we do know. The private Equity Industry believes it has maintained that one interesting controversial loophole known as carried interest. A huge tax break, helps the private Equity Managers make a lot of money. Thats a huge thing that is fought over in committee, and particularly democrats bring it up. What the industry is going to do is look to keep the loophole that allows the companies to deduct interest on debt. This is where the rubber meets the road. If you can keep all the loopholes, its very hard for paul ryan to say hey, im going to give you 20 Corporate Tax rate. Thats where the tax plan should or could really fall apart, and just look at the loopholes and look over the feist the loopholes. This is going to be very, very broadbased comments. Liz lets see what he does. Here is the president of the United States, donald trump on the much awaited tax reform unveil. [cheers and applause] thank you. [cheers and applause] thank you very much. You just want massive tax cuts. Thats what you want. Thats the only reason youre going so wild. But its wonderful to be back in the great state of indiana, what a place. [cheers] i want to thank senator todd young, senator joe donnelly, representative jackie wolarski, representative susan brooks and representative mike masser for joining us, thank you very much, thank you very much for being here. Appreciate it. [applause] i also want to thank members of my economic team, secretary Steven Mnuchin and director gary cohn, for joining us as well. We appreciate it. [applause] let me begin by saying that our hearts and prayers go out to the people of puerto rico and the Virgin Islands who are suffering in the wake of yet another catastrophic hurricane. Their island was virtually destroyed. Federal agencies are working closely with local partners to help these communities get back on their feet as soon as possible. Texas, florida, louisiana, doing great, and the Recovery Process is happening very, very quickly. I will be going down to puerto rico next week to get an ontheground briefing about the Disaster Recovery and to see all of our great First Responders and to meet a lot of the people who are so affected by these storms. We are with you now, i tell them, and we will be there every step of the way until this job is done. It is truly catastrophic what happened in puerto rico. [applause] and massive amounts of water, food and supplies, by the way, are being delivered on an hourly basis. Its something that nobody has ever seen before from this country, i can tell you that. And im very proud of all of the folks that have worked so hard in fema. All of our First Responders. All of our police that have gone to the island because their police force has been so badly affected and many of the policemen, most of the Police People have lost their homes and its been a tough go. But we are going to get it back. Before we go onto discuss the largest tax cut in our countrys history, i also want to provide a brief update on health care. We have the votes on grahamcassidy, but with the rules of reconciliation, were up against a deadline of friday, two days. Thats just two days, and, yes vote senator, we have a wonderful senator, great, great senator, whos a yes vote but hes home recovering from a pretty tough situation, and with so many great features including all of the block granting, the money to the states, et cetera, et cetera, our Health Care Plan is really going to be something excellent. Its going to be better managed for the people that it serves. Having local Health Care Representatives is far better than having health care managed from washington, d. C. [cheers and applause] not even a contest. And many, many governors, as you also see, agreed with us and approved it and look forward to running it properly. But again, because the reconciliation window is about to close, we have to wait a few months until it reopens before we take a vote. So were getting all of the good signs from alaska and the others to repeal and replace obamacare, and i was hoping this would be put on my desk right after we won the election, and id come in and sign, but it didnt work that way, a couple of people they wont say anything [laughter] but early next year when reconciliation kicks back in, long before the november election, were going to have a vote and were going to be able to get that through, and i think well actually get it through very easily, and the time makes it easier, but speaking of reconciliation, the Republican Senate needs to get rid of the filibuster rule, which is blocking so many great legislative reforms. American people badly want and deserve. By the way, the democrats, if they had the opportunity, which hopefully they wont for many, many years, they would get rid of it on day one, and most of you know exactly what im talking about. Were here today in indiana to announce our framework to deliver historic tax relief to the American People. [cheers and applause] this is a once in a generation opportunity, and i guess its probably something i could say im very good at. Ive been waiting are in for a long time. Were going to cut taxes for the middle class, make the tax code simpler and more fair for everyday americans, and we are going to bring back the jobs and wealth that have left our country, and most people thought left our country for good. [cheers and applause] we want tax reform that is progrowth, projobs, proworker, profamily, and, yes tax reform that is proamerican. [cheers and applause] its time to take care of our people to rebuild our nation, and to fight for our Great American workers. [applause] indiana is a tremendous example of the prosperity that is unleashed when we cut taxes and set free the dreams of our citizens. This state has claimed a powerful Competitive Edge build on low taxes and less regulation, and are we cutting regulation. [cheers and applause] and businesses all across the country have taken notice. In recent years, indiana has welcomed dozens of Companies Fleeing high taxes and hightax states. Thousands of new jobs and massive Capital Investment that followed, meaning a better quality of life for the people of indiana. All of this is possible because the people of this state have made a decision. They chose to make indiana competitive again. They chose, and their choice was so important, it included electing a governor who you may have heard of, who signed the largest income tax cut in the states history, our very, very terrific person and terrific Vice President , mike pence. [cheers and applause] its time for washington to learn from the wisdom of indiana. We need washington to promote american jobs, instead of obstructing them. That is what ive been working to achieve every day since i took office. That is what i talked about on the campaign trail. Already, were seeing the results of an Economic Policy that finally puts america first. [applause] unemployment is at a 16year low. Unemployment for africanamericans is near its lowest point since the turn of the millennium. Its really a fantastic thing to see. [applause] wages are rising, optimism among manufacturers, has reached alltime highs. Gdp growth last quarter reached 3 , way ahead of schedule. Nobody thought that was going to happen for a long time. [applause] and this quarter, i believe, would have been better, but the hurricanes will have an impact, but other than that, it would have been, my opinion, even better. Your government is working for you, once again, not for the donors, not the special interests but the hardworking, taxpaying citizens of our country. [applause] america is back on the right track and i see so many red hats. Make America Great again, thats what were doing. Make America Great again. [applause] but our country, and our economy cannot take off like they should, unless we dramatically reform americas outdated, complex, and extremely burdensome tax code. Its a relic. Got to change it. We have to compete. Compete with other countries. The current tax system is a colossal barrier standing in the way of americas economic comeback because it can be far greater than its ever been, but were going to remove that barrier to create the tax system that our people finally, finally, finally and want and deserve. For several months, my administration has been working closely with congress to develop a framework for tax reform. Over the next few months, the house and senate will build on this framework and produce legislation that will deliver more jobs, higher pay and lower taxes for middleclass families for the working man and woman, and for businesses of all sizes. I look forward thank you. [applause] i look forward to working with congress to deliver these historic tax cuts and reforms to the American People. These tax cuts are significant. Theres never been tax cuts like what were talking about. Our framework is based on four key ideas. First, we will cut taxes for the everyday, hard working americans. The people that work so long, so hard and theyve been forgotten. But theyre not forgotten anymore. I think we proved that on november 8th. [cheers and applause] under this framework, the first 12,000 of income earned, by a single individual will be tax free. [applause] and a married couple wont pay a dime in taxes on their first 24,000 of notice. So a married couple up to 24,000 can spend their money on their family. On their children, on on what they have to do. So much better. In other words, more income for more people will be taxed at a rate of 0. [applause] at this 0 rate, taxable income will be subject to just three tax rates of 12 , 25 and 35 . Jonathan blanton and his wife jamie from greentown are here with us today. Where are they . Oh, hello, jonathan. How are you . [applause] jonathan does industrial janitorial work and jamie works at an auto company. Together theyre raising four beautiful children, and last year they earned less than 90,000. Under our tax plan, they would have saved more than 1,000 and could be substantially more and thats just on federal taxes. So they would have saved at least 1,000, middle income families will save even more nominee with an increased Child Tax Credit for children under the age of 17. Which so many families have been calling for. [applause] we will eliminate the marriage penalty in the existing credit and expand eligibility to include even more middle income families. Greatly expanded. Were also expanding the Child Tax Credit because we believe the most important investment our country can make is in our children. [applause] and this is just one more critical way that were targeting relief to working families. In addition, under our framework. Those caring for the elderly loved and we love these people, but were caring and we take such care of the elderly and other adult dependents will receive Financial Relief in the form of a 500 tax credit. [applause] were doing everything we can to reduce the tax burden on you and your family, by eliminating tax breaks and loopholes, we will ensure that the benefits are focused on the middle class, the working men and women, not the highest income earners. [applause] our framework includes our explicit commitment that tax reform will protect lowincome and middleincome households, not the wealthy and well connected. They can call me all they want, its not going to help. Im doing the right thing, and its not good for me. Believe me. [applause] but what is good for me, not only as president , and legacy, what is good for me is if everything takes off like a rocket ship, like it should have for 20 years. Thats good for me. Thats good for everyone. [applause] and thats what i think is going to happen. And a lot of very wealthy people feel the same way, believe me. In fact, we are eliminating most itemized deductions that primarily benefit the wealthiest taxpayers. Weve also Given Congress the flexibility to add an additional top rate on the very highest income earners to provide even more tax relief for working people. Second, our framework will make the tax code simple, fair and easy to understand. Finally. Americans waste money [applause] americans waste so much money. Billions and billions of dollars and many hours each year to comply with our ridiculously complex tax code. More than 90 of americans use assistance to prepare their taxes. Under our framework, the vast majority of families will be able to file their taxes on a single sheet of paper. [cheers and applause] we are also repealing the alternative minimum tax or amt. [applause] about time. The amt is actually a shadow tax system that requires many people to calculate their taxes two different ways, and pay the higher of the two amounts. Youre all familiar with it. Under our framework, the amt will make even less sense because were repealing many of the special interest tax breaks that it was designed to deal with. We are making our taxes simple again. We are simplifying our tax system. To protect millions of Small Businesses and the american farmer, we are finally ending the crushing, the horrible, the unfair estate tax or as it is often referred to, the death tax. [cheers and applause] that means especially for all of you with Small Businesses that are really tremendous businesses, you will be able to leave them to your family, and your family wont have to run out and do a fire sale to try and get the money to pay the tax, lose the business, ends upping about it out of business, all of those jobs are lost. The farmers in particular are affected. They have wonderful farms but cant pay the tax. So they have to celt farm, the people that buy it dont run it with love. They cant run it the same way, and it goes out. So that death stacks a disaster for this country, and a disaster for so many Small Businesses and farmers and were getting rid of it. [applause] now if you dont like your family, it wont matter, okay . But for those of you that love your family, it matters a lot. With us today is kip tom, a family farmer from leesburg, where is kip . Hi, kip. [applause] who fears that his familys farming heritage, been a long time, how long, kip . 187 years. Thats peanuts, kip. [applause] wow, thats a long time. But the great heritage could come to an end because of the death tax or estate tax, and could make it impossible for him to pass that legacy to his wonderful family. Were not going to let that happen, we are not going to allow the death tax to steal away the American Dream from these great, great families, many of which are in this room today. [applause] we will protect our farmers, our ranchers and our Small Businesses, and we will make taxes simple, easy and fair for all americans. Okay . [applause] third, we will cut taxes on american businesses to restore our Competitive Edge and create more jobs and higher wages for American Workers. [applause] in indiana, have you seen firsthand that cutting taxes on businesses makes your state more competitive and leads to more jobs and higher paychecks for your workers. Now, we want to do the same thing for america, make our country more competitive with other nations. And in many cases, those other nations are taking advantage of us in so many ways. They say theyre friends and perhaps they are, but believe me, i am renegotiating our trade deals, including nafta, including many other trade deals. [applause] and through regulation, all you have to do is looking at the massive pipelines, dakota access. You take a look. 48,000 jobs, immediately approved, so were letting that happen. But in terms of the tax and the tax strategy that Ronald Reagan used to create an economic boom in the 1980s with our economy took off, the middle class thrived and the Family Income of all families was increasing more and more and was a beautiful sight to behold. Since then other nations have adopted, unfortunately, our playbook, and ran it even better than we did, and i shouldnt say even better because we didnt run it well at all and we let other nations come in and take advantage of us and take our jobs away and take our businesses out, and were stopping that, and you see it right here what weve done. Today, our total business tax rate is 60 higher than our average foreign competitor in the developed world. Thats not good. We have surrendered our Competitive Edge to other countries, but were not surrendering anymore. Were not surrendering anymore. Under our framework, we will dramatically cut the business tax rate so that American Companies and American Workers can beat our foreign competitors and start winning again. [applause] we will reduce the Corporate Tax rate to no higher than 20 . Thats way down from 35 and 39. [applause] which is substantially below the average of other industrialized nations. This is a revolutionary change, and the biggest winners will be the everyday American Workers as jobs start pouring into our country. As Companies Start competing for american labor, and as wages start going up at levels that you havent seen in many years. [applause] when our Companies Move to other countries, its our loyal American Workers who get hurt, and when Companies Stay in america and come to america, its our wonderful workers who reap the rewards. And i just left the United Nations last week and i was told by one of the most powerful leaders of the world that they are going to be announcing in the nottoodistant future five major factories in the United States. Between increasing and new. Five. [applause] youll be hearing about that very soon. [applause] and i said thank you very much, and he said, you know what . Its starting to happen in the United States. Its starting to happen. So i just wanted to let you know. That i promised i wouldnt say who, ill keep my word. Okay . [laughter] unless you force me. [laughter] members of both parties it happens to be in the automobile industry, thats a good industry. Members of both parties should agree we need a tax code that keeps jobs in our country and brings jobs back to our country. [applause] and for the millions of Small Businesses and farms that file their taxes as sole proprietors, scorporations or partnerships, we will cap the tax rate they pay at 25 . Much lower. Big difference. [applause] this will be the lowest top marginal income tax rate for small and midsized businesses in this country in more than 80 years. For the next five years, our framework will allow to fully write off, listen to this, the cost of equipment in the year they buy it. That is big. [applause] that is instead of having to take deductions and deduct the cost over a long period of time. That is called incentive. That is called incentive. [applause] this will be tremendously important to help american businesses afford the heavy industrial machinery and other Capital Investments they need to grow big and grow strong. Joining us today, john gannon, the owner after wood decking and Fence Construction Company in indianapolis. The john is the father of nine children and recently celebrated his 35th wedding anniversary. Congratulations, john. [applause] john is in the Fencing Company as you heard, and im just thinking, i have to mention this, we have a fence around the white house. We have a fence around the white house. And they want to build a new fence. I figured, you know, im pretty good at construction, i dont know, maybe a million, maybe a million 1 2. And this has been taking place over a long period of time. Previous administrations. So i said how much is the fence youre talking around the white house . Sir, the fence will cost approximately 50 million. I said, what . I get you not. We have thousands of things like that. Thousands. Were going to get it all down, but think of that 50 million. Now i assume its a strong fence. Okay
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