Transcripts For KQED PBS NewsHour 20171103 : vimarsana.com

KQED PBS NewsHour November 3, 2017

Mammography. Woodruff all that and more on tonights pbs newshour. Major funding for the pbs newshour has been provided by collette. Celebrating 100 years of travel, together. Babbel. A language app that teaches reallife conversations in a new language. Bnsf railway. And by the alfred p. Sloan foundation. Supporting science, technology, and improved Economic Performance and Financial Literacy in the 21st century. Carnegie corporation of new york. Supporting innovations in education, democratic engagement, and the advancement of International Peace and security. At carnegie. Org. And with the ongoing support of these institutions and individuals. This program was made possible by the corporation for public broadcasting. And by contributions to your pbs station from viewers like you. Thank you. Woodruff republicans in the house released their plan for overhauling the tax code today, the most sweeping proposal to do so in more than three decades. It was embraced quickly by President Trump and lawmakers say they are aiming to pass it before years end. But the bill proposes big changes and some will be the subject of big political fights. Lisa desjardins reports from capitol hill on whats in this package. Good morning desjardins the speaker of the house. I said good morning desjardins serving as cheerleader in chief. Paul ryan and House Republicans unveiled a sweeping plan to affect nearly every americans taxes and simplify them, they say, down to a postcardsized form. With this plan we are making progrowth reforms so that yes america can compete with the rest of the world. But we are also making it so that families like these that are here can have more take home pay. Desjardins the 400 page bill is dense. It would reduce most individual income tax rates, and permanently cut the Corporate Tax rate from 35 to 20 . The alternative minimum tax for wealthier americans would end, but so would a slew of tax breaks, including a deduction for most state and local taxes. That could hit the wallets of hightax states and cities, like new york and new jersey. To help offset that blow, the g. O. P. Bill would still allow deduction of property taxes. Democrat and House Minority leader nancy pelosi slammed the proposal. Republicans have unveiled a bill that raises taxes on the desjardins what does the bill mean for individuals . Republicans would double the standard deduction for each taxpayer to 12,000. Ould collapse the seven current tax rates to just four tax rates from 12 to nearly 40 . Who would pay what . Looking at married couples, filing jointly. Those earning under 24,000, would pay no taxes due to the new standard deduction. The largest two groups are couples making up to 90,000, who would face a 12 rate, and those making between 90,000 and 260,000, taxed at 25 . The g. O. P. Plan keeps the highest rate in the tax code at 39. 6 but applies it to fewer people so whats that mean . It would be a rate decrease for everyone earning up to one Million Dollars. And for millionaires, no change. President trump, meeting with republicans after lunch, was enthusiastic, saying the bill could get to him by christmas. We have a great team and its a team that loves what they are doing, they love the american people, they love this country and they are going to get it done. Desjardins but some other republicans, like arizona senator jeff flake, who sharply criticized the president last week, were uncomfortable, especially with how the tax cuts would add to the deficit. Rate reductions have to be accompanied by real reform. We cannot simply rely on rosy economic assumptions, rosy growth rates to fill in the gap. We have got to make tough decisions. Desjardins other highly debated features . The plan would phase out the estate tax on largescale, inherited wealth. Republicans say that tax hits family farms, others say ending it is a giveaway to the rich. And there is also a change to one of the biggest deductions of them all the Home Mortgage deduction. That would stay for current homeowners, but for anyone buying a new home, there would be a 500,000 limit. And there are dozens of smaller pieces, including like a the concerns of from some Small Businesses, that mean however much republicans want tax cuts. Passage is not yet certain. For every member this could really become the most significant bill they ever make a decision in their term in congress. Desjardins significant and soon, a full house vote is expected in the next two weeks. For the pbs newshour, im Lisa Desjardins at the u. S. Capitol. Woodruff there are some other important changes in this bill. It would create a minimum tax on corporate earnings overseas, but one that may be lower for some businesses than the u. S. Corporate rate here. Well talk with the bills lead author, after the news summary. In the days other news, President Trump nominated Jerome Powell to be the next chair of the Federal Reserve. Hes a republican, and a member of the feds board for the past five years. If confirmed by the senate, hed replace janet yellen, a democrat who served one term as chair. Later in the program, well look at the change in greater detail. Former Trump Campaign official sam clovis has withdrawn as the nominee for chief scientist at the department of agriculture. He wrote to the president today, saying the Political Climate has made it impossible. To receive balanced and fair consideration. Clovis faced criticism for a lack of science credentials, and for ties to george papadopoulos. Hes admitted lying about contacts with russian intermediaries last year. The president s former campaign chair, paul manafort, attacked the evidence against him today in a probe of Russian Campaign meddling. His lawyers said the case is embellished. Manafort appeared in federal court in washington with associate rick gates. They face a 12count indictment including conspiracy and Money Laundering charges. The president is pressing for the Death Penalty, for the attacker in tuesdays truck rampage in new york. Overnight, and again today, mr. Trump tweeted that Sayfullo Saipov should get the Death Penalty for killing eight people. But in manhattan, mayor bill de blasio said he does not believe the attacker should be executed. He spoke near the scene of the crime. Im not clear on all the legalities and im not a lawyer. Im not someone who believes in the Death Penalty in general. I just dont. I believe this is an individual who should rot in prison for the rest of his life. Woodruff saipov, an uzbek immigrant, now faces federal terrorism charges. The president initially said he should be sent to guantanamo bay. Today, he reversed himself and said theres something appropriate about keeping him in the home of the horrible crime he committed. A jury in newark, new jersey heard closing arguments today in the federal bribery case against senator bob menendez. Prosecutors called menendez the personal senator of a wealthy eye doctor, accepting cash and lavish gifts in exchange for favors. Defense attorneys have denied the allegations. In myanmar, de facto leader Aung San Suu Kyi visited the scene of a crackdown on rohingya muslims. The Nobel Peace Prize winner had been criticized for the violence by myanmars army and buddhist militants. Today, she met with local officials amid tight security. Rohingya activists say she urged them to live peacefully and not quarrel. Scientists say theyve discovered a hidden space deep inside egypts Great Pyramid of giza. The royal burial monument is 4,500 years old. This would be the first New Discovery inside the pyramid since the 19th century. The journal nature reports researchers found the empty space by using cosmicray imaging. Its purpose remains unclear. Back in this country, they broke ground today for a memorial to president dwight eisenhower, in washington. It followed years of disputes over the design. Final plans call for columns and statues near the National Mall in washington. They depict eisenhower as world war ii commander in europe, and later, as the 34th president , in the 1950s. The monument is set to be finished in 2020. On wall street, the Dow Jones Industrial average gained 81 points to close at 23,516. The nasdaq fell one point, and the s p 500 added a fraction. And, the Houston Astros are baseballs world champions, for the First Time Since their founding in 1962. They scored a game seven victory over the Los Angeles Dodgers last night, five to one. It was a boost for the city of houston, still dealing with the aftermath of hurricane harvey. Still to come on the newshour we speak to the texas congressman behind the tax overhaul. A new leader for the nations central bank. A partnership thats transforming one of pakistans oldest health care facilities, and much more. Woodruff lets take a closer look at the ambitious tax overhaul plan unveiled by House Republicans today and hear from both sides of the isle. We start with representative kevin brady of texas, who chairs the taxwriting ways and Means Committee and is the lead author of the bill. We spoke earlier and i began by asking if americans will, in fact, keep more of what they earn under the republicans proposal. Yeah, im convinced, one, people are going to see much lower taxes and keep more of their paychecks. But, secondly, were not stopping there. You know, we we want higher paycomengz we get this economy going. Its been stagnant for a decade. Most families are living on less than theyve had before, so thats what this tax reform is all about. And, judy, i never forget to remind people, were proposing a code so fair and simple, nine out of 10 americans will be able to file using a simple postcardstyle system. Boy, that benefits in time and hassle and headaches for every family. Woodruff i ask you that because youre also, of course, capping the mortgage deduction, doing away with the student loan deduction, and also state and local taxes deductions. So isnt that going to hurt some people . You be, i dont believe it will, and heres why. We keep the mortgage interest deductions and property tax. We enlarge the Child Tax Credit for families, make sure twice as Many Americans will be able to use it. Then we lower the rates. We protect more of the first dollars. So when you add all of that up, you see that americans get to keep more of what they earn, including in hightax states. And so, look, i think this is the tax reform americans have pyears. St starved for, for 31 now we get a chance as a country to weigh this and take action. Woodruff what do you say to those critics, chairman brady, who say the bigger tax cuts, though, are going to go to wealthier americans by doing away with the estate tax, by doing away with the alternative minimum tax . As you know, the top rate remains at 39. 6 as it is today. The a. M. T. Is really a double tax wha that can cost taxpayersn the 200,000, 300,000 level a year, 75,000 a year. When you remove the the death tax hits the familyowned farms and business hard. Thats who really has the damage from it. Look, there is tax relief at every level here because we want the growth. We want you, again, to have control of your paycheck. Thats all. Woodruff the other argument were hearing, chairman brady, is that the business tax cuts really do add up to be the biggest part of this between the corp rate cut from 35 to 20 , and then, in addition the socalled scorngz the passthrough businesses. They are going to get a significant tax cut. So businesses is really the big beneficiary . Well, i dont agree. I think it is middle class families and heres why its smallest paycheck in America Today is the one whose job has moved overseases. And thats the problem for now more than a decade were continuing to see our jobs and headquarters and research and manufacturing leave. This is all about bringing those jobs back. And for main street business, you know, look that familyowned donut shop makes 62,000 a year work day and night and weekends. Theyll get a 3,000 tax cut that theyll use to plow back into the community. So, look, i think the big winners are workers who want to see higher paychecks, middleclass families who just want to keep more of what they earn. Woodruff how do you know that cutting taxes on these employers is going to lead to more jobs, more hiring, and higher wages . I ask, again, because the studies that have been done, the vast majority of them show, that has not happened in the past. Well, i respectfully disagree, but here we can just look ourselves. Look at the last 10 years. If you think high tax rates on families and businesses work, you think the current status quo tax code worldwide is working for america, we all know its not, that america has fallen far behind our competitors. Our jobs are leaving, our local businesses cant compete here or around the world. So we are taking a fresh approach, leapfrogging america from nearly dead last into the lead pack. The best place on the planet for that next new company and jobs. We can change the direction of the economy. But have to act. The status quo, leaving things as they are, i dont think thats an option for families. Woodruff the other comment we hear, chairman brady, is the conservatives, fiscal conservatives who are worried about the deficit, worried about the debt. Theyre saying this adds another 1. 5 triion in coming years on top of the 10 trillion thats already forecast. Have republicans just stopped making the deficit a focus and the debt . Yeah, yeah, no. Heres what we know. If we want to continue these high deficits and debt, just keep things as they are. Keep the economy slow as it has been for a decade. Its picking up now. Just allow that to continue. This is all about generating growth, jobs, paychecks. But guess what . State and local ref niewrs government increase when you get peeng pooesm back to work. It does the same for washz well. Im convinced, judy, that tax reform done right helps moves us towards a balanced budget, gets us out of the doldrums we are in today. Woodruff when you say balanced wj you believe this the bring the debt now. This will help us move towards it in two ways. One, because we get so much of a stronger economy. But that alone isnt enough, so we eliminated, as you know, dozens and dozens and dozens of special interest provisions for business and families so we can lower the tax rate, get the economy booming. You have to do both, and thats what this tax reform does. Woodruff and finally, President Trump said he expects to see this done before christmas. Were on that timetable. So weve introduced today the ways and Means Committee will begin to take action next week. We expect to send to the floor shortly afterwards. And then, of course, the senate will have their version. Well Work Together to find common ground. Right now, we are on track to get this to the president s desk at the end of the year. Woodruff so massive complex legislation gets done in less than six jeeks well, we are working we have worked very hard and heres probably the difference. Unlike health care, the president , the house and senate have come together this fall earlier on where we want to go. We worked, some of us, for more than six years to be ready for this moment. Yes, well be looking to make improvements. Well get input going forward. But im convinced we can do this. Woodruff chairman kevin brady of the house taxing committee. Thank you very much. Thank you, judy. Woodruff now for a democratic response to the tax bill. Senator Elizabeth Warren of massachusetts sits on the senate banking, housing and urban affairs committee. I asked her to respond to the claims by President Trump and republicans that the bill would lead to the largest tax cut in modern history. Well, it is the biggest tax giveaway to giant corporations in modern memory. I mean, cause because thats what this is. Lets not kid ourselves. Its got lots of moving parts, but the key, the part thats the whole central issue here is 2 trillion in giveaways to giant corporations. And you know who the biggest recipients of it are going to be number one recipient is estimated to be wells fargo, who will away with billions of dollars. You do remember wells father oh, the company that opened the fake accounts to cheat its own customers. Another big recipient will be the wealthy Foreign Investors who are estimated to make about 700 billion out of this deal. And the third big group is going to be the Multinational Companies who are going to get an even better break for investing in jobs overseas, instead of investing in jobs here at home. This thing is really horrible. Woodruff senate, let me ask you about a couple of points you just made. Sure. Woodruff as you know, the republicans are saying, yes, were giving a break to corporations and Small Businesses because we believe that is going to lead to more jobs and higher wages, that we are going to grow the economy, and americans are going to be better off. You know, this is the big lie that the republicans have been selling now for decades. And we have evidence about it lets just be clear when the george w. Bush tax cuts went through in the early 2000s, what happened . Corporations walked out with sacks and sacks of money and wages stayed flat for american workers. Oh, over in Great Britain they lowered the Corporate Tax rate by 11 point

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