Transcripts For CNNW Wolf 20171109 : vimarsana.com

Between the house and senate bill that right now lawmakers here in the senate are being briefed on. So to just hit a few, the senate bill would have 5 to 7 tax brackets, that is different than the house bill, that is four tack gets. Also we expect different income threshold levels in the senate bill which we do not know those threshold levels yet. Were still waiting to see the senate bill has a partial repeal of the estate tax, a full repeal of the state and roll tax reductions. The house plan plea serves at lea preserves some. And also note pli sources telling cnn that the senate bill will call for a one year phasein of the 20 Corporate Tax rate, that is different than the house bill which had an immediate an permanent reduction of the tax rate. So as we talk and in the days and weeks ahead about the differences between the senate bill and the house bill, expect the house leadership and Senate Leadership to down play the significance caof the differenc. Speaker of the house paul ryan asked about all the details that are emerging and he down played it, he said the house has their version, the senate has their version. And this is part of the process. We then reconcile the differences. But as we have been talking about, they are under such an incredibly tight and ambitious time line and that is why the differences matter because they dont want any sort of speed bump in the time line ahead. The state and local Tax Deduction a major issue for a lot of republicans in states like new jersey, connecticut, new york, california where there are he are significant Tax Deductions available. Pressure also coming from the white house. Mick mulvaney pledging that the president will not, repeat, not sign any bill that raises taxes on the middle class. How do these two plans as far as we know right now stack up . Reporter yeah, that was very big and clear promise from Republican Leaders that every middle class taxpayer they say will receive a tax cut. But some analysis coming out in recent years really calling that into question. Most notably from the joint committee on taxation, their analysis says that eventually nearly one in five u. S. Households would get a tax increase under the plan as it currently stands, the houts plan. And less than half would still be looking at a tax cut. So certainly republicans up here as they push forward to their goal to get it passed by the end of the year, not only is it a mess thinking problem, but certainly also a policy problem as well. All right. Let us know when we get the exact versions and well come back to you. Thanks very much. Paul ryan sounded very confident this morning about republicans making good on their promise to cut taxes. Listen to this. Were doing this the right way, were doing it the regular order way. It takes time, but trust me, well get this over the finish line. We ran in 2016 on doing this tax reform. The president ran on doing this tax cut and tax reform. So this is about fulfilling or promises to the american people. Joining us now to discuss all of this, our cnn Global Economic analyst, the president of the committee for responsible federal government. Federal budget i should say. And mia mcginnis is with us. And David Drucker and also gloria borger. So they made a similar very upbeat promise will repealing and replacing obamacare. Didnt exactly work out at least not yet. Now they are make being a very, we have similar guarantee that they will cut taxes. Dont worry about it. Well, its supposed to be the cut, cut, cut bill as the president says and were not so sure at this point. And you see large differences emerging between the senate bill and house bill regarding state and local taxes which of course is very important to legislators from larger states, the question of the Corporate Tax rate, would it be a one year phasein, would it affect immediately, how many brackets. This has to work its way through. But the big problem they will have is that they want to be able to tell everyone middle class voter that your taxes are going to go down. And what were hearing and talking to republicans is the promises are more like your taxes wont go up. That is not the same thing. It is not the same thing. And ta it is a political messaging problem for backs that the repus suffered in the elections the other day, how will that impact the and of the republicans to get their act together and pass this legislation . Interesting enough, it could add to the political will that exist dodd it. If they cant deliver anything this year in their first two years of the Trump Administration, then voters will say why show up in the midterms. Gloria brings up a good point. President was going to call it cut, cut, cut and it has become hope, hope, hope. Because every voter thinks that they are middle class and i think the bill does a decent job of hitting the middle class to the 50,000 to 150,000 range. But a lot of voters that voted on tuesday in suburban philly and new york and suburban washington and Northern Virginia that are on the upper end of the middle class and they are not necessarily going to get a cut. And these are contested districts that democrats are going after, some won by Hillary Clinton last year even though they are typically republican, and that is where democrats are hoping to win back the house majority. And so if the republicans dont deliver for them, talking to senator Chuck Schumer yesterday, he feels this is where democrats can really make inroads. Republicans could be in trouble even if it does whichever for some of voters that they are promising. Youve looked at the impact that the proposed tax cut will have on the middle class and the president promising the middle class, working class, they will pay less tax as a result of this legislation. What are you discovering . You you know, there is no question that the majority of the tax plan is going to benefit the rich. Joint Congressional Committee on taxation says that. I want to be fair and say when 70 of your tax base is rich p rich. But in both the senate and house plan, and the white house plan, the real action is in Corporate Tax breaks. And there is just no evidence over the last 20 years that giving rich cooperations a tax break creates growth. That is a really mythology. You are hearing steve cohen talk about trickle down economics. We know that is broken. So the glad well somehow magically create growth and jobs and good thing for the middle class by benefiting rich corporations is just wrong. And mia, do you agree, disagree, how will this impact the average person out there if there is a huge cut from 35 to 20 for cooperations . I think t corporations . I think if we keep in mind that the original purpose of tax reform was to grow the economyr . Corporations . I think if we keep in mind that the original purpose of tax reform was to grow the economy and you want to make sure that translates in to higher wages. So we need to look at how progrowth is that and who will benefit from that. And in order to have a tax reform bill to make sense, it does need to be progrowth, it does need to have a whole lot of elements that are permanent instead of expiring every couple years and it does need to be paid for. Which this bill is not. And recently weve had a lot of scores that have looked at the plan even after you account for Economic Growth and it shows that it will still lose in the neighborhood of a trillion dollars. This at a time when the debt is the highest it has been relative to the economy since world war ii. So i think we need to think about the fact that we are moving forward with a plan and i understand there is a political imperative get it done, and i understand that everybody wants a tax cut. But listen, our debt is huge. Weve just passed a budget that has zero spending cuts in it. And we dont have the revenue to pay for our promises in entitlement programs. So its clear that it is not the time for a big tax cut. But we need to grow the economy and is big piece, is this final bill permanent. Because if we have things sun setting all over the place, that wont worked fortogr to glow econo grow the economy. Dont you get the sense that they are trying to craft something that gets over the 1. 5 trillion deficitthe econom. Dont you get the sense that they are trying to craft something that gets over the 1. 5 trillion deficiteconomy. Dont you get the sense that they are trying to craft something that gets over the 1. 5 trillion deficit dont y they are trying to craft something that gets over the 1. 5 trillion deficiteconomy. Dont you get the sense that they are trying to craft something that gets over the 1. 5 trillion deficit to get the votes, could beling together whatever they cannot about policy, but about how do they stay under that number. And that seems to me to be sort of an odd way to concoct far reaching legislation. And you want smart economics more than smart politics. And that is always true. But its really true when talking about tax reform. Because some of the things that are best for the economy are harder to translate into talking points. So we dont want the competng talking points to leads this to deterioration of the tax bill. How awkward is this for some of those very conservative republican deficit hawks who are concerned about the nations debt 20 trillion, this would increase it over ten years by 1. 5 trillion, maybe 1. 7 trillion. But they are willing to go along with that increase in the nations debt. These tax cuts are not paid for. Its awkward for them especially after the rhetoric weve heard from republicans over the last and i had years. I think what is even more awkward though is the sort of change in political tone. Republicans argued that everybody that pays taxes deserves a tax can you tell rkz and that was good for the economy and fair. And what they have basically done now is adopt the democratic argument even if not fully policies, they have adopted the democratic argument that really the middle class deserves a tax cut, nobody else needs it. Now on the corporate side, i think its important to note that republicans have an argument to make here because what we have seen over the past decade are so are corporations based in the u. S. Seeing that it is more advantageous to be headquartersed overseas. The Obama Administration tried do something about it, republicans are trying to fix it. And this does matter and can have an impact on jobs. And so on the corporate side, i think there is a lot more unanimity among republicans. I think the difficulty is on the individual side. All right. Everyone stand by to get the actual language of the new legislation in the senate, the house. Well update our viewer. Also from criticism to comp pli mts, a new strategy with china saying he doesnt blame clooi for taking advantage of the United States. And plus kremlin calling. Trump and Vladimir Putin set to meet in vietnam with the issue of election meddling in the United States very much on the agenda. Were on a mission to show drip coffee drinkers, its time to wake up to keurig. Wakey wakey rise and shine oh my gosh how are you . Well watch this. I pop that in there. Press brew. Thats it. So rich. I love it. Thats why you should be a keurig man fullbodied. Are you sure youre describing the coffee and not me . Fullbodied. Did yon the National Debt . Ssman get elected by talking tough will they stay true to their words . Or did they promise you one thing. Only to do another . Right now, congress is talking about tax cuts that will add trillions to our National Debt and hurt our economy. Its time to tell congress. Dont borrow more money from china. And leave more debt to our kids. Keep your word. Tax cuts shouldnt add to the National Debt. Spread a little love today spread a little love myy way spread a Little Something to remember philadelphia cream cheese. Made with fresh milk and real cream makes your recipes their holiday favourites. The holidays are made with philly. 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Remember these plans let you apply all year round. So call today. Because nows the perfect time to learn more. Go long. We cant continue to allow china to rape our country. And thats what they are doing. Its the greatest theft in the history of the world. Dhooi china is responsible for nearly half of our entire trade deficit. They break the rules in every way imaginable. We give state dinners to the heads of china. I say why are you doing state dinners for them . They are ripping us left and right. Just take them to mcdonalds and go back to the negotiating table. Seriously. As you heard before and while running as president ial candidate, donald trump hammered the chinese when it comes to trades calling them liars, cheaters and thieves. But now a rather dramatic change of tone by the president during his trip to china, the president has changed to a much more conciliatory message. Booth the United States and china will have a more prosperous future if we can achieve a level economic playing field. Right now unfortunately it is a very onesided and unfair one. But but i dont blame china. After all, who can blame a country for being able to take advantage of another country for the benefit of its citizens. I give china great credit. But in actuality, i do blame past administrations for allowing this out of control trade deficit to take place and to grow. Lets go to our White House Reporter Caitlin Collins traveling with the president in beijing. Trade and north korea very much two of the big items on the president s agenda in china. So and you heard that very different tone coming in from therd when it co president when china. What was accomplished first on trade . Reporter well, the president certainly didnt accomplish the trade goals he had in mind. He certainly wanted to notch a few win for the United States. And the other priority being north korea. But we saw north korea really dominate the talks here and not only that, but we saw the president really change his rhetoric on trade. Instead of criticizing china which was the center piece of his campaign saying that they were, quote, raping the United States and promising to label them a currency manipulator, we instead saw the president today praise china for doing so and saying he didnt blame them for the trade imbalance and instead faulted those past administrations. So quite a change in tone from the president here. We did not see the same from president xi as President Trump lavished a lot of praise on him. We saw president xi speak instead in more scripted measured tones and saying that he was hopeful about a new start for the relationship between the United States and china here. When it comes to north korea, President Trump was expected to push china to take a harder line as far as pyongyang is concerned. Was he able to get any new guarantees from the president xi that the Chinese Government which does have a lot of influence on north korea given the trade that goes between those two countries, that the chinese will take much more decisive steps in curbing the north Korean Missile and Nuclear Program . Well, that would have been a great question to ask President Trump if we had had the opportunity to do so. But we did not. Because after he delivered a joints statement with president xi, they did not take any questions from reporters. And the white house says that was at the insistence of the chinese. Butted i instead we had secretary of state so he was britillerson br. He said that xi told trump that he would attempt to crack down on the chinese backs that are continuing to do business with north korea here. But because we couldnt ask the president any questions about this, we didnt hear from him himself on this, wolf. Very interesting. All right, thanks very much. Caitlin collins reporting from beijing. While President Trump attempts to turn up the heat on north korea, with the help of china and other u. S. Allies in the region, the reclusive nation is fighting back with words. State run xwleed in north korea now calling the president of the United States quota lunatic old man. Will ripley is in north korean capital. Reporter you have to wonder where the propaganda writers get their material. Some very fiery words in their leading newspaper in an article about President Trumps visit to seoul, south korea just bef