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Steve: no kidding and no rain in sight. president trump is going to hit the road later today to talk tax reform, tax cuts in the state of pennsylvania, despite massive opposition from the minority party. >> so what the plan does is the top rate on the wealthiest comes down and the bottom rate on working class families goes up. what kind of plan is this? brian: right. if that was the plan, perhaps it would be disturbing, but maybe it isn't. will congress be able to get it done with senator schumer feeling like that? ainsley: here to weigh in is president for tax reform grover norquist. grover, ...
Tax plan is for the middle class. >> help me out, ben. where? >> there's not a lot of obvious bang for the buck here for the middle class. they won't really know until we know what the incomes is for the tax bracket. the president's tax would go from 39.6 to 25. the bottom rate going from 12 to 10. i don't see a huge middle class tax cuts here and a lot of benefits for corporations and wealthy. >> it's so important how they are being mischaracterized. they're not small businesses. they might be some small hedge
Reform. it does all of those things. when you look at how it simplifies things, it cuts the tax brackets, chris, 12%, 25%, top rate 35%. that is seven brackets to go down into three. one thing that is interesting about this blueprint i found, it allows lawmakers to add a fourth bracket above 35% later on that could address criticisms this predominantly helps the rich ople. >> the bottom rate goes from 10% to 12%. >> the white house argues is a doubling of a standard deduction. so a lot of people at the low end won't have to pay taxes at all. $12,000 for individuals, 24,000 for married couples....
Hopes. it is a massive tax cut for the wealthy reduction, top rate from 39 to 35, increase in bottom rate from 10 to 12. there's not a lot to like in the plan that they've laid out, it just seems like another big trickle down tax cut, paid for with deficit financing. if they're serious about simplifying the tax code as part of this, democrats will be at the table. but doesn't seem like that's what they're talking about. >> the argument from paul ryan is while that low rate is ticking up, you have bigger deductions, people end up paying less. ultimately talking lower income americans. democrats...