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Dole with shell corporations. we're trying to push so that the treasury departments put more transparency. something that the european countries are working on. i'm concerned about this as another vehicle that money is laundered and loop holes in the campaign finances as well. can you address this? >> those are valid concerns. we're lagging behind other countries in the world. we don't want to have shell corporations that could have national security implications as well as criminal implications. >> director clapper, you want to add anything to that? this is where i believe an independent comm...

It can be simpler and fairer. it is riddled with loopholes and giveaways and we giveaway 1.4 from t trillion in loop holes. we want to keep charitable deductions and mortgage interests. the devil is in the details on this more than any other topic. putting a page out is honestly an insult. it's take our daughte to work day, right. if my daughter turned that in to her goverent class they would fail her, right. >> yes. listen, it was like a book report britain written on the b only read the cliff notes. you studied political history. >> you don't go writing down cliff notes. >> you studied polit...

>> of course. we have deficits near $20 trillion. we can't lose much more. this will lose us $2 trillion over ten years. this is a stimulus. i like it. we'll probably get back half of it. $1 trillion of the two. now the deductions have to make up the point. >> neil: the only loop holes are the deduction for state and local taxes. so new york, new jersey, california, that could be a problem. what do you think? >> well, it is a problem. but the way to look at it, if you have a 7% state tax on top of the fed and your bracket goes down to 25, will that drop as a percentage of the 7? it shouldn't b...

Tax cuts for lower and middle americans. they settle on the fax tax brackets of 10, 25 and 35% that we don't know how that will break out in terms of income. they're going to double the standard deduction for individual taxpayers. mean a family -- a married family will have $24,000 in income that they will not get taxed on. he will eliminate the debt tax, want to eliminate the amt, throwing a bone to conservatives. allowing a repatriation of capital overseas. that's a bone to corporations as well. and to try to silence the democrats, he's going to eliminate all personal deductions except for t...

Rate on the highest earners. the first year, you can do all sorts of stuff. if he gets the corporate rate down and gets some average rates down, marginal rates -- they have to be marginal rates, not deductions. if he does, it will have a positive impact. once the economy starts going, do the huge tax reform like we did in 1986. which was best of all. >> neil: with us a big percentage drop that you started with and followed suit closing a lot of loop holes. my wife and i regretted the interest rate on credit cards that you couldn't write it off. we had to get our physical house in order. >> sor...