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From 35% to 20%. which means the european countries are probably going to have to respond with a lower rate of their own. second complaint is that the u.s. bill includes some provisions that may violate some of the international trade rules the u.s. agreed to. because of that, we expect the european countries to probability retaliate. >> dana: would that be successful? >> it could be. i mean, that's going to be up to the wto. that's a very long process. it would have to be adjudicated by judges elsewhere. they probably have a strong claim on parts of the bill. the rate reduction, there's compe...

Against the loss in the value of the state and local tax deduction, which i agree with you, i think it is good policy to stop forcing low tax jurisdictions to subsidize high tax jurisdictions, but what's the net effect? sure, you lose some value if you lose the deductibility, but keep in mind, we take the -- the top bracket does not kick in as low an income level under our bill as it does under current law, and specifically the point at which that highest rate, which in the senate bill is 38 1/2 -- 38 1/2% kicks in is not until a couple filing jointly 1 million dollars income. being taxed at t...

Against the loss in the value of the state and local tax deduction, which i agree with you, i think it is good policy to stop forcing low tax jurisdictions to subsidize high tax jurisdictions, but what's the net effect? sure, you lose some value if you lose the deductibility, but keep in mind, we take the -- the top bracket does not kick in as low an income level under our bill as it does under current law, and specifically the point at which that highest rate, which in the senate bill is 38 1/2 -- 38 1/2% kicks in is not until a couple filing jointly 1 million dollars income. being taxed at t...

Are still lumped into that and those are the ones who will hire more people and pay them more money and then the money they've got left in their pocket-- >> with all due respect this tax bill, listen, he would have been on firmer ground if he said this tax bill didn't give enough benefits to the small businesses which it doesn't. he would have been on much firmer ground if he turned around and said let's be clear lowering the corporate tax rate -- >> kennedy: and that the the senate version of this bill doesn't do enough. >> there's a lot of stock buybacks at first but the bottom line is lower...

Doesn't look like republican small government tax cutting plan. >> i think because we've got so many moving parts in there. i think the main thing that the american people wanted was a reduction of the rates, and that's what we have. the senator really nailed it in their plan today the top bracket so everybody gets a rate reduction. at the same time, we don't have this dynamic scoring. you have to figure the dynamic scoring is going to pump up the economy and bring in more revenue. that's the first side. the other side is let's face it. we need to be cutting spending. you have to cut spending....