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Terms of three brackets versus seven but you're talking about a single flat tax. what would that be? >> look, that would be my preference is just a single flat tax that's fair and uniform for everyone. it's a big standard deduction and then everyone pays the same simple rate because i think there's power in bold simplicity when businesses invest in plant and equipment and new buildings, right now they depreciate those over a number of years. one of the most pro-growth tax reforms you can do is immediate expensing. what that means is that makes it much easier for a former to buy a tractor. if y...

Heard a lot about immigration and dreamers program but could soon see movement on another huge republican goal. tax cuts. leaders on the hill are expected to release early proposal in the next couple of weeks. the president met yesterday with a bipartisan group of lawmakers to talk about it. here's what the white house has said it wants. one of the goals, simplify the tax code. reduce the number of tax brackets to three from the current seven and eliminate the alternative minimum tax and the estate tax. other goals, reduce rates for individuals and businesses, grow the economy and not add to t...

>> i was, yes. >> we want to talk about what he did when he proposed tax refort back in 1985. it was a tax overhaul. takes a long time. this was reagan's rollout. an oval office address for 20 minutes. >> let's take a larger working family, a husband, wife about and four children earning $26,000 a year. right away under our plan, the value of that family's personal exemptions is $12,000. add to this the new higher standard deduction, and if they save an ira, they could be lowering it by $18,000. they would pay only a $1200 tax. again, an effective tax rate of less than 5%.

Washington has ever been presented with less detail than what the trump administration rushed out today. when president reagan announced, just announced his tax reform plan, he spoke to the country from the oval office for 21 minutes. here is just 30 seconds of what president reagan had to say. >> now let's take a larger working family, husband, wife, and four children, earning an income of $26,000 a year. right away under our plan, the value of that family's personal exemptions would be $12,000. add to this the new higher standard deduction. and if they save a single ira, this family could re...

Rate for the first $24,000 that a couple earns. the larger standard deduction also leads to simplify indication because far fewer taxpayers will need to itemize which means their tax form can go back to that one simple page that i talked about earlier. families in this country will also benefit from tax relief to help them with child and dependent care expenses. we are going to repeal the alternative minimum tax. the amt creates significant complications and burdens which require taxpayers to do their taxes twice to see which is higher. that makes no sense and we should have one simple tax cod...