Static Accounting News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Peter doocy. let's go to the guy you see run the congressional budget office. doug, you know, the cbo, i understand this idea between static accounting and looking at things that can be effected in an active way with programs that can make it hard to predict what you'll get out or the revenues that it can generate. right now it's a $367 billion gap over ten years between what is being spent and what is coming in. that can change. didn't seem to bother democrats who ended up voting for it, say one, so maybe this was an exercise in futility. what do you think? >> oh, i don't think so. we learned...

I found interesting there could be the possibility, not necessarily franken, but according to republican senator langford, the possibility of democrats maybe in these states where the president won handily voting for it. so if you're joe manchin, you might do so. >> everything is a possibility. you could have more republicans defecting. they don't like the deficit nature. if you read the news, the media, it's all about how -- it's all static accounting. doesn't count. that this thing will blow up the deficit. so we don't exactly know. if you look at it net-net as an investor, corporate tax rat...

Doing something smart. she is going out there saying we need to focus on middle class tax cuts. the most wealthy americans don't need tax cuts and we don't need to get rid of the estate tax. the majority of americans if you look at polling do not want tax cuts for the rich and they believe the currently donald trump's tax plan would overwhelmingly benefit the rich. >> melissa: well, that's interesting because the math doesn't support that. it depends on how you slice everything. ed, chuck schumer saying that this idea that pro growth tax cuts will pay for themselves. dynamic accounting as we c...

Deficit go up in order to get the tax cuts as low as possible and there are others who just do not agree. it needs to be revenue neutral. you have to find the revenue savings elsewhere. and that might come from things like how much of a deduction do you allow for home mortgages or state and local income taxes and do you remove some of those deductions. there is a lot still to be figured out in terms of what it will look like in a tax bill that comes out of the house versus the senate. >> melissa: from a math point of view one of the problems i have with it the fact they do the static accountin...

Point than that one. we have seen every time there's significant tax reform passed, you see huge growth in the economy that ends up increasing the coffers in a way that is not evidenced when you score these things. >> neil: in other words, use dynamic accounting rather than static accounting. >> and i have a background in economics. we do know in this case that tax reform usually correlates -- it always has in our history -- correlated in increases in revenues that you get from taxes. if he wants to oppose the plan or think the particular way its designed is not going to get that result, that'...