Tax Code Change News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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President is because i have more experience than all the rest of these candidates for president put together. >> reporter: but he lost to george w. bush. as the ranking republican on the senate finance committee hatch ushered in the 2017 tax cuts and job act. >> this is a great day for america because we're going to pass a pro growth, pro jobs, pro america bill. >> reporter: the bill was lauded as the biggest tax code change in three decades, and criticized for favoring corporations and the wealthy. >> i come from the poor people. and i've been here working my whole stinking career for people ...

Constitutionality relied heavily on the tax component, the tax penalty component of the individual mandate. republicans then legislated the individual mandate away, so that leaves a hole in the law now. and the question becomes, will the supreme court still consider it constitutional if one of the linchpins of its constitutionality is gone? is that basically the way this argument will unfold before the supreme court if it makes it that far? >> actually, lawrence, i'd use different language because the congress in 2017 through a tax code change did not get rid of the individual mandate. what it...

Argument will unfold before the supreme court if it makes it that far? >> actually, lawrence, i'd use different language because the congress in 2017 through a tax code change did not get rid of the individual mandate. what it did was it zeroed out the penalty that must be paid by individuals who don't get insurance. so instead of charging you a tax, a personal responsibility charge if you don't secure insurance, they just zeroed it out. the law would have required you to pay a fine essentially for not getting insurance. republicans say we're going to zero that out. so they didn't -- they didn...

Certain circumstances to save social security and medicare over 75 years, you'd be willing to raise tax revenue. do you have a number, two to one, three to one, spending cuts versus tax revenue, along those lines, what do you see? >> you know, when we say revenue, we're talking about through closing loopholes, through streaming the process. it's going to be some economic growth that will generate revenue through that entire process if we do it right. again, republicans want to see the tax code change so that it generates the kind of economic growth that we need to have in this country, which i...