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This top rate. i also think maybe the estate tax does not get totally abolished. >> that's really hard to make a case that that helps small time farmers. all of the analysis of that that these are really -- these are very, very wealthy people passing money along. it doesn't affect that many -- maybe 20 or 30, even families a year. let's listen to what the president said about his timing here for this tax cut. he's very optimistic that this is going to be a santa claus tax cut. >> we will provide a massive tax cut for american families. we will make the tax code simpler and fair. i really belie...

>> the tax cuts and jobs act will deliver relief for people in the middle. >> we will grow our economy by delivering more jobs, fair taxes, and bigger paychecks to americans of all walks of life. >> for every member, this could really become the most significant bill they ever make a decision in their term. >> i believe it will have it done before christmas. i consider that to be one of the great christmas presents. >> this is a shell game, a ponzi scheme. >> it's like a fish. if it stays out in the sunlight too long, it stinks. >> bret: [laughs] there you have it. g.o.p. bill out and here's w...

No, but this is how the legislative process works. the president is not dictating to people every detail of the bill because that's not how our address demoy works. the senate is studying it to see what they can do that comes up with enough levers to get the thing through congress. that's the right process for a president to work. that's how the '86 tax act happened and that was really the great last moment in tax reform. brian: you used to get george bush and ronald reagan got democratic votes. i think they are going to want this millionaire tax bracket. how do you feel about that? those peop...

Just smart because it doesn't matter if it's not true. if he keeps saying it, it sinks in. people believe it, and you know what. they want a tax cut. >> well, that's up to all of us, erin. you and i to set the record straight. but i do want to say, it is distracting from the real point, which is what we know for sure, erin, is that they are going to actually cut taxes for major corporation by $2 trillion. we know they're going to thak the top rate for the 1% down from 39.6% to 35%. we know that under the guise of helping small business, they're going to do a special 25% rate that costs $2.2 tr...

Word. it means little to some folks because they've heard it before. tax cut they should realize means we go from seven brackets the three. that more people in this country will be paying 0% in taxes than they do now. the top rate will fall to 35%. businesses will pay 20%. the president wanted 15. 20 is such an improvement. it is a major tax cut and also tax overhaul. that's the simplification part. 91% of americans have to -- we need a simpler, fairer system that don't benefit the wealthy as it does nou. they can hire the accountants and attorneys to navigate the code. >> bill: an executive o...