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tv   Richard Rubin  CSPAN  October 28, 2017 6:17pm-6:31pm EDT

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[captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] [captions copyright national cable satellite corp. 2017] announcer: today, hillary clinton, amazon ceo jeff bezos, and billie jean king will attend the human rights campaign annual dinner in washington dc. coverage begins at 7:00 p.m. eastern here on c-span. come a topy officials from twitter, facebook, and google will testify on russia's use of social media and its influence in the 2016 elections. they will testify before to separate committees, first atlantic lock a.m. eastern before the senate intelligence committee, and later at 2:00 p.m. eastern before the house intelligence committee. you can watch live on c-span3. now that the house passed to the gop budget, work can begin on tax reform in the house and
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senate. we get ap view from the walls -- from the "wall street journal" tax reporter richard rubin. republicanoes the budget proposal set up the next steps for tax reform in congress? richard: one, it sets up what is known as reconciliation, this fast-track procedure that lets the bill moves through the senate without any democratic vote. they can get on the floor with a straight up or down vote, and were public and have the majority, and it can also get off the floor and passed with a straight up or down vote, like most legislation which has a 60 vote threshold where they would meet some democratic consensus. the budget by the house and senate agreeing on this clears a path for that happens. the second thing it does is set the budgetary parameter for the tax bill. it can increase deficit by as much as $1.5 trillion over the next decade, that is the outer limit that the committees are
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going to attempt to hit as they craft this bill. bill: part of your headline on the passage of the house bill w at -- the house bill at wsj that the plan paves the way for tax action. richard: you will want to have c-span on 20 47 in november because it is going to be -- on 24/7 in november because it is -- the senate finance committee will weigh in at some point maybe that week or early the following week. it will be on the house for probably -- the house floor probably the week of november 13, and in the senate floor shortly after that. leaders in both houses say it could get the house and senate to pass something by thanksgiving. go away, aids and 30, come back,
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try to reconcile the differences between whatever the -- galway, away, eat some turkey, come back, try to reconcile the differences between whatever the house passed and the senate passed. if you are from a high tax state , you are able now to deduct your state and local taxes and your property taxes from your federal tax bill. there's a real benefit for residents of those states and even the other things that are likely to be in this bill. figure standard deduction, lower rates, they are not going to offset that loss for a lot of people particularly in those states and districts. republicans from new york and new jersey were trying to make a
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point. they did. they weren't able to take down the budget, but they may be clear point that republican leaders, if they want to solve a problem in vote counting they will have for this bill reaching the floor, they will try to reach some sort of accommodation that may not get all 11 members who voted no today on the budget from those states, but they're going to have at least maybe a way to get a few of them. the way is to focus somehow on property taxes and acknowledge that people from high income areas where income tax deductions are a bigger concern may just never be able to vote for house tax bill. bill: certainly that has been an argument for democrats in the house. nancy pelosi issuing a letter to all members saying "our caucus has to be fully mobilized." what is the number one argument against the tax reform package? richard: that there is a real benefit to millionaires and
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billionaires. we've heard this from democrats repeatedly. given that we haven't seen details in full yet, it is too tilted to the people at the top of the scale. thegets rid of estate tax, it cuts the income tax. the second is the deficit argument. this is going to increased budget deficit and put pressure on spending programs, medicare, medicaid, social security. even if those aren't specifically part of the tax --l, they create it is that they create an argument got those programs later down the line. bill: the tweeted from john cornyn saying that the goal is to get the tax bill through the senate before thanksgiving and reckon with the house after that. you write about their obstacles in every direction. are in the senate than in the house? richard: i think that is what we are going to find -- are there
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more in the senate than in the house? richard: i think that is what we're going to find out. you can imagine the usual set of numbers on the senate side that might have some difficulties. corker is talking about budget deficit concerns. senator paul was to make sure there are large tax cuts. withor blake is generally republicans on policy issues, but has got his differences with his party ran out. senator mccain, senator collins. at some level they can only lose two of those members. that is going to be the challenge for republicans in putting this package together. bill: has the white house been taking an active role so far? treasury secretary steven mnuchin and gary cohen? have they been participating weekly are regularly with congress? richard: it was happening more over the summer and into september. for the last few weeks they have been engaged but letting the committees really do a lot of the detailed work to get bill
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where it needs to be. we did have a situation where the president weight in on potential changes. that is something members are sensitive to come in hearing from the president and having him get involved, which he's got political clout among the republican base, but also jumping in and declaring red lines and what can't change and what has to change is something that can upend very multidimensional complex processes. dynamic between the administration, particularly the president and his twitter account, and the republicans on the hill is something to watch as november rolls forward. bill: lots of tax debate ahead, and reporting on it is richard ruben, technology reporter with "the wall street journal." thanks for joining us. announcer: also happening next week in congress, monday senators will work on some of president trump's initial nominees, including circuit court nominees come up both on a
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short list of possible supreme court picks. they would fill by neil occupied gorsuch on the circuit court. -- watch live health coverage on c-span -- live house coverage on c-span. this week the white house did not release the presidential weekly address. here's a look at the democratic address from senator ben cardin of maryland. his topic, tax reform. hi. cardin: i would like to take a few moments to talk to you about a topic that affect everyone in our country, taxes.
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no one likes to pay taxes, but we pay them to cover the costs of important things like building roads and schools and recovery after devastating tragedies like hurricanes, floods, and drought. our taxes support law enforcement. they fund life-saving research at places like the national institutes of health and protect our national parks across the country. democrats and republicans often disagree about what government should and should not pay for, but we agree that our tax system has gotten too complicated and is not working for our constituents. we need a change. that is why this summer i wrote to my republican colleagues, along with the overwhelming majority of democratic senators, with three core principles for tax reform to guide future debates. we said that tax breaks should focus on the middle class and not the top 1%. we said tax reform should not blow a hole in the deficit in the way that endangers programs
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like medicaid, medicare, and social security. and we said, let's do this together in a real bipartisan way. unfortunately, and what has become an increasingly shameful and highly partisan process, republicans have chosen to go it alone and cut democrats out of any tax reform discussions. they formulated a tax scheme that they admit will add one point $5 trillion -- $1.5 trillion to our deficit, putting medicare and medicaid at risk. and the plan hurts middle and low income working families while providing huge tax cuts for the wealthiest americans. republicans talk a good game about protecting the middle class and bipartisanship. just this week president trump said will cut taxes for hard-working middle-class families. speaker ryan has said the entire purpose of this is to lower middle-class taxes. they say they want to help the middle class, but that is not
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what their plan does. right out of the gate, republicans want to make those with less pay more by increasing the lowest tax bracket 10% to 12%. decreaseme plan, they the tax rates for america's highest earners from 39.6% to 35%. while republicans are proposing to increase the standard deduction, they are eliminating the personal independent -- personal and dependent exemption. these give thousands of dollars of tax relief to families and caregivers across the country. under the republican plan, a family of four would gain an extra $12,000 in standard deduction. losesimultaneously more than $16,000 in personal independent -- personal independent exemptions. it would directly affect middle income families, plus the individuals paying taxes up
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front, and making them more difficult to save for retirement. and they are planning to repeal the state and local tax deduction used by taxpayers in all 50 states. this allows you to write off property taxes, local income taxes, and sales taxes. it ensures the federal government can't double tax families on money they have already paid in taxes to the state. theblican plan lowers corporate tax rate from 35% to 20%, despite mountains of evidence that cutting taxes for corporations benefit shareholders. they pat themselves on the back for this and say they are mostly getting a tax cut to workers. this isn't honest. tax reform must not increase the taxes on the middle class. our common goals should be putting more money directly in the pockets of working families for the economy to grow. trying to make sure tax reform is fair to the middle class is
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not thrown a line in the sand or refusing to engage in the process. it is defending the very working families who put more of their income right back into our economy. it is making we can fund the programs that help middle-class families, programs that republicans have on the chopping block. i want to sendt to my republican colleagues is one that most americans want to hear. let's work together to create real bipartisan tax reform that protects middle income working families. you are a critical part of this debate. together let's make sure it is an honest one that ends in a bill that truly benefits the american people and not just the privileged few. >> c-span, where history unfolds daily. in 1970 nine, c-span was created as a public service by

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