it eliminated dozens of loopholes. it lowered tax rates for individuals and businesses. at the time, it was really something special. since then, our tax laws have tripled in size and tesco good itself now spans more than 2600 pages and most of it is not understandable. tax rates have increased and special interest loopholes have gone back into the system. the tax code is a massive source of complexity and frustration for tens of millions of americans. in 1935, the basic for most people filed had to sample pages of instruction. -- had two simple pages of instruction. today, that basic form has 100 pages ofinstructions and it is pretty complex stuff. test code is so complicated that more than 90% of americans need professional help to do their own taxes. this enormous complexity is unfair and disadvantages rdinary americans who do not have an army of accountants while benefiting special interests. it is wrong. thank you. [applause] president trump: first and foremost, the tax system should benefit loyal hard-working americans and their families. [applause] president trump

first simplifying tax code, getting rid of loopholes. secondly he wants to reduce the corporate tax rate what he said would be quote, ideally to 15%. third, middle class tax relief for families. forth he wants to bring back corporate profits overseas. on reducing loopholes the president joked it is something he himself is all too familiar with. >> speaking against myself when i do this, i have to tell you, and i might be speaking against mr. cook and we're both okay with it. is that right? we're crazy. maybe we shouldn't be doing this, you know? [laughter]. but we're doing the right thing. reporter: now the president also pointed directly at congress, basically telling them, ashley, to get in line with his vision. he argued, that tax reform should be a simple bipartisan fix. >> what could possibly be more bipartisan, than allowing families to keep more what they earn? and creating an environment for real job and wage growth in the country that we love so much. reporter: the president also began his speech with remarks about hurricane har

tax rates have increased and special interest loopholes have crept back into the system. the tax code is a massive source of complexity and frustration for tens of millions of americans. in 1935, the basic 1040 form for most people filed had two sample pages of instruction. today, that has 100 pages of instructions and it is pretty complex stuff. tax code is so complicated that more than 90% of americans need professional help to do their own taxes. this enormous complexity is unfair. it disadvantages ordinary americans who do not have an army of accountants while benefiting deep-pocketed special interests. it is wrong. thank you. [applause] president trump: first and foremost, the tax system should benefit loyal hard-working americans and their families. [applause] president trump: that is why tax reform must dramatically simplify the tax code, eliminate special interest loopholes, and i speak against myself when i do this, and i might speak against mr. cook and we are both ok with it, isn't that right? it is crazy. maybe we should not be doing this, you know? [laughter]

is the by american loophole something you're looking to close? that is what we want. >> washington journal is live every day. tax.g up, a session on pete sap has the taxpayers union. lisa collins with the center for international studies. washington journal is live at 7:00 on thursday. join the discussion. >> sunday night. how this mano know could have had the courage to find his way out of slavery and i was intrigued. i could not stop reading about him. >> the life of a slave who escape bondage. >> he served five terms in the house of representatives and he never fully recovered from that. not better he is known today. >> sunday on q and a. andolitical scientists reporters discussed procedure and how it affects ability to pass a decision. this is 1.5 hours. ok. thanks very much.

we need action now. >> is there a loophole? sen. schumer: donald trump in wisconsin said he would support, tough as nails. that is what we want from buy america. thank you. >> they you, senator. you, senator. ♪ -span's "washington journal congo coming up this reform, adampolicy posen from the peterson institute for international economics and the sepp of the national taxpayers union address c-span's washington a.m. thisive at 7:00 morning. join the discussion. a"sunday night on "q and -- >> i wanted to know how this man, who have been told from when he was a child he was not worth anything, can find the courage to make it out of slavery. i cannot stop reading about him. cate lineberry discusses her book "the free or die." was a bribery charge against him at one point in his career, and he never fully recovered from that. that is one reason he is not better known today. >> sunday night on c-span's "q&a." institute,rookings political scientists and reporters discussed procedure and how it affects republicans' ability to pass legislati

it means passing our bring jobs home act, to close the loopholes that actually in sentifies companies for taking jobs overseas. american families deserve a better deal, and that's what we are committed to make happen. senator joe manchin, from the great state of west virginia. >> let me just -- let me say very quickly, anyone that believes free trade is fair trade, come to west virginia and see what happens to our manufacturing jobs whether coal industry, steel industry, chemical industry, we lost, we lost big time. now have countries with their manipulation, if you will and also on top of that, i'm very much concerned with us not having any rare earth minerals in our country we even mine anymore, that we do anything to basically protect the national interests of our country and security of our country, these are the things we're fighting for and want to bring them to the forefront. it's far too long when you're letting different corporations from different companies basically working towards our financial markets, buying our financial markets i think is detrimental to the security an

there has been a talk of offsetting by closing loopholes, that phrase closing loopholes is tried and true to the pillars of marble that stand in this town and the $1.7 trillion per year that u.s. taxpayers forgo collecting for the loopholes is growing, not shrinking. a good one to watch, if you are looking for an indicator of whether or not congress get ,erious about closing loopholes right now there is a mortgage interested actions for principal residence and second residence. if congress takes away the interested action for the second home, i would be more inclined to believe they may tackle the first one. tax expenditures are broad and large for corporations, but mainly for individuals, there has never been a lot of serpas -- local support for cutting them. mark: the president has yet to sign a signature law of his own. when will it happen? [laughter] >> that is pure guesswork. i imagine before the 2018 midterm elections and maybe as soon as the end of september, beginning of october, because congress will have to send him legislation on debt ceiling and -- in fy 2018. on tax refo

we need action now. >> is there a loophole? donald trump in wisconsin said he would support, tough as nails. that is what we want from buy america. [captions copyright national cable satellite corp. 2017] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] washington journal live every day with news and policy issues that impact you. thursday morning, i discussion on tax policy modification with the president of the peterson institute for international economics, and head of the taxpayers union. we talk about north korea's nuclear program with the center for strategic and international studies. washington journal live thursday morning. join the discussion. on q&a.ight >> i had never heard of him. i wanted to know how this man who had been told from the time he was a young child was not worth anything could have the determination to find a way out of slavery. i was intrigued and could not stop reading about him. ofshe looks at the life robert sm

up next, closing the loophole.rance is working with germany to crack down on tax avoidance by companies like google and facebook. we have the exclusive interview with the french finance minister, bruno le maire. this is bloomberg. ♪ francine: you are watching "bloomberg surveillance" and i'm francine lacqua in london. here's taylor riggs. reporter: volkswagen's unit has been made part of a probe by munich prosecutors. allowgermany does not prosecution under criminal law, administered a probe is the tool prosecutors can use to sanction firms. of has sent $3.7 billion technology over the last five years and they are now saying the investment pay off. singapore's biggest bank sees significant improvement on the expense side of the business. he admits that online rivals, such as alibaba, are from little competition. >> we are becoming a little more startup-like. i have to say theirre are from the double competitors. one of the advantages they have is the cost of acquisition is very low. they are always sitting on a mas

with the american people, we can cut all these loopholes how. -- cut all of these loopholes out. we can lower the tax rate for every family, for every business, for every neighborhood in america. vault america from nearly dead last in the world back in that lead path. best place on the planet for next new job, next new plant, that next new technology. together, working with president trump, congress and american people, i'm confident we can meet this challenge. we can rise to this challenge just as our nation has risen to and prevailedoo over so many challenges before in our history. i believe this with all my heart. because, just as president reagan did, i believe that there's no limit to what this nation can achieve when we put our faith in god, in each other and in the countless -- boundl ess potential of america's ingenuity. 2017 is the year we make history. together, we truly together, we will. with that, i like to introduce peter roskam of illinois. the chairman of the tax policy subcommittee. one of the key leaders on tax reform in the house. thank you,: chairman. i like t

you may have heard of the carrots interest loophole. edea i to reward risk-taking entrepreneurs that put their own money into investment funds. in exchange the income is treated as a capital gain and taxed at a lower rate. that encourages risk-taking and entrepreneur investments. that is clean capitalism and i'm all for it, but this tax break has been abused by the wall street elite for their own personal greed. managers of private or equity firms and hedge funds are putting their own money at risk. they are managing other people's money. that's their job they get commission out of it and the commission is her income. the loophole lets them get away without paying tax on it like everyone else. this lines the pockets of the ultrarich. in 2015, steven schwartzman, were 12 billion made over $8 billion from this game. out of the wall street elite, they cling to their tax breaks. he made almost $10 million in political contributions and spent $3.5 million on lobbying last year alone. the money spent to lobby the federal government goes a lon

cutting taxes, getting rid of loopholes. loopholes are not friends to people who love the free market. kuta ways for people who have power. he's cutting back on that. across-the-board cuts, going to help the people in the middle and the poor, probably more, when you cut corporate taxes, increase the number of jobs, decrease the cost of product. i think the president is threading the nettle well here and people that have been clutching pearls and talking about what a populist president he is need to see his policies are very much in line with ronald reagan policies. liz: emily, you get a crack on this one. some would say it had a populist tone, straight to his base, what did you think? >> i didn't expect to come in agreeing with paul on so much. i agree the president came in placating to a populist tone, trying to placate his base. it is a disruption in the actual plan. .3 of the middle class is so important but led with .1, corporate tax rates. the plan is ultimately -- liz: hold on, i'm sorry, he led with simplifying tax fo

it eliminated dozens of loopholes. it lowered tax rates for individuals and businesses.

if you get rid of all of the loopholes, then you can play with the rate. but until you do that, you're doing nothing. >> that's right. and thank you for mentioning that. part of the simplification is going from this thousands of pages of nonsense and complying since the irs is probably one of the biggest loch ness monsters here in the swamp, is getting the irs off the yokes of many american taxpayers. because they live in fear of not complying properly, so they spend all this money and all this time doing that. simplifying also means getting rid of these loopholes and these stops to special interests and swamp dwellers. because frankly, the current tax code benefits many of the wealthy, because they can afford attorneys and accountants and lobbyists to help them pay next to nothing or nothing in taxes. >> that's right. >> so let's get rid of a lot of those loopholes and a lot of those special interest sops, if you will. the other thing that we're going to do is make our country more competitive and repatriate so many of these funds. we have so much wealth

bring jobsssing hour home act, to close the loophole that incentivize companies for taking jobs overseas. american families deserve a better deal, and that is what we are committed to make cap. -- make happen. quickly. say very anyone that believes free trade is fair trade, come to west virginia. see what happens to our manufacturing jobs to my whether it is the coal industry, steel industry, chemical industry. we lost big-time. now to have entries with their manipulation, if you will, and also, on top of that, i am concerned about us not even having minerals in our country that we even mine anymore. if we should do anything is protect the national interest of our country, the security of our country. when you let different corporations from different countries that basically our thing toward our financial markets, buying our financial markets, i think it's detrimental to the security of our nation and well-being of this nation. so we are going to fight hard. west virginia has taken a hit, but we are fighting back. we not only need free trade, the fair trade. we are going to work hard. w

condense all these redundant loopholes.id of a lot of these bizarre special -- special interest carveouts and lower people's tax rates. the philosophy in the tax code in washington today is send your money to washington and limit -- if we approve, we will that you get some of it back. it is actually kind of condescending. we want to clean this up, simplify it so you can fill out your taxes on a postcard. you don't have to hire an accountant to do your taxes. how many of you sort of dread april 15 because you don't really know what to expect? this should not be a dreaded thing. the should be something where you know what is going to happen and it is simple and predictable and fair. for families, workers and businesses, that is going to be important. the last part i would say is this. we have not had growth in this economy near what we used to have since before this great last recession in 2008. in the old days, like 10 years ago, our trend growth rate was 3% plus. we have an growing between 1% and 2% in this economy. much.oe

carol: let's go back to the loophole. which is what is in question right now. people to take a look. what is the loophole. >> this is a lot of acronyms. for a non-us person, this is crs. if you have a foreign account you have to tell your taxmen and it has to be with your bank. because puerto rico is part of the u.s., the u.s. is not under the umbrella of cos. this is the key thing. and also puerto rico, effectively the u.s. do something called automatic reporting. it is something called factor. all u.s. territories are excluded from factor. if you are under that, you will avoid implications that might have. carol: for people bringing money in, they don't have to disclose who they are? >> you want to invest through offshore corporations but then that will be effectively concealed from crs and irs won't necessarily know who it is. oliver: like father like son, how the trump boys are running the business. carol: vintage collectors around the world buzzing. over a watch. oliver: this is "bloomberg businessweek." ♪ ♪ carol: welcome back to "bloomberg businessweek."

what is a loophole specifically?son, what is coming in september is crs, if you have a foreign account, tell your taxman and it has to be told automatically write your bank. because puerto rico is part of the u.s., they are not under the umbrella of crs. and the u.s. does reporting to something called factor. you have this amazing situation where crs is not over you. carol: they don't have to disclose who they are? guest: you want to invest through offshore corporations and that will be effectively concealed from crs and in terms of pirates, they won't know who the beneficial owner is. oliver: like father, like son, have a trump voice are running the family business. carol: one-of-a-kind watches have collectors around the world buzzing. oliver: this is bloomberg businessweek. ♪ ♪ carol: welcome back to bloomberg businessweek, i'm carol massar. oliver: and i'm oliver renick. you can catch us on the radio. carol: and in london on the bloomberg radio plus app. in the futurist section, president trump handed up the famil

>> morrison: they put in a loophole, and the loophole says, "if you pay over $60,000, you can do thatt, you don't have to try to find americans. well, $60,000 is not high pay for this kind of work. people doing this work today easily make $120,000 - $140,000. >> whitaker: who put in that loophole? >> morrison: well, the-- it was done by congress. but obviously, the industry lobbied for it. it's really a travesty that should never have been allowed to happen. >> craig diangelo: it wasn't called "training your replacement." it was called "knowledge transfer." >> whitaker: craig diangelo worked for northeast utilities-- now called eversource-- and was one of 220 i.t. workers replaced by h-1b visa employees. worker from india, told him he was making half diangelo's salary, with no benefits. >> diangelo: i didn't get laid off for lack of work. i got laid off because somebody cheaper could do my job. >> whitaker: so, to anyone who would say, "you're anti- immigrant?" >> dawn collins: no! >> jay palmer: that's a lie. >> diangelo: that's a lie. you don't want to have any animosity towards the

the sophisticated traders and closing loopholes as we go, we're just getting started.starting on this for a while. don't forget to check it out on the bloomberg for a range of solutions for navigating europe's upcoming regulations. p coming up, the european close is next. until the end of the tuesday session. stocks are lower today, a day dominated by the missile launch over japan from north to leader -- north korea. asset sendingl equities are check out the currency today. continues.s dissent look of the euro, 12015 p are we have not seen those levels above 120 since january of 2015 and as , in theove the point wake of north korea's assets, i will have to show you how some of the europe principal bond markets fair. we have got the u.k. german spanish and italian 10 year falling. this is bloomberg. ♪ so we need tablets installed... with the menu app ready to roll. in 12 weeks. yeah. ♪ ♪ the world of fast food is being changed by faster networks. ♪ ♪ data, applications, customer experience. ♪ ♪ which is why comcast business delivers consistent network performance and sp

thatose the loopholes incentivize companies for taking jobs overseas. american families deserve a better deal. that is what we are committed to make happen. senator joe from the great state of west virginia. >> let me say quickly, anyone who believes that free trade is fair trade, come to estrogen you and see what happens to our manufacturing jobs, whether in the coal industry, the chemical industry, whatever it may be, that we lost big time. have countries with their manipulation and i am also very much concerned about us not having minerals in our country that we even mine anymore. do anything to basically protect the security of our country, these are the things we're fighting for. we want to bring them to the forefront. it is far too long when you let different corporations from different countries basically working toward our financial markets, buying our financial markets, it is detrimental to the well-being of the nation. we will fight hard. west virginia is taking a hit but we need not only free trade but most important, fair trade. we will work

tax rates have increased and special interest loopholes have current back into the system. code is now a massive source of complexity and frustration for tens of millions of americans. in 1935, the basic 1040 form that most people file had two simple pages of instruction. today that basic form has 100 pages of instructions and it's pretty complex stuff. the tax code is so complicated that more than 90% of americans need professional help to do their own taxes. this enormous complexity is very unfair. it disadvantages ordinary americans who don't have an army of accountants while benefitting deep pocketed special interests. and most importantly, this is wrong. first and foremost -- [ applause ] thank you. first and foremost, our tax system should benefit loyal, hardworking americans and their families. [ applause ] that is why tax reform must dramatically simplify the tax code, eliminate special interest loopholes. i'm speaking against myself when i do this. i have to tell you. i might be speaking against mr. cook. we're both okay with it. is that right? it's crazy. we're sp

. -- is a loophole. loopholetanding is a is a way around it. it seems like an opportunity for an employer to pay less money because the government will kick in more of the payroll the employee gets. when they talk about putting tax returns on a postcard. reasons.ts for three you can talk about it if you want, i know what it means. this notion about doing away with incentives and disincentives for others, it is silly. it is absolutely silly. adam, start on any of those. guest: you can have a limited number of things that get taxed and a hiring on them or you can have a large number of things get taxed. it is the same area of the same rectangle. it goes to the more important point, the issue of loopholes. these terms get thrown around. it can be dubious or designed by congress for incentives. targeted or sole purpose is to reduce the need to pay tax cuts without economic gain would be called a tuple -- a loophole. guest: it is a loaded term, it is usually what what what -- usually what one politician calls another politician. we need to think rat

tax rates have increased and special interest loopholes have crept back into the system.ax code is now a massive source of complexity and frustration for tens of millions of americans. in 1935, the basic 1040 form that most people file had two simple pages of instructions. today, that basic form has 100 pages of instructions and it's pretty complex stuff. the tax code is so complicated, that more than 90% of americans need professional help to do their own taxes. this enormous complexity is very unfair. it disadvantages ordinary americans that don't have army of accountants while benefiting deep pocketed special interests. most importantly, this is wrong. first and foremost -- thank you. [applause] first and foremost, our tax system should benefit loyal, hard-working americans and their families. [applause] that is why tax reform must dramatically simplify the tax code, eliminate special interest loopholes, and i'm speaking against myself when i do this, i have to tell you. i might be speaking against mr. cook, we're both okay with it, is that right? it's crazy. we're spe

liz: a lot of loopholes here, katrina; right? >> well, absolutely and of course that envelope is continued to be pushed and who's to say that they're not voting in federal elections today? maybe people would think of that and think two words. voter fraud. this is a growing situation, more and more cities at doing something like this. and, unfortunately, you know, this goes back to the old saying that all politics is local. people have to engage in their local politics because even if you don't, it's not going to ignore you. liz: you know, katrina, this plan would make the city of college park and maryland the largest in the state to give undocumented immigrants a right to vote in local elections to your point; right? >> that's absolutely right and where else could you go in the world as a noncitizen and have a say in the governance? it's just unheard it of. but here in this country, we continue to see the envelope pushed to the point where more and more people are engaged and get involved. i think we saw that in the last election

tax code by closing a laundry list of loopholes. there are roughly 200 of them and getting rid of them would raise an estimated $18 trillion over the next decade. the cash foundation ranks the big igest carvefi households no 15.6 trillion versus just 2.7 trillion over e decade. the largest loophole is the ability to exclude employer contributions to your health care premiums from not taxed on the money they pay toward your medical benefits and that's worth an estimated 2.9 trillion. five on age interest deduc the list. at 895 billion. on the corporate side, the gia defer taxes co th costs 1.3 trillion in federal revenue. accelera deprecin is worth 164 billion and is also an incentive for companies to manufacture in america as worth ab152 billion. those are the biggie, but just the tip of the iceberg. also carveouts for railroad retirees and foster care. they say wiping these out will free up money to pay for a tax cut insteas extremely unlikely they'll all go away. that's because there's a very vocal and often very valid constituenc

the president saying he wants to simplify the tax code and get rid of loopholes.ts to reduce the tax code to what he said would ideally be 15%. third, middle-class taxes for middle-income families in forthcoming the ability for companies to bring back profits overseas. on the first point of reducing loopholes, president trump joked it is something that he is all too familiar with. >> and speaking against myself when i do this i have to tell you and i'm speaking against mr. cook and we are both okay. it's crazy. maybe we shouldn't be doing this, you know? but we are doing the right thing. reporter: the president pressured congress to get in line with his vision. he is arguing tax reform should be a simple bipartisan fix. >> what could possibly be more bipartisan than allowing families to keep more of what they are in creating an environment to a real job and wage growth in the country that we love so much. reporter: democrats pushing back on the president's plan. for example, nancy pelosi called it on twitter conservative magic. back to you in new york. >> tanks, b

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skinner says that's a loophole in the current law.ys the changes would allow full prosecution of groups pushing hate speech. this is in response to the protest in charlottesville. >>> and california senator harris wants a hearing on white nationalists. harris along with several democratic senators are pushing for the senate homeland security committee for hearings. harris says it's important to examine the root causes to understand the threat we face. >>> women's equality day is this saturday. nancy pelosi is kicking off the festivities today holding a news conference this morning in san francisco. she is expected to launch the agenda titled a better deal, better job, better wages, better future. this is happening at 10:30. >>> 4:51. in napa county a crucial meeting about how the county is changing its voting practices. starting next june ballots will be mailed out to every voter and they'll have to have new drop why have locations as well. voters will be able to pass the ballot at any polling location in the county. tonight's meeting

that said if some of the chinese loopholes went to north korean civilians that would be acceptable.t was a farce. the north koreans don't care about civilians, all of that money and revenue went to military and missile program. there are no more loopholes like that but, again, the chinese even when things like coal were sanctioned, the chinese looked for other opportunities to increase, for instance, seafood and minerals and other goods like that, but those are covered in the sanctions that were just passed and so, again, this is going to squeeze the regime as long as they are in force. heather: other things that we didn't get, one of them was oil, is that right? >> that's correct. north koreans rely on that as well. there's more head roam if we want to push down further on the regime. i talked about this before in show too. secondary sanctions, malaysia, singapore, china, banks that are propping up the financial nations that prop up regime. other things that we can do but this is a significant step and also shows that the trump administration does have significant leadership cloud

tax rates have increased, and special-interest loopholes have crept back into the system.e is now a massive source of complexity and frustration, for tens of millions of americans. form35, the basic 1040 that most people filed had to simple pages of instruction. that basic form has 100 pages of instructions, and it is pretty complex stuff. the tax code is so complicated, that more than 90% of americans need professional help to do their own taxes. this enormous complexity is very unfair. it disadvantages ordinary americans who don't have an army while benefiting deep-pocketed special interests. and most importantly, this is wrong. [applause] thank you. first and foremost, our tax system should benefit loyal, hard-working americans and their families. [applause] that is why tax reform must dramatically simplify the tax code, eliminate special-interest loopholes, and i'm speaking against myself when i do this, i have to tell you. and i might be speaking against mr. cook, and we are both ok with it. is that right? it is crazy. we are speaking -- maybe we shouldn't be doing th

up with a way that protects our children, as well as protects the rights of the accused. >> that loopholewasn't the only reason they were able to keep teaching. the i-team investigation found the human services, the child protective service agency to tell the school district or the state department of education what it found preventing the teacher license from being revoked after his appeal was rejected. >> that's a mistake that's that's hardly comprehensible because there's been so much work done to make sure all the procedures are in place. people have spent decades trying to get everything in place so that this kind of a mistake can't happen. . it says, without such notice, an individual who is the subject founded case of child abuse after and neglect may continue with a teaching license in virginia and possible insure employment in another state. >> that local agency is required by law to notify the state super superintendent to get that teacher's license revoked. >> several state declined to be interviewed he declined after the mistake made in this case was discovered by school offic

news 4 is asking how safe is investigation that's exploring a legal loophole letting some sexual assault suspects in the classroom. >>> we'll show you the best way to enjoy this once in a lifetime event in our area. a live report from the smithsonian observatory just ahead. >>> hopefully, you can step outside if you're working or in school today to at least see it. temperatures right now in the mid to low 70s. if you look at the satellite and radar, we have passing clouds. no showers, though. there are clouds in the forecast this afternoon. we'll take a loo at tk (vo) there's more to life than the climb. there's the view. you've got to stop... ...and look around a little. remember who you are. let the child inside you out to play. come... shed life's layers in asheville. visit lonely planet's best destination for 2017. and let the magic find you. discovery inside and out. fios is not cable. we're a 100% fiber optic network. and with the new fios gigabit connection... you get our fastest... internet ever. with download speeds up to 940 megs - 20 times faster th

the rate competes with what you're willing to close in terms of loophole. you will make those trade offs to arrive. >> let's talk about the trade offs little more. what's the business community willing to put on the table to trade off and make this happen? is the chamber supporting lot of people talking about the mortgage interest deduction possibly going away? is that something that the chamber would be willing to support? >> we're focused on the business side. both corporations and small businesses. mortgages interest is less a part of that. we found talking with our members the lower the rate is, the effective tax rate, the much more willing to give up an increasing number of deductions. this is all about achieving competitiveness. we're long way from having internationally competitive tax code at the moment. there's a pretty strong growing to give up deductions and drets and get back to a competitive tax code. >> in your mind what is that rate? is it under 20? >> well, people would love a rate under 20. the president talked about 15%. wouldn't that be f

you got a tax increase, the effective rate is 27%, that's with loopholes, if they plug every loophole20%, then you get a cut. you get something different. neil: yeah, they aren't making this vanilla, tim, aren't they? early reads on this? >> too early to say, neil. if you drop the rates down to 15 or 20% and clear out all the deductions or vast number of them. that's a better tax code, it's more fair, simpler, gives people confidence that when you say there's a certain rate. that's the actual rate, not the effective rate that you hear so much about. also simplifying from seven brackets on the individual side to three and lowering those or as much as possible lowering those will bring simplification to the code and savings for people, too. the other thing is they have to sell this, explain this not just about rates and graphs and charts, making it fair for people, unrigging the system and getting job creation, they have a sales effort to explain the benefits of this. it will be part of that, neil, absolutely. neil: gerri, three democrats did not sign this letter, this demand letter. jo

in the law forforeign marry by exploiting loopholes in the law for foreign passport holders.x marriage oppose a compulsory vote claiming it would give a voice to homophobia. facing parliamentary defeat today the government announced an alternative, postal vote. the government announced an alternative, postalvote. our preference is to have a compulsory attendance and legislation to that effect will come back before the senate we hope this week. if that we re senate we hope this week. if that were to fail, the government believes that we have a legal and constitutional way forward to give the australian people a say on whether or not the definition of marriage should be changed through non—legislated voluntary postal plebiscite. the results would not be binding and at a cost of 100 million us dollars the opponents have caused it -- us dollars the opponents have caused it —— called it a waste of money. b beauty really be problems with this. it is the weakest thing i have seen ina long it is the weakest thing i have seen in a long time. we are doing an opinion poll on what is a b