start with the amt.round a long time, four decades, put in place so rich people couldn't use deductions. here is why it matters. 2005, trump paid $38 million in federal taxes. 31 of the 38 were amt. let's be clear here, steve, you are okay with this. the president would get a massive $31 million tax cut just in that one year. >> well, let me just go back to one issue you started the conversation with. some of the republican that is are peeling off on this, i have to tell you, i was with a lot of house republicans today. i talked to a lot of senate republicans. i have to tell you, i think the republicans are unified right now. sure, there are some republican that is are splitting off this, but they realized this is the plan that will grow the economy, they have to hang together. by the way -- >> now, let's get to trump's $31 million tax cut. >> one of the things we are trying to do here in this plan is get rid of the special -- the reason we have to have an amt is all the junk in the tax system. rich peop

amt crept up and started hitting middle class tax. there was room for reform on amt. is there any amt provision in this bill? >> both individual and corporate amt are revealed. some of the features -- some of the aspects of amt you see in the bill, for example, under amt there was a limitation on net operating losses. the chairman's mark would modify their recovery of net operating losses under present law. so you might say that's a -- >> i guess, and my time is running out. i don't want to offend the chairman because i want to make sure i get my full five minutes on the next round. is there any even guesstimate that those folks who are paying amt at this point, when that is eliminated, any guesstimate how many of them will pay any tax at all or will we not arrive. originally came in where people who do very, very well can end up paying zero taxes on a personal basis? >> we've not made an estimate of that particular point, sir. >> thank you, mr. chairman. >> okay. thank you. okay. we'll go to senator carper at this point t excuse me, senator grassley is next. i apolog

on amt, we took care of the middle class on amt in the famous new year's eve get together we had almost a couple of years ago. the middle class does not pay amt any more. this is now what they're doing. it's limited to the highest income americans. it's about 4.5 million families. that's all that are going to pay amt. >> questions. >> reconciliation. the republicans can move taxes without you guys. so what is your role here? we know you're against this. but what's your role going forward? >> same role we had in health care. let the american people know about the bill. they won't like it. and as a result, they won't get enough votes to pass it. this bill is so against what the average american wants. and they're beginning to see it, most of the polling data shows that when they -- that people are now against the trump tax plan. the poll i saw, it was 58% said they thought it was for the wealthy. 18% against it. another one, 46 against, 28 for. and these folks are going to go home, and many of them are in vulnerable districts, and their constituents are going to know that they're hurting

is an interesting sort of class of people who are not going to get the benefit of getting rid of the amtt helps some of the wealthy people and capping of deductions, which by the way i'd like to point out is thought to be excellent economics and this is something democrats and republicans can come together on this idea you have a concept called tax expenditures and it benefits the wealthy as surely as it does middle class and lower income people, so i think this idea of capping expenditures is something that we saw begin the obama administration and needs to continue and it does continue. that's good economics. i want to just comment a bit on what larry said. i think he does not inaccurately characterize the debate over corporate taxes, but i think he needs to expand it a bit, because the debate about how much people get from those corporate taxes is anywhere from 10% of the tax up to 70% larry gave us a 45% to 80%, and i know -- let me finish, larry i know the research you're citing, but when you talk about what conventional wisdom is in economics right now, it's all the way down to alm

class -- the middle class is not pay amt anymore. it is limited to the highest income americans. 4.5 million families is all that are going to pay amt. skin move this without you guys. so what is your role here? >> same role we had an health care. let the american people know about the bill. they will not like it. as a result they will not get enough votes to pass it. this bill is so against what the average american wants. and they are beginning to see it. most of the polling data shows that people are now against the truck tax plan. --trump tax plan. these folks are going to go home and many of them are invulnerable districts and their -- are in vulnerable districts. and they will know they are hurting voters to help the wealthy. no one buys that except the thousand people in the right wing contributions and think tanks and law school sick pay. pay.hools they the public is not going to like it. there will be huge pressure on republicans not to vote for it. democratic unity was extremely powerful on obamacare. the idea you guys did

we're getting rid of the amt for a lot of people in new york.y do pay the amt, so that is an offset, and we've run a lot of numbers. we're very sensitive to people who make two and $300,000, that they're going to get a tax cut in new york. as i said, this room people have done very well for the last eight years this is really focused on the american worker who has had no wage increases for the last eight years. >> maria: is there any wiggle room on that in your view in terms of putting a cap on income so those people who make 300,000 , $400,000 a year, maybe they can still deduct that state and local but maybe over a million you can't are you still working on that and is there room for wiggle there? >> steve: the house has a version. my expectation is the house version will get passed and the house version, they added a deduction for real estate taxes that was something we were very focused on for the middle class. >> maria: what about that, peter what did you think of his answer congressman? >> it made no sense. first of all, your families in m

calling this middle-class with the amt. they are there to cast a very difficult vote stagnate are asking republicans on this committee or on the floor of the house to walk the plank on we may not be the final product to reject the concerns of their own constituents in california that hurts tens of thousands of people in their district. so this tax bill is a moment of truth what opportunity can be in the failure of what they try to sell to the american people did not have been successfully. but those that are voting this way they say we will win the next election if we don't pass this but if you don't you will not. >> i think it is pretty obvious the selfie people in virginia were upset the way presidential bestride to governor get anything done he is tweeting instead of meeting. i believe this was a rejection of all the president trump but the policies he and republican party seems to be adopting get rid of health care or tax breaks for the rich or transportation or scientific research rejection both of the president and hi

the middle class does not pay amt anymore. it's limited to the highest income americans, about 4.5 million americans. >> they won't like it, and they won't get enough votes to pass it. this bill is so against what the average american wants and they're beginning to see it. most of the polling data shows that people are now against the trump tax plan. paul vz t these folks are going to go home and many of them are in vulnerable districts, and their constituents are going to know that they're hurting average voters to help the very wealthy. no one buys that except the thousand people in the right wing contribution and the people in the think tanks and law schools they spay. >> so once the public learns about this plan, there's going to be huge pressure on republicans not to vote for it. >> democratic unity was extremely powerful on obamacare, on the idea that you guys didn't lose any members, how confident are you democrats can -- >> we have in the senate, 45 of our 48 signed a letter that asks for three things, no tax breaks fo

increasingly people had lower incomes fell into the amt. the estate tax we ran some numbers yesterday, in the case of the trump estate, as calculated by forbes, this would net the trump kids in donald trump's -- in the case of donald trump's death $525 million. if you're thinking about buying a new home you can only write off mortgage interest for the first $500,000 of that loan instead of a current million. that's a lot of money, why does that affect me? in the high cost of living states like new york, new jersey and california a lot of people's houses in the middle class have loans that are greater than $500,000. the plan would also cap the deduction for local and property taxes at $10,000. and it would entirely eliminate deductions, at least in the way it stands now, for state and local income taxes. that's a big problem for states with these high tax rates. again, california, connecticut, new jersey, new york, blue states typically. also eliminated the current 15% tax credit for those 65 or older on disability. and the adoption expense

amt crept up and started hitting middle class tax. there was room for reform on amt. is there any amt provision in this bill? >> both individual and corporate amt are revealed. some of the features -- some of the aspects of amt you see in the bill, for example, under amt there was a limitation on net operating losses. the chairman's mark would modify their recovery of net operating losses under present law. so you might say that's a -- >> i guess, and my time is running out. i don't want to offend the chairman because i want to make sure i get my full five minutes on the next round. is there any even guesstimate that those folks who are paying amt at this point, when that is eliminated, any guesstimate how many of them will pay any tax at all or will we not arrive. originally came in where people who do very, very well can end up paying zero taxes on a personal basis? >> we've not made an estimate of that particular point, sir. >> thank you, mr. chairman. >> okay. thank you. okay. we'll go to senator carper at this point t excuse me, senator grassley is next. i apolog

we are getting rid of the amt. for a lot of people in new york they pay the amt. and we have run a lot of numbers. we are sensitive to people who make $200,000 to $300,000 that they will get a thanks cut in new york. this is focused on the american worker who has had no wage increases for the last 8 years. maria: the corporate move from 35% to 20% is something you believe will move the needle on economic growth. why do you any that will particularr dictate behavior on the part of managers and ceos that they will take that extra savings and create jobs. maybe they will just take that money and buyback stock. >> i had the opportunity to travel on the campaign with the president and met with hundreds if not thousands of business people. big business, small business. the two things we heard on the campaign were regulations and taxes. and the president is 100% convinced, as am i, if we give u.s. business a fair level playing field that we can compete better than anybody on the world. when you have a tax system that incentivizes moving jobs offshore. that's not consiste

we eliminate the amt. now even though you have those deduction, amt kicked in for a lot of people. the makeup room and they were telling me it kicked in for them. i think that will help this taxpayer. >> dana: okay. tim wants to know, i own a small landscaping business and will be buying a lot of equipment next year. will i be able to write it off on year one? >> goal is to especially on the house side, and i hope we would get to conference, you can write off all your equipment as you're buying it. >> dana: all right. last one i think. maybe we'll get to two more. this is from luann. why isn't anyone talking about the personal exemptions elimination. aren't we just trading that for raising the standard deduction? >> some people say that. truth of it is when you double the standard election, eliminate the amt, i think that makes a big difference. every taxpayer's gonna be different. you almost have to look at your individual situation. >> dana: like a speed round. when you go to thanksgiving, do you talk politics at all? >> it's interesting. we originally didn't. now we seem a talk

that was an add under amt purposes. if you look at his deductions in that year, there was only $17 million and change. thap does not create $31 million of tax. he had a lot of other tax preference items and we cannot determine what they are without seeing his 6251, the alternative minimum tax form. but those particular tax preference items might in many cases roll over and create an alternative minimum tax credit. and if you read the statute that's proposed, those credits would survive the new law even though the alternative minimum tax is repealed. in fact, a taxpayer could receive refunds of that alternative minimum tax credit. >> all right. so it is not exactly what the president said in september that this is not going to cost him more money. thank you for being with us. >> al sli velshi, i want to asku this. trickle down economics. one of the biggest problems in america. student loan debt, health care costs, worker participation. worker participation, think about the massive cost of child care. why so many people d

what is so important, here, amt is actually worth more someone paying 5,000 dollars amt worth aboutax deduction got put in mart of their idea this is part of the process going forward, every -- everything offsets one another now we have passed it out of committee, we are going to the for a, the senate will pass their bill we will go to conference, the final bill we look at. >> you think that final bill will be on the president's desk this year. >> yes. >> let me ask you about nice overnight alabama senate candidate roy moore facing suspense pressure to bow out of the race "washington post" reported four women accused him of sexual misconduct can when they were tweereens. >> many calling for moore to step aside if true. >> if any is try he ought to step aside. >> a devastating nsa story if that is true i don't believe -- >> if true shouldn't be in place what do you think should roy moor step aside. >> very concerning issues, disturbing every way you look at it came out last night i think today will show light on it people are quoted, so i think let people come forward see what is tru

dr., is there any amt like provisions left in this bill?. >> both the individual and corporate amt, some features are those aspects you see in the bill for example, there is a limitation on the operating losses that the chairman can modify a under present law. >> my time is running out is there even a guesstimates that they are paying amt at this point? were those you do very well could pay zero taxes on a personal basis?. >> we have not made an estimate in particular for that. >> senator crupper excuse me. senator grassley is next. >> before i ask a question to want to get in on the discussion. the original intent of the alternative minimum tax was 1969 with 140 people not paying any individual income tax of the feeling was if you make this number of dollars are relatively rich you're trying to get out of to pay it then you should pay a little bit. 120 people it was never in dexter intended to cover millions and millions and millions of middle income people. if you want something to apply to a few rich people that might have some legitimacy

the bill replaces the amt, not everyone who pays the amt is super rich.hey can only deduct property taxes to $10,000. ♪ ♪ (vo) you can pass down a subaru forester. (dad) she's all yours. (vo) but you get to keep the memories. love. it's what makes a subaru, a subaru. >>> cnn is proud to announce the top ten heroes. additional $100,000 for their cost. here is anderson cooper to show you how. now that we have announced top 10 cnn heroes of 2017, it is time to show you how you can decide who should be cnn hero of the year and receive $100,000. go to cnnhero.com and you can learn more about each hero and when you are ready, click on "vote." confirm your selection and you are all set. you can vote on facebook messenger, you can vote up to ten times per day through december 12th. rally your friends and share your votes on social media. >> kelly ripa will join me to reveal our cnn hero for 2017. >> you can vote on cnnhero.com to help decide who'll be our cnn hero of the year. only one will be named cnn hero of the year. join anderson cooper and special guest, co

amt was a huge gift to him. >> the amt is the alternative minimum tax, something that wealthy people. if you look at the minimal amount of information we have, $31 million of the $38 million he payed on billions of dollars of income was that a.m.t. all right. he's looking at getting rid of a tax point a that is really benefiting him. which undermines the fact that this is for the middleclass. >> you hopped right to corporate tax cuts. all i'm saying is this. thank god i'm in the top tier. thank you cnn. i will benefit from what you're proposing right now. i'm saying you're pitching it as a middleclass tax cut. it is not engineered by the gop's own reckoning to overweight benefit to the middleclass. i don't get what you're trying to do. it seems like a bait and switch. this is for you, middleclass, but i'm helping the rich more than you. >> you just cited the congressional budget office. and the congressional budget office, which i believe -- >> left-leaning organization as well. >> a month ago, lieu this up, they did a report on what is the effect of cutting the corporate tax rut. th

repealing amt would only go for 10 years and come back in 2025. new tax brackets republicans proposing they revert back in 10 years unless congress extends that. standard deduction, that would expire and go back to the deduction development. 2000-dollar child tax credit and 17.4% qualified individual business owners, all of that would revert back where we are today, in 10 years without some kind of extension. so you have democrats not only pointing out that issue, but ron wydennen, who is the ranking member on the senate finance committee, i don't want to use the word ballistic, but i will. he was charged when they started mark-up this morning saying what the republicans are doing is wrong. take a listen. >> early yesterday afternoon the republicans apparently couldn't get through lunch without hatching another plot to go after americans health care. apparently sometime between the salad course and the entree, it was decided that permanent corporate tax cuts should be paid for in part by kicking 13 million americans off their health care, and rais

wiped out the reduction anyway maria so the reality is by capping it at $10,000 and eliminating the amtt of people as they move up to to the upper-middle-class this is a huge win for the american taxpayer including states like new jersey and new york and i have gone now pressing for a higher limit but that's what i think this limit is huge win for our party and for the american people. maria: you do have the plan in its entirety. you have to recognize that they take away the amt that there are other areas that do offset that elimination of state and local and again as i see it i do think that over time it dictates behavior and governors will feel more pressure to do the right thing. let me ask you about the senate plan in what you are expecting when the seneca their hands on their own bill in terms of health care comment does the senate load this thing up? do you think the senate plan will be similar to the house version? >> well it will be similar. certainly the framework was set months ago but my observation with the senate during the health care debate and this has been said by other

. >> did you want to do the amt? sandy, what do you want to do?> you can go first. >> he can come in if he wants to. yay,ss, 16 nos. >> the motion to table is agreed to. amendment?ditional >> yes, i will go. >> mr. doggett? >> it is being distributed. mr. reiger? >> i will suspend, but i want to make it clear, as i have informally, i saw mr. brady come in. i'm discussing an abridgment -- and amendment, mr. brady, i wanted to have full notice, as i believe he does, that i will be discussing his amendment, number one in this amendment. i do not want to be unfair in any way and i wanted to have an opportunity to respond. >> i have recognize you for the purpose of stating an amendment. are you going to suspend while it is being distributed? mr. reiger is observing a point of order and is on pause until it is a street it. -- distributed. >> i withdraw my point of order. withdraws his point of order. mr. doggett, you recognize on the amendment. >> this restores the alternative for wealthy individuals that the bill reveals. what we need to do much more t

reason we provided a significant tax cut, we doubled the standard deduction, we eliminate the double amt tax and we create a new family credit to help every family in america keep more of what they earn. when you do that you make sure that whether you're in new york or kansas, you know, you keep more of what you earn. >> well, it's not passing the math test for some. another republican says i am a no. eliminating the s.a.l.t. deduction would be a geographic redistribution of wealth. >> i want to make this correction. he's a champion. he wants to make sure his families are better off after tax reform than before. i agree with that. but to be accurate, we do restore the state and local property tax deduction to this, because of our discussions with people like congressman zeldin and others. we are focused on working with him, but -- >> it's back in there. you're saying that for people in those states, that they can take their state and local tax deduction. >> their state and local property tax deduction, which is for most families, maybe the most painful. it's not based on your ability to

not everybody who pays amt is super rich. no more state and local tax deductions for income or sales tax. and only can deduct property taxes up to 10 grand. the mortgage interest conduction is cut in half to 500 grand. a lot of other changes that could help or hurt taxpayers. bottom line, it depends where you live, how much you make, how many kids you have. t the administration said it will boost growth. >> i want to bring back our panel, gregory and john avlon. i want to play how the president is describing this tax plan because it is highly pertinent. listen. >> we will provide a tax cut for american families. we will make the tax code simpler and fair. i believe we will have it done before christmas. i consider that to be one of the great christmas presents. >> it's after halloween so it is okay to talk about christmas. gregory, administration, republicans in congress selling it as a tax plan for the middleclass. but is it really what this plan is about? >> you know, there's going to be a rush that has already begun on cap

the amt is the way to equal that out. become more of a tax on middle-class and upper-middle-class families. wealthy taxpayers don't get -- amt.aren't paying they as amt repeal is designed simplicity factor and provide some benefit to many of those on and in new york and california because that's where the liability tends to be concentrated. gets.s gives and everybody calculus for themselves how they will fare. we talk about the corporate rate at 20%. it's not clear to me that at the end of the day that is going to be permanent. it's not yet clear that it will be permanent in the house bill. even if it is, there's important senate budget procedural rules that will require that rate to sunset at some point in the next 20 years. there's still a lot of detail to be fleshed out on that piece of the proposal. michael: just quickly on the pass-throughs -- the key is not the rate, the key is what is a pass-through? who qualifies for this tax break? the small businesses they are aiming at already pay only 25%. how do they decide w

. >> let's get serious -- >> and the amt, get rid of the amt, that's a big tax cut for donald trump.et's get serious for a moment and, ron, i ask you, you know, we talk about this bill every single day. >> yep. >> and, you know, over the weekend, i saw a republican senator say people out there don't like it because it hasn't been reported correctly. i want to point out we're approaching 150 days since i have asked the white house for someone working on tax reform to sit down and do an interview with me. they've said no. why is it that this thing is likely to get voted through? i know, ron that republicans need a big win here. they need a legislative win. let's say this thing goes through and it hurts millions of people in america, it balloons our debt. how is that going to be a win for this administration? >> as you say, it is a political win and it is a political document. i would agree with both gentleman. this is not really an economic stimulus plan. this is something that allows them to say they got tax reform done for the first time in 31 years. >> why is that a political win if

combine that with the-- 2% because you're eliminating, because the proposal eliminates the 26 and 28 amtnd the 28% and 33% levels. even now, only 12% of small businesses pay above 25%. so, you're talking about a topdown proposal that really doesn't help most main street small businesses. what the drafters of this could have done was look at a bottom up proposal that we've proposed, allowing all small businesses to deduct the first $25,000 worth of income. so they're really-- >> that's pretty good. by the way did you make that proposal to anybody in power? did you receive any-- was there any receptivity on the part from the g.o.p. on that proposal? >> we've spoken to both sides of the aisle. there is some receptivity. that's not in the proposal. david: moving it forward, if the g.o.p.-- you know after the debacle with the health care thing not passing, if they don't get a tax bill done this year, they're probably endanger in the 2018 mid-term elections and you'd have a democratic house of representatives. you're not going to do better with democrats, are you? >> look, we're not-- it's not

then there is the elimination of the amt.ear that we have of his taxes of 2005, we showed that he won millions in that through the amt. and then the big windfall which is the repeal of the estate tax. right now his heirs stand to gain based on forbes analysis of what we think his net worth is about amazingly $2.1 billion. of course if it's eliminated, they would stand to gain by another $1.4 billion. so if you call that getting killed, i guess the president is getting killed. >> see, i didn't need to set my hair on fire, you just did that in the most eloquent way and didn't even point out carried interest. the president said all along on the campaign trail he was going to wipe out carried interest. of course now he's splitting hairs. they're going to keep it in place for private equity, for real estate. private equity like the president's closest advisor, steve schwartzman or real estate, which is what president trump does. he's only going to get rid of it for the hedge funds. so he's going to save it for himself. so again, a

a lot of these families are in effect impact by state and local with the amt and others to help people are not done. we want in high tax states but what we don't want to do is continue to provide tax rates for some and some state across the board for the country. i'm convinced we continue to provide the rule. >> people wonder why you didn't do too much. capital gains as well as the carried interest of action. during the campaign, president trump kept saying how unfair the carried interest deduction is where you have private equity guys to make certain revenues when in fact it's ordinary incomes. rather than a 20% rate. what's the plan for capital gains taxes. >> you have to have i. risks. you have to improve that gain and hold it and you have to today. the hedge funds are routed to business, but it is preserved for that traditional real estate partnership. the industrial park i would've liked to do myself. our biggest hurdle was we did not repeal the obamacare taxes with the two plane 8% investment tax that frankly needs to go. i'm hopeful at some point the senate can get that done bec

calling it middle class and repealing the amt. they're asking their members in there to cast a very, very difficult vote. >> i would just add to that that they are asking the republicans on this committee and then perhaps on the floor of the house to walk the plank on a bill that may not be the final product. they're asking them to reject the concerns of their own constituents. in california 14 republicans voted for this tax plan that very seriously hurts the tune of thousands of dollars to tens of thousands of each of their -- in each of their districts. so when you combine these two questions, this tax bill is a moment of truth for america about what opportunity there can be, who pays the price, and again, the failure of their trickle down that they're trying to sell to the american people. obviously last night unsuccessfully. but these poor victims, the republicans on the ways and means committee, who are voting this way to get back to kate's question, they keep saying if we don't pass this, we won't win the next election. if y

nunez, i would just say that as it relates to the amt, it's a terrible tax. i'm glad that we got rid of it for 26 million americans. but we need to get rid of it for all americans. it reduces the ability for businesses to create jobs. that's mainly where the amt hits is on small business people in this country. i'll yield to remaining time. >> thank you. just one point. and that is, it was brought to my attention the notion of the mistakes of the past of repatriation for example. repatriation policy in the past was episodic, no level of predictability. companies did not know the ground rules. it was a holiday and it was highly limited. and it underperformed. let's learn that hard lesson, let's make it permanent. and we will yield good results. thank you, mr. nunez and i yield back. >> balance of time has been yielded back. you're recognized to speak on the amendment. >> thank you very much, mr. chairman. republicans propose to cut the corporate tax rates almost in half. they propose to reward those who have dodged their taxes and hidden them in offshore islan

. >> we talk about the state tax elimination last week and the elimination of the amt. these are all things that affect president trump and the rich. >> gary cohn, steve mnuchin and president trump all said carried interest, it's a giveaway to the rich, giveaway to hedge funds, private equity, real estate. guess what, that giveaway, still in the bill. >> the president is not around to -- has not been around to be pitching this. >> we know why, because he's continuing his 11-day trip throughout asia. on friday he attended the asia pacific economic summit and he warned leaders over their chronic trade abuses with the u.s. but the news was dominated by his stop in china and the praise he heaped on america's biggest economic rival in the world. >> i don't blame china. after all, who can blame a country for being able to take advantage of another country for the benefit of its citizens. i give china great credit. >> he can blame china and he did on the campaign trail. >> lots. >> candidate trump talked all about china when he was campaigning. i want you to hear what he said.

things like amt, alternative minimum tax. we know when we saw president trump's tax returns in 2005, the one reason he paid a sizeable amount that year was that was the regulation put in place to make sure rich people who know how to swan dive through every loophole can't. when they simply have to pay. now that is going away. the question is why. how does that help america? when super rich people end up with more money in their pocket, you don't necessarily see it back in the economy. they don't need to go out and buy a washing machine, a car or a new home. >> but if you give money back to people who are middle or low income workers, you almost guarantee that that money goes right back into the economy. by the way, with all of these tax cuts, we haven't even gotten to the estate tax yet. the house bill also includes a provision for eliminate the estate tax by 2024. this has been a long-time obsession of republicans. here's what president trump had to say about it recently. >> to protect millions of small businesses and the am

preservation of 401k contributions, elimination of the death tax, amt and more.resident trump: we are working to give the american people a giants tax cut for christmas. we are giving them a beautiful christmas present in the form of a tremendous tax cut. it will be the biggest cut in the history of our country. it will also be tax reform and it will create jobs. reporter: while the thanks package will likely under go substantial changes, president trump was thrilled. the president is pushing the house for raped approval. the ways and means chairman seemed unsure about that. i wanted to have a bill on my desk by thanksgiving. reporter: the president's pick for fed chairman likely phase an easier ride that tax bill. is financial philosophy is along with janet yellen's. he's the fourth in a decade without a degree in economics. but he brings vast experience in the financial sector. president trump: he understands what drives american success, the innovation and hard work and dreams of the american people. >> monetary decisions matter for american families and commu

it will eliminate the amt. but your property taxes will remain deductible. it will again be a cap up to $10,000. the man who wrote this along with the committee the chairman was very optimistic about this passing in the house at least but already democrats are saying no way take a listen. this is a new era. it's a win win for us. got from it they pass the awful bill. the public will know about it by a year from now. they can rush it through now. but we will fight it tooth and nail. to give you an idea because there is some numbers is comp located. a family of four with an income of the $60,000 a married couple that is filing will get back roughly 1182 dollars in their pocket. when they say it's a giveaway know this is a middle class tax break. some say they are getting hit even more if you really break it down that is in the weeds and it will be up for debate. so what impact will the gop tax plan have on your -- you and your family. they've been following us all day. i have to tell you there are a lot of details here under the tax reform plan. consider a cou

the offset or the exit tax in striking the amt -- the individual amt repeal, according to a letter from mr. barthold. >> well, are you prepared for a vote? >> yeah. >> the clerk will call the roll. >> mr. grassley. >> no. >> mr. crapo. >> no. >> mr. roberts. >> no by proxy. >> mr. enzi. >> no. >> mr. cornyn. >> no by proxy. >> mr. thune. >> no. >> mr. burr. >> no by proxy. >> mr. isaacson. >> no by proxy. >> mr. portman. no. mr. toomey. no. mr. heller. >> no. >> mr. scott. >> no by proxy. >> mr. cassidy. >> no by proxy. >> mr. wyden. >> aye. >> miss stab now. >> aye. >> ms. can't well. >> aye. >> mr. nelson. >> aye by proxy. >> mr. menendez. >> aye by proxy. >> mr. carper. >> aye by proxy. >> mr. carden. >> aye by proxy. >> mr. brown. >> aye. >> mr. bennett. >> aye. >> mr. casey. >> aye. >> mr. warner. >> aye by proxy. >> mrs. mccaskill. >> aye. >> mr. chairman. >> no. >> chairman votes no. >> the report. >> the final tally is 12 ayes, 14 nays. >> the amendment is defeated. >> mr. chairman? we're going to keep trying to be bipartisan. and this was an amendment that really did give the m

when it comes to amt, it's the opposite. when it comes to pastor, it's the opposite. when it comes to the estate tax, is the opposite. as we have new data and shows it is also the opposite. we asked for there to be a breakdown in terms of the income categories. this is what the breakdown shows. in 2023, 24.6% of taxpayers between 75,100,000 will see a tax return. 20.1% will see a tax increase. in 2025 it gets worse. 26.7% and 100,000 will see a tax increase. in 2025, 21.4% of taxpayers will see a tax increase. that's why we feel so passionate. that's why when there is amendment provided yesterday we haven't seen before we became passionate. all the facts have to be brought up. what the speaker said in describing this was not true. this is a revenue bill but also spending bill. when you increase the deficit as you are doing, it will impact in terms of spending. this is what they propose side in the deficit. it would further cut $800 billion from nondefense discretionary spending while leaving the defense budget alone. in 2023 the amounts would be the lowest level of di

eliminating amt would be huge for a lot of individuals. the other pop-out was the estate tax. they will go for a doubling of the exemption right away out of the gate. that is huge. the exemption we got during the obama administration was already a surprise. doubling that would get us into the 20 millions and the would phase in a complete repeal over six years. not going out of the gate with a full repeal step one but going with a doubling of the exemption first, that will scoop in a lot more people. until 2024, which happens to be an election year. shocking. we will be talking about this for most of the day. we are just getting started today. mark: lots to come. coming up, an exclusive conversation with lloyd blankfein. this is bloomberg. ♪ julie: this is "bloomberg markets." vonnie: want to bring you up-to-date on how the market is trading here in the united states as these tax headlines are dribbling out according to this memo and talking points from the u.s. house of representatives ways and means committee. the dow down .2%, the s&p extending its losses, the nasdaq down .4

you couple that with a lot of the deductions that middle-class americans, we do away with the amt andalso are expanding the child care tax credit and we added an adult dependent tax credit. it's responding to the changing demography. it is a lot to like, people like senator wyden who are always try to raise taxes while his party is in the minority because they always overregulated over tax americans. he's a cherry picking the numbers. they all have different assessments of this. a lot of independent studies that show this is a tax break into real tax relief for american families. we are very happy that the house members sought to do this. we hope it's bipartisan but that's a question for democrats not republicans. >> we also have republicans who are from california, .. house versions, how do you answer their concerns? i want to play a little bit about what congressman darrell isa had to say about this. >> we are donor states we already give more money to the federal government then we get back. the test should in fact have not been one in which some states one and some lost. >> shanno