peggy collins on the big bank story in china. ggy covers, i should say you lead the coverage here at bloomberg. coming up, leonard lance talks about his opinions on the new tax bill and how much of an impact the election really made on his party. this is bloomberg. ♪ ♪ scarlet: the details of the amended tax bill are out and congress is divided. the new jersey congressman leonard lance said he would vote against the current tax bill. take a listen. >> i do not support it in its current form for the reasons you suggested. the average deduction in the district i represent a $21,000 and we're making progress, but we are not there yet. the senate version completely eliminates it. >> how much of it is really big into the way that senators -- baked into the way that senators are elected? -- senators are elected statewide, said the do not have the same incentive that you did it take care of constituents. >> i would argue our senators in new jersey would enter the fight and i am critical of the democratic party data, because they have bee

let's bring in peggy collins, our investment team leader in new york.k, it's something that benefits him, the private equity firms, as well as venture capitalists. he will benefit from no change in the carried interest tax role. >> double line is known as one of the world's best bond funds. he is one of the world's best bond managers. they also do run hedge fund strategies. the carried interest tax break, while it's married -- it major league benefits, many do benefit from the carried interest break if they hold securities for longer than a year. he's essentially saying that even though i may be a beneficiary of this, when i think something is not right, i'm going to call it out. he did that last night. scarlet: how much is carried interest tax right now? >> it essentially at a 20% rate. it's taxed like capital gain stocks and bonds trade. tax rate for income is 39.6. you have 39.6% versus 20%. what people have argued is that it's essentially like what you i-94 salary. a hedge fund manager is making money off of what they run. incomeld be taxed like at

we want to dive into some of these details with kevin cirilli on capitol hill and peggy collins, the u.s. investing team leader. is this the plan that we are getting talking points dribbling out and some details about what's to be presented today? kevin: i just spoke with a republican lawmaker who told me the corporate tax rate will be at 20%. lawmakers just leaving a republican conference meeting where top republican officials in the house of representatives are meeting to go over this tax plan. cap onill be a $10,000 the state and local tax deduction. that is a bit of a compromise. some republicans in states like california and new york have had a lot of concerns about the limiting these state and local tax reductions. whether that's enough for peter king, we will have to wait and see. 20 republicans voting against that budget bill just the other week. we are also hearing that republicans are trying to position this as a tax cut for middle-class americans. there'll be a six-year phasing out of the repealing of the estate tax. they will cut the mortgage deduction in half. we are car