laura davison. guest: drops to 21% and get rid of corporate provisions, section 199 deduction, tax break for manufacturers and the rationale for getting rid of all is 14 with rate that percentage points lower, targeted breaks don't make sense. you go through the tax code and scrub it of every provision, lower the rate to 28%. that is where you see the eficit spending coming in, losing 1.5 trillion and imbalance between what versus als are losing what corporations are losing. host: taking your calls and in ents, the house comes in 5 minutes, c-span wj, amanda becker that, italian girl writes, i wonder what the earned people earn tos, get earned income credit. can you just walk us through the earned income credit? guest: earned income tax credit, e were discussing this before we came on, this legislation doesn't change that at all, that income efit for lowest americans and that remains completely unchanged. is one provision democrats really love this, is sort of a benefit to help those income and thos

david: laura davison, thank you so bill much coming today from washington.ne of the industry's wrestling with the new tax laws is public or traded partnerships. eon black, ceo of apollo global management, sorting out whether he wants to remain a partnership or become a corporation, which would increase this tax is somewhat but give him access to mutual fund investors. maggie collins, we welcome her now. this is a little bit complicated, but explain the calculus. it's not just leon black. it's other public or traded partnerships. peggy: lots of businesses are traded us partnerships. the corporate tax rate dropped from a top 35% to 21%. that is a big drop. previous to that pass through businesses were basically having their income pass through been taxed at even capital gains rate if it was carried interest or the income tax rate. and they were able to structure that in a way that they thought was most beneficial to them. now because there is a closing of rates on the corporate tax, there is trying to do the calculus of like wait a second, should we convert to

laura davison? >> that is not addressed in the bill.ets rid ill does, it of a tax on you if you choose to ot have health insurance and not go to the individual market, or don't get it through your employer. it doesn't address penalties related to medicare. tony, da becker you have a business owner. tony, what kind of business are you in? >> caller: a landscape business. it's a small business. here were different numbers being passed around. t one point we heard 15% for pass through income. has that been settled now in the bill? what is the number? create a pass not through rate in this bill. they had talked about that in versions, in the house. the way they decided to address a pass ead of creating through rate, give you this 20% deduction. single, up e filing to $157,500. income for your business, your landscaping get to take a straight deduction of 20% off that. if you're doubling doubly, it's $350,000. would be the formula i mentioned earlier that's complicated so i won't verbally. it but it will be a mix of the ages you pay your var

laura davison. what did the irs say yesterday?> if you want to prepay your taxes and get the deduction on a, the county has to assess them and you have to pay them before 2018. to prepay their taxes between christmas and new year's. this deduction because you haven't gotten the assessment. those people. i saw that notice and talked to my accountant. in yonkers, they will not get those bills out. they are busy. they can't write all these bills and send them out. i can't pay it. it will create a ton of confusion just depending on where you live. a lot of people trying to get it done before the new year are stuck here thinking, shoot, i don't know what to do. david: there was a bloomberg story out today about the international last fact. they are getting, perhaps, a nasty surprise here about how this works. how does that work? it is a minimum tax for companies that operate overseas. the intellectual property they store overseas, the tech firms, apple, pharmaceutical companies that are notorious to take advantage of the lower tax brea

you are joined by our bloomberg tax reporter, laura davison. ctive corporate tax rate has been brought down. we know that this will impact cash overseas. how will this impact the biggest tech corporations that have a giant pile of cash overseas? laura: trump said about $4 trillion. others say close to $3 trillion. tech and pharma companies have it stashed overseas. the tax laws -- they would get hit with high tax rates to bring it back. now, at a lower rate, at 15.5%. next year, it will be 15.5%, they can bring that money back. republicans say they hope companies will reinvest in their facilities, in r&d, hire more workers, pay the workers that they have more. we'll see if that pans out. the last time there was a repatriation tax holiday, there ended up being more stock buybacks, dividend payouts, executive compensation. tech companies are excited to have more free access to that cash now. emily: comcast announced they are giving a special $1000 bonus to over 100,000 employees. what does that signify in terms of how companies are responding or w