the i.r.s. and make legislative and administrative recommendations to mitigate those problems. host: one of the things you have taxpayer solve their written frequently about was the new tax law that was passed and signed into law by the president. is the i.r.s. ready to implement that? guest: that was a major concern of mine because of the budget cuts that the i.r.s. has experienced, since particularly since 2010, about 20% in inflation adjusted dollars. a major list like en frequentlt a new tax law which requires about 400 new tax -- new changes to forms. there are 140 filing seasons systems that need to be reprogrammed. people need to be retrained. taxpayers need to be educated. and that's on top of its regular work. i have been very concerned about that. the i.r.s. is plugging along doing things, but it has put in a budget request for additional funding for tax reform implementation to congress. host: if there were deficiencies leading up to this, what were they caused by? guest: i think some

the i.r.s. and make legislative and administrative the mendations to mitigate problems. host: one thing you have written about, including your report to tax law passed and signed into law by the president. ready to implement that? guest: that was major concern of ine because of the budget cuts the i.r.s. experienced since inflation 20% in adjusted dollars and then you have major list like new tax requires, i don't know, about 400 new changes to forms. are 140 filing season systems that need to be to ogrammed and people need be retrained and taxpayers need of the ucated on top regular work. i've been very concerned about that. plugging along, doing things, but it has put in additional st for funding for tax reform implementation to congress. deficienciese were leading up to this, what were by? caused guest: i think some is there has been underestimation of the taxpayer service and outreach in education. i think people have not given credence to the fact that any major change is going to anxiety to

the i.r.s. d make legislative and administrative the mendations to mitigate problems. host: one thing you have written about, including your report to tax law passed and signed into law by the president. ready to implement that? guest: that was major concern of ine because of the budget cuts the i.r.s. experienced since inflation 20% in adjusted dollars and then you have major list like new tax requires, i don't know, about 400 new changes to forms. are 140 filing season systems that need to be to ogrammed and people need be retrained and taxpayers need of the ucated on top regular work. i've been very concerned about that. plugging along, doing things, but it has put in additional st for funding for tax reform implementation to congress. deficienciese were leading up to this, what were by? caused guest: i think some is there has been underestimation of the taxpayer service and outreach in education. i think people have not given credence to the fact that any major change is going to anxiety to t

the i.r.s. handle the questions they face already? >> right now the i.r.s. is projecting, before the tax law, that it was only going to be able to answer six out of ten calls during the filing season from taxpayers calling to speak to somebody, and for the whole year they would only answer four out of ten. it gets about 100 million calls a year from taxpayers and, right now, it's already said it's not going to answer -- it hasn't been answering tax law questions after april 15th of each year. >> desjardins: what happens to those who don't get through is it. it --? >> they don't get an answer to their questions, maybe they have to go pay somebody to get an answer to the question rather than getting the information for free from the i.r.s. they can go to the i.r.s..gov web site, it has 140,000 web pages, so do a search on that and see what comes up. >> desjardins: a bit daunting. it's a little daunting. >> desjardins: let's talk about this new tax law and, of course, there are many questions, alre

i want to acknowledge the i.r.s. who worked around the clock to meet our important objective, to work with the existing forms and the existing systems. we want to minimize the burden on both employers and hardworking taxpayers in getting this implemented in february. this is just the first step in a three-step process. next the i.r.s. will be releasing a new withholding calculator that will be available on i.r.s..gov by the end of february -- irs.gov by the end of february. this will help provide individuals with certainty so they are neither overwith held or underwithheld and can plan their financial decisions. we have reviewed this very carefully and based upon last year's withholding tables, approximately 76% of taxpayers were withheld so they had refunds at the end of the year. we expect based upon the new tables there will be no material change in this number. we will encourage taxpayers to use the calculator when it is released and we'll launch a marketing effort to make sure people understand that. finally i'd

but before that begins, we'll look at some of the new tax policies with the i.r.s. taxpayer advocate. >> welcome back to the program. >> a remind people about your position. guest: i am the voice of the taxpayer inside the i.r.s. i head the taxpayer advocate service. it's about ,

next the i.r.s. will be releasing a new withholding that will be by the e on irs.gov end of february. this will help to provide certainty, with so they're neither overwithheld or underwithheld and can plan financial decisions. ased upon last year's withholding tables, 76% of taxpayers were withheld so at the end unds of the year. we expect based on the new will be no e material change in this number. taxpayers ourage to use the calculator when it is released and will effort toarketing make sure people understand that. finally, i'd like to say the treasury and i.r.s. to work together release a new w4 for 2019. we expect to release that later in the year. employers, ith payroll providers to design the w to form to reflect the new law. on the i.r.s. will focus simplification and user-friendly process. hese new tables will help deliver the tax cuts as soon as possible to as many americans as possible with disruption as possible. this will continue to focus the optimism and economic growth returning to thi

the i.r.s. issues tables every january. we knew we were changing the tax bill so it obviously made sense to wait from january to february, so that we gave people time to institute this. any claims that we're doing this for political issues are ridiculous. i'd also make a comment. the democrats made a bunch of noise about our numbers and tax policy. the inspector general just came out with a report that made very clear there was no political interference in it. and how we ran these numbers. so i would hope the democrats are focused on doing things that are good for the economy and the american people. reporter: to follow up on davos. you talked about the message being consistent, that the president will deliver in switzerland. obviously one of his big messages has been aimed at middle class americans. he got elected op on this platform. can you explain how it's consistent to take members of his cabinet, many of which are wealthy, to rub elbows with wealthy people in switzerland. mr. mnuchin: the numbers of -- members of his c

the i.r.s. is releasing new withholding tables which is great news for american workers. we're going to be keeping more of their hrd be a earned money as a result of the new tax cut law. and the secretary will get into those details on that and then answer a few of your questions on thatting to in. then as always, i'll be back up here to take questions on other news of the day.

in from chechnya how were you treated by the i.r.s. . we were treated well national chechens they know who are used and the kind of character they've been raised with for hundreds of years it's become a social so how to shands of. this find said young chechens please explain to me. you are courage and the religion islam which we've held for centuries we've also fought in many wars that's what the i.r.s. appreciates about chechens. actually i wanted to go back as soon as i arrived that's when i witnessed an execution of refugees who have fled the war it took place right after i got there at my settlement which was a gathering place for new arrivals to syria just because you know there was full. of the pacific ocean there you know the bus came to a stop and see if it's the men were taken and interrogated. they were asked about their religion even. if they were executing the next day or the news. they were beheaded by the. yemeni it was a shock for me that people could use their religion as a justification to kill others. i waited for the ri

get the i.r.s. is not going to allow this for crying out loud the i.r.s. is already cracking the. on some people who prepaid their mortgage interest and state local taxes. all seventeen to circumvent teens so that that debt never going to go for this is to be a law in court battle and that's what the democrats want heading into the away team elections is it only democrats steve and well no i mean by that it's only democrat governors it's only blue states so they'll be the ones involved in this yeah i don't see a red state governor you know jumping on with this because it's the blue state liberals that spend that have the higher taxes and they've got a solution for them it's a three letter word cut. thank you so much what have you back talk about the shutdown sometimes steve conservative commentator he steve malzberg thank you again my pleasure. chocolate is a big business and mars the candy company behind m. and m's is worth over thirty five billion dollars and global consumption of chocolate is expected to hit over seven point seven million tons by twenty nineteen nations that ac

less of their money will be deducted and sent to the i.r.s., more will be deposited in their own bank accounts. mr. president, the early impact of this tax reform legislation is quite clear. job creators and entrepreneurs are more optimistic. more than one million americans are already getting raises and bonuses and the groundwork is being laid for a more powerful, more competitive u.s. economy that attracts more investment and creates more homegrown jobs. it's no surprise that historically tax cuts have enjoyed bipartisan support. this time, unfortunately, none of our democratic colleagues chose to vote for this once-in-a-generation tax relief, not one in the house or the senate. i'm proud that majorities in congress were able to pass this bill so the president could sign it into law. a million americans, and soon to be many more, will be grateful.

remind people about your position, the role you take at i.r.s. guest: i am the voice of the the i.r.s.side i head the taxpayer advocate 17-1700 about employees, who are supposed to taxpayer solve their problem with the i.r.s. and make legislative and administrative recommendatito

lower tax rates will mean less money withheld for the i.r.s. and more take-home pay for hardworking americans. i'm proud of the way that the tax reform will benefit america's farmers and ranchers. later today president trump is going to be speak at the conference. kentucky is home to a vibrant farming community. i heard family farmers loud and clear. they said, we need tax relief, and that's what congress delivered. thanks to our once in a generation tax reform law, it will be easier for farmers in kentucky and around the country to invest in new capital equipment and recover their costs. according to the farm bureau federation, 93% of u.s. farms filed taxes through the individual code. they will benefit from the major relief we secured for pass-through businesses. and especially important for farmers, this tax bill doubled the exemption from the death tax. it -- on the same dime. now this burden will fall on fewer american farmers and ranchers. thanks to the work of senator robert, senator hatch and many others, we passed a tax bill that the fa

part with, have we submitted to the court that fact and that as a result, has it put us closer to the i.r.s. than not? because otherwise, public funds may have been lost? [inaudible] >> secured creditor of highest priority. and we're not. the municipalities are not in the bankruptcy code specifically. we're a general creditor, the same way as anyone else. >> this is a u.s. court. >> u.s. federal court for bankruptcy. >> at least we'll get due process, one way to view it. thank you very much. >> any further public comment? okay. if not, we'll move on to item 9. discussion of the executive director's report. >> thank you, chair keane. i have a brief report summarizing some of what you heard from director bloom about our attendance at the conference. it was exciting to have a strong measure of staff that were not just passive participates, but shaping ideas. so we look fehr ward to the idea to send additional staff to additional sessions in the years ahead. i did want to highlight one note of a report that we were asked to submit to the acting mayor's office after the executive director's repo

income will get to keep more than $2,000 of their own money that they would have otherwise sent to the i.r.s. next year. further, the law repeals obamacare's punitive individual mandate tax and soon many americans are likely to see lower utility rates as utility companies pass along their savings to consumers. just yesterday, two major kentucky utilities asked the kentucky service commission to pass $180 million tax reform savings on to their customers, which could lower their bills this year. and that's particularly important to low-income families because pay pg their utility -- paying their utility bill is a big percentage of many of their take-home pay. we're already seeing early signs that tax reform will create an environment where wages will be higher and opportunity will be more abundant for years, even decades, to come. president trump and republicans in congress understand when you make america a more attractive place to invest an create jobs, you're helping american families and communities. we understand that the myth of an us versus them economy where employers must lose for wor

now 90% of american workers, 90% of american wage earners will see their paychecks get bigger as the i.r.s. new withholding tables are put into effect in february. this is a big deal. we were working the concession stand at our parish on sunday for kids' basketball games. a friend of mine could not wait to come up and tell me about the bonus that he had gotten and the wage increase he had gotten and what it will do for his life. wherever you can you have people saying this is a new car payment for me. it's working. those of us who worked on this issue for so many years thought and suspected if we do tax reform in america the right way it will unlock a lot of economic potential. it is unlocking so much more economic potential than we even imagined. so we're very excited. economic confidence in america is at a 17-year high. unemployment in american is at a 17-year low. a big deal for americans across the country. a lot more work to do. i look forward to president trump's speech tonight to find a way forward and get more done for american people in 2018. questions. >> regarding the nunes memo

the i.r.s. just announced about an hour ago that they are publishing updates to the tax withholding tables for employers. what does this mean? this means that uncle sam is going to take a little less of your paycheck, and you're going to see it on the paycheck. so the withholding, the amount that's withheld from your paycheck for taxes, is going to be changed. the treasury department says that for 90% of americans -- 90n withholding that will be positive for them. in other words, they'll have less money coming out of their paycheck. most people who i represent in my home state of ohio live paycheck to paycheck. this is really important. and we've talked earlier about how much this is going to be. is it $2,000 a family on average? that's a median income family in ohio. whatever the amount is, this is significant and it's something that people are going to be, i think, pretty surprised about because, again, so many people have misrepresented what this legislation is about. they're now seeing it's a

last week the treasury that it announced has adjusted the amount the i.r.s. takes out of people's paychecks to account for this new law. it's estimated 90% of wage earners in america that it has will experience an increase home in their take-home pay starting in february. let me say that. 90% of america's workers will see increased take-home pay as a result of the tax law starting in february. this is incredible. the typical family of four earning the median income of $73,000 will see a tax cut of $2,059. that's more money to pay down the mortgage, save for a rainy day fund or take your kids on vacation. this is real relief for americans who more show they are living paycheck to paycheck. look, where i come from and jason comes from, it's pretty cold right now. your energy costs are very high. what we're seeing is all these utility companies are now saying they're passing through the tax savings onto the ratepayers. if you're low income, living paycheck to paycheck, if you're having a hard time just heating your house, this is real relief that's real tangible

three twenty seventeen and the americans in the bitcoin space because of the lack of clarity from the i.r.s. is it an asset is it a commodity as a property as you know is that income do you pay capital gains whether so i know that's why i haven't like really sold any because i don't know what what i would what the tax implications are but i want to you know talk to mr law we will be with him on the birthday of bitcoin on the ninth birthday and first i want to say because of course we've had a volatile christmas a past few weeks that has been very volatile over. it just kept on going up it was parabolic up and you know you would see down days of ten fifteen percent and people like flipped out they were scared panicked this of course is normal for our experience that we've witnessed through big queen through the past nine years but here is jim slop with the queen obituaries proclaimed per year and two thousand and ten there was one death of bitcoin proclaimed and twenty eleven there were six i remember that year and two thousand and twelve there was only one and twenty thirteen there were fif

we expect that once the i.r.s. updates the with holing wages, -- withholding wages -- withholdings, wages will go up. one senator said, with this tax reform the proof will be in your paycheck. families can spend that extra money any way they wish, of course, that's the point. they can spend it on projects long delayed, they can spend it on their kids. they can give it as an allowance or some modest compensation for jobs performed or people may figure out they want to save for a rainy day. the number is pretty shocking about how many americans are living paycheck to paycheck and who cannot sustain a $400 loss in income and make it work for them. this will provide a little bit of cushion for a rainy day. they can donate it to the house of worship. they can help a neighbor or friend who has fallen on hard times. in some places we're learning that families will enjoy lower utility rates based on what gas and electric companies are doing for their residential customers in light of their new tax savings. in places like mi

and their religion islam which we've held for centuries we've also fought in many wars that's what the i.r.s. appreciates about chechens. actually i wanted to go back as soon as i arrived that's when i witnessed an execution of refugees who have fled the war that took place right after i got there got my settlement which was a gathering place for new arrivals to syria just because you know there was full. of me to see which you know the bus came to a stop and see if it's a man were taken out and interrogated. they were asked about their religion even. when they were executed in the next day because. they were beheaded valuable. yemeni and it was a shock for me that people could use their religion as a justification to kill others. i waited for the right moment to escape unfortunately it only worked when i was wouldn't it i use my medical treatment as a pretense. good to talk to and from there i went home because. it is usual in your business and i had many chances as a refugee condition and enter germany or france and escape justice. but i thought if i had the courage to fight in a war. that

passport and visa services become unavailable soon after other actions like mortgage services involving the i.r.s. and federal home loan association and permits and requests for federal agencies plus there are various approval for things like lifesaving drugs approved by the f.d.a. they can be delayed so really this could impact people's lives if they don't get these new drugs out and grants and loans and loan guarantees are also further impacted by being held up all of that critical to our nation's economic growth. despite the fact that there is a republican president and majorities in both the u.s. house of representatives and the u.s. senate the government still remains unfunded for the remainder of twenty eight eighteen the fiscal year which actually began on october first of last year that funding only runs through january nineteenth at midnight so it possibility of a government shutdown looms large in recent days there have been meetings between congressional leaders and white house officials well what are the key issues in the shutdown showdown let's ask the intrepid steve malzberg conserv

a funny line underlined the importance of jordan's role in the fight against i.r.s. . the joint fight against highlights above all that our cooperation is based on shared interests. mutual trust and reliability jordan is a reliable and a strong partner in a troubled region. a partner with whom we seek close sound sustainable relations. to south africa now where cape town is facing a dramatic water shortage of banned people from washing their cars and watering the gardens and they're also urging them to limit showers to two minutes or less the roots of the problem is an ongoing drought with last year recorded and the driest in decades that are now faced the cape town could become the first major city in the walled to completely run out of water. for residents in new landscape town this spring owned by a local brewery has been a blessing with water restrictions imposed on households in the city here people can get an additional twenty five liters free of charge. come here once a week in the fall for cans of twenty five heaters and you know use it for drinking purposes i'v

in fact the i.r.s. does qualify it as a commodity as a property and ask. like gold so these are this is the evolution and then he's predicting where the future holds out on this right also the white paper the toshi why paper has it's a big system for additional cash transmission and moving digital casters will cash paraphrasing which is sets off most inquiries into this onto a bit of a skewed path because they're looking at it in one use case the the replacement for payments use case which is to ignore the entire history of this entire movement and ignore everything else that this can possibly do including the obvious references to golden letters of the white paper gold comes from dervish and from a big golden disk all has been stored values always been a key to this whole thing store of value means of exchange of payment system or actually what the genesis the origin of this is about privacy i mean through all the mit genesis is about privacy and the ability to protect that electronically ended up with where we are today the cypherpunk movement is the gene

eventually the i.r.s. allowed her to spend four days. as with her daughter she wasn't permitted to take selena or her grandchildren back to chechnya. and other local mothers have started a self-help group it already has more than eight hundred members one of them is so remote ga ga over the mother. who took petty daughter to syria. where. my daughter was very a bt and she did everything her husband ordered her to. mother partly to blame for your daughter's disappearance. i swear to you know. to be honest it all happened according to a higher will the will of allah so this had to be that's what i believe. over and over in chechnya we're told that religious faith was one of the primary factors that allowed the i.a.s. to recruit young people here young people who often paid with their lives. many mothers of missing children come to the airport in grozny to wait and i hope. that it's you i'm here quite often. that is. what do i have to do at home i must look for my daughter. now that russia has declared the defeat of the islamic state groups

it isn't from chechnya how were you treated by the i.r.s. . we were treated. like chechens they know who. and they kind of character they've been raised with for hundreds of years. young chechens please explain to be. courage and their religion islam which we've held for centuries you know we've also fought in many wars yes appreciates about chechens. actually i wanted to go back as soon as i arrived that's when i witnessed an execution of refugees. it took place right after i got there settlement which was a gathering place for new arrivals to syria. to see the bus came to a stop and the men were taken out and interrogated. they were asked about the religion. they were executed in the next day. they were beheaded. it was a shock for me that people could use their religion as a justification to kill others. i waited for the right moment to escape unfortunately it only worked when i was wounded i used my medical treatment as a pretense to get to and from there i went home because that's to say. i had many chances as a refugee and enter germany or france and esc

the i.r.s. just released the new with holding tables for the tax law and americans should start seeing the results in february. thanks to lower income tax rates, the doubling of the standard deduction, and the doubling of the child tax credit, 90% of american workers, 90% should see bigger paychecks starting next month. and that's just the beginning. one major goal of tax reform was to provide immediate direct relief to hardworking americans, and that's happening right now. but our other goal, mr. president, was to create the kind of robust, long-term economic growth that would provide long-term security for american families. that's already starting with the wave of bonuses and wage increases but there is a lot more to come. as businesses large and small experience tax reform, american workers will see the benefits of tax reform. american workers will see increased access to the kinds of jobs, wages, and opportunities that will secure the american dream for the long term. it's a good day in amer

last week the treasury department announced that it had adjusted the amount the i.r.s. takes out of people's paychecks to account for this new law. it's estimated that 90% of wage earners in america will experience an increase in their take-home pay starting as soon as february. let me just say that one more time. 90% of american workers will see increased take-home pay as a result of the tax law starting in february. this is incredible. the typical family of four earning the median income of $73,000 will see a tax cut of $2,059. that's more money to pay down the mortgage, save for a rain yea day fund, or take your kids, family on vacation. this is real relief to real americans, especially more than half of whom claim and show that they are living paycheck to paycheck. another huge benefit for american families is lower energy costs. where i come from and where jason comes from, it's pretty cold right now. your energy costs are very high. what we're seeing is all of these utility companies are now saying, they are passing through the tax savings on to the ratepayers. if

the i.r.s. is perhaps not going to have some people available as they try to figure out the tax bill. back to politics senator schumer of new york appears on the scene meeting with the president one-on-one at the white house. this new york democrat getting along with a former democrat in the white house. what does it tell us? >> well, the optics are striking. they clearly do have a relationship. they have sparred a lot this year. yet there is some history between the two of them and as we know that is important to donald trump. those prior relationships do have an impact. i think what was interesting was he went down there. there were no republican-elected officials in that room. they had a conversation. but as you showed at the beginning of the program, he had a message, schumer had a message that went in two directions. well, we made some progress but we still have a lot of deep differences. we've gone through the day and it looks as though the differences have not exactly been resolved. so the

collectible so these ideas obviously you know bitcoin is often called gold two point zero zero and in fact the i.r.s. does qualify it as a commodity as a property an asset like gold so these are this is the evolution and then he's predicting where the future will go and that's right also the white paper the toshi why paper is it's a big system for digital cash transmission and moving digital caster paraphrasing which is sets off most inquiries into this onto a bit of a skewed path because they're looking at it in one use case the the replacement for painless use case which is to ignore the entire history of this entire movement and to ignore everything else that this can possibly do including the obvious references to gold and much of the white paper gold comes from dervish and from a big golden disk all has been stored values always been a key to this whole thing store of value means of exchange of payment system or actually what the genesis the origin of this is about privacy i mean. genesis is about privacy and the ability to protect it electronically ended up with where we are today the cypherpu