on the amt, i'm not going to get into calculations on amt. in a broad brush level, when you do the amt, once you get rid of the deductions of the state and local taxes, that is the biggest ad back. amt becomes irrelevant once you get rid of the deduction of state and local taxes. all the things you are trying to pull at my you are not looking at the plan in its entirety. they do not make sense once we'd redo the plan. reporter: gary. just as a follow-up question on that, in the appearance of his group, you said that -- i cited you -- to you the worries of jim martin and the seniors association that you are going to drag out repeal of the debt tax, that it would not be immediate. you said at the time it was immediate. is that final? is it going to be an immediate reveal? at lane,cohn: an hour it is immediate. reporter: same with the alternate fact? director cohn: the only thing that phases out is the five-year expensing. speaking of businesses, let's negotiate. yesterday, senator schumer said democrats may be willing to work with some kind of

add-back in amt. it becomes, amt becomes irrelevant once you get rid of a deduction of state and local taxes. so all the things you're trying to pull at, you're not looking at the plans in entirely. they don't make sense. yes. >> [inaudible] >> you're welcome. >> gary? >> yes. >> just as a follow-up question on that, in your penultimate appearance at this group, you said that i cited to you the worry of groups such as jim martin and the 60+ seniors association that you were going to drag out repeal of the death tax, that it wouldn't be immediate, and you said at the time that was immediate. is that final? is it going to be an immediate repeal and go off the books as soon as the new tax reform package is passed? >> in our outline, it's immediate. >> and the same with the alternative minimum tax? >> it's immediate. everything' immediate. the only thing that phases out is the five-year expensing, is a five-year expensing. yes. >> last one, guys. >> gary, thank you. speaking of small businesses, let's sta

we are also repealing the unfair and complicated alternative minimum tax, or amt.he amt requires many people to calculate their taxes two different ways and pay the higher of the two amounts. we are closing loopholes, the amt requires many people to reducing burdens, and replacing confusion with total clarity. simplification, we are also going to protect millions of family businesses by ending the crushing, horrible, and unfair estate tax, also known as the death tax. [applause] that means for those of you with small and family-owned businesses, your family won't have to sell the business in a fire sale just to pay a very high and unfair tax. your families can continue to run your businesses with love and dedication in reverence of you. -- in remembrance of you. we will make taxes simple, easy, and fair for all americans. and it is about time. [applause] we will cut taxes on american businesses to restore our competitive edge and create more jobs and higher wages for the american worker. the last major tax reform was passed more than 30 years ago in 1986 with a lar

[applause] president trump: we are also repealing the alternative minimum tax or amt. it's about time. [applause] the amt isrump: actually a shadow tax system that requires many people to calculate their taxes" different ways and pay the higher of the the amt will make even less sense, because we are repealing many of the special interest tax rates that it was designed to deal with. we are making our taxes simple again. we are simplifying our tax system. to protect millions of small businesses and the american farmer, we are finally ending the crushing, horrible, unfair estate tax, or as it is often referred to, the death tax. [applause] [sustained applause] president trump: that means, ,specially for small businesses you'll be able to leave them to your family and they won't have to run out and do a fire sale to try to get the money to pay the tax, lose the business, and up going out of business, all of those jobs lost. farmers in particular are affected. but have wonderful farms they can't pay the tax, so they have to sell the farm to people who don't run it with lov

on the amt, i will not get into deep calculations. when you do the amt, once you get rid of the deductions of state and local taxes, that is the biggest add-back. it becomes irrelevant once you get rid of the deduction of state and local taxes. you are not looking at the plan in its entirety. they do not make sense once we redo the plan. reporter: just as a follow-up question on that, you said that you decided to use the worry of groups like the seniors association, that you were going to drag out repeal of the death tax, that it would not be immediate. is that final? is it going to be an immediate repeal and go off the books as soon as the new tax reform package is passed? mr. cohn: in our outline, it is immediate. everything is immediate. the only thing that the only thing that phases out is the five-year expensing. reporter: speaking of small businesses, yesterday, senator schumer said democrats may be willing to work some kind of small business tax relief into whatever comes out of all of this. what offer do you want to make to th

on the amt, i'm not going to get into deep, deep calculations on amt. but in a broad brush level, when you do the amt, once you get rid of the deductions of state and local taxes, that's the biggest add-back in amt. amt is irrelevant once you get rid of the deduction of state and local taxes. all the things you're trying to pull at, you're not looking at the plan in its entirety. they don't make sense once we redo the plan and simplify. yes. be. >> just as a follow up question on that. you said that -- i cited to you the worry of groups like jim martin and the 60-plus seniors association that you're going to drag out repeal of the death tax. that it wouldn't be immediate and you said at the time it was immediate. is that final? is it an immediate repeal and go off the books as soon as the new tax reform package is passed? >> in our out line, it's immediate. >> the same with the alternative minimum tax? >> it's immediate. the only thing that phases out is the five-year expensing. it's a five-year expense. >> speaking of small businesses, let's start nego

amt. amt becomes irrelevant once you get rid of state and local taxes. all the things you're trying to pull at you're not looking at the flan its entirety. they don't make sense once we re-do the plan and simplify. yes? >> you're welcome. >> gary -- >> yes, you. yeah? >> just as a follow-up question on that. in your ultimate appearance of his group, you said that i cited to you the worry of groups such as jim martin and the 60s plus seniors association you are going to drag out repeal of the deth death tax, wouldn't be immediate and said at the time it was immediate. is that final? is it going to be an immediate repeal and go off the books as soon as the new tax reform package is passed? >> in our outline, it's immediate. immediate. >> same with the alternative minimum tax? >> everything's immediate. the only thing phasing out is the five-year expensing. it's a five-year expensing. yes? >> last one, guys. >> speaking of small businesses, start negotiating, because yesterday senator schumer

there are things that are wrong with the amt, but fundamentally eliminating it largely has an impactpeople who are earning $200,000 to $1 million. there are people who make the argument at $250,000 if you live in manhattan, that's like earning $80,000 in cincinnati. and that's a valid argument to have. but the bottom line is this isn't middle class by most standards. >> one other point, whether or not you think you should get rid of amt. to the president's point this won't benefit him, the one year -- >> the one tax return we saw which would be a $31 million difference if he would not have paid amt. for the president to say this is not helpful to him, that's a lie. trump paid $31 million more than he would have in 2005 because he fell under alternative minimum tax. again, there are regular working people who incidentally and accidentally fell into amt because this wasn't indexed properly to inflation. that's a topic for discussion. we should probably index that properly. but that's the claims that the president made. of course the estate tax which i know michael strain is going to jo

that was exclusively because of the amt.r the alternative minimum tax which basically sort of catches the tax liabilities of rich people who have to be compensatory damages and deductions, he would have played something like a 6% rate. canceling the amt would help him as well. >> we'll continue to talk about it. thanks very much. jared bernstein, msnbc contributor and economic expert. stand by, everyone. we're digging into the massive equifax security breach nep worst in my opinion in the history of the planet. nearly half of the u.s. population and probably all of the adult population has been hit by this. what it means for your credit. i'm going to speak live with pennsylvania's attorney general who's already investigating the breach. thank you so much. thank you! so we're a go? yes! we got a yes! what does that mean for purchasing? purchase. let's do this. got it. book the flights! hai! si! si! ya! ya! ya! what does that mean for us? we can get stuff. what's it mean for shipping? ship the goods. you're a go! you got the g

add back in amt. amt becomeser rely vachb er ree. so all the things you are trying to pulling at, you are not looking at the plan in its entirety. >> gary, just as a follow itcup question on that, you said that -- i cited to you the worry of groups such as jim martin and the 60 plus seniors association that you were going to drag out repeal of death tax, that it would be immediate and you said at the time it was immediate. is that final, is it going to be an immediate repeal and go off the books as soon as the new tax reform package is passed? >> in our outline, it is immediate. >> aim with the alternative immediate tax? >> it's immediate. everything is immediate. the only thing that phases out is the five year expensing. >> speaking of smallschumer sai democrats may be willing to work some kind of small business tax relief into whatever comes out of all this. where do you start negotiating on that, what offer do you want to make to the democrats? >> our opening offer and our final offer are on the ta

that's probably the main way his heirs would take a hit, and also the amt.t know much about trump's tax returns. in the one return we've seen, it's the case that he paid a 25% effective rate largely because of that $31 million ding from the amt. that's a little bit of trump getting revenge on the tax code there. >> and most folks who inherit $11 million are not members of the middle class. right? is it right to say, is it as simple as this, that if you do this, you effectively increase inequality, because the amount of money that the wealthy have just increases through the generations. or is that too simplistic? are there benefits from this kind of change? >> i think you've identified one of the costs, but i think there are two. there are two big problems with the plan. we have two significant imbalances in the economy. you hit on one of them, the fact that our inequality in this country, whether it's income or wealth or even power, is at historically very high levels. this plan based on what we've just discussed and heard from stephanie significantly exacer

[cheers and applause] we are also repealing the alternative minimum tax or amt. about time. the amt is actually a shadow tax system that requires many people to calculate their taxes two different ways, and pay the higher of the two amounts. you're all familiar with it. under our framework, the amt will make even less sense because we're repealing many of the special interest tax breaks that it was designed to deal with. we are making our taxes simple again. we are simplifying our tax system. to protect millions of small businesses and the american farmer, we are finally ending the crushing, the horrible, the unfair estate tax or as it is often referred to, the death tax. [cheers and applause] that means especially for all of you with small businesses that are really tremendous businesses, you will be able to leave them to your family, and your family won't have to run out and do a fire sale to try and get the money to pay the tax, lose the business, ends upping about it out of business, all of those jobs are lost. the farmers in particular are affected. they hav

with the at&t -- amt with a broad brush level one to -- one should get rid of the state taxes is is the biggest tax then it becomes irrelevant if you get rid of the deduction of state and local taxes. you're not looking entirety it doesn't make sense once we redo the plan. you are welcome. >>. >> as a follow-up question you said that i cited such as those seniors association to drag out repeal of the death tax. is that final? is that an immediate repeal with a tax reform package?. >> is immediate. >> the only thing that phases out is the five-year expenses. >> from small businesses senator schumer said democrats may be willing to work a small business tax. where do you start negotiating on that?. >> our opening offer and final offer on the table for the we're happy to start a 25 or go lower.

[applause] we are also repealing the alternative minimum tax or amt. it's about time.plause] the amt is actually a shadow tax system that requires many people to calculate their taxes two different ways and pay the higher of the two amounts. you're all familiar with it. under our frame work, the amt will make even lessens because we're repealing many of the special interests tax breaks that it was designed to deal with. we're making our taxes simple again. we're simplifying our tax system. to protect millions of small businesses and the american farmer, we are finally ending the crushing, the horrible, the unfair estate tax or as it is often referred to as the death tax. [cheers & applause] that means especially for all of you with small businesses that are really tremendous businesses, you'll be able to leave them to your family and your family won't have to run out and do a fire sale to try to get the money to pay the tax. lose the business. ends up going out of business. all of those jobs are lost. the farmers in particular are affected. they have wonderful farms, b

under our framework, the amt will make even less sense because we are repealing a lot of the specialnterest tax breaks it was designed to deal with. we are making our taxes simple again. we are finally ending the crushing, horrible, unfair the state tax, or as it is often referred to -- the death tax. [cheers and applause] that means, especially for all of you with small businesses that are really tremendous businesses, you will be able to leave them to your family and they will not have to run out and do a fire sale to try and get the money to pay the tax, lose the business. all of those jobs are lost. the farmers in particular are affected. they have wonderful farms but cannot pay the tax, so they have to sell the farm. the people who buy it do not run it with love. they cannot run it the same way, and it goes out. the death tax is a disaster for this country and a disaster for so many small businesses and farmers, and we are getting rid of it. [cheers and applause] now, if you do not like your family, it will not matter. [laughter] but for those who love your family, it matters a

. >> bill: republicans hate the amt. >> we all do.ed by the state and local tax deduction. that's the non-preferred deduction and that's what always put people in states like california, new york and connecticut into the amt. once you get rid of that, you won't have the amt but you also won't get the deductions. >> bill: let me ask you a question about the local and state taxes whether you can deduct them or not. currently in the u.s. house of representatives here is the makeup of republicans from three of the most heavily taxed states. 14 in california, 9 in new york and 5 in new jersey. why would they vote for that, art? >> they may not if that's the only thing they're considering. if they're considering prosperity in the country i think they'll vote for this bill in spite of that from these people specifically. but if i were in those states getting rid of the amt will save these people in those states a lot of money as well. so it's a deduction as well as getting rid of the amt that you have to put together and make it as one item.

the amt is actually a shadow tax system >>> and pay the higher of the two amounts. are familiar with it. under our framework, the amt will make lessen sense. we are making our taxes simple again. we are simplifying our tax system. to protect millions of small businesses and the american farmer, we are finally ending the crushing, the horrible, the unfair estate tax. or as it is often referred to, the death tax. [ applause ] >>> that means especially for all of you with small businesses that are really tremendous businesses, you may be able to leave them to your family. and your family won't have to run out and do a fire sale to try to get the money to pay the tax, lose the business, ends up going out of business, all of those jobs are lost. the farmers, in particular, are affected. they have wonderful farms, but they can't pay the tax, so they have to sell the farm. the people that buy it don't run it with love, and it goes out. so that death tax is a disaster for this country and a disaster for so many small businesses and farmers, and we are getting rid of it. [ a

the amt is a shadow tax system that requires many people to calculate their taxes two different wayshe higher of the two amounts. you're all familiar with it. under our framework, the amt will make even less sense because we're repealing many of the special interest tax breaks that it was designed to deal with. we are making our taxes simple again. we are simplifying our tax system. to protect millions of small businesses and the american farmer, we are finally ending the crushing, the horrible, the unfair estate tax or as it is often referred to, the death tax. [ applause ] that means especially for all of you with small businesses that are really tremendous businesses, you'll be able to leave them to your family. and your family won't have to run out and do a fire sale to try and get the money to pay the tax, lose the business, ends up going out of business. all of those jobs are lost. the farmers, in particular, are affected. they have wonderful farms, but they can't pay the tax so they have to sell the farm. the people that buy it don't run it with love. they can't run it the sam

amt becomes irrelevant once you get rid of deductions and local taxes. not looking at the planets in its entirety. they don't make sense once you redo the plan. >> gary. question, inlow-up the ultimate appearance of this room -- yousaid that, i cited see the worry of groups such as jim martin and 60 plus seniors association that you will drag tax.he repeal of the death is that final? immediateg to be an -- off the books? >> in our outline, it is immediate. >> five-year expense. >> speaking of small businesses, let's start negotiating. yesterday, senator schumer said democrats may be willing to work with sometimes small business tax relief into whatever cuts out of all of this. when you start negotiating, what offer to you make? >> our open offer and final officer -- offer on the table. we are happy to the lower. there is the opening offer. if you want to counter something oh -- lower, we are negotiable -- negotiable. >> the white house press briefing. just to give you a sense of what they are talking about there. homebuying -- confidences not by tax redu

amt one of them. i worked on the estate tax issue a lot.t the death tax in republican party. folks like trump are not the ones who pay it. >> 80 family farms last year, 80, not 80,000, not 80 million, 80 across the country when you talk about farms. most of the people who benefit are rich people who die because the estate tax limbs have been rai limits have been raised so much because of the work of you and your republicans. simone, what the president wants do is put pressure on democrats. joe donnelly travelled with him, there's heidi hiycamp and governor manchin. people like tax cuts. >> peopl do like tax cuts, but the president and republicans are being disingenuous what it happening. everybody's taxes will go down. people will get more money. donald trump won't benefit. these are false claims, but claims nonetheless that the republicans and their president have made. so you can expect democrats to hold republicans feet to the fire. of course we want tax cuts for the middle class. you can expect democrats to get on board with a plan that

if you get rid of the amt, the one year we saw a couple pages of his taxes, if you didn't have the amt, that could have helped him to $31 million. so spare me the president tell ing us this isn't going to help him. and they say america doesn't care. they do care about their own pocketbook and care about leadership lying. >> let me go do the congresswoman from ohio. what do you make of this bill? >> everything i have been a able to decipher up to now, half the benefits go to the top 1%. i have been in congress a long time. i remember another president who was able to railroad a tax code through the congress during the 1980s. and the wall street bankers the corporate presidents took that money and outsourced our jobs from the region of the country that i represent. so there's no requirement that money be invested in america. even if they get it. so it's a really lopsided to the top to the same class that is has cause sod many of the problems we're facing today in regions like i represented. frankly, as a member of the defense committee, i have to say we're a nation at war and for any pre

what people are not talking about is the amt, alternative minimum tax. you bring in reduced rates. nobody knows enough to know if it results in a net higher tax burden for anybody. maria: do you think we'll get another broke the, like a millionaires tax. most of people are 12, 25, 35. >> they may dangle the idea of a $5 million threshold. an even higher rate. the way they teed it up it looks like president trump has it out there and will let congress say no to it. maria: how do you invest right now. >> within the u.s. we really want to be selective. for a person who wants to go and bite s & p, they are buying a multiple market. it's expensive. we want to be more selective and we are dividend growth investors. when you look at these companies growing their dividends. we have been investors with mcdonald's for 10 years. our strong prices trimmed. but the dividend has tripled. we want that cash flow. inflation is so low, if inflation starts to project higher, everyone is worried about that. the companies have pricing power, they can pass that effect on to their customers. and it gives

we're also repealing the unfair and complicated alternative minimum tax or amt. amt requires many people to count late their taxes two different ways and pay the higher of the two amounts. we are closing loopholes, reducing burdens, and replacing confusion with total clarity. as part of this simplification, we're also going to protect millions of family businesses by ending the crushing horrible and unfair estate tax, also known as the death tax. [applause] that means for those of you with small and family-owned businesses, we won't have to sell businesses in a fire sale just to pay very, very high and unfair taxes. your families can continue to run your businesses with love and dedication and remembrance of you. we will protect our manufacturers and our workers and will make taxes simple, easy, and fair for all americans and it's about time. [applause] we will cut taxes on american businesses to restore our competitive edge and create more jobs and higher wages for the american worker. the last major tax reform was passed more than 30 years ago, 1986 with a larg

going after the amt. getting rid of that. going after the estate tax. getting rid of that. cutting the bracket for the rich. that doesn't help the middle class. why lead with that. >> well, it's a comprehensive tax reform bill. there are a lot of moving parts. you saw it yesterday. the release of the framework. which i think has a number of measures that are targeted at middle income taxpayers in this country. the l the lowering of rates. child tax credit are all designed to bring much needed relief and put money in the pockets of working families in the country. comprehensive bill. one thing we know is the economy is sputtering along. we want to see growth rate get back up to 3%. when that happens, you get higher wages, better paying jobs. you also have to reform when u're doing middle class tax relief. you also have to reform make th competitive in the global marketplace. that translates into according to the congressional budget office better paying jobs for people in this country. all part of a package. the finance committee and you mentioned i serve on that committee t

we are also repealing the unfair and complicated alternative minimum tax, or amt.t requires many people to calculate their taxes two different ways and pay the the two amounts. we are closing loopholes, reducing burdens, and replacing .onfusion with total clarity as part of this simplification, we are also going to protect millions of family businesses by horrible, crushing, and unfair estate tax, also known as the death tax. ask/applause [applause] you means, for those of with small and family-owned businesses, your family won't have to sell the business in a fire sale just to pay a very high and unfair tax. your families can continue to run your businesses with love and dedication, and remembrance of you. we will protect our manufacturers and our workers and make taxes simple, easy, and fair. for all americans. it's about time. [applause] we will cut taxes on american businesses to restore our competitive edge and create more jobs and higher wages for the american worker. the last major tax reform was passed more than 30 years ago in 1986 with a large bipartisan

ebigges add-back in amt. amt becomes if re s irrelevant all the things you're starting to pull at, you're not looking at the plan in its entirety. they don't make sense -- >> gary -- zblo >> you're qwelcome. >> gary? >> yes, you. >> in a follow-up question, in your penultimate appearance to this group, said i cited to you the worry of groups such as jim martin and the 60-plus steen yours association that you were going to drag out repeal of the death tax, that it wouldn't be immediate land you said at the time that is immediate is that final? is it going to be an immediate repeal and go off the books as soon as the new tax reform package is passed? >> in our outline, it's immediate. >> the same with the alternative -- >> it's immediate. everything's immediate the only thing that phases out is the five-year expensive, a fooi-ye five-year expensing. >> thalast one, guys. >> speaking of all businesses, let's start negotiating. yesterday senator schumer said democrats may be willing to work some kind of small bus

amt would go away, predominantly for rich people.state tax. >> give me one of those color things. >> there you go. >> how do these two help the middleclass? >> they don't. you can argue they don't. they do make some cases for mid-western farmers who may want to pass down their money. this is $200,000 to a million in income. >> trump said i don't care about offending these people. remember on the campaign trail? he said i know these guys. i know the fat cats in new york. they need to pay more. i don't care. they can't hurt me. i don't need their money. you frontloaded. >> these are things for donald trump and people who make a lot of money. it is good for entrepreneurs. the 25% passthrough for businesses. mortgage interest deduction, charitable giving, retirement, 401(k) and the like. and increases the child tax credit. the white house will argue that the child tax credit helps middleclass families overall. this is the business i was telling you about. 35% to 20%. current small business rate, the passthrough, 25% there. this would be

on the amt, i will not get into deep regulations -- calculations. , once youo the amt get rid of the deductions of state and local taxes, that is the biggest ad back. it becomes irrelevant once you get rid of the deduction of state and local taxes. you are not looking at the plan in its entirety. they do not make sense once we redo the plan. gary?er: just as a follow-up question on that you decided to use the worry of groups like the seniors association, that you were going to drag out repeal of the death tax, that it would not be immediate. is that final? is it going to be an immediate repeal and go off the books as soon as the new tax reform package is passed? mr. cohn: in our outline, it is immediate. everything is a media. the -- everything is immediate. speaking of small yesterday, senator schumer said democrats may be willing to work some kind of small business tax relief into whatever comes out of all of this. mr. cohn: our opening offer and are on the table. we are happy to start at 25% and go lower. there is our opening offer. if he wants something lower, we are very negotia

we're also repealing the unfair and complicated alternative minimum tax or amt the amt requires manye to calculate their taxes two different ways and pay the higher of the two amounts. we're closing loopholes, reducing burdens, and replacing confusion with total clarity as part of this simplify kags, we're also going to protect millions of family businesses by ending the crushing, horrible, and unfair estate tax also known as the death tax [ applause ] that means for those of you with small and family-owned businesses, your family won't have to sell the business in a fire sale just to pay a very, very high and unfair tax your families can continue to run your businesses with love and dedication and remembrance of you we will protect our manufacturers and our workers. and we will make taxes simple, easy, and fair for all americans. and it's about time. [ applause ] we will cut taxes on american businesses to restore our competitive edge and create more jobs and higher wages for the american worker. the last major tax reform was passed more than 30 years ago in 1986 with a large, bipar

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. >> dear amt, thank you for helping a lot of people out. we really appreciate all your work. >> because they're always the first to respond. >> they are a really sweet class, and they really do appreciate their work. >> people all over florida are now going through the long, and painful rebuilding process, in the wake of hurricane irma. as communities rebuild, they will need critical items, things like diapers, paper towels, garbage bags and a lot more. wusa is partnering with van lines to send a tractor trailer filled with supplies to jacksonville. the salvation army will help distribute those supplies to neighborhoods that need them most. your continued generosity is needed. here's a list of donation items we are accepting. the list is very is specific, also very long. you can find it as well on our website, wusa9.com/cares. you can drop off your do we're going to be out there from 10:00 to 2:00. florida needs our support, and every donation helps. we thank you so much in advance for your help. that is wusa9 news at 5:00. how about the ne

as they will be able to file on a single sheet of paper once this is done he spoke of repealing the amte death tax, talked for companies of being able to fully expresence, fully deduct their expenses in a year that they have them. at the end he also said, he thinks this will be a middle class miracle. he said i think we'll have numerous democrats on board, maybe there's their hashtag. middle class miracle i don't know if that's quite the same >> there's competing hashtags here, kelly. what i thought was interesting is that it seemed to be a melting of both the traditional republican orthodoxy around tax cuts and the president's own particular brand of populism it was striking in the speech to hear him talk about tax reform of something that is pro-american in saying that u.s. businesses need tax reform in order to start winning again >> we are going to bring back the jobs and wealth that have left our country and most people thought left our country for good it's time to take care of our people, to rebuild our nation, and to fight for our great american workers [ applause ] >> now wheth

under our framework the amt will make even less sense because we're repealing many of the special interestax breaks that it was designed to deal with. we are making our taxes simple again. we are simplifying or tax system. tro protect millions of small businesses and the american farmer, we are finally ending the crushing, the horrible, the unfair estate tax or as it is often referred to, the death tax. that means especially for all of you with small businesses that are really tremendous businesses, you'll be able to leave them to your family and your family won't have to run out and do a fire sale to try and get the money to pay the tax, lose the business, ends up going out of business, all of those jobs are lost. the farmers in particular are effected. they have wonderful farms but they can't pay the tax. so they have to sell the farm, the people that buy it don't run it with love. they can't run it the same way and it goes out. so that death tax is a disaster for this country and a disaster for so many small businesses and farmers and we're getting rid of it. now, if you don't like your

it eliminates the amt, a gnarly part of the tax code for a lot of high earners, as well as the estate tax. be taxed atould eight top rate of 25%. this is big for a lot of people who run their own businesses, not corporations. that includes hedge funds, law firm partnerships, things of that nature. are we going to see stumbling blocks? we are not seeing that much push back yet from representatives and senators. largely, the reviews from republicans have been very positive. they like the corporate tax reduction. the reduction from 39.6% to 25%. mom-and-pop'sct as well as organizations like the trump organization. revenue offsets always tend to be controversial. the big one in this bill is tax reduction. in places like california, a lot of middle-class families can write things off. and personal exemptions. economists are finding that there could be lower middle-class families with a couple of kids who end up paying higher taxes even with the doubling of the standard induction. gary condit not make a cohn --cal that gary gary cohn did not make a guarantee that taxes would not go up for m

the proposal includes an improvement on amt, meaning you are improving on the deductions.he devil is in the details and many wealth advisors are saying that they need more of those before they tell clients to make any moves in the markets this year. i would urge everyone to check out those stories on the bloomberg. let's go over the broader implications of tax reform. we have one of the co-creators off discussedex, this year. due to the fact that it is at historically low levels. obvious question, given your cocreator, why is it at such low levels question mark why isn't it picking up? >> you could argue that it's not that low because volatility in markets has been a lot lower than the vix, which measures implied volatility. volatility is low for a number of reasons, including the fact that stocks have been moving in a number of different directions. and the fact that markets don't know what to make of the macro events coming up, whether it's north korea or elections in europe, or news out of the u.s., it has become so frequent the markets don't know how to respond to it.

from the one page we have seen, he paid amt almost exclusively. >> i would really love to see his taxever going to you wonder if that would be something the democrats try to frame. >>> it's not just people in puerto rico struggling. it's people still trying to get home to puerto rico. the cnn joined one family on the long journey back to the island. their story is next. building a website in under an hour is easy with gocentral... ...from godaddy! in fact, 68% of people who have built their... ...website using gocentral, did it in under an hour, and you can too. build a better website - in under an hour. with gocentral from godaddy. want sure!ck? alright, looks like we've got chips, popcorn, pretzels? pretzels! plain, sourdough, spicy, sesame, honey mustard, chocolate covered, peanut butter filled, this one's in german, it says, "reindfleisch?" plain. great. so what are we gonna watch? oh! show me fall tv. check out the best of the best hand-picked fall shows on xfinity x1, online, and the xfinity stream app. thirsty? >>> flash flood warning in effect for puerto rico threatening to co

cheryl: to say the amt is the fact demand is not true. and more americans every year. there's so much to talk about, but we do want to move on to something else. free technology giants invited to testify on capitol hill about russian interference during the election. lauren: tracee carrasco join us with more on that and the other headlines making news. train for the senate intelligence committee has asked facebook to testify in a doping hearing on november 1st to see how russia and social media companies influence the 2016 election. twitter and google also reportedly been asked to testify at the hearing. some on the panels pushing for this hearing since facebook revealed a russian company purchase $100,000 worth of political ads during the presidential campaign. facebook said it will hand over all 3000 that the purchase adds to congressional investigators. lauren: equifax interim ceo pending an op-ed in "the wall street journal," basically saying i'm really sorry. tracee: at what else is fair for him to do but say i am sorry. that is his

they are saying something different. 3 quarters of those in those states in particular that other amt and deduct state and local income taxes would under this proposal get a net increase, so even if you're talking about, that's the pushback that you'll have, the doubling of standard deduction, that's actually not the case that most taxpayers in these states to chuck schumer's point are going to be hit. >> well, again, we still don't really know that because the plan is not finalized. look, this is a work-in process. let's see what they can come up when everything is done. the president made a commitment that they'll be a middle-class tax cut. he wasn't excluding new york, california, new jersey, some of the other states, he said middle class across the board. i believe if initially it isn't working out they will retool it because they need middle-class tax cuts. cheryl: texas, for example, have no state taxes, that's why real estate is so attractive. these states don't have voting power that the larger states do. isn't this where it's going to wash out in congress? >> well, it very we

we are also repealing the unfair and complicated alternative minimum tax or amt.any people to calculate their taxes two different ways and pay the higher of two amounts. we are closing loopholes, reducing burdens, and replacing confusion with total clarity. as part of this simplification, we are also going to protect millions of family businesses by ending the crushing, horrible, and unfair estate tax, also known as the death tax. [applause] president trump: that means for those of you with small and family-owned businesses, your family will not have to sell the business in a fire sale just to pay a very high and unfair tax. your families can continue to run your business is with love and dedication -- businesses with love and dedication to you. we will make taxes simple, easy, and fair for all americans, and it is about time. [applause] president trump: we will cut taxes on american businesses to restore our competitive edge and create more jobs and higher wages for the american worker. the last major tax reform was passed more than 30 years ago in 1986 with a la

tax foundation, even with getting rid of amt and reductions for state and local income taxes, those fiveew jersey, california, maryland, you will see net increase,0% of taxpayers -- 70% of taxpayers will see an issue that is up to you. >> and tax foundation also said that 88% of the benefits of salt, state and local tax deduction, goes to incomes of unwith hundred thousand or more. you can't have it both ways. well the plan preserves breaks for wealthy and turn around with chuck schumer to try to preserve the break for the wealthy, seems a little odd for me. cheryl: wealthy in new york, new jersey, a little different. congressman, wish i had more time. thank you for commenting on breaking news. we look at live pictures of president trump exiting air force one landing in morristown, new jersey. david: marine one is taking him to his golf course. sometimes at the edge of the stairway the president will talk to the press. in this case marine one is statically placed to prevent that from happening. breaking news may have something to do with it. as you see at bottom of your screen, dr. tom p

of millions of dollars but gary cohn says when you factor in the state and local tax deduction, the amt becomes irrelevant. >> bret: we are getting ready to hear from the health and human services sector tom price as he's apologized for the private flights. what's the reaction of the white house? >> we know it was in the works this afternoon when sarah huckabee sanders was asked about it. the health and human services secretary, former congressman tom price, will be paying back out of his own pocket some $51,000 of more than $400,000 in private charter use. over the last few months. when sarah huckabee sanders was asked about whether or not tom price should be worried about his job, she said we want to wait and see what the outcome of the investigations by not only the investigator inspector general but also an internal hhs investigation before they make a determination. the president seemed very displeased with what his health and human services secretary was engaged in with his travel. it was telling. other people have fallen out with the president and survived. maybe tom price will a

said he paid due to amt.t intact, saved him more than -- dollars. >> we have the votes on graham/cassidy. but with the rules of rec si reconciliation, we're up against a deadline of friday, two days, just two days. and yes vote senator, we have a wonderful senator, great, great senator, a yes vote. but he's home recovering from a pretty tough situation. >> well as we mentioned last night, referring to senator cochran who was not hospitalized as president tweeted previously. recovering at home from procedure. as to having the votes, no way, not a chance. at very moment president trump said that, cosponsor of the bill lindsay graham put out a statement saying we currently don't have the votes to pass the legislation. now this was posted on twitter this morning, defending election victory, once again heaping praise on himself. virtdually no president has accomplished what we have accomplished in first nine months, economy roaring. plenty of economists question how much a president can take credit of economy in f

david: on high-end, elimination of amt. >> alternative minimum tax. david: exactly. on both high-end, low end there are things to compensate for that but is there enough of a compensating factor from elements to take care of elimination of the deduction? >> looks like what will happen, see those in lower tax brackets, middle income taxpayers will receive the best benefit. that is part of the mission of the president. remember, he wants to help the middle class. he is not interested helping wealthier in our society. david: he is interested in growth. wealthy frankly do a lot of growing in this country. they invest money. if they're a small business they may be considered rich but they're pouring all of their money into their company. that creates jobs. >> right. but they're using a pass-through methodology. they're not doing personal income return -- they're doing personal income tax return but using a pass-through. a lot of deductions come into play even though it will be simplified. it's a concern for new yorkers especially in high taxed states. there is contra argu

therefore eliminating state and local tax deductions and amt is really neutral.t's a flat thing for most people. david: we heard about the wealth tax. i call it a wealth tax. they haven't named it yet, tax on certain amount of income, nobody is certain how much. maybe people over a million and maybe less than a million. here is what they say in the gop tax plan. put up the full screen. quote, an additional top rate may apply to the highest income taxpayers to insure that the reformed tax code as least as progressive as the existing tax code. do we want the new tax code to be as progressive as the existing one? >> no, we don't. david: why do they say that then, art? >> you got me why they say that. pander something the properrage why tiff why they say that -- proper adjective. that doesn't bother me. what does bother me highest marginal income tax rate which is shown to be very powerful disincentive for economic growth. so, raising the highest rate is a mistake but the corporate rate coming down will increase that -- david: on this wealth tax for a second. >> it i