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here is the announcement from treasury secretary steve mnuchin and national economic director gary cohen. mr. spicer: obviously today we're here to talk about the president's effort to provide tax relief to both our corporations that will help grow jobs and to middle americans two people here to explain it, the director of our national economic council, gary cohen, is going

i also liked gary cohen, i would never, ever bet against the president. i would like to add a narrative. >> that's a message directly from the president. >> on the one hand, it simplifies the tax code, right? there is no american of any party that doesn't think the tax code is ridiculously complicated. on the other hand, what peter said was really interesting. long-term growth in the united states is low. the united states is a mature economy. you can't just inject little things and hope you'll go from roughly 3% to 4, 5, or 6% as you remember donald trump saying during the campaign. not going to happen. i have a better chance of trying to look like stephanie rule than we have of getting to 3, 4 or 5% growth. and chances of looking like you, nil. >> this is a shared economy that people want to own less, they want to experience more. so you're betting on gdp growth that just doesn't exist. >> i want to get to the politics with you in a moment, but first with you two. he wants to eliminate all deductions except for the mortgage deduction and the charitable

without any further ado, director gary cohen. mr. cohen: thank you, sean. good afternoon to everyone. thank you for being here. this is quite an historic day for us and one that we've been looking forward to for a long time and one we're very excited about. we have a once in a generation opportunity to do something really big. president trump has made tax reform a priority and we have a republican congress that wants to get it done. this is something that, quite honestly, i hope the democrats would support too, because it's ood for the american people. the president is going to seize this opportunity of tax reform and one of the biggest tax cuts in the american history. we have been working on this for a long time. we've had great meetings, we had a great meeting last night with the leadership of the house and the senate. we've agreed on many of the important principles of tax reform. we look forward to working together with the house and the senate very closely in the weeks ahead. the president has focused on three things since his campaign. job creation,

so without further ado, director gary cohen. >> thank you, sean. good afternoon, everyone.ouk for being here. this is quite a historic day for, and one we've been looking forward to and one we're very excited about. we have a once in a generation opportunity to do something really big. president trump has made tax reform a priority, and we have a republican congress that wants to get it done. this is something that, quite honestly, i hope the democrats would support too, because it's good for the american people. the president is going to seize this opportunity by leading the most significant tax reform legislation since 1986, and one of the biggest tax cuts in the american history. we've been working on this for a long time. we've had great meetings, we had a great meeting last night with the leadership of the house and senate. we've fragreed on many importan principles with tax reform and we look forward working with the house and senate in the weeks ahead. the president has focused on three things. job creation, economic growth, and helping the low and middle income fami

i think he is being pushed by jared kushner and gary cohen.ower center of the white house. it's no longer steve bannon and reince priebus. look for the emerging power center, gary cohen and jared kushner. to some extent, ivanka, who is there too. >> neil: charlie gasparino, thank you very much. we will get a pretty good idea tomorrow, the body language alone should be revealing. we will be live. now "the five" ." >> dana: i'm dana perino with kimberly guilfoyle, bob beckel, eric bolling, and greg gutfeld, it's 5:00 in new york city, and this is "the five" ." will america respond to yesterday's deadly chemical attack in syria? today president trump address the atrocity in a news conference with jordan's king abdullah. >> these heinous actions by the assad regime cannot be tolerate tolerated. when you kill innocent children, innocent babies, babies, little ba

without any further ado, kra director gary cohen. >> thank you, sean.d afternoon to everyone. thank you for being here. this is quite a historic day for us and one that we've been looking forward to for a long time and one we're very excited about. we have a once in a generation opportunity to do something really big. president trump has made tax reform a priority. and we have a republican congress that wants to get it done. and this is something that quite honestly, i hope the democrats would support too because it's good for the american people. the president is going to seize this opportunity by leading the most significant tax reform legislation since 1986. and one of the biggest tax cuts in the american history. we have been working on had for a long time. we've had great meetings. we had a great meeting last night with the leadership of the shouse and senate and agreed on many of the important principles of tax reform. we look forward to working together with the house and senate closely in the weeks ahead. president has focused on three things si

here is the announcement from treasury secretary steve mnuchin as a economic council director gary cohen. -- gary cohn. sean spicer never thought so : many people would be turning out for the iniquities act. >> good one. sean spicer i had to use it. : we're here to talk about the president's effort to provide tax relief to our corporations

it is no secret that he and gary cohen are actually brothers in arms.nfrastructure is gary cohen. >> we heard that steve bannon has what they say a demotion. that hadn't happened yet. >> no, it literally happened five minutes after. >> you reported on the speculation about it some weeks ago. >> we had. my colleague peter baker and i had a role in this. had reported discussions going on about a revamp and change to that executive order that did the shift. including restoring the downgraded seats. it was not clear what would happen with bannon. that change was expected a week after that report. that was four weeks ago. the president has been chewing on some form of this change and back to older order on the nse almost since the moment he signed the initial executive order. the first about the nse and the travel ban. he was more upset about the blowback over the nse order than he was about the fallout from the executive order and immigration. >> david gregory, do we think that steve bannon has been sidelined? >> appropriately sidelined from the national se

gary cohen, now the national economic adviser. eventually, there will be a new chief of staff.w knows when that will come? he is somebody who would be consider forward that. and to washington, wayne barman, who has been involved in eight presidential campaigns, was an assistant secretary of commerce under president bush 41. david urban, the former chief of staff to the late senator arlen specter, got credit for an upset win for president trump in pennsylvania. he is also someone close cell phone pal with the president. so what we're seeing in all those are the president looking for people that he has a personal relationship with. when he might make a change or what change he's going to make, somebody said to me that he's definitely asking for advice. things are definitely moving around. will he pull the trigger? you don't know. but it's something the president is thinking about. they're continuing to talk about it in mar-a-lago this weekend, after the xi summit, most of the senior staff, including nearly every person we mentioned is down at mar-a-lago, and they're going to have

these are the sorts of people who are individuals like gary cohen, mcmaster, they can't execute, canet things done, and stephen bannon was responsible for the original travel ban that got the administration interest so much difficulty, has not shown yet he is able to put policies in place that can benefit the president. >> jon: the last line of your piece i thought was interesting, and i want to share it with our viewers now. "we have arrived in the foothills of the trump presidency and warnings no doubt abound, not least his republican obsession with this sort of cliff diving over dryland peer what is important is the presidency that was almost too much fun has taken a turn for the serious." first explain what you mean by cliff diving over dryland and republican obsession. >> that means the battle over the healthcare reform bill and the freedom caucus. we thought we were going to get that done, the president would have forward momentum and the freedom caucus basically stopped it from happening. they blocked the president's momentum. then the narrative is that the republicans can't g

gary cohen and dina powell. this group of people all connected.ka's adviser, and gary cohen, jared kushner. >> why is that concerning or confusing to them? you said confusing, concerning, why so? >> it is concerning. for one thing, gary cohen and jared kushner are registered democrats. not former democrat. i am a former democrat. but they're current democarts. they're democrats right now. with a clear record of supporting the establishment. in the case of some one like dina powell for in stance, one of her friends is valerie jaret, currently living with the obamas, right now. that may not mean much to you. but if you are a trump supporter, hearing that she is close to valerie jarrett. or ariana huffington, for instance, which she is. is concerning. if it's an ideological concern. really. as much as anything. >> kur, rcurt, remember during campaign, when conservatives were saying -- well, donald trump is not really a conservative. he is actually a democrat. running on the ticket. he thinks he can win. that has been said. is now the real donald trum

the president is listening more to kushner, gary cohen, and deena powell.he is a traditional republican. she used to work with goldman sachs. he knows that his stumble on health care and hard-line actions on immigration, shaped by stephen miller and steve bannon and attorney general jeff have been a way, in his mind, led to his unpopularity. he is starting to rethink the input and how much he should weigh certain advisors. bannon is still in the mix. he has not resigned even though he has lost political capital. he has been more quiet, but that does not mean he has gone away. charlie: you don't expect him to go soon? robert: i don't expect bannon to leave at all. in his mid-60's, this is the project of his life. from hollywood to breitbart, he has been someone at the fringes of american political life. he now finds himself at the center. he is not rushing for the door. charlie: the question is not whether he is rushing, the question is whether he will be pushed. robert: i think the question whether bannon leaves, if he can repair his relationship with jared

we have gary cohen, the head of the n.e.c.ave dena powell who's now taking on a foreign policy and security role. so to some extent, yes, the power that rested in bannon and priebus at one point in the early days is not what it used to be because there are a lot more people who have been taking some of the influence. >> that's a great point. in terms of the fundamental dynamic, the gary cohn's are the jared kushner "new york times" world and not the breitbart world. the photo they put out of the briefing that happened at the mar-a-lago skiff of the syria strike which -- >> right. >> -- that's a whole other situation, you know, gary cohen's in there. wilbur ross, the commerce secretary is in there, dmeen powell is in there. it gives you a little sense of what shannon's point is of the expanding influence centers. >> right. again, in any other administration it would not be a source of comfort that, you know, kind of a bunch of goldman sachs plutocrats are running the thing but i would say the amoral gain seeking plutocracy is t

anybody who understand who they are, both goldman sachs people, one with bush, one big democrat, gary cohenf democrat, by the way, the kind of limousine liberal that working-class democrats don't like, cohen is not a working-class democrat. when they see those people in this white house, i think it's very confusing. >> let me make a counter argument, ned i want to see what you think about this, first of all i don't know that that many people out there make that deep of a dive in terms of who these individual players are, maybe i'm wrong, but i would make the argument as somebody who was on the campaign trail for two years, most of the time, that a lot of the people who voted for trump sort of built in to their assessment of him that he wasn't necessarily always going to do what he said. what they wanted was for him to blow up washington. >> they did. >> they wanted him to blow up washington. so when he said things about women or he said anything that might have killed another candidacy, they were like, we get that, that's part of him, but we want the outsider, we want a little of the crazy

gary cohen suggested august might not be the deadline. is this timeline getting pushed at this point? >> i don't think it's getting pushed. that still would be a great opportunity before they leave for august recess. we're gonna make sure that we do this right and do it with the input of all the groups and members of congress that have had a long time interest in doing this. and it is a big deal, right? you've got the ability for our businesses and industry to be more competitive in the global market. then you want to make sure you're providing middle income tax relief that creates economic growth throughout the country. >> americans are filling out their tax reforms for 2016 this time next year they'll fill it out for 2017. will they have a 2017 tax break? >> i hope middle income americans have a tax cut by then. sorry. i know. careful with that. >> this president then candidate trump was critical -- excuse me, was complimentary. now after seeing how russia reacted to syria, what does he think now? >> i think it's always been the same. i

we have gary cohen, the head of the n.e.c.have dena powell who's now taking on a foreign policy and security role. so to some extent, yes, the power that rested in bannon and priebus at one point in the early days is not what it used to be because there are a lot more people who have been taking some of the influence. >> that's a great point. in terms of the fundamental dynamic, the gary cohn's are the jared kushner "new york times" world and not the breitbart world. the photo they put out of the briefing that happened at the mar-a-lago skiff of the syria strike which -- >> right. >> -- that's a whole other situation, you know, gary cohen's in there. wilbur ross, the commerce secretary is in there, dena powell is in there. it gives you a little sense of what shannon's point is of the expanding influence centers. >> right. again, in any other administration it would not be a source of comfort that, you know, kind of a bunch of goldman sachs plutocrats are running the thing but i would say the amoral gain seeking plutocracy is t

. >> rose: speaking of wings an gary cohen, what factions are fighting within the white house and who's winning i think you could say the new york crowd, the financial crowd with the jared kushner, the son in law and president's senior advisor at the top, he's really pushing the president softly, trump's not someone who likes to be yanked, as we know. the president is listening more to kushner, to gary cohen to dina, the national deputy national security advisor who works closely with mcmaster, who is a traditional republican. she also of course used to work for goldman sax. he knows that his stumble on health care and some of these hard line aks on immigration that were shaped by steven miller and steven bannon and jeff sessions have in a way in his mind led to his unpopularity. he's starting to rethink as he did during the campaign at many points the impact on how much you should way certain advisor, bannon is still in the mix. he hasn't resigned even though he lost some of his capital, he has been much more quiet, that doesn't mean he has gone away. >> rose: you don't expect him to g

treasury secretary stephen mnuchin and gary cohen told a briefing this afternoon.ected to slash the tax rate from 35% to hit 15% of corporations as well as owner operated businesses. lawmakers on capitol hill continue to work to reach a deal to prevent a government shutdown midnight friday. we expect an update from paul ryan and the gop leadership host a conference 10:00 eastern. president trump has signaled he may be willing to wait until september or possibly mixed year to secure funding for a border wall. twitter site to post its first-quarter earnings this morning. a social media company revenue expected to fall 14% from last year in terms of the market, nasdaq on fire reaching 6000 for the first time yesterday. nasdaq futures up 5.5 points. that's a look at what's happening now. nicole: a rare briefing on the north korean nuclear threat later today. joining us to talk about this, brad lakeman, former is there to president george w. bush. good morning, brad. how realistithat for north korea and what do you believe should be done about it? >> the threat is real.

robert: it has been intriguing to watch gary cohen take the reins of tax reform. gary mnuchin is involved along with house republicans. cohen has been working on they want to get rid of deductions. but really, it is about corporate tax cuts. they are negotiating what the rate will be. will it be 20%, 22%? what is the calculation politically and policy wise on the different individual and corporate rates? that is what they are trying to figure out as congress comes back. charlie: they want to figure out how to get the money overseas held by corporations back to the united states. robert: that is why the democrats see an opening to shape the tax reform discussion. they know the president has put such an emphasis on the buy american idea and repatriation of american dollars back into the american economy. when i talk to democrats on capitol hill, they say they would like to drive a wedge between the ryan wing and trump wing and offer ideas to see if he will move in their direction. charlie: what factions are fighting within the white house? who is winning? robert: i t

here is the announcement from treasury secretary steve mnuchin as a economic council director gary cohen. -- gary cohn. sean spicer never thought so : many people would be turning out for the iniquities act. >> good one. sean spicer i had to use it. : we're here to talk about the president's effort to provide tax relief to our corporations that will help grow jobs and middle americans. two people to explain it, gary cohn is going to walk through why we're doing and what we're doing then the personal side. and secretary of the treasury stephen mnuchin will walk through the business and corporate side of what the president is doing to bring jobs back to this country, to make our businesses more competitive and help our economy grow. at the end, we'll be glad to take questions on this. you are being provided a one pager that provides the top level of the plan and both the director and secretary will go into further detail. so without further ado, director gary cohn. mr. cohn: thank you, sean. good afternoon to everyone. thank you for being here. this is quite an historic day for us and one

you hear taunts and comments privately from some of my sources about gary cohen and dino powell. what they are really talking about -- and i have written about this at the post with my collegues, they are real he auto talking about kushner. he is seen as someone who is not an ideologue, and the ideologue on the right wing are uncomfortable with the direction he is taking the president on the question of policy and politics. >> has staff infighting actually hurt donald trump thus far or is it being being blamed for hurting donald trump? >> i think it's part this noise that surrounds the administration that basically says to the american people this guy isn't getting anything done. he implements this controversial travel ban which on its own would have been divisive enough, but it's been blocked by the court. so that's done. his first legislative initiative in health care gets blocked. then you have these then aides at each other's throats cop standly in the press. et cetera a cacophony of bad news. ivanka trump herself has said to her father, look, these headlines are intolerable.

gary cohen is a pragmatist. he wants a bill that can pass. can't get the bill through the house much less the senate. >> how about carbon change? >> it dl a. [laughter] it is going to be difficult. if they can coax down are coming, to do that they will have to earmark a big chunk of the revenue from tax reform to getting rid of loopholes and getting things back overseas to infrastructure spending. that is only way you can get democrats aboard. any may not get them then. >> paul: you may not get the top personal rate from 39 - 28. it might stick at 35 because they don't want to give tax cuts for the wealthy. >> i wish we're going to get down to 35. i see 37 in the future. >> paul: when we c'mon in, pop pop! happy birthday! i survived a heart attack. i'm doing all i can to keep from having another one. and i'm taking brilinta. for people who've been hospitalized for a heart attack. i take brilinta with a baby aspirin. no more than one hundred milligrams as it affects how well it works. brilinta helps keep my platelets from sticking together and

gary cohen is a pragmatist. he wants a bill that can pass.ugh the house much less the senate. >> how about carbon change? >> it dl a. [laughter] it is going to be difficult. if they can coax down are coming, to do that they will have to earmark a big chunk of the revenue from tax reform to getting rid of loopholes and getting things back overseas to infrastructure spending. that is only way you can get democrats aboard. any may not get them then. >> paul: you may not get the top personal rate from 39 - 28. it might stick at 35 because they don't want to give tax cuts for the wealthy. >> i wish we're going to get down to 35. i see 37 in the future. >> paul: when we >> and christian churches inegyk celebrations this week following the deadly bombing, to churches on palm sunday prompted a state of emergency. this has pope francis plans his first visit to egypt at the end of the month. we are joined by a senior fellow at the hudson institute. >> thank you for having me. >> paul: what is the condition of the christians in the middle east? combat i

gary cohen is a pragmatist. he wants a bill that can pass.ill through the house much less the senate. >> how about carbon change? >> it dl a. [laughter] it is going to be difficult. if they can coax down are coming, to do that they will have to earmark a big chunk of the revenue from tax reform to getting rid of loopholes and getting things back overseas to infrastructure spending. that is only way you can get democrats aboard. any may not get them then. >> paul: you may not get the top personal rate from 39 - 28. it might stick at 35 because they don't want to give tax cuts for the wealthy. >> i wish we're going to get down to 35. i see 37 in the future. >> paul: when we come back somber holy week following debbie attacks on churches.ea we'll find out how to keep people safe from terrorist in the world danger spots. i have heartburn. alka seltzer heartburn relief chews. enjoy the relief. a 401(k) is the most sound way to go. let's talk asset allocation. -sure. you seem knowledgeable, professional. would you trust me as your financial advisor

we know that he and gary cohen will be briefing people later about this new tax plan.he details on that all of that is m cog coming up few minutes. back to you guys. >> great stuff, becky. >>> still to come -- not still to come. straight away, coming right now to discuss markets, jonathan golub from rbc capital markets. i thought we had a break between this interview, but we don't. >> we get him right now. >> tan tastic. >> we heard becky outline some reasons on why we had that rally yesterday. do you put it down to earnings? that's a more sustaining reaction to a rally than the french election result. >> the pop we have had may be about french elections, but it's all about earnings and the fact that the economic data is coming in better than people realize. it's showing up in the top line, it's pervasive, it's showing up in cyclical groups. >> investors have been taeen va investigating over a tax rate cut. today, if we do get an announcement that the tax rate is being reduced from 35% to 15%, but no indication as to whether it will be revenue neutral, will that be see

. >> the treasury secretary mnuchin and gary cohen came out at the white house press conference, while a lot of people were carrying on, that was more detail than we typically get on any kind of plan from this white house and it is big. corporate taxes, personal taxes, simplification. this on its will own would be a big deal. iniflt fac that ty're talking about northkorea, they're talking about health care, this is a lot for everybody to swallow. >> it is a lot for critics to swallow. it is still not entirely clear how they expect to pay for it. secretary noox has said that growth will pay for it. it is to stimulate the economy. n given the massive sweeping overhaul, there are a lot of dpeets we don't have any answers to. as one reporter with gary cohen, the president's top adviser and steve mnuchin said what does this mean to a family that lives in the middle of the country that makes roughly $60,000? well, they'll get a tax cut. beyond that, there isn't any more detail. that's one of the challenges. you and i have been having conversations about the significance of this massive corpo

gary cohen, head of the national economic council.ell, his -- was another goldman sachs figure who is now the number two person in the national security council. i think these are the people who are really the rising powers. >> we do know that kushner and ivanka have pretty close relationship with a couple of those people you named, cohen, as well as dina powell. president's apparently reaching out to people on the outside to think about what they think of his team. what do you think of this team? >> i don't much care for steve bannon. i will admit that. i know him slightly. he directed me in a movie once. i think his whole approach to governing is just completely wrong. it is just blow things up for the heck of blowing them up. and i think a lot of the staff people, the really hard-core trumpites are just not very competent. they're not experienced. i think the smoother, more experienced people like gary cohen i think are the ones who are going to be taking over. i wouldn't be at all surprised to see steve kohn become chief of staff.

so they're really hoping that this is moving toward people, like gary cohen, dina powell, those are twoery well be -- economic adviser. dina was just moved into the nsc, got a promotion there. both of them are very close to jared and ivanka. >> jamie, thank you very much. gloria, thank you as well. speaking of the president, at any moment now we'll be seeing air force one touching down in palm beach, the airport there. live pictures ahead of this crucial meeting with the president of china xi jinping. we'll take you there live. also ahead, we're learning that secretary of state rex tillerson will be speaking in florida as well there in west palm. the topic unclear at the moment. we'll take that live as well. lots going on. stay with us. does your makeup remover every kiss-proof,ff? cry-proof, stay-proof look? neutrogena® makeup remover does. it erases 99% of your most stubborn makeup with one towelette. need any more proof than that? neutrogena. i'm vern, the orange money retirement rabbit, from voya. i'm the money you save for retirement. who's he? he's green money, for spending today.

won't be there but we'll hear from the treasury secretary munchin and national economic director gary cohen. they will present this plan. the administration has been light on details and many questions still remain. for example, will it focus on corporate tax cuts first? a white house official says trump will slash the tax rate to 15% for all businesses that includes pass through businesses for which owners report profits on individual tax returns. for those firms a high of 39.6% to 15%. will it be real tax reform or just tax cuts? not the same thing. comprehensive tax reform shard. haven't done it in 30 years. it involves tradeoffs that pay for any proposed cuts. so far the treasury secretary suggested economic growth would offset costs but many experts say there's little evidence that that works. finally what is in it for the middle class? treasury secretary said middle class tax relief is a priority. a analysis of some of president trump's earlier proposals favor the top 1%. the white house does not want to appear to be favoring rich people and businesses at the expense of middle class t

. >> well, there was always a rub between steve bannon and gary cohen, who is donald trump's top economiciser, and that was really a matter of policy. steve bannon is an ar dadant nationalist and cohen is a liberal democrat and has much more of a globalist perspective. that's the worst word you can use in steve bannon's lexicon. the rift with jared was more unexpected because steve bannon actually built quite a strong relationship with both jared and ivanka throughout the campaign and some of his allies were kind of taken by surpris in thet couple of weeks. understanding the way it's been described to me is that it was as much about personality and steve bannon's kind of burn it down, blow it up style as it was about policy. obviously jared kushner is much more liberal than steve bannon, but this has as much to do with personality as substance. >> gary cohen his name floated around potentially to replace reince priebus if he were to lose his gig as chief of staff for the white house. also in your reporting this week bannon saying to associates, i love a gun fight. how much of this was get

i'm going to say realistically, if he kicked steve bannon out of the white house, if gary cohen and dinantinue to ascend, he is going to go down to about 20%. because he is going to lose at least i would say half the base. >> he'll take a hit. >> well, if there is one thing trump doesn't mind is a fight. and i think overriding whatever might happen with -- if bannon leaves, is that to trump, trump is him. it is whatever he says. and, you know, he is a man focused on himself in so many ways. but second in importance to him is family. and family is -- he grew up running in a family business. that's really how he understands the world, how he knows how to run things. the only guy you know is going to be around for a while is jared kushner. bannon is expendable if he is not going to play along with the president. and i think stephen miller has figured that out and has shifted his chips on the table over to the kushner side. >> charlie, there is also reporting that steve bannon's press ascendance, which we're all partly responsible for, i suppose, angered trump as well, that he doesn't want p

they're gary cohen and dina powell.y dina powell specifically because of ivanka have grown very close during the transition and that she is gaining power because of ivanka's affections. tell me about the two of them and what it would mean to have them amass more per within the west wing. >>o we'll start with gary cohen. he's a former executive at goldman sachs. he's actually a registered democrat, although he likes to tell people in meetings he's not a democrat and he's not a republican, he's just trying to help trump make deals and get things done. trump likes him a lot. he sees him as a peer, he's independently wealthy, he's a businessman. dina powell has a different background. she worked in the george bush administration. she considers hers a conservative republican, but in temperament, she's much more moderate. she is rising very fast. she's close to ivanka and jared. she is also the deputy security adviser and she was in that photograph last week of the advisers and the bunker there advising president trump on the

you hear taunts and comments privately from some of my sources about gary cohen and dino powell.what they are really talking about -- and i have written about this at the post with my collegues, they are real he auto talking about kushner. he is seen as someone who is not an ood log, and the idea log on the right wing are uncomfortable with the direction he is taking the president on the question of policy and politics. >> has staffinfighting actually hurt donald trump thus far or is it being being blamed for hurting donald trump? >> i think it's part this noise that surrounds the administration that basically says to the american people this guy isn't getting anything done. he implements this controversial travel ban which on its own would have been divisive enough, but it's been blocked by the court. so that's done. his first legislative initiative in health care gets blocked. then you have these then aides at each other's throats cop standly in the press. et cetera a cacophony of bad news. ivanka trump herself has said to her father, look, these headlines are intolerable. if i

reporter: earlier, we saw the press conference with gary cohen and steve mnuchin delivering the details. were two headlines for businesses. there will be a one time repatriation tax on overseas profits. the white house is calling it the biggest tax cut in corporate tax history, from 35% to 15%. >> under the trump plan, we will have a massive tax cut for businesses and massive tax reform and simple vacation. we will lower the business rate to 15%. we will make it a territorial system. we will have a one time tax on overseas profits which will bring back trillions of dollars that are offshore to be invested here in the united states. taxrter: that repatriation could lead to fears that it could lead to a drop in revenue in 2 -- of two point $2 trillion in 10 years. it will cut the number of income tax rockets from seven to three. take a listen. going to cut taxes and simplify the tax code by taking the current seven tax brackets we have today and reducing them to only three brackets. bracket, a 25% bracket, and a 35% bracket. we are going to double the standard induction so that a married

you get a team of advisors who are building a structure around trump, the mcmasters and gary cohens andbe jared kushners. and we're looking for the second tier to actually making more decisions and maybe the top guy is just outdoing his tweets. >> gary cohen better be careful. he better not be on a "saturday night live" skit featuring the dominant figure in the white house, be on the cover of "time" magazine. that in itself, i mean, donald trump, whatever else he, is we know is sensitive to aware and keenly interested in publicity and who gets attention, and i have to think that steve bannon's star was not elevated or helped by the kind of attention he got in the press. >> woodruff: "saturday night live" is an unforgettable image of him as the death, not just the grim reaper but death. >> and the dominant figure with his pup pet. >> woodruff: mark shields, david brooks, thank you both. >> woodruff: the n.b.a. playoffs games begin this weekend, and it comes as one of the game's superstars just broke a historic record this week. john yang has the story. >> yang: oklahoma city thunder poin

i don't know gary cohen. i know david urban who helped trump win pennsylvania. i know wayne bermans one of the smartest lobbyistsn knowing everything in washington. you go to him for brainpower. kevin mccarthy, the guy from california, number two guy, i don't think he's going to give up what he has because you never know when he'll be speaker. let's talk about the other guys. how do you pick somebody from the swamp to clean up the swamp? these guys are swamp creatures. i like them. >> trump likes them though. i think gary cohen is another person who has had conversations with the president about this position. those two may be the top two names. you just never know. >> i wouldn't write reince -- >> does he want a top pick who will kick butt? i think that would be berman or urban. or he wants a nicer guy like reince preeb snus. >> i wouldn't write reince off at this point. with trump, you're riding high in april. you're down in may. you never know what's going to happen with this guy. he changes his mind constantly. we saw this over the course of the campaign. do

. >> rose: i was making the point, in the same way gary cohen was talking to you, a united states senator and he from the trump administration, economic advisor in the white house, i mean it seems the issue here is that the people who matter are a, not listening to as many voices as they should. >> that was my point. >> rose: my point too. >> okay. >> rose: but clearly, but clearly they're not talking. they're shouting past each other. that's happening in american public life, is it not? >> it is. but the point-- . >> rose: and then labeling each other, then labeling each other. >> but the point is that personnel is policy. and part of personnel is what experiences you have, part is who you know, and part, let me just offer it, is do you have some demonstrated independence to be able to separate yourself from the people who paid your check for the last 30 years. >> rose: i totally believe that's important. >> so my only point-- . >> rose: most agree that is important. >> and my only point is we got to have people who have the keys to our economy. who really are driving the bus on the econ

. >> jon: on jon scott peered minutes from now, treasury secretary steve nugent and gary cohen the leader of the national economic council will unveil a blueprint for the trump vision for tax reform. much of the talk already focusing on lower rates for businesses as well as bigger standard deductions for individuals. chief white house correspondent john roberts joins us now with some details, john? >> good afternoon, just moments away from that briefing, this was the president's big-ticket legislative item, something that he ran on, something he promised the american people would happen should they elect him president. they are to be aspects to this, first as lowering taxes for u.s. businesses and corporations and lowering taxes for individuals. here's what the president is proposing when it comes to corporations. cutting the tax rate from the current 35% down to 15%. he would also cut rates for so-called pascoe or esco corporations, these are small businesses, some of them larger in fact that tax people at the personal tax income rates in some cases, this could go from s high as 39% down

he was blocked by, guess who, gary cohen.at we are seeing here is from democrats, just so you know out there, for people that voted for him, democrats are plotting is no spirit and much more centrist donald trump, and a donald trump it does not believe in tax cuts to promote economic growth. the democratic takeover of the white house according to cuban he also said is borne out by a lot of these recent moves by donald trump including some of -- he hasn't spoke much about trade, which i think is good. it's much more of a centrist position. neil: that is not what got them elected. >> i know, but he said he did not understand what he was originally proposing. he was going against conservative populist instincts that got them elected. be that as it may. doing a head fake here, i have no idea what's in donald trump's head. the president when he was a private citizen donald trump was never a guide he would fix ideological positions. some of this -- neil: for example, middle-class tax cuts that don't go crazy, right? >> i think what

here is from secretary steven mnuchin and gary cohen. >> i never thought so many people would turn out to be -- obviously today we're here to talk about the president's effort to provide tax relief to both our corporations that will help grow jobs and to middle americans two people here to explain it, the director of our national economic council, gary cohn, is going to walk through why we're doing what we're doing. and then the personal side of the tax. then secretary of the treasury, steven mnuchin, will walk through the business side and the corporate side of what the president is doing to bring jobs back to this country, to make our businesses more competitive, and help our economy grow. at the end, we will be glad to take questions on that. you are being provided a one-pager right now that provides the top level aspects of the plan. and then both the director and the secretary will go into further detail and take your questions. without any further ado, director gary cohn. mr. cohn: thank you, sean. good afternoon to everyone. thank you for being here. this is quite an historic da

gary cohen, the former president of goldman sachs is more allied with jared kushner, is deeply involved in the tax package. how do you reconcile those two things? it's not clear that you can. >> and eli, what is your cocktail party answer when someone asks donald trump, who once called himself a democratic new yorker, who was pro choice, got lined up with bannon, and by extension that kind of movement outside the republican party? >> well, you really do get the sense that donald trump said a lot of what he had to say to win a republican primary and then to get elected. he does believe deeply in some of the things related to immigration, trade is important to him. but in terms of being able to deliver on that he is not going to be able to take responsibility himself. a lot of things on his white board in the office they have not gotten done. there is not a sitting trade rep, the nomination for that position. a priority we thought for the president, that person is not done yet. there is a lot of to do things on his list as we approach the 100-day mark. he is trying to figure out how to sh