, loopholes distort incentives. and some of that -- >> they help people buy houses. it did not cause the housing crisis. charles: we are going a little too far -- gerri mentioned the role of democrats. of donald trump is moving more to the center/left, where will the democrats meet him? they have some responsibility to the thing we call governing. >> that is a funny statement to be making but i will answer your substantive question which is where will they meet him? specifically about corporate tax, i many would be willing to meet him on corporate taxes but not all taxes so that is what he has to play with. charles: it has to be corporate taxes, tax reform and repatriation. 15% is out. >> it depends. to your point, they get healthcare done, 15% to 20%. where will that money come from? >> if they get healthcare done. this is what i am hearing and they are saying and they are going to do it if they get healthcare. if they don't get healthcare done, orbits are off. andrea: where do you think the rate could go as far as

bring down the tax rate and close the loophol. if you bng down the rate but don't close the loopholes it's a corporate giveaway. if you do both, that's something president obama favored. he wanted to bring the tax rate down to 28% providing you close the loopholes. that's the important caveat. >> we haven't heard those details from president trump. repatriating the trillions of dollars overseas has to be front and center. merely saying i am going to low your tax bill doesn't translate into -- there is no regulation or law around we're going to lower your tax bill and then, in turn, you're going to r&d spend here, create jobs. there is not a direct right and left lever here. >> right. another part of his plan is bring back -- give the opportunity for these companies to bring back that's something like $2 trillion at income held overseas at a 10% tax rate. >> obama wanted to do that. >> if you're going to pass a law, you can make stipulations. you can say some of the money has to go into something such as infrastructure. that's a po

tax reform means cutting rates and closing loopholes.he ideas that businesses should be making decisions based on what's economically promising, not on gaming this loophole. so if trump isn't big on the loophole closures, that's what will come next with lawmakers. >> i will shout from the roof top, i care about deficits. i don't think we have to have anything like a balanced budget, but the unemployment rate is low, the economy is growing. we're going to need more revenues going forward, not less. if you simply look at the demographics, the fact that our elderly population is growing from 15% to 21% over the next 20 years, if you think about environment and geopolitics, infrastructure, we're going to immedia need more revenue, not less. >> why is infrastructure not part of this plan? >> infrastructure is one of those things, we talked about it years ago. it should be relatively bipartisan, when done properly. and he was part of the last effort to do it with the stimulus. but when done properly, it's good for everyone, it improves busines

instead of using the carried interest loophole under the president's bill, wall street funds could file their taxes at a new pass through rate at 15%. even lower than the present tax -- on carried interest. ironically, the president's tax plan would indeed get rid of the carry interest loophole but only making it lower than the present rate and making it permanent, a total, total reversal of what he pledged in his campaign. it all goal to show that those who stand to benefit most from this proposal are folks like the president and those at his level of wealth while tens of millions of american middle class, working families are hurt and could very well pay more. this brings me to my second point, which is the trump plan hurts middle class and working americans by eliminating their most popular and useful deductions. just take the elimination of the state and local tax deduction, for instance, which is used by so many middle-class families in my home state of new york. as it was cited in the syracuse post standard, quote, the loss of the deduction will cost new yorkers an average of $450

it creates loopholes in rates in all these things. people are experiential learners.right now the lessons their learning are leading them to some very rough edges about how our tax policy works. we need to think about that when we are constructing the systems. and trust, it would be nice to respect them and given the information they need to make decisions as citizens. >> there's an irony because you take away the water deduction, every homeowner will be three or if you take away thi the state l tax deduction, everybody in the high-tech states will be furious. it's in the eyes of -- >> i can't resist putting on the spot. one of my favorite pollsters and aldrin in the audience. and then one last question before we close. >> vanessa, you talked about the positive value associate with identify ones self as a taxpayer. a lot of the policy bites that breafrank and other groups wille involved in will be dealing incense with reverse scenario, that is, try to stop efforts to give new tax advantages and breaks to corporations or high income individuals. i'm wondering anything

is ait is not going to be loophole to let rich people who should be paying higher rates pay 15%. this is for small businesses that drive the economy and they will have the benefit of this. host: more, from treasury secretary steve mnuchin at a briefing set to take place later today at 1:30 p.m.. for more details on our coverage , i invite you to go to our .ebsite, www.c-span.org we are asking you your priorities for tax reform and want to hear your thoughts. darlene is up first. gold hill, oregon. caller: i would like to comment on tax reform. i believe we should have a flat tax in this country and if it is 15%, it should be 15% of income, not adjusted gross income. i feel like people who make under 30 thousand dollars a year should not have to pay tax. those between 30000 and 54,000 should pay about 10%. the corporations that are the richest people in the united states, you are trying to make them people pot -- by providing these type of tax cuts, 50% of their income. -- 15% on their income. said the telephone was a 19th-century too, it was it wasd -- tool, invented in the 20th

they are using tax loopholeing, efficiency, whatever you want to call it. in apple's case, they have a lot of debt. they have already given it back so to expect this is a huge boom, i don't know, the o'rony this was a straid trade that threw everybody in. this is a great time. we got great earning, trumponommics lite is happening. >> the banks i like the banks, there are upsides to the banks. can they rally without yields going higher? that's the question. you look at this rally, if you back it up to pre-elevenlths we

so this is designed to try and address that issue, but there's always a loophole that can change some of the dynamics. >> the president, as you know, and just a few minutes from now, set to address the largest annual gathering of the nra there in atlanta, and you were a co-sponsor of legislation expanding background checks in the wake of the mass shooting in 2012 in newtown, connecticut, 20 kids and six adults killed. the nra opposed that legislation as you well know with the president's open and enjoyious embrace of the group, do you see any way that there could be a move toward tightening any sort of gun regulations in this country? >> that could be one that could be re-introduced that could get us bipartisan support. i am working with some colleagues on the other side of the aisle on things that would make it a federal crime for the gun traffickers, and as a former usa attorney i newsom of the loopholes and the system that would allow us to inform local police departments when unqualified people tried to purchase a weapon. all the legislation i worked with on the other side of the

she supported a tax loophole that helped medical device companies in her state. claim is true, she's complaining about something, and pretending like she's not in on it. so she deserves a taylor swift. [cheers and applause] like every other guy who's terrible with casinos, trump has a tell, a way that you can always know for sure that he's lying. every time he says... "i never said that," he definitely said that. [laughter] once you're watching for it, it's really easy to spot. - this is a man who has said... pregnancy is an inconvenience to employers. who has said-- - i never said that. [laughter] - oh, i never said that. you definitely said that! - pregnancy is never... um, it's a wonderful thing for the woman. it's a wonderful thing for the husband. it's certainly an inconvenience for a business, and... uh, whether people want to say that or not, the fact is it is an inconvenience for a person that is running a business. - trump's denial last night was false. this is something you hoped people would forget about, but as much as it sucks, it was right there on

we should tighten it up, no loopholes.ou pay your 10% for the state in which you live, your 10% for the federal government which is enough money for the federal government. you pay your three or 4% for the state in which you live. it is good to make life easier and the people live there. albums are going to be better because we cannot turn our backs on poor people. host: here is brunswick, maryland. good morning. caller: thanks for taking my call. points.wo i was points. -- thatstening to benefit the highest year. the fact that income level cuts off the percentage cuts off around $350,000 if i'm not mistaken. there is not an extra tier for people who make $1 million, $10 million. billion,person pays $1 -- in terms of percentage. another point i want to make is i heard a lot of talk about cuts. how we need to cut off all the leeches from the system. these leeches do not add up to very much. to give you an idea. about three years ago, i was one of these leeches taking advantage of tuition assistance and unemployment. makewor

charles, we know what the sequence is, close loopholes, nor rates. get rid of the inefficiencies and increase incentives. charles: some of these state deductions, that right there i think is goiprobably scare off a lot of democrats from wealthy states like new york and new jersey and will scare off a lot of republicans. but getting back to the issue of getting the republicans on board, we are talking about democrats, they have been obstructionist from day one. it's hard to believe, don't buy into any sort of tax plan unless it's sacrificing obamacare repeal. how do we get all the republicans on the same page, understanding that this will add to the debt from a cbo static scoring perspective? >> it does a big bite, and a throng chew. i'm not sure they can do that in 2017. i think a lot of this will splash over into early 2018. i don't see a path where you can get all the republicans on board. i think you can close some of those loopholes. but they have to be careful. because it starts looking like crony capitalism really fast. while the president's su

perks and loopholes for businesses we should.like dough ductibility for state and local taxes, that's a killer. it's nuts they're going to put 7 trillion on defenda trillion deficit. you don't have to do that. you can have tax reform that's revenue neutral or helps our balanced effort budgets. the child independent care credit good stuff. we want to work with him but this is not a plan, it's a page. and until you have a plan, we can't talk intelligently about it. >> if you continue to have special exceptions or waivers or credits, then the rich will always have the advantage. a common, everyday american is never going to be able to afford a tax team, a tax specialist. corporate america you could say we have a 35% rate, they only pay 3% because they have tax gurus and it is their job to pay the lowest amount. unless we get complete simplification, truly here's your taxes, one page, it's done, regular americans will never have an even shot. >> that's right. and the trap doors on this thing are when they talk about small business an

, tax loopholes and rest of it. and the rest of us who don't have any opportunity to go in the white house have the trite at least know who is going in and out of there. >> woodruff: noah bookbinder, your organization actually sued the administration of george w. bush to try to get them to release these visitor logs. you weren't successful with him, but, again, as we mentioned, president obama did release his. where does that stand? is this the kind of lawsuit that could apply again? >> sure. our organization sued originally under george w. bush. that lawsuit carried through into president obama's administration, and it was in discussions that came out of that lutz that led to-- lawsuit that led to the obama administration's policy of releasing the visitor logs. they did it with exceptions for national security policy and for privacy, so there were no problems with doing so. countless news stories came out of who was in there, who was getting access, who was influencing policy from the millions of names that were re

because companies have a lot of loopholes. steve: that's true. are the loopholes 1% of total revenue? 2%? i don't know. i don't have that fact in here. but i estimate fit would be relatively small. there is no such thing as a corporation. the corporation has shareholders. th shareholders are paying corporatencom taxes effectively, and capital gains taxes. so the question is what is the best way that lets companies make smart decisions but levy the same amounts of tax on shareholders. that's something i would encourage government to think through based on this athat is. ultimately the voters' job is to hold government accountable for the deef significances it makes. maria: stay with us steve ballmer. we have a lot more to discuss on "wall street week." >> announcer: microsoft legend steve ballmer was an industry leader for 30 years. would he do it any different today? >> when i joined we were at $5 million revenue, when i left it was roughly $80 billion. maria: we are back with technology titan steve ballmer. you are like a founder of microsoft. i

>> there's a loophole. and the loophole says if you pay over $60,000, you can do that.eside that, you don't have to try to find americans. well, $60,000 is not high pay for this kind of work. people doing this work today easily make $120,000 to $140,000. >> reporter: who put in that loophole? >> well, it was done by congress, but obviously, the industry lobbied for it. it's really travesty that should never have been allowed to happn. >> it wasn't called training your replacement. it was called knowledge transfer. >> reporter: craig deangelo worked for northeast utilities, now called eversource and was one of 220 i.t. workers replaced by h 1 b visa employees. he said his replacement, a worker from india, told him he was making half deangelo's salary with no benefits. >> i didn't get laid off for lack of work. i got laid off because somebody cheaper could do my job. >> reporter: to anyone who would say you're anti-immigrant. >> no. >> that's a lie. >> that's a lie. >> reporter: you don't want to have any animosity towards them. >> because they're looking for a better way

can't guarantee that, he promised to close the carried interest loophole. this plan only makes it bigger. by allowing pass throughs to be taxed at just 15%, he's guaranteeing that those with carried interest income will pay an even lower rate than they did now. when he said he was going to end the loophole all together, instead he's making it wider. that's outrageous. i have never seen a tax plan that does more harm to the middle class and more to boost those at the top than the outline released yesterday. i guess it's not quite a plan yet. let's hope we're not passing legislation on one page. this tax plan could also have devastating long-term consequences for medicare, social security, and other benefits that americans have worked to earn for years. the trump tax breaks while such a gigantic hole in our deficit, it could endanger medicare and social security. which may well be the nefarious ultimate goal of the hard right. because if trump's tax plan were to pass, you can be sure that a few years down the road, the deficit will be so large that our republ

since then, rates have been creeping back up and more loopholes and special interest tax breaks have made their way back into the tax code, disadvantaging average americans. then on the business side, when president reagan left office in 1988 the corporate tax rate was 34%. and it hasn't changed much since. for the last 25 years, other countries have been aggressively cutting their tax rates and moving to a territorial system in order to . tract business and the u.s. has done none of that. in 2017 we are still stuck with a 1988 corporate tax. that's why we are now one of the least competitive countries in the developed world when it comes to corporate tax. so tax reform is long overdue. we are going to cut taxes for businesses to make them competitive. and we're going to cut taxes for the american people, especially low and middle income families. today i'm going to outline the principles we have put in place for personal tax reform. and then i'm going to hand it over to secretary mnuchin to talk about the business side. first, a few statistics for you on the individual side. in 1934

one of the big loopholes that appears.idering closing down. it would affect a lot of energy and utility companies who have a lot of debt. retailers have not benefited from that. it could level of the playing field in many respects. he's also looking at closing down the loopholes for individuals as well. allowing people to increase their standard deductions, but that would block them from deducting their mortgage interest payments, for instance. a lot remains to be seen. his campaign promise was to simplifi the tax code and that widespread support. he has not reached out to members of the democratic party to get partisan consensus on this. that will be a big problem for him. manish singh is going to stay with us. stephanie baker, thanks very much for talking is over with us. i know it is difficult when the plans are not really out yet. we have only got a rough outline through the question is of course how much are we actually going to get from president trump today? what do you expect as far as how much we are going to get

what this will not be is a loophole to let rich people who should be paying higher rates of pay 15%, this is going to be for small businesses that drive the economy. >> that drive the economy because small businesses on average hire more people, provide more employment in the united states and the major corporations do. as far as individual income tax payers go, the president is proposing to reduce the number of brackets from the current seven down to three. the actual numbers have moved around a lot. initially, the president had proposed 10% or 20%, then he moved that up to 12%, 35%, and if we can have the income tax brackets, the president has finally settled on these numbers. here they are: 10%, 25%, 35%, 35% down from 39%. they decided to give hike income earners less of a tax cut than they initially thought because they want to maximize the bang for middle income and lower income earners. and for those folks, they plan to double the standard tax deduction for taxpayers, $6300 for individuals will increase to $12,600, a family of four will get a tax deduction of about $24,000 a y

these were called loopholes, a term still used today as in a loophole in a contract or a video game. the ancient walls were built to keep first the roman soldiers and then the townspeople safe. it must still be working. according to a travel survey, york is one of the world's safest places to visit. in york, for teen/kids news, i'm nicole. (audience cheering) - the boston red sox have eight world series titles. but they won no world series from 1918 to 2004. why you ask? well people speculated that the reason that the red sox were not winning world series was because they sold babe ruth to the new york yankees. thus, this world series drought was nicknamed the curse of the bambino. the red sox had chances to break this curse in 1946, 1967, 1975 and 1986, but they lost all those world series. however, the red sox finally broke the curse of the bambino in 2004 with a world series sweep of the st. louis cardinals. i'm matt with teen kids news. - this important message is brought to you by the national road safety foundation. they want you to keep your hands on the wheel, your eyes on th

arehe gun laws of maryland -- have closed a lot of loopholes of people in other states.is difficult to transfer guns in maryland without the state looking at it. it is very important. some states have laws where you betweenly transfer guns individuals without any checks. maryland does a pretty good job of restricting that and making sure that commonsense measures are put in place to keep them out of the hands of people that should not have them. out what the 2013 firearm safety act is. experts -- this is their response. >> unfortunately, at the national level, some of these states have less gun laws. i do not think it is much of a movement. >> the need to keep guns out of the hands of people should not have them weathered be due to mental in-laws or ties to -- mental illness or ties to criminal activity. >> the quote military style row -- rifle, it is a name. it does not really address how the gun works. so, i think the ban on military is still -- military assault-style weapons is misguided that was attempted, think. >> we need to get rid of the military style assault we

the plan eliminates most deductions which i like since deductions are usually just loopholes, special deals for those who had lobbyists to get them for them. and i bet you don't have a lobbyist. trump's plan does keep deduction for home mortgage interest and charitable giving which is good sin tentive to give. trump says his plan will jump start the economy and jobs because people, that would be yu you, get to keep more of your money. democrats say it is a giveaway to corporate billion heirs. it might not even matter what democrats say. because if all republicans go for the trump tax plan, it will become law. republicans hold the majority in both the house and the senate. the key is the word "all" all republicans. and remember, not all republicans supported trump's obamacare repeal, and that is now, well, it's a mess and embarrassment for the white house. we'll have more on the obamacare repeal effort ahead. and remember, all republicans did not speak up in support of the president's tough talk to make congress fund the border wall with mexico before the president backed off that pled

there are some corporate tax loopholes that i would close. but there are not that many when you look at the code. depreciation is the biggest issue here. that's a one-time revenue loss and that's all. if you have five or six years of reasonable profits, which is what we have had, you will see these big companies paying 30, 34, 35%. their average tax rate is about the same as the marginal. back right after the recession and see big companies that took losses. you are allowed to deduct losses , carried back and carried forward. we have had that in the corporate tax rule for years. but on the whole, studies show that these companies are paying plenty. as i say, 28 percent, 38%, a lot of the oil companies are paying 60% to 70%. i don't accept that argument. people find one exception to a company that might have a special situation and they say -- look, no one pays corporate taxes. of course it is. if they didn't, if they didn't, they wouldn't want to move offshore. but they have moved offshore. that's a reality we have to deal with and we want to

if you can bring the rate down to 15% for corporations and eliminate a lot of the loopholes, you have situation where that 35%, what are corporations trying to do? especially the big ones. they are trying to get their tax down to as little as possible and they are spending hundreds of millions on tax attorneys to do it. if you give it to them out of the gate and they don't have to spend that money gaming the system, legally, trying to game the system and the resources to do it, which, excuse me, small businesses do not have, so this will give that to small businesses as well. a lot of the criticisms are valid. it will raise deficits short-term. turning an aircraft carrier. if it plays out like it should, the goal here is growth. the goal is to grow the economy at 3% to 4% every year, creating more jobs and more opportunity and more tax revenue for the government. if it plays out. but what happens is that you cannot wind future congresses and presidents. new administration come in, they start giving away favors, there are so many variables. generically speaking, it's a good thing. it's

there's a loophole put in there, a backdoor loophole they are exploiting. >> kimberly: this flies in intention of the program and how it was supposed to be implemented. that's my point. it shouldn't be at the expense of american workers who deserve to have the jobs i have a not to be thrown out by google and facebook and the high tech companies using the process for their own profit to the detriment of american workers. >> bob: part of it does work. i think if you look at silicon valley, a lot of the test come from people who have these visas for highly trained in a particular area of i.t. paired we've got to be a little careful but i think they are misusing it. at the same time, he said visas. if he goes to logan airport in boston, you will see aer lingus drop off 300 people for a tourist visa of seven days. when they get back on the plane, there's about 100 of them left. the rest of them are bartenders in boston. let's follow through on all of it. those are jobs americans could use. >> kimberly: they also have a new hotline to report h1b visa violations as well. >> greg: i think th

a lot of it has to do with closing loopholes. i think some of the things he was leaning into and certainly key to is closing a bunch of loopholes, capping tax expenditures, getting rid of step up basis, equalizing taxes on labor and nonlabor income. >> and just to put that thought in perspective we lose 1.6 trillion per year in tax expenditures. >> who is we? the american people or government? >> the government. >> we is a different thing. >> okay. the government and then we have to make up for it, we the taxpayer have to make up for it or we the citizens have a bigger debt. >> i'm looking forward to the reducing spending. i'm a huge supporter of reducing spending. >> they don't all vote on that stuff. everybody votes yes or no at a tax increase. >> the lawmakers do on those laws. they are able to change entitlements. >> you write the pledge that could hold and look at it. >> so pick your pronoun. the government looses 1.6 trillion from tax expenditures. most are on the individual side and some are on the corporate side. i think

i think part of thi tax reform will eliminate a lot of the loopholes that exist today. >> got it. we haven't heard about that yet. that's coming soon? >> i hope so. >> all right. well, administrator, it is so nice to have you on the show. thank you so much. we are happy to kick off small business with week with you. we wish you the best of luck over the next week and four years. we hope to check in with you a lot to see what you accomplish. >> thank you. stay tuned for the small business person of the year. >> we will. thanks so much. >> thank you, j.j. >>> consumers want authenticity. it's proven time and time again, people like to buy from brands they can trust. i went to the offices of make up geek to meet marlena stell. she built an entire company around herself. she is real, she is relatable and people responded by buying their products. california native, marlena stell is one of the most recognizable faces. at the forefront of the new beauty landscape. it's all about the nitty griddy of make up. >> the glossy and glam videos are followed by millions. her 6-year-old company,

closing the loopholes in deductions, that this tax cut will pay for itself. >> it's an conjecture.when you ask people on the conservative side, tax foundation people, say this will add 4 to $6 trillion over the course of its life, ten years, let's say to the budget debt. so i mean, to me, you know, i listen and -- i want to be sensitive to the idea because i think most americans would like to pay less tax and think that we should simplify a very complex tax code but what's striking here in washington is that the people who are the loud screeching hawks are now crickets, silence, nothing to say, what is going on here? you look at the idea of doing away with the estate state, alternative minimum tax, this is written by goldman sachs for goldman sachs in the white house by mr. trump who said i'm going to drain the swamp, i'm going to really look out for blue-collar workers in states that elected me, wisconsin, michigan, pennsylvania, those folks are getting hosed by this deal and somehow republicans who previously would have specially under obama, oh, spending out of control, silent.

a billionaire president who won't release his tax returns, who is already enjoying all sorts of loopholesx code who says he's going to take a run with it not to help the middle class but to help people like himself. that's not what the republican party platform or the democratic party platform should stand for. this whole tax reform idea is going to go absolutely nowhere unless there is a lot more transparency in this administration. >> shelby, you mentioned senator tom cotton. here he is defending the president. >> as far as i'm aware, the president says he's still under audit. [ booing ] >> he's the central issue of the campaign. hillary clinton and her campaign repeatedly criticized. >> so you would think that senator cotton and other politicians, especially republican politicians, they have made the calculation that it's not going to hurt them to defend the president with this audit thing, because the president still won. but do you think that's a good political calculation? >> that's up to them to decide in their districts, i suppose. >> you heard all the boos. >> you did hear boos.

by congress, all those loopholes and back doors and an effective tax rate of 15%.make money in the u.s. and one in five of those big companies maid no federal taxes. so they have found legal ways to get around that high rate. so if you're going to cut taxes, you have to reform taxes so that you get rid of those hoop holes and back doors and it is much more fair and even playing field. just reducing it to 15% and getting rid of the afm, that's the 2$2.4 trillion. >> we have no idea full stop if they are going to include any reforms. if you had an office pool over what the first country the u.s. would engage in a trade war with, might have been china or mexico. >> i would have said china. but instead it is our friend, our ally, canada. for as long as i know the united states has been fighting with canada in the world trade organization and others over unfair subssydys of lumber. it's what we build houses with. so the commerce secretary says a very bad week for u.s./china trade relations -- >> u.s./canada. a bad week for u.s./canada trade. but that is the first tariff

let's see, by the way, if he'll close the carried interest loophole. he said he would. we'll see. and next, barack obama offered $400,000 for one speech to wall street. he's taking the money and he's taking heat from elizabeth warren. they didn't like donald trump then and they don't like him now. our special series, red, purple and blue doesn't goes blue. >> but he's failed. he's failed on what he's promised, he's failed at this points. your screen is your window to the world... so why wouldn't you want one that's virtually borderless? the dell xps 13 2-in-1 with an infinityedge display. as real as it gets. sfx: intel bong i use what's already inside me to reach my goals. so i liked when my doctor told me i may reach my blood sugar and a1c goals by activating what's within me with once-weekly trulicity. trulicity is not insulin. it helps activate my body to do what it's supposed to do release its own insulin. trulicity responds when my blood sugar rises. i take it once a week, and it works 24/7. it comes in an easy-to-use pen and i may even lose a little weight. trulicity is a on

changes to a stamp duty loophole in hong kong have sent property shares reeling. singapore. well, as you said hong kong, the hong kong government slapped a 15% tax on first time homeowners who are purchasing more than one flat at a time. so, what was happening was investors were coming in, snapping up investors were coming in, snapping up multiple units in one go to qualify for lower tax rates. these buyers were using one legal contract and they only had to pay 4% tax duty so now and they only had to pay 4% tax duty so now they are being charged the same 15% as someone buying a second property. there has been a lot of chinese capital snapping up some of the hong kong's best plots of land and at record—breaking prices and it has pushed home ownership out of the reach of many people who live there and the government hopes that closing this loophole will help the average buyer, but of course, hong kong is one of the most expensive real estate markets in the world. sarah, thank you very much indeed. investors ducked for cover on wednesday as a drumbeat of alarming geo

tas credits and loopholes allow these companies to legally reduce their tax burden. if the white house leaves those in place and reduces the corporate rate revenue will simply plunge. that's the second issue. it would cost $2.4 trillion in vanished revenue over the next decade. that's about $240 billion a year gone, it's about the same the government spent on food stamps, jobless benefits, child nutrition for some context. the big question now how will the administration pay for it. the proposal will have to be revenue neutral to pass. steven mnuchin has said they'll pay for it through stronger growth, something that people who store. at cnn center political economist greg valier. good morning, ji. good tuesday morning. greg, let me start with you and this 15% floated tax rate. is this just where, i guess, the president is starting his negotiation here? seems like he's jumping out there, he wants to get this tax reform debate started. >> yeah, he will say he wants 15 but, you know, christine, i think he would take 20 or 21 or 22. that's still a dramatic cut from 35%.

there are all these loopholes they are built into it that you cannot use it. it does not have to be by american. things that really irks me the most -- there are dozens, but i will talk about this one. other countries, when they prosecute an unfair trade standard, the standard the use is potential harm. the standard that we use in this country is substantial injury. we have to wait until the jobs and say now that we have been substantially injured, let's bring a trade charge. they stop the jobs from being lost. we talk about them after they are lost. we need to reverse that. we need to fight for workers -- they arethe loss lost. we should not be fighting to get michael's job back from mexico. should have been able to stop it from going to mexico. [applause] >> were adjustment tax. mr. trumka: -- border adjustment tax. mr. trumka: it cannot cannot be useful. can and cannot be useful. try to comply with environmental laws. they compete with employers south of the border who have no pollutiocontrol. i asked importing that product, we are increasing pollution, wor

whether you've used loopholes. whether you have dollars in offshore areas. so, this is an essential. and i want my republican friends to think of something. this is not a partisan issue. this should concern youust as much as it concerns your constituents and the american people across the country, 74% say that his tax returns should be disclosed. we are now moving into an area of questions about national security. who is the president doing business with? whose interests come first? is it the national security of the united states of america by the commander in chief? or is it for some trump business ? these are very serious questions that you should want answered. n a democracy, in a democracy, transparency is essential. they go hand in hand. we are not a banana republic. we don't have people in charge of the govnment that stand above the law or just disregard it. in this case it's not the law, it's a beautiful tradition that patriots on the republican side and the democratic side honored. why did they honor it? i think they honored it because they wanted t

the current system is undermined some results from that is a willingness to trade for roy those loopholes to lower revenue soleil think we have all this new money and there isn't a problem if we lower the rate so yes that is a common perception that isn't the most common plan but the flat tax souls like equal commitment to citizens so wouldn't it be great if that burden could be shared equally? then they often talk themselves out of the flat tax that is the emotional impetus of the flat tax but those who were not paying those fancy rates still have to pay and then they still come out ahead. >> i think people ought lot more confidence of the broad and symbolic ideas and another question is offshore money hidden overseas. to think that it is patriotic so that there liddy -- literally hiding money aside of the country so those kinds of polities - - policies if you go to far down the road it is almost impossible you're getting the opinion with certain sets of facts which provides that a course set of facts. >> maybe i am crazy but pdf used to me we would get the newsprint tax forms that you w