we would like to use your information and bring in scott hodge.sident emeritus of tax foundation, one small thing here in this political debate, as you know, and my friend ed frien, edward lawrence knows, corporate tax rate from 35 to 21 does not expire, does not. i don't know what joe biden -- that is one of many things i don't know what he is talking about. the 100% immedia right offs are expire, the personal stuff will expire that would to great damage, and edward reports and my pal steve moore said would do damage to typical working families, how does that help anyone? >> it doesn't. and our economists and our tax model estimates that biden tax increase would cost the economy almost 800 thousand new jobs. reduce the size of the economy by 2%, and lower capital investment this bad for every income group up and down the income scale, and especially those people as steve mentioned at the middle and lower incomes from benefit from increase child tax credit and higher standard deduction, more and more people don't have to itemize any more, there ar

we want to use your enormous information and bring in our pal scott hodge, president emeritus of the x foundation. you know, scott, one small thing here in this political debate with respect to expiring, as you know, and i'm sure my friend edward lawrence knows, the corporate tax rate dropping from 35 to 21 does not expire, does not expire. so i don't know what joe biden -- one of many things, i don't know what he is talking about. the 100% immediate depreciation writeoffs, yes, those are already expiring the last couple years. it is all the personal that's going to expire, which would dough great damage as edward's report as my pal steve moore said would do great damage to typical working families, middle income families, scott. how is that helping how is that helping anybody? >> it doesn't, larry. in fact our economists in our tax model estimates that the biden tax increase would cost the economy almost 800,000 new jobs, excuse me, reduce the size of the economy by about 2% and lower capital investment. this is bad for every income group up and down the income scale and especially t

arthur, we have had the tax foundation on, scott hodge, speaking of consequences, biden's plan basically scott said it will lose about 800,000 jobs, 2% gdp, 2% loss in real wages. i think it actually would be worse than that. but the point is this. biden wants to tax and discourage success and opportunity. that's really his message. >> it's totally his message. he wants to get everything under the government up brill la. that is exactly what he wants to do and only thing he keeps them from doing that are private sector jobs and income. and when you look at the facts, larry, the facts are really very explicit, whenever you raise taxes on the rich, the economy underperforms, tax revenues from the rich go down and the poor are hammered. when ever you lower taxes on the rich, the economy outperforms, tax revenues from the rich go up, the poor, minorities, disenfranchised do well. that is exactly what you find from 110 years of u.s. data where we look at every single tax return. i just don't understand how he can sell this message when people understand clearly it just doesn't work. larry: su

expire, 62% of households would see a tax increase joining us right now with more on that report, scott hodgess a senior policy analyst also with us at the table, robert frank good morning to you both scott, i'm gioing to start with you. what are the chances this expires outright and we're sitting with the tax policy as of 2017? >> i think it's very minimal i think some deal will be reached to balance the desire for more tax revenues because of the growing deficit and debt with the need to keep in place some of these tax cuts for middle and lower income people the president has already said that he would not raise taxes on anyone earning less than $400,000 a year. so you can see that somewhere in there is probably a compromise between democrats and republicans. >> scott, that may be true and maybe robert wants to weigh in on that. we also heard his plans for capital gains taxes, which would move up basically double practically. >> more than double. >> more than double. >> what do you think the that a also throw salt into the mix of all of this? >> i think that's quite possible i think you see