Or so. Round two of celebrations in washington. In a moment the president takes lis victory lap for tax cuts he is calling so large, so meaningful. Republicans gathering at the white house after being bused in from capitol hill. Passing the bill a second time because of an awkward procedural fumble and ready to call this a win. Democrats say todays gavel strike will haunt republicans come 2018. What is in this bill . Corporations will see a dramatic permanent tax cut, individuals could see cuts, but those will expire in 2025. Those of you who benefit from a deduction on state and local, income or sales tax otherwise known at s. A. L. T. , get ready for a significant cap on that deduction and this bill ends obamacare cares individual mandate meaning in the next ten years well see millions more uninsured americans and higher premiums. Lets start, though, at the white house with nbc news peter alexander. I understand this is salve to start. What were looking at right now . Reporter hearing them trow the president alongside the Vice President and republican leaders. You hear the clapping. It feels like a holiday party. Something we havent seen in this entire 11 months the president s been in office. Hug, handshakes, high fives. The president will take the podium. Nothing is happening. Not signing the bill. Just celebrating it. The president surrounded by the people who have been critics including senators dean heller, bob corker, behind the president as well. Expected to start moments from now. The actual signing may not happen until early next year, perhaps next week in maralago. Youve heard of the 12 days of christmas. Theyll stretch this out as long as they can. Peter, the president of the United States walking up to the poeds y podium. Lets listen in as the president shakes hands, congratulates some people. Those are the reminiscent of the day that obamacare first passed in the house. A celebration, although it was a summer day and there was beer around, but it is members of congress, republican members of congress gathered around white house staff, a number of executive member members of the executive branch in the audience. The press behind them. Were not sure this going to become a q a, the frpresident i some distance from the reporters and may not have a conversation with them if he chooses to. Right now the president is celebrating this one legislative victory hes been waiting for. Lets live in. Thank you very much. These are the people right behind me that worked so long, so hard. Its been an amazing experience, i have to tell you. Hasnt been done in 34 years, but actually, really hasnt been done. Because we broke every record. Its the largest i always say the most matti ivmassive bute largest tax cut in the history of our country and reform. But, tax cut. Really something special, and i noticed, this just came out two minutes ago. They handed it to me. At t plans to increase u. S. Capital spending 1 billion and provide 1,000 special bonus to more than 200,000 u. S. Employees and thats because of what we did. So thats pretty good. Thats pretty good. And i have a whole list of accomplishments that the group behind me have done in terms of this administration and this congress, but youve heard it before. Records all over the place, and that will continue, and then some, because of what we did, but 3. 2 trillion, just think of it. In tax cuts for American Families including doubling the standard deduction and doubling the Child Tax Credit. The typical family of four earning 75,000 will see an income tax cut of more than 2,000. Theyre going to have 2,000. And thats, in my opinion, going to be less than the average. Youre going to have say ta lot than that. One thing it very important for the farmers, the great farmers and the great Small Business owners that were forced to sell their businesses at Bargain Basement numbers. We have provided for the most part a state tax wiped out so they can keep their farms in the family. That to me is a very big factor. Very big. This is this is going to Mean Companies are going to be coming back. You know, i campaigned on the fact that were not going to lose our companies anymore. Theyre going to stay in our country. And theyre going to stay in our country and youve been seeing whats been happening even at this prospect. But they have tremendous enthusiasm right now in this country, and we have companies pouring back into our country, and that means jobs, and it means, really, the formation of new, young, beautiful, strong companies. So thats going to be very, very important. The passthroughs you know all about and the Small Businesses are going to be big beneficiaries. We are going to bring at least 4 trillion back into this it country. Money that was frozen overseas and in parts of the world and some dont even like us, and they had the money. Well, theyre not going to have the money long. And so its its really [ applause ] i guess its very simple. When you think you havent heard this expression, but we are making America Great again. You havent heard that. Have you . [ applause ] i want to i want to have them get up and get the glamour and the glory, and i just want to have a few of them come up and theyll speak for a little while, short. The shorter the better. That way we can get all of you. Get everybody up. Right . But i want to thank Mitch Mcconnell. I want to what a job. What a job. [ applause ] and i want to thank paul. Yeah going to speak. Say a few words. But paul ryan and mitch, a little team. We just got together and we worked very hard. Didnt we . Huh . It seems like it was a lot of fun. Its always a lot of fun when you win. If you work hard and lose, thats not acceptable, but im going to name a few names and then some will come up, but people that i saw oh much over the last month, and, really, over the last almost year, because when you think of it, we havent even been a year, and we did the largest tax cut in our history. We i late to say this, but we essentially repealed obamacare, because we get rid of the individual mandate which was terrible. [ applause ] and that was a primary source of funding of obamacare. And anwar. So a friend of mine oh, congratulations. And dan wheres dan . Right behind you no. And don, too thank you. So ill tell you. Between dan and don and lisa, youve done a very great job. So a friend of mine called up an anwar. He said, you didnt get anwar . I said tell me about anwar. Weve been trying to get that passed, the whole country, the world. Tried in ronald reagan. Tried with the bushes, tried with everybody. Pe they never got it, but we got it in this bill. We have anwar, mandate and the tax cut and the reform. I mean, when you add up the size of this bim its really great. So lisa, thank you very much. Lisa murkowski. So john cornyn, the great chairman orrin hatch. Great job, orrin. Wow, orrin is is a special person. Tim scott, incredible. Hes going to say a few words. [ applause ] hes younger than i am. [ laughter ] i have it mostly memorized, but tim scott has been great. John thune. Wheres john . John. John. [ applause ] great job, john. Rob portman, a real student of the tax world. Rob, thank you very much. I want to thank i said hello to john cornyn. Pat toomey. We rode together in pennsylvania, but, pat, wheres pat . Pat . Great job. He knows his business. Susan collins we want to thank. Susans around someplace. Susan. Thank you, susan. All friends. I mean, i look at these people. Its like were warriors together. Chrissy nome in the house and die an blaane black. Our great speaker, paul ryan, and he is a great speaker. [ applause ] great job. Kevin mccarthy. [ applause ] kevin what a job, kevin. We had fun. Didnt we have a good time . Steve scalise, hes braver than all of us. Hes braver. Where is he . [ applause ] ah, boy, i dont know. He had a he had a rougher year than most of us, but a hell of a way to lose weight. You said you lost weight. We love you, steve. Great job. Great job. Kevin brady. Kevin. [ applause ] kevin brady. So maybe what ill do is and by the way, i mentioned at t, but Many Companies have come forward in saying theyre so happy and theyre going to be doing similar announcement. Were going to see something thats going to be very special. Bringing the entrepreneur back into the country, getting rid of all the knots and ties and youre going to see what happens and ultimately what does it mean . It means jobs. Jobs, jobs, jobs. So its going to be really a very special period of time. Were in a very special period of time, and its goings to be even more so. I want to thank everybody behind me. Maybe i could start with mitch and then go to paul, and then were going to have a few folks come up and say a few words and well have a little fun. Okay . Much, how about you start it . [ applause ] well, let me just say, mr. President , you made the case for the tax bill, but this has been a year of extraordinary accomplishments for the trump administration. [ applause ] weve cemented the Supreme Court right of center for a generation. [ cheers and applause ] mr. President , thanks to your nominees weve put 12 Circuit Court judges in place. The most since the Circuit Court system was established in 1891. You hold the record. Youve ended the overregulation of the American Economy, and that coupled with what we did last night and what the house finished this morning means america is going to start growing again. Thank you, mr. President , for all youre doing. [ applause ] first of all, what this represents is a promise that each and every one of us made to the American People last year is a promise that is kept today. [ applause ] something this big, something this generational, something this profound could not have been done without exquisite president ial leadership. Mr. President , thank you for getting us over the finish line. Thank you for getting us where we are. I just want to quickly say, such a team effort from everybody. I want to thank gary cohen and Steve Mnuchin from the president s Economic Team for what they did to get us here. I want to thank my partner Mitch Mcconnell over in the senate for getting us to where we are and thank these two chairman, orrin hatch and kevin brady. Thank you so much for your leadership on this. [ applause ] it is really simple. The message to the Hardworking Taxpayers of america is your tax relief is on its way nap is whats happening here. The message to the families in america who have been struggling paycheck to paycheck, your tax rates are going down and your paychecks are going up. This is the kind of relief that americans deserve. This is the kind of tax reform and tax cuts that get our economy growing to reach its potential. This gets us better wages, bigger paychecks, a simpler tax system. This gets the American Economy competitive in the global economy. This is one of the most important things we could do for all of the people we represent. This is generational and were see excited that we are going to launch next year this fantastic tax reform so that the American People can see how we can truly reach our Economic Growth and our economic potential, and if it werent for all of the leadership of the men and women up here, this would not have been made possible. Lastly, i just want to thank the American People. I want to thank the American People for putting their trust in us, for giving us this chance and this ability to make this moment possible. Thank you very much. [ cheers and applause ] thank you. A man whos been working very hard. Thank you, paul. Very, very hard for a long period of time, and last night was very much a culmination, but i dont know if well have bigger moments, but we hope to. Were going to try. A very special guy, and great friend of mine, Vice President mike pence. [ applause ] well, thank you, mr. President. Thank you for those kind words, but more importantly, thank you for your leadership. Thank you for your boundless faith in the American People. And thank you for keeping your promise to see this Congress Deliver the largest tax cut in American History before christmas of this year. Merry christmas, america. [ applause ] the members of our cabinet, leader mcconnell, speaker ryan, all of these members of congress, thank you. Thank you not only for being here today for this special moment but thank you for your leadership and support throughout this year. I truly do believe, mr. President , that this will be remembered as a Pivotal Moment in the life of our nation. A day when the congress answered your call and made history, but honestly, i would say to the American People, President Trump has been making history since the first day of this administration. Hes been rebuilding our military, standing with our veterans and just last week President Trump signed one of the Largest Investments in our National Defense since the days of ronald reagan. Weve been defending our borders, upholding the rule of law. Illegal crossings on our southern border are down by more than 50 . And President Trump has been restoring american credibility on the world stage. Standing with our allies and standing up to our enemies. As the president reflected earlier today our nato allies are paying more towards common defense. North korea more isolated than ever before. This president s put iran on notice and put the war on afghanistan on a path to victory. And thanks to the leadership of this commander in chief, and the courage of our armed forces, isis is on the run. Their capital has fallen, and their socalled caliphate has crumbled across syria and iraq. [ applause ] but what brings us here today is that President Trump also knows that american strength starts with a growing American Economy. From the first day of this administration, this president championed free and fair trade. He rolled back federal red tape at record levels. Weve unleashed American Energy and today mr. President , you fulfilled the promise you made to millions of americans struggling in this economy. To cut taxes across the board. For working families and businesses large and small. In august of this year the president laid out his vision for a tax dhacut that would be middleclass miracle, and thats exactly what the Congress Passed today. [ applause ] this tax cut will put more money in the pockets of the American People. It will make our tax code more simple, more fair, more easy to understand, it will make businesses across america more competitive to create good paying jobs and raise wages for working americans. I can tell you i serve with him every day. President donald trump is a man of his word. Hes a man of action. And with the strong support of these members of congress, President Donald Trump delivered a great victory for the American People. [ applause ] we made History Today. But as the president said when we gathered this morning a few of us, with a few less hours sleep than usual, were just getting started. And i can assure you, this president , this entire administration will not rest and relent until the forgotten men and women of america are forgotten no more. So thank you, mr. President. Thank you for your leadership. Thank you for your love for this country and the people of this country, and i know in my heart with the strong continued support of the members of congress who are gathered on these steps and with gods help you will make America Great again. [ applause ] thank you, mike, very much. A friend of mine. A very, very special man, tim scott. Tim, id like you to say a few words. He came in and he would solve some problems that we werent looking too good a couple of times, and tim was really, really a tremendous help. Thank you, tim. Well, mr. President , during one of those conversations we had, we talked about ways to improve distressed communities throughout this country. 52 million americans living in distressed communities and we talked about legislation that can move those communities forward, and you said, yes. And as a part of this tax reform package, the investing and opportunity act has been included which will bring trillions of dollars into poor communities, because of your willingness to listen. [ applause ] the president said i only have about 45 minutes so im going to get to my oh. He didnt say that. Okay. Got it. Let me just say to those americans who are watching this process, this is not about washington. Its not about the left. Its not about the right. Its about singleparent moms who are looking for a reason to be hopeful in 2018. This tax reform plan delivers for the average single mother a 70 tax cut. For the average family whos working paycheck to paycheck looking for ways to be hopeful about their future. To have an extra night for dinner out at a restaurant, this tax reform package cuts their taxes by nearly 60 . And because of folks like marco rubio and ivanka, which you t b think about the folks with kids in the household, this plan doubles the Child Tax Credit and makes about 70 of it refundable. This is a plan that we can be proud of, because it speaks to the hearts of everyday americans. [ applause ] diane, come on up. Diane black. Thank you. [ applause ] thank you, mr. President , and i want to thank you all of the folks that are standing behind me, because it has been a team effort. When we talk about doing tax reform and the tax reform and jobs cuts act, that is what the American People are going to benefit by, and as tim has just said, it is the average american. Thats the reason why we did this tax reform. We looked at those right in the middle. Those families that need the assistance and the help, and the relief to be able to live their lives the way we have promised with the american dream. It is such an honor to stand here with the president of the United States, the Vice President of the United States, who have been an integral part in making sure that this happened. I want to thank kevin brady, who i know hours and how shes and ho and hours worked hard to make this happen in what was really a short period of time and some of the folks left ot right now, and weve thanked them before and i want topublic. All of the staff that worked so hard in both the house and the senate to make this happen. [ applause ] now, we can say Merry Christmas to the American People, because we are giving them a huge gift for christmas. A break in these taxes and an opportunity for our jobs to grow and to give them a bigger paycheck, and so i want to say thank you to you, mr. President. Thank you President Trump for allowing us to have you as our president and to make America Great again. [ applause ] thank you, diane, very much, and we can say, Merry Christmas again. People are saying Merry Christmas again, and we like the sound. I want to ask Lisa Murkowski and dan sullivan to come up from alaska. Theyve been really working, and if don young is here and i think hes around here. The three of them. Come here. Dan an don dan, get over here. Yes, sir. Lisa . You get right here. Thank you. Youll get my name right. I did, actually. Mr. President i dont know if you recognize this is is a very historic day, of course, but its also the beginning of winter solstice. It doesnt feel like it right now, but the winter solstice is the shortest day, darkest day, and for us in alaska weve had pretty dark days recently. But with passage of this tax bill, with passage finally almost 40 years later to allow us to open up the 1002 area, this is a bright day for alaska. This is a bright day for america. All right whew mr [ applause ] so we thank you. We thank you for that. Think about it. 31 years weve been working on tax reform. 38 years now to open up ammar. This has been a multigenerational fight, and i look to some of our friends from alaska who have come 5,000 miles to be here for the vote last night, and today [ applause ] to those to those who live there, to those who raise their families there and to those who are looking to live for generations, know that our promise to you today is a bright future. One where we care for our environment, where we care for our people, and we also care for our country and are providing a resource that is needed, not only by the United States, by alaskans, but by our friends and allies. This, mr. President is what Energy Dominance is all about. So lets go. Well, mr. President , i want to thank you and your administration. I want to thank secretary zinke, doing great job and senator murkowski said it very well. This administration has come in and recognized this incredible, incredible resource that we have in our nation. Developing our energy is good for jobs. Its good for energy security. Its good for manufacturing. Its good for the environment, because we have the highest standards in the world, and its very, very good for our Foreign Policy and National Security. Mr. President , sir, you released your National Security strategy just a couple days ago, and in there you talked about the economy, which is somewhat this tax bill is all about, but you also talked about Energy Dominance, and i want to thank you. I want to thank you on behalf of all alaskans and the American People because its the right policy and were finally, finally doing it. Thank you, sir. Thank you. [ applause ] thank you, mr. President. I want to take all of these guys standing behind me, and thank them. These ladies, the people that helped me do this. This is 37 years i tried to get this passed. It proves one thing. Perseverance overcomes intelligence any day of the year. [ laughter ] but i want to thank the president. I want to thank you, mr. President , and my two senators. This is a team that cant be beat knowing whats right nor alaska. This bill does whats right for this nation and the great land will be great again. Thank you, mr. President. [ applause ] [ cheers and applause ] hes a pretty popular guy. Huh . Pretty good. I want to ask orrin hatch, a special friend of mine, i can tell you that. Somebody that spoke really well of me when it wasnt exactly the easiest thing to do. He was just always in there, always fighting for all of us, and did it fantastic job as chairman. Orrin, say a few words, please. [ applause ] mr. President , i have to say that youre living up to every everything i thought you would. Youre one heck of a leader, and were all benefiting from it. This bill could not have passed without you. Couldnt have passed without the alaskan delegation, couldnt have passed without the leadership in the house and the senate, paul ryan and Mitch Mcconnell and the other leaders as well. All i can say is were making headway. This is just the beginning. If you stop and think about it, this president hasnt even been in office for a year, and look at all the things hes been able to get done. By sheer will in many ways. I just hope that we all get behind him every way we can and well get this country turned around in ways that will benefit the whole world, but above all, benefit our people and bring us all to a realization of how really Great America really is, and how the rest of the world depends on us. I love this country. I came from very humble roots. I have to say that this is one of the great privileges of my life to stand here on the white house lawn with the president of the United States who i love and appreciate so much and with these wonderful colleagues and cabinet member whose stand behind us. And to see all of you and realize that you care, too. All i can say is that god loves this country. We all know it. We wouldnt be where we are without him. And we love all of you. And were going to keep fighting, and were going to make this the greatest presidency that weve seen not only in generations but maybe ever. God bless all of you. [ applause ] paul ryan just said, how good was that . Another very special man, worked so hard, knows it inside out and backwards. Kevin brady. [ cheers and applause ] okay, guys. [ applause ] thank you, mr. President. This is a historic day. Its an exciting day. I knew i was going to be here with you to mark this momentous occasion so i wore my Houston Astros tie, because theyre still the champion of the world series i figured today you would give me some slack on that. Look, this is a historic day in so many ways. And it didnt happen just by itself. Pete will often ask, when did you know . When did you know tax reform could be achieved in america for the first time in 31 years . My answer is always the sail. November 8, when President Trump, you were elected president of the United States. Thats when i knew it was real. [ applause ] and when you put together the great ideas on tax reform from inside and outside congress, and many of you here today with us, remarkable leadership encourages from the men and women behind me in the senate and especially my colleagues in the house, when you put together remarkable leadership in the house and the senate, the work that was done in the white house, gary and steve, Vice President pence and mr. President , your willingness to make this your commitment, to go ay cross the country to sell the need for tax reform and then stay at the table with us and on the phone with us to get this done, but for your leadership we would not be here today. Thank you so much. And [ applause ] and let me finish by speaking directly to the American People. There are three dates you need to put on your calendar. The first is new years day, because on new years, our country will have a new tax code for a new era of american prosperity. New years day. [ applause ] in february, look to your paychecks. Hardworking americans will see the result of the hard work of this president and this congress to make this tax reform possible. It will show in your paychecks. And then april 15th. That hated day. This april 15th will be the last time you ever file your taxes under this horrible, broken tax code, because youll have a new one for the future of your family and your Small Business. [ applause ] so this is a great day for our country. A great day for our economy, and a great day for america. Thank you, mr. President. [ applause ] thank you. Did a fantastic job. And another man who is with us, with us all the way, no mat whir i called he was there or would get back within minutes. Kevin mccarthy. [ cheers and applause ] to the president and Vice President , during that campaign you listened to voices no one else was listening to. You listened to those that were trying to get a pay raise, or that parent that was fighting for their children. Or to that person who always dreamed of being an entrepreneur and creating a Small Business, like you did, mr. President. And you know what . For all of those people you heard them. We would not be standing here today if it wasnt for you. It doesnt matter if you were overseas fighting for america. So many people back here got your phone call, fighting for tax reform. This is a big day for america. This is americas comeback. [ applause ] come february, check your check. Because that will be the pay raise of the vote for donald trump. That will be the beginning of the next century, americas century. Thank you, and god bless. [ applause ] so i just want to conclude by saying, this will indeed be a very big day when people look back at our country. Its a whole different attitude. A whole different way, and i really want to end by looking back and thanking all of those people standing behind me that worked for years. This was the culmination of a few months work, but theyve been working on getting this done, whether its mitch or paul or kevin or kevin or orrin they have been working on this for years. Years and years. And i just want to turn around and i want to thank them all. They are very, very special people. Thank you very much, everybody. [ applause ] okay. Wrapping things up. One ear out for questions. I should tell you the reporters are nowhere close to the president. In front of the president is is a large audience of invited guests, members of the administration. Peters going to tell us whos there. Peter alexander and Garrett Haake as well, i believe. There was talk, peter, of this maybe having become a press conference. That morphed into some sort of celebration. Trying to hear if there are questions going in there. Reporter trying ali. Were pretty far back. Okay. Peter mr. President , what about c. H. I. P. , sir . The Childrens Health insurance program, not funded . Reporter to be clear, half a football field away. That he hears us is limited. He promise add News Conference today. Viewing that as an opportunity for cameras to come out and he gets on the news. Clearly questions, that isnt happening. Well said. Peter a few senators, a few people, i dont know how many didnt attend this, a few republicans didnt attend. We believe Susan Collins wasnt there. Reporter was not. Jeff flake wasnt there. Senator richard burr was not there either. He had a reason. He said hes not going to the white house while leading the Senate Investigation into russian interference into the election. I hadnt heard he had taken that position before . Reporter no. We didnt seat senators you indicated now. We heard that from the senator in the past. For all the talk of the republican sivan war over much of the last 11 months of this presidency, today it was about as united a part weve seen to this point. Really does feel like, we noted, a holiday party. The question is politically does this one come with a hangover in the future . What struck me over the course of the last 25 minutes, ali, how much of the praise was split between this tax cuts bill to be signed into law in the coming days by the president , and how much was simply praise for President Trump himself. You heard orrin hatch say hes one heck of a leader, others say orrin hatch said he loved him. A lot of love going on in that conversation. Reporter a ton of love. Felt a lot like the cabinet meetings weve seen in the past. The ninth one occurred today, the Vice President , mike pence showered the president with praise, but basically the president , they know how to play to the president s heart, one after another stepped before the mike and before cameras watched across america and in effect said why they appreciate this president as he stood there and enjoyed it. Something else. There was a lot of love. There was did not seem to be open wounds. Senator murkowski, Lisa Murkowski looking directly at the president , atlanticful f tht she got. Reminds you, marco rubirubio, murkowski, collins, all came around in this bill in part because they got something. This is the swamp that americans dont like. Its the washington that americans dont like. They didnt come around because they thought it was the best bill. All against it at one point and then came around. Reporter exactly right. Notable what we saw here today, for the republicans, end of the year, mocked for the ineptitude of this administration. A month ago in the road guase g celebrating prematurely the Obamacare Repeal and replacement. Senate hadnt voted and that didnt go anywhere. In the waning days of the year the president celebrates think for as much as anything being repeal, as he says, of obamacare. Specifically of the individual mandate that the congressional budget officers says means that 13 million more americans will go without insurance in the next decade from now. Spoke to individuals today whommered by that. Seeing premiums skyrocket because without the mandate fewer healthy individuals will be in that marketplace. Which means those with preexisting conditions and others are more likely to pay more. Bottom line end of the day, how will this effect americans in the near term . Certainly 95 according to independent analyses, will see a little more money in their wallets. Remember, that expires, the Corporate Tax cuts do not. That is a very good point. By the way, the president is pleased about the idea that to him this represents the repeal of obamacare. Its not quite that simple, but it certainly is another reporter take as hammer to t. Another kick to one of the stools of the bill. And not much action on capitol hill. Seems theyre all at the white house, garrett, except you. Reporter right, ali. The republican half certainly. Just about everybody going over to the white house for this. I think i have two big takeaways from watches this play out. First, 2018, for next year, republicans are lining up to run on this tax cut bill. They clearly feel good about what theyve done. You heard the branding, this, mike pence calling it the middleclass miracle. Kevin mccarthy saying this is your trump raise, americas comeback. Republica republicans knew it was unpopular and making a bet it will be more popular when people start to feel it in their wallets, if they start to feel it come february or moor. Second, for the next year, 2018 up to the elections, this is the kind of event, despite the pageantry, despite the sort of pep rally feel to it, that might make democrats nervous. Heres why. The president and the Republican Congress are figuring out how to talk to each other. Theyre figuring out how to work with each other. You hear Mitch Mcconnell telling the president , youre breaking records, setting records. Thats language this president likes to hear. You hear this president boosting even people like Lisa Murkowski who have been foils of his in the past. They have fought as much as theyve worked together. Republicans on the hill and the white house down the street. This bill marks a change in that, and if theres muscle memory for this white house and what it feels like and how they were able to get this win, not sniping at each other, working together on it. Staying focused even in these procedural stumbles as we saw yesterday. Thats the kind of thing that may make democrats nervous going forward, if republicans figure out how to finally harness all the live elive levers on cap hill. And the president s economic adviser gary cone was an an event in washington asked what he would change, could change one thing in the gop tax bill, what would that be . I think one could have actually guessed the answer, because the one thing that the president said he wanted taken care of, one thing gary cohen wanted taken care of over and over again during the campaign is something called carried interest. I want to have is a conversation with you about carried interest. Can i go over to the board here . Carried interest is not touched by this bill. This is kind of interesting, because this is is a loophole that is only for the wealthy, only even a certain type of wealthy and really hard to explain why or to justify why the carried interest loophole kpon continues to exist. Carried interest has nothing to do with carrying interest. The term dates back to 16th century italy. A ships captains transported cargo and took a 20 cut of whatever he carried. Fast forward to now. A private equity fund makes money usually in the millions. A big chunk of that money goes to the investor, like the old ships captain, 20 goes back to the fund manager. That 20 is carried interest. The fund manager pays 23 tax, 23 23 23. 8 , capital gain tax and 3. 8 invest tax. How it should be according to those who view Fund Managers as entrepreneurs. The idea, entrepreneurs should reap rewards from selling something that they built. Putting their capital at risk. Others argue for closing the loophole saying 20 cut is actually income. Like you would earn income. And i would earn income. That is taxed at a combined rate, being taxed the regular way of 43. 4 . Reezbling behind that, these managers tend to be extremely wealthy and paying that 23. 8 means their taxes are lower than people who currently make 40,000 a year. Usually paid based on how well a fund performs. Closing a loophole would make these wealthy managers pay the equivalent of 43. 4 in taxes. More on par with the top income bracket. Joining me now from capitol hill is democratic senator from wisconsin and member of the Senate Appropriations committee Tammy Baldwin, who is i think about as incensed with this concept as i am, and in fairness, senator, nobody fixed this for a long time, but the president campaigned on the idea that this should be gone. I cant book a republican member of congress who can stand where you are and explain to me or give me an excuse why carried interest, the carried loophole interest was in neither of those two bills . Its such a missed opportunity. During the Senate Debate earlier i offered and amendment. Gave every single republican in the senate a chance to join democrats in closing this carried interest loophole, which you know allowed Money Managers on wall street, hedge Fund Managers to pay at a much lower tax rate than hard working americans. And none of them joined me. I gave them the opportunity to help President Trump keep his promise, and none of them did. Theres no valid explanation, and why we can listen to republican after republican talk about how this helps working people, when they have chosen, chosen to reward wealth over work in this tax bill. It defies all logic, and frankly, i think its a slap in the face to hard working people. To be clear, if you are a working stiff in america, you work for a company. You get a check. Youre a salaried employee or wage employee, theres no shenanigans. Nothing you can do. Tax comes out before you even get your check or before it goes into the bank. That is labor. And we have decided. Thats right. We have decided assets are taxed at a lower rate than labor. There may be a philosophical argument behind that. Didnt do it, perhaps people wouldnt put assets in, but its sub 125sstantially o lower. Using your back and lengths to work is substantial in our country. Correct. The current tax code, the one well see once President Trump signs this bill is going to skew it even more towards income derived from wealth. From investment. It is going to compound the bill that already gives the vast amount of its benefits to the top 1 , the top 10 in america. The largest corporations, that now even when people have the same income, it will tax at a higher rate, that income that comes from hard work versus that income that comes from invested wealth. It is truly remarkable. Senator, thanks for joining me. Yes. Maybe another chance to go at carried interest. And senator Tammy Baldwin of wisconsin. I want to open up this discussion to a panel that ive assembled for this great discussion. Stan calllaenedor, and washingt editor at large of the atlantic, and committee for responsible budget, head of the Nonpartisan Movement campaign to fix the debt and policy research a member of economics 21, an organization that focuses on budget tax and economic policy. Great team to discuss this. Let me start with you, ryan. Do you know people prepared to come forward and make an argument why the carried interest loophole continues to be part of this tax cut . I wasnt part of the discussion on be this bill. I do know that there is definitely a case for doing something on it when the optics look pretty bad, when a hedge fund manager, for instance, is paying a lower rate than a laborer. At the same time, i think its a symbolic issue more than a revenue issue, because the amount of money raised on it wouldnt be very large, but i can see how it can frustrate people. Right. A discussion about middle class tax cut, seems weird. And maya, your group is one of several important groups that studied the tax bill, and weve had to rely on your evaluation of it, because we didnt get a proper score on it. This didnt go through the norm processes. Your evaluation, maya, if the personal tax cuts, set to sunset or to expire, the individual tax cuts, if they were to be continued as many republicans have argued they should be and maybe congress by 2025 will have to decide they will be, the hole in the debt could be in excess of 2 trillion . Right. So lets remember that since this whole process started its kind of been a long, steady march away from the basic principles of tax reform which were pro growth tax reform simplifying the tax code and improve or fiscal situation. Instead we have a plan with very bim reform a lot of cuts and adds to our debt already at record levels. By our estimateses even after accounting for this plan first will add about 1 trillion more to the National Debt at a time we should be bringing it down. If you get rid of all those gimmicks, add in another half trillion. Were talking about a massive amount of borrowing to finance this tax cut, and that means that its less pro growth than it otherwise would have been which is a real lost opportunity. Stan, you and i have probably known each other since we both had hair. I used to think there were deficit hawks, conservatives who didnt let me see stan. Can we put stan up while im talking to him. There used to be deficit hawks and now ive learned that there are only deficit hawks if the deficit is caused by spending. If its triggered by tax cuts, its not such a bad thing. To be honest, republicans have been saying that for a long time. As long as its with tax cuts it will be fine because it will pay for itself. Steve mnuchin and gary cohn and others have been denying that this is not going to pay for itself and they keep insisting of it will. This has not been the death of deficit talks but the death of a real truths and facts budgeting. Steve clemmons, you probably heard the president talking about how amazing this is for american businesses and the ceos who love him and companies. He made a specific reference to at t. Lets listen to it. So maybe what ill do is and by the way, i mentioned at t, but Many Companies have come forward in saying theyre so happy and theyre going to be doing similar announcements. Well see something thats going to be very special. Were bringing the entrepreneur back into this country. Getting rid of all the knots and ties and were going to youll see what happens. And ultimately, what does it mean . It means jobs. Jobs, jobs, jobs. So its going to be really a very special period of time. Were in a very special period of time. And its going to be even more so. The entrepreneur never left america but, steve, the ceo of at t in one of the most cynical moves ive possibly ever seen made an announcement today that they are increasing Capital Expenditure by a billion dollars in the United States as a result of this tax bill, and they are paying bonuses of 1,000 each to more than 200,000 u. S. Employees. Now one would say, why is that cynical . Thats fantastic. A Great American weapon. Whats more american than at t. Is at t looking for anything from the government right now . Anything at t needs. Oh, wait. Purchase of the theres a united trust decision out there with time warner and the ceo of at t has gotten not only a gift today in terms of lower tax rates when randall was part of the roundtable. He chaired the session on getting a corporate lower tax rate during the obama administration. But also the Net Neutrality collapse also helps at t in their plan. So both of those have come in on the at t side. They are now promising and gary cohn didnt mention at t but obliquely referred to it and said this megafirm was going to come in and build investment but a lot of others were going to build it and they thought this would put us on much more of a lovely Playing Field with countries like china and others around the world. It would continue to bring investment back in the United States in a High Traction way. Do i have time to ask brian a question . Lets just talk about this because what the president says is simply not verifiable that there are all sorts of companies coming back into america, coming back into america. Were going to repatriate. I think he said 4 trillion worth of offshore money. Its not that none of this will happen but the president always goes to the extreme. Theres 4 trillion in total of american money offshore and somehow thats all coming back and everybody who built a factory and moved to ireland and went to china for lower wages suddenly thats all done. They are all coming back to america. Well, the total for offshore profits includes money as you say that was already reinvested in those countries. So if you built a new factory in germany, then youre not going to tear down the factory, sell it for scrap and bring it back. But theres a significant amount of cash that could come back, and in the future, more money could be repatriated. But i agree. The entire 4 trillion is not coming back. The assets are not being sold. Its a portion of it. Maya mcgin eas i say to people, if this growth estimate the government keeps putting out doesnt come to pass, thats fairly serious. If i say that were not going to get that kind of growth and im wrong, i just look foolish. But if the people who have passed this bill on the backs of the idea the growth will overcome the deficit are wrong, then we could increase the deficit by 10 over ten years. I completely agree were taking a major gamble based on magical Growth Numbers tharpt pretty much made up at a time we cannot afford to because we have not been in this territory before where the debt was this g guy h high. We were projecting 6 trillion in budget surpluses. Now were projecting trillions of dollars of deficits going forward. So this is the wrong moment. And i do think what will happen is well see a shortterm surge in growth because were overstimulating the economy. People will say, see, its working . And it will not be sustained. This is so short term focused, and i dont think this gamble has any chance of paying off. I hope were all wrong but thank you for that. Thank you for being with us to help make sense of this. Well be right back to check in on the markets and see how theyre reacting to the biggest, baddest tax cut in well, look at that. Its down. Dont you investors know anything . Psoriatic arthritis tries to get in my way . Watch me. Ive tried lots of things for my joint pain. Now . Watch me. Think id give up showing these guys how its done . Please. Real people with active Psoriatic Arthritis are changing the way they fight it. Theyre moving forward with cosentyx®. Its a different kind of targeted biologic. Its proven to help people find less joint pain and clearer skin. Dont use if you are allergic to cosentyx. Before starting cosentyx you should be checked for tuberculosis. An increased risk of infections and lowered ability to fight them may occur. Tell your doctor if you have an infection or symptoms of an infection. Or if you have received a vaccine, or plan to. If you have inflammatory bowel disease tell your doctor if symptoms develop or worsen. Serious allergic reactions may occur. With less joint pain, watch me. For less joint pain and clearer skin, ask your rheumatologist about cosentyx. Happy biggest tax cut in the history of the world day. Lets check on how the markets are doing. All three major markets responding to the house and senate officially passing the republican tax overhaul. Not positively, but this is what you call buy on the rumor, sell on the news. This market has been going up for a very long time. In part because of the expectation that this tax bill would pass. And then when it happens, this often happens. People start to get out of their positions. Obviously, these are tiny moves. I wouldnt pay much attention to it but just a reminder that markets do go down from time to time. Like i said go home, take the day off and think about what youll do with all that money youre getting back next year with your taxes. Dont go home yet. Watch Nicolle Wallace. Ill be back at 11 00 a. M. Tomorrow and then at 3 00. But right now its Nicolle Wallace and deadline white house. Its 4 00 in new york. Donald trump made History Today by becoming the First American president to ever promise to sign a tax cut of this size without revealing how the legislation will impact his personal finances or those of his businesses. President trump, of course, still hasnt released his taxes. The massive tax cut passed both republicanled chambers and now heads to the president s desk where hes expected to sign it into law. Heres President Trump last hour taking a bit of a victory lamp. Hasnt been done in 34 years but, actually, really hasnt been done because we broke every