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Detailed text transcripts for TV channel - FOXNEWS - 20171210:20:11:00

it s in conference right now, but i call it the mixer, i think when it comes out, it is going to be a beautiful mix. there are things that i like better in the senate bill. there are things that i like better in the house bill. i think when they come out, we will have some new additions and we will have the best of each. i think we re going to have a fantastic tax bill. president trump wednesday promising a fantastic final bill, as lawmakers in the house and senate sit down to iron out the differences between the tax plans each chamber passed. pennsylvania senator pat toomey was tapped by majority leader mcconnell this week to be part of that conference committee. he joins me now. welcome, senator. i know you played a big part in writing the senate bill. so the president said last weekend that 22% on the top corporate rate would be possible after saying for months that 20% was his real target. so is 22% possible in the end?

Hi billUnited states senateDe lower back painTax billAl frankenSenator toomeyConference committeeMajority leaderThe end

Detailed text transcripts for TV channel - FOXNEWS - 20171210:20:17:00

government forces americans to buy a product that they don t want to buy. we eliminate the tax penalty associated with failure to do so. i think there s broad support for this in the house, and i really hope that the senate provision prevails. all right. thank you, senator. appreciate you being here. we will look at the details when that bill emerges. thanks. thanks, paul. when we come back, as republicans try to merge the house and senate bills, g.o.p. law makers are high tax states hear voter backlash over ending the state and local tax de lower back pain has met its match. aleve direct therapy. the only remote controlled tens device that s drug free, wire free for deep penetrating lower back pain relief. and now get aleve direct therapy. available at walmart.

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Detailed text transcripts for TV channel - FOXNEWS - 20171210:20:13:00

against the loss in the value of the state and local tax deduction, which i agree with you, i think it is good policy to stop forcing low tax jurisdictions to subsidize high tax jurisdictions, but what s the net effect? sure, you lose some value if you lose the deductibility, but keep in mind, we take the the top bracket does not kick in as low an income level under our bill as it does under current law, and specifically the point at which that highest rate, which in the senate bill is 38 1/2 38 1/2% kicks in is not until a couple filing jointly 1 million dollars income. being taxed at the lower rate of 35 rather than 38 1/2 that had to be taken into consideration. if your income is over a million, then yes, i think you could make the case that you ve lost some of the deduction the deduction you have lost is greater than the rate reduction

De lower back painJewish stateTax deductionTax jurisdictionsUnited states senate38 1 21 million1 million dollarsRate reductionA million

Detailed text transcripts for TV channel - FOXNEWS - 20171210:20:12:00

paul, it is my hope that we will be able to hold to the 20% that we have in both the house and the senate bills. we ve got a lot of things to work out. there are differences, and there are many demands demands coming from my quarters so i can t guarantee that it ends at 20, but there s a very strong desire on the part of most of the conferees i think to keep to 20. all right. the other criticism this is that i hear from republicans around the country. my e-mail is filling up as maybe yours is too is because you re taking away the state and local tax deduction, which i think is good policy, but nonetheless, it means that in high tax states, there s some people who are going to have to pay more. but you re not compensating for that by lowering the top income tax rate, that you re raising taxes on a lot of people. what s your response to that? well, it is a little more complicated than that, paul, and one of the facts that mitigate

Paul gigotUnited states senateDe lower back painJewish stateTax deductionE mailIncome tax rate

Detailed text transcripts for TV channel - FOXNEWS - 20171210:20:20:45

Detailed text transcripts for TV channel - FOXNEWS - 20171210:20:20:45
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