Couple of days before the act passed the senate. One was a proposal to raise taxes on interests, of compensation earned by certain folks in the financial industry was removed from that legislation on request of the senator sinema. There are a focus on smaller changes to a proposed book tax that would be applied to large corporations as well as some other large changes related to the spending side and tax changes. This legislation would raise revenue and reduce the deficit by 300 billion over the next 10 years but it would come at the expense of lower growth because of the tax hike. Hike. Every day, people to know about the aftertax income due to the prior Health Care Subsidies and Energy Credits in the bill over the next 10 years but we do find in the long run because a lot of that expires you have a lower income tax income because of those higher taxes as well. Host how does this work but it would impact american taxpayers . Overall the higher taxes are the corporations and high incom
On cspan three. Turning out their tails morning, congressman 80 and smith, republic of nebraska. Hes also a member of the ways and Means Committee that deals with taxes and trade. He is the trade subcommittee ranking member. That means hes the Top Republican on that committee. Lets begin with President Biden on wednesday at the white house talking about and touting his economic proposals and what it has done for the economy so far. I will get your reaction. The historic American Rescue plan. From economic crisis to resurgence. Jobs are up. People are back to work. Since we came to office, we have traded nearly 10 million jobs, a record for any presidency up to this point. 3. 7 unemployment, nearly a 50 year low in this country. More Small Business created that anytime before in our history. American manufacturers are coming back. 6000 where is it written that said america cannot lead and manufacturing, where is that run . Guess what, for all the criticism i got and help you gave me, fo
Plus a variety of compelling podcasts. Its available at the apple store and google play. Download it for free today. Cspan now, your front row seat to washington, anytime, anywhere. Joining us this morning is Garrett Watson senior policy analyst for the Tax Foundation here to talk about the democratic proposal the Inflation Reduction Act. The tax provision specifically in this legislation. Garrett watson, you did an analysis of this bill before there were changes made to appease senator sinema any talk about the changes and your analysis . Guest there were several changes made over the last couple of days before the act passed the senate. One was to raise taxes on interests, of conversation by certain folks in the financial industry was removed from that legislation on request of the senator. Focus on smaller changes to a proposed book tax that would be applied to large corporations as well as some other large changes root related to the financial side. This legislation would raise rev
Wednesday at the white house talking about touting his economic suppose it would have been for the economy so far not get your reaction. Guest . The historic American Rescue plan and economic crisis, jobs are up. People are back to work. We have created 10 million jobs a record for any president to this point. 3. 7 unemployment nearly 50 year low in this country. American manufacturing is coming back, 6680 manufacturers. Who wearsri it written that america cant lead in manufacturing . Where is that written . Guess what for all the criticism i got in the help you gave me on gas prices they are down more than 1. 30 a gallon. Since the start of the summer. We are making progress. We are getting other prices down as well. We have more to do. We are getting there. He passed the wants andnd Generation Infrastructure lot that will modernize american roads clean water highspeed internet eliminate in every home and school. Host congressman your reaction to his touting of the economy . Guest at
New super grid. Tens of thousands of people in egypt are expected to rally in the coming hours to call for the reinstatement of Mohamed Morsi. It is three weeks since the former president was removed by the military. There seems to be no sign of his supporters backing down. People are gathering across the capital. At least 15 separate protests are being held at separate locations. Holdingesters have been a sit in. Other locations are hosting protests. There were also be a protest south of cairo. Also be a protest south of cairo. What is the ultimate aim and how big our protests expected to be . They are hoping there will be a huge box show of support on the promorsi side. Theyre gathering across cairo and across the company. There will be various marches taking place. Focal points in ,airo for the promorsi camp nassar city. And you also have protests being called for by the antimorsi to show support for the political process and military backing the process. The main demand by the prom