corporations and not the employees. and the stock market, the benefit of the rising stock market, what percentage would you a problems mate is involved in that? about half. of course those are the half that need the least help. so you have a significant percentage of the population, the lowest income earners in the country not benefiting at all from this. the corporate tax side. they will benefit a few dollars on the income tax side. but that s only a few years, and then they will pay the price. ultimately again, this exacerbates the disparity of wealth and income in the country. let s get to the russia investigation. the new york times reporting that the president tried to fire robert mueller last summer in june but then backed off when white house counsel threatened to quit as a result of that. you were on board already for
kind of a dying breed. i am, sadly. david: maybe there s a way to bring your breed back into prominence. people, however, are voting with their feet and folks from high tax states are moving out. we have a map, illinois, new york, new jersey, connecticut, i mean, these are places that have very high taxes in their own states, whereas they re moving in people are moving into states like texas and florida that have no state taxes, so, why doesn t cuomo and other democratic politicians get with it? you re referring, for example, with florida, there s no state income tax. david: correct. in the state of florida, but that doesn t speak to anything to do with property taxes. david: that s true. there has to be a balance here. i was a state legislator for ten years served on the ways and means committee and we went through significant tax reform and incremental tax reductions in the state of ohio particularly on the income tax side. it transferred that burden to the property taxes fo
system, the highest earners more able to leave will move to florida or texas or other low-taxed states. the fear, they ll lose those people. there are two ideas starting to take shape. first relates to the income tax side. the idea, switch from an income tax to a payroll tax. the weird thing about this bill is that companies can still deduct state and local income taxes. the idea, run the tax through the company. the company takes the deduction, passes it along to the worker. the worker still pays the same tax, gets the same deductions but flows through the company. that s on the income tax side. on the property tax side, what they re talking about is either transferring the entire school system of a state or parts of state government into a charity. so like in the case of new jersey, say about half of your property taxes go to the school system. the school system becomes a charity. you deduct half of your local taxes into a charitable deduction. you get a state tax credit and
getting to the place that s a better bill for the people of your state and your constituents? hey, dana. thanks for having us. i m working incredibly hard, working across the aisle with others. i believe we can actually bring back the state deduction. that s the ultimate goal. i m going to keep fighting to the end. dana: what about you, representative reid. do you think there s a possibility that this could get solved? yesterday chairman brady said everything is still on the table. yeah. i do believe the complete elimination of state and local tax obviously is not the right policy. we got the compromise position on the property tax or a portion of it. there s an opportunity to go further. maybe expand that compromise to the income tax side of the equation so that people can deduck that as part of their property tax deduction. probably not going to be
people don t pay taxes currently, so there are some people saying what is so fiscally conservative about this package? you are putting more money back in the pockets of families. i feel more confident with what they will do with it than washington. still going to be paying payroll taxes, social security taxes. on the income tax side on the corporate tax side it s time for relief. the last eight years, families haven t seen economic growth. they haven t seen their wages increased on average. this puts an infusion of cash, about $1200 back in the pockets of families. on the corporate side, it s going to grow the economy and make america competitive again. we are sick and tired of seeing these companies move jobs overseas because it s better to do business in ireland or canada. we have lost too many jobs. our bill lets us bring those jobs back, and those are good