they re very few every year very few family run farms, for example, that actually fall under this. this is relief for some of the richest americans. okay. dozens of people affected by that. to be clear. you know, fewer than 100 at times. i understand we heard a round of applause from the ways and means committee. president trump wants to make a big deal out of applause for anything but do you get the sense republicans are pleased with where this is headed? that s true. talk about the work that went on behind the scenes here. member to member meetings with leadership, with house ways and means committee chairman brady, while they haven t seen the details and haven t leaked to us the details over the course of the last couple weeks there has been an effort on one primary issue, the overall economic picture of what this bill will present. the idea that whether you care about state and local or home interest rate deduction any of those types of things you can t look at it in isolation.
so some people would argue, may be the brakes has been put on too much and we ve overcorrecte overcorrected. perhaps that s one of the reasons it s in there. sandra: the big question is can the g.o.p. sell this tax plan? that s what we caught onto this idea of him talking about home ownership. if this plan will encourage people to go out and buy homes. will it, though? in my humble opinion? no. it s not going to encourage people to buy homes, but the fact they are saying that you are going to keep your mortgage intense interest rate deduction, they need to clean up the language on that, they need to make it clear in , and the need to make it clear as reagan did in 86, we should both be taxed at the same way. it s not fair if i live in a blue state and you live in a red state, somehow i m going to pay more. that s where you re going to
will not raise taxes anymore. the president is insisting just that. bill: just to drill down just one more point on this, what the president said over the weekend was tax rates won t change. right. bill: which, pay attention to that. that phrasing there. however, you bo after the loopholes, whether it is, interest rate deduction, whether charity deductions will stay on the table or not. do you see any of that being mixed into this current debate? yes it is, very much is in the debate but if you cut deductions, the president calls them loopholes, if you cut deductions those deductions are used primarily by upper income people. they will in the end pay a lot more money in tax. that is form of tax increase. and then you have this tax rate question. if we get the buffett rule , which the president is pushing for, that would be a change in the top tax rate as well as a closing of loopholes and deductions. bill: we ll see how they
mornings greta: tell affect them. it really affects them. but interest rate deduction, pose you capped it at $24,000 a person per year. what is that? $2,000 a month or something? then you take care of all of your middle-class homeowners and you take the folks in the $3, $4, $5 million houses who have leveraged them and they would get hammered urk i like simpson-bowles, i like the members on the committee. they work really hard t. didn t make everybody happy. but it seemed like it was at least doing something and making big inroads. i think the real problem will be in the piece you mentioned early earlier, the spending side. the democratic party, what is it in business for? its whole pride and joy, social security, medicare, medicaid, head start, food stamp, school lunches, school loans. all of these programs. harry reid and those folks coming to washington, are they