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Type tax reform. Today is day two of the Senate Committee review live on capitol hill. This is just getting under way. It collects input from amendments that have been filed. Because of a larm number of amendments we have processed the modified mark will be given to members later today as has been discussed with our Ranking Member and everyone can then have time to read over the modifications. After that process we will resume a markup tomorrow morning with the modified mark. Before we proceed today i want to make a few comments. I appreciate members participation during yesterdays session. I was glad to hear everyones initial thoughts. However a number of issues were raised that in my view werent additional responses. First is a massive tax cut for the rich. That particular claim was repeated by almost every minority member of this committee. The problem with that is that its just not true. J. T. C. s analysis shouldnt be ignored all together. Secondly there was the repeated claim tha
Regulations. Yeah, were going to need lots of regs, based on these proposals, correct . Is that correct, mr. Barthold, theres going to be a lot of regulations with these proposals . Presumably some things go away but there would have to be new notices and new regses to effectuate policies in the mark. In the areas you have mentioned, the new passthrough regime and the shift to a territorial regime with the base erosion protections. And what about deductions. Those are pretty complex also. Theres going to be regs there, right . Actually, theres a number of regulations related to interest deductions now. So that might be a net wash. A net wash. So if you and i were having a friendly beer in a bar, and i wanted to lay a bet with you on whether or not there would be a new book or whether or not we would take away a book, im willing to bet theres a new book. Based on this proposal. Would you take that bet against me . Well, if i may be a little light in answer, the publishers tend to like t
Thank you. Senator nelson. Mr. Chairman, thank you again for your courtesies yesterday so that i could give my opening statement. Thank you very much. We appreciate the hardships you have had down there and appreciate all of the good work youre doing. Thank you. Mr. Barthold. If you were a lawyer a tax lawyer for someone well off how would you advise them to gain the tax system and avoid taxes under this bill . First of all senator nelson, you know youre asking me to play make believe because im not a tax lawyer. I do not have a good answer for you at this time. I guess it goes a little it into lets talk about loopholes. What loop holds would you want to use or what loopholes should we close . Well, again, there are things there might be provisions of presented law that are unchanged by the chairmans mark that you might like to address, some things that the chairmans mark addresses would change the maybe change the relative advantage of transfer pricing. I know the committee has been w
Somalia and lebanon. It rules the president does have the power to control immigration but exceeded his Authority Given to him by congress. Cases should be decide on the rule of law. When you look at the when you look at what the law is that allows the president to do this. Thats what we were deciding on. Any lawyer with their salt fully agrees the president is within his rights and responsibility to do what is necessary to protect the country. Reporter the u. S. Supreme court is asked to throw out the injunctions and allow the travel ban to be implemented. And rule on the legality of the travel ban. If the Court Decides to hear arguments on the legality of the ban, those could take place in the fall. Gerri what does this mean for trumps efforts to ban this. There is nothing in this decision about tonight comments president elect made, the rhetoric and comments as indicative of intent. The reason for that is they knew full well the 9th circuit that its not at all clear such comments ca