two coparents, two kids. they are going to get a $1600 tax cut in the first year. what we are trying to say is let s clean it up, sophia. let people keep more than money in the first place. that s the basic philosophy behind the tax cuts and jobs act. martha: let s hear from a student. colin, what s your question? hi. i am a senior at george mason university. i m going to be graduating this semester and entering the workforce. how will tax reform help me at the side entering the workforce and graduating? representative ryan: i hope you are taking economics classes. it s a great economic department. one of the best economics departments in america. first, when you are getting out and starting off, you are starting off at a new age, a starting wage. we re lowering the tax rates on the taxpayer just like you. instead of having 25%, you go to
bret: many questions throughout the reform. tonight we are putting the power of the questions in the hands of the american people. in moments, this room full of voters will be face-to-face with one of the leaders at the forefront of this tax reform effort, house speaker paul ryan. first, let s take a look at where the two g.o.p. tax plant stand tonight. martha: as of this moment. it keeps changing. on the house side, lawmakers are working on the details but they hope to get a full house bill as early as thursday. on the senate side, the obamacare appeal we talked about with the huge twist tonight and would pay for roughly 330 billion toward the tax cuts. let s look at some of the differences between the two plans. you can be thinking about how this impacts you. individual income tax rates. the house wants to consolidate the current seven tax brackets and a four. senate will keep all seven tax brackets. itemized deductions, the house plans to keep state and local property tax deduct
deductions. you can fit your taxes literally on a postcard. by doubling the standard deduction, that says 9 out of 10 taxpayers don t have to use itemize deductions. they can take the standard deduction and get lower taxes. we are talking about the 10% of americans remaining who are very high income earners. martha: who pay 70% of the taxes in the country. representative ryan: absolutely. no dispute there. they may have a disproportionate amount of loopholes they may not get their taxes lowered. we are lowering everybody s tax rates. for the high income earner, more of your income is taxed at a lower rate and that s the people who own big businesses and we are cutting tax rates on businesses. bret: we have a great audience for voters from the greater d.c. area. they have questions for speaker ryan. there are independents, democrats, republicans from this area and they have specific questions about how this may affect them. let s start with wendy.
into a special edition of the story with martha mcallen live from houston. that is tonight at 7:00 p.m. eastern right here on the fox news channel. heather: jon: a satanic cr and prison from earning a woman could be released later this month. prosecutors are hoping to keep him locked up. we ll tell you more about that case, plus a closer look at the trial of new jersey senator robert menendez. facing federal corruption charges. i did nothing wrong, i did nothing illegal. i have conducted myself or make 23 years in the highest fashion. with one phone call, he sets me up with tailored products and services. and when my advisor is focused on my tech, i can focus on my small business. a dell advisor can help you
defense secretary mantises we need work in afghanistan so thousands of american troops will head that way. deployment would be the largest under donald trump to date, 10,000 and country training and advising afghan forces fighting terror. the decision by jim matus could come as soon as next week. in a few days donald trump is expected to sign a reform bill to make it easier to fire corrupt employees. telling martha mcallen this is a major step forward for our veterans. when it comes to our veterans there are not democrats and republicans, this is a bipartisan issue so we saw both the senate and house work hard to pass the accountability bill.