the .2% of americans who now pay the estate tax? that s igt. 998 out of 1,000 americans do not pay the estate tax. are the two who pay it the group in our society that s most in need of a tax cut right now? i don t think so. in order that they can have a comprehensive tax reform and leave largely unaltered the famous carried interest loophole that politicians of both parties have been railing against for a decade, this is really an almost completely misguided bill. it is a prostitution of the concept of tax reform. we did tax reform very effectively in 1986. there were three principles. first principle was revenue
that s igt. 998 out of 1,000 americans do not pay the estate tax. are the two who pay it the group in our society that s most in need of a tax cut right now? i don t think so. in order that they can have a comprehensive tax reform and leave largely unaltered the famous carried interest loophole that politicians of both parties have been railing against for a decade, this is really an almost completely misguided bill. it is a prostitution of the concept of tax reform. we did tax reform very effectively in 1986. there were three principles. first principle was revenue neutrality. we weren t going to bloat the budget deficit. the second principle was preserve distribution. we re not using it as an opportunity to soak the rich but
in a simpler and fairer tax code. and that s why paul ryan and mitch mcconnell always say that the bills they re working on are tax reform. harvard economics professor lawrence summers discussed this point with me earlier today. it is a prostitution of a concept of tax reform. we did tax reform very effectively in 1986. there were three principles. the first principle was revenue neutrality. we weren t going to bloat the budget deficit. the second principle was preserve distribution. we re not using it i as an opportunity to soak the rich, but we re certainly not using it as an opportunity to tilt the playing field towards those who are most fortunate. and the third principle would close shelters. don t open them. this bill raises the deficit,
paul ryan and mitch mcconnell understand the difference between tax reform and tax cuts. tax cuts that massively increase the deficit are irresponsible. tax reform that does not increase the deficit can result in a simpler and fairer tax code. and that s why paul ryan and mitch mcconnell always say that the bills they re working on are tax reform. harvard economics professor lawrence summers discussed this point with me earlier today. it is a prostitution of a concept of tax reform. we did tax reform very effectively in 1986. there were three principles. the first principle was revenue neutrality. we weren t going to bloat the budget deficit. the second principle was preserve distribution. we re not using it i as an opportunity to soak the rich, but we re certainly not using it as an opportunity to tilt the playing field towards those who
put people on the record. let s see who actually is opposed to cutting taxes on americans and some of these people are arguing, we have to pay for these tax cuts. since when do you have to pay, quote unquote, pay to keep people s money in their own wall. if they did that, they shouldn t pass the $47 trillion budget. kennedy: they need to cut spending. you hear revenue neutrality. the money you bring in, deficit neutrality. that is the money you are spending in over committing that money that you will have to borrow on in the future. the mandate helps them philosophically but helps with reconciliation. there are so many other areas, where they can cut money for programs and they do not have jason: $47 spending budget. kennedy: he is right. meds weiss also