tax this year, don. okay. so the richest americans are getting plenty of breaks, you just described some of them, what about the middle class, brianna? well the rich are getting nice goodies, then at the same time a lot of the middle class tax breaks, they re actually going to go away. republicans argue that a bigger standard deduction will make up for that, but just look at some of the optics here, the house bill removes a $250 deduction that teachers can take for buying school supplies for their classrooms. this is an expense that teachers pay out of pocket because their school district cannot cover the cost. the senate bill actually doubles it, so this is something that s going to have to be worked out in conference. and the house bill also takes away the student loan deduction. about 12 million people use that in 2015, so many people, it also ends a handful of education tax credits as well as tax breaks for graduate school, tuition, and employer tuition assistance. according to
super rich individuals, only about 80 small farms and businesses will even pay this tax this year, don. okay. so the richest americans are getting plenty of breaks. you just described some of them. what about the middle class, brianna? well, the rich are getting nice goodies, then at the same time a lot of the middle class tax breaks, they re actually going to go away. republicans argue that a bigger standard deduction will make up for that, but just look at some of the optics here. the house bill removes a $250 deduction that teachers can take for buying school supplies for their classrooms. this is an expense that many teachers pay out of pocket because their school district cannot cover the cost. the senate bill actually doubles it, so this is something that s going to have to be worked out in conference. and the house bill also takes away the student loan deduction. about 12 million people used that in 2015, so many people. it also ends a handful of education tax credits as wel
be saddled with about $20,000 more in debt. there are two big winners here, willie, it s corporate america, who has been doing really, really well over the last few years, profits are up, and the chinese government. because it s 1.5 trillion, but then we borrow that with interest over 10 years. it s going to be more like $2.3 trillion that we will borrow primarily from the chinese and maybe the saudi arabians. that s debt that s going to go on to the family in akron, ohio or youngstown, ohio. they re going to be forced to pay it. all the while the benefits for corporate america with the corporate tax, for example, is made permanent, and any slight benefit that may go to a working class family is gone after just a year or two and millions of american working class families are going to see a tax increase. if you look at the deductions, for example, student loan deduction, gone. medical health care deduction
so far paul ryan doesn t seem too concerned. bill: i think he has the votes despite the defections. we heard from peter king. listen to him again right now. my suburban district voted for barack obama twice, voted for donald trump by nine points. it was a 14-point turnaround. they ll lose most of their property tax deduction. allstate income tax deduction. family of four will lose $18,000 individual exemption. medical bills you ll lose that if they have someone with a long term illness. all of that, it will have a devastating impact on areas like mine. bill: as i said before, michael, he is a no vote clearly. he is. not very often that peter king and i agree. let s talk about what the bills will do. they ll get rid of the student loan deduction. the medical deduction. it will put a cap on how much you can deduct from your 401k and get rid of that bill: some of that is changing. we don t know what the final form will be.
house tax plan, state and local income tax deduction, gone. medical expense deduction, gone. student loan deduction, gone. what s the reaction going to be out there? listen, it s so off trump brand it s remarkable. what cohn and mnuchin just said is so off brand for the trump base. i can t believe i m about to say this. this is where they re going to miss steve bannon. carol lee i mean we re going to pretend you didn t say that. steve bannon, carol, this is the political reality steve bannon understood what the trump base needed to hear about any policy and what they re waiting for and i talked to them last weekend, they re not waiting for a corporate tax cut. waiting for us to get out of nafta. they wanted isolationism. they re not waiting for what gary cohn and steve mnuchin are promising. reporter: definitely not. they are waiting for something that follows through on what the president, president trump, promised during the campaign. the things you mentioned. getti