something truly bipartisan, 40 democrats, 40 republicans on a 40 plus infrastructure program but it had new money. the new money i had proposed was coming from a fix of our international tax system which was, in fact, fixed in the tax reform bill. but what they did, they fixed the system as a way of creating incentives for money to come back to the united states. that generated revenues. they used those revenues in the tax reform plan to lower taxes. what i said we should do, pair that international tax reform with infrastructure and it was kind of a double bottom line because we end up with more infrastructure and we fix our international why hasn t that gotten more traction? because my republican colleagues want to just cut taxes. right now? so here is a way of thinking about it. you know how they cut the corporate tax rate to 21. yep. every 1% of corporate tax rate reduction is $100 billion. for decades the business community argued to lower the corporate tax rate to 25. t
u.s. none of these have anything to do with economic growth, which they re good at. this type of stuff, the behavior responses, i don t get. that is enough to way offset the corporate tax rate reduction. effective tax rates will drop by a lot less than the statutory rates. a lot of the polls, you can decide whether or not you believe them, they suggest 30% of the american people were on board with the idea of this tax reform. do you think that number will change when people start seeing their paychecks? oh, sure. when they stop seeing the negative press on it. there s not been a democrat that hasn t said it s armageddon, the end of the world. even the republicans were saying oh, this is a bad provision. all of that stuff makes voters upset. frankly, so they have a negative view of this. but once the storm clears, once the dust settles, i think you ll see people like the growth. they ll like their tax bills being much smaller than they have been and they ll like the prosperity. i m
well, predictions, i guess. you know, people like to make predictions. what do you predict as a result of this tax reform act? i ll put my swami hat on. what i want to assure you, i m far better predicting the path than the future. that having been said, i think this tax bill will have an amazing effect on the u.s. economy. i expect to see a lot of strong growth and i think the growth will build up the next couple years. the one that is most important here is i really believe tax revenues will increase as a result of the corporate tax rate reduction in this bill, and i think this will lead to prosperity and better budget. so you don t buy the idea that we re going to blow a $1.5 trillion hole that s the silliest thing i ve heard in my life. these guys that do that, they have no idea how accountants and corporate people work. when you cut tax rates, jon, they stop sheltering as much income. a lot less tax evasion. companies will move back to the
tax cut. patti ann: that s president trump saying he made good on his campaign promise to slash taxes when he signed the sweeping tax reform into law. how will those changes effect average americans and small businesses let s bring in entrepreneur capitalist of sor consultants. good to see you. patti ann: the first 10,000 of those taxes is still deductible. is this going to have as much impact as some people think. the best way to look at it is if you live in high stacks state, yes. new jersey, new york, california. this is more or less what we have been hearing about. for the rest of the country and nibble who lives in the other states, i think it should be great. patti ann: also, obviously a large corporate tax rate reduction. economists disagree as to how that s going to benefit the economy. supporters say it s going
holidays. now that president trump s tax reform is the law of the land. how businesses stand to profit from the huge corporate tax rate reduction, what are they going to do with the extra savings? millions of americans are gazing at the sky and saw a bizarre object racing across the horizon. we ll tell you exactly what that ufo is after the break. i ain t never seen nothing crazy like that in my life.