too, having to do with the taxability of, you know, ph.d. student income stuff. and the other pieces i think what about being able to deduct your student loan interest? that s also a big concern for students out there. that one i haven t i haven t checked the senate piece on that one. but that one s still in play. we want to get it right. the big piece that was in play was the escorts, right the small business. and nfib, right, was opposed. so we wanted to do right there i think we re going to do pretty good on that. and then extra $300 billion allows we had kevin brady, the head of ways and means today, said we want to save for everybody, even at the $150,000, if you re still itemizing, we want to make sure that person is better off under our plan too. so that s the big hurdle. the middle class is going to get 1,200 bucks back, right, $65,000 family. as you go up where you itemize,
that doesn t contribute to growth. maria: that s $650 billion. they could take that money and give relief to everybody across-the-board but particularly in the upper income levels that actually create jobs , create growth. you could see some concessions to ron johnson on the small business side but let s remember too, the nfib, which represents small businesses, is for this tax plan, so when ron johnson says he wants carve outs it s not just for the small businesses. you have companies like cargill also passthroughs 150,000 employees and $2 billion in net earnings. maria: and that s pass through. mary: that s a pass through so there are things that can be done so i think you can pick off guys like ron johnson, susan collins might be more difficult but you know we ll see. they have to get this done. they re going to pay next year. maria: they don t have a lot of wiggle room. ed: you have to get it down to two or three as opposed to seven. maria: let me switch gears look at
pro borrowing from the chinese or demanding more taxes out of the middle class. the provision the nfib are concerned with are the pass-through provisions. and most small businesses already benefit from lower rates. there is real danger that without adequate abuse tax avoidance abuses provisions, that those provisions will be exploited by people like donald trump, real estate developers who would like to pay substantially less than even they re paying now in their personal income. so in essence, you re saying major corporations are flush with money, don t necessarily need a big tax break. but republicans are arguing that it will bring more jobs paback home, raise employees salaries. what do you say to that argument? i say with all the cash they have now, we haven t seen that substantial increase in salaries, except for those at the top. the ceos seem to be walking off with such an incredibly greater
i d like you to to get to answer this. this tax plan appears that it will benefit the president and his family. why not just be candid about that? look, i told you, it will benefit the middle class. i think that is what american tax american taxpayers care about what they take home. they care about what they have to spend. that s what they care about. i care about what i pay in tax. i bets you care about what you pay. he is saying he won t benefit, yet it appears that the way this is put together, he actually will. it gets to the idea of wealthy americans around the country which people do care about. so let me take you through the components that you are all obsessed about. and sarah will yelle at at me because i m taking too long. you talk about the death tax. the two biggest drivers for repeal of the dhet tax are the nfib and farm bureau. that is small businesses and
donald trump himself saying you can t trust the statistics. these are all lies. there aren t this many jobs getting created, and literally with fewer jobs being created in the same statistics, donald trump is now saying look what i did. what do you make of that, tim? you put the chart back up the average in the first six months of 2016 when barack obama is still president the average was 187,000 jobs a month. the average in the first six months of 2017 is 184,000, slightly less. so isn t, doesn t austan have a good point there? look, the stock market tells it all. it rallies when there is good reports, and including the nfib who reports that small business confidence is the highest at all-time since donald trump took office. i m not arguing that there hasn t been some residual lingering effect. i that s not my point. now is the time to act on this posture from the white house p now is the time to do tax