The committee will come to order. Welcome to our first hearing of the day. We discussed the ongoing effort to reform our tax code. We have a distinguished panel of experts to help shed some light on the issues surrounding tax reform. I look forward to a productive discussion and appreciate your attendance. In 1984 resident reagan called for reform of the tax code. He laid out three main goals for tax reform. Fairness, efficiency and simplicity. Those three goals are as relevant today as they were a generation ago. American competitiveness is essential in todays Global Economy we must consider whats happening outside our borders. Addressing tax policy or legislation is very easy to find oneself. I think we would do well to keep focus and frequently remind ourselves of these basic principles. I will repeat them. Fairness, efficiency, simplicity and american competitiveness. The Tax Reform Act of 1986 is generally considered to be a great success. One question people should ask themselves
Test test test test test test test test test test test test test test test test test test test test test test test test. We can lower the Corporate Tax rate and get it to within shouting distance of our trading partners. Were a better place to do better because of transportation, because of safety, because of security, because of environment and all those things. But there is a point at which you run out of those benefits when you are talking about so much of your income being paid in taxation. I appreciate that point. Its an etch lexcellent one. I kind of lost my place. Consumption tax versus income tax. I come from the state where the author of the book called the fair tax comes from and hes on radio. If i dont ask some question about consumption tax when we have a hearing like this, i get chastised at home. How many of you are familiar with this . Whats your thought or do you have any thought about it at all . Mr. Mazur, start with you. I guess my basic thought about our tax system
And bill clinton today. The expectation of any issue would be taking the oath of office today. In one of the biggest surprises and maybe the biggest political upset the country has ever seen, donald trump will become president and about an hour. John get the next ordinary thing. It is an extra ordinary thing. I think it is the biggest political upset of all time. This was one of the most surreal certainly the most surreal operation and our lifetimes. Its hard to imagine with the clintons are feeling given the level of expectations she had along with much of the people of the country that she would be taking the oath today. There was a lot of speculation about it they would attend. She has been, according to many of her friends, and a dark and depressed place. I think it shows extraordinary fortitude and a great commitment to the goal of trying to unify the country that both of them will be here today, putting on a brave face. Still a great deal of emotion and psychological pain. Mark o
Heres lester holt. And theres a live picture of the white house of the capitol, actually, of course. Ands theres the white house. In a short time, president elect trump and president obama will begin their trip to the u. S. Capitol where mr. Trump will be sworn in around noon eastern time. It will be the start of a new era in washington and this country, what many see as a clean break from the last eight years under president obama. I am joined for our coverage by chuck todd, our political director and moderator of meet the press by tom brokaw who has covered the comings and goings of president s since Lyndon Johnson and by nicole wallace, nbc political news analyst. Tom, let me start with you. We have seen in many, many campaigns where, you know, harsh words were said. But to see the relationship that weve seen between president obama and president elect trump in the last several ek well, i think that president obama wanted to go out on a high note. Hes got very good Approval Ratings
Ladies and gentlemen, please stand as the Armed Forces Color Guard presents our national colors. Ladies and gentlemen, the 39th president of the United States, jimmy carter and mrs. Rosalynn carter. [applause] ladies and gentlemen, the 42nd president of the United States, William Jefferson clinton and the honorable Hillary Rodham clinton. [applause] hillary, were here for you. [captions Copyright National cable satellite corp. 2017] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. Visit ncicap. Org] ladies and gentlemen, the 43rd president of the United States, george w. Bush and mrs. Laura bush. Present arms. Ladies and gentlemen, the children of Vice President mike ence ladies and gentlemen, the children of president elect trump, donald trump junior, ivanka trump, eric trump, tiffany trump, and barron trump. Escorted by the Senate Secretary and house of representatives chief administrative officer. [applause] [crow