this budget to get to tax reform. even if you don t like it. 20 republicans just could not stomach it. they voted against it anyway. 11 of the 20 were from new york and new jersey. those are states with very high state and local taxes. the lawmakers say that they want to make sure deductions for those high taxes, state and local, stay in place. otherwise they may bail again. neil? neil: thanks, peter. so where to from here? they are going to meet and hammer out a tax cut accord. but those efforts are a little bit bumpy. we re told, for example, that just trying to come to agreement on those write-offs for your state and local taxes as well as protecting the integrity of 401(k) contributions, that they were trying to find some compromises on them and came up short. the washington examiner s susan is here with us.
Detailed text transcripts for TV channel - CNN - 20170928:08:07:00
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the wealthy will not be included or even if they are, with, you know, curtailing their write-offs and deductions, some might be paying a little bit more. how do you think the base, the republican base will respond to that? the markets don t seem to care. what are your thoughts? the markets will be moved by the critical components which the base supports. lowering the overall tax rate. we have a couple trillion offshore. if we could repatriate some of those monies, if we drop the capitol corporate tax rate to 15%, 10%, the devil will be in the details. whatever we lower it to would allow to us be more competitive globally. we re not competitive globally right now. other countries are seizing this in order to eat our lunch in the world of global trade. that one component alone would be the salve to make a lot of
than the top 1% and corporations, but it s there. neil: we don t know let s talk real politics here. if you think if president trump thinks he s going to cut a deal with the democrats and get it through a republican congress that raises taxes, it s not happening. it s not going to happen. neil: what do you mean raising taxes? you re bye-bye buying the gary cohn line and eliminating the write offs here s where it s problematic. if the corporate tax cut is 25% instead of 20, that s not much of a cut given it s 27% when you take out deductions right now. take to it 25 and get rid of the deductions, that s not much of a cut. neil: so 35% now. that s statutory level. neil: but to be serious it has to be 20. they plan to plug the loop holes and if you plug the loop holes and take it down to 25%,
that you were touching on here, this notion of who pays taxes and who doesn t. close to half pay no income taxes at all generally because of write-offs and allow wednesdays. when i got out of grad school, that number was in the teens. so it s more than doubled in ten years. kidding. but what i m saying here is, that s what is out of whack with the system, right? it s just disproportionately i agree. i do understand that we need a social safety net in place for those below the poverty level bracket, but at some point in time, how does demonizing the rich help bring the poor up from out from under? i m not sure you can make steve mnuchin s wife poor enough to help others. neil: i know i agree with you on demonizing the rich. do you feel that she contributed to demonizing herself?
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