Ap app. House and Senate Republicans held a press conference yesterday to outline their plans to rewrite the u. S. Tax code for the First Time Since 1986. This is 20 minutes. [ indistinct audio ] [ indistinct audio ] good morning, how are you doing . Nice pants. [ laughter ] just one of those you ready . Good afternoon, this is a historic day. This is a day that is a long time in coming. In fact, it was on this day under this dome in 1986 that Congress Took the final vote on the last overall of our tax code. That long. After that vote, president reagan said americans would quote finally have a tax code that they can be proud of. It was true then but things look very, very different today, dont they . Instead of a source of pride our tax code has become a constant source of frustration. Its too big, its too complicated. Its too expensive. Today we are taking the next step to liberate americans from our broken tax code. This unified framework delivers a new tax code that is simple, that
Bipartisan committee for responsible federal budget said its initial analysis of this plan shows the plan would add 2. 3 trillion to deficits over the next decade. Good afternoon. Like to start by saying that the president and all of us at the white house were thrilled to see congressman scalise back on the house floor today. Our thoughts and prayers have been with him and his family for many weeks now and well continue to root for him as he works towards a full recovery. Today the president is actively engaged in monitoring the Recovery Efforts in puerto rico. This morning he received an update from fema administrator brock long. Administrator long has briefed members of the senate this morning and members of the house this afternoon. The full weight of the United States government is engaged to ensure food, water, health care and other lifesaving resources are making it to the people in need. At the request of the governor whos doing a terrific job, the president waived the jones act
Things you guys are talking about. They do share buybacks and other financial engineering. How can you guarantee that wont happen . Look, weve heard that numerous times. If thats our worst case scenario, that companies repatriate their money and use it for share buybacks and dividends, what happens . They buy back shares, they issue dividends. We get another 20 tax on Capital Gains or dividends, and then the people that get that money back do what . They reinvest it back in the economy in new investments, in new capital where its putting some very enticing rule into the system that will entice people to invest capital for the next five years. Were giving people a five year writeoff that they can instantly expense. If that happens, thats fine. We know that money will get invested in the economy and drive jobs, economic growth, wages and prosperity. Right over here. Gary, youve been asked the question twice, and you didnt answer. Id like to get you to answer this because i get your messa
Services Committee Chairman Jeb Hensarling of texas coming up and then an emotional scene on capitol hill this past week. House majority Steve Scalise returning to congress for the First Time Since being shot in june at a baseball practice game. What was the mood like inside that chamber . Ill talk with his fellow congressman as we look ahead right now on sunday morning futures. And republicans are making their push on tax reform after the latest healthcare failure the stakes are high. This new plan tries to simplify our complicated tax code. Consolidated the number of tax brackets from seven down to three, sitting individual tax rates at 12 , 25 and 35 . The president describing it as a rocket fuel for the economy saying it will de live a middle class miracle. Joining me right now is President Trumps chief Economic Advisor and director of the National Economic council gary cohn. Director good to see you. Maria great to be here. Maria youve got a lot on your plate i know that and this
Services Committee Chairman Jeb Hensarling of texas coming up and then an emotional scene on capitol hill this past week. House majority Steve Scalise returning to congress for the First Time Since being shot in june at a baseball practice game. What was the mood like inside that chamber . Ill talk with his fellow congressman as we look ahead right now on sunday morning futures. And republicans are making their push on tax reform after the latest healthcare failure the stakes are high. This new plan tries to simplify our complicated tax code. Consolidated the number of tax brackets from seven down to three, sitting individual tax rates at 12 , 25 and 35 . The president describing it as a rocket fuel for the economy saying it will de live a middle class miracle. Joining me right now is President Trumps chief Economic Advisor and director of the National Economic council gary cohn. Director good to see you. Maria great to be here. Maria youve got a lot on your plate i know that and this