Now i assume its a strong fence. [ laughter ] okay. So, john, do you think you could do it slightly less than 50 million . I think you can take 49 off right now and have plenty of profit. Right, john . Its crazy. Its crazy. Never understand it, but we are working on it. John says that a tax cut like we are proposing will make his business more competitive, allowing him to expand, hire more workers, and raise wages for his current employees. Right, john . Also with us is aaron williams, a father of two, who works in the field of information technology. Where is aaron . Hello, aaron. Hi. Its a good field. Aaron has seen the disaster effects of high Corporate Tax rates right up close and personal as more and more high tech jobs are shipped overseas. Youve been watching it, aaron, all over. Like millions of other americans, aaron wants to bring those jobs back to the United States. We are going to reduce the tax rate on american businesses so they can keep the jobs in america, aaron, create jobs in america, compete for workers in america, and raise wages right here in america. You are going to be in a much different position. Okay . Tremendous incentives. [ applause ] we want more products proudly stamped with those four beautiful words, made in the u. S. , right, made in the u. S. A. Finally, our framework encourages American Companies to bring back the trillions and trillions of dollars in wealth thats parked overseas. Our current tax system, trillions. And by the way, for years ive been hearing its 2. 5 trillion. Ive been hearing it for five years so i assume its much more, right. But democrats want to do it and republicans want to do it. For years who doesnt want to do it . But they cant do it because its so restrictive and taxes are so ridiculous so they cant do it so the money stays in other countries and invested in other countries and we want to bring it back. But think about it, its one of the things that democrats wanted and republicans want it. So they both want it, and yet for years they havent been able to do it. Now we are doing it. We are doing things. [ applause ] you know, its one thing when we want a health care and they want a health care and there is a dispute. But heres something Everyone Wants and they cant do it. So you can tell its a broken system in d. C. But we are getting it fixed i think rather rapidly over the next few months. Our current tax system makes us one of the developed nation ns the world to punish our companies when they bring wealth earned overseas back into our country. We are punishing them for bringing the money back in. As a result, corporations have parked many trillions of dollars in Foreign Countries. And many have incorporated a broad in order to avoid our punitive tax system all to the. And some companies actually leave our country because they have so much money overseas, so much, its incredible amount, that they move the company to get their money. We are going to let them bring the money back home. [ applause ] our framework will stop punishing companies for keeping their headquarters in the United States. We are punishing companies under our codes for being in the United States. We will impose a one time low tax on returning money that is already offshore so that it can be brought back home to america, where it belongs, and where it can be put to work, and work, and work. [ applause ] the framework ive just described represents a once in a Generation Opportunity to reduce taxes, rebuild our economy, and restore americas Competitive Edge finally. [ applause ] and i have to say, just before coming here, we released some of the details of the tax and the tax reform and the tax cuts, and it has really received tremendous, tremendous reviews. And if senator donnelly approve it, because hes on the other side, we will come here and campaign against him like you wouldnt believe. [ applause ] i think they are going to approve it. I think, actually, well have numerous democrats come across. Because its the right thing to do. These reforms will be a dramatic change from a failed tax system that encourages american businesses to ship jobs to Foreign Countries that have much lower tax rates. Thats what we cant do. Our competitors have much lower tax rates. But no longer. My administration strongly rejects this off shoring model. And we have embraced the new model. Its called the american model. [ applause ] under the american model, we are reducing burdens in our businesses as long as they do business in our country. Thats what we want. We want them to do business in our country. Not to leave our country, like a number of firms from indiana, some made some great promises to me, but those promises are only being partially kept, because they are innocentright. We want them to help rebuild American Cities and towns. That is how we will all succeed together and grow together, as one team, one people, and one american family. We want it to happen here. Tax reform has not historically been a partisan issue, and it does not have to be a partisan issue today. I really believe we are going to have numerous democrats come over and sign, because its the right thing to do. I believe that, its the right thing to do, and i know many of them. And they are telling me it is the right thing to do. President reagans tax cuts were passed with significant bipartisan majorities at a time when there was a democrat majority in the house and a democrat speaker. Tip oneil. Before that, democrat president kennedy championed tax cuts that surged the economy and massively reduced unemployment. As president kennedy very wisely said, the single most important fiscal weapon available to strengthen the National Economy is the federal tax policy. The right kind of tax cut at the right time, at the right time, this is the right time, is the effective measure that this government could take to spur our economy forward. That was president kennedy. [ applause ] my fellow americans, this is the right tax cut. And this is the right time. Democrats and republicans in congress should come together finally to deliver this giant win pofor the American People a begin middle class miracle. Its called a middle class miracle once again. Its also called a miracle for our great companies, a miracle for the middle class, for the working person. I truly believe that Many Democrats want to support our plan, and with enough encouragement from the American People they will find the courage to do what is right for our great country. [ applause ] but theyll only do it if you, the American People, make your voices heard. Only if you Tell Congress to give us a tax code that puts american jobs first. And thats what were doing. [ applause ] history has proven time and time again that there is no power on earth more awesome than the will of the American People. That is why today i am asking all americans, republican, democrat, independent, to join with me and with each other to demand tax reform that will truly, truly, truly make America Great again. [ applause ] call your congressman, call your senators, let them know youre watching. Let them know youre waiting. Tell them that today is the day for decision, that now is the time to heal this selfinflicted economic wound. And that with their action, the future will belong to all of us. If you demand it, the politicians will listen. They will answer. And they will act. And some day, many years from now, our children and our grandchildren will remember this moment in history as the time when ordinary americans took control of their destiny and chose a future of american patriotism, prosperity, and pride. [ applause ] with your help, and your voice, we will bring back our jobs, we will bring back our wealth. And for every citizen across this land, we will bring back our Great American dreams. Thank you. God bless you. And god bless the United States of america. Thank you. Thank you. Welcome the lead im jim sciutto. Youve been listening to President Trump launching another grand plan, that he says will change, revolutionize the tax code. Key, the ideas in there, but none of the math on the budget, and no real hard numbers. Also had words on the health care, the attempts to repeal obamacare, saying, somewhat crippicly, that we have the votes, republicans have the votes. This is after the Republican Leadership said in no Uncertain Terms terms yesterday they do not have the votes. He also had words for puerto rico saying the u. S. Will be with puerto rico ever step of the way. Well be with the island until he says this job is done. My Political Panel is here with me now. I want to start with you, if you can, bill crystal, you listened to the tax plan. You have the outlines there, jelly the broadest of outlines. Do you hear something there that could make it through . Make it to reality . Yes. I hear parts of that plan could make it through. I dont know that they need to make it through. I think the republicans certainly, for republicans this is, whats the word im looking for, the magic thing at the end of the rainbow. Obamacare repeal, huge disappointment. Lots of other things havent happened. Taxes thats what bring it back. The late bob novak used to say put on the earth for taxes. But at the risk of rewarding wealthy or poor. Not at the risk, these numbers increase. Wealth. And i would say this economists i talked to today, upon both parties, capital has done well, labor has not. Working class people steady wages. People own stocks and real estate done pretty well. This tax plan if you look at it pretty quickly good for stocks but not good for working class families. You hear the president claim that numerous democrats, in his words, will come on for this tax plan. Do you see elements they will come on board . I dont see elements they would come on board with the plan that they laid out today. And i have a hard time imagining anything that they can get 218 votes needed in the senate. Yes, you can try to do it. Chuck and nancy play where you have a center left package, but why speaker ryan and mcconnell take that to floor, who knows. They have tried three times getting package done. And if you cant get a package to the point going to the floor, and its a real, there is something concrete for people to look at and analyze, you wont be able to pressure democrats to join you. Joined by economist from the university of maryland. Do the numbers add up . All weve been told they have a 1. 5 trillion budget over ten years. From that, doing reasonable economics hand being somewhat optimistic, you can say increase deficit by 1 trillion. It will make it much simpler. Two issues, not how much tax people pay, but what a terrible headache april 15th will become. This will relief this headache for most people t another thing to consider is the top 25 already pay, according to the irs, about 87 of the taxes. So its kind of impossible to have a tax cut that doesnt help the top quarter of the population more than the rest. And we do have a tax system that basically taxes capital. I know they have been doing well, but taxes capital more here than it is taxed in europe and japan. Tan that is one of the reasons the companies are leaving. This will help somewhat. But we have to unpack it. How are they going to pay for it all on the corporate side . Theyll takeaway a lot of exemptions and deductions. Corporate rate right now is 35 . But effective rate is about 18 . Near as i can tell. Abroad its about 12. So putting 75 billion into that will reduce 18 a bit. But some companies will pay more taxes even though a lot that will payless. Right. Crystal, as you heard that there, one increasing deficit by 1 trillion. Its a frequent talking point. Youll hear it from many republicans, the wealthy pay the vast majority of the taxes therefore they get the vast majority of the cuts in effect. But as you look at this plan, are those cuts imbalanced favoring the wealthy over the working class . If you have a plan that increases the deficit by 1 trillion, i find it extremely difficult to imagine that the hawkish Republican Party within the house and senate, but lets talk about the house, i didnt know that theyll go for that. Tax cuts. It does balance. Bull a trillion dollars, i can just hear, i feel like these debates, if you stay in washington you hear them all again. We are bankrupting our grandchildren it all comes back around. Bill is right, you saw trump saying this in the speech, ive been waiting a long time to talk about this. This is the thing that drives the Republican Party. Health care. Obamacare energized them. But health care broadly, no. Tax cuts, yes. I just think its very hard to get 218 republicans to vote for anything. Ask john boehner that and paul ryan that. Again, the devil is in the details. Laid out the tax brackets but not where the financial breaks will be. Which does matter. How do you play for these things . Some of the details he left to congress. I think that gives him some agency. I just hear tt ads in my head, the tv ads they added a trillion dollars to the deficit. To help rich people. Yeah. The wealthy pay the major growth of income taxes. There is a big tax that is not progress and that is paid by every working american, called the payroll tax, we all see it on our thing there, worth 13. Something percent. Big tax. Neither party has any interest in cutting that even working families are hurting. I think if i were a moderate democrat i would say this is unnecessary. Corporations have plenty of capital. Lets cut the payroll tax. Quickest way to get cash into the pockets of the americans hold the thought on the tax plan. Because it was quite an aggressive comment, you might say, by the president saying that he has the votes for the health care repeal, Obamacare Repeal in light of the sponsors, both of the sponsors of grahamcassidy said they do not have the votes. Jim acosta joins me now. Jim, what was your reaction when you heard the president make that claim that he has votes that everyone else says he doesnt have . Reporter yeah, jim, you said it was an aggressive that the president made when he said he has the votes on grahamcassidy. I guess you can say it was aggressively dishonest comment. The fact is, by our web count, looking at the votes for all this, they dont have the votes to pass grahamcassidy. You heard the president at the top of this event make reference to senator john mccain, senator lisa muck w li lisa murkowski, who said they wont. He also a senator ailing at home, although president pointed out the senator was ailing in the hospital. Thats simply not the case. Thats in reference to mississippi thaad do mississippi who put out a tweet recuperating at home from a health issue. Jim, we should point out that was flat untrue. The president , the republicans, they dont have the votes right now to pass grahamcassidy. In fact, Lindsey Graham himself, one of the main cosponsors of the legislation put out a statement saying we certainly dont have the votes. But that was hardly the only comment that stands out at this event, jim. At one point the president said, well, this tax plan doesnt help people like me. Jim, we dont know whether or not thats true. Because the president , as you know, as we all know, refuses to release his tax returns. Just to add to this, there was one point during this event where the president said, well, as i look out on this crowd i see a lot of red hats. Jim, i only counted three. So, like it is the case when you are doing your taxes, listening to the president today, certainly could use some careful accounting. The president certainly does not have the votes. And he has not released tax returns. We dont know whether this tax plan would hem him or not. Yeah. And sometimes the facts stand in the way. Jim with the president there. We dont know what the president s tax returns show because he hasnt released them. We do know one would help him and his family, the death tax ks estate fax, which effects one fifth of one percent of all estates. Thats 1 in 500 people that are affected by this in practice t tiny slil ver, although that is significant revenue earner. How much of that an issue is that . As you look at this . Party i hear you. For the president politically, pushing a tax plan, and yet he has not shown the American People how it will effect him personally. It should be a really big issue. It wont be, because the people who are for trump are going to like this plan, and the people who are against trump will say he hasnt released tax returns, which i think is a valid point. Just to repeat, sound like a broken clock, but he is the only major president ial candidate in modern history has not released tax returns. So we dont know. I guess the country is so polarized wont matter. Can i say one thing about the health care . Jim acosta gets it right. This makes no sense. Hes not talking about anything Thaad Cochran vote is for this. There are three senators against this. If you subtract 52 from 3, you get 49. Doesnt matter. So i dont know what hes talking about. I feel weve gotten ourselves inoculated because hes said so many things thats proven false, president of the United States saying we have the votes. If we had the vote they would vote. So, yes, that wasnt the focus of the speech, but it is an important thing. What he is saying is not true. Well, the other thing what he said, you said thats not true. But other thing he admitted is t not happening this year. He said were coming back next year to do this. And you know whats happening in election year, you know, health care. So it is now done until at least 2018. You mentioned health care debate. It is remarkably troubling story that in private President Trump has physically mocked mcconnell but john mccain imitating mccain thumb down touring the health care vote. John mccain as we know is facing a life threatening disease, going to Cancer Treatmen