Now plague a sitting democrat in the senate and a maverick republican campaigning to join the club. But none of that is derailing gop efforts in congress to rework the tax code in time for the christmas holiday, which is where we start. So after passing a tax bill in the house this week, republicans in the senate are ready to vote on their bill after thanksgiving. While the bills do differ, they both dream up all kinds of accounting shenanigans to come under a 1. 5 trillion price tag. Thats important because thats the maximum amount a republican tax overhaul can add to the deficit over the next ten years without causing republicans to have to reach across the aisle for democratic support because they need more votes. Now, one new controversial amendment repealing the obamacare individual mandate. That would free up 338 billion, which would help pay for these tax cuts. But it could also push 13 million americans off Health Insurance and increase premiums by 10 a year versus what would have happened under current law. Just as controversial, sunsetting almost all of the personal income tax cuts promised by President Trump and the gop so that they expire in 2026. Now they expire, but the Corporate Tax cuts, huhuh. This makes them permanent. I need to really focus on that. The sunsetting, because these are deductions. These are things that are truly meant to help people. Cutting income rates, child tax credit, doubling the standard deduction. These things are going to go away in eight years. The gop says dont worry, they wont expire. What congress would actually take away your tax cuts. But this is where it becomes a problem. Who knows where well be in eight years. Who knows whos going to be in power. So these are the provisions that matter most to every american, and suddenly were going to say byebye in eight years. Now lets talk about the actual impact it has on people. Lets go to people making 20,000 to 30,000 a year. Under an estimate from the joint center for taxation. Jct. Congress is sort of score keeper of the impact of these tax bills. It says that those people are going to start seeing higher taxes in 2021. By 2027, taxes will go up for everyone making 75,000 and under. So i want to show this to you a different way. These bars represent the percentage change in after tax income by 2027 based on this bill. Take a look at the right side. Thats the part where you make lots of money, over 1 million. Youre seeing an increase in your aftertax income. Look at the lds. 10 to twep20, 20 to 30, 30 to 40 to 50 all see an decrease in air after tax income. A vast majority of lower and middle income parents are going to see tax hikes. Put that aside. Parents makes me think of kids and students. Remember, youre getting rid of the deduction you get for student debt. No longer can parents deduct what do you call it, ali. Tuition. You cant deduct tuition. These are things that matter. Come on now. Were going to keep on talking about all of the things that are affected in this for the next few minutes because it really is kind of important. Lets talk about how many of these tax cuts affect certain groups of people. Listen, when it comes to these tax plans, there are many, many well, the republicans message is always the same. Big tax cuts across the Board Benefit all americans, especially those in the middle class. Well, heres orrin hatch earlier this week praising the analysis of the first version of the tax bill to come out of the senate. Please look at this. The joint committee on taxation, a nonpartisan congressional score keeper, has concluded that not only does the bill maintain the current level of progressivity in the tax code but that the largest tax cuts in terms of percentage of income will go to middle income earners. Come on, republicans in congress say their tax plans are progressive. In other words, the more money you make, the more taxes you should pay. But for facts sake, their plans are the definition of regress e regressive. The republican tax plan is being sold as a boon for the middle class, not the rich. Sweeping tax cuts that they say will provide relief to those who need it most. The joint committee on taxation released analysis of the senate bill that seems to prove their point. But the numbers, they tell a very different story. The jct analysis specifically looks at something called percent change in tax liabilities. Thats how much less americans would pay in taxes relative to their household income. Under the new plan compared to current law. But that metric is very misleading because it inflates the benefits to lower income taxpayers. We should be measuring the change americans would see in their aftertax incomes. Lucky for us, david cayman, a to tax professor did just that and factored in the estate tax which benefits the rich. He found in the first version of the senate bill, americans making between 40,000 and 200,000 would see similar benefits in 2027, about an average 1 increase to their incomes after taxes. But the clear winners would be those who make between 500,000 and 1 million a year. Their aftertax incomes would increase by 2. 5 on average. And those making more than 1 million a year would still see a bigger benefit than anyone in the middle class would. Now, lets talk real money. Cayman estimates households making between 40,000 and 50,000 a year would see an average cut of 480 to their tax bills. But households making more than 20 times that, a Million Dollars and up would see an average tax cut of 100 times larger, around 50,000 on average. So how does this tax plan geared towards the middle class . Well, its not. It is a tax plan for millionaires. If that is the bill republicans want, they should just sell it for what it is. But please, do not try to mislead us with funny math. All right, now we did that based on the first version of it. It changed a little bit. But its still the same concept. The idea is that by coming in at this 1. 5 trillion tax bill, the law would trigger immediate spending cuts. Now, remember, spending cuts tend to go to people who are middle income or low income workers. So, for instance, there will be a 25 billion annual cut to medicare. A year, a year. 25 billion. Listen, republicans have not been consistent on how theyre going to pay for these big cuts. Paul ryan has targeted entitlements like medicare, like medicaid, Social Security programs. This is whats stunning. There are huge swaths of our population who are dependent on that money to survive. So when we talk about eliminating the estate tax, that is eliminating the estate tax for the richest of the rich people. When income inequality is our problem and that is only going to exacerbate it, youre going to get rid of programs that keep people alive. If you agree this shouldnt be an estate tax, just dont say its a middle class thing, its not. Paul ryan in the house when it was passed had a sign next to him 182. If you take that medicare if you take the Obamacare Mandate out, people are going to pay more for their insurance. If you cut medicaid by 25 billion a year, people will pay more on all sorts of fronts. So dont fall for this whole idea because somebody gives you a number of what youre going to save, thats how much more munne you youll have at the ending of the year. And we appreciate getting these cuts done, but please be transparent about it so we know what we get. And there are a number of priorities that are in this bill that are not exactly what republicans say they should be. That is all to say that for republicans, the end game of a tax overhaul is big cuts for u. S. Corporations. Some say Everything Else be damned. All of the tax bills in congress now slash corporate rates from a 35 statutory rate down to 20 . Now, polling suggests that most americans are not in favor of cutting Corporate Taxes. Thats why if President Trump and the gop can say theyre delivering something for the middle class or for middle class americans or for lots of middle class americans, that makes the sell job of this tax bill much easier. But stephanie, their cuts prove small for middle class americans or worse, they expire after a time. Big business cuts, Corporate Tax cuts, when do they expire again, im not sure if i remember. Right after never. Theyre permanent. And we have to point out while corporations will say their tax code is complicated, they hate that they have to have it set up the way they do, the biggest issues that plague the United States are not a high Corporate Tax rate. Its failing education, its student debt, its health care, its infrastructure. Worker participation. This isnt targeting that. When you have to ask yourself does Corporate Tax cut put more money in my pocket, does it put more workers to work . Guess what, bank of America Merrill lynch did a survey this summer. They asked over 300 executives at bigtime corporations what they would use the money for. Are you ready for what they said . Exactly what wall street analysts like. Pay down debt, buy back stock and spend on mergers. A, b, c, none of which help workers and none of which get people paid more. And we have studies that show this. That doesnt mean were against tax cuts. I think everybody should pay less tax. And i think the tax code for corporations is too complicated. So heres where it comes down, where the rubber hits the road, Sherrod Brown and orrin hatch were ending up in a debate about this. A debate . Lets listen. Before we go home, lets acknowledge this tax cut is not really for the middle class, its for the rich. The whole thing about higher wanlz, its a good selling point, but companies dont just give away higher wages just because they have more money. Corporations are sitting on a lot of money now, a lot of profits now. I dont see wages going up. I get sick and tired of it. True, its a nice political play but its not true. With all due respect i get sick of the richest people getting richer and richer and richer. Regular order. We do a tax cut regular order how many times do we do this before we learn this . Ill tell you why theyre so fired up. Ali, tax reform happens once every 30 years. This stuff counts. When you say youre going to lower the Corporate Tax rate and get rid of the loopholes, im still looking for all those loopholes. At 35 , thats the statutory rate. We know that the average that Companies Pay is 18. 6 . So if you go down to 20 as the statutory rate and you dont close a lot of loopholes, and we know thats happening, what are companies actually going to pay . Regular working americans are still going to pay a lot. Coming up i just like the gavel idea. Ali and i debate President Trumps nominee for health and Human Services secretary. Should someone so close to the drug industry be in charge of bringing drug prices down . Good question, well talk about it. And digital marketers already targeting your phone with locationbased ads. Theyre annoying, but the next targeted ad could actually land you your next job. Theyre annoying, but you look at your phone a lot. Thats true. If you wear a denture, you not only want a clean feeling every day, you want your denture to be stain free. Did you know theres a specialty cleanser thats gentle enough for everyday use and cleans better than regular toothpaste . Try polident cleanser. It has a four in one cleaning system that kills ten times more odor causing bacteria than regular toothpaste, deep cleans where brushing may miss, helps remove tough stains, and maintains the original color of your dentures when used daily. For a cleaner, fresher, brighter denture, use polident every day. What comes to mind . Your next getaway . Connecting with family and friends . A big night out . Or maybe your everyday shopping. Whatever it is, aarp member advantages can help save you time and money along the way. So when you get there, you can enjoy it all the more. For less. Surround yourself with savings at aarp advantages dot com. When it comes to strong bones, are you on the right path . We have postmenopausal osteoporosis. And a high risk for fracture, so with our doctors. We chose prolia®. To help make our bones stronger. Only prolia® helps strengthen bones. By stopping cells that damage them. With 1 shot every 6 months. Do not take prolia® if you have low blood calcium, are pregnant, are allergic to it, or take xgeva®. Serious allergic reactions, like low blood pressure; trouble breathing; throat tightness; face, lip or tongue swelling. Rash, itching or hives have happened. Tell your doctor about dental problems, as severe jaw bone. Problems may happen or new or unusual pain in your hip groin, or thigh, as unusual thigh bone fractures have occurred. Peak to your doctor before stopping prolia®, as spine and other bone fractures have occurred. Prolia® can cause serious side effects, like low blood calcium; serious infections, which could need hospitalization;. Skin problems; and severe bone, joint, or muscle pain. If your bones arent getting stronger. Isnt it time for a new direction . Why wait . Ask your doctor about prolia®. Welcome back. The dumbarton bridge at that time Digital Marketing world has figured out sending things based on your location. It sets up a target zone for your ads. You may have seen these ads pop up on your phone as you pass by a store front. It is now being used by recruiters wanting to target certain people with job openings. Tom costello reports. Reporter midmorning at Johns Hopkins all Childrens Hospital in st. Pete im going to listen to your heart, okay . Reporter ashley shepherd is making the e. R. Rounds. Whens the last time you had a treatment . Reporter aas a specially trained pediatric physicians assistant, ashley is in high demand across the country but theres a reason she ended up here. The hospital was targeting her phone. I kept seeing john hopkins all children showing up so i started investigating more and seeing what opportunities they had available. Reporter every time ashley drove to her old job in dallas, help wanted ads would pop up. Jo Johns Hopkins is using geof geofencing technology, targeting cell phones in zip codes with pediatric hospitals, in seattle, chicago, boston, ohio, and texas. Kind of like those Online Shopping ads that keep following you. Pediatric Nurse Practitioners, this is on somebodys Facebook Page . Absolutely. We specifically targeted them around whatever profile they set up online. Reporter including linkedin and facebook. They were the top two social networks used for recruiting job candidates. For Johns Hopkins, the strategy is working. In april they have 35 p. A. And Nurse Practitioner openings but with the targeted ads, they have hired 18 candidates with 100 more in the pipeline. We have to go after them. We cant wait for them to come find us. Reporter right now there are 6. 1 million job openings in the u. S. In 2016, 46 of employers reported difficulty filling their empty positions. Thats up from 32 in 2015. But recruiting people from a distance could help bring those numbers back down. I think that discovering jobs online is the future, and i think that locationbased advertisement is an enhancement to that. Reporter paul knight is a Digital Marketing expert whose company uses geofencing technology. Hes seen it go from the retail space to job recruiting. Placing an ad for a few dollars is more cost effective. It costs a lot of money for companies to hire a recruiter to go out and manually find those people. They could simply run advertisements that explain the benefits of working for their company. Reporter anyone can opt out of getting the ads, but a lot of folks are okay with sharing their whereabouts in order to receive targeted information. Did it ever feel a little spooky that you keep getting these popup ads . I didnt find it spooky at all. Some people think that this is weird that its following you around or knows my location. Reporter but ashley says it led to a great job just a few miles from the beach. Tom costello, st. Petersburg. I dont mind that. I think thats one of those things, theres a lot of creepy stuff about your phone and following you around, but it is kind of neat if it does help people get jobs. The Trucking Industry is using it to find truckers because thats an industry where theres a lot of shortage of people. The u. S. Army is using it to attract recruits. West point is using it as well to get students. I dont know, what do you think . I dont mind it. Social media is where we get all of our content at this point. 72 of hires in 2016 originated from online job searches, networking sites, social media. Versus the old way of job referrals and knowing somebody. The classified ads. So now youre this trend is following going where people are. Now, do i like seeing on my facebook feed that i need botox, get rid of my belly fat and teeth whitening . Not so much. Youve been on my facebook feed again. Thats not yours. Coming up, a federal consumer watchdog who made a name for himself taking on the financial industry to the chagrin of republicans on the hill. Well, hes calling it quits. All right, stephanie and i will debate President Trumps nominee for health and Human Services secretary. Should someone whos so close to the drug industry be the one to lead the charge to bring down drug prices . What do you think of my teeth . Theyre gorgeous. Almost as nice as his hair. For your heart. Your joints. Or your digestion. So why wouldnt you take something for the most important part of you. Your brain. With an ingredient originally found in jellyfish, prevagen is now the number one selling brain Health Supplement in drug stores nationwide. Prevagen. The name to remember. Are made with smarttrack®igners material to precisely move your teeth to your best smile. See how invisalign® treatment can shape your smile up to 50 faster today at invisalign. Com for over 100 years like kraft has,natural cheese you learn a lot about what people want. Honey, do we have like a super creamy cheese with taco spice already in it . Oh, thanks. Bon appecheese okay. Okay. Welcome back. This week President Trump announced his nominee for replace former health and Human Services secretary tom price. Alex azar was the deputy secretary of hhs under president george w. Bush, and more recently, he served as president of lilly usa, the Largest Division of eli lilly. Certainly he has the resume to do the job, but for a guy with such strong ties to the Prescription Drug industry, should he be the point man to the president will call upon to lower drug prices . I happen to think that the pharmaceutical industry is one of the least transparent, most complex, and most expensive part of our very Expensive Health care system. When you look at all those single payer systems around the world or even just universal systems that are not single payer, they have got drug prices under control. Even the president has identified this as one of the biggest problems. In my opinion, this is opening up the door and getting the lion inside. This guy is from the pharmaceutical industry. I get the argument that he knows what the industry is about, but these people have had chances to solve this problem and that industry has not done it. But ali, what did you expect . Already theres been a lot of criticism, this guy doesnt like obamacare. This guy was part of the bush administration. Then you had obama as president. Obama wasnt going to have him as part of his administration. And then he went and worked and was part of eli lilly. Im not saying hes great, hes super, but my goodness, what did you expect . He didnt like obamacare, he understands government, he understands the industry, hes an obvious pick. Hes also on the board of a group that was lobbying for this, as you have pointed out so many times, wisely so, the Pharma Industry has lobbied more than anybody else this past year. So well have to wait and see. Trump said he was going to drain the swamp. Im not saying yahoo, im say are you surprised . Im saying we might have just populated the swamp a little more. A new development at the Consumer Financial protection board, Richard Cordray announced this week hes going to step down later this month, seven months before his term is up. Cordray has been a lightning rod for President Trump and republicans who oppose his agencys work. The cfpb was created after the financial crisis under the doddfrank law to get aggressive with predatory lenders. The agency secured 12 billion in refunds and cancelled debts for 29 million consumers, but this Fall Congress killed the cfpbs arbitration rule which lets consumers join class action lawsuits against financial institutions. We cant be surprised. Listen, Trump Administration is all about deregulation, thats not what the cfpb does. We can only hope Mick Mulvaney who looks like hell take this over, you need to look out for the little guy. Thats it for us. Thank you for watching. That does it for velshi ruhle. You can catch us together every weekday at 11 00 a. M. You can find me at 9 00 a. M. And this guy at 3 00 p. M. Have a great weekend. See ya. S. This is the j. D. Power award for dependability. Now i want you to give it to the friend that you think is most dependable. Ohhhh. Ughh. Wow. Thats just not fair. Does she have to . She doesnt have to oh, i dont . No, but its a tough choice, isnt it . Yes. Well luckily, chevy makes it a little easier. Cause its the only brand to earn j. D. Power dependability awards for cars, trucks and suvs two years in a row. Thats amazing. Chevys a name you can trust do you have the coverage you need . Open enrollment ends december 7th. Dont put it off til later. 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His evangelical swipe at the Senate Candidate coming after a loud show of moore s
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