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Detailed text transcripts for TV channel - CNN - 20170426:17:33:00

Morning here in washington with the treasury secretary. what was your major take away, maya. so the treasury secretary laid out as much as he could without giving away any of the details of the plan. my major take away and i think about things from the budgetary and fiscal perspective, the focus of the plan is not to be revenue neutral which is what we ve been hearing from congress as they ve been talking about reform for months and months now. this was a big pivot to we are going to havetach reform that s going to grow the economy so much, that s how we re going to pay for it. that that is a tax cuts more than tax reform. i would say the country is in great need of tax reform. but we have record levels of debt right now and so big tax cuts will exacerbate that problem and the secretary of treasury did not focus at all on how we would bring the debt down at the same time. because gloria, if they want to reduce the corporate tax rate from currently 35% down to 15% ....

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Detailed text transcripts for TV channel - CNN - 20170426:17:49:00

The personal side. and i would just say on the dividend rates, we believe that restoring the 20% capital gains rate is the critical to investment in this country. mr. secretary? a question about your pass throughs. the initial plan that the president as a candidate outlined also included freelance or contract workers in that 15%. what s your rate on repatriation of funds overseas and gary cohn, what about the marriage penalty. first i d comment on the rate of repatriation. we re working with the house and senate on that. i will say it will be a very competitive rate that will bring back trillions of dollars. as it relates to the definition of contractors and things along those lines, those will be the details we ll work with congress on as we turn this into a bill that will get signed by the president. reporter: so as the secretary said, we are working very diligently with the house and the senate on coming up with ....

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Detailed text transcripts for TV channel - CNN - 20170426:17:58:00

You mentioned middle class tax cuts. middle class families watching this tonight on the news, a family of four, median income of $60,000, what does it mean for them? it s going to be a tax cut. how much? it s going to be a tax cut. look, you re asking the same question that was asked over here. we will let you know the details at the appropriate moment. we re in robust discussions with the house and senate leadership. they are progressing quickly. we re going to take two more. right back there in the fourth row. mr. mnuchin, exactly a year ago then candidate trump was asked if he believes in raising taxes on the wealthy and he said, i do, i do, including myself. so my question is, why isn t he doing that and will the president pay more or less taxes as a result of this plan? i can t comment on the president s tax situation since i don t have access to that, ....

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Detailed text transcripts for TV channel - CNN - 20170426:17:38:00

Then steve mnuchin will walk through the business and corporate side of what the president is doing to bring jobs back to this country to make our businesses more competitive and help our economy grow. at the end, they ll be glad to take questions on this. you are being provided a one-pager right now that provides the top level aspects of the plan. and then both the director and the secretary will go into further detail and take your questions. without any further ado, kra director gary cohen. thank you, sean. and good afternoon to everyone. thank you for being here. this is quite a historic day for us and one that we ve been looking forward to for a long time and one we re very excited about. we have a once in a generation opportunity to do something really big. president trump has made tax reform a priority. and we have a republican congress that wants to get it done. and this is something that quite honestly, i hope the democrats ....

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Detailed text transcripts for TV channel - CNN - 20170426:17:54:00

The president comfortable with that? will he sign something? let me just say, when we look at the deficit and the deficit has gone from 10 to $20 trillion in the last administration, that is a problem and the president is concerned about that. this plan is going to lower the debt to gdp. the economic plan under trump will grow the economy and will create massive amounts of revenues, trillions of dollars in additional revenues. let s go in the back. if you don t replace some of the revenue with a border a adjustment tax, how will you make up for the reduction in the corporate tax cut? again, today we re putting out the core principles which includes rates. we re working very closely with the house and the senate to turn ....

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