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Detailed text transcripts for TV channel - MSNBC - 20171123:14:44:00

Deductions which are quite high. if you really wanted if the folks who are writing this really wanted to give middle class americans a tax cut, you d do it two-year payroll tax holiday. you d stop having them put in their social security and medicare taxes. and that would be cash in their pockets. what this is it s unclear what the economic rational behind this particular tax reform plan is, other than as ben said to give corporations and largely speaking wealthier americans a tax cut. you re going to get about a 1.7% tax cut. which means if you re making $50,000 a year, it s just not all that much spending money. maybe about $80 a month for the first year that the tax plan would be in place if it indeed passed. at which point my mom louis would say, holiday, the only holiday i m not going on is the one i can t afford because my taxes are so high, brendan greely, is this tax cut really going to cause companies to give people raises? because i don t see it. louis, i m going to b ....

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Detailed text transcripts for TV channel - MSNBC - 20171123:14:43:00

If you re are an average middle class family, chances are in the first year you re probably getting a little bit of a tax cut as well. most income groups see a little bit of a tax cut. later on, you re not getting that much of a tax cut because a lot of this stuff phases out. corporations keep their tax cuts. individuals don t. the other piece of this is if you are a person celebrating thanksgiving in new jersey and new york or california and you ve got a big mortgage, you take a lot of deduction on your state and local taxes, you could be getting a tax hike in this and you probably won t be super psyched about that. i m going to play my mom here at the thanksgiving table in new jersey where she is and she s going to go, companies, they re doing so well, look at the stock market, rich guys, they re only getting richer. how s that going to help us? i mean, people out there, average joes, they haven t got raises. that s absolutely right. when you really kind of louis, you have to ....

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Detailed text transcripts for TV channel - MSNBC - 20171123:14:49:00

If it hurts the american people? am i talking to joan or louis now? you re talking to the table, both really. all right, joan and louis, the reason i do believe that paul ryan, who s the speaker of the house, joan, i do believe he is sincere in his belief that if you lower taxes on capital if you get them as low as they possibly can, that will stimulate business investment and we ll see economic growth. i don t believe that is the problem. and not many economists agree with him on that. that s the challenge about this. let s go back to the framework with both louis and joan. things we know will happen. things we think and hope will happen. this idea if you lower taxes on business owners, that if you create this arbitrary distinction between my salary and somebody else s business income, they will spend and the economy will grow as a consequence. economics aren t that good on that. they don t predict that paul ryan believes they will predict. however, i genuinely believe that pa ....

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Detailed text transcripts for TV channel - MSNBC - 20171123:14:45:00

yes. there are things we know will happen in economics and then there are things we hope will happen. it s very important you know what assuming does, it makes it we re going to leave it because it is thanksgiving dinner. no ucursing at the table. oh, louis, stop it. all right, we know that the changes to, you know, everything that ben just laid out, that is 100% going to happen. now, why are we doing it? we hope that there will be increased business investment and that will cause economic growth as a consequence. the economics on that aren t that clear. there s not there s lots of reasons why corporations have a lot of cash right now, borrowing is cheap, as you and i talk about all the time. if they were going to make a business investment, they d already be doing it, right. again, that s something we hope will happen, right. so are they going to give people raises, this $4,000 a year raise people are going to get. i don t know. probably not. there s not much reason to t ....

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