tv Legal View With Ashleigh Banfield CNN September 15, 2016 9:00am-10:01am PDT
which really a lot of companies in this room, i can tell you, we're going to be fighting for you. because you're bringing the jobs. we're a nation that tamed the west, dug out the panama canal and won two world wars and put a man on the moon. it's time to start thinking big once again. that's why i believe it's time to establish a national goal of reaching 4% economic growth. [ applause ] and my great economists don't want me to say this but i think we can do better than that. now they're upset. they'll be very upset. but i think we can do maybe substantially better than that. in working with my economic team, we put together a plan that puts us on track to achieve that goal. over the next ten years, our
economic team estimates that under our plan the economy will average 3.5% growth and create a total of 25 million new jobs. you can visit our website, just look at the math, it works. this growth means that our jobs and plans including our child care reforms that ivanka trump, my daughter, is so involved in, will be complete -- i like her too -- will be completely paid for in combination with proposed budget savings. it will be deficit neutral. if we reach 4% growth, it will reduce the deficit, it will be accomplished through a complete overhaul of our tax regulatory energy and trade policies. [ applause ]
right now, under the obama/clinton policies, the economy grew only 1.1% last quarter, a number that was shocking to people that do this professionally and for life. it translates into millions of lost jobs. and certainly millions of lost good jobs. because we don't have good jobs anymore. those jobs are gone and going. this is the weakest so-called recovery since the great depression. over the last seven year, the economy grew only 2.1%, the slowest period in 70, seven-oh, 70 years. had the ceconomy grown the same under reagan, it would have meant 10 million jobs.
1 in 6 men aged 13 to 34 are either in jail or out of work. meanwhile, another 2 million hispanic americans have been added to the ranks of those in poverty. on top of it all, the obama/clinton policies have doubled the national debt. it took more than 230 years for the united states to accumulate its first $10 trillion in debt. it took president obama less than eight years to add another $10 trillion. now it would be one thing if that money had been used to completely rebuild our nation, our military, our infrastructure. but that didn't happen. instead, the opposite happened. we doubled our debt and, in
return, we have delab dated infrastructure, dilapidated infrastructure, failing school, a depleted military, greatest people on earth and they have a badly depleted military. its equipment, old and tired. and another 14 million people who have left the workforce. never has so much money been spent so poorly and so unwisely. but we're going to turn that all around and here's how. it begins with bold new tax reform. [ applause ] don't worry, they're going down, not up, they're going down. think you were concerned they're going up. as outlined in detroit, our tax plan will greatly simplify the code. and reduce the number of brackets from seven to three. the new brackets will be 12%,
25%, and 33%. low-income americans will pay no income tax at all. our plan will remove millions and millions of workers from the income tax roll entirely. so all that work we do in washington can be discontinued. they'll pay tax. they'll pay tax. but they'll pay tax when they start making a certain amount of income. by lowering rates, streamlining deductions and simplifying the process, we will add millions and millions of new jobs. in addition, because we have strongly capped deductions for the wealthy and closed special interest loopholes, the tax relief will be concentrated on the working and middle class taxpayer. they will receive the biggest benefit and it won't even be close. they have been forgotten. we are not going to forget them. they have built our country.
we will not forget. this is a work -- thank you. [ applause ] this is a working and middle class tax relief proposal. the tax relief for these workers will be expanded by my child care proposals that i have worked on with my daughter ivanka. these proposals are central and are very, very powerful central element of our comprehensive tax reform and economic growth plan. families will be able to fully deduct the average cost of child care from their taxes, including stay at home parents. because this deduction is capped, it will be disproportionately and it will benefit working and middle class families. got to take care of our middle class families. the less you make, the larger a
share of your income you can exclude from taxation. parents will also be able to enroll a tax free dependent care savings account for their children or elderly relatives. lower-income house holds will benefit from both an expanded earned income tax credit in the form of child care rebates and a matching $500 contribution for their savings account. a married couple earning $50,000 per year with two children and $8,000 in child care expenses will save 38% from their current tax bill. that's a tremendous savings. and they'll have a better life. a married couple earning $75,000 per year with two children and $10,000 in child care, expenses will receive a 30% reduction in their tax bill from what they're
paying right now. by contrast, someone earning $5 million, like the people in this room, will receive virtually no change in their tax bill at all. one of our greatest job creation measures is going to be our 15% business tax rate. down from the current 35% rate. a reduction of more than 40%. i know that's what you people have been waiting for. an explosion of new businesses and new jobs will be created. it will be amazing to watch. you watch. and it will happen. we will also allow united sta s states-based manufacturers to fully expense the cost of new plants and equipment. big, big deal. [ applause ]
on top of that, we will bring back trillions in business wealth and this is wealth that's parked overseas. nobody knows how much it is. they say it's $2.5 trillion. i have people that think it's $5 trillion. we'll bring them back and it will be taxed only at the rate of 10% instead of 35%. and who would bring it back at 35%? obviously nobody. because nobody's doing it. i think it's going to be something that will be so phenomenal. far beyond what people even think. by taxing it at 10% instead of 35%, all of this money will come roaring back into this country and lots of good things will start to happen. we will turn america into a new magnet for new jobs, and that means jobs in our poorest communities. so important. and right now we have companies
leaving the country because taxes are too high. but we actually have companies leaving the country to get their money. and that's a first. nobody's ever heard of that one before. but believe me, that's happening. next comes regulations. one of the keys to unlocking growth is scaling back years of disastrous regulations. unilaterally imposed by out of control bureaucrats. regulations have grown into a massive job killing industry. and the regulation industry is one business i will absolutely put to an end day one. in 2015 alone, federal agencies issued over 3,300 final rules and regulations, up from 2,400 the prior year.
every year, overregulation costs our economy $2 trillion a year and reduces household wealth by almost $15,000. i propose a moratorium on new federal regulations that are not compelled by congress or public safety and i will eliminate all needless and job killing regulations now on the books and there are plenty of them. this includes eliminating some of our most intrusive regulations like the waters of the u.s. rule. it also means scrapping the epa's so-called clean power plan which the government itself estimates will cost $7.2 billion a year. this obama/clinton director will shut down most, if not all, coal-powered electricity plants, i mean, all over the country, they're shutting down. remember what hillary clinton
said. she wants to shut down the miners just like she wants to shut down the steel mills and shut down the steelworkers and we're not going to let it happen. we're going to put our great miners and our steelworkers back to work. energy reform is central to our plan as well. according to heritage foundation, by 2030, president obama's energy restrictions will eliminate another half a million manufacturing jobs, reduce economic output by $2.5 trillion, and reduce incomes by $7,000 per person. today you have workers and they're part of this massive group of people that have just come on to this movement. you have workers making less money today than they made 18 years ago in real wages. they're working much harder,
oftentime because of the disastrous obamacare we're going to repeal and replace. oftentimes they're working two jobs. so they're working harder. they're older. and they're making less. it's like me. i'm working harder than i ever worked also. nobody cares about that. who cares about that. hillary clinton wants to go even further and her plan could cost the economy $5 trillion. a trump administration will lift restrictions on all sources of american energy production it according to the institute for american energy resources, this will increase the gdp by more than $100 billion annually. add over 500,000 new jobs annually. increase annual wages by more
than $30 billion over the next seven years. increase federal, state, local tax revenue by almost $6 trillion over four decades. increase total economic activity by more than $20 trillion over a 40-year period. in addition, we will streamline the permitting process for all energy infrastructure projects which are desperately needed. including the billions of dollars in projects held up by president obama, currently being held up, they just won't approve anything. creating countless more jobs in the process. finally comes trade, the foundation for everything. america's annual trade deficit with the world is now almost $800 billion a year. who are negotiating these deals? anybody in this room negotiating
these wonderful deals? think of it. we have a trade deficit of almost $800 billion a year. that's going to change so fast. between world war one and the year 2000, the united states averaged a 3.5% growth rate. but after china joined the world trade organization, our average growth rate has been reduced to only 2%. predator trade practices, product dumping, currency manipulation which is a big one, and intellectual property theft has taken millions of jobs and trillions of dollars of wealth right out of our country. right out of our country. so sad that we allowed this to happen. our incompetent politicians were not watching and the ones that were watching were taken care of in some form.
because this should have never allowed, been allowed to happen. there is no great secret that many of the special interests funding my opponent's campaign are the same people profiting from these terrible trade deals. they are terrible. they're terrible for everybody. the same so-called experts advising hillary clinton are the same people who gave us nafta, china's entry into the world trade organization, the job-killing trade deal with south korea, another disaster, and now the transpacific partnership that they're pushing so strongly. the verdict is in. they just race to comment and race to get comment from. have been proven wrong over such a long period of time. every single deal they've promoted, every lie and every prediction has crashed. it just crashed.
they've been so absolutely wrong and they've been so bad for our country. our manufacturing base has crumbled. communities have been hollowed out. wages have declined. households are making less today than they were in the year 2000. i proposed a detailed plan to reform our trade policies and bring vast new jobs and wealth to america. we need our wealth back. we don't have wealth. we are a debtor nation. this includes the following step. i'll direct the secretary of congress to identify every violation of trade agreement that a foreign country is using to harm our country and our workers. that's what's happening. they're being harmed. our country is being harmed. i will use every tool under american and international law to end these abuses.
and i will use our greatest business leaders and finest negotiators. and i will tell you some of them are in this room right now. not all of them but some. and i know who you are. and honestly we're going to be calling on you because we have people negotiating the biggest deals in the world. far bigger than your company deals. your company deals with, like, little deals by comparison. we have -- it's true. you take some of these big companies and you look at some of these trade deals. hate to say it but your companies are peanuts. but we're going to use our best. right now we have political hacks negotiating the biggest most important deals in the world. we're going to start with nafta. which is causing so much damage to our country. we will entirely renegotiate nafta into a deal that will either be a good one for us as a country and for our workers.
or we will terminate it until a brand-new and productive deal can be signed. [ applause ] we'll also -- and we have to. we're going to keep america out of transpacific partnership unless we can do something that's phenomenal and i'm not seeing it right now, i can tell you that, i'm not seeing it. next, i'm going to instruct my treasury secretary to label china -- i like china. they're my tenant. they buy condos all the time. they're just fine. but you know what, they are a currency manipulator. and we're going to apply tariffs to any country that devalues its currency to gain an unfair advantage over the united
states. they are a manipulator, grand master level. we can't allow it to happen. and our people and our representatives and our politicians don't have even a little clue as to how to play the game. we have a trade deficit this year with china of approximately $500 billion. what kind of a deal is that? and this has been going on for years. $200 billion. $300 billion. $400 billion. for years. i'm going to instruct the united states trade representative to bring trade cases against china. china's unfair subsidy behavior is prohibitive by the terms of its entrance into the wto and i intend to enforce the rules. and i'm sure we'll make a deal somewhere along the way. but they're not playing fairly and our politicians don't
understand how to play the game. if china does not stop its illegal activities including its theft of american trade secrets and intellectual properties, i will apply countervailing duties until china ceases and desists. you know what that means. just a single action of enforcing intellectual property rules alone, just alone, would add millions of new american jobs. according to the united states international trade commission, improve protection of america's -- just think of this. improve protection of america's intellectual property in china would add 2 million jobs a year within the united states every single year and we do nothing. we allow them to get away with it. who can blame them? i don't blame them at all.
if you can get away with it, they're going to get away with it. we're going to stop the outflow of jobs from our country and open a new highway of jobs back into our country. here's how the plan adds up. we're proposing a $4.4 trillion tax cut that will score as a $2.6 trillion under dynamic growth models which is how taxes should be scored. this includes the child care plan that we announced the other day. our economic team has further modeled that the growth induced savings from trade, energy and regulation reform will shave at least another $1.8 trillion off of the remaining debt. that leaves around $800 billion. this money can all be saved
through simple commonsense reforms. if we just save one penny of each federal dollar spent on nondefense and nonentitlement programs, we can save almost $1 trillion over the next decade. one penny. we can all do that. save over $1 trillion. again, this is spending that does not touch defense. because we have to build up our military which is so terribly depleted. and that does not touch entitlements. if our plan exceeds the 3.5%, 10-year growth average, then our jobs proposed will actually reduce and start really strongly reducing the deficit. savings will be compounded by the fact that people who are currently receiving unemployment or welfare will finally be able
to find jobs. this is the most pro-growth, pro-jobs, pro-family plan put forth perhaps in the history of our country. this is what our new future will look like. i am going to lower your taxes very, very substantially. i'm going to get rid massive amounts of unnecessary regulation. all of these regulations on your business and in your life. i'm going to unleash american energy. i'm going to repeal and replace obamacare. i'm going to appoint justices of the supreme court who will follow the constitution. [ applause ] i'm going to rebuild our depleted military and take care of our vets who are treated so badly.
in many cases, our vets are not treated not nearly as well as people who come into our country illegally. we can't have that. i'm going to save your second amendment, which is under siege. i'm going to stop illegal immigration and drugs from pouring into our country and totally poisoning our youth and others. tremendous problem. and yes we will build the wall. the wall will be built. and just in case you're worried about who's going to pay for it. mexico will pay for it. being totally serious about that. mexico will pay for it. you understand. mexico, by the way, we look at the trade deficit we have with mexico, it's massive. the wall is peanuts compared to what we're talking about. mexico will pay for the wall. and i'm going to renegotiate our disastrous trade deals, especially nafta. we will only make great trade deals that put the american worker first and put the
american worker back to work. that includes our miners and our steelworkers. they're going back to work. we will rebuild our roads. our bridges. our tunnels. our highways. our airports. schools. hospitals. we'll rebuild everything. american cars will travel the roads. american planes will soar the skies. and american ships will patrol the seas. american steel will send new skyscrapers into the clouds. american hands will rebuild this nation. and american energy harvested from american sources will power this nation. american workers will be hired to do the job. we will put new american metal and new american steel into the
spine of this country. jobs will return. incomes will rise. new factories will come rushing back to our shores. we will make america wealthy again. we will make america strong again. and we will make america great again. thank you very much. god bless you. thank you. thank you very much. [ applause ] thank you. thank you. >> the speech here in manhattan at the economic club of new york promising to create 25 million jobs over the next ten years. set economic growth at 3.5% or 4%. >> at least. >> couldn't decide whether it was 3.5% or 4%. and cut taxes $4.4 trillion. all without raising the deficit. >> a lot to discuss. a lot to go through now. our guest is here, cnn global economic analyst and assistant managing editor of "time"
magazine. rana, let's talk about the growth issue first. 3.5 and then he said 4 and then he said i think it could go beyond that. is it realistic? >> it's not. i mean, this entire plan is predicated on the idea that tax cuts create growth, right, that's the sort of dynamic model we're talking about here. if we look at the last 20 years, the evidence simply doesn't show that. the bush tax cuts of 2001 and 2003 did not substantially jump start growth. george w. bush's tax cuts did not. obama's tax cuts did not. that whole premise that you can just cut taxes and reform regulation and that's going to somehow jump start the economy is faulty. >> and he's doing all of this, christine romans, without any entitlement reform at all. >> right, when you look at where he's talking about budget cuts, he's talking about the part of the budget that is the smallest part that can handle it the least, right. he's not talking about medicare. he's not talking about social security. he's not talking about those big entitlement programs.
when you look at 4% growth, that's a very optimistic target. we haven't seen a 4% growth, you know, consistently since the late 1990s -- >> he's talking about a ten-year average. we haven't seen one year of it since 2005. >> last year, 2.6% was the growth of the american economy. earlier this spring, it was weaker than that. more like 1% to 2% growth. what he's talking about is totally jump starting the economy and keeping it that way for a very long time. and the premise seems to be that just rejecting the status quo and doing some corporate tax refor to bring money back from overseas, well, that money would then start plants and factories and hiring here. that would somehow unleash the animal spirits in the economy and you'd have gangbusters president trump economy. >> david chalian, let's bring you in. from a political perspective, donald trump laying out -- we knew a lot of these details that he laid out.
we're talking kind of around the table of how much we're actually hearing in terms of maybe the 4%, that goal seems to be new at least. from a political perspective, what did you hear? i thought it was fascinating he opened up his remarks in front of the economic club touting his poll numbers. >> that was vintage trump when the polls are in his direction, he does like to tout them. i saw he was in a sort of inherrant contradiction what he was trying to do, because he was speaking to a very wealthy group. but he was trying to focus so much of his appeal on middle class and working families. he kept coming back to that language and sort of the rejection thematically of globalism in favor of americanism. and trying to really hone in on the middle class and working class. but then you heard sort of to some laughter in the room it sounded like to my ears when he finally did turn to the corporate tax reform, to lowering the rate, that money overseas would be taxed in terms
of bringing it back here. he said, i know this is what this room really wanted to hear, and made sure to note that taxes would not be going up at all. he was sort of speaking to a room that was made up of one economic variety, different than what his message was, trying to hit working class and middle class themes. >> austin goalsby, there's some stuff in the speech that needs to be fact checked both factually and mathematically. first, it turns out donald trump was talking about a foreign plant, that ford is opening up a plant in mexico, and yesterday, today he seemed to indicate those jobs would leave the united states for mexico. ford said yes we are opening a plant in mexico but the plant in wayne, michigan, is going to start making other cars. ford says not a single job will be lost there. secondly, on the tax cuts themselves which is something that oftentimes political candidates propose. sometimes republicans, sometimes
democrats do too. but he claims that people who make $5 million or more, they're going to pay the same in taxes. it's unclear to me how that excites if he's cutting the rate, the top rate from 39% to 33%. it seems like rich people are going to get a big tax cut. >> of course they are. he's not including the massive tax cuts for businesses. he's not including that he wants to repeal the estate tax that would benefit his own family by some $3 billion or $4 billion. so you're being generous to say that it needs to be fact check. my -- my trump policy rule is we should spend less time analyzing trump's ideas than he spent thinking the ideas up. we've already violated my trump rule by the end of this segment. i do not believe that he's even checked the details of his own plan. because you heard him saying that the benefits of the tax cut would be concentrated in the
middle class and it's just, that's not even remotely true. >> jeffrey lord. >> i can hear my two late bosses, their ghosts, of ronald reagan and jack kemp shrieking in my ear. >> what are they shrieking? >> they're shrieking answer, answer, answer. tax cuts do, in fact, produce jobs. the 1980s and reagonomics, as ronald reagan said when it took off, they don't call it reagonomics anymore. there was a reason. because it launched decades of economic growth in this country. >> you think it can bring about 4% growth, just tax cuts, and you think deficit neutral? >> you can say it produced growth but it absolutely produced deficits, jeffrey. >> because he was ending the cold war. he made the decision -- he made the decision deliberately that it was a good idea to end the cold war, which all sorts of other people said could not be done. he said, we win, they lose. he said unrealistic. so yeah, you do have to cut the budget. remember, he didn't have control of the congress either.
he didn't have control of the house which controls the purse strings. so tip o'neill was not about to be cutting budgets the way ronald reagan wanted them cut. i certainly remember those battles. >> trump is increasing military spending while cutting taxes and keeping it deficit neutral. gloria borger, i want to bring you in here. what do you make of this speech? the idea, people are going to argue, austan, that what he says is not factually accurate. at the same time, an economic speech that trump delivered for 40 minutes on tv. >> right, right. okay. so give donald trump credit for that. on the deficit conversation, we were just having, you know, you want to talk about 4% growth which is, by the way what jeb bush talked about during the campaign. no cuts at all to entitlements. entitlements completely exempted. no reductions at all to defense
spending. and this presumption as jeffrey says that if you cut taxes it will, it will raise growth. the question is and jeffrey made the point that you need to have a republican congress to cut the budget. well, bush had opportunities to cut the budget. george w. bush. you know members of congress as well as i do. everybody on this panel does. they're not going to vote to cut the budget. that's why, you know, that's why we have a budget bill that hasn't been approved, you know, that you had these levels that are imposed on congress because they don't have the will to do anything on social security, on medicare. you have a plan proposed by paul ryan which includes changes to entitlements. and the republican nominee has not paid any attention
whatsoever to that. so -- >> sorry, go ahead, gloria. >> no, i was just going to say, he kind of leaves republican orthodoxy behind, but it's difficult for me to see that this wouldn't cost an awful lot of money to, you know, to americans and also, by the way, the trade policy, you know, the question is would it, in the end, cost american jobs if you get involved in trade wars. >> i see you nodding your head, christine. >> the answer is yes, when you talk about tariffs and you talk about trade barriers and renegotiating trade deals and filing trade complaints, it makes people very nervous. and by people, i mean people would hire. people who build factories. people who sell things and import things, export things and import things. all the analysis is, you know, new analysis this morning from oxford economics it would cost a trillion dollar hole in the economy and drive down consumer spending in this country by 4%.
team trump says, you know, economists get it wrong, they get it wrong a lot, and we don't believe that analysis. but that is the conventional wisdom. when he talked about having trade wars and tariffs. that will hurt the very workers he's talking about. >> you know, there was an irony -- >> back to jeffrey lord who brought up the reagan years which is something republicans point to, tax cuts creating jobs there. there's been tax cuts since then. >> is the last 20 years of evidence shows you tax cuts do not create growth. it didn't happen in 2001, 2003, under w. or under obama. there's also, you know, respectfully i think some intellectual incoherence here on the republican side. because tax cuts without cuts in spending just don't work. under two terms of reagan, the national debt was three tyimes what it was before. the math simply isn't working. people don't want to make the hard decisions of what programs are you going to cut. >> right, but here's the thing, he is running to be president, everyone, austan goolsbee.
and you know what helps, saying you're going to cut taxes. >> there's an irony that the chairman was there in the audience. don't know if you saw the survey they did in "the wall street journal."reached out and contac every living chair or member that was a republican of the council of economic advisers, of all previous decades. there was not a single republican economist that has served in the government, including ronald reagan's chair of his cea who said they're a supporter of donald trump. it's because his program is actually nonsense. if you believe it's going to work, then you believe in jack's magic beanstalk beans because that's what he's giving us. >> jeffrey lord, is this jack's magic beanstalk? >> no, no, this is an old argument. this is what was said when reagan was president. >> the difference here is reagan did it while increasing the deficit. he didn't promise deficit
neutral. also, ronald reagan was willing to tinker with entitlements in a way that trump says isn't going to happen. those aernt just minor differences. those are the whole ball game. >> look, he's got people -- i have to believe, being an economic speech, somebody like larry kudlow was involved with this, who worked for ronald reagan. i have to believe that steve moore, conservative now with the heritage foundation and used to be with the "wall street journal," were advising on this. i want to say something about the political impact of this. you look at a state like pennsylvania which is is up for grabs. at a rally the other day in pennsylvania, he introduced this woman who had lost her job because the company took off for mexico from pennsylvania. i talked to the president of the pennsylvania manufacturers association who tells me that one of the biggest of their concerns is chinese military hacking western pennsylvania companies to get their data. meaning they're not trustworthy on trade deals. so when you listen to this and you translate it back to getting
votes, which is what he's going to do, this kind of speech is very helpful. >> kind of to jeffrey's point, do the details matter? i mean, yes, as we talk about details of lots of things, tax returns, medical records, all those things, they should matter, but do they matter? >> couple things, one is the speech came a little late in the campaign. in the sense that we only have, now, 53 days or what have you to actually dissect it and what the american people really understand it. donald trump talks about cutting taxes. we all want to see our taxes cut. you feel like you're giving too much back to the government. but what -- we'll see what happens with the democrats and if they're able to cut ads against it and what have you is that these numbers don't really add up. the experts sitting at the table and all throughout the city and the country say listen, these numbers are not going to work. that's really important. because all we've heard from
trump are these glowing very broad visions of how he's going to make america great again. just in the past week, we've seen two policy proposals. this and his child care proposal which is now coming under attack. >> all right, guys, stick around, there's a lot more to talk about, about this policy proposal. also a lot more to talk about from a statement that donald trump jr. made today, explaining why he now thinks his father is not releasing his tax returns. in a nutshell, it's because it would hurt him politically. we'll discuss, next. hey, searching for a great used car? yeah! you got it. just say show me millions of used cars for sale at the all new carfax.com. i don't want one that's had a big wreck just say, show me cars with no accidents reported pretty cool i like it that's the power of carfax® find the cars you want, avoid the ones you don't plus you get a free carfax® report with every listing start your used car search at carfax.com at northrop grumman,
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that can camp out in between our teeth, if we'll let it. use gum® brand. soft-picks®. proxabrush® cleaners. flossers and dental floss. gum® brand. we've been talking about tax policy. let's talk about taxes. or donald trump's taxes. his tax returns. a new excuse coming from donald trump's family on why he is not releasing his returns. donald trump jr. told "the pittsburgh tribune review" this about his taxes. because he's got a 12,000 page tax return, that would create financial auditors out of either person in the country asking questions that would distract from his father's main message. >> i want to bring in a new panel right now joining us from cnn politics, maeve resten, christine romans, gloria borger.
david chalian. this is a new excuse about the taxes. trump jr. says he can't release the taxes. we haven't seen proof he is under audit. we're being forbced to take him at his word. now his son is saying no, it's not that, it's because the tax rushes could be politically damaging. what did donald trump jr. just do to his father politically? >> well, it was kind of an unfortunate statement for the trumps in that sense because over and over again the argument has been used about the audit. but what donald trump jr. is actually true. it probably would distract. there probably are lots of things in there that all of us reporters would like to comb through and understand about donald trump's tax returns. and so it's making it harder for him to go out there and keep making that argument that he's
under audit, that's the on reason why people can't see them. it's a transparency problem for his campaign. >> so, david, did donald trump jr. just commit the is inteling the truth? how big a deal is this? >> i think he did. i think we finally got the most honest explanation of why those tax returns are not being presented to the american people. and as maeve said, donald trump jr. is right, it no doubt would be distracting. wish he would have done it months ago but now it's too late because it would become distracting. think it was clear to anyone paying attention i don't think donald trump ever intended to release his tax returns, and i think he was, you know, been searching for various excuses for that. but now this new language from donald trump certainly should be put to his father, questioned, see if he agrees with his son's
assessment. >> we just got an update about hillary clinton. she left her home in chappaqua, new york. she's headed to the airport in white plains where she'll head to north carolina. she's got about a 10, 15-minute drive i hear from her home to the airport. we should see her in a few minutes. let's keep an eye on picture on the bottom the screen because it will be interesting to see if she takes questions. we have two esteemed economic experts here who know a lot about taxes. christine romans, donald trump's tax return, again, these 12,000 pages, just remind us what they would tell us or what types of things they would tell us and why, in donald trump jr.'s words, it may be such a distraction from his father's -- >> they would give us insight into how much money he pays, what is his tax rate, how much money does he give to charity, where is the money coming from, his income coming from. and just i mean the tax rate is what's really interesting to me. we know that real estate developers in particular have
very creative kind of tax rules. honestly. >> charitable way to put it. >> and what about his charity donations. personally, does donald trump give to charity. you know it's almost proforma for somebody running for president. >> everyone tries to get the lowest tax rate possible. creative or not. everyone's trying. we've even said that. of course work the system to my advantage. everyone would do that. >> i suspect what you would see is a very low tax rate, overall tax rate, and what that would point to is every american can't do. most of us make money in income in a check that gets paid every two weeks or so. financiers and real estate investors make money on money. there's a lot of creative ways to hide money overseas. poor mitt romney looking like a
paradigm now, money in offshore tax havens, which then of course would create a problem for somebody play the populism card. the america first card, the trade card. oh, but is he hiding money overseas? >> gloria, the charitable giving has really become an increasing issue on the campaign. "the washington post" doing a reporting, trying to track down exactly how much charity, how much donald trump has donated to charity. we've learned that since 2008, drew griffin reported this too, donald trump hasn't given any of his own money to his own foundation, right. others have had a hard time tracking down the tens of millions of dollars that mike pence says donald trump has given to charity. that could be the type of thing that is or is not in his tax returns. >> in fact, according to the great reporting from "the washington post," he is taking money into his foundation and then donated money from the
foundation in his own name that was not his own money. and so i think this would obviously be an area of interest in the tax returns. to me, what would be the most interesting, and measuwe're notg to get it now, and this is the reason most candidates try and release their tax returns as early as they can, is that, you know, we're not going to get the details of the foreign entanglements. we were not going to know, you know, whom he does business with. and i think that is a large question. particularly since the trump campaign has raised an awful lot of questions about the clinton foundation and who the clinton foundation takes money from, and that would be doing business with, right, and i think that in light of all these criticisms and, you know, the fact that the trump organization is international, that the
questions about who he does business with are important, particularly if he gets elected, and becomes president of the united states, and his children say they're going to take over the company. well, what does that mean? you know, i think the public has a right to know. >> right now, those are questions without answers. guys, stick around, more to discuss. just in to cnn, the top democrat in the senate just unleashed on donald trump, calling him a huge leech who would bleed the country and i'm told he didn't stop there. we'll have details next.
let's be clear about donald trump. he's a spoiled brat raised in plenty who inherited a fortune, used his money to make more money and he did a lot of it by swindling working men and women. trump is a human leech who will bleed the country and sit at his golf resort laughing at the money he has made.
even though working people have been hurt. >> that's the outgoing senate minority leader harry reid sparing no words for donald trump. joining us now to discuss, assistant editor of "the washington post," david, thank you so much for being with us. harry reid, former boxer, likes to mix it up, and now his opponent is clearly donald trump. >> likes to make these statements that sort of pull no punches. that has been the case in a sense that democrats have been trying to make about trump all along, right, that he's been perhaps successful at making money for himself, but he has not articulated policy specifics that will help the average american. senator reid may have just said it in a more aggressive fashion probably because he sees himself personally as not having a lot to lose my being that blunt. >> you've got harry reid in the senate saying that. you've got trump talking tax policy. here in new york, as you see, in that picture on your screen, you
see hillary clinton about to get back on the campaign trail.pers you've got donald trump hitting her today, what does she need to do, because everyone is going to be watching her as she makes her first appearance after taking herself off the trail to recover. >> i think for clinton it's going to come down to the debate which we're less than two weeks away from. donald trump has caught up to her in terms of the polls. i think part of that is because we're see a residual effect from the continued hammering that she's taking on her mishandling of her e-mails while at the state department. i also think trump has been effective in staying on message, using teleprompters, not making inflammatory statements that have upset various constituencies. that's not to say that donald trump has been controversy free, but he's done a better job of reining himself in the last few weeks. so really when we get to the debate is when secretary clinton will have to show that she is