tv Senate Democrats on 401K Retirement Plans CSPAN October 31, 2017 10:46pm-11:13pm EDT
usa haven for capital, again. because we need to get that edge back and we need to encourage more people to start businesses. particularly millennialist. it will add to our competitiveness. thank you. pres. trump: one of the things we've been talking about unseen and there is never been anything like it, is the level of the news he has them for business, manufacturing. the highest level it has ever been. the highest level since the charts started. and we have a tremendous level now of enthusiasm for business and manufacturing and nobody has ever seen anything like it and of wars the stock market is at -- and of course the stock market is at an all-time high. i think it has gone up 54 times since i was elected. we've had the record 54 times. but we are going to keep it going up. but we have created almost $5.53 since november
8. so we are very honored by all of that but a very good part will be tax cuts and tax reform and we will work on that together. thank you you all very much. thank you. talking] ] [indiscernible >> some people imagine that, hopefully not. thank you. thank you very much. >> [indiscernible] announcer: the over on capitol hill, some democrats unveiled their own tax plans.
they outlined the details of their plan and spoke out against the republican proposal at a press conference. here is a look. >> i was the one who is late, they were not. them.me me, not i just walked in first. good morning everyone. i apologize for being late. i want to thank the ranking member of the finance committee for being here as well as others. and, the leader on retirement, sheldon whitehouse although he is years from retirement himself. tomorrow, house republicans are expected to unveil the fine print of their long-awaited tax plan. at the risk of using a halloween
time, we are sure the republican tax plan will be full of tricks for the middle class and full of treats for the wealthiest and the biggest reparations. we do not know yet what the republicans will do to middle-class ira and retirement accounts, but many have suggested they movie -- they may move the cap all the way down to $2400 per year. it is now $18,000 if you are 50-years-old. no matter which way you slice it, what the republicans plan to do to 401(k)s is an immediate tax hikes on american families retirement plans. it will be bad for millions of families which is why it is opposed by groups like the aarp. the president suggests these accounts want change at all but
immediately backed off and said, it is a negotiation. they beat that will be included in the bill and maybe it won't. the chief tax writer of the republicans, congressman brady, has refused to roll out a tax on americans retirement. vigorously oppose any tax icon middle-class retirement accounts and we have a better plan to make it easier for americans to save for retirement rather than harder. under the plan we are putting forward today, we would lift the cap on pretax contributions for 401(k)s, create a new tax credit for companies who will match or made aontributions, and new auto-ira program for the one half of american workers under age 65 that do not have access to an employer-sponsored retirement plan. we make it easier for americans to retire in a decent way rather
than harder, which is what our republican colleagues do. why would they do that? why would our republicans do this? why would they do this to the middle class was something as sacred as retirement to give a 1%e cut in tax to the top and give a huge incentive to corporations already raking in billions and profit a year who are already flush with capital. we think republicans have it exactly backwards. they should abandon any plan to tax 401(k)s and work with democrats in a partisan way to expand retirement savings, not tax them. wyden: thank you, leader. the leader in the senate, very well. what i want to do is just amplify on a couple of points. the first is, the republicans in aboutss have been talking right at the heart of their tax
therm efforts is to make tax system simpler. i can tell you, as i look again at what is an offer, this approach on retirement would be a full employment program for record-keepers. in effect, you would have one set of roles pre-tax. $2400. another set of rules post-attack. you might have employees setting up both types of account. employers will have a challenge trying to get the word out about both of these approaches. so, we will start with that. as the leader has touched on, we been slack-jawed at the idea that they just cannot keep their hands off your 401(k).
early onave seen is, they said, well we're looking at some of these ideas. the me president reeled it back in and then mr. brady put it back on the table once more. so, you take these things on top won't fact that we continue the halloween analogies to much, but they already have -- -- sat next to him all these years, new that was coming. but they do have quite a record when it comes -- record -- [laughter] senator wyden: here is what is year.ed already this they've made it harder for middle-class americans to save when they don't have a savings
plan at their job. that is within done already. number two, they are in the process of scrapping a role that says financial advisors to retirement plans have to work in their clients best interest. get your arms around that. that is really a radical idea. that the financial advisors should have to actually be working in the client best interest. that is in the process of being as well. now, we have them going after 401(k)'s. the reality is all of this is going to be so harmful to the middle class. behind closed doors. i want to amplify the leaders point with respect to why. eventually some of the authors like mr. moore, they have overpromised all of their
strongest mega-wealthy supporters. they have $4 trillion worth of tax promises and they basically at this point have virtually no revenue in order to pay for it. so what they have done it is they have made it clear that the promises to the middle class are really not worth the paper they are written on. they are false promises to the middle class. make for tree dollars worth of promises, largely to the people who are at the top of the top, then you have got to come back in secret and take it out of the height of the middle class. so, it is less simple. less fair. middle hopeful for the class who work hard, play by the rules, and would just like to be
able to save and get ahead. i am glad my colleagues are here. good morning. happy halloween. issues such an important for families in michigan and that is why i'm really glad to colleagues.my it is true tonight they are going to have a lot of ghosts and rules walking around knocking on our doors. a lot of scary little kids all dressed up by none of this is as scary as the republican tax giveaway plan. that is for sure. seven or widen just outlined how it will take away people's options for savings for retirement. 18% is a problem when only of americans are very confident they have saved enough for retirement. in michigan, where we have both in the public and private sector, peoples pensions being
questioned, people don't know whether or not they're going to get their full pension now and we have a lot of employers that are turning from traditional tensions to requiring people to use 401(k) savings. people will -- deserve a better deal than what is being talked about by republicans. aat is why we are here with plan that gives families more ability to save for retirement. more ability to save for retirement, not less. to, the power to decide how do it. so we are really proposing something that will protect the freedom of american families to save for retirement's on a pre--tax basic. today, workers across the country are able to save money through a 401(k).
if they are 50 years old or older they can save another $6,000. that is good but we think there is a better deal. democrats would expand the limits of that every american can save up to $24,500. every american can save up to $24,500 in a 401(k) account on a pre-tax bases. their plan, can you imagine? their plan would limit the savings to a skimpy $2400 per year. a budget gimmick that would then forsed for tax giveaways the wealthiest americans. suggesting $24,500 and what they are talking about is $2400. imagine trying to retire on that. that is frightening. thank you. senator cantwell.
>> thank you. i am glad to join my colleagues today to say the republican approach to the reform tax bill is wrong-headed. it is wrongheaded on trying to make sure americans no longer have deductions and sales tax, mortgage, property tax, and a variety of things. it is also wrong to try to take way retirement savings. new america the foundation, 92% of americans are retirementg their savings. that is roughly 14 trade dollars. the economic policy institute found a median working age family had a average of only $5,000 saved for retirement. of retirement savings will add additional strain to government problems -- programs from medicare to snap. -- 401(k) plan we made remains one of the most popular for more than 50 million active users, mainly it encourages americans to save or retirement.
in 2008, we build out the biggest banks while everyone else's 401 pension and retirement took a hit. people are still feeling the effects of retirement and stability while we gave the banks loans of dollars and now we are back to making billions -- they are back to making billions in profits per year. we'll look to workers to make sure they can invest and they can save for their future. the republican plan of taxing 401(k)s or limiting tax-free contributions, will only make it say.r for people to we should not be taxing working people to pay for tax cuts for corporations. the potential cost of paying thes upfront could reduce amount of many individuals that are able to contribute to their retirement accounts or would limit their ability to contribute at all. we need to be encouraging people to save through incentivizing and investments and for a one theirlee's, not cutting
taxes. not cutting the taxes for the wealthiest americans while putting the burden on families. to my turn it over colleague, senator whitehouse. senator whitehouse: thank you. i will try to wrap up quickly. it is long past time for a sincere effort to help americans . we have ideas that will help americans. so much having 0% set aside. what we have instead of a sincere look at security is a budgetary threat. it will reduce american , all tont options establish a budgetary trick to move revenues into the 10-year urgent window.
for every dollar they move into the 10-year window it counts as revenue and we lose revenue in the out here, so on a net basis there is no foreseeable game but it does create phantom revenues. it can be used to us that tax cuts for the rich. so, what you are doing is disrupting american retirement security, failing to produce enhancements and improvements we need to and instead reverting to a budgetary trick that will allow for tax cuts for the wealthy. we deserve better. thank you for listening. >> all right. we are ready for questions. i am going to take them on this subject only because it will be after our lunch. yes, sir? [indiscernible] >> well, it depends on how much you want to say.
we are doing other things as well. our idea for credit for lowoyers that contribute is income, too. very much so. friends would he said to pat >> what do you say to pack to me -- tupac to me -- what do you say to pat toomey? >> we don't know how many offsets they will put in there like this one. the bottom line is this theory churned out by right-wing think it will occur because of tax cuts is absurd. in all of our examples, president bush said this and the same right-wing think tank said this in 2001-2003. they predicted a surplus and 10 years. $1.63id the deficit was
because of the bush tax cut. the state of kansas, so obviously what happened, home of the coat others, the great -- brothers, thech great experiment. they predicted government would down 700 million. they predicted growth with sore, ratherkansas was at 2.6% than up with the rest of america. utter is under bowl -- bull. >> is so much of this is unicorn math. you don't have to take my word about it. the republicans chose to come to
the hearing and we asked point-blank, with the tax cuts pay for themselves. not the democratic economist but the republican economists said, and apropos of the leaders point when you have these treasury secretary saying they can believe they can generate $2 trillion worth of growth, there is no independent element to suggest that. that, ouradd to democratic policy and commissions party is having the house democratic leader from kansas and a pta leader from kansas that will be speaking more in depth. i really encourage you to come and listen to this because the fact of the matter is they ended up going down to four-days goal weeks for many of the children in kansas. it was a complete disaster. the republican majority actually went back and repealed all of taxesx cuts, increased
again to try to stabilize things. so it has not worked. i was here during both bush tax cuts as well. for me, think for all of us, not ideological, if trickle-down economics worked, great. it has not worked. and so, do not know how many times we're going to see republicans try to sell a bill of goods to the republic when the republic is not gotten any -- when the public has not gotten any relief from trickle-down. >> we don't know the statistics about the bill tomorrow. i know the administration officials talk to house republicans in new york and new jersey. as a member from new york, talk about the impact potentially of what this will do. >> in the 10 republican districts in new york state, nine republican districts in new york state, taxes for the middle
class and upper middle class would go up significantly even with this compromise. so they should not be full. there are about 60 districts throughout the country where over 30% of the taxpayers get an average break of a thousand dollars or $9,000. the idea that the standard deduction would make up for it miss statement of facts is appalling. if you are a family of more than three you lose money on that, too. little bittalk a about the dissonance between the president and chairman brady about what is in this bill? who speaks for the republican party? >> what donald trump about the tax plan and what is in the tax plan are light years apart. what donald trump campaigned on, happening -- helping the middle
class, and when he is supporting are light years apart. this is a tax cut that is primarily to the wealthiest americans. who really speaks for the republican party? h brothers and their allies. >> the health care bill was crafted in a similar way. president -- this is not what the president campaigned on. ask the president spent time to read the bill, if he spent time to read the bill, he would oppose it. and if his advisers come in and say this is great, it cuts middle-class taxes. one of the problems with this president, he does not know the actual details of the things he is supporting. he did the same thing on health care. he said the health care plan would lower premiums uncover more people. it did the opposite and it is the reason it lost. people hated it. now as low as 30% of americans support the trump tax reform
rapunzel. that is the best way to put it, the trump tax reform proposal. it is still going to get lower. thinking theare more you talk about what is really in the bill -- this week we see a big kick off with renewed attention on the miller investigation. what about the weeks ahead? >> we just keep at it. the same groups that were mobilized, the same grassroots groups that were mobilized, letting the country know what the real health care bill was are now focused on taxes. at the mueller investigation is going to proceed along on its own. we hope there is no interference. obviously there will be outrage and there were. it we will focus on taxes for the next couple weeks. democratsenate [indiscernible] --
>> look, the three who did not sign on, listen to their statements -- basically agreed with the principles. >> what about provisions? is is something democrats are going to -- ushing for as far as >> we will have to see the individual packets before we can talk about it. we think the whole plan should sunset and about three minutes. >> have you talk to any republicans about this proposal and and so what was their reaction? >> i have not, but we will. ok? last question. estimates your revenue ? >> we do not have a revenue estimate yet. cbo.tend to submit it to thank you, everybody. ok. thank you everyone.
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republican tax reform bill scheduled to be released this week. and, the recent indictments in the brush up broke. select a service director shares his view about the mission of the select service and the pentagon recommendation to expand registration to include women. then, former obama administration official talks : aut his book "impeachment citizen's guide." we will hear from dnc chair tom price. he talks about the future of the democratic party and responds to the special counsel indictment of former trump campaign chair paul manafort. in a conversation with a christian science monitor, this runs about an hour. >> no.