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tv   Americas News HQ  FOX News  September 28, 2017 11:00am-12:00pm PDT

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mistaking that car for a giant carrot. it caused $6,000 in damages. >> jon: the car was parked next to the donkey's enclosure. the man could have picked a better parking spot. that does it for us today, "america's news headquarters" starts >> sandra: awaiting the start of the white house press briefing on this very busy day in washington. hello, everyone. i'm sandra smith. we expect fresh white house reaction on tax reform, healthcare and aid for hurricane ravaged puerto rico. we have live fox news coverage for you. john roberts standing by at the white house. we begin with mike emanuel who is currently live on capitol hill. mike, the framework is public now, so where do lawmakers go from here on tax reform? >> reporter: well, sandra, house speaker paul ryan is among those out selling this tax proposal, saying it will help those who deserve it. >> our plan lowers taxes for small family owned businesses.
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their top tax rate will go down to 25% which is much lower than they pay today. this will revitalize main streets all across america. it will mean more jobs, fairer taxes and bigger pay checks. >> reporter: today chuck shumer is attack one of president trump's key advisers, accusing him of using funny math. >> the chief economic adviser to president trump, gary cohn, said the administration believes it, quote, can pay for the entire tax cut through growth, unquote, by using a dynamic scoring model. gary cohn comes from goldman sach. if he used that funny math there he would have been kicked out of that firm a long time ago. >> reporter: expect democrats to continue attacking, saying this tax proposal does too much for the wealthy. republicans will argue that is simply not the case. sandra? >> sandra: what is the mood like there outside that big moment on
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capitol hill early this morning, the house chamber after the return of steve scalise? it happened just before 11:00. it was quite a moment. >> reporter: no question about that. incredible smiles. lot of emotion on the faces of both republicans and democrats here on capitol hill. lot of them didn't think that steve skalise was going to make it. either from the gun shot or from the infections he suffered in the after math. >> they gave me a second chance at life. and through many, many surgeries, where my life was truly in the balance a few of those, they did a wonderful job at making sure that i was well taken care of and ultimately made it through. >> reporter: steve scalise thanked the, quote, true angels who saved his life. sandra. >> sandra: all right. mike, it was an amazing moment. we're so happy to see him back. thank you, sir. the white house is touting a tax reform plan. president trump saying the plan will provide relief for the
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middle class. now we're learning healthcare may also be back in the mix. john roberts is live on the north lawn. john, the white house is defending its tax reform plan? >> reporter: they are. in terms of the volume of things coming out of here, it is a typical day at the white house. president said his tax reform proposal is a give away to the rich. tweeting this morning, quote, democrats don't want massive tax cuts. how does that win elections? great review for tax cut and reform bill. chuck shumer is critical of the president's plan for a couple of reasons, saying that because it eliminates the state and local deduction, people in high taxation states like new york state, like connecticut, like california, will actually be taxed twice and their taxes could also go up. the reason schumer is calling this a give away to the rich is that because the president would eliminate the estate tax and also eliminate the alternative minimum tax. you might remember that in that one snippet of president trump's tax return that we saw, he paid
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a whole lot of alternative minimum tax. if that had not been there, he might have reaped millions of dollars. but here's what schumer said. listen here. >> when donald trump was talking about this plan over the last few day, he talked about focusing on the middle class and not helping the wealthy. the plan is a major disappointment because it so deviates from everything the president said. he's talking the talk, but this plan shows he is not walking the walk. >> reporter: of course, the new york congressman from the republican side, peter king, also concerned about some of the same things that senator schumer is, saying that by eliminating state and local deduction, lot of middle income earners in new york would get double taxed. it's all up to congress to write the final plan. healthcare, we told you it was all dead yesterday. seems like it might be only mostly dead because the
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president is saying he wants to revisit graham-cassidy in january or february of next year. senators graham and cassidy were over here at the white house earlier today. i'm told there wasn't much that came out of the meeting. testify just sort of an after action report after the failure of graham-cassidy this week. i'm told the key going forward is lisa murkowski of alaska and senator john mccain of arizona. their big concerns were with process. and the white house believes if it can give them something on process, like hearings in congress, that they may sign onto it. the president told me last night when he came back from indianapolis, sandra, that he believes he can get senator rand paul on board. now, from talking to senator paul's office, at the moment there doesn't seem to be much hope at that. >> sandra: all of that set to come up at the white house press briefing which is moments ago.
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puerto rico expected to be a big one, too, right? >> reporter: it will be a big topic especially since there have been criticisms of the white house's response to what's happening in puerto rico. people saying it's ineffective and unconscionably slow. but the white house is saying, look, we're on an island there, we're getting material in as fast as possible. lot of the roads are blocked. we heard from the acting dhs secretary and homeland security adviser a little while ago outside the white house. they say they're air lifting supplies. they got 10,000 federal workers there. 7200 are troops. they're trying to get as much material as they can into puerto rico as quickly as they can. of course, the president this morning asked for a waiver ten days in length of the jones act, which would allow foreign flying vessels to take supplies from the united states into puerto rico. that's prohibited by the jones act. i asked secretary about that earlier today, if that helps them hro gistically.
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she said, yes, it helps very much with resupply. hopefully we'll see more getting into puerto rico. getting from the ports to the areas where it is needed most. >> sandra: john, you're getting new information on scott pruitt's flights. >> reporter: it all started with tom price and if the revelation that he spent $400,000 on private flights. now people are talking about the epa administrator taking a number of noncommercial flights. a source tells me it was four flights in total. the only charter flight was one between denver, colorado and duragno. this was after the commercial flight on aou nighted airlines that the administrator was booked on was delayed for eight hours and he would have missed this event in a mine had they not chartered the flight. also asked the governor of colorado if they could jump on his plane. they were initially told there was no room. after they chartered the aircraft, the governor said we've got one seat.
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the other flights were government flights. one was a military flight from cincinnati to jfk so the administrator could jump a commercial flight to italy so he could join the president at the g-7 summit. another one department of interior flight inside oklahoma. would have taken more than five hours to drive there. the epa reimbursed the department of interior for that. the other one was a ride on the governor of north dakota's aircraft between two cities in north dakota. between fargo and grand forks for which the governor was reimbursed. all of that was cleared by the epa office of ethics. so they're saying this is not a tom price situation, this is completely different. sandra? >> sandra: john roberts, thank you. >> reporter: thank you. >> sandra: so the focus on tax reform now turns to capitol hill, where lawmakers in both the house and senate must craft their own bills. joining me now colorado senator corey gardner who sits on the foreign relations committee.
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senator, thanks for coming on. >> thanks for having me. >> sandra: senator, a lot going on. lot of optimism coming from you and your colleagues over this tax plan. is there enough there to get this passed? >> you know, i believe there is. i think the reason there is, because we have to jump start this economy. there are far too many people in our country who have seen their wages remain the same. stagnant wages mean people haven't been able to get ahead. they haven't been able to get that leg up they thought they could. through tax relief to american families, we're able to make sure people keep more of their own money. job creators able to create more jobs by investing in their businesses. this is a good thing for america. >> sandra: you heard some of the reports coming from capitol hill earlier. nancy pelosi saying this swindles the american people, it would be catastrophic for the budget. chuck shumer saying this is a give away and a major disappointment. will democrats be able to come around on this? >> one of the provisions chuck
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shumer has objected to. 88% of the people who receive that tax benefit earn over $100,000 a year. that's hardly the middle class of america. we have to make sure we do what's right for the middle class americans. we have been talking about coming up with opportunities to drive down tax rates to let people make their own decisions on how to spend their own money. we know once you drive down those taxes, more money will be coming back in to the united states from overseas. we'll see more investment. we'll see wage growth and the opportunity to create more businesses. there are some areas that haven't seen net job increases or new starts since 2000. 17 years it's been stagnant on the job front and new business front. we can do better. tax reform, tax relief is the way to do it. >> sandra: you sound optimistic. we see president trump touting this plan. are you going to be taoeubl sell
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this? >> yeah, i think so. i'm old enough to remember that president obama talked about cutting taxes. so i think this is something that has bipartisan support. it's something that both sides should agree to, unless they just want to play politics. it will be easy to convince the american people. would you like to have more money in your own pocket than you did before? and they're gonna say yes. >> sandra: i think you can bet on that. thank you very much, senator gardner, for coming on. >> thanks. >> sandra: the white house briefing ahead this hour. we'll see what the administration has to say about the new tax plan. also be asked about the response to the growing crisis in puerto rico. >> we need the president to really take this seriously. there's no way in the world that puerto ricans together working with the local government can just with the support that we currently have on the island from fema we're going to be able to rebuild puerto rico for at least as an emergency get these supplies to the people in need. patrick woke up with back pain.
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>> sandra: the pentagon is sending a three star general to puerto rico to oversee the federal response to hurricanes maria and irma. general jeffrey buchanan is expected to arrive in puerto rico in the next few hours. the trump administration today suspended a 1920 law called the jones act for ten days to help get desperately needed supplies to the people of puerto rico. garrett tenney is live from san juan. garrett? >> reporter: sandra, puerto rican officials say suspending the jones act will help with the long term economic recovery and it will help get aid supplies in. you can see here at san juan's port, getting the aid here is not the problem. you have nearly 10,000 shipping
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containers that are sitting here just waiting to go out. these containers are filled with food, medicine, construction materials, anything you could buy at a wal-mart, grocery store, pharmacy. these are the same items folks are lining up to buy, waiting for hours. that is what has port officials here so frustrated. >> the water, the food, the medicine t construction materials right now people are without roofs. people are without walls right now. with all this cargo that we have sitting here, we know that we can bring immediate relief to all those people in need. >> reporter: the problem is with distribution. right now puerto rico does not have enough drivers to get these containers out on to the road and to those places that need it. that is why the governor told me yesterday, right now his biggest need is folks to sit in a seat and drive a truck. >> it's a logistics problem.
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if you fly over as we did over the port, you see that we have thousands of crates of food, water, fuel is plentiful. but we need the transportation to execute. this is going to take every truck driver in puerto rico so we could be effective. and we're going to need support from the outside. >> reporter: and the reason these shipping containers are sitting here still is as of right now, only 20% of puerto rico's truck drivers have gotten back on the job. some of them lost their homes, their trucks. others the government has not been able to contact. they are looking for anyone to drive a truck, for folks outside puerto rico to get in here and help with trucks as well as drivers. right now it's a frustrating situation for both the government and for people here at the port especially folks across the country who are in desperate need. >> sandra: thank you for
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netanyahu your reporting on that. we are just moments away from the white house briefing where we expect questions on president trump's tax plan and puerto rico. plus, some cabinet members in hot water for spending taxpayer money on chartered flights. we'll look at the potential consequences. >> the president's made it clear that he's not happy with those developments. he'll look into it and i'll leave it between the president and secretary to work it out.
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>> sandra: president trump helping puerto rico recover from hurricanes maria and irma today, authorizing the department of homeland security to suspend a shipping law called the jones act to speed up recovery efforts. >> understandable degree of
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devastation on the island and for anybody that needs food and water, power, life saving needs and commodities, health care, there's nothing that can happen fast enough. but what i will tell you is that we are mobilizing and marshaling the resources of the united states of america that is absolutely professional, fast and adequate. >> sandra: louisiana senator john kennedy is a republican on the appropriations committee. senator kennedy, thank you for joining us today. >> you bet, sandra. >> sandra: first off, what do you make of the administration's response to horrific situation happening in puerto rico right now? how is the administration handling in their response? >> well, i think the administration is doing a much better job than some members of the national media and certainly the democrats are giving them credit for. that's one example of where nothing that the president does will ever satisfy our friends on
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the democratic side. i'll give you another example that i have been listening to your clips of what chuck shumer said about our tax reform bill being a tax cut for the rich. you know, i noticed something since i have been in washington these nine months. lying is a growth industry around here. now, i really like chuck. i think he's a great guy. i don't agree with him. but when it comes to tax reform, our bill, he's going through a phase. called brain dead. our bill will do more for middle class americans, working families, ordinary people, whatever you want to call it, than anything this town has done in 50 years. so i have got to set the record straight on that. chuck is just not telling you the truth about this bill. >> sandra: senator kennedy, to let everybody know what chuck shumer said. he said this is a give away to the rich. this tax plan is a major
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disappointment. you have responded by penning an op ed, a tax code for the middle class you call it. let's invest in the american dream. you wrote nearly three-quarters of americans opt to take the standard deduction. it's simple, fair, requires less documentation than itemizing. all congress needs to do is double the standard deduction in order to inject $600 billion back into the economy over ten years. you cited a 2014 report. >> it's very simple. take an ordinary couple making $70,000 a year. mom and dad both work. they take the standard deduction. they file jointly. they pay about $3500 in federal income tax. they pay a lot more in taxes but $3500 in federal income taxes. double their standard deduction and that's going to give them an extra $1800 of their own. they can spend it on whatever
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they want. that's not a tax cut for the rich. that's a tax cut for people who get up every day and go to work and obey the law and pay their taxes that need a little help. >> sandra: if it's that easy, why can't republicans sell this? >> i think we can and we are. you've got to refute nonsense as spoken by my friend chuck shumer. it's not just nonsense. it's nonsense on a stick. he knows that. chuck's base has white hot hatred for donald trump. they're never gonna say anything good about the tax package. maybe he believes. you can believe 2 plus 2 equals 5 and that doesn't make it correct. it's wrong. >> sandra: i want to get your response, senator kennedy, to hhs secretary tom price. he's under fire for using government resources for personal use. he was asked on camera, with a
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microphone, whether he thinks he should be fired. listen to this. >> we're gonna work through this. >> do you think you should be fired? >> i think we've still got the confidence of the president and we continue to work on important issues like flu vaccinations. >> sandra: senator kennedy, what did you make of his response? >> no excuses here. can't put lip stick on this pig. it's a pig. tom shouldn't have done this. whether he stays on is between him and president trump. taking these charter flights, playing the big shot on the taxpayer's dime when you can go by bus or train or regular commercial air. can't put lip stick on this pig. >> sandra: should he be fired, senateer? >> that's not my call. that's up to him and the president. if you're asking me if i think it's wrong? it's dead wrong. it's more than wrong. don't defend this. it's indefensible.
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>> sandra: all right. senator kennedy, really good to have you on this afternoon. thanks for being here. >> thank you. >> sandra: all right. well, the white house press briefing, i'll remind you, it is just moments from now, where all these topics are likely to come up. plus details about top security leak. remember a reality winner, how she claims to have smuggled out a classified report. i just saved a bunch of money on my car insurance with geico. huh. i should take a closer look at geico... geico can help with way more than car insurance. boats, homes, motorcycles... even umbrella coverage. this guy's gonna wish he brought his umbrella. fire at will! how'd you know the guy's name is will? yeah? it's an expression, ya know? fire at will? you never heard of that? oh, there goes will! bye, will! that's not his name! take a closer look at geico. great savings. and a whole lot more.
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>> sandra: we're awaiting the white house press briefing. it is set to begin moments from now. we are also awaiting a life briefing from the state department as remembering tillerson kicks off a high level trip to china. the whole talks on the nuclear standoff with north korea among other things. rich edson has the latest on the state department. hey, rich. >> reporter: good afternoon, sandra. secretary tillerson is on his way to beijing for high level meetings with government officials there. secretary of state also welcomed at the state department today officials from the chinese government. before he left, he discussed his priorities for that trip to beijing. >> preparation for president trump's important visit. so we want to talk about the agenda for that visit. then we'll continue our discussions on a number of other issues that are important. certainly north korea will be on the table for discussion. >> reporter: this is his second trip to beijing as secretary of
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state. nuclear missile development first component of his first trip in march. those issues are a priority this time. china recently agreed to support u.n. resolution sanctioning north korea. china's commerce ministry just announced businesses in that country operating with north korea have 120 days to close. china also announced it will reduce energy and text tile trade. that prompted president trump to publicly applaud chinese president trump xi for his actio actions. there are critics that point to china being north korea's top trading partner and those u.n. security council sanctions that china did support, it and russia worked together to water those measures down. there are those at the state department are saying china can do a lot more when it comes to north korea and that will be part of the conversations the secretary will have with his weekend trip to beijing. chinese, they're saying they want the united states and north
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korea to cool it with the rhetoric. they're all saying they want both countries to avoid any type of military conflict in that region and on their border. sandra? >> sandra: briefing there set to begin any moment. thank you. meanwhile, we are awaiting the white house press briefing. tax reform is gaining traction on capitol hill. it will likely be a big.of discussion in that room. let's go to guy benson fox news contributor and bernard whitman former bill clinton pollster. thanks to both of you for being here. guy, i'll ask you first. what do you think will be the first question from reporters in that briefing room? what is the hot topic today. >> reporter: congratulations on the new gig on america's news room. i can't wait to watch this week. >> sandra: thank you. >> i'm not going to try to predict what journalists might ask, but i would not be surprised if it was about tax reform and whether or not the plan put forward will, in fact, benefit the middle class, which
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is what the white house is saying and maybe trying to tease out some more specifics. what we have right now is a frame work. i think it's a frame work. i like the messaging. i think tax reform is essential. we're off to a good start. but there are some big policy questions that need to be answered, and some holes that need to be filled by congress. and maybe a question that i would ask is what type of direction the president would want to give the bill writers in the house and senate on questions like the size of the tax credit, the child tax credit is one example that jumps to mind. >> sandra: speaking of the hole in the deficit, nancy pelosi verbalized her criticism for the plan. she said this, after republican tax plan blows a multitrillion dollar hole in the deficit, they will sharpen their knives for social security, medicare, medicade. bernard, heavy criticism coming from nancy pelosi, chuck shumer.
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you've been hearing it all day. >> well deserved. this is a massive tax redistribution to the wealthy. this will disproportionately benefit the top .2% of americans. it is outrageous. if you look and see, the gap between not rich and poor, but the gap between rich and middle class has grown 160% in the last 20 years. this is a fundamentally against what the republicans and donald trump promised. they said two things. they promised to prioritize the middle class. two, they promised it would be revenue neutral. this falls incredibly -- >> sandra: let me get guy to react to that. president said, as we have heard him say on fox news this morning, this plan is for the working people. this does target the middle class, guy. >> and it does. bernard, i hope you get a big enough tax cut that you can buy yourself a new talking point. i have heard this always from democrats. whenever you want to cut taxes,
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oh, it's for the rich. no. this is across the board tax relief and tax simplification which benefits middle class and working class families. when you talk about any tax cuts, yes, if you're going to cut taxes, the top 1% of wage earners pay 40% of federal income taxes. the top 20% -- >> they have the wealth. >> top 20% of wage earners pay 70% of all federal taxes. so, yes, they are going to get a break, but so are working class family, so are small business, so are corporations that have lots of dollars parked overseas. and it's going to simplify the tax system, which we spend billions of dollars trying to comply with this tax rule. >> sandra: bernard i want to get you back on that small business point. when you look at that corporate tax rate, what problem do you have with that? small business is two-thirds of the u.s. economy. lowering that corporate tax rate that has been such a burden for
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those small businesses from 35% to 20%. >> i'm all in favor of lowering corporate tax. but what i want to ask guy is what happened to the deficit hawks in the republican party? what happened to the idea that we have to cut our deficit. this is going to balloon the deficit. even aggressive tax cutters believe it will balloon by $2 trillion. evidently that goes right out the window. >> one legislative win. >> i do find it interesting that democrats are all of a sudden interested in deficits and debt after barack obama almost doubled the national debt over eight years all by himself. i have been critical of president trump for saying certain things like social security and medicare. these are giant -- when we talk about a debt crisis, those are the programs driving the debt crisis. it is basic math. we have to reform those programs for younger people. not current seniors. but later on these things are
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going insolvent. that's what we have to do. growing the economy through pro growth tax cuts and reform i think is completely appropriate. but, yes, we should have an eye on the deficit. >> sandra: one point that paul ryan continues to sell, bernard, simplifying the tax code, shrinking down from seven tax brackets to three. being able to do your taxes on a post card. >> say good-bye to the deduction you have for your children, for mortgage interest. probably going to go away. >> nope. nope. >> sandra: this will all likely come up in the press briefing. >> wrong, wrong and wrong. >> sandra: thanks to both of you, bernard and guy. brand new details about a top secret security leak. accused nsa leaker reality winner unveiling how it all went down and why she would do such a thing. peter ducey is live. how did winters sneak this document out of an nsa office? >> reporter: reality winter folded up a classified report and shoved it in her panty hose
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so she could walk out the door, take it to a mailbox and send it to the news organization intercept. she got mad something the nsa knew about russian election interference wasn't widely reported and decided to leak it telling the fbi, i guess i didn't care about myself at that point. yeah, yeah, i screwed up royally. she also revealed a frustration with fox news saying, quote, i guess it's just been hard at work because, i filed formal complaints about them having fox news on, you know? just at least for god sake put al-jazeera on or a slide show of people's pets. i have tried everything to get that changed. there is one potential problem. when fbi showed up at reality winner's house, nobody ever read her her miranda right, her right to remain silent. so her lawyer saying anything she revealed there is not admissible. >> sandra: do the feds have any other evidence against winner they can use? >> reporter: they do. they have a face book exchange
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between winner and her sister from a few months before she leaked that reads like this. winner said i have to take a polygraph where they'll ask if i ever plotted against the government. hash tag gonna fail. her sister said laugh out loud. just convince yourself you're writing a novel. winner said i only say i hate america like three times a day. i'm no radical, it's just mostly about americans obsessing with air conditioning. the sister then said you don't actually hate america, right? winner said, yeah, i do, it's literally the worst thing that happened on the planet. we invented capitalism, the downfall of the environment. winner saying she wasn't trying to be like snowden but another place saying that she sides with snowden and asange. >> sandra: peter doocy, thank you. we are waiting sarah sanders to take the podium. she is expected to field many questions about the president's tax plan, among other things. we will bring that to you live
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switching to allstate is worth it. >> we're keeping an eye on the white house where the press briefing is set to begin any minute. will we learn any more details about president trump's new tax plan? we'll bring it to you live when it happens. we'll also talk to a political journalist who said tax reform could be even tougher for the white house than healthcare. that's coming up when i fill in on shepherd smith reporting. >> sandra: president trump's tax plan drawing a strong reaction from the main stream media with many outlets panning it as nothing more than a give away to the rich. gerri willis has the story. >> that's right. you bet. president trump is barely finished describing his tax reform plan yesterday when media outlets began releasing their analysis of the plan. i have to tell you, it came so fast, it seems like it may have been written beforehand. let me share a few of the headlines. from the l.a. times don't buy
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the spin the new tax plan is a huge give away to the wealthy. this from the new york times. trump land gives substantial rewards for healthy people and corporations. these headlines ignore the fact that he opened the door for high earnings. seems the coverage obscure the fact that among the so called wealthy people, getting a tax people for small business, sandra i think you're starting your presser. i'll go back to you. >> sandra: thank you. sarah sanders at the white house press briefing room. >> today the president actively engaged in monitoring the recovery efforts in puerto rico. this morning he received an update from fema administrator brock long. administrator long has also briefed members of the senate this morning and members of the house this afternoon. the full weight of the united states government is engaged to ensure food, water, healthcare are making it to the people in need. at the request of the governor who is doing a terrific job, the
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president waived the jones act. this will ensure ample resources are making it to the island. we will continue to focus on the challenge of districting those resources. the island setting presents logistical hurdles that do not exist on the main land where trucks can converge on disaster areas. 10,000 federal government relief workers are there, including 7200 troops are now on the island and working tirelessly to get people what they need. we have prioritized life saving resources to hospitals and can report that 44 of the island's 69 hospitals are now fully operational. the army corps of engineers is spearheading a massive mobilization to restore power. this began with providing the deisle fuel necessary for sustainable emergency power generation. they're also working to restore long term power generation and distribution around the island. there's a long way to go, but we will not rest until everyone is safe an secure. our message to the people of
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puerto rico is this. the president is behind you. we all are, the entire country. your unbreakable spirit is an inspiration to us all. we are praying for you. we are working for you. we will not let you down. as you all know the president traveled to indianapolis, indiana, yesterday, to roll out a frame work for delivering tax relief for hard working american. our frame work is based on four key ideas. first, we will cut taxes for the everyday hardworking americans. second, we will make the tax code simple, fair, easy to understand. third, we will cut taxes on american businesses to restore our competitive edge and create more jobs and higher wages for american workers. finally our frame work encourages american companies to bring back the trillions and trillions of dollars in wealth that's parked overseas. robin helman owns a small printing business in indianapolis. robin and her husband roger bought the business in 1991 and have since tripled in size. they both work full time in the shop and employ three additional
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people. as robin describes it, her family is living the american dream. however, robin feels small businesses in our country have been neglected and in her words put on the back burner. but she's now excited about what if president and congressional leaders are proposing. she believes this tax cut will be a boone not just for her small business, but also for her customers. robin relies on small businesses to take risk, make investments in marketing campaigns that require printing services. robin is thrilled about the possibility of a tax code being simplified to allow the average taxpayer such as herself to save time and money so they can invest in their families and their business. people like robin are at the heart of the president's tax relief plan. to talk more about the tax relief plan, i'd like to bring out gary cohn. after gary takes a few of your questions, we'll also have tom bossart up to answer some questions specific to the hurricane relief efforts, and then i'll come up for more general, if you are insistent
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and have other topics you want to cover. thanks. >> thank you, sarah. i was going to make some opening remarks. i think i won't because you covered a few of them. couple things i will say. the president's made his goals very clear what he wants to achieve here with tax reform and cutting taxes in the united states. i think you know where we are in the process. the group of six has been working really well together. we are now in the hands of congress. we want to go through a normal process both in the senate and house. we're working well with both tax drafting committees. the committees will continue to work. they're working really well. we're trying to drive tax reform as quickly as we can. you know the basic premise behind it. i'm not going to take you through what we talked ab before. question we get asked a lot, so i'll say it right now. we have to make some basic assumptions on where we'll end up with the brackets, but based
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on aur assumptions a typical family earning $100,000 with two children ha bes an a standard deducter continues to use the standard deduction. they can expect a tax cut of about $1,000. that's where we're headed. that's where we're going to continue to be. with that, i think i'll open it up to questions and see what's on your minds. >> the there's been criticism that it's a give away to the rich. one criticism that seems to be relevant for your own state, connecticut, california, is that by eliminating the state and local deduction, there are certain people who will suffer double taxation. these are obviously itemizers. is that a hard and fast red line with you or would you be willing to give that up in congressional negotiati negotiations? >> our plan is based on lowering rates and expanding the base. it's very simple if you think of what we're doing.
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you expand the base by getting rid of the loopholes. the loopholes that the wealthy taxpayers have used to pay tax on less of their income. so we have designed a plan where you're going to pay a lower rate, but more of your income. that is a basic core premise of our plan. we're committed to it and we're sticking with it. >> criticism is there are people in the middle income for whom this tax cut is supposed to be beneficial because they itemize. >> just to remind everyone in here, 25% of american families today itemize. that's it. 75% of american families do not itemize. so when you're talking about itemizing, you're talking 25b9% of the population. we all have many things we're doing in the tax plan to help out american families. we're lowering tax rates go, from seven to three rates. we're expanding the zero rate, up to $24,000 for that family. first $24,000 of income they will pay zero on. we're lowering the 15% down to
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12% so the next rate will be 12%. we're doing things to help that family. we're expanding the parameters for child care greatly. we're really going to move the upper bounds to who's eligible for child care up to a substantially higher income level. so that family may be eligible for more credits. you have to look at this plan in its entirety. the one thing i would beg you all to do is don't look at any one piece. look at the plan in its entirety. that's how we're looking at tax reform. we're looking at it in its entirety. >> to follow up on what john was asking, standard deduction versus itemize. there are people who think if you dissuade people from itemizing people won't be interested in buying homes because they won't use the itemized deductions. >> we're protecting the mortgage deduction. the home builders came out in favor of our tax plan. the number one reason why people
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buy homes is they're excited and optimistic about the economy. they have a job today, they feel confident they're going to have a job tomorrow and their kids are going to get a job and their spouse has a job. they feel like there's upward wage pressure. they feel good about the economy. that's when people go out and buy homes. we have not been in that situation in america for the last decade. we have to get america back to a place where people feel excited and exuberant about the economy. when they do that, they'll spend money, they'll buy homes. people don't buy homes because of the mortgage deduction. again, 75% of families don't use itemized deductions. yes? >> how are you going to ensure wealthy taxpayers don't abuse the tack rates? >> that's a great question. we have spepb enormous amount of time on the anti-abuse language. the last thing we want to see is wealthy individuals, or wealthy groups or families move their tax rate down from the 35% rate
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to 25% rate. we are spending time on that. the tax writers in both the house and senate are acutely aware of this issue. we've got language on it. you will be seeing language as we deliver more in the coming days. we are acutely aware of that. guys like myself should not be allowed to put their assets into a partnership and reduce our tax liability by 10%. >> two things about -- one thing you said this morning. you said that you couldn't guarantee no middle class taxpayers would pay more taxes under the plan. because of the details that you were talking, that's a real possibility. some lower income people could see a small cut of a few dollars or not more than that. is it a red line for you and the president that all middle income taxpayers benefit from the plan. president said yesterday this tax cut would not help him. he said in indiana it would be
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bad for him. what little we know about his finances he'd get a big cut, something like $31 million on past income he'd save $16.5 million. he'd obviously save a lot not paying estate tax, his heirs would. how can you say this is not helpful to him? >> the american people are concerned about their financial position. i think what they're concerned about is when they go to work every week and get their pay check, how much do they get to keep? how much goes in their pocket versus how much goes to the government? how much do they get to spend versus how much do they spend on the government? if we allow a family to keep another $1,000 of their income, what does that mean? they can renovate their kitchen? they can buy a new car. they can take a family vacation. they can increase their lifestyle. that's what our tax plans do. our tax plan is aimed to return more income back to hard working americans. that's what we're trying to do
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here. >> speaking of the president saying this tax plan wouldn't benefit him. don't you think it would be a good idea if the president proved that by releasing his tax returns? >> like i say, what we're trying to do and what we're all working on in the white house is to increase the lifestyle of american citizens. our hard working citizens that get up every morning and work as hard as any people in the world to try and keep more of their hard earned income. that's what we're all about. that's what our tax plan is about. our tax plan is trying to get the economy, get the growth rate back to a normalized rate above 3%. yes, we just had a quarter 3.1% gdp. people didn't think we'd get to 3.1 for awhile. what does 1% of gdp mean? it means $3 trillion. it more than pays for a tax cut. that's what we're trying to do with our tax plan. >> if you can't guarantee that all middle class americans or some middle class americans won
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see their taxes go up, does that contradict the plan to help middle class americans? >> our tax plan is aimed at making sure we give middle class americans a tax cut. we are going to give middle class americans a tax cut. that is what we are spending all of our time on doing. we've got lots of tools to make sure we do that. as i said this morning, i'll say it again, i could read my statement from this morning. i liked it so much this morning, i'd say it again. i cannot guarantee that. you could find me someone in the country that their taxes may not go down. remember, we have 50 states. we have counties. we have cities. we have long term capital gains, short term capital gains. i guarantee you, you could find someone in this country, maybe one person, who their taxes may not go down. >> can you walk us through the timeline for how you think the tax writing committees will get through this?
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what confidence do you have given what's happened so far this year on capitol hill, that they will actually get this done? secondly, why did you decide to stay at the white house in the wake of charlottesville? >> i am very confident that the house and senate are working as quickly as they can. if you look at chairman brady right now and what he's doing in the house ways and means committee, they are working. they came in sunday to start working on the tax plan. they continue to work every day. chairman brady said they will get through the tax plan as quickly as they can. we will hope that we get through the house in october. we would hope to be in the senate in november. we hope to have a bill done by this year. why am i here? i'm here just for this reason. think about the opportunity that i'm involved in with the president being able to rewrite the tax code, something ha hasn't been done for 31 years. the amount of impact that we can have on the u.s. economy and u.s. citizens and changing the outlook of the united states.
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this is a once in a life time student and i would never miss this. >> following that and then my question which is when you're done with tax reform you will no longer be at the white house. did you mean to imply that? >> there are many more once in a life time opportunities at the white house. >> we'd love to lear what would make you stay. on the child tax credit which we heard president trump talk about. can you give us any kind of description as to what that will look like. i know it's still being written. what is the goal here? will it be refundable? what are some of the specifics? >> i think we said in our outline yesterday, the existing child care credit is refundable. we'll say refundable. the additional money that will be put into the credit will be nonrefundable. we want to encourage people to work. we want to have people have taxable income to take the credit against. the size of it we're still working out. >> do you have a range in mind? >> we have a range in mind. we are working on delivering a
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large middle income tax cut to american workers. one that they rightfully deserve. >> thank you. you said the plan will add $2.2 trillion to the deficit. is it wrong? >> we think they're wrong. we think they're wrong because the way they score. but let's not argue that. we officially believe that this tax plan will have a dramatic impact on economic growth. we know that 1% change in gdp will add $3 trillion back. so if they're right, we're only going to pay down $800 billion of the deficit. i'll live with that. >> thank you, gary. on the corporate side, your critics say on the repatriation of overseas assets that history would show that companies don't always use


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