tv Politicking With Larry King RT October 19, 2017 11:30pm-12:01am EDT
donald trump wants to read the whole the u.s. tax code but first congress has got to agree on a budget resolution will either happen this year we're taking a look on this edition of. the politicking on larry king president trump eager for a legislative victory ten months into his administration is touting his framework for reforming the u.s. tax code and not many details in the president's plan but it does call for a substantial reduction in the corporate tax rate and changes to individual tax brackets as well but no reform is going to happen until congress agrees on a budget resolution which could be held up by fiscal hawks within his own party like senator rand paul not to mention opposition by the democrats will take a look at where the budget plan stands and how likely tax reform is to happen as
outlined by the president but first a look at the proposed tax plan through the eyes of financial expert he's neil grossman managing partner and chief investment officer of t.k. n.j. capital frequent commentator on business and the markets and joins me here in studio in new york for discuss the tax plan the dollars five percent since trump took office he takes credit does he deserve good well he's really get the blame if it wasn't i think you deserve some of the credit i think the general economic background was improving as he came into office unemployment rate was falling earnings have been going up and non-u.s. economies were also starting to cross is an element of a positive framework which you can't ignore but was the curve happening well i think some of it was starting and i think you do have to give him. the benefit of the doubt on things like reducing some of the regulatory issues. and you know
trying to move toward some of these other proposals he certainly has motivated business people to be more good to be more optimistic the further we go on without getting anything done i think will bring this more more into question tertiary secretary stephen munchen said tuesday the runner up is largely the run up is largely based on expectations of congress passing a major tax relief bill and failure to do so well have significant consequences is that right i think it will have major consequences how far it goes i don't know but i think the fact is that there is a lot of expectations on the corporate of individual side. to get some fiscal stimulus in this economy your financial expertise so. i'll get you have an opinion on something when no formal plan is proposed well i think you have enough of the basic frameworks out there to have some idea number one reducing corporate tax rate if you're going to reduce the corporate tax rate by five or ten percent that should
provide money to corporations to invest to hire more people to pay people more so more salary and or other forms of compensation that trickle down well depends on how you do it was generally will be something that word on is it not not what it hasn't worked as well as anyone would have thought i mean we've been in a fairly long period of relatively good economic productivity leaving aside the crisis i mean starting the mid eighty's you had a very long period fourteen fifteen years a pretty good economic environment and then you had the crisis and i think the crisis honestly was caused mostly by bad federal reserve policy over accommodation i think provided the basic framework for the type of over over risk taking the ran through this economy is such disagreement over this the basic tax proposal is that many on the left say it's going to benefit the rich and the on the right say it's going to help the middle class or do you say well a couple of things number one on the depends on some of the major ways you want to
look at this simply first of all tax implication will help everybody no matter which way you want to go so mitt reducing some of the brackets and i think probably taking away some of the. the doctor ability will be helpful. i think the suspect at the very high end depending where you will depends where you live if you live in new york or california i don't think you'll end up with a net tax reduction for example if they reduce the bracket but take away the duct ability of state local taxation if you live in florida it well i think anything that will help the middle class is probably a very good thing so and i don't see why anyone should should should blanch at the idea of providing more stimulus and economic positivity for the middle class the bigger question i think what you want to we are talking about was what does that do for the deficit and that's where this sort of budget questions coming in and whether this type of plan is going to significantly increase and economists does it really well you know again i if you take a look at the definition of g.d.p.
the two primary ingredients are private consumption per and and government consumption so in theory if you reduce the tax rates private consumption goes up but on the other side of the coin in theory the government has less to spend so there should be some functional offset in that i think private spending is probably more productive and efficient than public spending so there should be some positivity and then of course what's going to happen is that where the big argument comes is the government's really not going to spend less they're just going to borrow more and then and so the real argument is coming over whether you can produce you know in pell enough growth through the tax cuts to generate enough income to offset the negative the negative impact of of incurring more deficit i would tend to go and suggest that the you're going to get less about them what you expect two titans of the business world one buffet and larry think have criticized the plan to slash the u.s.
corporate break said they don't think the current rate negatively and protect impact competitiveness well. i'm going to focus on mr buffett first i think every corporation out there probably has a different view right mr buffett in the in the in a regulated industry where he's one of the largest players and he's probably got some functional protection and maybe he will not find that lower tax rate generically helps them i'd also point out that mr buffett's career to my at least from my perspective has been an exercise in tax minimisation so he set up his business and ran it through a reassurance company which gave them enormous tax benefits i think if you actually look at how mr buffett's paid himself over time you know he is structured as compensation to minimize you know the amounts of taxes paid in his lifetime and of course if you want to look at it and this is one of my favorite things i would actually look at getting rid of the charitable deduction or one of the reasons is the child abduction for companies and businessmen who are able to use appreciated
you know stock means they pay no taxes and end up at the same position it happens to the charities well what i would do in that case interesting leigh is and say this one thing is for i would say fairness the average person gets a tax bill and the government does what it wants mr buffett gets a tax bill gives it to charity and then does what he wants with the money and so what i would suggest perhaps is that will tell the government to get rid of direct of the charitable deduction but tell every american you get to take ten percent of what you're paying in taxes and decide how you'd like to spend it whether it's for charities or for example let's say you happen to be pro-military and you want to see you know so you know soldiers and vets get more money or something that let let let the individual be in you know the poor the the middle class individual be in the same position to direct how his it his money his tax money is being spent as the very wealthy person is short on time ok we're with a few years ago on the release of your book generation. in which you said basically
there will likely be no into them and programs such as social security for millennia olds and generations behind them. still agree with of course but they've been saying that the liabilities are growing and the bottom the bottom line is that someday you're going to wake up and buy one of the questions about the that they're talking about about the tax plan is it's not going to crease the deficit it's understand that's all relative to what to a trajectory of staggering increases in our liabilities they're not tell you they're actually going to be reducing those projected liabilities either so it's some point as the. the amount of money we spend on the benefit programs the increases in the u.s. economy becomes less and less efficient ultimately these things become of us we're all them socialists yes which i would i do do not like the idea i don't think you're as old as i'm flora thanks to neil goes on always great seeing him for reaction and more discussion on politics i'm joined now by john liberty a the
former u.s. representative a republican of new york and the co-host of the revolution podcast and ben kissel radio host and political commentator he's co-host of the last pod cast on the left is that they have the. that's it degree what neo said on tax will fly do you know what we listen about it was very good if you are able long way to go before it gets past the problem lot of processes have to go through here i think we have a long way to go with it donald trump needs to sell this thing as we were talking about previously before the show there's a lot of work to be done and at the end of the day the middle class are still looking for that tax break that's been promised to them through over the years and they're still desperate for it but larry the thing about trump is he's great at selling himself obviously sold himself into being president but the presidency is selling ideas and the public on a bill he never went on national t.v.
for the health care bill. this one he's going to have to go to the country and explain to them why even need to have your congressman vote for those less so people whose critics have said he couldn't explain the health care bill. that's one of the massive problems he doesn't seem to have an understanding or desire to understand a lot of these more complex issues as it gives it is a disappointing to be a very you know but he's never been to you and i've known trump socially forever and donald trump is not ideological he's not a republican is not a conservative he's a trump and golems of iraq a photo republican when he was own. going to go they go so how does that fit but the thing is it's ok the reason he's there is to disrupt shake up a system that the public thinks wasn't working and that he is shaking it up but whether it's going to make it work yeah absolutely i mean there's a difference between being. there's a difference between being unprincipled and pragmatic pragmatic can be very good pragmatism can be
a really wonderful asset as unprincipled and i think that's what's so difficult for people to understand about and that's what you really can't understand in a gauge of what's coming in the future we have steve bannon out there saying it's a war against the g.o.p. and then the next day we have done a meeting with mitch mcconnell saying that we're the best of friends which one is it you know what donald trump are going to get on a daily basis and that's what the american people are constantly wondering and that's why we're living in this almost reality show s times as a republican above the gadfly john mccain. as well there's a lot of a lot of things with mccain obviously overwhelming all of this is the fact that he's dying of a terrible brain tumor and so you have to hold i think you shouldn't be criticizing a guy like that but a hero p.o.w. i. and i also think trump insulted him two years ago when he said my heroes were the ones who weren't captured that's a crazy statement to make by the way my heroes are the ones who are being a p.o.w. is sort of an honor thing and trump got on the wrong side of that absolutely you
can disagree with john mccain on policy issues i think he's been a little bit too hawkish over the years but certainly you cannot discredit this man's military service and the undeniable love that he has for this country the attacks on him a personal because that's the only way that donald trump knows how to emote and it is unfortunate that these are the waning moments of his life because he deserves a lot more respect in the way he does deserve a lot better john the treasury secretary mr munchen said in the politico money. the stock market will significantly drop if tax reform doesn't pass you agree i think it's likely that it's factored in to the fact that the markets since the election since trump and the republicans won last november. other than the election night starting the next day we've seen a huge increase in the market why is that. business government a businessman is president and a republican congress and part of that is they factored in that regulations are
coming off which they are and this tax reform thing on business especially is going to happen so it has to happen and i think it's going to happen democrats i'm not going to support or go absolutely that the democrats or does it matter what they will not be doing anything and that is a problem with the democratic party currently they need to find a message and they need to find it quick because twenty twenty is right around the corner and if they really want to defeat donald trump and the republicans they have got to relate to those working class were individuals who is going to be the type article i believe that they would if possible yes absolutely without a doubt if you were to look at how wall street is doing if you look at the economy you would imagine that the person that must be in office should we be doing wonderfully in the radiance in the ratings or the polls rather and still. truck terms now but you look at thirty seven percent for donald trump it is a testament to his personality and to his lack of ability when it comes to governance and leadership because if you look at the numbers on wall street this guy should be doing well john and ben stay right with us we're in new york and will
be back with more politicking right after the break. about your sudden passing i've only just learnt you worry yourself and taken your last bang turn. your act caught up to us we all knew it would i tell you i'm sorry i could so i write these last words in hopes to put to rest these things that i never got off my chest . i remember when we first met my life turned on each breath. but then my feelings started to change you talked about war like it was a cave still some are fond of you those that didn't like to question our ark and i secretly promised to never again like it said one does not need a funeral the same as one enters the mind gets consumed with death this one might differ as i speak to you now because there were no other takers. to claim that mainstream media has met its maker.
mark twain said it's easier to fool people than to convince them they've been for that could be why america is so divided because people have been fed fake news paid for by corporate interests they beat you down until you believe their fairy tales well here's a story for you it's called the big and it's full of facts fiction like you're. welcome back to by. and taking we continue our conversation with our panel former congressman john the bootie a and political commentator ben kissel were in new york regarding the obama kids especially made by lamar alexander and patty murray trump
tweeted i am supportive of lamar as a person also the process but i could never support bailing out insurance companies who bait a fortune with obamacare now what do you make of this he support this or not support it he's done a reversal and one day he was for it and now he's against it sounds like john kerry of zero because he having probably read it we never return and that's not an issue but i listen this thing is going to be i'm talking up politics. republicans are now going to own health care and every problem that one of your listeners or walk our viewers is going to have i can't get my insurance company my doctor they're going to blame the republicans now whereas a year ago they blame the democrats called trump care available actually of course another thing branded with the trump name it might fail like many other things branded with the trouble they just don't know if he does more spins than someone who is on dancing with the stars when it comes to his positions and changing his positions health care i do think there are some positive things if we could have
health care shared between across state lines i think that would be quite beneficial for that i think the market can decide and i think we have to give people more options when it comes to health care but the way that it's going right now it just does not seem like it's going to be done because of g.o.p. obstruction along with democratic party obstruction and we're going to get a short term do you think you know definitely a short term deal but whether they have to do this but the regular budget thing first before they legally can get to tax reform and they want to do tax reform this calendar year i can't imagine it takes months to do these things because every lobbyist wants to get in they pay hundreds of thousands of dollars to change one in a paragraph that alters the interpretation you didn't know so it's a big deal and many people would get in on it and i can't imagine that it's going to get done this year and you look at what's happening with the opioid epidemic as far as big pharmaceutical companies paying over one hundred four million dollars to
politicians they're listening to the lobbyists as opposed to the constituents it's a massive issue happening in this country and the irony is if they do pass this health care it will be up right in time for the two to two thousand and twenty election and we'll see if it's a referendum on it how well the republican party is able to do well you think as you think those are right i do. i believe that health care is a right kind of me throw some and just to be looking forward i think that this health care thing where we're barreling towards is single payer national health insurance is you still dealing with trump was in favor of twenty years ago but two years ago in the beginning the campaign has asked and where it's happening is bernie sanders has oil he's got fourteen i think democrat co-sponsors but every democrat who runs for president in two thousand and twenty is going to have to go left and be for national health but you wouldn't do that was you know if you know what it will bankrupt you see it happening yes i'm saying politically it's coming
i'm not quite sure if that's true one of the ironies with single payer is you would have to repeal obamacare and that is just simply not going to happen so i think there could be some more moderate voices in the democratic party coming up in twenty twenty years not even if i don't know if it's willing to get it in either party that is tough to say i think that donald trump has changed it so much the pendulum has swung so far to this really bizarre kind of trump brand of conservatism mark cuban even oprah winfrey would be a relatively moderate person i you know and then of course you have your elizabeth warren's camilla harris as of the democratic party but we just don't know i want to see twenty different people with very unique ideologies. in all fairness you're very forward looking to twenty twenty first comes twenty eighteen and and that is the next big test you know where this country is going will they rebuke republicans and lose the house and will trump read that as a rebuke or will he say aha i told the republicans of do what i told them to do they didn't do it screw on a that's not a rebuke of me it's
a rebuke of them if he does that then twenty twenty he might run as an independent i rule out not really right might happen here in new york we had bloomberg lifelong democrat runs for mayor as a republican gets elected as a republican leaves the republican party runs as an independent election so it cannot. well and that's a great point twenty eighteen it's here where the election year is here. you know we had the georgia six for a little while with john also if the democrats thought maybe this is going to be our guy did that work out in their favor really more out of alabama going against doug jones watching this race if if a democrat is able to win to fill jeff sessions former senate seat we vacated to become attorney general that would be a massive blow does the band and that wing of the republican party give doug jones of prayer as of today forty two forty two really is that far out of the realm of of i want to i would i would just say rush rational if you and if you look at
the some of the things that are coming out regarding this charities where he did take one hundred thousand dollars a year even more than that he said he didn't take any money my goodness is she a perfect representative of what steve bannon and that breitbart win of the republican party represents while more republican congressman david jolly you know i've been on this show recently said that he hopes for a democratic takeover of congress to keep president trump in check and your are conservative. what would that mean if the democrats did take control while the house not the senate the first thing i think that happens is they look to impeach trump because i think the democratic base the voters hate trump and they want they'll push their congress people into the ground zero b. what well they could do the emoluments clause right away but by then you have to think muller will probably done his investigation right then and if muller comes up with pay dirt trumps in deep trouble and i know more my i know him through boarding
school and all mauler is the single most outstanding character of a human being of you to many he is too bright so he is the anti trump he's right trump is out bragging about you know my vietnam and all those playboy behavior in new york mohler is mr straight arrow and if he finds that he's going to pursue it. why bother even talking about democratic party structure it's coming from within the g.o.p. the call is coming from within the house steve bennett is the one who has declared war on the party that donald trump is currently leading of the thirty four people up senators up nine are republican steve benen has already won with roy moore and z's got eight more chances to prove that his version of the conservative ideology is correct so who knows what happens if nothing seems to have heard with his base correct it's only maybe thirty eight percent but his base the one set of issues someone off if they have you how badly will you be hurt if it comes out
that the mother of the green brain is correct. well let it hurt him in america which would be raise the flag no i don't think it well i think that nothing breaks that group away from donald trump do you know what's interesting i do you host a fox news radio and the only times i've gotten trump supporters to sort of waver their support for him is when it comes to the military and when it comes to religion they do believe i've had multiple christian callers who voted for donald trump say that he almost is anti christ which was really very heated rhetoric coming from these people so i think that those actually if you continue to go down that road with the military with sort of co-opting religion those are things that are very personal to people and i do think that that could override the base at learning why are we why is he getting in mash a year ago with mr and mrs calm on the saw on gave his life for the country muslim
and now four guys die in the air but we're getting into a controversy over the one that's black and we're having this controversy when all we ought to be doing is saying to that mother and wife your boy is a national hero and the pair of the family ought to be in the white house getting a hug from the president it's kind of phone going well it's the dog whistle politics of our time. why does he the unknown so many why does he get involved in the new ship how does he let its would be symbol of these unfocused you know and also having been you may not remember me but when i was young i was a congressman i led the way on this insulting people i did it i got a lot of attention it's the easy way to get people to say almost and i attack tip o'neill and. in the long run it doesn't work because you anger people you build up enemies chris christie did it new jersey started out very popular attack oh it's
a breath of fresh air by the end of his governorship he's the least popular elected official in this country and that's the road the trump is on a you know what are you insulting mitch mcconnell who gave you neil course of why we insulting him right why we insulting bob corker who you vetted for secretary of state why are you why insult anybody did reagan insult anybody larry he won out any made people like him and i don't really go bomber and never well you know that's the that's one of trump's strengths right he's the counter puncher right. the reason that he goes back to what you were talking about with this minutia these cultural conflict or the culture war he believes that he is one if you look at the n.f.l. kneeling scandal for example or controversy rather he believes that he wins on those of if you look at it that way if you look at what he says we're saying never christmas again he believes he wins on that if you look at the confederate statue
controversy in charlottesville he believes he wins on that so that's why he constantly goes back to these sort of superficial peripheral issues because those are where he thinks he's going to stop because. are you concerned what he might do to the north korea. not particularly i don't think we're going to do anything i think that unfortunately the policy of north korea is we're going to get a nuclear warhead on an i.c.b.m. that they've spent thirty years developing it nothing's going to deter them from getting it we can't stop them from getting it and we're going to wake up one of these days and they're going to have it and trump will be president not trump fault it's nobody's fault that country wants to be in the new year then what nothing we'll just sit here like we've sat with russia for fifty sixty years they've gotten we've got a rational mind say we can't use them and i don't i think believe it or not the government of north korea is rational they want these weapons to deter anybody from
attacking them obviously the era of strategic patience is over and rightfully so it didn't work we're consulate trying to figure out the carrot on the stick and there's just no great compromiser and it hasn't it has not worked when it comes to north korea what donald trump does calling him rocket man referring to kim jong il and talking about how they can wipe them off the face of the planet that plays perfectly into state run media in north korea plays right into kim jong un's narrative that the west is against them it plays right into kim jong this is that the united states wants to destroy us as a nation so i do think i agree with you that we i do not believe nuclear war is on the horizon any time soon but i do think that rhetoric is dangerous but you know i'm on it is dangerous general but you'll know that something's going to happen when we start of vacuity the two hundred thousand americans who live in south korea we have to take them all out and we have to put more military assets in the region
neither of which has happened and of course china wants north korea to stay exactly where it is and they don't want to to be on their border siren but that's not a thank you sixty of my pleasure thanks to its on a day of thank you for joining me on this edition of politicking remember you can join the conversation on my facebook page or tweet me at kings things and don't forget use the politicking hash tag and that's all from new york for this edition of politic. about your sudden passing i've only just learned you worry yourself and taken your last to bang turn . your act caught up to you as we all knew it would i tell you i'm sorry but only i could so i write these last words in hopes to put to rest these things that i never got off my chest. i remember when we first met my life turned on each breath. but then my feelings started to change you talked about war like it was again still
some are fond of you those that didn't like to question our ark and i secretly promised to never be like it said one does not leave a funeral the same as one enters the mind it's consumed with death this one might differ as i speak to you now because there are no other takers. to claim that mainstream media has met its make. her. i'm a trial lawyer i've spent countless hours poring through documents that tell the story about the ugly side of the. corporate media written uses to talk about the current writers but i'm going to paint a clear picture about how disturbing how cold blooded corporate conduct as we call them are. these are stories that are no one else are into a market story or a post of the american or western.
at. the headlines this hour. russia will take metallic tree measures against the u.s. if washington continues to crack down on russian media in america. and in the u.k. . it's all in the london underground strong reactions from public figures with labor party officials demanding an investigation hillary clinton has weighed in as well. in spain prepares to revote catalonians autonomy after the troubled regions leave the wounds of independence is still on the cards. you can find.