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tv   Inside Politics  CNN  November 2, 2017 9:00am-10:00am PDT

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guys. we will have plenty of time to debate this in the weeks ahead. we know the thanksgiving deadline is the next one that they have their sights set on. thank you very much both of you and thank you all at home for joining us. inside topolitics with john kin starts now. >> thank you and welcome to inside politics. i'm john king. a big breaking news day. more russia meddling fallout. the nominee for the top agriculture post is withdrawing. sam clovis was the supervisor for the former adviser who wanted to set up campaign meetings with russians and now cooperating with the special counsel. the president has big economic news on two fronts. the job announcement that the white house moments from now and later today his choice to lead the federal reserve. we begin with a policy and political fight over what you pay uncle sam.
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house republicans unveiling their tax cut plan. now they have the daunting task of selling. >> we are getting rid of loopholes and leveling the playing field. are we going to let them see our country down this downward spiral or are we going to realize the promise of our country and revitalize the american idea? this is our chance to make sure that generations to come don't just get by. they get ahead this this country. >> the plan cuts taxes on corporations and offers relief to middle class families and promises to roll back deductions for mortgage and medical expenses. it will help working families, they say, and create millions of jobs. democrats call it a gift to the rich. the speaker will sit down in a few moments for his first interview. a live interview since making that big announcement.
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live to separate the facts from the political spin. >> there will be lobbyists galore. no question. let me show you what it looks like at this point on paper here. keeping that rate on the highest earners and people who made $1 million or more a year. that's a nod to the poor optics as it looked like this was going to be more tax relief than it would be for the middle class. the highest tax rate for couples making a million dollars or more. no change. this is important for investors and workers here. no change to that. a child tax credit that goes up to $1600. a mortgage interest deduction capped at $500,000 loans for new
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mortgages and old mortgages. there is concern what this will mean for the housing market. a property tax deduction at $10,000 will be a tough sell in the high tax states in the northeast and california. eliminating the state and local tax deduction, a hard sell for the gop congress members in the northeast. it would repeal the amt and end the estate tax by 2024. the centerpiece of this thing is the corporate tax cuts. the philosophy here is that if you can lower the tax burden and simplify the code for companies, they will create jobs in the united states and spend money in the united states and that means higher wages. cutting the rate to 20% and the pass through rate for folks of small businesses that are doing their taxes on the personal returns. pass through 25% down sharply. we are told there could be a repatriation tax on something like 12% on all that money they
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keep going to buy backs or to build factories and create new jobs. as they try to sell this, can they do that with a straight face? you heard paul ryan say again and again, paycheck to paycheck workers. if you are talking to the median family with $1200 a year in tax relief, that's a great thing, but you want to see companies really spend that money they get. all the tax goodies they will get, you want to see them growing jobs. it's what the gop is banking on.
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it's what a lot of them are saying is a stretch. >> with us breaking down the numbers. let's go straight to capital hill. now the key sales mman since its unveiled. take it away. >> thanks for your time. >> a lot of people close to you said this is your baby. you care deeply about it. happy to do so. can you guarantee that all middle class taxpayers will see a tax cut? >> that's the purpose of this. i say take a look at what the bill is. if you have kids, take that number and multiply it by $600. that's the increase in your tax credit. for a couple not paying taxes on the first $12,000, you will not pay on your first $24,000 in
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income and your tax rates are going down on top of that. >> the models we see coming out in the next two or weeks. >> i'm sure that some bias grouped from the left will come up with their models, but it's clear and obvious that the purpose of this is the middle class tax cut. to give people more take home pay. yes, we are not lowering the top tax rate that millionaires pay. we are not lowering that, but lowering for everyone else. more to the point, we have to get faster growth. you get bigger paychecks and page growth. we are almost dead last in competitiveness in the world with our tax code and putting ourselves in the front of the pack. by getting the rates down and leveling the playing field, we don't penalize american businesses competing in the global economy. we will get more take home pay and more jobs. this leads to higher standard of living and bigger paychecks.
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that's the purpose of doing this. we are excited about doing this. without this, we can't reach potential. we think we can reach the potential. perhaps there is a fall back. can you commit now? the president who likes the word cut a lot you put it in there. can you commit that you will not fall back because of imperative. >> if you try to trim taxes and keep the special interest loopholes, they will stay the same. people who have connections and people who can afford them to navigate the code by and we are
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taxes our businesses and you have to reform the system to fix the problems and that's why this is essential. >> december 23rd or 24th, you have problems. it cuts only bill is not on the table. >> you are asking me to negotiate with myself and i can see defeat before we get victory. we will get it done because the american people deserve this. we ran for congress and said this is what we are going to do. we know this is necessary for faster growth for bigger paychecks to give people confidence and get our people back on offense economically speaking.
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>> you said our fiscal and foreign policy are on a collision course and we are choosing to climb as a world power. this is a $1.5 trillion tax cut. i understand dynamic scoring and i understand that recent history does not bear that out. >> recent history has not shown the tax cut like this. this gets increased revenues. we are in the middle area of what this is going to produce. we are convinced this will give us faster economic growth and bigger paychecks. you are right. by those words, we have serious foreign policy problems and serious budget problems. we also have an economic growth problems. you can't fix the problems if you don't have a growing economy. people are not going to work and paying taxes. a key part of our agenda is getting the economy going faster.
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peace of mind and bigger paychecks. that's good for everybody. >> on the face, does debt matter to republicans? >> it matters. helping to get the debt down and control entitlements and unfortunately the senate couldn't pass the health care bill. they will keep working on the issues and grow the economy. this is a key component of the efforts that is growing the economy and the best thing we can possibly do to get this economy growing faster is tax reform and tax cuts. >> after meeting with the president, the president is all in. you look back over the course of the last 10 months, has there been a moment where the president set you back? >> the house passed the bill and the president supported it and the senate went in a different direction. what we labor to do this time around on tax reform is get the three of us working on this project. since the beginning of the summer, you had the white house, senate and the house working together hand in hand to put together the tax framework and
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the bill we released from the ways and means committee are working together. we got on and stayed on the same page between the house and senate and the white house. this effort is different than others. traditionally with legislation, the house and senate do their thing and they get it to the president's desk and he signs it. make sure we remove disagreement and get on the same page. >> they called the health care bill mean at one point. he was taking the 401(k) issue off the table even though it was under discussion even though that was never in the discussion. how is that helping? >> she always throwing ideas. there is nothing wrong with that. inputting ideas. we do it quite a bit privately and sometimes publicly. >> that are doesn't under cut your efforts? >> not in the least. >> john kelly said it's distracting, the russia investigation and the indictments going on.
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given what's going on, if it's very distracting, does that not hinder the process? >> we have russia investigations right here. we have one in the house and the senate. by the way, we can walk and chew gum at the same time. the intelligence committee is doing the investigation and writing the tax bill. every week here in congress we bring different pieces of legislation to the floor. that's our job as legislators is to multitask and understand the concerns and frustrations that they are facing and address to deal with the things. we are doing all these things at the same time which is what congress is supposed to do. i really frankly don't see this as much of a distraction. you are always going to have high pressure moments and high intensity issues. the job for members of congress elected to fix their problems is to focus on their problems. the tax reform is 1 one of the key issues we can do to address problems. that's why we are so focused on it.
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>> you were asked about the indictments of two individuals plus a guilty plea that worked for the trump campaign and you said nothing will derail it because we are working to solve the american people's problems. i know what you are trying to say, but what you hear is speaker ryan will ignore everything the president says, tweets, says, or is responsible for so long as the legislation will pass. >> the question is does this derail tax reform. two guys getting indicted for something they did before the presidential campaign started is not going to derail tax reform. it's our job to multitax. let's put it the other way around. two guys get indicted and congress is going to stop trying to cut people's taxes and get tax reand reform the tax code so we stop sending jobs overseas? that would be ridiculous. we need to focus on all of these things and we have an active russia investigation going on. we are paying attention.
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i needed to do that. at the same time i'm not going to stop everything else we are doing to fix the country's problems. that's the point i'm trying to make. >> is there a tipping point? i know you don't do hypotheticals, but hypothetically. it's something people are trying to figure out. special counsel is not at a late stage. this is moving on. is there a tipping point. >> let bob mueller do his job and let the pro23egz fessionals their job and it meads to play out. that doesn't mean congress should stop fixing problems and stop solving the problems the military and the veterans are facing and facing career and technical education and the tax system. all these things. we need to keep working because that's what we are elected to do and serious countries do. they don't stop everything because something happened over here. we keep working on solving problems. that's what people expect us to do. i don't think people want to turn on the tv and see
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washington come to a screeching halt and get distracted from solving their problems. that's why we are focused on doing all these things. >> last year you said in an interview who pays shouldn't determine or guide what a policy ends up being. you are delaying the state tax repeal and keeping the higher rate and not touching capital gains. would conservative ways and means paul ryan support this tax bill? >> absolutely. i'm excited about it. this reflects what we negotiated all summer long and what we will need to do to get the economy hitting 3% growth. this tax bill gives the average family of four a tax cut. that is going to be helping people living paycheck to paycheck. absolutely. this is a game changer for the economy. >> we need to wrap up here. the president's reaction to the terrorist attack both in tweets and what he said sending people to guantanamo and saying he should get the death penalty.
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do you believe that's the proper way to react? >> i'm pretty sure he will go through the federal court system. this is a bad gay guy and a terrorist. that is established, but the justice system should play itself out. >> should advocating for the death penalty come from the oval office? are. >> that's his prerogative to do that. there should be no safe harbor for terrorists. let the justice system play itself out. >> i know you are a busy guy. take care. john, back to you. >> thank you very much from capitol hill. thank the speaker for his time and let's discuss what we just heard and share the reporting and insights. cnn's mj lee and abby philipp. interesting there. i think republicans are in a good place in trying to sell what will be a controversial policy-wise and difficult political plan with the guy who knows the subject.
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you heard him there with phil matingly and he knows the obstacles and the speed bumps ahead. we heard from the speaker and what we have in the new proposal, i will start here. what jumps out as they try to sell this as the biggest obstacle? >> there are seems that probably will not end up in the final bill. this is a very expensive proposal that blows through the budget. they are not opting to get more income from top earners. they could have done that with the top tax bracket. they chose not to do that. i think that there are things the president wanted like a permanent 20% corporate rate which a lot of people agree will be expensive and may not work with congressional rules around how tax bills need to be written. that will have to be renegotiated to some extent or they will have to find more money from somewhere.
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>> that was an excellent interview by phil. one of the really smart questions that he asked was can you guarantee this will not end up becoming just a cuts bill? this will be a critical issue. one person in washington who doesn't mind, one republican who doesn't mind if it ends up becoming a cuts, cuts, cuts bill. he wanted to name this bill a cut cut cut bill and they didn't go with that name unfortunately. we would have had a lot of fun with that. he does not have ideological beliefs. did not come to washington with this being an ideological crusade. the importance that a lot of house republicans and senate republicans poled in making sure that these revenues are in there to offset the tax cuts. the president himself does not mind if those revenues are there to offset the tax cuts. that's why i think phil also
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asked a good question of has the president ever offset or hindered your ability to get things done ledgislatively and paul ryan said it's not a problem for the president to throw the ideas out there and we will see how the president handle this is and if he has the backs of these republicans. >> that was very diplomatic on the speaker's part. the president called his house bill mean. that's one of the challenges. you heard the speaker saying they won't make the same mistakes. they have been working with the senate trying to keep this on one foot. here we have a reaction from the president of the united states. i applaud the house ways and means committee to introducing the tax cuts and jobs act. it's another step towards providing massive tax swallow the american people. there is much work left to do. they will distort the facts and say there is special deals and some of the media will unfairly report on the efforts, but my
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administration will make good on the promise to the working people who worked to build the nation. the economy needs to sore higher than ever before. >> the word deficit is not mention. this president does not care about deficits. to prove the point, unlike every other major figure in his party has said he doesn't want to touch entitlements. this is not someone who cares about deficits. the point i was saying is if this thing is stall and they are hanging around the senate, this president is not going to tolerate that. he is going to push for a tax cut bill rather than a grand effort that can't find the votes. he is not focused on trying to avoid increasing the deficit. >> it's interesting. they make a great point. the president wants cuts, cuts, cuts, mostly win win win.
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obamacare is still the law of the land. it's not happening with the repeal. those were two of the three things he said he would get done in year one. the only thing left that is possible is tax reform yet the president didn't have a big influence on the bill. he tried to question speaker paul ryan being diplomatic about the president's involvement. if anyone else was president, this would have dropped the top rate. that's republican philosophy. this this were a week ago, this tax plan would have had restrictions on 401(k)s to pay this. the president said don't do it. it's not here. what is his role going forward? >> he doesn't care about the deficit. should have those things are good opening pitches to red state democrats because they were things they were worriewor about. 401(k) is a third rail.
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structural tax reform is a more structural and fair and productive path and it's way more harder to sell than cut cut cut. we should have left that name as mj said. the state income tax people are worried about folks from high tax states like new york and new jersey revolting and democrats did not come out of the briefing enraged by the cap. that seems like somewhat of a good sign and red state democrats in trump areas where they are up for election signalled some willingness to listen and play ball on this. some of those changes reflect an attempt to bring the guys on. it remains to be seen if everyone can make that sale. there is stuff in here like the tax credit that are easy pitches and people can understand. >> they say they won't repeat the mistakes, but you do have the high tax state lawmakers questioning this. the property tax up to $10,000
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is a bit of a concession to them, but not as much as they wanted. then we will have the full house. think back to the debate and the place known as the senate. to your point about the child care, marco rubio made this a project of his. house tax reform plan is the only starting point. $600 increase doesn't achieve our and potus goal of helping working families. that's an ivanka trump priority. this is what happened to obamacare. it couldn't be told to murcowski and collins. didn't pull back enough for the conservatives. are we going to enter the same land mine? >> in the big picture the republicans are facing the same issues that they face when they were trying to get this obamacare repeal bill done and they couldn't. now added to that, we are now two or three months down the road already. we are approaching the end of
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the president's first year in the white house. republicans are feeling more and more pressure to get it done. we will end up seeing republicans choosing between whether to get something done and vote yes for something that is not perfect or choosing to stand their ground and saying the policy issues are too important for them. >> president trump flayed lobbyist in his statement, but man's special interest group is someone else's key constituency. you are talking about the home builders and the realtors who have a lot at stake. you talk about this mortgage deduction. those are key groups. if you pull up the list of the biggest donors of washington lobbies and tax here in d.c., guess who you will find? the realtors and the home builders. that i have a lot of swath on capitol hill. watch them and ho they react. >> i'm glad they touched this. it may not end up this there. it is something a lot of people
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are invested in. with this $500,000 tap, this is the kind of thing you have to touch to reform it. it's another parallel. this is just beginning the conversation and why they want to do it on the fast track. when we come back. the president's choice to take it agriculture department withdraws because of his connection to the russia investigation. there was an old woman who lived in a shoe. she had so many children she had to buy lots of groceries. while she was shopping for organic fruits and veggies, burglars broke into her shoe. they stole her kids' mountain bikes and tablets along with her new juice press. luckily the geico insurance agency
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had helped her with homeowners insurance. she got full replacement on the stolen goods and started a mountain bike juice delivery service. call geico and see how affordable homeowners insurance can be.
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are confirming the president's nominee to be the chief scientist for the agriculture department is with drawn for consideration. he pulled his name amid revelations he worked with george papadopoulos, it is foreign policy adviser who admitted he lied to the fbi. papadopoulos is cooperating with the counsel. president trump is adamant he is not worried and calling the "new york times" to say this. i'm not under investigation, you know. it has nothing to do with us. the investigation is closer and closer to his inner circle. to that point, the top campaign official, both indicted by robert mueller on monday will be back in court before a district judge today. the foreign policy adviser carter page spoke to the intelligence committee this morning. the special counsel said he wants to interview long time trump aide hope hicks after she returns from the president's trip to asia. the white house said get this
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over with as quickly as possible. this is going on for a while. an aide in the campaign and key to the iowa infrastructure came into the campaign. people saw this as inevitable. with all this media attention, it's best i step back. you heard yesterday that they were starting to push him away. >> they want this to be contained opinion a smaller group of people. it's getting hard because they keep expanding day to day. interestingly they were undone by his ties to papadopoulos, but he had some other issues including that he was going for a post that was supposed to be for a scientist and had no experience in science whatsoever. clovis is one of the people who the white house is probably wise to put to the side. you don't know how much more is going to be unveiled given that
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there is cooperation happening from people who have been charged or pled in this investigation. the list keeps going on. it used to be that they were a small group of people. carter page and papadopoulos who were not paid and deeply involved in the campaign supposedly. the number of campaign officials who were being paid and senior officials who had direct contact with them is a very long list. >> the plea agreement with papadopoulos identifies a campaign official which everyone confirmed is clovis. again, the trump campaign said it didn't happen. the documents filed in court said the e-mail showed they said go for it. he proposed i will travel to russia and set up the meetings and we should try to build the relationship. sam clovis said he did not encourage that, but the plea deal said he did. >> you can imagine the news getting a lot of heartburn to
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people who used to work on the trump campaign or might already be in the administration. this is one of the signs that republicans increasingly cannot just call this as a witch hunt investigation. they cannot write this off as a hoax with people beginning to be indicted and people who used to work closely with candidate trump. we know this means the circle is going to widen. more people could be implicated. we don't know what timeline and the reality is that as more people get changed or get indicted, these are people that are going to want and have an incentive to talk to investigators and sell out other people. give information that might be helpful to investigators so they get some leniency in whatever verdict comes out of the investigation. >> who are does the vetting? if you have e-mails from the campaign, e-mails from your own
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campaign in which sam clovis is talking to them and he gets nominated if are skrobs to begin with. >> the answer was no one. they were not doing this vetting. this was a clear example. >> for those of us who covered the campaign, this was the end result of the mac gifer style operation. it takes off. the fact is that sam clovis was a western iowa for talk radio personality. he had academic credentials. as you know from covering campaigns, most com pains at a high level would never hire someone to do the work he was doing. they would have had traditional foreign policy hands from washington lined up. that was not this campaign. he was someone who truly was in a lot of ways making it up as he goes. the true political outsider. you hire people and you don't know about them. you don't vet folks that come on the campaign. when you win in a surprise, you
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staff an administration with folks that you haven't vetted. >> i view this as smart politics. i'm not sure what they think about it. the president is watching the television and seeing the news and he is screaming at the tv and calls maggie haberman and said i'm not angry at all. i'm fine. that would be maggie haberman of what the president calls the failing "new york times." he doesn't like them, but he likes to call them. in an odd way smart politically to get the impression out there that i'm fine and this is not about me. why would you want to do that some. >> i also see inside the white house moments when he was stirring up the indictment of how insane it was. i believe that his mood could shift until the next day. say everything is a-ok. he wants to project that image,
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but he may not look as calm. as far as cloves and i papadopoulos goes, with clovis, it's a two-front issue. he was not qualified for the position and he had the russia stuff going on. cut your losses on that. papadopoulos's issue or their issue with papadopoulos is he may have been reporting things he was talking about for the last three months with trump associates which is the fruition of my thought that the bigger thought is there is not this giant collusion thing, but that the people who talked to the fbi will not be careful or disciplined because the people are not known for being careful or disciplined. that's what is coming home to roost right now. the other question is how close was he? not that close, but because of the folks who are not careful or disciplined, he may have spilled stuff to a guy who is not that close. >> you don't have low level
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people e-mailing directly. it doesn't happen that way for a number of reasons because they are supposed to be busy and it protects the people from people who are lower down and unvette. someone like papadopoulos was clearly unvetted. >> discipline and order. we will check this one. the president will hear from him any moment. he is at a jobs effect and will comment on the new tax plan as well. plus, president trump said that new york terror suspect should be put to death. many legal experts said the president just made it harder for prosecutors to do their jobs. ah, dinner.
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>> welcome back. in a moment we will have press video from the white house. the president has an event from singapore technology company and he will comment on the tax bill
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in a fewmontes ago. new video of the new york terror attack that left eight people dead. we have to warn you, it shows children trapped in a school bus after being hit by the suspect. he allegedly rented a truck and drove down the busy bike path, mowing down pedestrians. you can see the suspect's truck in the sdanz as police arrive on the scene. he appeared in court to face terrorism charges. cnn heard he rented a similar truck weeks ago for practice. they are questioning this man to see if he has information about the attack and whether he is a possible associate of the attacker. president trump has already reached a verdict and settled on a sent. >> would love to send him to guantanamo and that takes longer by going through the federal
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system. there is something appropriate of keeping him in the home of the horrible crime he committed. y should move fast. death penalty. you can understand anybody's emotional reaction and it's a terrorist event on his watch as president, but a lot of people and let's listen here to the cnn legal contributor. mr. president, i understand your emotions, but you are the president of the united states. some things you can't say. >> we want to make sure we have all our ducks in a row and the is are dotted and the ts are crossed. this will be a field day for a use this to argue that his to - client can't get a fair trial or a proper jury when it comes to the sentence. given that this is the same president who just yesterday said the criminal justice system was weak and a laughingstock. this is a real problem. >> to be fair to president trump
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former president bush and president obama said thing things about cases before, this was pretty quick. >> that was reason for reservation when it comes to presidents making statements like this. you don't want to be seen as making the prosecutor's job harder. your jo be is to push for justice to be served and let it be that. with trump, we are used to it at this point. it comes into the brain and goes out ontwitter. he has not encountered a situation like this before. what is interesting like this about this tweet series is he started last night and came back the next day and essentially repeated it. you have to think he is seeing feedback and decided that it doesn't matter to him. some people think it's inappropriate. >> we saw with the campaign rhetoric and the tweets with the muslim ban.
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that did come back to hurt him. the president has decided even though he said he would be okay with it to try the suspect in the federal court system in the distribution of new york with lindsey graham who wanted this suspect enemy combatant and sent to guantanamo bay. i appreciate president trump taking the gloves off on isil, but i'm dumbfounded as to why the trump administration follows the obama playbook with terror suspects. ouch. >> this was in a lot of ways president trump doing the text book trump thing when he is responding to a crisis and responding to a breaking news. he wants to cast this off as the tough guy. he is prone to as you were saying, blurreding out a conclusion even in the face of a situation that is complicated. that is very fumultifacetted. he likes to criticize the way things have been done prior to
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coming to washington. i think the fact that he has publicly concluded that this person should get the death penalty is a big deal. >> i will hold it for one second. the president of the united states speaking at the white house. >> we just had a big meeting on daca with the senators and we have great things to say about that. you will be hearing about that very soon. the big thing of course is tax cuts and jobs. that's happening very rapidly and been met with really a great response. i want to thank everybody for this great day and it's a great day for the american worker in particular. over the past 10 months we witnessed something remarkable happening to our country. have you all noticed? a lot of change. a lot of difference, right? we are hitting another record on the stock market. we hit 60 records on the stock market since november 8th.
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that very big day. the stock market is at an all time high. unemployment is at the lowest level in 17 years. we had two straight quarters of 3% or more economic growth. for those of you who don't understand that, this is a tremendous increase over where it was and we are going higher. jobs have been offshored to so many countries that were now coming back and the jobs and the companies are coming back to our great american home. i want to thank the majority leader, kevin mccarthy for joining us this afternoon. he has been so terrific in so many ways. i will tell you he is working very hard on tax cuts and so hard that i'm surprised to see you here. this must be truly a great company. you will be hearing in two seconds. you have been busy today. that was a good press conference too. we are thrilled to welcome broad
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com limited. its ceo to the white house to announce that broad com limited is moving its headquarters from si singapore back to the united states. broad com limit side a fortune 100 company. one of the really great, great companies. they manufacture technology and parts. they employ over 7,500 american workers in many states across the country and we are looking forward to seeing that number grow substantially which is anticipated to do. they move back to the united states and to the united states is something very, very special and very important. you have been seeing this happen with numerous companies and at a minimum expansions and sometimes plants. with this commitment more than
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$20 billion in annual revenue will come back to our cities, towns, and the american workers. today we are joined by some of the incredible men and women from the manufacturing plant in the great state of pennsylvania. that's a state i like very much. i love pennsylvania. i went to school in pennsylvania. you are skilled at your craft and take pride in your job and because of you, the nation's trademark made in the usa is respected all over the world once again. we are telling people made in the usa is a big deal now. we are bringing it back. when i was a young boy, you would say made in the usa. that meant something. it means something again. my administration is working every day to make the united states the most attractive place in the world to do business. so that more and more companies like broad com come back to our shores and grow the businesses
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and create more and more american jobs and you see it happening on a daily basis. that's why i have already slashed more unnecessary job killing regulations than any president in history. that includes their entire term. i have only been here for about ten months. we are not finished yet. believe me. we are not even close. that's why we are working to give the american people a giant tax cut for christmas. we are giving them a big beautiful christmas present in the form of a tremendous tax cut. it will be the biggest cut in the history of our country. it will also be tax reform and it will create jobs. today the house ways and means committee unveiled a historic tax reform bill that will create tremendous prosperity for our nation. we will provide a massive tax cut for american families. we will make the tax code simpler and fairer.
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simplification. we will restore our competitive edge by reducing business taxes for the first time in more than 30 years. we will bring back trillions and trillions of dollars that is now parked overseas so that money can be put to work and rebuilding the united states of america as opposed to rebuilding other parts of the world. again, i want to thank broad com ceo for joining us today. he's a highly, highly respected man, a great, great executive. the job he has done is an incredible job. what he is doing is committing to massive amounts of american jobs. when he told me about this move, he said mr. president, we want to be an american company. we are hearing that all of these days, i'm hearing it every
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single day. people are coming in at levels that you will be seeing over the next short period of time. so many ways. you are seeing it when you look at what's happening with the stock market. you will look at the enthusiasm indeces which are the highest they have ever been. the business enthusiasm in this country is at record levels. we are hearing it from everything from tax reform which is peer heading it and it's a feeling for the country that people haven't had in a long time. they see the tax move that will happen and i believe we will have it done before christmas. i consider that to be one of the greatest christmas presents. not just the reform and not just the tax cuts, but we will be creating jobs like you have rarely seen in this country. we never get tired of that
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pledge because we never tire of returning wealth to our country. jobs to our citizens. and honor to our great american workers. i honor our workers. these are incredible people. they worked hard. they go back 20 years and they haven't had that salary increase that they should have had. now you see it. wages are starting to rise. we are very proud of our country. i would like to have you say a few words. on behalf of not only the folks of pennsylvania, but all of the united states. i want to thank you very much for choosing us. appreciate it. thank you. >> thank you, mr. president. thank you for having us here. it's truly an honor, a rare honor. before i launch into something else, let me say my mother could
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never have imagined that one day her son will be here in the oval office in the white house standing beside the president of the united states. thank you. >> and my mother too. >> you see, back in 1971 i was just an 18-year-old skinny kid growing up in malaysia. but who had just gotten, just received an opportunity to enroll in the best engineering school in america. in fact in the world. mit. my parents could not have afforded to send me to college much less mit. it's rather amazing. it's really amazing to me today that these great american
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institutions took a chance on me sight unseen. they gave me a scholarship to pursue the american dream. my appearance here today in large part has been inspired by my desire to give back to this country which i have received so much from. i run broad com today. broad com is the embodiment of the legacy of innovation of three great american technology leaders. hewlett packard and broad com corporation. in eras past, when the conditions in this country made it harder for companies to compete in global markets, the intellectual property of these
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leading companies globalized and moved offshore. but i am an american as are nearly all my direct managers. my board members and over 90% of my shareholders. so today we are announcing that we are making america home again. thank you. our commitment to redomicile into the united states is a huge reaffirmation to our shareholders and to the 7500 employees we have across 24 states in america today. that america is once again the
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best place to lead a business with a global footprint. thanks to you, mr. president. business conditions have steadily improved. the proposed tax reform package will level the global playing field and allow us to compete effectively in worldwide markets. our move to domicile into the u.s. will bring in $20 billion of annual revenues into this country. from this base here in the united states, each year we will invest over $3 billion a year in research and engineering and another $6 billion a year in
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manufacturing, creating high paying tech jobs. similar to the ones held today by my coworkers behind me who have made the trip down from pennsylvania to be with us here today. so again, thank you, mr. president. i look forward to working to create and to achieve the american dream for everyone. thank you. >> thank you, everybody. >> thank you, everybody. >> it's a great bill. it's going to be very special. you will see.
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we will be talking about it a little bit later. i will see you in a little bit to announce the new head of the federal reserve. thank you. thank you. >> important day at the white house. the president welcoming the new tax cut plans unveiled by republicans in the house of representatives, saying it's going to be a christmas present for all americans, that assumes it passes the house and passes the senate. there are no changes in the legislation. the president signs it into law very ambitious agenda for republicans in the house and said it looks like few democrats if any will go along with the current version of this tax plan. the president warmly welcoming the semiconductor company broad com to the united states with billions in new investments and you just heard all of the talk of the new jobs that will be created as a result of this company moving headquarters to
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pennsylvania, i should point out. gloria borger is with us. this is an important day and there are other issues of course hanging over the president, but the republicans seem pretty hopeful they can get the tax reform through. it's going to be a tough struggle. >> it will be a tough struggle. it costs a lot of money and there are republican who is are concerned about the implications for the deficit. there is also a lot of concern about the corporate tax rate and the president wants it very low. can you afford to do that? there are questions about 401(k)s, et cetera, etc. how do you take away things from people that they already have and make sure this is not perceived if you are repealing the estate tax in any way even if it's gradual. how do you make sure it's not a tax break for the wealthy? however, republicans understand that they have to get this done because they need to go

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