tv House and Senate Republicans Unveil Tax Reform Proposal CSPAN September 27, 2017 8:13pm-8:36pm EDT
for three income tax brackets, down from seven. 12%, 25%, and 35%. it would eliminate the estate tax -- the estate tax and double the standard deduction and raise the child tax credit. toporations would see their tax rate cut from 35% to 20%. certain small businesses would pay 25%, down from 40%. the proposal would eliminate some business deductions and industry-specific incentives. next, house and senate republicans unveil their plans for overhauling the federal tax code. this will be the first major change to the tax code since change was in's to did by president reagan in 1986. this is 20 minutes. [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org]
this is a historic day. this is a day that is a long time in coming. in fact, it was on this day under this dome in 1986 that congress took the final vote on the last overhaul of our tax code. that long. after that vote president reagan said americans would, quote, finally have a tax code that they can be proud of. it was true then, but things look very, very different today, don't they? instead of a source of pride, our tax code has become a constant source of frustration. it's too big, it's too complicated, it's too expensive. today, we are taking the next step to liberate americans from our broken tax code. this unified framework delivers a new tax code that is simple, that is fair, that is pro-growth and pro-family. cutting taxes on hardworking americans so that you can keep more of your own hard-earned paycheck. simply filing the tax code so
that you can file your taxes on a form the size of a postcard. reforming our tax system so that businesses, particularly small businesses, can gain a competitive edge on our foreign competitors. and taking bold steps to bring jobs and profits from overseas back home to the united states of america. this is vital to america's future, and it is urgent. we want the american people to wake up in the new year with a new system. so our tax raters on the house ways and means committee will work with the senate finance committee to turn this framework into legislation. i want to thank our counterparts in the senate and administration. i want to especially thank president trump for his leadership. to him this is a once in a lifetime opportunity that is all
about more jobs, fairer taxes, and bigger paychecks for american families. for all of us this is a now or never moment. the choice before us is really clear. we can succumb to the talking heads on tv and special interests who want to maintain the status quo, or we can work together to seize this moment and do what the american people sent us here to do. we can rise to the occasion and write our own future. we can finally get this done for more jobs, for higher wages, for bigger paychecks, for a stronger economy. for our workers, for our children. and for the more prosperous and the more confident america that we all deserve. thank
you. senator mcconnell. senator mcconnell: no one has been more passionate about what we're announcing today than the speaker for a longer period of time. and he's laid it out very well. to summarize what this is about, it is about getting america going again and growing again.
providing jobs and opportunity here rather than overseas. providing middle class tax relief for hardworking american families so they can get ahead. put another way, taking money out of washington and putting it in the pockets of our citizens. mr. brady: good afternoon. thank you, leader
mcconnell, thank you, speaker ryan, for your leadership on a big, bold tax reform effort. it's exciting to be with you today united around a framework that paves the way for bold transformational tax reform. americans have been waiting for years. they have been waiting too long for washington to fix our broken tax code. they have been waiting too long for better jobs, for more
take-home pay, and a stronger economy. today house republicans join with president trump and our senate colleagues in letting the american people know we're taking action now, action that will bring more jobs fairer taxes and bigger paychecks. after years of work in the house, and months developing this framework with our senate colleagues in the white house, ways and means committee is ready to turn this framework into legislation. the president trump can ultimately sign this year. we're closer than ever for the middle class workers and families and the main street job creators, merely struggling to get by today. this is our year to chart a new course. the help to make the tax code simpler and fairer so americans can keep more of what they earn. so fair and so simple. nine out of 10 americans will be able to file their taxes using a simple postcard style system.
yes. we have a lot of work ahead. but today marks a major step forward in that process. the ways and means committee, leader mcconnell, speaker ryan, we're ready to build on this momentum and help get tax reform across the finish line for the american people. and i know our senate colleagues are ready to do the same. with that i'm proud to turn it over to the chairman of the senate finance committee, senator hatch. senator hatch: thank you, senator. we're counting on you doing really good job over there in the house. we know you'll do it. i was here in 1986 when we did that massive tax reform and i have to say we reaped great
benefits from it because the economy was turned around, we went forward like never before, and we intend to do that this time as well. i'm proud of our members of the house and the work they are doing in this area, for our speaker, our chairman, and others as well who are working in the house to try and bring a bill through that will make a real difference. i'm very proud of our leader in the senate and of course our finance committee in the senate of people working together. i hope we can bring democrats and republicans together in the best interest of this country. we're going to do it. we're tired of things going the way they are going. we're going to try to turn this mess around. i hope we'll have support from all of our senators and congresspeople on both sides of the aisle to the benefit of our country. speaker ryan: i ask senator thune to come up. senator thune: thank you, mr.
speaker. the framework announced today sends a loud, clear message and that is tax relief is on the way for the american family. after eight years of economic and wage stagnation under the obama administration, families in this country, 50% of them, say they are living paycheck to paycheck and a third of the families in this country say they are only $400 away from a financial crisis. that is unacceptable. and that's why this tax relief effort will bring much needed relief for working families in this country. lower rates for families. doubling of the standard deduction for families. expanded child tax credit for families in this country will mean they will have more to spend on themselves and their families instead of sending it to washington, d.c., to the federal government. that's a good thing for families in this country. this is about bigger paychecks. it's about higher wages. it's about more economic growth in our economy that benefits every american. i look forward to working with
my colleagues on the senate finance committee, with our colleagues in the house of representatives, and with the administration to make this happen. i hope that there will be some democrats who are willing to work with us. because this is what they say they are for. if they are really for middle income tax relief, why wouldn't they join hands with us and make it a possibility for the american people? we'll look forward to what comes ahead. this is a very exciting time. something that's long overdue. something that will be very meaningful in the lives of americans. thank you. speaker ryan: i would like to introduce the chairwoman, dianne black. mrs. black: i want to say thank you to speaker ryan and chairman kevin brady for encouraging some really productive dialogue today in our conference. it's widely known that tax reform is high on the list of priorities for both congress and the administration. for years we have been talking about the possibility of reform. now, that makes life easier for our hardworking americans, and
our small businesses trying to navigate this very complicated, burdensome, and expensive tax system. now as the governing majority, we have the opportunity to translate all of this talk into action. while i'm encouraged by the steps that have been taken in the right direction today, passage of the budget is still the key that unlocks any of these great ideas. as chairman of the house budget committee i'm proud that my committee has already provided the blueprint needed to start up tax reform. the most conservative budget approved by this committee in 20 years, it received unanimous support of the republican members when it passed out of our committee in july. using reconciliation, our budget paves the way for pro-growth tax reform that reduces tax rates. it simplifies the tax code as has already been said.
and it restores the trust in the american economy anti-work force. and today's retreat it's clear that we all want to help our job creators and the middle class families. they are the ones who are often get the hardest hit by the confusing tax system currently in place. i'm encouraged that we're closer to changing that. the next step that we need and should take is for tax reform is the passage of our budget. speaker ryan: i would like to invite senator scott, member of the senate finance committee. senator scott: thank you. when we think about tax reform the question that comes to mind what is this really about for the average person back at home? i think of one of my constituents, sherry, a single mom, two kids, working very hard. needing more of her take-home pay. tax reform is about making sure
that the sherrys of the world, single mothers of the world have an opportunity to see more of their money stay in their paycheck because we're taking less of it out of their paycheck. it reminds me of my mother who raised two boys as a single mother. when we talk about tax reform, we should remember the second component of tax reform. it's about growing our economy so that the jobs of the future are created and manifested here at home. if i could say it as simple as possible, i would say that this tax reform conversation is about #keepyomoney. speaker ryan: the chairman of the subcommittee on the taxes and ways and means committee, peter roskam. mr. roskam: thank you, speaker.
think about it i can pull out this phone and click on an app for an airline, a flight, seat, and get an e-ticket sent back to me and a boarding pass all within the twinkling of an eye. that's the way that there is an expectation that we move forward as it relates to tax reform. we've got a tax code nearly that has not been clearly updated in 30 years. a time when the entire internet didn't exist from a commercial point of view. at a time when there was very little of the shared economy. this is transformational moment for us to dump 70,000 pages of complexity and move something that is buoyant and inviting and ultimately transformational. speaker ryan: senator toomey. senator toomey: thank you, mr. speaker. i see this as just amazing opportunity and therefore a responsibility for us to enact the legislation that will be consistent with this framework which will allow us to achieve
the growth that we have been waiting so long to achieve. there's nothing normal about a meager 2% growth for the united states of america. we're capable of so much more. and when we get this right, i'm confident we will achieve that. what that means for the hardworking families that i represent all across pennsylvania is it means a direct pay raise when we lower their direct tax burden. but it also means an indirect pay raise as more jobs are created, more businesses are launched, upward pressure on wages allows people to have a higher standard of living. so i am really excited about this opportunity and i'm confident we're going to seize the moment. speaker ryan: congressman schweikert. mr. schweikert: thank you, mr. speaker. this is a big deal. opportunity is coming. and opportunity is coming for every american. fairness, simplicity, something
that's absolutely crucial. a lot of you have sat through the presentations on what's happening to our society if we do not get economic growth. yeah, we have some tough math ahead of us, and i'm going to make the argument that growth is coming if we make this work. and we're going to make it work. speaker ryan: a man who used to be a member of the ways and means committee who is now a member of the senate finance committee, a little bit of a downgrade but we'll take him, senator portman from ohio. senator portman: thank you. i like the energy in this room. this is a really exciting opportunity.because this is a ry exciting opportunity. and as i look at it, having worked on this for a few years with paul and kevin and others, this is about two things. one, it is dealing with the middle class squeeze, and it's very real. wages are flat on average. expenses are up. by the way health care is one of the biggest ones. this is going to give people the opportunity to have a healthier family budget. middle class tax cuts are a part of this.
but it goes beyond that. it goes to getting this economy moving and having it generate more income and more wages. when you look at what the congressional budget office has nonpartisan congressional budget office 70% , of the benefit of lowering the corporate tax rate goes to wage growth. 70% of the benefit goes to workers. and by the way, there is other studies that show it's higher than that. it's also about more jobs. so it's more jobs and better jobs. more jobs by going to the kind of proposal that's being talked about here. we're going to bring back hundreds of billions, maybe even trillions of dollars from overseas to be invested in our economy and create jobs and opportunity. laura tyson, who is the former chair of the clinton administration's council of economic advisors, has said that if we do this, get the rates down and go to this international system to bring this money back home, we're going to generate $144 billion a
year in new repatriated earnings to our country and 154,000 new jobs a year. this is about wages. it's about jobs. it's about opportunity. speaker ryan: and last but not least, a member of the ways and means committee from miami, carlos curbelo. mr. curbelo: my colleagues are right. this is quite an exciting opportunity. of course because we get to reform the tax code of the united states of america, but more importantly because we have the opportunity to improve the lives of every single american in this country. throughout this process i have thought a lot about young people in our country who perhaps have graduated from college with a promise that they would prosper and excel. and yet they are struggling. i've thought about a lot of immigrant families, many in my own community, who have come to this country with a willingness
to work hard, seeking freedom and opportunity. yet they are not getting ahead. there is a lot of frustration and anxiety in our country because the economic recovery has not reached every single household. and this is the opportunity to change that. so we really do have to deliver. [speaking spanish]
>> do you agree with that? >> well said. >> this is about more jobs, fairer taxes bigger paychecks. , now we're at the point we're going to watch the president give a speech. thank you very much, everybody. appreciate it. [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] [captions copyright national cable satellite corp. 2017]
♪ announcer 1: c-span's washington day withlive every news and policy issues that impact you. thursday morning, the 50 capitals tour continues enrichment, virginia. the former governor will be our guest to talk about race relations and the debate over removing confederate statues and symbols. and the discussion on the republican tax plan with the president of americans for tax reform. be sure to watch "washington journal, live every morning. join the discussion. president trump traveled to indianapolis to speak about the republican plan to overhaul the federal tax code. before leaving for the event, the president made comments to reporters on several issues including about the alabama u.s.