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  President Republicans on Tax Reform  CSPAN  November 3, 2017 4:25am-4:42am EDT

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it said in them and that makes it harder to pass the bill. what you have to do to win over the house is harder to win over the senate. thank you. everybody. announcer: several hours after releasing the new legislation, republican leadership and members of the ways and means committee visited the white house to meet with the president. our cameras were allowed in for part of the meeting.
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pres. trump: thank you very much. i would like to thank the republican members of the house ways and means committee who are here today to discuss the credible plan to cut taxes. it is reform and lots of other things but we're cutting taxes. it will be the biggest tax cut in our history. there is nothing more important to our economy. you see how well our economy is doing? this can really bring it to the next level. before we begin, i want to make a brief announcement. i had an excellent meeting today with chairman grassley and other lawmakers on immigration reform following the terrorist attack in new york. i am calling on congress to immediately terminate the visa lottery program. this program gives out visas simply because people are randomly selected in an annual lottery. and the people put into that lottery are not that country's finest. we know that the program presents a significant vulnerability to our national security.
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it's a very unsafe program for our country, and we're not going to allow it to happen. we're going to end that program. i think congress will take that up very quickly. additionally, congress must end chain migration, so we can have a system that is security-based, not the way it is now. and we want a system ultimately that is merits-based, so we can bring in people that will help grow our country and be safe for our country. we want to select people based on their ability to contribute to our country, not choose people randomly. we have no idea who they are. or based on extended family connections. we have people bringing in 24, 25, 26 people when they come in. we have to end chain migration. that being said, this is a big tax cut day, and i want to thank some of the people. naturally, paul, great press conference you just had. speaker ryan: thank you. i appreciate it.
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pres. trump: fantastic job. paul ryan has really led an effort, and he had some awfully good help. i called diane black, and you came through, diane. although let's wait about a month and a half. or less. [laughter] pres. trump: could be less. and where is peter? i saw you on television. peter, you were fantastic. i know how hard you worked. kevin mccarthy. i saw an interview where broadcom is moving back into the united states, one of the top companies, a fortune 100 company. and we just had a news conference with kevin mccarthy. and hello, kevin. it's been a long time. rep. mccarthy: it has. [laughter] pres. trump: but kevin, really you have been fantastic. a man named kevin brady. he doesn't stop. he doesn't stop. and there's nobody like him. and we appreciate it, i have to
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tell you. it's a great team. we have a great team. it's a team that loves what they are doing, they love the american people, they love this country, and they are going to get it done. it's tax cuts. it's tax reform. and we added the word jobs. because it is all about jobs. we're going to have a tremendous number of jobs pouring in. so, in a number of days i will be traveling to asia to advance america's economic and national security priorities. i will miss you folks. [laughter] pres. trump: i will miss everyone at this table. i will be back in 11 days. i know things will go well. because it really is, there is a great spirit, there is a great popularity for what we are doing in this country. they want it, they need it, they have to have it. so it's going to be terrific. i need your help to maintain the momentum. i have no doubt you will be able to do it. while i am in asia, members of the cabinet will be traveling around the country talking directly to taxpayers and focusing on the regional media, which i actually find it to be a
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very honorable media. we do very nicely with regional. i love regional media. secretary mnuchin and my entire economic team will remain totally focused on tax reform and continue to work closely with all of you. i think they have been working extremely closely. the relationship with kevin has been absolutely terrific. we will be with you all the way 100%. i want to also have a bill on my desk, hopefully, kevin, by thanksgiving. if that's possible. i want everybody in this room standing by me, and we will add some others, as we sign. thank you again for the incredible job you have all done. some of the tax cuts and simplification work we are going to be doing for families include a doubling of the standard deduction, so more income is taxed at the zero rate.
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the first $24,000 for a married couple and $12,000 for single will be completely income or tax-free. so that's something. that's a tremendous thing right there. we're going to have a big zero in front of a lot of people who are working very hard, and they cannot make ends meet. we are going to reduce income tax rates for individuals, increase the child tax credit, and extend it to more middle-income families, a far larger group. repeal the alternative minimum tax and the estate tax, or the death tax, a as it is commonly called. retain tax incentives for mortgages, charitable contributions, higher education, work, retirement savings. we have a lot of things that are the important generators in our economy. most americans will be able to file taxes on a single sheet of paper. what do you think about that? are we still there?
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[inaudible] [laughter] pres. trump: great job. thank you very much. i didn't know i would be given a prop. [laughter] [inaudible] pres. trump: thank you. but we think we are going to be able to do that. as of this moment, it's going to make life very simple. the only people who were not going to like this are h&r block. they are not going to be happy. that is probably one of the only companies in the country that is not going be thrilled. we're going to make america globally competitive again. our corporate tax rate is 60% higher than our average competition. we will slash the corporate rate from 35% to no more than 20%. that's truly one of the big things in the bill.
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what that's going to do is create tremendous success for companies and jobs. it's about jobs. you can expense the full cost of new equipment in the year you buy it. something that personally i have never heard about in terms of when i was a businessman. in fact, that's a great incentive for everybody to want to be business people. i think that's got to be one of the great -- when people talk about the different elements, they don't talk about that -- that will be one of the great sleepers in this bill. expense of one year. -- expense in one year. we're going to move from a worldwide system to a territorial system. in 2016, american multinational companies get 71% of their foreign-earned profits overseas. we're proposing a one-time low tax to bring back all that corporate money. now, we think it's probably in the neighborhood of $4 trillion brought back into our economy and into our country.
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and that will promote tremendous growth and jobs and lots of other things. the council of economic advisers estimate the corporate tax reforms will increase average household income by $4000. we are reducing tax rates for s corporations, partnerships, and sole proprietors which affects a large percentage of our people, and our taxpayers. if the growth rate of real gdp interest is by just 1%, we're talking about $2.5 trillion and millions of jobs. so, if we go up to 4%, as an example, we're talking about $2.5 trillion. i personally think we can go higher. last quarter we did 3%, and i think we took off at least one point for hurricanes. we had five hurricanes, essentially.
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and we actually hit the 3% number. the quarter before, we hit 3.42%. when we started, we were at a little more than 1%. and now we are at 3%, and i think we would have it 4%. people are predicting 4% for next quarter. we'll see, but i've always said we could hit higher than that. a lot of it is rules and regulations. in the history of our country, no president has cut more regulations than i have. we have a lot more to do. we have some statutory requirements. we have to give notice. you give 30 days in a 90-day than a 120-day notice, then you can start thinking about it. we have given those notices and we have a lot of cutting left. but we've probably cut out about
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48%, and will be quite a bit higher than that. one of the reasons we are doing as well as we are doing, the stock market has hit a new high close to 60 times during the course of this presidency, this administration, this group of people sitting around the table. we are close to 60. and that is something that is very special. i have not looked today, but perhaps we will make it and after one, because i hear we are doing very well today. but a lot of that is having to do with optimism. there's tremendous optimism. the highest they have had, business and manufacturing optimism is the highest it has been since the chart. i think what is going to happen is the one element that is missing is taxes. we're one of the highest taxed countries in the world, and we're going to get really down to one of the lower taxed. we're not one of the lowest, but maybe we will get that the next time. but we will be one of the lowest, and we will be competitive again with the rest of the world. china is 15%. some countries are quite a bit lower than that. at 20%, we are very competitive
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with the rest of the world. at 20%, you were going to see growth, and you are going to see jobs, and you are going to see wages going up. something we're seeing now is for the first time in a long time, wages are starting to rise for people. in some cases, they have an 18 to 21 years without a real salary increase or wage increase. so, a lot of good things are happening, but this is the final element. tax cuts and tax reform. and it's an honor to work with my fellow republicans. i think we are actually going to have some democrat support. i think it's going to be very, very hard for them not to support it. there was a certain newspaper that wrote today that your competition was out there trying to say "it is for the rich. it is for the rich." which of course they say routinely. it turned out they were not telling the truth, and the paper called them on it, which was
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shocking to me. shocking. [laughter] pres. trump: they were called, they were not telling the truth. because this is a middle income tax reduction. and it's a very big one. it will be the biggest tax reduction in the history of our country. thank you very much, everybody. appreciate it. >> mr. president, are you concerned your comments are going to jeopardize fashion line pres. trump: -- jeopardize -- pres. trump: thank you very much, everybody. thank you. thank you very much. thank you. much.you very the tax that would cut
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corporate tax rates by 14% and roughly double the tax rate for individuals and families. state and local property tax would be capped at $10,000, and deductions for medical expenses, property loss, and student loans would be discontinued. we have the full text of the bill as far as all the debate on the proposal in our congressional counsel. just go to c-span.org and click the link on the top corner of the page. next week, live coverage of the house ways and means committee as they mark of the republican bill starting at noon eastern on the c-span networks. c-span's cities tour takes you to sioux falls, south dakota, name for the falls of the big sioux river. the historylight and literary life of sioux falls. saturday at 6:00 p.m. eastern on book tv, a look at the history of native american citizenship an author andth
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his book, "broken landscape." >> tribes have what is known as sovereignty. theirave authority from as-constitutional existence self-governing sovereigns. they are self governing sovereigns. author of the book "outlaw dakota." >> if you were caught stealing a horse, from any settlement of ranch country, they would hang you. that was what you call frontier justice. >> on sunday at 2:00 p.m. eastern on american history tv, we will tour for dakota to explore the role of the military in the u.s. dakota,s called fort one of many established throughout the region.
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it was established to provide a fore of safety and security those settlers. >> and we will also take a driving tour of sioux falls with historian john locke. john: we are on an avenue name for one of the first settlers of the area. >> watch it saturday on c-span2's look to the and sunday at 2:00 p.m. on american history tv on season three. tour, workingies with our cable partners as we explore america. announcer: coming up, we continue our look at the republican tax proposal with remarks by white house economic adviser gary cohn and members of the house proposal.