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tv   Director Cohn Remarks  CSPAN  September 28, 2017 5:18pm-5:35pm EDT

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>> >> i think you know, that basic premise from the floor but the question we get asked a lot and is reduced to make some basic assumptions were we will end up with the brackets with a family earning $100,000 with two children to use as
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standard deduction they can expect a tax cut of $1,000. that is her we will continue to be. >> so with those criticisms to give to the rich one is from your home state of connecticut but with though local there are some certain people that are i atomizers. >> our plan is based on lowering rates and expanding paid disability think what we're doing. we are getting rid of the of loopholes so we have this --
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designed a plan that is a basic plan and we're sticking with it. >> so they could itemize. >> 25% of american families today itemize. -- do not itemize so you're talking about 25 percent of the population. also those that tell about american families. we are expanding the is hero rate up at $24,000. the first $24,000 of income they will pay zero be lower the of rate down a 12%. we're expanding the parameters for child-care
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with the higher income level you have to look at the plan in its entirety. don't get any one piece but in its entirety that is somehow we're looking at tax reform. >> asking to standardize deductions that you would suppress the real-estate market so people would not interested. >> we are protecting that mortgage interest deduction. the number one reason is because they buy a they are excited and optimistic they have a job today confident they will have one tomorrow
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and their kids have a job. with the upward wage movement in the few good about the economy. that is when people buy homes. we have to get america a place to wear they feel excited and exuberant about the economy than they will buy a home. they don't buy it because of the deduction. >>. >> we spent a lot of time on the anti-educe language the last thing we want to see our wealthy groups of families to move the tax rate down the house and senate are is keenly aware
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of the issue. the we are aware that people's inaugural the put their assets into reliability and reduce by 10 percent. >> you said no little cat class because of the details you're talking about before is say possibility so is bad day redline? and second but this is what we know about the plan.
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and they could save a lot. >> telling the american people are concerned. but they're concerned when they get there paycheck, it's today get to keep? of which goes in their pocket verses government how much do they get to spend? if we allow a family to keep another thousand dollars what does that mean? they could baez new car take a family vacation and increase their lifestyle. our tax plan is aimed at the hard-working americans. that is what we're trying to do. >> tell you think the
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president would release his tax returns?. >> but we're trying to do here is to increase the life style of hard working citizens to keep more of their hard earned income. but to get the economy and the growth rate back above 3% people did not think we could get that for a while but we are at 3.one. can we go higher? that means $3 trillion. net more than pays for tax cuts. >> if you cannot guarantee doesn't that contradict the premise of this plan?. >> our plan is aimed to make
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sure we have middle-class americans a tax cut. that is what we're spending all over time and doing and we have a lot of tools at our disposal. >> as i said this morning and i will say again i said it this morning and will say again i cannot guarantee that. you could find me someone in the country remember we have 50 states all different types of structures i guarantee you to find someone. >> walk us through the time line with the confidence for what is happening so far this year i on capitol hill.
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i am very confident so if you look at chairman brady right now and then to start working and they continue efforts -- every day. that they will get through the tax plan as quickly as they can. and hope to be in the senate in november. why am i here? just for this reason. to rewrite the tax code and so for those to change the al look of the united states. >>.
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>> there are many more once-in-a-lifetime opportunities at the white house. [laughter] -- with the child tax credit what does that look like? what is the goal? what is a refundable?. >> we said yesterday in the outline the existing child care credit is refundable and will stay refundable the additional money will not be an refundable - - refundable. we want to encourage people to work and have taxable income. day you have arranged in mind?. >> yes. we are working at delivering a tax cut to american workers pergonal i will go back.
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>> adding 2.$2 trillion to the deficit?. >> we think they are wrong. we think they're wrong based on this gore but we firmly believe that this tax plan would have an impact on economic growth. to pay down a hundred billion dollars. >> on the corporate side to share those overseas assets when they are repatriated to share that buyback. >> we have heard that numerous times.
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if that is a worst-case scenario they use that for the share buyback dividends they pay the tax we get another 20 percent tax on capital gains or dividends in the people that get that money back reinvest back into the economy with new investment and capital we're putting enticing rules into the system to entice people to invest capital over the next five years we're giving them a five year write-off. we know that money will be invested to drive economic growth, wages, and prosperity. >> but the tax plan will benefit the president and his family. >> it will benefit the
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middle class. the american taxpayers care what they take home and have to spend. that is what i care about. >> he said he will not benefit yet the way this is put together that people do care about. >> let me take you with these other components. so you all talk about the death attacks and that being a great benefit the two biggest drivers is the farm bureau and nfib those been the most time lobbying law repeals with a death tax. that has the biggest effect. small businesses. wealthy americans into a
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state planning they can use a trust or all sorts of things that our legal within the tax code to make sure they don't pay a death tax. with the at&t -- amt with a broad brush level one to -- one should get rid of the state taxes is is the biggest tax then it becomes irrelevant if you get rid of the deduction of state and local taxes. you're not looking entirety it doesn't make sense once we redo the plan. you are welcome. >>. >> as a follow-up question you said that i cited such as those seniors association
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to drag out repeal of the death tax. is that final? is that an immediate repeal with a tax reform package?. >> is immediate. >> the only thing that phases out is the five-year expenses. >> from small businesses senator schumer said democrats may be willing to work a small business tax. where do you start negotiating on that?. >> our opening offer and final offer on the table for the we're happy to start a 25 or go lower.

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