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tv   Shepard Smith Reporting  FOX News  December 20, 2017 12:00pm-1:00pm PST

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the challenge for democrats is, can they say to the poor voter, they screwed you over? >> dana: chris stirewalt, thanks for joining us. president trump is about to take the stage so stay with us. >> shepard: a live look at the white house. stand by with us as fox stations join us for live coverage at the white house starting now. good afternoon from fox news in new york. i'm shepard smith on the fox news channel on satellite and cable. at the white house, the president says he's holding a celebration with lawmakers giving the president his first legislative win. during a cabinet meeting today, the president called for the tax vote a historic victory. >> they're going to start seeing the results in february. this bill means more take-home pay.
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it will be an incredible christmas gift for hard-working americans. i said i wanted to have it done before christmas. we got it done. >> the legislation cuts the corporate tax rate from 35% to 21%. nearly doubles the standard deduction, the amount of income tax-free for 12,000 for single people, 24,000 for married couples. the top tax rate drops from 39.6% to 37%. the child tax credit doubles to $2,000. the plan would also repeal the affordable care act's individual mandate but not until 2019. state and local tax deductions are capped now at $10,000. this is where people in high tax states take a hit. in fact, 12 republicans in the house voted against the measure, most of them for those states. among them, the republican congressman from new york, peter
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king. he talks about it in the last hour. we'll hear more from him and the rest coming up. largely this new tax bill is a huge benefit to the rich and to corporations. by the time this bill -- the law itself has matured for many income and low income -- middle income and low income people, taxes will go up. so let's listen now as the president talks about this first major legislative accomplishment since he took office. ♪ ♪
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[applause] [applause] >> thank you, everybody, very much. these are the people right behind me that worked so long, so hard. it's been an amazing experience, i have to tell you. hasn't been done in 34 years. but actually, really hasn't been done because we broke every record. it's the largest, i always say the most massive but the largest tax cut in the history of our country and reform. but tax cut. something special. [applause] and i notice this just came out two minutes ago. they handed it to me. at&t plans to increase u.s.
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capital spending $1 billion and provide $1,000 special bonus to more than 200,000 u.s. employees. that's because of what we did. that's pretty good. that's pretty good. [applause] i have a whole list of accomplishments that the group behind me have done in terms of this administration and this congress. but you heard it before. records all over the place. that will continue and then some because of what we did. $3.2 trillion in tax cuts for american families including doubling the standard deduction and doubling the child tax credit. the typical family of four earning $75,000 will see an income tax cut of more than $2,000. they're going to have $2,000. that's in my opinion going to be less than the average. you'll have a lot more than that. [applause]
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one thing very important for the farmers. the great farmers and the great small business owners that were forced to sell their businesses at bargain basement numbers. we have provided for the most part estate taxes wiped out. they can keep their farms in the family. that is a very big factor. very big. [applause] this is going to mean companies are going to be coming back. i campaigned on the fact that we're not going to lose our companies anymore. they're going to stay in our country. and they're going to stay in our country and you've been seeing what's happening even at this prospect. but they have tremendous enthusiasm right now in this country and we have companies pouring back into our country. that means jobs and means the formation of new young beautiful strong companies. so that's going to be very, very important. the pass-throughs, you know about and the small businesses are big beneficiaries.
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we'll bring at least $4 trillion back into this country. money frozen overseas and in parts of worlds and some of them don't even like us. and they had the money. now they won't have the money long. so it's really -- [applause] i guess it's simple. when you think you haven't heard this expression. we are making america great again. you haven't heard that, have you? [applause] i want to have them get up and get the glamour and the glory. i just want to have a few come up and speak for a little while. the shorter the better. they we can get everybody up. i want to thank mitch mcconnell. i want -- what a job. [applause] what a job. and i want to thank paul -- they're going to speak and say a few words. paul ryan and mitch, a little team. we got together and we would
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work very hard, didn't we? seems like it was a lot of fun. always fun when you win. if you work hard and lose, that's not acceptable. i'm going to name a few names and some of them will come up. people that i saw so much over the last month and really over the last almost year. because when you think of it, we haven't even been a year and we did the largest tax cut in our history. i hate to say this but we repealed obamacare, because we got rid of the individual mandate, that was terrible. that was a primary source of funding for obamacare. and anwar. a friend of mine -- congratulations. and dan, where is dan. >> don, don. behind you. >> where is dan? >> he's not here. >> okay. between dan and don and lisa, you've done a very great job. so a friend of mine called up
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about anwar. he said, you didn't get anwar? i said tell me about anwar. he said we've been trying to get that passed, the whole country, the world. they trade in ronald reagan. they tried with the bushes. they tried with everybody. they never got anwar. but we got anwar in this bill. we have the mandate. and we have the tax cut and we have the reform. when you add up the size of this bill, it's really great. lisa, thanks very much. lisa murkowski. so john cornyn, the great chairman orrin hatch. great job, orrin. orrin is a special person. tim scott who has been so incredible. he's going to say a few words. [applause] he's younger than i am. i have it mostly memorized. but tim scott has been great.
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john thune. where is june? john. great job, john. rob portman, a real student of the tax world. rob, thank you very much. [applause] i want to thank -- i said hello to john cornyn. pat toomey, where is pat? we road together in pennsylvania. great job. he knows his business. [applause] susan collins, we want to thank. susan is around someplace. thank you, susan. all friends -- i look at these people. it's like we're warriors together. christine ohm and diane black. our great speaker, paul ryan. he is a great speaker. [applause] great job. kevin mccarthy. kevin. what a job. we had fun.
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didn't we have a good time? steve scalise. he's braver than all of us. he's braver. [applause] oh, boy. i don't know. he had a rougher year than most of us. but it's a hell of a way to lose weight, steve. not a good way. we love you, steve. great job. kevin brady. kevin. [applause] kevin brady. so maybe what i'll do is -- and by the way, i mentioned at&t. many companies have come forward and saying they're so happy and they're going to be doing similar announcements. we're going to see something that is special. we're bringing the entrepreneur back into this country. we're getting rid of the knots and the ties and we're going to -- you're going to see what happens. ultimately what does it mean? it means jobs, jobs, jobs. so it's going to be really a special period of time. we're in a special period of time. it's going to be even more so. i want to thank everybody behind
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me. maybe i can start with mitch and then we'll go to paul and then we're going to have a few folks come up and say a few words and we'll have some fun. mitch, how about you starting? [applause] >> well, let me just say, mr. president, you made the case for the tax bill. but this has been a year of extraordinary accomplishment for the trump administration. we've cemented the court right of center for a generation. [applause] mr. president, thanks to your nominees, we put 12 circuit court judges in place, the most since the circuit court system was established in 1891. you hold the record. [applause] [applause] you've ended the overregulation of the american economy.
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that coupled with what we did last night and what the house finished this morning means america is going to start growing again. thank you, mr. president, for all you're doing. [applause] >> first of all, what this represents is a promise that each and every one of us made to the american people last year, is a promise that is kept today. [applause] something this big, something this generational, something this profound could not have been done without exquisite presidential leadership. mr. president, thank you for getting us over the finish line. thank you for getting us where we are. [applause] i just want to say a thanks. this has been a team effort from
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everybody. i want to thank gary cohn and steve mnuchin from the president's economic team for what they did to get us here. [applause] i want to thank my partner, mitch mcconnell in the senate for getting us to where we are. i want to thank these two chairman, orrin hatch and kevin brady. thank you for your leadership on this. [applause] it is really simple. the message to the hard-working taxpayers of america is your tax relief is on its way. that is what the is happening here. the message to the families in america that have been struggling paycheck and paycheck, your tax rates are going down and your paychecks are going up. this is the kind of relief that americans deserve. this is the kind of tax reform and tax cuts that get our economy growing to reach its potential. this gets us better wages, bigger paychecks, a simpler tax system. this gets the american economy competitive in the global
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economy. this is one of the most important things that we could do for all of the people we represent. this is generational. we're so excited that we're going to launch next year this fantastic tax renorm so that the american people can see how we can truly reach our economic growth and our economic potential and if it wasn't for all the leadership of the men and women up here, this wouldn't have been made possible. lastly, i want to thank the american people. i want to thank the american people for putting their trust in us, for giving us this chance and this ability to make this moment possible. thanks very much. [applause] thank you, mr. president. >> a man who has been working very hard -- thank you, paul -- very, very hard for a long period of time and last night was a culmination. i don't know if we'll have bigger moments but we hope to. we'll try. a special guy and great friend of mine, vice president mike
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pence. [applause] >> thank you, mr. president. thank you for those kind words. more importantly, thank you for your leadership and boundless faith in the american people. thank you for keeping your promise to this congress, delivering the largest tax cut in american history before christmas of this year. [applause] merry christmas, america! [applause] to members of our cabinet, to leader mcconnell, speaker ryan, all of these members of congress, thank you. thank you not only for being here today, for this special moment but thank you for your leadership and support throughout this year. i truly do believe mr. president that this will be remembered as a pivotal moment in the life of our nation. a day when the congress answered your call and made history. but honestly, i would say to the
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american people, president trump has been making history since the first day of this administration. [applause] we've been rebuilding our military, standing with our veterans and just last week, president trump signed one of the largest investments in our national defense since the days of ronald reagan. we've been defending our borders, upholding the rule of law. illegal crossings on our southern border are done by more than 50%. president trump has been restoring american credibility on the world stage. standing with our allies and standing up to our enemy. as the president reflected earlier today, our nato allies are paying more toward their common defense. north korea is more isolated than ever before. this president's put iran on notice and put the war on afghanistan on a path to victory. thanks to the leadership of this commander-in-chief and the courage of our armed forces, isis on the run, their capitol has fallen and their so-called
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caliphate has crumbled across syria and iraq. [applause] but what brings us here today is that president trump also knows that american strength starts with a growing american economy. from the first day of this administration, this president championed free and fair trade. he rolled back federal red tape at record levels. we've unleashed american energy. today, mr. president, you fulfilled the promise you made to millions of americans struggling in this economy to cut taxes across the board. for working families and businesses large and small. in august of this year, the president laid out his vision for a tax cut that would be a middle class miracle. that's exactly what the congress passed today. [applause] this tax cut will butt more money in the pockets of the american people. it will make our tax code more simple and more fair and more easy to understand and make
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businesses across america more competitive to create good-paying jobs and raise wages for working americans. i can tell you, i serve with him every day. president donald trump is a man of his word. he's a man of action. with the strong support of these members of congress, president donald trump delivered. a great victory for the american people. [applause] we made history today. but as the president said when we gathered this morning, a few of us with a few less hours sleep than usual, we're just getting started. and i can assure you, this president and this entire administration will not rest and relent until the forgotten men and women of america are forgotten no more. so thank you, mr. president. thank you for your leadership. thank you for your love for this country and the people of this country. i know in my heart with the
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strong continued support of the members of congress who are gathered on these steps and with god's help, you will make america great again. >> thank you, mike, very much. a friend of mine, a very, very special man, tim scott. tim, i'd like you to say a few words. he came in and he would solve some problems that we weren't looking too good a couple times. tim was really, really a tremendous help. thank you, tim. [applause] >> mr. president, during one of those conversations that we had, we talked about ways to improve distressed communities throughout the country. 52 million americans living in distressed communities and we talked about legislation that could move those communities
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forward. you said yes. as a part of this tax reform package, the investing and opportunity act has been included, which will bring trillions of dollars into poor communities because of your willingness to listen. [applause] the president said i only have about 45 more minutes, so i'm going to get to my -- [laughter] he didn't say that. okay. got it. let me just say to those americans who are watching this process, this is not about washington. it's not about the left, it's not about the right. it's about single-parent moms who were looking for a reason to be hopeful in 2018. this tax reform plan delivers
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for the average single mother a 70% tax cut. for the average family who is working paycheck to paycheck, looking for ways to be hopeful about their future, to have an extra night for dinner out at a restaurant, this tax reform package cuts their taxes by nearly 60%. and because of folks like marco rubio and ivanka, when you think about the folks with kids in the household, this plan doubles the child tax credit and makes about 70% of it refundable. this is a plan that we can be proud of. because it speaks to the hearts of everyday americans. [applause] >> diane, come on up. diane black.
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thank you. [applause] >> thank you, mr. president. i want to thank all of the folks that are standing behind me, because it has been a team effort. when we talk about doing tax reform and the tax reform and jobs cuts act, that is what the american people are going to benefit by. as tim has just said, it is the average american. that's the reason why we did this tax reform. we looked at those right in the middle, those families that need the assistance and the help and the relief to be able to live their lives the way we have promised with the american dream. it is such an honor to stand here with the president of the united states, the vice president of the united states who have been an integral part in making sure that this happens. i want to thank kevin brady, who i know hours and hours worked hard to make this happen and what was really a short period of time. some of the folks that are being
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left out right now, i know we thanked them before, but i want to thank them publicly. that is all of the staff that has worked so hard in both the house and the senate to make this happen. [applause] now, we can say merry christmas to the american people because we are giving them a huge gift for christmas. a break in these taxes and an opportunity for our jobs to grow and to give them a bigger paycheck. so i want to say thank you to mr. president, thank you president trump for allowing us to have you as our president and to make america great again. [applause] >> thank you, diane, very much. we can say merry christmas again. people are saying merry christmas again. we like the sound. i want to ask lisa murkowski and dan sullivan to come up from
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alaska. they have been really working. if don young is here. he's around here. the three of them. come here. dan, get over here. >> yes, sir. >> lisa. >> thank you. mr. president, i don't know if you recognize, this is a very historic day. it's also the beginning of winter solstice. doesn't feel like it right now. the winter solstice is the shortest day, the darkest day. for us in alaska, we've had some pretty dark days recently. but with passage of this tax bill, with passage finally almost 40 years later to allow us to open up the 1002 area, this is a bright day for alaska. this is a bright day for americans. we thank you for that. [applause] we thank you for that.
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think about it. 31 years we've been working on tax reform. 38 years now to open up anwar. this has been a multi-generational fight. i look to some of our friends from alaska that have come 5,000 miles to be here for the vote last night and today. [applause] to those who live there, to those who raise their families there and to those who are looking to live for generations know that our promise to you today is a bright future. one where we care for our environment, where we care for our people. and we also care for our country and providing a resource that is needed not only by the united states, by alaskans and by our friends and allies. this, mr. president, is what
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energy dominance is all about. so let's go. [applause] thank you. [applause] >> mr. president, i want to thank you and your administration, i want to thank the secretary. senator murkowski said it well. this administration has come in and recognized this incredible, incredible resource that we have in our nation. develops our energy is good for jobs. it's good for energy security. it's good for manufacturing. it's good for the environment. we have the highest standards in the world. it's very, very good for our foreign policy and national security. mr. president, sir, you released your national security strategy just a couple days ago. in there you talk about the economy, which is what this tax bill is about, but you also talk about energy dominance. i want to thank you. i want to thank you on behalf of alaskans and the american
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people. it's the right policy and we're finally, finally doing it. thank you, sir. >> thank you. >> thank you, mr. . i want to thank all of these guys standing behind me, these ladies, the people that help me do this. this is 37 years i tried to get this passed. proves one thing. perseverance overcomes intelligence any day of the year. [laughter] i want to thank the president, i want to thank you, mr. president and my two senators. this is the team that can't be beat. we'll do what is right for alaska. this bill does what is right for this nation and the great land will be great again. thank you, mr. president. [applause] >> he's a pretty popular guy.
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pretty good. i want to ask orrin hatch, a special friend of mine. i can tell you that. somebody that spoke really well of me when it wasn't exactly the easiest thing to do. he was just always in there, always fighting for all of us. and did a fantastic job as chairman. orrin, say a few words, please. [applause] >> mr. president, i have to say that you're living up to everything i thought you would. you're one heck of a leader. we're all benefitting from it. this bill could not have passed without you. couldn't have passed without the alaskan delegation. couldn't have passed without the leadership in the house and the senate, paul ryan and mitch mcconnell and the other leaders as well. all i can say is that we're making head way. this is just the beginning. you stop and think about it, this president hasn't even been
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in office for a year. look at all the things he's been able to get done by sheer will in many ways. i just hope that we get behind him every way we can and we'll get this country turned around in ways that will benefit the whole world. above all, benefit our people. bring us all to a realization of how really great america really is and how the rest of the world depends on us. how about this country? i came from very humble roots. and i have to say, that this is one of the great privileges of my life to stand here on the white house lawn with the president of the united states who i love and appreciate so much and with these wonderful colleagues and cabinet members that stand behind us. to see all of you and realize that you care, too. all i can say is that god loves
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this country. we all know it. we wouldn't be where we are without him. and we love all of you. we're going to keep fighting and we're going to make this the greatest presidency that we've seen not only in a generation but maybe ever. god bless all of you. [applause] >> paul ryan just said "how good was that?" another very special man worked so hard, knows it inside and out and backwards, kevin brady. [cheers & applause] >> thank you. [cheering]. okay, guys. thank you, mr. president.
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this is a historic day. it's an exciting day. i knew i was going to be here with you to mark this momentous occasion, so i wore my houston astros tie because they're still the champion of the world series. [applause] i figured today you'd give me some slack on that. look, this is a historic day in so many ways. it didn't happen just by itself. people often ask, when did you know or when did you know tax reform could be achieved in america for the first time in 31 years? my answer is always the same, november 8 when president trump was elected. that's when i knew it was real. [applause] when you put together the great ideas on tax reform from inside and outside congress and i see many of you here today with us, remarkable leadership and
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courage from the men and women behind me in the senate and especially my colleagues in the house, when you put together remarkable leadership in the house and the senate, the work that was done in the white house, gary and steve, vice president pence and mr. president, you're willingness to make this your commitment, to go across the country to sell the need for tax reform and stay at the table with us and on the phone with us to get this done. but for your leadership, we wouldn't be here today. thank you so much. [applause] let me finish by speaking directly to the american people. there are three dates you need to put on your calendar. the first is new year's day. because on new year's our country will have a new tax code for a new era of american prosperity. new year's day. [applause] in february, look to your
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paychecks. hard working americans will see the result of the hard work of this president in this congress to make this tax reform possible. it will show in your paychecks. and then april 15, that hated day. this april 15 will be the last time you ever file your taxes under this horrible broken tax code because you'll have a new one for the future of your family and your small business. [applause] so this is a great day for our country, a great day for our economy and a great day for america. thank you, mr. president. [applause] >> thank you. did a fantastic job. and another man who was with us all the way, no matter when i called, he was there or he would get back within minutes, kevin mccarthy.
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>> to the president and vice president, during that campaign you listened to voices no one else was listening to. you listened to those that were trying to get a pay raise. or that parent that was fighting for their children. or to that person who always dreamed of being a entrepreneur, creating a small business like you did, mr. president. you know what? for all of those people, you heard them. we would not be standing here today if it wasn't for you. doesn't matter if you were overseas fighting for america. so many people back here got your phone call fighting for tax reform. this is a big day for america. this is america's comeback. [applause]
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come february, check your check. that will be the pay raise of the vote for donald trump. that will be the beginning of the next century, america's century. thank you and god bless. [applause] >> so i just want to conclude by saying this will indeed be a big day when people look back at our country. it's a whole different attitude, a whole different way. and i really want to end by looking back and thanking all of those people standing behind me that worked for years. this was the culmination of a few months work, but they have been working on getting this done, whether it's paul or paul or kevin or kevin or orrin, they have been working on this for
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years, years and years. and i just want to turn around and i want to thank them all. they are very, very special people. thank you very much, everybody. [applause] ♪ >> shepard: the president and his team celebrating the tax win for republicans. absolutely the biggest legislative win of his tenure. and today republicans are living in the moment. analysis begins now on fox news channel and satellite and cable. for those of you on your local fox station, we return you to regular programming.
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i'm shepard smith fox news, new york. >> shepard: continuing now on fox news channel. john roberts was at the ceremony this afternoon. live out in the yard for us now. hello, john. >> good afternoon to you, shep. we're just ducking down here so we don't get in the way of the still cameras as they're taking shots of the president leaving here. i got to say, this was originally billed as a news conference. if this was a news conference, i'll need my hat. the president would have needed a pair of binoculars to see where i was and i would have needed a megaphone for him to hear us. this was about the celebration of the president's biggest legislative achievement so far of his administration. this was the central promise of his campaign. obamacare went first. a technicality because they wanted more money for tax cuts. this was what the president wanted to get done. he got most of what he wanted. he got the corporate taxes from 35 to 21%. a doubling of the child tax credit, a doubling of the standard deduction. he wanted more movement on the
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corporate tax cuts, but couldn't get that through. also we should point out, because this is significant, the president promised many times during the campaign and as president to go after those hedge fund managers that were pocketing tens upon tens of millions of dollars and paying 24% because of a provision called carried interest that the president wanted to get rid of. that would have bumped up their tax rate to somewhere just south of 41%. because of resistance on capitol hill, we're told, by white house sources, that wasn't even considered, wasn't even brought to the table. so the president had to concede on that. certainly he got what he wanted in terms of some relief to the middle class and then the corporate tax cut. as he said in the cabinet room earlier today, shep, this is about jobs, jobs and jobs. another interesting provision here that the president really highlighted this morning and the cabinet room, this idea that they got rid of the tax penalties in the individual mandate in obamacare, which the president says effectively
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repeals obamacare. the congressional budget office projected -- this is something that the critics of the president have jumped on to, but repealing the tax penalties in the individual mandate, some 13 million people will choose not to take health insurance. 13 million people will effectively lose health insurance. because those people are out of the revenue pool, there will be an increase on average in insurance policies in the exchange of some 10%. so that's something that critics will continue to hammer the president on throughout the election year, which is next year. in terms of signing this, the bill has to be enrolled by congress. it will get to the white house, maybe by friday, maybe not until the weekend. then the white house staff has to review it. that's a process that will take a couple days. with christmas in the middle of that, that will delay it a little bit. so likely the president won't get this bill to his desk to sign until sometime probably mid to late next week. he really wants to sign this bill before the beginning of the year so it's quite likely that
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he could sign it at mar-a-largo or have a signing ceremony somewhere else. when he returns to washington d.c. and the congress comes back in early january, have another big event like this as a post signing ceremony. the one possible hitch in all of this has to do with a bill to continue funding the government. i'm told the white house is confident they'll get a continuing resolution and continue to fund the government through january the 19th and they're also confident they'll get what are called pay-go waivers, which means entitledments would not be cut to pay for the tax cuts. if they don't get that, that would likely then delay the signing of this tax reform bill to the new year, because there's a complicated provision that the president signs it this year and don't get a waiver, the cuts to entitlements take place next year. if he waits until 2018 to sign it, they wouldn't kick in until 2019. the white house confident they'll get the waivers. you have to say the. had a big, big win. this is his biggest win of his
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presidency. what orrin hatch said about him a short time ago, i've not heard any member of congress say that ever about this president, shep. >> shepard: john roberts live at the ceremony. thanks so much. let's turn to peter doocy. peter? >> shep, we're now starting to hear some warnings from the handful of republicans that decided that they could not support this tax bill in the house like peter king. his big problem is that the tax bill limits state and local tax deductions. he is saying that he thinks his own party went too fast. >> my concern, we don't know what all the consequences are because it was rushed through so quickly. 1986 tax reform, that took two years and hundreds of witnesses and countless hearings. >> there's a lot of talk today about the fact that the house had to vote for a second day in a row because senate democrats complained that certain education provisions among
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others violated senate rules. now republicans are defending those provisions and they're saying the fact that democrats wanted them out reflects poorly on them. >> what happened in the senate is democrats attacked some small colleges that have a trust fund that gives appalachia kids that have never gone to school, college, to give them free tuition. that's what democrats are making us come back to the house. this isn't moving too fast. >> so even though the house had to vote a second day in a row because of a technicality, every republican that i spoke to while getting on the bus to go to the white house was in very high spirits, shep. >> shepard: democrats criticizing the bill, but it's already passed. >> right. they still are and continue to make the argument to constituents that they think this tax bill benefits rich people. >> we know they're popping champagne down pennsylvania
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avenue. there are only two places where america's popping champagne. the white house and the corporate board rooms, including trump tower. >> and another member of congress from the democratic side, jackie spear compared the tax reform plan to a lump of coal in the stockings of people in the mill class, shep. >> shepard: peter doocy, thank you. ahead, i'll speak with john bussey. we'll talk about the positives and negatives in this bill and why he says the tax plan could face some political head winds. that's just ahead.
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>> shepard: just in, fox news has confirmed senator al franken says he will resign january 2 effective january 2. earlier this month, the minnesota democrat announced he will leave the senate after accusations of sexual misconduct. he denied some claims. he said he remembered others differently than accusers but he didn't say when he was leaving.
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we know along the way there's been new calls from joe manchin and others not to resign. it's a done deal. january 2 is his last day. the minnesota lieutenant governor, the democrat tina smith will take his place in the senate. back to the republican tax plan. let's bring in john bussey, associate editor at the "wall street journal" and a fox news contributor. chips serves about nine million kids. chip will not be renewed this year. >> a big political concerns that the republicans will face over the next 12 months. this was a victory lap. >> shepard: of course. >> well-deserved by the administration and this congress. a big undertaking. they got a tax reform bill through. first one in a generation. paul ryan and kevin brady are sharp on these issues.
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their argument has been, this will boost the economy, it's going to create more jobs in the united states because companies will invest with all the tax savings. that means there's more jobs, means there's going to be wage pressure up and better types of jobs available for people. that's the positive side of this. the head winds are substantial for this as well. the political head winds. economists are split on whether or not you'll see the growth. it's a mixed bag in the past. yeah, it happened in the 80s. the 80s benefitted from the baby boomers hitting their spending years. now they're retiring. retirement costs are going up. it will add to the deficit. this bill is expected by congressional committee to add a trillion in debt the next ten years. you've got a democratic party that feel stiff-armed. so when the republicans go back to congress to try to tweak the bill, if necessary, because of maybe a little bit more debt than they were expected, they'll
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find a group of democrats not willing to compromise. >> shepard: and they won't be working on continuing resolution rules. they'll need 60 votes. >> that and this has to be, you know, highly beneficial to companies. it is going to make them more competitive. they pay higher taxes than a lot of other industrialized countries. that will benefit companies here, make them more competitive globally. the tax cuts are permanent for companies. they are not permanent for individuals so politically, you're going to see people wonder, what will change? do i invest as an individual? do i invest as a company? am i going to see this tax bill again change if democrats get control of congress in the next congress? >> one other thing on which the president likes to talk about keeping promises. one of the things he promised was that the hedge fund loop hole would go away. managers of hedge funds and private equity forms. he said in the campaign, they're
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getting away with murder and it's going to stop. if they got away with murder, they're still getting away with murder. that won't go anywhere. >> that won't go anywhere. you can't win them all. >> no. >> at the same time, the optics of that will be difficult for the republicans in this next campaign season. along with the cheers, there's the sound of a dice roll. because it's a gamble of whether or not this is going to improve the economy well enough, largely enough to offset the likelihood of increased deficits. >> if you're a big real estate investor, times are good. >> certain types of real estate investors. individuals will have less that they're allowed to deduct if they're to buy a home. that's a consideration also -- >> shepard: you're talking about the little guy -- that isn't what i was talking about. >> didn't sound that way. >> shepard: great to see you, john. if you don't like the affordable care act, the republican tax bill should make you happy because it gets rid of the
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penalty for not buying insurance. of course, what that means is that for those that do have insurance, in some cases the sick and the elderly, their rates are going up. there's no doubting it. the winners and losers from the plan coming up.
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>> shepard: let's take a look at the winners and losers in the new tax plan. nancy, good to see you. >> good to see you, too. >> shepard: we have a tick tok of some of these to get through here. the notes on this i don't have. the gop tax plan winners. corporations. there's no way to overstate the biggest winner of them all are the corporations. >> absolutely. the corporations saw a huge tax cut from 35% to 21%. their tax cut is permanent.
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the individual side is temporary. expiring after 2025. the corporate rate is one of the signature things the president wanted. i'd say corporations are the biggest winners. >> shepard: oil drillers. how do they benefit? >> as we saw in trump's speech and a number of the members of the alaska delegation that got up to thank the president, this tax bill includes a provision that opens up oil drilling in alaska, which is a provision that a lot of conservatives have wanted a long time. may seem unusual in a tax bill, but this is the vehicle they used for it. >> shepard: another one of the winners, tax lawyers and accountants. this was supposed to be simpler. >> it was supposed to make it simpler. in reality, it didn't. it moved the public pieces around a little bit. you have extremely complicated tax laws for companies. companies need to move to a
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territorial tax system. a new way to gain the pass-through rate. a huge boon to tax experts, accountant lawyers, people that advise wealthy people. a new ticket of rules to work there. >> shepard: losers. homers in california massachusetts, new jersey and new york. they're going to pay more. >> yeah. you cut deduct the full local and state taxes. you have to pick between that and the property taxes. the mortgage interest has gone down. people will hurt in the blue states. >> shepard: at the bottom, commuters. who doesn't commute? some people don't. >> right. it takes away a deduction that commuters have. the real key is to the losers are the people that liked obamacare. it repealed the individual mandate. that is a real threat to the affordable care act. people gain in the short run. in the long-term, all of the
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provisions that help individuals will expire after 2025. republicans are banking that the next administration will extend them. we don't know. >> shepard: we're done. three minutes to neil cavuto. i'm shepard smith. have a great holiday. [ mouse clicks, keyboard clacking ] [ mouse clicking ] [ keyboard clacking ] [ mouse clicking ] [ keyboard clacking ] ♪ good questions lead to good answers. our advisors can help you find both. talk to one today and see why we're bullish on the future. yours. new ultimate surf & turf event. and that means five mouthwatering pairings to choose from. like our new feast with lobster-wrapped scallops and a juicy steak. or a new lobster and seafood-topped filet. hurry in! it ends december 31st.
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>> we are making america great again. you haven't heard that, have you? [applause] >> neil: that had a hint of captain kirk there. welcome, everybody. i'm neil cavuto. this is "your world." the president in a world of joy today as are republicans in general on a big win on the floor of the house of representatives. that was expected. a perfunctory vote. and the who's who of the republican party say we just did it. we passed a generational tax cut. the likes that we haven't seen since ronald reagan was president and now confidence that in short order this will