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tv   House Republicans on Tax Reform  CSPAN  November 2, 2017 5:00pm-5:28pm EDT

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vice that is the origins of literature. >> mr. cruz is the author of several books including liars poker, money ball, the big short and his most recent, the undoing project. during our live three-hour conversation, we'll take your calls, tweets and facebook questions. watch "in depth" with author michael lewis sunday live from noon to 3 p.m. eastern on booktv on c-span2. >> house speaker paul ryan and other republican leaders unveil the tax reform plan to hoping to pass by thanksgiving. house ways and means committee chair kevin brady said it is a bill the president for reports. other republican spoke about the need to get this bill signed into law. ..
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>> >> you are who this is all
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about this plan is for the middle class families in this country who deserve a break for families that live paycheck to paycheck that is getting squeezed -- greece. and living paycheck to paycheck this will help give the people believe the tax cut and jobs act will have really the for those people who are striving to get there with this plan a typical family of four will save $1,182 per year on taxes. for many families adding an additional $1,182 makes a real difference. the $1,182 covers one year's worth of gas, your phone bill for the year, depending on how metadata your kids
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use that's ??? to help pay down debt faster or that $1,182 for the average family helps people put money away for college, save for retirement or a rainy day. with this plan we're getting rid of the polls and making things so simple to make them on taxes with this plan so that americans can compete with the rest of the world and making it so families can have more take-home pay. this is a special moment for the country for all americans. and then to see on the starter the spiral of will
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realize the promise of the country? this is our chance to make sure generations to come don't just get by but they get ahead in this country. i am so proud of this man in this river want to turn over to the chairman of the ways and means committee to where we're going desiree -- where we are the chairman of the ways and means committee. [applause] >> thanks to the american families who are with us today and also to the ways and means committee members who are losing travelling across the country on this historic day it is an exciting day we can feel the excitement here in this room
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i know the american people are excited as well. from today the unfair tax code relief is on the way. the relief for the american workers with job creators of all times we will help grow the economy with better jobs and bigger paychecks that is especially true for middle and low-income americans and if -- with the impact on the jobs and lives. under the tax cut and jobs data that will change right now. for a middle income family as the speaker said a tax cut of nearly $1,200.
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making 62,000 the year attacks cut of over $3,000. that is your money. you deserve it. you deserve to keep it you should be able to use it for what everyone. that is why the tax cut and jobs act this is the opportunity to make tax reform a reality to deliver the transformational tax cut. let's not washington special-interest or the pessimist fool you. such now working again with president trump with the american people once and for all to get pro-growth tax
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reform this year. thank you. [applause] >> thank you chairman brady and all members of the ways and means committee. we will make our economy boom. with an average family of four that median income earner in america $59,000 with an additional $1,182 in your pocket. think of the holidays and what that means in your life. as i travel around two towns and communities in north carolina and michigan michigan, $1,182 for those living paycheck to paycheck that makes a big difference or families from sterling
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heights michigan may be put more towards their mortgage or even a restaurant owner in michigan who said'' we pay our taxes first we pay our people second and airbills third and if anything is left over we get paid. our plan also means to spend more time with your kids or aging parents or hay now with your friends pro-family and pro economic growth because the value hard working and family said to have a tax cut that put family first we need to recognize today's working american family has changed. with that comes a big change of the realities every day in 41 today we're making history in the work force to
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add three businesses are started by women which means a lot of things with an increase of working moms like those that are represented here today we are the faces of tax reform with the extension of the child tax credit the family credit to help families have more money. pro-family this and pro-growth so you can plan for your future feel like your full potential the infield you to start dreaming again. see how tax reforms. >> i like it. >> this is an important day could be the most
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significant decision made. for the last time we had tax reform the american public aston today it is ironic with the seventh anniversary of republicans being elected to the majority of the house and now we have a president who has pushed the of hard-working americans three major points to want to make starting with for small business that creates more jobs than any other in america. and with this bill there is lower taxes fell lowest it has been in 40 years. more small businesses and more jobs sex and every single american, and that we talk about a standard
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deduction instead of the first 6,000 they weren't tax-free it is now 12. the first $24,000 that you earn is tax free. you can determine what is best to invest to bring the money overseas back to invest into america the bill goes into affect i believe you will hear from businesses saying they want to come back to america. president trump has worked so hard that the end of the day the middle-class family you heard from every other speaker. that is the difference this isn't about tax cuts but america first and our future natalie will american girl i
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want to introduce those individuals that were elected that became a leader of the ways and means committee there is the direction of so much in this bill. >> some time ago i was girl shopping and 11:00 tonight and a woman came down the aisle towards me with a handful of coupons and said when will it get better? health care costs is on up, electricity has gone up 1/2 to carpool to go to work so space is my son's basketball game and my daughters basketball -- doctors of women. i know this will help to give her relief. working on all the details of this package the
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simplicity or the mortgage interest rate deduction of the family tax credit i hope you understand how much has been expanded not just the tiled -- child tax credit but the elderly those who are going to college for those families that are struggling and also their paychecks will be bigger and that will make a huge difference. i became passionate about tax reform years ago my dad was killed in an accident on the family farm. he was 49 years old and my hero i just wanted to grow up to form with him and when he was killed one month later we got a bill in the mail from the irs that we had a death tax we have land and machinery and cattle i cannot believe the federal government would come to a family that already paid taxes to say because you have a tragedy you have to
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pay again. it took us 10 years to pay that off it was very difficult to keep that operating if we would've added restore the only option would to be sold the family business so iran for the state legislature to repeal the death tax is incredibly important to me. is a double tax. with a spare that doesn't have those provisions than they have to repeal the death tax. i am excited about those provisions but with a focus to bring relief to low and middle income individuals. and with other provisions that would allow them to
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bring down the rates to help the economy growing again. this is an unique opportunity for me and for you and a wonderful opportunity for our country and i am thrilled to be a part of it. >> this is an exciting day for american families. we're tired of paying taxes we are fed up of the tax code that is so complicated and you will get 10 different he answers with 10 different agents. with an economy that is not growing and wages are stagnant we are fed up with that changes today with this tax cut plan to put money back into a the pockets. chairman brady and his committee from ways and means committee have worked hard to make sure hard-working families will get more of their paycheck
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and keep more money and wages are back contracts for every time please see them moving overseas we can be angry but we do something about it by changing the tax code we bring this back to america to see tens of thousands of high-paying jobs come back to america in the industrialized world with the highest tax rate. let's make america competitive again. that is what the bill does we have an opportunity to rebuild the of middle-class and grow the economy. they want to see more money in their pockets and more shots at the american dream. and to get their piece of the american dream and by
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seeing things like that death tax eliminated this is an exciting day that only because we stand here today as republicans move toward by president trump moves forward to campaign while doing the exact same thing putting money back in the pockets of families to make sure we can rebuild middle-class. it is exciting to be working with president trump to give more people a chance to have their peace of the american dream. now i will turn it over to the leader of the ways and means committee to help us to simplify the tax code is so much to fill out 90% of your taxes on a postcard. that is what simplicity means to have more money in your pocket.
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>> thank you mr. whip children will be coming in patient to say get me this right now. [laughter] but what we are going after it is the status quo of the internal revenue code. it is what is under the status quo so with everybody else that is crushed and reactive historically this is a natural disaster we cannot do anything about? the internal revenue code was created by congress and it can be changed by congress. and what you sense is the optimism on the podium across the american public that people are longing for
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something. to bring back that competitive nature. there are two views that are competing for the protection so one is wrong. it is a zero sum game that comes at somebody else's demise. so the other says no, no, no. so to make sure everyone can participate and to structure these changes that our transformational for everyone. so i think what we need to do now is be diligent, convincing and recognize there are few and far between our two think you're speaker and leadership team to be
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tenacious and willing to listen to do changes but ultimately to be incredibly disciplined and persevering to determine the future. >> these kids are behaving better than my kids at church. [laughter] any questions?. >> [inaudible] >> we are focused on increasing paychecks and a major way we know the family is the struggle the most have seen their paychecks leave for other countries so we have a 20% raise a local
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businesses can be from anywhere in the world especially here at home to compete to create jobs whether europe or canada or mexico to create jobs here as well it is critically important the rest of the world understands. we're not doing that any longer. not to be left in the dust. we will win and our jobs and paychecks will grow. permanence for businesses, families to create this new credit so not only getting more help for their jobs in themselves and i have won at home with a parent that comes back to live but if you think of that family credit this
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those amounts of americans this is a family friendly tax code. i am very excited what this brings with certainty to drive that growth. >> talk about the political will. [inaudible] >> for years you and other republicans work with that tax cut the focusing clearly on people on that income scale of uncertainty. [inaudible] >> first of all, political will is strong and you can see that here perk we have not reformed the tax codes
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is a 1986 the world is passing the country by as a result of. so the will of the members in the house has shown by members of ways and means committee to get this done because if we don't do this we don't have the economic potential we know we can reach. those living paycheck to paycheck so the focus is on middle-class tax relief. from the people in the middle that are trying to get there. that is why the emphasis is on the tax relief living paycheck to paycheck. so we have got to modernize the tax code so we can keep jobs in this country and businesses we have seen a flurry of u.s. companies moving overseas. we will not increase staying at the back of the pack. this is why we fix the
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system to clean it up to make it more fair and keep businesses to keep them back home. basically the tax laws do not let you bring it back. so this gets the money back into our country to invest in our jobs here. that is why republicans absolutely are in support. >> [inaudible] >> did the speaker to summit the former chairman of the ways and means committee? [laughter]
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[inaudible] >> a complete redesign of the code to simplify some americans can file using a postcard the lowering the rate to keeping more the dollars you have earned with a strong middle-class but it is more than that. is in just putting higher opportunities we propose that we can win against any country in the world to be redesigned for simplicity and fairness in competitiveness. i predict america will evil from 31st in the world to the top three as the best places on the plan that next to manufacturing plant and research headquarters. that is the difference.
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>> [inaudible] >> what is your second question? [laughter] >> the american people are counting on us because he told them this is what we would do if we get the majority and we're doing it. we appreciate it. thank you. [applause] [inaudible conversations]
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[inaudible conversations] . >> the g.o.p. tax code cancel $23 billion of credits and claims for illegal immigrants the tax bill will allow churches to endorse political candidates. the republican plan delivers permit corporate tax cuts. here is the house leaders on the proposal. [inaudible


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