tv Naomi Jagoda on Taxes CSPAN November 9, 2017 8:00pm-8:08pm EST
what changed about that bill during the process? >> the bill is a big tax over haul bill. it reduces the number of individual tax rates, it cuts the corporate tax rate to 20%. it eliminates a number of tax breaks in the existing tax code. and some of the changes that kevin brady made to the bill today include that they restore the adoption tax credit. they provided some more tax relief for small businesses. and another thing they did was changed the rates at which companies could repateriate. >> what have been the biggest criticisms from the democratic side and move us to the house floor next week. >> democrats have criticized this bill as a bill that would largely benefit the wealthy and big corporations as opposed to the middle clas.
they've also had some criticisms over the process by which the bill has been put together. they accuse the public of largely doing things in secret. as we move to the house floor, the bill passed along a party line. on the house floor i wouldn't expect to get many democrats and it looks like most republicans are pretty on board with the bill. there are some republican law makers that have come out against measures. most of those law makers are from states like new york, new jersey, california who don't like the way the bill handles the state and local tax deduction. currently you can deduct your property taxes or -- property taxes as well as your state and local income taxes or your sales taxes. the bill eliminates the deduction for state and local income and sales taxes and caps the property tax deduction at
$10,000 and republicans from states like new york, new jersey and california don't like that because they're a high tax state. >> we're talking to naomi of it hill about tax legislation. a very busy day on the hill on taxes. the senate finance committee introduced publicly its version of a tax bill. how is it most different? >> there are a number of different changes. the house bill has four rates and the senate bill, i believe, has more brackets than that. the senate bill keeps some preferences like it deduction for medical expenses. the estate tax isn't fully repealed in the senate bill. it is in the house bill. the senate bill fully repeals the state and local tax deduction. as i mentioned before the house
bill still alows property tax deduction up to $10,000. so there are a number of differences. >> this is going to make for quite it conference between the house and senate. how will the two bodies ever come to an agreement on this bill? >> i think that remains to be determined. i think each chamber has maybe their own sticking point. on the house side i think they'll probably really push to have some sort of compromise on the state and local tax deduction, keep that $10,000 deduction in the bill because it is important and has allowed some law makers from new york, new jersey to say they'll vote for the bill. they don't have republican senators but in the house there are. and house members from those states. on the senate side, they have very little room for error. they have -- there are 52 republican senators. they need 50.
so they will want to come out with a final product in the conference that can get majority vote in the senate. >> and finally we know the president has been in asia all week. but when he comes back next week, do you expect him to evhadally influence the processen the hill at this point and if so how? >> president trump has weighed in at some point during this process. perhaps most notably going forward he as made some comments recently that he would like to see repeal of obamacare's individual mandate be included in the bill. and that is not a part of either bill as of now but it's still under discussion whether or not tal that's ifcluncluded. >> lots of detail. thanks a lot for your time and all of this detail on the tax