>> A MAJOR BREAKTHROUGH FOR TAX
OVERHAUL PROMISED BY DONALD
TRUMP.
>> AS A CANDIDATE I PROMISED WE
FAMILIES WHO ARE THE BACKBONE
AND HEARTBEAT OF OUR COUNTRY.
WE WENT TO GIVE YOU, THE
AMERICAN PEOPLE A GIANT TAX CUT
FOR CHRISTMAS.
>> THE PRESIDENT SAYING SOME
AMERICANS COULD START SEEING
MORE MONEY IN THEIR PAYCHECKS IN
FEBRUARY.
JOINING ME TO EXPLAIN HOW
POSSIBLE THAT REALLY IS IS
ECONOMIST PETER MORICI, THANK
YOU FOR JOINING US, ALWAYS LOVE
BETWEEN THE HOUSE AND SENATE
VERSIONS THAT WERE REACHED
RATE OF 37%, $10,000 FOR THE
SALT, ELIMINATE THE INDIVIDUAL
RATE THAT YOU GIVE A BIG BOOST
TO INVESTING IN THE UNITED
STATES WITH OUR TAXES ARE MUCH
HIGHER THAN IN EUROPE AND THIS
WILL GET THEM INTO ALIGNMENT.
IT IS A SIGNIFICANT IT HAS THE
CHINESE WORRIED AND MAKING
THE LOWER PERSONAL INCOME TAX
PAY THAT RATE AND EVEN WITH SOME
OF THE PASS-THROUGH PROVISIONS
BECAUSE OF THE PAYOUT, THAT IS
IMPORTANT AND IMPORTANT FOR
PEOPLE IN THE NORTHEAST WILL
HAVE LIMITATIONS ON STATE AND
LOCAL PROPERTY TAX DEDUCTIONS.
>> CAN I ASK ABOUT CORPORATE TAX
RATES, I WAS LISTENING TO WEST
VIRGINIA, MENTION IS USUALLY A
EASY CROSSOVER BUT HE HAS
PROBLEMS SPECIFICALLY WITH THE
CORPORATE TAX RATE AND WONDERING
WHY CAN'T WE HAVE AT 25%, MORE
OF A COMPROMISE AND SEE HOW IT
GOES FOR THREE YEARS AND AS
PLANS?
>> TEMPORARY TAX CUTS ON THE
CORPORATE SIDE ARE NOT VERY
EFFECTIVE BECAUSE AS YOU KNOW
BEING IN THE BROADCAST BUSINESS
LONG-TERM, YOU HAVE TO KNOW WHAT
YOUR TAXES ARE GOING TO BE OVER
IT IN A 20 YEAR PERIOD TO MAKE
GOOD INVESTMENT DECISIONS.
HAS A LOWER
AS A CONSEQUENCE WE ARE GOING TO
20%, HARDLY ENOUGH, 21, 25 JUST
ISN'T ENOUGH, DOESN'T GET THE
JOB DONE, WON'T HAVE THE
SALUTARY EFFECT ON CORPORATE
EXPERIENCE.
>> HE SEEMS TO BE WILLING TO
COMPROMISE, WHAT ABOUT THE TOP
INDIVIDUAL INCOME TAX
COMPARISON, THE HOUSE HAD IT AT
AND SO FORTH OVER THE LAST TWO
GENERATIONS, THE REAGAN CUTS WE
HAD BIG CUTS, LOWERED THE RATES,
COMPRESSED THE STRUCTURE AND
CLINTON RAISED THE INDIVIDUAL
RATES TO 39.6%.
CODE THAT MEAN AN AWFUL LOT OF
PEOPLE INCLUDING ONE COLLEGE
PROFESSOR, AT THAT LEVEL ALONG
WITH THE ESTATE TAX DISCOURAGING
MATURE AMERICANS FROM WORKING
MORE.
IN MY SITUATION I PAY MORE THAN
50% OF MARGINAL INCOME IN TAXES.
A LOT OF THAT MONEY GETS BAKED
FOR MY RETIREMENT AND IF I DIE
BEFORE 85 IT GOES TO MY
CHILDREN, WHY WORK?
WITH PERSONAL TAX RATES THAT ARE
SO HIGH IT DISCOURAGES SMALL
BUSINESS PEOPLE LIKE ME FROM
INVESTING AND WORKING.
>> IT APPEARS TO ME IT IS STILL
MORE YOU MAKE, THE MORE YOU ARE
>> THE POINT IS HOW MUCH MORE
ARE YOU TEXT, WHAT IS THE
MARGINAL RATE, THE DISINCENTIVE,
37% IS TOO HIGH.
THERE SIMPLY WASN'T ENOUGH MONEY
IN THIS TAX CUT TO DO THESE
REFORMS AND BRING RATES DOWN
ENOUGH.
THIS IS HALF A LOAF.
>> HALF A LOAF FOR CHRISTMAS BUT
AT LEAST THAT IS NOT A BAG OF
CALL.
>> IT IS NOT A BAG OF COAL AND