THEY'RE DOING EVERYTHING THAT THEY CAN AND WILL CONTINUE TO
DO. >> ALL RIGHT.
LET'S MOVE ON TO THE PRESIDENT'S TAX PLAN IF YOU WILL.
HERE'S THE PRESIDENT'S CHIEF ECONOMIC ADVISER GARY COHN.
LET'S TAKE A LISTEN. >> IF WE ALLOW A FAMILY TO KEEP
ANOTHER $1,000 OF THEIR INCOME, WHAT DOES THAT MEAN?
THEY CAN RENOVATE THEIR KITCHEN, THEY CAN BUY A NEW CAR.
THEY CAN TAKE A FAMILY VACATION. THEY CAN INCREASE THEIR
LIFESTYLE. THAT'S WHAT OUR TAX PLAN IS TO
DO. >> DOES THIS AT ALL SUGGEST TO
YOU THAT THE ADMINISTRATION IS SOMEWHAT OUT OF TOUCH?
$1,000 AS FAR AS I CAN SEE DOESN'T GET YOU A NEW CAR OR
RENOVATE YOUR KITCHEN. >> YOU JUST PULLED OUT ONE SMALL
SEGMENT OF GARY COHN'S REMARKS ABOUT THE TAX CUTS.
IT DIDN'T MENTION THE INCREASE IN THE CHILD TAX CREDIT, IT
DIDN'T MENTION THE DOUBLING OF THE STANDARD DEDUCTION, IT
DIDN'T MENTION OVERALL THE LARGER TAX REFORM PACKAGE AND
WHAT IT WILL DO TO GOTHE ECONOMY AND RAISE WAGES FOR MIDDLE CLASS
FAMILIES. THIS IS A SIGNIFICANT TAX REFORM
MEASURE THAT WILL HELP NO ONE MORE THAN THE MIDDLE CLASS.
AS A REPUBLICAN, I'M EXCITED TO BE A PART OF THESE EFFORTS AND
HOPEFULLY VOTE FOR THE FIRST TRUE TAX REFORM MEASURE SINCE
1986 WHEN I WAS 7-YEAR-OLD WAS THE LAST TIME THAT THE CONGRESS
HAS PASSED ANY MEANINGFUL TAX REFORM.
IT'S BEEN A LONG TIME COMING. WITH BROAD SUPPORT IN THE
CONGRESS AMONG ALL FACTIONS OF REPUBLICANS, I PREDICT SEVERAL
DEMOCRATS AS WELL, THIS TAX REFORM MEASURE WILL PASS
HOPEFULLY SOMETIME BEFORE THE END OF THE YEAR.
>> MAY I ASK WHAT THE AVERAGE FAMILY INCOME IS IN YOUR
DISTRICT AND HOW MUCH DO YOU THINK EACH FAMILY CAN EXPECT IN
A TAX CUT THERE? >> I DON'T KNOW WHAT THE
SPECIFIC FIGURES WOULD BE OF PRECISELY WHAT THAT TAX CUT
WOULD EQUATE TOO ON A STANDARD BASIS.
SOME PROJECTIONS SAY AS YOU'VE ALREADY MENTIONED $1,000 MAYBE
ON A ANNUAL BASIS THAT DOESN'T CALCULATE THE ADDITIONAL
BENEFITS OF RAISING WAGES, OF CREATING MORE GOOD PAYING JOBS
IN THE ECONOMY IN DISTRICTS LIKE MY DISTRICT IN NORTHEAST INDIANA
WHICH HAS THE MOST MANUFACTURING JOBS OF ANY DISTRICT IN THE
COUNTRY PER CAPITA. WE'LL SEE AN INCREASE IN WAGES
AND THOSE MANUFACTURING JOBS AND MORE JOBS -- MORE GOOD PAYING
JOBS IN THE ECONOMY. ALL OF THIS EQUATES ON A LARGER
BASIS TO WHAT WE'RE LOOKING FOR WHICH IS 3 TO 4% GDP GROWTH ON A
SUSTAINED BASIS WHICH WE HAVEN'T SEEN FOR A VERY LONG TIME WHICH
WOULD NOT ONLY GROW THE ECONOMY BUT PUT US ON THE RIGHT TRACK TO
REDUCE DEFICIT SPENDING AND EVEN TURNING THE TIDE TO BEGINNING
THE PROCESS OF REDUCING THE NATIONAL DEBT.
>> I WANT TO GET RIGHT NOW TO THE ANALYSIS THAT WE'VE SEEN
SUGGESTING THAT TAX CUTS ARE GOING TO ADD $2.6 TRILLION TO
THE DEFICIT OVER TEN YEARS. WOULD YOU SIGN OFF FOR THAT
GIVEN YOU WANT TO LOWER THE NATIONAL DEBT?
>> I DO. IT'S ONE OF THE REASONS I RAN
FOR CONGRESS. MY DAUGHTERS ARE 8, 6 AND
4-YEAR-OLD. AS YOU KNOW THE NATIONAL DEBT
JUST PASSED $20 TRILLION A COUPLE OF WEEKS AGO FOR THE
FIRST TIME. >> RIGHT.
>> BUT THIS IS ONE SIDE OF THE EQUATION.
TAX CUTS AND TAX REFORM WILL GROW THE ECONOMY, IT INCREASED
THE ECONOMY -- >> IT WILL ALSO GROW THE
NATIONAL DEBT AS WELL, THOUGH. >> THE OTHER SIDE OF THE
EQUATION IS TO REDUCE SPENDING. THAT'S WHAT WE HAVE TO DO IN
COMBINATION WITH THIS TAX REFORM MEASURE TO BEGIN THE PROCESS OF
REDUCING THE NATIONAL DEBT, BOTH OF THOSE WORK TOGETHER AND THIS
REPUBLICAN CONGRESS IS COMMITTED TO DOING BOTH SIDES OF THAT
EQUATION, TAX REFORM AND REDUCING SPENDING.
IF WE DO THAT WE WILL SEE A TURNING OF THE TIDE AND A
REDUCING OF THE NATIONAL DEBT FOR THE FIRST TIME IN MY
LIFETIME. >> CONGRESSMAN, THERE IS AN
ANALYSIS THAT PUTS THE AMOUNT THAT THE PRESIDENT COULD SAVE
UNDER THIS PROPOSAL AT ABOUT A BILLION DOLLARS BUT HERE'S HOW
THE PRESIDENT RESPONDS WHEN HE'S ASKED ABOUT IT.
>> YOU WOULDN'T BENEFIT UNDER YOUR TAX PLAN.
>> NO, I DON'T BENEFIT. VERY STRONGLY AS YOU SEE THERE'S
NO -- I THINK THERE'S VERY LITTLE BENEFIT FOR PEOPLE OF
WEALTH. >> WELL, THIS NEW ANALYSIS BY
THE NONPARTISAN TAX POLICY CENTER SUGGESTS THIS PLAN WOULD
OVERWHELMINGLY BENEFIT THE WEALTHIEST AMERICANS AND
BUSINESSES. THE PRESIDENT WOULD CLEARLY
BENEFIT. WHY DENY IT?
>> I CAN'T SPEAK ON BEHALF OF THE PRESIDENT IN THAT REGARD BUT
WHO I CAN SPEAK ON BEHALF OF IS THE MIDDLE CLASS HARD WORKING
FAMILIES WHO COME FROM MY DISTRICT, WHOG ARE DESPERATE FOR
TAX RELIEF LOOKING FOR THIS TAX REFORM PACKAGE TO PASS SO THAT
THEY CAN SEE THEIR WAGES RISE ONCE AGAIN, SEE MORE GOOD PAYING
JOBS THAT WILL ATTRACT FUTURE GENERATIONS TO STAY IN PLACES
LIKE NORTHEAST INDIANA THAT I REPRESENT.
WE WILL ALL BENEFIT FROM THIS TAX REFORM PACKAGE AND THAT'S
WHY I AM 110% IN SUPPORT OF THIS TAX REFORM MEASURE AS ARE ALMOST
EVERYONE IN MY REPUBLICAN COLLEAGUES AND A NUMBER OF
DEMOCRATS AS WELL. >> ARE YOU OPEN TO AMENDING WHAT
IS BEEN PROPOSED SO THE WEALTHIEST AMERICANS ARE NOT
THOSE WHO OVERWHELMINGLY BENEFIT FROM IT?
>> I'M NOT SURE WHAT THAT IS SUPPOSED TO MEAN.
OBVIOUSLY THIS PIECE OF LEGISLATION WHEN IT'S INTRODUCED
WILL EVOLVE JUST LIKE ALL LEGISLATION DOES THROUGH THE
LEGISLATIVE PROCESS. WE'LL SEE WHAT IT LOOKS LIKE
WHEN IT FINALLY COMES TO A VOTE. TAKE REFORM MEASURE THAT REDUCES
SUBSTANTIALLY REDUCES CORPORATE TAX RATES WILL HELP NO ONE MORE
THAN THE MIDDLE CLASS WORKERS THAT MAKE UP THE CORPORATIONS
THAT THOSE TAX CUTS WILL IMPACT. >> WHAT I WAS TALKING ABOUT,
SIR, IS THAT THOSE THAT MAKE 750 THOUSANDS A YEAR ARE GOING TO
GET OVER $100,000 A YEAR IN TAX CUTS.
THOSE THAT MAKE $66,000 A YEAR WE'LL GET $600 IN TAX CUTS.
THAT'S WHAT I'M TALKING ABOUT. >> I'M FOCUSED ON WHAT IT WILL
DO FOR THE MIDDLE CLASS. SHE WENT THROUGH A NUMBER OF
PROVISIONS IN THE TAX REFORM PACKAGE THAT WOULD POSITIVELY
IMPACT THE MIDDLE CLASS. THAT'S WHY I SUPPORT THIS TAX
REFORM MEASURE. IT BROADLY SUPPORTS TAX RELIEF
FOR THE MIDDLE CLASS AND THAT'S WHAT'S MY CONSTITUENTS ARE
LOOKING FOR AND WHY I'M PROUD TO SUPPORT THIS TAX REFORM MEASURE.
>> WELL, I WILL SAY AT LEAST AT THIS POINT THE NONPARTISAN TAX
POLICY REFORM CENTER IT DOES NOT SUPPORT WHAT YOU'RE SAYING, BUT
I KNOW A LOT OF