WE APPRECIATE IT.
TALKING ABOUT SAVING AMERICA,
KILLING THE BILL, JOINING ME
RANKING MEMBER ON THE HOUSE WAYS
AND MEANS COMMITTEE, OUR VERY
GOOD FRIEND, CONGRESSMAN KEVIN
BRADY.
MR. BRADY, THANKS FOR HELPING US
IN TEXAS.
DIDDID YOU HEAR HILLARY VAUGHN’S
WRAP UP, KEVIN?
>> YEAH.
THERE ARE A COUPLE THINGS GOING
ON HERE.
I PREDICT THE CBO TAX INCREASES
FROM THE TAX AND SPENDING BILL
WILL WIPE OUTGROWTH IN ECONOMIC
INFRASTRUCTURE.
AMERICA WILL BECOME A NET LOSER
ECONOMICALLY FROM THOSE TWO
BILLS.
SECONDLY I PREDICT THE CBO WILL
COME BACK SHOWING THE
TAX-AND-SPEND BILL IS PAID FOR.
I THINK THE IRS NUMBERS WILL
FALL FAR SHORT.
THE DRUG PRICING NUMBERS AS
WELL, MAY DO THAT AS WELL.
I PREDICT DEMOCRATS IN THE HOUSE
WILL BE SCRAMBLING FOR EITHER
MORE REVENUE, LESS SPENDING OR
MORE LIKELY, YOU KNOW
WASHINGTON, MORE BUDGET
GIMMICKS.
LARRY: YOU KNOW, KEVIN, JUST,
WALKING THROUGH THIS LIST, I
MEAN, YOU’VE GOT, I THINK ALL OF
US GIVE SENATOR MANCHIN SOME
CREDIT FOR MAKING THIS HONEST
BUT THE HYDE AMENDMENT COULD BE
A GAMESTOPER.
I THOUGHT, KEVIN, THE
IMMIGRATION STUFF WAS ALREADY
TOSSED OUT BY THE SENATE
PARLIAMENTARIAN BUT THE HOUSE
PEOPLE PUT IT BACK IN.
>> YEAH, SO THEY HAVE BEEN
TRYING TO TURN THE RUBIC’S CUBE
HOPING THEY CAN FIND SOME
FORMULA THAT WORKS FOR THE
SENATE PARLIAMENTARIAN BUT AS
YOU AND I KNOW, THAT BYRD RULE
IS A PRETTY TOUGH ONE.
THE DOLLARS THAT THEY HAVE SET
ASIDE FOR THIS IMMIGRATION,
$100 BILLION, FAR OUT, THE
POLICY FAR EXCEEDS THAT AS WELL.
SO LIKE YOU I’M VERY SKEPTICAL
THAT PASSES THE RULES.
LARRY: THEN YOU’VE GOT FAMILY
AND MEDICAL LEAVE WHICH IS A BIG
TICKET.
THEN YOU HAVE GOT THE VARIOUS
CHILD CARE ALLOWANCES.
NOW THOSE ARE GOING TO COST A
FORTUNE.
KEVIN, LET ME ASK YOU THIS DOWN
THROUGH THE YEARS WHEN YOU WERE
CHAIR OF THE WAYS AND MEANS AND
I WAS ENGAGED IN THIS STUFF
SCORING THIS STUFF IS TRICKY.
THE CBO, DO YOU THINK THEY’RE
JUST GOING TO SCORE THESE BIG
ENTITLEMENTS LIKE FOR ONE YEAR
OR THREE YEARS OR WILL THEY RUN
THEIR OWN POLICY BASELINE OUT 10
YEARS TO TELL THE REAL TRUTH?
>> YEAH.
AS YOU, AS YOU KNOW WHEN THEY’RE
PUTTING THE BASELINE TOGETHER
THEY TEND TO ASSUME THAT THE
SPENDING WILL CONTINUE IN THE
BASELINE FOR THE FULL 10 YEARS
BUT TAX CUTS WILL EXPIRE.
IT IS SOMETHING WE ALWAYS
DISAGREED WITH, BUT IF THEY
CONTINUE WITH THAT APPROACH THEY
HAVE TO GIVE MORE OF A TRUE
ESTIMATE.
I THINK FROM THAT STANDPOINT
THIS TAX-AND-SPENDING BILL IS A
DEFICIT BLOWOUT.
I SAY THAT BECAUSE IF YOU JUST
LOOK AT THE TAX PORTIONS OF THIS
BILL, THIS MASSIVE SPENDING
BILL, THE FIRST YEAR IS REALLY
THE TRUE COST.
THAT RUNS 120 BILLION-DOLLAR
DEFICIT.
THAT IS IN THE RED.
SO IF YOU LOOK AT THE TRUE COST
OF THIS BILL, JUST ON THE TAX
SIDE OF IT, THE TAX INCREASES
AND THE TAX SPENDING YOU’RE
ALMOST, YOU’RE MORE THAN A
TRILLION DOLLARS IN THE HOLE
OVER THE 10 YEARS JUST FROM THAT
PART OF THE BILL.
LARRY: OF COURSE PENN WHARTON
BUSINESS SCHOOL SCORED IT AT
FOUR TRILLION.
KEVIN, QUICKLY, NOVEMBER
NOVEMBER 15th, DOES THAT DAY
HAVE ANY MEANING FOR YOU ON THE
HOUSE SIDE?
>> WELL I THINK THAT IS THE DAY
WE KICKED OFF OUR TAX CUTS AND
JOBS ACT BUT I MAY BE WRONG,
LARRY.
LARRY: THAT’S GREAT.
[LAUGHTER].
I STAND CORRECTED.
THAT WAS PELOSI’S DATE FOR THIS
MONSTROSITY.
>> I’M SORRY.
LARRY: THAT IS FUNNY.
>> I ALWAYS, I WAS THINKING
ABOUT WHEN WE CUT TAXES, GREW
THE ECONOMY, DROPPED POVERTY
RATES AND STARTED TO SHRINK
INCOME INEQUALITY EVERYTHING THE
OPPOSITE FROM WHAT THIS
PRESIDENT AND SPEAKER PELOSI IS
TRYING TO DO.
LARRY: THOSE ARE WONDERFUL
THOUGHTS ACTUALLY.
I WOULD RATHER KICK THOSE
THOUGHTS AROUND THAN SOME OF
THESE OTHER THOUGHTS.
KEVIN, YOU CAN HAVE ALL THE
RHETORIC YOU WANT ABOUT
MILLIONAIRES AND BILLIONAIRES.
THE PEOPLE WHO GET HURT, WHEN
THOSE INVESTORS AND THOSE
SUCCESSFUL BUSINESS PEOPLE ARE
PENALIZED, THE PEOPLE ARE THE
MIDDLE PEOPLE AND THE LOWER
INCOME PEOPLE AND THE MINORITY
PEOPLE.
THAT IS THE REAL STORY THERE.
>> IT IS AND WE PROVED THAT TO
BE THE CASE WHEN WE, A LOT OF
BUSINESSES, FAMILIES AND SMALL
BUSINESSES KEEP MORE WHAT THEY
EARN AND CREATE INCENTIVES TO
REINVEST BACK IN THEIR BUSINESS
OR THEIR COMMUNITY, OR THEIR
GROWTH, LOOK WHAT HAPPENED.
ITS WITH THE POOR.
IT WAS THOSE LOW INCOME AND FEW
SKILLS, BREW COLLAR WORKERS ALL
WHO SAW MASSIVE WAGE GAINS FAR
BEYOND, IN SOME CASES FAR BEYOND
77 OR 80% MORE THAN
UNDEROBAMA-BIDEN.
WE KNOW WHEN YOU GET THE TAX
CODE AND GROWTH RIGHT IT HELPS
BLUE-COLLAR, MIDDLE CLASS
WORKERS.
LARRY: WONDERFUL STUFF, KEVIN
BRADY, TEXAS.