Middle Class Will 'Get Nothing' In Tax Proposal: Steve Rattner | Morning Joe

FOR DEMOCRATS AS PERHAPS TAKING THAT SEAT.
>> LET'S TRY AND TAKE A LOOK AT POLICY HERE.
STEVE RADNER IS HERE TO EXPLAIN THE MIDDLE CLASS MIRACLE THAT IS
PRESIDENT TRUMP'S TAX PROPOSAL. >> BECAUSE, MIKA, THIS IS WHAT
THEY'RE SAYING, HEY, EVERYTHING'S GONE BADLY.
BUT NOW, WE HAVE TAX REFORM. >> HERE WE GO.
SO EVERYONE IS GOING TO BE OKAY.
THANK GOD, GO AHEAD. >> ONE IT DOES LITTLE OR NOTHING
FOR INDIVIDUAL TAXPAYERS. A LOT FOR BUSINESS.
TWO, IT WOULD SIGNIFICANTLY INCREASE THE NATIONAL DEBT AND,
THREE, IT IS REALLY, REALLY BAD NEWS FOR BLUE STATES, NEW YORK,
CONNECTICUT, CALIFORNIA, THAT HAVE HIGH STATE AND LOCAL TAXES.
SO LET'S TAKE A QUICK LOOK AT SOME OF THE NUMBERS.
IT'S A $5.8 TRILLION TAX CUT ON THE TOP LINE, $3 TRILLION
ALLEGEDLY FOR INDIVIDUALS, BUT IN FACT THEY ELIMINATE A NUMBER
OF IMPORTANT ITEMIZED DEDUCTIONS FOR INDIVIDUALS, PARTICULARLY
STATE AND LOCAL TAXES.
SO ON AVERAGE, THESE ARE ALL VERY ROUGH EARLY NUMBERS,
BECAUSE THEY HAVEN'T RELEASED ALL THE DETAILS, BUT ON AVERAGE,
INDIVIDUAL AMERICANS, IN FACT, WILL HAVE A SMALL TAX INCREASE,
CERTAINLY NO TAX DECREASE, WHILE BUSINESS STILL HAS $2.5 TRILLION
OF TAX CUTS, BASICALLY $2 TRILLION OF NET TAX CUTS ALL OF
IT GOING TO BILLIONS. SO YOU CAN IMAGINE WHAT $2.2
TRILLION OF TAX CUTS DOES FOR THE DEFICIT.
UNDER OUR CURRENTS LAW THE DEFICIT WILL RISE TO 91% BY 2027
UP FROM ABOUT 68% OR SO SORRY, ABOUT 75% AT THE MOMENT.
68% BACK IN 2011. THIS TAX PLAN WOULD TAKE IT TO
AT LEAST 101%. >> THAT DOESN'T INCLUDE SOME
OTHER THINGS THAT HAVEN'T BEEN SPELLED OUT QUITE YET THAT COULD
POTENTIALLY TAKE IT HIGHER. FOR THE FIRST TIME SINCE WORLD
WAR II, WE WOULD HAVE DEBT LARGER THAN THE SIZE OF OUR
ECONOMY UNDER THIS PLAN. >> OKAY.
SO THE MIDDLE CLASS. HOW ARE THEY GOING TO DO?
>>. >> WELL, THE MIDDLE CLASS, THERE
IS QUICKS AND TAKES, BASICALLY THEY WILL GET NOTHING.
THERE ARE SOME GIVES AND SOME TAKES BUT ON BALANCE, THEY GET
NOTHING. BUT LOOK WHAT HAPPENS TO PEOPLE
WHO LIVE IN THE BLUE STATES, PARTICULARLY CONNECTICUT AND NEW
YORK. SO THEY WANT TO ELIMINATE THE
DEDUCTION FOR STATE AND LOCAL TACKS, WHICH IS OBVIOUSLY A BIG
DEAL TO PEOPLE OUT IN THOSE PARTS OF THE COUNTRY.
>> THAT WOULD COST THE AVERAGE NEW YORKER OR THE AVERAGE
RESIDENT OF CONNECTICUT OVER $4,000 AND THEN YOU CAN SEE THE
RED STATES OVER HERE THAT HAVE ONLY REALLY PROPERTY TAXES, IN
MANY CASES, DON'T HAVE STATE INCOME TAXES, THEY WOULD HAVE
MUCH SMALLER LOSSES. SO THIS WOULD ACTUALLY BE QUITE
DEVASTATING FOR INDIVIDUALS WHO LIVE IN THOSE STATES AS WELL AS
THE STATES, THEMSELVES, BECAUSE THEY HAVE TO DEAL WITH THAT
PROBLEM. >> SO WHEN HE SAYS MIDDLE CLASS
MIRACLE AS THE PRESIDENT SAID YESTERDAY, WHAT IS HE TALKING
ABOUT? >> THIS IS A FIGUREMENT OF HIS
IMAGINE NATION, THERE ARE NO MIDDLE TAX CUTS IN HERE.
THEY CHANGED THE TAX BRACKETS AROUND THE WAY STANDARD
DEDUCTION WORK, THINGS LIKE THAT.
>> SO IT'S LIKE HIM SAYING THAT GRAND CASH WOULD HAVE PASSED
EXCEPT FOR THE SIX SENATORS THAT HAVE PASSED -- CAN ASK YOU
QUICKLY. >> I HEARD REPORTS ABOUT HIM
BEHIND CLOSED TOORS. >> I'M TRYING TO DO SOMETHING
HERE. >> SORRY.
GO AHEAD. >> GOOD GOD.
>> ADDING A LITTLE COLOR. >> YEAH.
LET'S -- >> CAN I TALK, THEN YOU TALK.
GOOD GOD, INTERRUPTING ME. I DON'T.
>> I KNOW. REALLY.
>> I REALLY CAN'T. >> SO ALEX, WILLIE AND I, WE ARE
KIND OF CANDY STRIPERS FOR THE RICH AND POWERFUL.
AND SO ANY TIME A MEMBER OF THE HOUSE AND THE SENATE GO TO THE
HOSPITAL, WILLIE AND I ARE THERE.
DAN WILL SOMETIMES COME ALONG WITH US, TOO.
SO CAN YOU TELL ME, WHAT'S THE NAME OF THE SENATOR THAT WAS ILL
AND IN THE HOSPITAL AND -- >> HOW IS HE DOING --
>> THAT STOPPED CASSIDY-GRAHAM FROM PASS SOMETHING.
>> THAT'S THE QUESTION. HERE'S THE DEAL, SENATOR THAD

YOUR LOGIC ISSUE -- YOUR UROLOG ISSUE.
HE ALREADY HAD THREE PEOPLE NOT VOTING FOR THE BILL.
SO HE WOULDN'T HAVE MATTERED. >> WAIT.
>> A UROLOGICAL ISSUE. >> JOE!
>> HE WAS NOT IN THE HOSPITAL AND IT WOULD NOT HAVE MATTERED,
WILLIE. THAT'S WHAT --
>> SO WHAT IS THE PRESIDENT SAYING?
I DON'T UNDERSTAND. >> HE'S SORT OF -- IT'S KIND OF
LIKE AND, KIDS, THIS IS WHERE WE CLOSE THE CIRCLE.
IT'S KIND OF LIKE THE MIDDLE CLASS MIRACLE.
IT JUST DOESN'T EXIST. IT'S A FIGMENT OF HIS IMAGINE
EIGHT. HE ALSO CAME OUT YESTERDAY, I
LOVE THIS -- ON FACEBOOK HAD NO IMPACT.
HE JUST DENIES, LIKE, THE MOST BASIC REALITIES.
HE ALWAYS HAS THE PACE OF IT ACTUALLY IS QUICKENING.
>> WE GOT A FACT CHECK FROM SENATOR COCHRAN, HIMSELF,
YESTERDAY, WHO TWEETED -- THANKS, FOR THE WELL WISHES.
I'M NOT HOSPITALIZED. >> SO QUESTION.
>> OKAY. >> QUESTION FOR THE TABLE.
>> WILLIE, MAYBE WE CAN -- MAYBE THERE IS SOME CITY COUNCILMAN
THAT WE CAN GO VISIT. >> PERHAPS.
>> CAN WE GET A REFUND ON THE EDIBLE ARRANGEMENT SENT?
>> INCREASING NUMBER OF PEOPLE, ACCORDING TO QUINNIPIAC, THINK
THE PRESIDENT IS NOT FIT. WHEN ARE WE ALLOWED TO ASK THAT
QUESTION AND IT BE OKAY? >> I THINK YOU ALREADY HAVE.
>> LIKE IT'S INAPPROPRIATE. YOU GOT A GROWING NUMBER OF
AMERICANS WHO ARE SAYING, HE'S NOT FIT TO BE PRESIDENT.
HE SAYS THINGS THAT ARE NOT TRUE EVERY DAY.
HE MANIPULATES THE TRUTH. >> THEY'RE TRYING TO SELL A BIT
OF A TROJAN HORSE. THERE ARE TAX CUTS FOR
INDIVIDUALS OVER HERE. THEY TAKE THEM BACK OVER HERE.
SO, IN FACT, THIS IS IN ITS ENTIRETY A TAX CUT FOR BUSINESS.
THERE IS NOTHING FOR INDIVIDUALS.
>> THERE IS NOTHING THERE. >> MIKA, THAT NUMBER WAS
AMAZING, THAT'S NOT AN APPROVAL RATING.
IT'S NOT IS HE DOING A GOOD JOB? THAT'S SHOULD HE BE IN THE
OFFICE. >> HE IS NOT FIT TO BE
PRESIDENT. >> HE IS NOT FIT.
>> AT THIS POINT I THINK WE CAN HONESTLY ASK THE QUESTION --
>> TO SERVE AS PRESIDENT, 56% SAY NO.
>> YOU CALLED HIM DOWN RIGHT STUPID.
>> HE IS NOT FIT. >> IGNORANT I THINK.
>> IGNORANT WAS THE WORD. SEE, IT'S INTERESTING, WHEN YOU
SAY IT, IT'S OKAY. IF I WERE TO SAY THIS, LORD KNOW
WHAT IS WILL HAPPEN. >> IGNORANT IS LACK OF KNOWLEDGE
AS DEFINED BY WEBSTERS. HE CAN WORK HIS WAY OUT OF THAT
IF HE CLOSE TO ACTUALLY STUDY SOMETHING.
SO YOU KNOW, WHAT'S INTERESTING, JULIE PACE IS, IN NORMAL TIMES,
THESE ARE CERTAINLY ABNORMAL TIMES.
IF YOU TOLD SOMEBODY THAT THE PRESIDENT OF THEIR PARTY HAD A
35, 36% APPROVAL RATING, AND THE CONGRESS THAT THEY CONTROL HAD A
15, 16% APPROVAL RATING, THEY WOULD SAY A LANDSLIDE OF EPIC
PROPORTIONS WAS COMING. AND I DON'T KNOW, I GET THE
FEELING THAT BECAUSE THEY RAN AGAINST THE LEAST POPULAR
DEMOCRATIC NOMINEE IN THE HISTORY OF AMERICA IN HILLARY
CLINTON, THEY SOMEHOW THINK THAT THAT'S WHAT THEY'RE GOING TO
FACE IN THE FUTURE. IS THERE AN UNDERSTANDING ON THE
HILL THAT THIS REPUBLICAN PARTY COULD BE FACING A POLITICAL
ARMAGEDDON. >> Reporter: YES AND NO, THE
THING THEY LEAN ON IS THIS IS LEGIT DEMOCRATS ARE NOT IN ANY
BETTER SHAPE NOW THAN THEY WERE IN 2016.
>> TRUE THAT. >> Reporter: SO YOU HAVE TO PUT
IT IN THAT CONTEXT, DEMOCRATS DON'T KNOW WHAT THEIR MESSAGE
WILL BE IN 2018, CERTAINLY LOOKING INTO 20 WHEN THE, IT'S
UNCLEAR WHAT THE PARTY WILL GO AND DO.
SO REPUBLICANS CAN HANG THEIR HAT ON THAT.
IT'S NOT GREAT, NECESSARILY, BUT IT IS REAL.
BUT THIS IS WHERE THEY ARE ON TAXES.
THEY RECOGNIZE THAT THIS PLAN THAT THEY ROLLED OUT YESTERDAY
IS FAR FROM PERFECT. IT IS FAR FROM COMPREHENSIVE AND
IN THE END IT MAY ENDS UP BEING MUCH NARROWER THAN WHAT THEY
LAID OUT. THEY KNOW THEY HAVE TO PASS
SOMETHING. THEY ARE PETRIFIED OF HEADING
INTO THE MID-TERMS WITH NOTHING TO RUN ON AND THAT'S WHERE THEY
ARE RIGHT NOW. WITH THE TWO FAILURES ON HEALTH
CARE, WITH NO MOVEMENT ON INFRASTRUCTURE, THEY LITERALLY
HAVE NOTHING TO GO TO VOTERS AND SAY, THIS IS WHAT WE
ACCOMPLISHED BEING IN THE MAJORITY.
>> THAT IS THE MAIN MOTIVATOR ON TAXES RIGHT NOW.
EVEN IF IT ENDS UP BEING SOMETHING NARROWER, SOMETHING
THAT DOESN'T ACCOMPLISH WHAT THEY'VE SAID, ARE THEIR ACTUAL
GOALS ON THE TAX OVERHAUL, YOU JUST GET THE SENSE THAT
REPUBLICANS WANT TO BE ABLE TO VOTE FOR SOMETHING, HAVE A
SIGN-IN CEREMONY AT THE WHITE HOUSE SO THEY CAN RUN ON THAT,
PRETTY MUCH THAT ALONE NEXT YEAR.
>> THEY HAVE LOST THEIR DIG NIT. >> DIG NIT /* /* DIGNITY.
>> THEY HAVE THE SECRETARY OF HHS.
>> OH, RIGHT. >> THAT IS JUST THE BEGINNING,
MY FRIENDS. .
>> YEAH. >> THERE ARE A LOT OF GOVERNMENT
PLANES BEING USED INAPPROPRIATELY.
THERE'S MORE. >>> STILL AHEAD.
>> THE SWAMP. >> THIS IS A MESS.
A HOT MESS. >> I'VE NEVER SEEN MORE
SWAMP-LIKE BEHAVIOR. IT'S IMPORTANT TO REMEMBER
GEORGE H.W. BUSH'S CHIEF OF STAFF GOT FIRED AND THERE WAS A
NATIONAL OUTRAGE BECAUSE HE DROVE A CAR FROM WASHINGTON TO
NEW YORK AND HERE YOU HAVE TOM PRICE AND YOU GOT THE E GUY
PROSECUTE -- PRUITT FLYING AROUND LITERALLY LIKE THEY'RE ON
A ZEPPELIN TOUR IN 1971. I NEED TO GET ME SOME SCOTCH, IN
NEW YORK. YEAR IN TORONTO.
LET'S TAKE THE JET. >> IT'S NOT FRIDAY, IS IT?
>> NO, IT'S THURSDAY, CAN YOU BELIEVE THAT THOUGH?
THEY'RE LIVING LIKE LED ZEPPELIN.
THERE'S NEVER BEEN A SWAMP LIKE THIS, LIKE DONALD TRUMP'S SWAMP
IS THE SWAMPIEST SWAMP OF ALL TIME.
IF YOU LOOK AT THE CABINET SECRETARIES, AND WHAT THEY'RE
DOING, THEY ARE BLOWING THROUGH MONEY --
>> THEY WERE COUNSELLORS TO THE PRESIDENT WHO WERE ON MODELING
TOURS AND I DON'T KNOW WHAT ELSE.
BUT THERE IS SO MUCH GOING ON THERE, THAT'S SO INAPPROPRIATE.
IT'S JUST, THAT'S THE BOTTOM LINE.
>> IT'S THE BIGGEST. WE HAVE NEVER SEEN A SWAMP.
>> I NEVER SEEN ANYTHING LIKE IT.
>> AS MURKY AS THIS AND, YOU KNOW, YOU KNOW, PHYSICAL OUT WHO
THEY'RE FLYING AROUND, THE FAMILY?
WHO ARE THEY FLYING AROUND ON PRIVATE GOVERNMENT JETS?
I MEAN LOOK INTO THAT. LOOK INTO ALL OF THIS.
AGAIN, I'VE NEVER SEEN A MORE WASTE OF TAXPAYER DOLLARS BY
CABINET SECRETARIES AND PEOPLE THAT WORK FOR THE PRESIDENT OF
THE UNITED STATES. IT'S THE SWAMPIEST BEHAVIOR ANY
OF US HAVE EVER SEEN IN RECENT AMERICAN POLITICS.
>> AND STILL AHEAD, WE'LL SPEAK WITH THE MAN IN CHARGE OF
BRINGING TAX REFORM ACROSS THE FINISH LINE IN THE HOUSE,
CONGRESSMAN KEVIN BRADY WHO CHAIRS THE WAYS AND MEANS
COMMITTEE, ALSO WITH US, CHAIRMAN OF THE HOUSE FREEDOM
CAUCUS, CONGRESSMAN MARK MEADOWS JOINS THE CONVERSATION.
>> WE WILL HAVE AN FLISHENGLISH PROFESSOR SAY SWAMPIE
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Middle Class Will 'Get Nothing' In Tax Proposal: Steve Rattner | Morning Joe | MSNBC

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