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News on The 700 Club: February 23, 2017

As seen on "The 700 Club," Read Transcript


Well, welcome to this edition of "The 700 Club."

Let me ask you a question.

If you were the president, you were in charge,

somebody said, OK, you've got it, what would you do first

and what would you do second?

What would be your priorities?

Well, if it were me, and it isn't, I would say,

we've got to get a major tax cut.

Not tax overhaul, it's too complicated.

We need to have a significant tax cut, like, boom, boom,

boom, tax cut.

And we need to repeal Obamacare, all of it,

quickly, and have something in place to replace it.

And that's what the nation is waiting for.

And all these things are going on are sideline issues.

But we're picking up immigrants and so

we're picking up malefactors and we're fighting "The New York

Times" and "The Washington Post" and all these people are

snipping at the president and the poor guy is really

under attack.

But he's really managing it beautifully.

And we just need to pray for him.

We need prayer for our leaders.

Well, President Trump and Republicans in Congress

are working on their plans for tax cuts

and repealing and replacing Obamacare.

Those two major, major issues that have to get

taken care of quickly.

Wendy.

So the good news is that the president

is starting to work on the blueprint for his first budget.

George Thomas brings us this look

at how he's planning to get Washington's big spending

under control.

GEORGE THOMAS: As President Trump begins his second month

in office, he's planning dramatic moves

to slash government spending.

Reportedly on the chopping board major cuts

at the Department of Transportation, Justice

and State among others, plus cutbacks in many smaller

agencies like the National Endowment

for the Arts and Humanities and Corporation

for Public Broadcasting.

His goal, reduce federal spending

by more than $10 trillion over 10 years.

Unfortunately, the budget that we're inheriting, essentially

inheriting, is a mess.

The finances of our country are a mess.

But we're going to clean them up.

Grant equality now.

GEORGE THOMAS: But for now, other issues

have been in the headlines, like Trump's decision

to reverse an Obama directive to public schools

to allow transgender students to use bathrooms and locker

rooms of their choice.

The president has maintained for a long time

that this is a states' rights issue and not

one for the federal government.

Not one more--

Deportation.

GEORGE THOMAS: And a revamped executive order

banning citizens from seven terror-prone countries

from entering the US won't be released till next week now.

The initial January 27 executive order

was blocked by a federal judge in Seattle.

Also, the White House is ordering federal agents

to aggressively identify, capture, and deport

any undocumented immigrant who has been convicted of a crime.

The message from this White House and from the DHS

is that those people who are in this country

and pose a threat to our public safety

or have committed a crime will be the first to go

and we will be aggressively making sure that that occurs.

GEORGE THOMAS: But while these and other controversies

have dominated the headlines during Trump's first month

in office, strengthening the weak economy

has also been a key priority for the administration

and Republicans on Capitol Hill.

And White House officials say they

are working hard on those issues,

including repealing and replacing Obamacare

and cutting business and personal taxes,

along with reducing the burden of massive federal regulations.

All those issues are expected to come

to the forefront in the days ahead.

George Thomas, CBN News.

Well, according to the Constitution,

the House of Representatives is responsible for raising

the fiscal money needed for maintaining

the federal government and the taxing power is with the House.

And so what does the House have?

They have a committee called the Ways and Means Committee that

takes care of tax legislation.

That's their job.

Well, with us now is the key man for the Republicans in Congress

on tax reform and repealing and placing Obamacare.

Representative Kevin Brady of Texas.

He's chairman of that amazing House Ways and Means Committee.

Congressman, it's a pleasure to have you

back with on "The 700 Club."

Thanks for being here.

Doctor, thank you.

I love being on your show.

All right, we talked last time you

have an amazing, what I think is a very commendable tax plan.

What is the chance of getting your tax plan

through your committee, through the House,

and then, ultimately, through the Congress?

I think it's very good.

You know, for the first time in 30 years, I think there is--

America knows our tax code is broken.

It's costly, it's complex, it's just unfair.

It's full of lobbyist loopholes and special interests.

And so House Republicans are working with President Trump,

who, by the way, he has inherited a huge mess.

He is working night and day to try

to turn this country around.

And I know it seems overwhelming to people,

but, boy, they are just focused.

We are, too.

So where we're going to help the most is one,

we are going to move to repeal Obamacare and replace it

with patient-centered health care.

Health care really is tailored to you, not Washington.

While we're doing that, we're going

to make sure that taxpayer dollars don't

go toward elective abortions and that we're not

funding Planned Parenthood.

So that is our immediate priority

in tax reform, which is hard.

But I'll tell you, I'm very optimistic

about it being passed into law this year,

dramatically reducing what Washington takes from you.

And for most Americans, as we've propose

that 9 out of 10 Americans will be

able to file their taxes using a postcard-style system, which

is exactly what my constituents are asking me for.

Well in doing that, you're going

to cut of a whole thicket of exemptions.

How do you keep the lobbyists from beating you up

on that legislation?

Well we're not.

They've already started.

We've proposed, for example, we've watched our American jobs

and our companies just move overseas, devastating whole

communities and states.

A big reason of it is our tax code.

It favors foreign products over made in America products.

And so you've already got special interests

fighting desperately to keep that tax break.

Our argument is, look, all products

should be taxed equally in America.

Our made in America products should not

be at a disadvantage.

So we've already got those lobbyists into us.

But I'll tell you that postcard system

that we're proposing, it it lowers taxes for everyone,

it simplifies The code in a major way,

but it keeps the things families count on-- the child tax

credit, help with college.

And we're going to redesign it for if your kids are

going to technical schools, we want you to get help there.

We keep the home mortgage deduction, of course.

Charitable giving.

We want to unlock more charitable giving in America.

We think that's some of the best--

one of the best traditions of our country.

And as we're doing that, doctor, I do want to tell you

and your viewers in our tax reform

we intend to repeal the damaging effects of the Johnson

Amendment so our pastors and our preachers

can practice their faith and their biblical teachings

without fear of Washington or the IRS targeting them.

Well now, you're counting the votes.

And I just want to be-- you've got to get votes.

You have votes in the Ways and Means Committee for that?

Will there be votes in the House for that?

And will Mitch McConnell be--

Yes, and we--

Go ahead, please.

Yes.

Yes sir, we will pass it out of our committee this spring.

We're working closely with President Trump and Senator

McConnell over there.

He's got a tough road.

But we're going to use a process called reconciliation that

allows us to get around the filibuster in the Senate

to have a straight up or down vote on this later this year.

Our target is to finish this by August.

I'll be pleased if we get this done in 2017 after 30 years,

it's been way too long.

This is our opportunity, so let's seize it.

Well, I want to ask you about that thing

you've got in there having to do with a tax on the imports

and the tax relief on exports.

Could you explain how that works?

Yeah so today we know what our competitors are doing,

like China, Europe, Canada, Mexico,

and they take their main tax off their products

coming to America.

And they slap a tax on our American products

coming into their country.

The rest of the world all does this except America

and North Korea and Cuba.

So as a result, today a made in America product

is at a tax disadvantage here in America and overseas as well.

And so that's one of the reasons we

continue to lose our American jobs our manufacturing has

gone overseas, and a lot of other things as well.

So what we were proposing as House Republicans

is no more special loopholes for foreign products.

That everyone should be taxed at the same rate.

All businesses.

A very low rate, 20%.

But that means we will no longer tax

made in America products being sold

around the world, that levels the field.

We will tax everyone equally in the US

so there is true competition.

It's a big change, doctor, from where we're at today.

But here's the benefits for Americans--

we'll finally see true competition.

No special breaks for Chinese steel over American steel

or Middle East oil over American oil.

It will be a level playing field.

The other big advantage is that no longer will our tax

code tell companies move overseas, move your plants

and your headquarters there.

In fact, just the opposite, it really

establishes America as that 21st century magnet for new jobs.

That's what we want to see.

The companies in America have amassed a war chest,

if you use that term, of cash somewhere

in the $2 to $3 trillion range.

How will you treat that when they begin to repatriate it?

Yes, sir.

So we're proposing going forward,

after the law is passed, that the tax rate

to bring all those earnings back to America is 0%.

We want that coming back the US.

For the $2 and 1/2 trillion, as you pointed out,

the American dollars stranded overseas,

our current tax code really prevents or really penalizes

companies from bringing it back to reinvest.

We're proposing a very low sort of a toll

to bring that back to America.

But it will be trillions of dollars of private money,

not taxpayer dollars, coming back into our communities

for new jobs, new research, new growth.

We think that's important to the US economy.

Can you gentlemen get together,

ladies, the replacement for Obamacare,

I think, the whole concept is to have more health savings

accounts, more personal accountability, and obviously

portability of health care benefits.

What are you going to do for that?

So imagine eliminating that whole bureaucracy of Obamacare.

159 federal agencies and commissions

in between you and your doctor.

That's what's failing today.

So eliminate that.

What we propose is the concept of a health care backpack

that's tailored to you, that travels with you from job

to job, state to state, home to raise a family or business,

and even into retirement.

And in that backpack is what you need

to control your health care, not with Washington needs.

So the ability to pick a plan that's

right for you, that grows with you as your family

expands, as you get older, there's more money to help you,

because health care costs go up.

Also in your backpack is easy access to a health savings

account, because that helps you afford

your out-of-pocket costs which are really always getting high.

And then, finally, control of your medical

records so you can choose to give it

to that new doctor who's seeing your child for the first time

or maybe you end up in the emergency room in some state

you didn't expect to.

So you have control of your health care, not Washington.

So in this repeal we want to begin

two very important principles.

First, let's start returning control to the states

so they can approve health plans that

are tailored to their families.

Again, not Washington.

And secondly, let's restore the free market.

Let's give Americans real choices

for plans that work for them.

Again, not Washington.

So those two principles-- state control and restoring the free

market--

that's where House Republicans are headed.

Chairman Brady, your plan is brilliant.

I wish you the very best and I hope it becomes law.

So God bless you thank you for being here.

Keep us in your prayers, we're working very hard.

We'll do it, all right.

Wendy, that's wonderful.

It's like listening to manna from heaven when he's talking.

This a fantastic plan he's got.

They've got a big task ahead, but if they can do it--

But this is so simple.

If they'll just what this man says, he's brilliant.

Amen.

I love it.

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