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News on The 700 Club: April 27, 2017

As seen on "The 700 Club," April 27: A gift or a headache? What's in Trump's tax reform plan; Nikki Haley: It's a new day for Israel at the United Nations, and more. Read Transcript

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

If President Trump has his way, you and all of us

will have more money in our collective pockets,

and businesses will have more money

to expand, create jobs, and pay higher wages.

Those are the goals behind the president's tax cut plan.

The president's team also wants

to make your taxes simpler and easier to file.

That's a hallelujah.

CBN News White House correspondent Jennifer Wishon

brings us the story from Washington.

JENNIFER WISHON: 80 years ago, Americans only

had to deal with a one-page tax form

with 24 lines and only a few instructions.

Today, the form has 79 lines and more than 200 pages

of instructions.

President Trump's plan promises to greatly simplify

the tax code and much more.

We're going to cut taxes for businesses

to make them competitive.

And we're going to cut taxes for the American people, especially

low and middle-income families.

JENNIFER WISHON: The plan reduces seven personal tax

brackets to three of 10%, 25%, and 35%,

lowers the business tax rate to 15%,

erases all personal tax deductions

except for charitable giving and mortgage interest,

gets rid of the alternative minimum tax,

and once and for all eliminates the estate tax.

We're going to double the standard deduction

so that a married couple won't pay

any taxes on the first $24,000 of income they earn.

But some Republicans who ran on reducing the national debt

and deficit fear the president's plan further

complicates the situation.

Senior administration officials say

those fears won't be realized.

This will pay for itself with growth

and with reduced reduction of different deductions

and closing loopholes.

JENNIFER WISHON: The gritty details

are still being worked out.

But through tax cuts and reform, cutting federal regulations,

and repealing and replacing Obamacare,

the president believes the nation can return

to the historic average of 3% annual growth,

something President Obama was never able to achieve.

Republicans are making another promise as well.

And we will have an IRS that exists only

to serve the taxpayer.

JENNIFER WISHON: In a sign of unity, House and Senate leaders

and their money committee chairman

issued a joint statement, writing,

"With an eye toward fairness and simplicity,

we're confident we can rebuild our tax code in a way that

will grow our economy, better promote savings and investment,

provide our job creators with a competitive advantage,

and bring prosperity to all Americans."

But Democrats are attacking the plan.

Pennsylvania Senator Bob Casey, a Democrat

who sits on the Senate Finance Committee,

calls the president's plan, "A massive tax giveaway

to millionaires, billionaires, and big corporations

at the expense of middle-class families."

And those democratic criticisms could

mean Republicans will be on their own

when it comes to passing the biggest attempt at tax reform

and tax cuts since Ronald Reagan did it more than 30 years ago.

Well you know, Jennifer's with us

right now from the White House.

And Jennifer, I'm so sick of hearing this mantra.

Well, it's a tax cut for the rich.

They're going to double the standard deduction

for the poor people, for starters.

What do you think?


Well I can tell you, Pat, this is off to a good start.

The president, of course, wanted this outline of his tax plan

to get out before his 100 days are over

without all the details.

But yesterday, Speaker Paul Ryan said

that this is very much in line with what he wants to see.

And we're going to see the White House working very closely

over the next weeks with both the House and the Senate money

committees writing the details of this legislation

so that there's really buy-in from the ground floor.

Because as you remember with the health care bill,

the conservative folks in the House felt

left out because they weren't part of that writing process.

So they're really trying to do this the right way,

and it's off to a great start.

I think that so far, so good right now.

Obviously they can pass that in the House, which

is the tax writing body.

And we've talked to the chairman of the House Ways and Means


They've got a superb plan, so they'll dovetail together.

What about the Senate?

Have they got that new rule in where a bill can go through

with a simple majority?

Well, they're going to need some Democrats

support for this.

And the Democrats, we've heard some Democrats already

coming out against this.

But again, we're still waiting for the details, Pat.

And Americans just did their taxes.

And I don't know any American who doesn't want

to have a simpler tax code.

I mean, you don't want to feel like you

have to go to an accountant to figure out

how to do your taxes.

There are 199 tax forms associated with the 1040.

And according to the White House Americans

spend 7 billion hours a year, 7 billion hours a year,

Pat, just trying to figure out their taxes.

So I think this is certainly a heavy lift.

That's why Congress and presidents

haven't attempted this since the Gipper did back in the '80s.

But I think it's something that it's kind of the right time

to do this.

The amazing thing is they're cutting all the deductions.

They're not keeping anybody's special interest

except mortgage deductible and charitable contribution.

Is there anything else?

Plus, they're going to do away with the death tax.

This is amazing.

That's amazing.

And you know what?

That's another symptom-- or not symptom,

but result of having a president who's coming from the outside.

He's a business guy, and he's coming in.

He's not beholden to all the special interests who

may have helped other politicians along their way

to reach the White House.

He doesn't have any of that.

And the White House has made that clear, that what they're

doing is they're taking this president's campaign promises,

and they're turning them into policy.

And we've seen that over and over again,

and the tax plan is another example of that.

Jennifer, last question.

The health care bill looked like it was dead.

Now the Freedom Caucus is saying, we're on board.

And there was some discussion, Mnuchin

said that we might get the thing done

before the end of the week.

What do you think?

Yeah, well that depends on who you ask.

On the hill, there are some lawmakers

who are very confident that this is going to happen tomorrow.

Others are saying it may be next week.

One thing is for sure.

Speaker Ryan is not going to put this out there

until he has the votes this time.

But they are getting very, very close.

And this will be a big victory for this president

and for House Republicans.

Thank you.

Jennifer Wishon reporting from the White House.

Thank you very much.


Well you know, one of the things interesting about this

is they're talking about the fact

that this is such a radical move,

and it hasn't happened since the Gipper.

But everybody loved the Gipper during the election process,

both sides of the aisle.

He didn't have nearly the firepower that Trump has,

because he had a Democrat Tip O'Neill as speaker.

So when they got the thing through wonderfully,

and I believe that this time it's

going to go through as well.

I think the Republicans are going

to say yes, stand in line.

It'll go through the House and in the Senate.

I just can't imagine the Democrats standing up

for higher taxes.

They say, oh, we're trying to protect the budget so we

don't run deficits.

Well, the Congressional Budget Office

is notoriously bad about scoring these things,

because they refuse to contemplate

that any tax measure of this nature of cutting taxes

will spur growth, and they don't build the growth

into their figures.

It's only what we've seen in the past that's

going to go with the future.

And it's what Trump is saying, we're

going to change the future.

He's going make it better.


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