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News on The 700 Club: July 25, 2017

As seen on "The 700 Club," July 25: A huge day for health care: McCain's return sets stage for big vote; Charlie Gard's parents end their fight after legal delays destroyed his chances, and more. Read Transcript


Welcome, folks.

If you're like me, it's just swirling stuff going on,

you know, Kushner talking about what didn't happen

and the Russians who did and didn't, and special counsel

investigating, and congressional committees holding

hearings about the same thing.

And you just get tired.

And you say, I don't want to hear anymore about it.

Well, today, you're going to hear about something

that really matters.

That is tax reform.

And the Trump administration apparently is all out there,

organizing tremendously around the country, down

to the precinct level.

They're going out with the sheriffs and the city council

members to get together a consensus to cut your taxes.

We should all be applauding.

In just a moment, we're going to be talking to an expert who

will be at the White House this day

to talk about his tax reform plan.

Wendy.

Republicans in the Senate are going to try again

today to move ahead on a health care bill.

And President Trump is making it clear

that it's time to repeal Obamacare.

Ben Kennedy brings us the story from Washington.

BEN KENNEDY: President Trump increased the pressure

on Republican senators as they prepare to take on health care

again.

As he said, it is time for the GOP

to finally fulfill their seven-year promise

to repeal and replace Obamacare.

On Monday, Trump stood with families

he called victims of Obamacare, suffering through high premiums

and broken promises.

DONALD TRUMP: Any senator who votes against starting debate

is telling America that you are fine with the Obamacare

nightmare, which is what it is.

BEN KENNEDY: But even Republican senators

weren't clear going into today if they

will vote to repeal and replace Obamacare or just

repeal it for now and try to come up with a replacement plan

later.

In a burst of optimism, Senator John McCain, recently diagnosed

with brain cancer, announced he'll return

to Capitol Hill for roll call.

Despite the outcome of today's vote,

the White House plans to move ahead

with the rest of the president's economic agenda.

Tax cuts are set to take center stage,

even if the health care bill fails.

Is this going to be tax reform or tax cuts?

GREG VALLIERE: There is a real debate going on now.

There are some proponents of reform,

which the country really needs, who would

like to go in that direction.

There are other proponents who say,

let's just cut taxes across the board.

BEN KENNEDY: It's been more than 30 years since Congress

passed a major tax-reform law.

Greg Valliere of Horizon Investments

sat down with CBN to explain what a new bill could

do to improve the tax code.

What will tax reform look like, as

compared to what people are hoping to see?

Well, two big components-- one would be significant business

tax cuts, going from a 35% top rate to maybe low 20s.

The president wants 15%.

I don't think he's going to get that.

BEN KENNEDY: The other major component--

it appears the White House has a plan, aiming

to focus cuts and taxes for millions

of individual Americans.

We'll see rates come down a bit.

We'll see a change in the way people deduct.

We might see the estate tax end, and we'll probably

see the death of the alternative minimum tax.

BEN KENNEDY: The administration is reportedly very organized

in its push to pass a tax bill and will

start pitching tax reform in mid-August,

aiming to take shape in the fall and signed into law early

next year.

Ben Kennedy, CBN News, Washington.

Well, joining us now is an economist

who's going to the White House because the National Economic

Council will be reviewing his plan for tax reform.

He was an advisor to the Trump campaign,

and he's with FreedomWorks, Stephen Moore.

It's a pleasure to welcome him back right now.

Steve, good to see you.

Hi, Pat.

Boy, I loved the interview you did with Donald Trump.

Was it last week or the week before?

That was just sensational, my two icons in the same room.

And kudos on a great interview.

Well, it was a privilege, and I really enjoyed it.

We had a lot of fun together.

I mean, it was just relaxed, you know?

I didn't have one single note with me.

We just flowed along together, one thing after another.

It was just fun.

He enjoyed it.

I enjoyed it.

Great interview.

Well, listen.

You've got a tax plan.

And is the president going to follow what you're suggesting?

Or has he got something else going?

Well, first of all, we need to overhaul the tax system.

I don't think very many Americans disagree with that.

Did you know it's 80,000 pages, the tax code, Pat?

So it is mind-numbingly complex.

It's complicated.

It doesn't work for America in terms of competitiveness.

We know that we are losing jobs to other countries

because we charge our businesses the highest tax

rate in the world.

We have higher tax rates, Pat, than Russia, Sweden, Cuba.

You know, I mean, so what's wrong with this picture?

So we've got to bring those jobs back

by bringing those taxes down.

And I think that can get done.

But what's standing in the way right now,

Pat, is that health care bill that you were just

talking about.

We've got to get Obamacare repealed before the Republicans

can move on to tax reform.

Well, they're bringing up that repeal thing.

And it looks like even John McCain,

who is as sick as he is, is coming on the floor to vote.

Are there enough votes now to repeal the thing?

I was afraid you weren't going to ask me that question,

because I don't know.

I don't think anybody knows.

By the way, what a hero John McCain

is, to come back to Congress when

he's just been diagnosed with cancer to be there to vote.

It shows how strongly people feel

about getting rid of Obamacare and replacing it

with something that will work.

I mean the, stakes are so high here,

Pat, politically and as a policy matter.

I agreed with what "The Wall Street Journal" said

in their editorial last week, that this

is a generational, defining moment for the Republican

Party.

As you know, they've been promising for seven years

now in every election.

Give us the power, and we will get rid

of this health care bill and give you

truly affordable health care.

They are struggling mightily to get to those 50 votes.

At my last count, they're still a couple of votes short, Pat.

Well, I tell you.

Those ladies, the one from Maine and the one from Alaska,

seem to be determined to gum up the works.

But I tell you, their future may be somewhat in doubt

if they do because I think the president is going after them.

Let me ask you this, Steve.

I've mentioned this to the president.

Would you accept merely cutting taxes,

or should we good for a whole reform of the tax code?

Well, in a perfect world, Pat, I would love to just tear up

the entire 80,000-page tax code and start over and come up with

something very simple that is comprehensible.

Remember when Steve Forbes talked about that postcard tax

return?

We could do that.

I'm skeptical that that can get done this year.

And so what I've been recommending with my buddy

Art Laffer and Larry Kudlow and Steve Forbes is let's

do the tax cut now.

Let's get those business tax rates down.

Give some relief to American families

to bring jobs back, because that could get

done in the next month or two.

And then in 2018 and '19, we have a big, national discussion

about how to fix this tax system.

Incidentally, one of the things that we put in that tax plan

when I was working with Donald Trump

was something that was just mentioned on your preview,

which was the estate tax.

I believe the death tax is the most immoral tax of all, Pat.

I mean, I think about people like my father, who

worked his whole life to build up a business,

worked 50, 60, 70 hours a week to build that up from scratch,

and was not a rich man.

But he built up the business.

And now when he dies, the government's

going to take 50% of that away from him.

He paid his taxes every year.

And that's the typical small businessman.

That's why people build up wealth and build up a business,

so they can pass it on to their kids.

That's the American way.

The estate tax prevents that from happening.

Do you think the Democrats are going to, well,

you know, demagogue this bill?

You know, it's a tax cut for the rich.

Of course.

Well, why will they do that?

The American people need this tax cut.

And this is clearly a middle class and low income tax cut.

It's a cut for every American.

It's not for the rich.

Is that correct?

Even the Congressional Budget Office, which I don't normally

agree with, Pat--

I think they have been totally wrong on the Obamacare numbers.

But even the Congressional Budget Office says,

when you cut the business taxes, the people

who benefit from that, 60% to 70% of the benefits

go to the workers.

And that would make sense.

Look.

You can't have jobs without healthy businesses.

And you know that old saying, that liberals

love jobs but hate employers.

You can't have jobs without employers.

And when I go around the country and talk

to businessmen and women who run great companies, or even

small companies, I say, if you get this tax

cut, and you are able to keep more of what you earn, what

are you going to do with it?

And they say, we're going to plow it back into the business,

to grow the business, hire more workers,

pay workers more, you know, maybe purchase

another truck or more machinery that the workers can

use to be more productive.

So the business tax cut helps middle-class workers.

You've got that exactly right, Pat.

Well, now, our economy has been growing

at an unbelievably weak 1% GDP.

Can this get it up to 3%, do you think, with this tax cut?

I think that in combination-- by the way,

the growth rate last year was about 1 and 1/2%,

which is barely staying out of recession.

So it's very low.

And our historical growth rate, by the way, going back to 1900,

is about 3.3%.

So when you ask me, can we get 3%, of course, we can.

This is America.

Now there are a lot of liberal economists

who say they don't think we can grow faster than 2%.

But we have to do a couple of things, Pat.

We have to do the tax reform.

That will juice growth.

And then we have to do the pro-America energy policy.

You and I have talked about that.

We can produce $150 billion more output of our natural gas

and oil and coal.

And then you do the deregulation.

And by the way, Donald Trump is not getting enough recognition

for what he has done on the regulatory front.

The huge flurry, an avalanche of regulations

that came down upon businesses and families under Obama,

that has come to a grinding halt.

There is a good reason, by the way, why the stock market is

at an all-time, record high now, because businesses

and investors and families are very optimistic.

But if they don't get this agenda done,

Pat, I'm afraid we're going to see a sell off

of stocks because people say, those Republicans

don't have their act together.

Well, it looks like there's a real push

to get grassroots support for this.

For the health care bill, it really

wasn't sold very well to the American people.

People didn't understand what it was.

And so you've got all these surveys saying,

well, the American people don't want it.

Well, obviously, they can't stand

Obamacare, so they do want it.

But the polls indicate they don't.

So this time, what's being done in the grassroots

to get the pressure, you know?

Do you remember when Ronald Reagan said,

they don't have to see the light?

They need to feel the heat.

So is the heat on them now?

You know, I think you make a good point about Ronald Reagan.

I was in the Reagan administration

at the end of his term.

But remember in his first couple of years

in office, when he passed his historic tax cut, the biggest

tax cut in American history that really got America

out of that horrible mini depression we

had in the late '70s and early '80s.

Remember, Pat, he went on TV at least two or three times,

on national TV from the Oval Office.

And he made the pitch right to the American people.

This is why we need to do this.

The Democrat plan won't create the jobs.

And he explained it to the American people.

I think Donald Trump needs to do that.

Next time you talk to him, Pat, tell him he's got to go on TV

and really make the--

because you know this.

Other than CBN and maybe Fox and others, the media

is beating him up every day.

They're not allowing him to get his message out.

He has to go directly to the people.

Well, we'll tell him that.

Hopefully, somebody will listen to this program

and hear you say that.

But, absolutely, Steve, we've got to do it.

But I understand that there are administration people

and others really hitting the grassroots right now.

And hopefully, it's going to be successful,

because we desperately--

Everywhere I go, people come up to me.

And they say, we've got to get this tax cut down.

When are you going to cut our taxes?

I mean, we haven't had a tax cut in this country for 15 years.

And Obama raised taxes on everyone.

Incidentally, though, Obamacare, remember,

was financed by six or seven major tax increases,

not just on rich people, but everybody,

everyone who uses drugs or has a health plan

or uses medical devices.

All of that, taxes went up.

We've got to repeal the taxes.

And, Pat, yes, you asked me if we can get it to 3%.

I think we can get to 4%.

And by the way, Donald Trump thinks we can get to 5%.

Well, the Congressional Budget Office

won't give you credit for any of it yet.

But we talked about dynamic scoring.

But nevertheless, Steve, we're going to get it.

And I think the American people want it now.

This will be a great victory for the administration.

Well, thank you so much for being with us.

Thank you, Pat.

Have a great week.

All right, Wendy, maybe, maybe, maybe, maybe.

I know.

I love Steve's energy.

You know, well, let me ask you this, because the stock

market's been doing so great since Trump has been president.

If the tax cuts go through, how much better

can the economy get?

If the economy hits 2%, 3%, there is some--

I was reading the other day one forecaster

saying the Dow could hit, you know, 30,000 or something.

Wow.

Yeah, or higher, actually, he actually said higher.

But I won't mention it.

But it could go up.

It could be a blow out.

But nevertheless, a blow out is possible

if we have the economy moving.

If the economy starts moving at 3% to 4% a year,

I mean, there will be a huge burst of enthusiasm.

Wow, wow.

And lots and lots of people working, and people getting

raises, and all that stuff, I mean,

it will be flowing through.

And the Democrats, they're going to stand there,

like the Grinch who stole Christmas.

They are going to try to take Christmas away

from the American workers.

And all I'm saying is, folks, you

ought to get out there and call your congressman.

Call your senator.

Get on the phones and make it happen.

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