tv Interview Anna Edgerton 2018 Budget Tax Reform CSPAN October 26, 2017 9:54am-10:00am EDT
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>> why is the house taking up the senate version of the 2018 budget of what are some of the key differences between what the house and senate want to do? >> by taking of the senate version the allowed to skip the conference step. if they just put on exactly what the senate passed it does have to go back to the senate as it would if any changes in the house. or it doesn't go to conference committee with the reconcile the differences between the house and senate version. since speaker ryan is very concentrate on getting this done in of the year, skipping those steps just vote on the senate version allows him to exercise the process by two or three weeks living on how you count. >> host: during this budget debate sets up the framework for tax reform, the headline in your bloomberg.com p says house concert say the tax bill draft is coming within days. you write about some conservatives, republicans being concerned about issues such as the state and local taxes, also in particular about increasing
the deficit. what is gop leadership doing to address those concerns and ensure the bill passes the house this week? >> guest: they did release that framework that was ironed out by house and senate and white house officials. and so for now that's what house republicans are going on. they are trusting leadership to produce a bill, trusting the ways and means committee to produce about that reflects that framework. there still a lot of details to be worked out like you mentioned especially with the stair local tax deduction, how this be treated and it states that have high local taxes would be allowed to deduct those up to a certain income level, certain kinds of taxes, whatever kind of compromise and working with lawmakers that are concerned about that provision picked that would be lawmakers from new jersey, new york, california and those kinds of states. there are other provisions as well such as the treatment of 401(k~)s which the the presidet weighed in on early this week in a tweet and other provisions
like how you do capital expensing or how you do interest deductibility that will hopefully see the details of next week in the actual legislative text. >> host: u-boat leaders leaderp laid out an ambitious schedule for writing that tax reform proposal. what can you tell us when they want to get that done? >> first part is to get the budget voted. they are planning on doing that tomorrow and then once they do that announce the official date they were released the legislative text of the tax bill. bill. expecting that next week maybe november 1. the market by the ways and means committee that will start addressing the legislative tax making any changes that need to be made will start prison after that. probably within a day or two as early as next week. >> host: that you are the ways and means committee is kevin pretty and he's been upfront about changes in the tax system in the u.s., speaking at a number of locations. what have you heard from
chairman kevin brady of the ways and means and also the senate finance chair orrin hatch about how their separate products are shaping up? >> guest: in the house everything that they do they say is focused on really getting the economy growing fast. they want to get to at least 3% economic growth and try to work in provisions that would encourage companies to hire more workers, investing growing companies and keep companies here in the united states rather than going abroad. so the things like the capital expensing which would encourage companies to buy a new machine or something for the factory. on the senate side they agree with the main principles, the framework, but the senate finance committee chairman orrin hatch has been very firm he will write his own bill. his committee will have their own version of this legislation, and then we expect those differences to be reconciled after each chamber votes on
their versions, then to go into probably a conference committee in december. >> host: after that president trump tweet on for a one changes, or possible changes kevin brady said brady signals retirement changes are still on the table. what are we talking about specifically? >> guest: that would be the tax treatment of retirement money and how much americans are allowed to put away towards the retirement before that income is taxed. so what brady said it any better this week is that he would like to encourage americans to save more and save earlier in their incomes because typically workers are at a lower tax bracket early in their income. that's less of the wage that would end up being taxed as opposed to if they withdrew and pay tax on at the end of their career, when you're probably in a higher tax bracket. the president said it will be no changes to