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Steve Rattner: How Biden's Bill Differs From Trump's Tax Cut | Morning Joe | MSNBC - YouTube
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LEGISLATION THAT I鈥橵E SEEN IN A
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VERY LONG TIME.
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.
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>> WHAT HAVE YOU GOT?
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SHOW US YOUR CHART, STEVE.
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I KNOW YOU DIDN鈥橳 COME EMPTY
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HANDED.
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YOU NEVER DO.
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>> I DON鈥橳 COME EMPTY HANDED.
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TO ECHO WHAT YOU AND THE
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REVEREND WERE SAYING, THIS
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ELECTION HAS TURNED OUT TO BE
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THE MOST CONSEQUENTIAL SINCE
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1932 WHEN ROOSEVELT SUCCEEDED
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HOOVER.
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WE HAVE MOVED FROM A GOVERNMENT
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THAT BASICALLY SAYS IT WANTS TO
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DO LESS, PULL BACK, AS BIDEN
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JUST SAID IN THE CLIP THAT YOU
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SHOWED, TO A GOVERNMENT THAT
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WANTS TO LEAN IN AND SOLVE
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PROBLEMS IN AN AGGRESSIVE WAY
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LIKE WE HAVEN鈥橳 SEEN BEFORE.
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THE WAY I WANTED TO DEMONSTRATE
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FOR YOU TODAY TO COMPARE, AS YOU
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ALLUDED TO BEFORE, THE TRUMP TAX
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CUT FROM EARLY 2017, HIS FIRST
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SIGNATURE PIECE OF LEGISLATION
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TO THE AMERICAN RESCUE PLAN OF
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JOE BIDEN.
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YOU CAN SEE ON THE LEFT SIDE --
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BY THE WAY, THESE PIECES OF
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LEGISLATION ARE ALMOST THE SAME
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SIZE OF $1.9 TRILLION.
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U SEE THE TCGA WAS ABOUT TAX
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CUTS FOR BUSINESSES, THE RED PIE
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SLICE, AND FOR PEOPLE MAKING
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MORE THAN $75,000, THE BLUE
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SLICE.
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AND THEN 16% FOR PEOPLE MAKING
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LESS THAN $75,000.
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IT IS LIKE NIGHT AND DAY.
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WHEN YOU LOOK TO THE RIGHT SIDE
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AND YOU SEE THE AMERICAN RESCUE
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PLAN.
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YES, THERE鈥橲 A LOT AIMED AT
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COVID ON THE RIGHT SIDE.
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BUT 52%, THE TWO SLICE HIS ON
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THE RIGHT ARE AID TO
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INDIVIDUALS, CHECKS,
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UNEMPLOYMENT, TAX CUTS FOR
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CHILDREN OR FOR CHILD CARE.
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SO WHEN YOU LOOK AT THE BOTTOM
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OF THIS ONE, $143 BILLION OF TAX
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CUTS AND $1.75 TRILLION OF
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SPENDING INCREASES.
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SO THE MOST DRAMATIC SHIFT IN
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PHILOSOPHY OF GOVERNMENT, AS I
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SAID, REALLY GOING BACK 70 OR 80
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YEARS.
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AND THEN IF YOU LOOK ANOTHER WAY
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AT THE IMPACT OF THESE, THE NEXT
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CHART, YOU CAN SEE THIS PERHAPS
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EVEN MORE STARKLY.
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THIS IS HOW EACH OF THESE BILLS
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AFFECTED PEOPLE AT DIFFERENT
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INCOME LEVELS.
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SO ON THE LEFT SIDE YOU HAVE THE
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LOWEST INCOME LEVEL, LOWEST 20%
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OF PEOPLE.
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23% OF THE BENEFITS OF THIS PLAN
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GO TO THOSE PEOPLE IN THE BOTTOM
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20%.
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ONLY 1%, ONLY 1% OF THE TCJA
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WENT TO THOSE PEOPLE.
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IF YOU LOOK OVER AT THE RIGHT,
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65%, THE RED BAR, 65% OF THE
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TCJA WENT TO THE TOP 20% OF
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AMERICANS AND JUST 11% OF THIS
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BILL, MOSTLY THE $1,400 CHECKS
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WHICH CUT OFF THEMSELVES AT
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$160,000, WENT TO THE TOP 11%.
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YOU CAN SEE THE DRAMATIC SKEWING
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AND WHO IS HELPED AND WHO IS
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HELPED MORE AND WHO IS HELPED
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LESS BETWEEN THESE TWO BILLS.
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LASTLY, LET鈥橲 TAKE A LOOK AT
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THIS WHOLE NOTION OF GOVERNMENT
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LEANING BACK IN AND BECOMING
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MORE MUSCULAR AND WHAT
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GOVERNMENT CAN DO IF IT DOES.
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THIS IS THE POVERTY RATE.
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THIS IS WHAT THE GOVERNMENT
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ESTIMATES LIVING AT OR BELOW THE
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POVERTY LINE.
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IT WAS HIGHER IN 2012.
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AND THEN IT DRIFTED DOWN.
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THE BLACK OVAL IS THE TCJA.
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I BARELY MOVED THE POVERTY RATE
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DOWN.
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LOOK AT THE DOTTED BLUE LINE
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THAT ENDS IN THE BLACK CIRCLE.
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THIS IS WHAT IS ESTIMATED THE
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AMERICAN RESCUE PLAN WILL DO.
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CUT POVERTY BY A THIRD.
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WE HAVE NEVER DONE ANYTHING LIKE
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THAT IN OUR ENTIRE HISTORY IN
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ONE YEAR.
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CUT CHILD POVERTY BY MORE THAN
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HALF.
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BRING POVERTY DOWN TO JUST OVER
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8%.
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YOU CAN SEE IT WAS DRIFTING 12% TO 16% BEFORE THIS BILL WAS
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TO 16% BEFORE THIS BILL WAS
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PASSED.
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IT WAS THOUGHT OF AS A COVID
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RELIEF BILL.
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IT WILL MAKE GOOD ON BIDEN鈥橲
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CAMPAIGN PROMISE THAT HE WILL BE
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FOCUSED ON PEOPLE IN NEED TOWARD
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THE BOTTOM.
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IT IS A DRAMATIC PIECE OF
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LEGISLATION.
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IT MAY BE TOO LARGE FOR SOME OF
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US.
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COULD HAVE BEEN DONE IN A MORE
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TARGETED FASHION.
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