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The President Donald Trump Tax Cuts & Corporations | The Last Word | MSNBC - YouTube
Channel: MSNBC
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>>> WE HAVE OUR FIRST REPORT
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>>> WE HAVE OUR FIRST REPORT CARD ON THE TRUMP TAX CUTS FOR
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CARD ON THE TRUMP TAX CUTS FOR CORPORATIONS BELIEVE IT OR NOT.
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CORPORATIONS BELIEVE IT OR NOT. IT HAS BEEN TWO YEARS SINCE
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IT HAS BEEN TWO YEARS SINCE DONALD TRUMP SIGNED A TAX CUT
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DONALD TRUMP SIGNED A TAX CUT PASSED BY THE REPUBLICAN
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PASSED BY THE REPUBLICAN CONTROLLED CONGRESS INTO LAW,
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CONTROLLED CONGRESS INTO LAW, WHICH CUT THE U.S. CORPORATE TAX
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WHICH CUT THE U.S. CORPORATE TAX RATE FROM 35% TO 21%.
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RATE FROM 35% TO 21%. BUT ACCORDING TO A NEW REPORT
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BUT ACCORDING TO A NEW REPORT 379 OF AMERICA鈥橲 FORTUNE 500
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379 OF AMERICA鈥橲 FORTUNE 500 COMPANIES ACTUALLY PAID ONLY A
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COMPANIES ACTUALLY PAID ONLY A FEDERAL CORPORATE INCOME TAX
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FEDERAL CORPORATE INCOME TAX RATE OF 11.3%.
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RATE OF 11.3%. AND 91 OF AMERICA鈥橲 LARGEST
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AND 91 OF AMERICA鈥橲 LARGEST CORPORATIONS LIKE AMAZON AND
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CORPORATIONS LIKE AMAZON AND CHEVRON PAID NO FEDERAL INCOME
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CHEVRON PAID NO FEDERAL INCOME TAXES AT ALL, ZERO, ZILCH.
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TAXES AT ALL, ZERO, ZILCH. THIS IS ALL RECORDING TO A ANEW
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THIS IS ALL RECORDING TO A ANEW REPORT FROM THE INSTITUTE OF
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REPORT FROM THE INSTITUTE OF TAXATION ENTITLED CORPORATE TAX
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TAXATION ENTITLED CORPORATE TAX AVOIDANCE IN THE FIRST YEAR OF
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AVOIDANCE IN THE FIRST YEAR OF THE TRUMP TAX LAW.
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THE TRUMP TAX LAW. BACK WITH US TO DISCUSS THIS IS
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BACK WITH US TO DISCUSS THIS IS JOHN HARWOOD AND JOINING US ON
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JOHN HARWOOD AND JOINING US ON THE PHONE A PULITZER PRIZEWINNER
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THE PHONE A PULITZER PRIZEWINNER FOR "THE NEW YORK TIMES."
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FOR "THE NEW YORK TIMES." WALK US THROUGH HOW THE TAX LAW,
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WALK US THROUGH HOW THE TAX LAW, THE TRUMP TAX LAW MADE IT
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THE TRUMP TAX LAW MADE IT POSSIBLE FOR AT LEAST 91
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POSSIBLE FOR AT LEAST 91 COMPANIES OR 91 CORPORATIONS NOT
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COMPANIES OR 91 CORPORATIONS NOT TO BE ABLE TO PAY A SINGLE PENNY
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TO BE ABLE TO PAY A SINGLE PENNY IN FEDERAL INCOME TAX?
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IN FEDERAL INCOME TAX? >> WELL, THE LAW DID A NUMBER OF
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>> WELL, THE LAW DID A NUMBER OF THINGS.
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THINGS. IT CUT THEIR TAX RATE BY 40%.
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IT CUT THEIR TAX RATE BY 40%. YOU AND I DIDN鈥橳 GET ANYTHING
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YOU AND I DIDN鈥橳 GET ANYTHING CLOSE TO 40% REDUCTION IN OUR
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CLOSE TO 40% REDUCTION IN OUR TAX RATE.
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TAX RATE. IT ALSO ALLOWED COMPANY TUESDAY
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IT ALSO ALLOWED COMPANY TUESDAY IMMEDIATELY EXPENSE, THAT IS
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IMMEDIATELY EXPENSE, THAT IS WRITE OFF THE COSTS, NOT
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WRITE OFF THE COSTS, NOT EVERYBODY.
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EVERYBODY. RESTAURANTS GOT LOST IN THE MIX.
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RESTAURANTS GOT LOST IN THE MIX. BUT OVERALL YOU GOT TO QUICKLY
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BUT OVERALL YOU GOT TO QUICKLY WRITE DOWN THE COSTS OF NEW
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WRITE DOWN THE COSTS OF NEW INVESTMENTS AND FOR CAPITAL
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INVESTMENTS AND FOR CAPITAL INTENSIVE COMPANIES LIKE OIL AND
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INTENSIVE COMPANIES LIKE OIL AND MANUFACTURING BUYING NEW
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MANUFACTURING BUYING NEW EQUIPMENT EVERY YEAR, IT CREATES
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EQUIPMENT EVERY YEAR, IT CREATES A MUCH LOWER TAX BURDEN FOR THEM
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A MUCH LOWER TAX BURDEN FOR THEM IN THE FUTURE.
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IN THE FUTURE. AND WE NO LONGER TAX AMERICAN
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AND WE NO LONGER TAX AMERICAN CORPORATIONS ON THE PROFITS THEY
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CORPORATIONS ON THE PROFITS THEY EARN OVERSEAS AM.
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EARN OVERSEAS AM. AND BECAUSE THE WAY THE LAW WAS
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AND BECAUSE THE WAY THE LAW WAS DONE IT HAS ENCOURAGED COMPANIES
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DONE IT HAS ENCOURAGED COMPANIES TO BUILD MORE OVERSEAS RATHER
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TO BUILD MORE OVERSEAS RATHER THAN LESS IF THEY CAN FIND A TAX
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THAN LESS IF THEY CAN FIND A TAX HAVEN TO HAVE TAX-FREE PROFITS
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HAVEN TO HAVE TAX-FREE PROFITS OVERSEAS.
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OVERSEAS. >> HAS THE PRESIDENT BEEN ABLE
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>> HAS THE PRESIDENT BEEN ABLE TO SELL HIS ECONOMIC SUCCESS OR
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TO SELL HIS ECONOMIC SUCCESS OR HIS ECONOMIC STIMULUS BASED ON
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HIS ECONOMIC STIMULUS BASED ON HIS TAX LAW TO THE AVERAGE VOTER
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HIS TAX LAW TO THE AVERAGE VOTER WHEN THEY鈥橰E NOT AS WE JUST
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WHEN THEY鈥橰E NOT AS WE JUST POINTED OUT, CORPORATIONS ARE
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POINTED OUT, CORPORATIONS ARE NOT PAYING THEIR FAIR SHARE,
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NOT PAYING THEIR FAIR SHARE, THEY鈥橰E NOT PAYING ANY FEDERAL
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THEY鈥橰E NOT PAYING ANY FEDERAL INCOME TAX AND SOMEHOW HE TOUTS
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INCOME TAX AND SOMEHOW HE TOUTS THE ECONOMY IS DOING WELL?
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THE ECONOMY IS DOING WELL? >> WELL, THE STRENGTH OF THE
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>> WELL, THE STRENGTH OF THE COMPANY HELPS HIM SOMEWHAT, BUT
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COMPANY HELPS HIM SOMEWHAT, BUT WE SAW IN THE 2018 ELECTIONS
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WE SAW IN THE 2018 ELECTIONS THAT WAS NOT A POWERFUL WEAPON
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THAT WAS NOT A POWERFUL WEAPON FOR REPUBLICANS TO PREVENT
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FOR REPUBLICANS TO PREVENT DEMOCRATS FROM TAKING OVER THE
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DEMOCRATS FROM TAKING OVER THE HOUSE.
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HOUSE. AND THE REASON IS EVERYONE HAS
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AND THE REASON IS EVERYONE HAS SEEN AND THEY SEE IT MORE NOW IN
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SEEN AND THEY SEE IT MORE NOW IN 2019 THAN THEY DID IN 2018,
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2019 THAN THEY DID IN 2018, DONALD TRUMP AND HIS AIDES MADE
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DONALD TRUMP AND HIS AIDES MADE FOUR BASIC ASSERTIONS FOR THE
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FOUR BASIC ASSERTIONS FOR THE TAX BILL.
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TAX BILL. ONE WE HAD LAME 2% GROWTH HE WAS
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ONE WE HAD LAME 2% GROWTH HE WAS GOING TO MAKE THE GROWTH RATE GO
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GOING TO MAKE THE GROWTH RATE GO UP TO 3% OR MORE.
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UP TO 3% OR MORE. IT WASN鈥橳 GOING TO INCREASE THE
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IT WASN鈥橳 GOING TO INCREASE THE DEFICIT, IT鈥橲 GOING TO PUT A LOT
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DEFICIT, IT鈥橲 GOING TO PUT A LOT OF MONEY IN THE HANDS OF THE
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OF MONEY IN THE HANDS OF THE MIDDLE CLASS AND WASN鈥橳 GOING TO
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MIDDLE CLASS AND WASN鈥橳 GOING TO PROVIDE A TAX CUT FOR THE RICH.
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PROVIDE A TAX CUT FOR THE RICH. EVERYONE OF THOSE THINGS HAS
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EVERYONE OF THOSE THINGS HAS TURNED OUT TO BE NONSENSE.
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TURNED OUT TO BE NONSENSE. THE GROWTH RATE IS NOW BACK
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THE GROWTH RATE IS NOW BACK AFTER A BRIEF PERIOD OF STIMULUS
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AFTER A BRIEF PERIOD OF STIMULUS IN 2018, THE GROWTH RATE IS NOW
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IN 2018, THE GROWTH RATE IS NOW BACK AT THE 2% LONG-TERM LEVEL
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BACK AT THE 2% LONG-TERM LEVEL THAT HE INHERITED FROM PRESIDENT
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THAT HE INHERITED FROM PRESIDENT OBAMA, THE DEFICIT鈥橲 GONE UP AND
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OBAMA, THE DEFICIT鈥橲 GONE UP AND WE鈥橵E SEEN THAT CORPORATIONS
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WE鈥橵E SEEN THAT CORPORATIONS HAVE SUBSTANTIALLY REDUCED THEIR
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HAVE SUBSTANTIALLY REDUCED THEIR TAX BILL.
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TAX BILL. THAT DOESN鈥橳 MEAN LOWERING THE
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THAT DOESN鈥橳 MEAN LOWERING THE CORPORATE TAX RATE MAY NOT HAVE
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CORPORATE TAX RATE MAY NOT HAVE BEEN HAD A HIGH RATE COMPARED TO
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BEEN HAD A HIGH RATE COMPARED TO THE REST OF THE WORLD BUT, OF
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THE REST OF THE WORLD BUT, OF COURSE, THEY DIDN鈥橳 CLOSE LOOP
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COURSE, THEY DIDN鈥橳 CLOSE LOOP HOLES SUFFICIENT TO PAY FOR THAT
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HOLES SUFFICIENT TO PAY FOR THAT FINANCE.
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FINANCE. THAT鈥橲 WHY THE DEFICIT HAS GONE
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THAT鈥橲 WHY THE DEFICIT HAS GONE UP SO MUCH.
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UP SO MUCH. >> THE ARGUMENT THAT
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>> THE ARGUMENT THAT REPUBLICANS, AND IN PARTICULAR
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REPUBLICANS, AND IN PARTICULAR TRUMP, MADE WAS THAT IF WE
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TRUMP, MADE WAS THAT IF WE REDUCE THE TAX BURDEN ON THESE
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REDUCE THE TAX BURDEN ON THESE COMPANIES, THEY鈥橪L COME BACK AND
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COMPANIES, THEY鈥橪L COME BACK AND INVEST IN AMERICA, HIRE MORE
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INVEST IN AMERICA, HIRE MORE WORKER, MANUFACTURE MORE.
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WORKER, MANUFACTURE MORE. THAT, IN TURN, PRODUCES MORE
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THAT, IN TURN, PRODUCES MORE RESULTS FOR THE ECONOMY.
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RESULTS FOR THE ECONOMY. HAVE YOU SEEN ANYTHING TO
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HAVE YOU SEEN ANYTHING TO SUPPORT THAT OR SUBSTANTIATE
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SUPPORT THAT OR SUBSTANTIATE THAT?
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THAT? >> IT鈥橲 NOT IN THE DATA EITHER.
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>> IT鈥橲 NOT IN THE DATA EITHER. A LOT OF THE MONEY COMPANIES
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A LOT OF THE MONEY COMPANIES SAVE WAS USED TO BUY BACK STOCK,
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SAVE WAS USED TO BUY BACK STOCK, WHICH INCREASES THE VALUE OF THE
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WHICH INCREASES THE VALUE OF THE REMAINING SHARES AND STOCK
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REMAINING SHARES AND STOCK OPTIONS FOR EXECUTIVES.
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OPTIONS FOR EXECUTIVES. AND AYMAN, I DON鈥橳 THINK WE
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AND AYMAN, I DON鈥橳 THINK WE SHOULD TALK ABOUT THIS AS A TAX
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SHOULD TALK ABOUT THIS AS A TAX CUT BECAUSE WE鈥橰E BORROWING THE
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CUT BECAUSE WE鈥橰E BORROWING THE MONEY TO PAY FOR THE SHORTFALL.
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MONEY TO PAY FOR THE SHORTFALL. THIS IS SIMPLY A FUTURE TAX
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THIS IS SIMPLY A FUTURE TAX INCREASE WITH INTEREST IN THE
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INCREASE WITH INTEREST IN THE MEANTIME.
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MEANTIME. IT鈥橲 NOT A TAX CUT.
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IT鈥橲 NOT A TAX CUT. IT鈥橲 A TAX INCREASE THAT鈥橲 BEEN
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IT鈥橲 A TAX INCREASE THAT鈥橲 BEEN DISGUISED TO MAKE YOU THINK IT鈥橲
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DISGUISED TO MAKE YOU THINK IT鈥橲 A TAX CUT.
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