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Richard Neal: “It's by taking advantage of preferences, deductions and…”

Featuring: Richard Neal, Democratic | U.S. House Massachusetts, 1st Congressional District

To The Point: Talking Taxes with Rep. Richard Neal

Published December 7, 2017 | Video Starts at 16:21

So it's really like taking the nation's revenue system to the casino. Yeah. And they're gambling, maybe this will happen. But what happens if it doesn't? It's by taking advantage of preferences, deductions and exclusions in the tax code. And some of those, for good reason, are justified and others are the work of clever advocates. And I understand that. What happens if it doesn't? (16:21–16:27)

CLAIM

Asserts that corporations reduce their tax rates by using tax code preferences, deductions, and exclusions.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Richard Neal

“Repealing the estate tax and the alternative minimum tax, which only 4.5 million Americans pay.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 04:19-04:26
“There was negligible economic growth, the slowest since Herbert Hoover with the Bush tax cuts.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 06:31-06:36
“You had $2.3 trillion taken out of the federal revenue stream.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 06:37-06:43
“The average corporation in the United States is not paying 35% taxes, is paying 18, 18 and a half percent.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 14:27-14:29
“West Virginia gets $4.40 from every dollar they send down.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 15:43-15:49
“The Labor Department reported this week that there were 6 million jobs available in America right now that go unanswered.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 18:12-18:18
“They've advertised this [Republican tax plan] as a pro growth economic agenda.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 03:20-03:25
“You would want to take away the student interest loan deduction.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 03:33-03:39
“You would want to shave back the mortgage interest deduction.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 03:39-03:42
“You would want to take away the state and local tax deduction.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 03:43-03:46
“For many young people across the country, they're putting 35 and 40% into the home.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 04:00-04:05
“Two years ago the middle class doesn't pay AMT anymore.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 04:34-04:38
“They abolish it [AMT].”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 04:45-04:47
“You have to go someplace else in the tax code because after all, we do have to support Social Security and Medicare and our military and our…”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 04:53-05:02
“The middle class is being asked to again sacrifice what they have so that we might get rid of the estate tax or we might get rid of the…”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 05:11-05:21
“This has been advertised as a pro growth tax measure. They are guaranteeing that you're going to have growth north of 3%.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 06:10-06:19
“You can't find a mainstream economist who says that that guarantee is to be embraced.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 06:19-06:25
“You had the collapse, but you also had $2.3 trillion taken out of the federal revenue stream.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 06:37-06:43
“Until that revenue that's made offshore is returned home, you don't have to pay tax on it.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 07:01-07:08
“20,000 people were laid off almost immediately.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 07:27-07:30
“20,000 people were laid off almost immediately.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 07:27-07:30
“The money was used for stock buybacks and dividends and salaries for people at the top.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 07:41-07:47
“None of that happened [job creation, invigorating the economy, encouraging risk-taking].”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 07:54-08:02
“You have the Wharton School that says this is bogus.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 08:26-08:30
“You have, in addition to the Wharton School, you have Goldman Sachs and many Republican mainstream economists.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 08:29-08:36
“He [Bruce Bartlett] said this idea that is being promulgated that tax cuts pay for themselves is nonsense.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 08:51-09:01
“The compromise that we reached on the estate tax was that individuals could keep $5.5 million and a married couple could keep $11 million…”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 11:29-11:43
“At a meeting at the White House in 2001, within a matter of days after George W. Bush became President, he invited me to the Oval Office to…”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 14:29-14:40
“There's enough money there. Why don't we just do a middle class tax cut and continue to pay down the debt? It was ignored.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 14:50-14:58
“The rich in America at the time were not asking for a tax cut.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 15:04-15:08
“People in the middle class, they spend a tax cut, right? People at the top don't save it.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 15:20-15:26
“It's $2.3 trillion that is being borrowed for the purpose of giving tax cuts to the people at the top.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 15:37-15:43
“One of the problems we have now internationally is what we call stateless income.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 16:49-16:53
“The Labor Department reported this week that there were 6 million jobs available in America right now that go unanswered.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 18:12-18:18
“We have a skill set problem in America.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 18:23-18:25
“We have 18,000 precision manufacturing jobs in New England right now, the smallest geographic area of the country. That average $65,000 a…”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 19:07-19:17
“I was disappointed that we have not engaged TTIP, the trade agreement with Europe.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 20:28-20:35
“I don't think that it's a good idea for us to threaten Canada, which is our number one trading partner.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 20:58-21:05
“We proved with the bilateral agreement with Peru that you could include environmental concerns, the right to organize a union, and human…”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 21:20-21:32
“Why would we not have a trade agreement with Panama? I mean, they just got done doubling the size of the Panama Canal.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 25:12-25:20
“Panama has a decent living standard.”
To The Point: Talking Taxes with Rep. Richard Neal | Uploaded December 7, 2017 | 25:32-25:35