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NYT Report Reveals Truth About President Donald Trump Tax Cuts | The Last Word | MSNBC

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JOINING OUR DISCUSSION NOW IS THE CO-AUTHOR OF THAT "NEW YORK THE CO-AUTHOR OF THAT "NEW YORK TIMES" PIECE, "NEW YORK TIMES" TIMES" PIECE, "NEW YORK TIMES" REPORTER JESSE DRUCKER REPORTER JESSE DRUCKER

I FOR ONE CANNOT THANK YOU I FOR ONE CANNOT THANK YOU ENOUGH FOR THIS REPORTING, ENOUGH FOR THIS REPORTING, BECAUSE AS SOMEONE WHO WORKED IN BECAUSE AS SOMEONE WHO WORKED IN THE SENATE FINANCE COMMITTEE THE SENATE FINANCE COMMITTEE WHERE WE WOULD WRITE THESE TAX WHERE WE WOULD WRITE THESE TAX LAWS, WE KNEW WE WERE SENDING LAWS, WE KNEW WE WERE SENDING THEM OVER TO ANOTHER WORLD THAT THEM OVER TO ANOTHER WORLD THAT WE COULDN’T CONTROL, WHICH WAS WE COULDN’T CONTROL, WHICH WAS THAT NEWS AND REGULATIONS WORLD THAT NEWS AND REGULATIONS WORLD AND IT SEEMS MORE OUT OF CONTROL AND IT SEEMS MORE OUT OF CONTROL THAN EVER THAN EVER >> RIGHT >> RIGHT I MEAN, WHAT WE HAD HERE IN 2017 I MEAN, WHAT WE HAD HERE IN 2017 WAS WE HAD A VERY SIGNIFICANT WAS WE HAD A VERY SIGNIFICANT TAX CUTS PACKAGE THAT CAME OUT TAX CUTS PACKAGE THAT CAME OUT OF CONGRESS AND SIGNED INTO LAW OF CONGRESS AND SIGNED INTO LAW BY PRESIDENT TRUMP, BUT THE LAW BY PRESIDENT TRUMP, BUT THE LAW WAS WRITTEN INCREDIBLY QUICKLY WAS WRITTEN INCREDIBLY QUICKLY AND INCREDIBLY POORLY, AND SO AND INCREDIBLY POORLY, AND SO FROM THERE IT HAS TO GO TO THE FROM THERE IT HAS TO GO TO THE TREASURY TO WRITE A SERIES OF TREASURY TO WRITE A SERIES OF REGULATIONS TO HELP ADMINISTER REGULATIONS TO HELP ADMINISTER THE NEW LAW

THE NEW LAW WHAT HAPPENED AS PART OF THIS WHAT HAPPENED AS PART OF THIS LAW IS IT WAS A COMBINATION OF LAW IS IT WAS A COMBINATION OF MORE THAN $5 TRILLION IN TAX MORE THAN $5 TRILLION IN TAX CUTS AND $4 TRILLION IN NEW CUTS AND $4 TRILLION IN NEW TAXES TAXES AND THE MOST SIGNIFICANT NEW AND THE MOST SIGNIFICANT NEW TAXES ON COMPANIES WAS ABOUT A TAXES ON COMPANIES WAS ABOUT A QUARTER OF A TRILLION DOLLARS ON QUARTER OF A TRILLION DOLLARS ON MULTI-NATIONALS THAT WERE MULTI-NATIONALS THAT WERE SUPPOSED TO HELP DISSUADE THEM SUPPOSED TO HELP DISSUADE THEM IN PUSHING TAXES OVERSEAS IN PUSHING TAXES OVERSEAS

WHAT HAPPENED WAS AS SOON AS WHAT HAPPENED WAS AS SOON AS THAT BILL WAS SIGNED INTO LAW, THAT BILL WAS SIGNED INTO LAW, SEVERAL DOZEN OF THESE COMPANIES SEVERAL DOZEN OF THESE COMPANIES REALIZED THIS WAS NOT SOMETHING REALIZED THIS WAS NOT SOMETHING THEY WERE EAGER TO DO THEY WERE EAGER TO DO A LOT OF THEM WERE NOT EXPECTING A LOT OF THEM WERE NOT EXPECTING IT, IN PART BECAUSE THE LAW WAS IT, IN PART BECAUSE THE LAW WAS DONE SO QUICKLY THERE WERE NO DONE SO QUICKLY THERE WERE NO HEARINGS ON THIS, IT ALL TOOK HEARINGS ON THIS, IT ALL TOOK PLACE OVER SEVEN WEEKS, SO WE PLACE OVER SEVEN WEEKS, SO WE BASICALLY HAD OVER THE LAST TWO BASICALLY HAD OVER THE LAST TWO YEARS IS TREASURY KIND OF PRETTY YEARS IS TREASURY KIND OF PRETTY MUCH — I WOULDN’T SAY MUCH — I WOULDN’T SAY UNDER COVER OF DARKNESS, BUT A UNDER COVER OF DARKNESS, BUT A PROCESS THAT THE PUBLIC HAS VERY PROCESS THAT THE PUBLIC HAS VERY LITTLE VISIBILITY INTO HAS LITTLE VISIBILITY INTO HAS WRITTEN A SERIES OF REGULATIONS WRITTEN A SERIES OF REGULATIONS THAT HAD THE EFFECT OF BASICALLY THAT HAD THE EFFECT OF BASICALLY ROLLING BACK THE QUARTER OF A ROLLING BACK THE QUARTER OF A TRILLION DOLLARS IN NEW TAXES ON TRILLION DOLLARS IN NEW TAXES ON MULTI-NATIONALS TO THE TUNE OF MULTI-NATIONALS TO THE TUNE OF TENS OF BILLIONS AND POSSIBLY TENS OF BILLIONS AND POSSIBLY HUNDREDS OF BILLIONS OF DOLLARS HUNDREDS OF BILLIONS OF DOLLARS IN TAX REDUCTIONS, IF THAT ALL IN TAX REDUCTIONS, IF THAT ALL MAKES SENSE MAKES SENSE >> YEAH, AND THIS REGULATION >> YEAH, AND THIS REGULATION PROCESS IS I GUESS WHAT WE COULD PROCESS IS I GUESS WHAT WE COULD CALL A SEMI-PUBLIC PROCESS IN CALL A SEMI-PUBLIC PROCESS IN THE SENSE THAT THERE ARE PUBLIC THE SENSE THAT THERE ARE PUBLIC NOTIFICATIONS THAT THIS PROCESS NOTIFICATIONS THAT THIS PROCESS IS UNDERWAY, WE’RE WRITING THE IS UNDERWAY, WE’RE WRITING THE REGULATION FOR X LAW

REGULATION FOR X LAW YOU ARE THEORETICALLY DIVIDED TO YOU ARE THEORETICALLY DIVIDED TO COMMENT ON THIS, BUT IT’S ONLY COMMENT ON THIS, BUT IT’S ONLY PEOPLE WITH HIGH-PRICED PEOPLE WITH HIGH-PRICED LOBBYISTS WHO EVEN KNOW THAT’S LOBBYISTS WHO EVEN KNOW THAT’S HAPPENING AND KNOW HOW TO HAPPENING AND KNOW HOW TO COMMENT ON IT COMMENT ON IT >> THERE’S KIND OF A COUPLE >> THERE’S KIND OF A COUPLE STAGES IN THIS PROCESS STAGES IN THIS PROCESS

FOR THE FIRST YEAR, THERE ISN’T FOR THE FIRST YEAR, THERE ISN’T REALLY EVEN ANYTHING IN THE REALLY EVEN ANYTHING IN THE PUBLIC PUBLIC FOR THE FIRST YEAR OF THE FOR THE FIRST YEAR OF THE REGULATORY PROCESS, THIS IS REGULATORY PROCESS, THIS IS BASICALLY ALL PRIVATE BASICALLY ALL PRIVATE COMMUNICATIONS GOING ON BETWEEN COMMUNICATIONS GOING ON BETWEEN LOBBYISTS AND STAFFERS OF THE LOBBYISTS AND STAFFERS OF THE TREASURY DEPARTMENT, OFFICIALS TREASURY DEPARTMENT, OFFICIALS THERE, AND THERE’S REALLY NO THERE, AND THERE’S REALLY NO PUBLIC DISCLOSURE OF ANY OF PUBLIC DISCLOSURE OF ANY OF THAT, OF WHO IS HAVING THE THAT, OF WHO IS HAVING THE MEETINGS AND WHAT THEY’RE MEETINGS AND WHAT THEY’RE SEEKING SEEKING THEN KIND OF A YEAR INTO THE THEN KIND OF A YEAR INTO THE PROCESS, THE TREASURY DEPARTMENT PROCESS, THE TREASURY DEPARTMENT ISSUES A SERIES OF PROPOSED ISSUES A SERIES OF PROPOSED REGULATIONS, AND AT THAT POINT REGULATIONS, AND AT THAT POINT IT BECOMES PUBLIC

IT BECOMES PUBLIC THEN THERE ARE DOZENS, IF NOT THEN THERE ARE DOZENS, IF NOT HUNDREDS OF COMMENT LETTERS THAT HUNDREDS OF COMMENT LETTERS THAT BECOME PUBLIC ABOUT THIS BECOME PUBLIC ABOUT THIS BUT, YOU KNOW, THOSE ARE THINGS BUT, YOU KNOW, THOSE ARE THINGS THAT ARE REALLY UNDERSTOOD THAT ARE REALLY UNDERSTOOD

IF YOU LOOK AT SOME OF THE IF YOU LOOK AT SOME OF THE LETTERS, THEY’RE LITERALLY LETTERS, THEY’RE LITERALLY WRITTEN ALMOST IN ESPIRANTO WRITTEN ALMOST IN ESPIRANTO THESE ARE THINGS ONLY UNDERSTOOD THESE ARE THINGS ONLY UNDERSTOOD LITERALLY BY A FEW HUNDRED TAX LITERALLY BY A FEW HUNDRED TAX ATTORNEYS IN AMERICA ATTORNEYS IN AMERICA SO NOW WE’VE GOT, AFTER A VERY, SO NOW WE’VE GOT, AFTER A VERY, VERY COMPLICATED TWO-YEAR VERY COMPLICATED TWO-YEAR PROCESS, WE ARE NOW SEEING HOW PROCESS, WE ARE NOW SEEING HOW THESE NEW TAXES ARE SHAKING OUT

THESE NEW TAXES ARE SHAKING OUT AND PART OF THE ISSUE HERE IS AND PART OF THE ISSUE HERE IS THAT BECAUSE THE LAW WAS SO THAT BECAUSE THE LAW WAS SO POORLY WRITTEN, THE TREASURY POORLY WRITTEN, THE TREASURY DEPARTMENT HAD AN INCREDIBLE DEPARTMENT HAD AN INCREDIBLE LINE OF LATITUDE OR DECIDED THAT LINE OF LATITUDE OR DECIDED THAT IT SHOULD EXERCISE A LEVEL OF IT SHOULD EXERCISE A LEVEL OF LATITUDE TO TRY TO COVER A LAW LATITUDE TO TRY TO COVER A LAW THAT IN SOME PLACES MADE SOME THAT IN SOME PLACES MADE SOME SENSE SENSE IN DOING SO, THEY’RE REALLY IN DOING SO, THEY’RE REALLY HEARING FROM ONE SIDE HEARING FROM ONE SIDE

THERE IS NO ONE OUT THERE THERE IS NO ONE OUT THERE LOBBYING THE TREASURY DEPARTMENT LOBBYING THE TREASURY DEPARTMENT TO MAKE THE TAXES MORE TO MAKE THE TAXES MORE STRINGENT STRINGENT 9999% OF THEIR MEETINGS ARE 9999% OF THEIR MEETINGS ARE WITH REPRESENTATIVES FOR WITH REPRESENTATIVES FOR COMPANIES THAT ARE SEEKING THE COMPANIES THAT ARE SEEKING THE TAXES TO BE CUT

TAXES TO BE CUT >> AND THEY ALL, EACH COMPANY, >> AND THEY ALL, EACH COMPANY, MAKES THE CASE THAT, OH, YOU MAKES THE CASE THAT, OH, YOU DON’T UNDERSTAND HOW MY COMPANY DON’T UNDERSTAND HOW MY COMPANY WORKS WORKS THAT MIGHT BE OKAY FOR SOME THAT MIGHT BE OKAY FOR SOME OTHER KIND OF COMPANY, BUT THIS OTHER KIND OF COMPANY, BUT THIS PARTICULAR COMPANY, IF YOU TAX PARTICULAR COMPANY, IF YOU TAX US THIS WAY, IT WILL CRUSH US US THIS WAY, IT WILL CRUSH US THIS WAY THIS WAY

EACH OF THEM ARE MAKING THAT EACH OF THEM ARE MAKING THAT ARGUMENT ALL THE TIME ARGUMENT ALL THE TIME >> YEAH, OR THE INTENTION OF >> YEAH, OR THE INTENTION OF CONGRESS WAS NOT TO TAX THESE CONGRESS WAS NOT TO TAX THESE TYPES OF TRANSACTIONS TYPES OF TRANSACTIONS THESE TYPES OF TRANSACTIONS THESE TYPES OF TRANSACTIONS AREN’T MEANT TO AVOID OR DODGE AREN’T MEANT TO AVOID OR DODGE TAXES, THESE ARE TRANSACTIONS WE TAXES, THESE ARE TRANSACTIONS WE HAVE TO DO IN THE COURSE OF OUFR HAVE TO DO IN THE COURSE OF OUFR REGULAR BUSINESS DAY, THEY HAVE REGULAR BUSINESS DAY, THEY HAVE NOTHING TO DO WITH DODGING TAXES NOTHING TO DO WITH DODGING TAXES AND THERE MAY BE SOME LEGITIMACY AND THERE MAY BE SOME LEGITIMACY TO THOSE ARGUMENTS, THAT MAYBE TO THOSE ARGUMENTS, THAT MAYBE THEY WERE UNFAIR, MAYBE POORLY THEY WERE UNFAIR, MAYBE POORLY CONCEIVED, BUT IT ISN’T IN THE CONCEIVED, BUT IT ISN’T IN THE AUTHORITY OF THE TREASURY AUTHORITY OF THE TREASURY DEPARTMENT TO DECIDE THAT DEPARTMENT TO DECIDE THAT CONGRESS HAS WRITTEN A LAW THAT CONGRESS HAS WRITTEN A LAW THAT MAYBE IS UNFAIR OR MAYBE DOESN’T MAYBE IS UNFAIR OR MAYBE DOESN’T MAKE A LOT OF SENSE

MAKE A LOT OF SENSE IN THE CASE OF SOME OF THE IN THE CASE OF SOME OF THE THINGS WE WROTE ABOUT, FOR THINGS WE WROTE ABOUT, FOR INSTANCE, AN EXEMPTION THAT INSTANCE, AN EXEMPTION THAT SECRETARY MNUCHIN SIGNED OFF ON SECRETARY MNUCHIN SIGNED OFF ON THAT ESSENTIALLY EXEMPTED GIANT THAT ESSENTIALLY EXEMPTED GIANT FOREIGN BANKS LIKE CREDIT SUISSE FOREIGN BANKS LIKE CREDIT SUISSE AND BARKLEY’S FROM DISCUSSIONS, AND BARKLEY’S FROM DISCUSSIONS, THERE IS QUESTION ABOUT WHETHER THERE IS QUESTION ABOUT WHETHER THEY HAD THE AUTHORITY TO DO THEY HAD THE AUTHORITY TO DO THAT THAT AND STAFFERS AT TREASURY DID AND STAFFERS AT TREASURY DID RAISE THESE OBJECTIONS TO RAISE THESE OBJECTIONS TO OFFICIALS AT TREASURY THAT WERE OFFICIALS AT TREASURY THAT WERE IN CHARGE OF THIS AND ULTIMATELY IN CHARGE OF THIS AND ULTIMATELY THEY DID NOT WIN THE DAY THEY DID NOT WIN THE DAY

>> THE BOTTOM LINE, AS IT WERE, >> THE BOTTOM LINE, AS IT WERE, IS THAT AS MUCH AS WE THOUGHT IS THAT AS MUCH AS WE THOUGHT THE TRUMP TAX CUTS COST THE THE TRUMP TAX CUTS COST THE TREASURY, IT COST MUCH MORE TREASURY, IT COST MUCH MORE THE DEFICIT IS MUCH HIGHER AND THE DEFICIT IS MUCH HIGHER AND NOW CBO IS PROJECTING NEW NOW CBO IS PROJECTING NEW NUMBERS FOR WHERE THE DEFICIT IS NUMBERS FOR WHERE THE DEFICIT IS GOING, AND THE DEFICIT AND THE GOING, AND THE DEFICIT AND THE DEBT ARE GOING WAY UP HIGHER DEBT ARE GOING WAY UP HIGHER THAN THEY PROJECTED, EVEN WHEN THAN THEY PROJECTED, EVEN WHEN THEY SAW WHAT THE CONGRESS THEY SAW WHAT THE CONGRESS INTENDED THE TAX CUTS TO BE INTENDED THE TAX CUTS TO BE >> YEAH

>> YEAH THERE’S TWO THINGS TO SAY ABOUT THERE’S TWO THINGS TO SAY ABOUT THAT THAT FOR ONE THING THE DEFICIT FOR ONE THING THE DEFICIT DOESN’T HAVE TO GO HIGHER DOESN’T HAVE TO GO HIGHER

THE ALTERNATIVE IS THE THE ALTERNATIVE IS THE GOVERNMENT CAN CUT SPENDING GOVERNMENT CAN CUT SPENDING THEY CAN CUT SPENDING AT THE THEY CAN CUT SPENDING AT THE ETA, AT OSHA, DEPARTMENT OF ETA, AT OSHA, DEPARTMENT OF EDUCATION AND NASA EDUCATION AND NASA THEY CAN CUT SPENDING AND THEY CAN CUT SPENDING AND YOU

NET HAVE TOYOU YOUNET HAVE TOYOU DON’T HAVE TO WORRY ABOUT THE DON’T HAVE TO WORRY ABOUT THE DEFICIT GOING HIGHER DEFICIT GOING HIGHER REMEMBER, THE REASON THEY WERE REMEMBER, THE REASON THEY WERE ABLE TO GET THIS PASSED SO ABLE TO GET THIS PASSED SO QUICKLY WAS BECAUSE OF A QUICKLY WAS BECAUSE OF A RECONCILIATION RECONCILIATION

THEY PROMISED THE DEFICIT WOULD THEY PROMISED THE DEFICIT WOULD ONLY BE OVER A CERTAIN AMOUNT, ONLY BE OVER A CERTAIN AMOUNT, THEN THEY’LL RAM THE LAW THROUGH THEN THEY’LL RAM THE LAW THROUGH AND THE DEMOCRATS DON’T HAVE THE AND THE DEMOCRATS DON’T HAVE THE ABILITY TO FILIBUSTER OR STOP ABILITY TO FILIBUSTER OR STOP THE BILL FROM BECOMING LAW THE BILL FROM BECOMING LAW >> BUT >> BUT BUT WHAT HAS HAPPENED IS THAT BUT WHAT HAS HAPPENED IS THAT NUMBER, THE NUMBER THEY NUMBER, THE NUMBER THEY ESSENTIALLY PROMISED, IS REALLY ESSENTIALLY PROMISED, IS REALLY NO LONGER A REAL NUMBER NO LONGER A REAL NUMBER BECAUSE THE TREASURY HAS BECAUSE THE TREASURY HAS EFFECTIVELY ADDED A HUNDRED EFFECTIVELY ADDED A HUNDRED BILLION DOLLARS TO THAT DEFICIT

BILLION DOLLARS TO THAT DEFICIT >> AS YOUR ARTICLE SO MASTER >> AS YOUR ARTICLE SO MASTER FORTUNATELILYYMASTER

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