GLENN: Will we ever really see a truly innovative tax plan in America? No. No. No.
As long as the Republicans are the party in power, nope. Nope. And the Democrats won't -- no. Actually, the Democrats would give us a truly inventive one for America. It will look a lot like the old Soviet tax plan. They'll take everything.
So, yes, you could have that. But Republicans, worthless. We are now ten months into the Republicans controlling the House, the Senate, and the White House.
Can somebody remind me which legislative goals have been accomplished again? There was the confirmation of the Supreme Court nominee, Neil Gorsuch. That was good.
Go ahead. Give me anything else that Congress has done. Go ahead. Just let it rip. Oh, yeah. You're right. You're right. They did botch the overhaul of health care. They never got that really done.
President Trump and the Republicans in Congress are so desperate for something they can hang their hats on, because the clock is ticking on 2017. And they need to win in -- tax reform. Quick. Tax reform. Surely, that's the ticket. They've been talking about fixing our overcomplicated tax code for years. This is their big chance. In fact, several of the candidates ran on a 10 percent tax cut.
I mean, cutting it to 10 percent. Not cutting 10 percent. You remember they were going to do that, and they were going to stop spending? Yeah, the spending limits are all blown.
But they need a catchy title. To pass something, you need something like tax cuts and Jobs Act.
Wow. Low score for originality on that one. But it is the substance that counts. Don't judge a book by its cover. The subtitle, more jobs, fairer taxes, bigger paychecks.
Well, now, they've worked a long time on the title and the subtitle. But how are they going to do these things?
Well, the House Republican tax plan came out yesterday. It's mostly like everything else Congress has slapped together this year. Really underwhelming. Your eyes will glaze over as you read the plan. And I have an executive producer who has been taking me all through it all day over and over and over again, until you want to hang yourself.
STU: Sorry.
GLENN: But wait until you get to the really good stuff. And you don't ever find that.
But what they consider really good stuff and you'll say to yourself, that's the best they could come up with? And then you find out about the hidden 46 percent tax bracket that they haven't announced, that it's in the tax plan, so we are now giving -- as Donald Trump said, this is the best -- this is the biggest and no one has ever done anything like this in America before.
Actually, Woodrow Wilson and FDR did this. But other than that, no Republican has that I know of.
In the press conference, announcing the plan, Paul Ryan called it real relief for people in the middle.
And there is maybe some relief. The new family credit expands the tax credit from $1,000 to $1,600 per child. And overall, it looks like most Americans will pay a little less in taxes with this plan. But it really depends on several factors. So far, the only thing that jumps off the page as a potential game-changer is reducing the corporate tax rate from 35 to 20 percent. That's really all Congress ever cares about, isn't it? The corporations. They don't care in Washington about you. You don't have any power. They care about the unions. Because they have power. They care about the corporations, because they have power. You don't have any real power.
In fact, I contend that the Republicans despise you. The Democrats have always despised you. Look at how they treat their friends.
Look how great they have been to the African-American in the inner city. Right?
One thing that will help you is the corporate tax rate, if corporations decide to invest that money in you and be able to invest that money in an actual products -- making products better and not investing it in a runaway bogus stock market, which is probably what they will do.
American conditions will compete better on the world stage. That's good. It could create more jobs. It might attract more foreign companies to set up shop in the US. But other than that, the tax cuts and job act is about as uninspired as the title. It's a slight improvement. Nothing innovative. I'll take it.
But this is the best we've got? The only bright side is Chuck Schumer and Nancy Pelosi don't like the plan. So we can always hope maybe there's something in there that can't be all that bad.
