TRUMP

>>> Joining us now the ░░░░░░░░ of the ways and ░░░░░░░░ committee congressman Kevin Brady ░░░░░░░░ Texas Mr Chairman always ░░░░░░░░ pleasure to have you ░░░░░░░░ Thank you for being ░░░░░░░░ us We have specific ░░░░░░░░ about the plan but ░░░░░░░░ want to ask you ░░░░░░░░ you are certainly a ░░░░░░░░ conservative There can be ░░░░░░░░ denying that This plan ░░░░░░░░ a trillion and a ░░░░░░░░ dollars has a lot ░░░░░░░░ make up on the ░░░░░░░░ Where do you pay ░░░░░░░░ this program How do ░░░░░░░░ pull it off and ░░░░░░░░ the answer is by ░░░░░░░░ the economy can you ░░░░░░░░ it enough to pay ░░░░░░░░ off over a decade ░░░░░░░░ s growth and elimiing ░░░░░░░░ special deductions in the ░░░░░░░░ codes You have to ░░░░░░░░ both We know it ░░░░░░░░ grow the economy in ░░░░░░░░ big way That doesn ░░░░░░░░ just grow revenues in ░░░░░░░░ It does it at ░░░░░░░░ state and local levels ░░░░░░░░ that s not enough ░░░░░░░░ reason we re going ░░░░░░░░ the simple postcard style ░░░░░░░░ and eliminating a lot ░░░░░░░░ special provisions on the ░░░░░░░░ side to to get ░░░░░░░░ to a balanced budget ░░░░░░░░ time You can t ░░░░░░░░ one or the other ░░░░░░░░ do both Do you ░░░░░░░░ in good faith I ░░░░░░░░ made the case that ░░░░░░░░ is growth plus elimiing ░░░░░░░░ many of the special ░░░░░░░░ in the tax code ░░░░░░░░ we can simplify it ░░░░░░░░ only way to lower ░░░░░░░░ rates for everyone families ░░░░░░░░ the local small businesses ░░░░░░░░ got to get rid ░░░░░░░░ a lot of special ░░░░░░░░ and deductions in the ░░░░░░░░ code You have to ░░░░░░░░ growth and streamline simplify ░░░░░░░░ code Let me ask ░░░░░░░░ one more before I ░░░░░░░░ it around the table ░░░░░░░░ meadows said the carried ░░░░░░░░ provision for hedge fund ░░░░░░░░ needs to go away ░░░░░░░░ s in there now ░░░░░░░░ you share his concerns ░░░░░░░░ that In the bill ░░░░░░░░ double the holding period ░░░░░░░░ those who will access ░░░░░░░░ interest That means it ░░░░░░░░ retained for that traditional ░░░░░░░░ estate group that s ░░░░░░░░ that local strip center ░░░░░░░░ that apartment building but ░░░░░░░░ hedge funds the quick ░░░░░░░░ and all that will ░░░░░░░░ be accessing this We ░░░░░░░░ double the holding period ░░░░░░░░ kind of puts it ░░░░░░░░ to what the origintent ░░░░░░░░ to encourage local investment ░░░░░░░░ the businesses Are you ░░░░░░░░ double the holding period ░░░░░░░░ one year to two ░░░░░░░░ Yes sir Doubling it ░░░░░░░░ two years isn t ░░░░░░░░ to solve your problem ░░░░░░░░ equity guys typically hold ░░░░░░░░ guys for five years ░░░░░░░░ more Secondly when you ░░░░░░░░ about local real estate ░░░░░░░░ you re also throwing ░░░░░░░░ huge megareal estate developers ░░░░░░░░ will get the benefit ░░░░░░░░ continue to get the ░░░░░░░░ of an unusually low ░░░░░░░░ rate We want to ░░░░░░░░ invest want and growth ░░░░░░░░ want I know you ░░░░░░░░ not like those people ░░░░░░░░ invest for longer periods ░░░░░░░░ think that s a ░░░░░░░░ way to grow the ░░░░░░░░ and by the way ░░░░░░░░ those involved in these ░░░░░░░░ are working to grow ░░░░░░░░ projects make things succeed ░░░░░░░░ the sweat equity over ░░░░░░░░ five and 10 years ░░░░░░░░ want more of that ░░░░░░░░ of investment Sure I ░░░░░░░░ the idea of people ░░░░░░░░ their money for the ░░░░░░░░ term but that s ░░░░░░░░ carried interest does It ░░░░░░░░ 20 of the profits ░░░░░░░░ return for investing something ░░░░░░░░ getting a special tax ░░░░░░░░ Everyone in those projects ░░░░░░░░ putting skin in the ░░░░░░░░ Some are working hard ░░░░░░░░ sweat equity to make ░░░░░░░░ greater gains for everyone ░░░░░░░░ That s who they ░░░░░░░░ full income tax for ░░░░░░░░ services and compensation like ░░░░░░░░ else does Over time ░░░░░░░░ they re making that ░░░░░░░░ grow and return for ░░░░░░░░ it is taxed at ░░░░░░░░ rate Look I think ░░░░░░░░ the holding period is ░░░░░░░░ very helpful here.