From the New York Times. I Michael Barbara, this the day today, our populist president, is proposing attacks plan that our rapporteur calls quote a wish list for billions what we learn about this administration from the taxes, it would cut and three moments from a big weak, hardline conservatives revive the same healthcare bill that they kill. The Supreme Court justices get here and a facebook exec is surprised by the power of Facebook. It's Friday April, twenty Why are you considered attacks expert? You know, that's a really excellent question, last sort of feel. Like that's a question I get from

though I interviewed overtime, ripened, Mason and writing about tax issues since two thousand and six so that eleven years Believe it or not know when I you know something I emailed the right people ask them how to talk to you. They said easy, Drucker, nice good, but didn't provided for names with its other guy nope, not another guy Jesse Drucker is a business reporter at times. Jesse. Thank you for coming on thanks rather me. What was your first reaction to this tax plan when you, when you sign it, seemed like a wish list for billionaires, I mean it is targeted tax relief, we're going to cut taxes and simplify the tax code by taking the current seven tax brackets. We have today a reducing them to only three bracket, but it's too

get a head on really the wealthiest members of society. Under the trunk plan, we will have a massive tax cut for businesses and massive tax reform in simplification, including clearly the president, based on what we know of his tax return deserters in exactly a year ago that Canada rob was asked if he believes in raising taxes on the well being said. I do I do, including myself I do so. My question is why Isn T do doing that and will the president end up paying more or less taxes as well? this plan. What let me just comment, I can comment on the president's tax situation since I dont have access to that. I'm gonna ask

The single simple question possible about the subject, which is what a federal taxes actually for well there to keep the government running for the most part, are federal. Taxes are going to pay for things like Social Security and Medicare Medicaid. They also pay, the military they pay for interest in our death. They paid a build highways and repair highways, but for the most part, most of what our taxes are going to fund is to basically keep elderly people out of poverty through the sort of security system. So when you cut federal taxes, What generally happens well, what generally happens is that you have this pool of money. Most of it is mandatory spending in about thirty percent of its discretionary spending, and so, when you cut taxes, if you don't wanna run deficits, then you have to cut your spending and generally, that comes out of the soul,

discretionary spending, which means spending on kind of everything else other than things you don't have to do, that are up to you thereafter, a clear maiden in theory. We don't have to do any of it and thoroughly don't have to keep senior citizens out of poverty and we don't have to pay for their health care. So in theory you don't have to do any of it, but so it tends to come out of things that keep younger people out of poverty or that repair, bridges and highways or keep our drinking water safe or prevent workers from their arms ripped off when they work in factories, etc. But yet as a basically, a minority of the spending is what is generally subject the cut We are trying to do things to pay for tax cuts, when's the last time that the United States cut taxes as dramatically as president Tromp is now proposing. The last time we had a big holistic overhaul of the tax system was in the tax Reform ACT of nineteen o six in a moment,

be sitting at that desk, taking up a pan and signing the most sweeping overhaul of tax code and our nations history, Ronald Reagan and Tipp, O Neill, speaker of the house, is only a democratic speaker of the house that time got together and figured out a very comprehensive overhaul of our federal tax system. When I signed this building the law, America will have the lowest marginal tax rates and the most modern tax code among major industrialized nations. You will. In short, what did the wig and tax cuts in nineteen? Eighty six do well. Overall, taxes on most families were reduced. There were some significant tax increases as well, and there was an effort to simplify the tax system. I think it would be a mistake to think that there is really simplification of the system that was

some of the same mess that it is now, but there were. That was one of the goals, but I think over all certainly, taxes on most families were reduced as a result of that of the eighty six reformat What happened to the United States economy after the Reagan tax cuts one into effect in nineteen it Sixty seven, we see the acceleration of a trend that had already begun. A few years earlier of basically stagnating income for the vast majority of Americans and accelerating income growth for a very small percentage of people at the top and that's a trend that has continued pretty much uninterrupted to this day. With the exception

about five years. In the ninety nine days, I feel like we ve just played the world Series of tax reform and the american people one. So what's the difference between that plan were discussing from the nineteen eighty is and what President Trump is proposing right now? Well, what President Trump is proposing right now is basically a kind of across the board package of tax cuts, not really it's not part of a plan to close loopholes or make the system fairer, unless you just think cutting taxes for everyone is making it affairs

Damn so is what you're saying that that Trump tax went is likely to intensify this trend. You started describing about income inequality growing, I mean one thing that is very interesting in the proposal to the really we can call proposal is, he is introducing a whole new category of lower taxes on what we call pass through income and without getting to technical, most real estate device.

For as private equity managers. They organise their businesses as partnerships, where the company does not pay any tax is all of the tax obligations flow through to the people who work there. If the partners, if all you cared about, was your taxes than what you would do Michael Barbara, is you would quit your job at the New York Times a day, you would become some kind of independent contract or set up a partnership enter into some kind of contracting arrangement with the times and then, instead of paying taxes it whenever rate you pay, you would pay only at a rate of fifteen percent. And are you also would have to worry about. I think contributing to so skirt anymore. If this actually became law, you can expect that savvy people will do this. They will know longer be employ ease, they will figure out ways to organise their businesses as pastors and pay this historically low rate of tax. Just how low? Oh,

fifty per cent and put them to some sort of prospective. Well soon, urgently, the highest rate on regular income is technically right around forty three percent, so essentially people that are currently paying taxes at a rate of forty two, forty three percent would have the opportunity to reorganise their affairs and pay taxes at a rate of fifteen percent. We are talking about something that would almost certainly exacerbating inequality and the trends that we ve been seeing for decades. Ok, I won't talk about what the Trump tax plan will mean for the national debt. One of the big concerns about this and so far is that it could balloon. National debt and debt sounds bad on its face, but universe work as you ve covered on for a long time. Donald Trump has called himself the king of dead Hillary Clinton, called you, the king, a debt while no sheeted goby. I call myself the king of debt and the king of dead, I'm great with that. Nobody knows that better than me admit it

watching by using debt. Is there a case to be made for growing our debt that it's not such a big deal? If you have other goals like you are running a deficit, because you want to do government spending to do something that you think will stimulate the economy. Look, let's take on a bunch of death, because we want

to pay for college for every eighty year old in Amerika for two years, because we think that an investment in our future or repair every highway in America, in that, I think that there is eight there there's a school of economics thought that deficit spending can be good as a way to stimulate the economy. That does not. I am pretty sure that is not part of this plan. I dont think that we are creating a deficit in pursuit of something other than to cut people's taxes and in their a big difference between corporate debt, which is how down Trump financed a lot of his business and government debt, which is what more worried this tax then might create. Well, I mean one differences that the? U S is unlikely.

To reduce its debt obligations by filing for bankruptcy, which is one of the ways at dollar. Trump is downright debts. Over the years and of things I work out, I we negotiate the debt and may lead to smart thing, not a stupid, thanked him and that's the most obvious difference. I mean obviously Donald Trump thinks of debts, as things that can be negotiated in men aided when they get out of hand, not so that is generally not the way that the Eu S has approached it, who benefit most from this Trump tax proposal. Very wealthy people in some cases only

effect very wealthy people in such a well. So he is proposing to abolish the estate tax, which currently for married couple, only kicks in when you have an estate leaved your ears of eleven million dollars or more sought by its very nature, that is attacks. It is only affecting multimillionaires. Donald Trump is I multibillion air, and if we were to assume that he were to leave and stayed in the neighbourhood of three billion dollars to his, areas is instead of paying taxes at a rate of roughly fifty percent. He would pay no estate taxes at all, so that would allow Eu Vodka and Don Junior and Trump and the other heirs to collect a full, a billion dollars verses, one point: five correct, yeah yeah, I feel like I know the answer to this, but from our quota unquote populist president. Is this a populist tax when I think it's pretty difficult to characterize? This is a part

less tax plan has you thank you very much appreciated. Thank you for having we'll be right back America's biopharmaceutical companies have one very important thing in common: a common enemy they're, making great progress because their collaborating ways they ve never done before. In a matter of weeks, they progressed from potential treatments for cover nineteen to Anna bodies and antivirals that have shown positive results to several promising vaccine candidates, get the latest updates at Ph Rna Dot, Org slash corona virus, because science is how we get back to normal three short scenes from the weak? The first was in Congress were the republican healthcare

is making a surprise reappearance, I'm We have made a bill better because of our engagement. As we held out on this bill, and I am also convinced that, if states get this waiver premiums will come down for those families who happened to be in those states. So I think this is the best we're gonna to get right. Now in the house, Jennifer How'D- I it's Michael.

Oh Jennifer Stein, how recovers Congress Jennifer? Why are the people who brought down the republican healthcare bloom suddenly embracing they got the folks, I'm bored by making the beau more conservative. The president, who is extremely eager to have some type of repeal bill for a bomb, occur pass, preferably before his hundred day in office, pressured the house to go back to the table and try to figure out a way to get something done. The round that they chose was to try to bring on board the boss. Conservative members of the House, Brigham Caucus, who felt blamed for the failure of the bill and to move the bill to the right centrally, given the option to provide essential health benefits to recipients of their state, and that was enough to get a lot of the conservatives. We don't know quite how many aunt, but a great number of them are now yeses how many folks,

made or are becoming know as a result of that, isn't it we're gonna, find out, obviously no democratic, but about for the bill still is basically a political document. This point: what is changed about the bill exactly to make it more tolerable to living among us was essentially change, as they have made it possible for states to have more options to provide less care. Do not force insurance companies cover folks praised in conditions to let states have the option to not force unsure as to have a central health benefits, which is a category of benefits like maternity and other preventive care. Her screens, the self worth that are part of the Obama CARE legislation are pretty popular part. Why would anyone

conservative or not. Conservative want to create options for insurers to provide less coverage and seems counter intuitive right, while many republicans believe that that would be more cost. Effective, catholicity, expensive declare people Briggs listing condition and sent to cover sick people, and they want to get states options they want to provide help ensure and they want people have, as they say, access to coverage. But the principal goal is to ban the cloth. Courage not to have endeavoured to learn near universal are broadbased courage.

Like this republican healthcare plan has been torn apart and most Americans because of a government analysis of it see it as a plan that would very likely kick tens of millions of people off of their health care. Why are Republicans even trying to salvage it at this point? One not just start Oliver. I would answer that question in three ways: question one: why did they even start with this with a new president? Who is it real doubt as to say the least thing with Washington? That's a big question: why did start with taxes are structure? Ok, but they did the effort failed that failed miserably in barracks in ITALY. Did you ask? Why do they pick a back up? Well, because the press

Ask them to Paul Ryan. The day after the healthcare bill veiled, give up to bring the floor, said: Obama, care of law. The light was over a kind of colored God Minon Minette Kyle Sever. Moving on so then, like a zombie from the policy grave, this building copped back up at the request of the President, who was basically masked Michael. He knew that many members have been running for years. Unappealing Obama care he talked of butter in a campaign. He wasn't gonna, let it go even though he'd come engaged at the end. The process was not in the way, then the details, you aren't it done, that's why they started to do it again if they fail again. I will answer questions you didn't ask me, but that will be what neck he there is potential to fix problems, at least with the exchanges in Obama care at a bipartisan basis in the Senate. That possible is possible when the house that's kind of doubtful, but that could be a next step, and when do you expect the vote to be? If I had to guess, I would think the vote would be next week. If they get the vote. I dont think I'll bring it to the floor.

If they don't have the vote. That would probably be an embarrassment. They could love a doubt. But at this point you could say this has been a mass, basically Jennifer. Thank you very much. We will check bug in with you next week to see if this moves ahead or if it goes back to the grave or if it's on bees up again with more figured out a great and afford to buy Denver by the second scene, was in the Supreme Court. Adam lived tat. Was there tell me about this case? You watched in this wrinkle yesterday, so So as the courts last argument of the term, you might think it's a technical question about immigration law, but it turned into something really extraordinary. The justices got very upset with a government lawyer who took a completely hard line on when someone's. U S, citizenship can be withdrawn, revoked

of citizenship if they lied in any way in the process of obtaining their citizenship? However, revealed a lie. Any lie whatsoever, including a significant omission, so the chief justice is well. You have to fill out this formed. It says: please discuss any criminal offence, however minor, whether you were arrested or not, and the chief justice is one gotta make a confession. I drove sixty miles an hour, fifty five mile in Arizona and I got away with it. What are you telling me? He says to the government lawyer that if I fail to disclose that you can show up at my house and revoke my citizenship. Twenty years after I was naturalised, and the government lawyer amazingly said yes to which the chief justice uttered the immortal words oh come on, that does not sound like chief Justice Roberts. He was able

he was hot, but not as hard as Justice Kennedy Guard who really late into this lawyer and said he was demeaning the priceless value of american citizenship and then other justices piled on justice freedom heiresses. What? If I failed to disclose the childhood nickname cause you have to disclosure nicknames, yup, food and strip. You have citizenship for that justice can says. Well. I've lied about my weight: horrified to say, cheese. Same thing same thing: is this an unusual tenor for the Supreme Court, and it seems that way? Yes, it was the probably the liveliest and the most colorful argument. A fairly dull term. And what are we learn from this case? We learn that even Supreme Court Justices-

were logicians and technicians do have a humans sense of common sense and fairness, and there is some things they just find appalling and what do we expect based on pretty openly hostile questioning from the justices gonna happen. In this case, I think the citizen whose citizenship was revoked is likely to get another shot to prove that the supposed lie that she was convicted of was immaterial. That was the question in the games. Whether even immaterial lies we'll get you stripped of EU citizenship. She wasn't a particular sympathetic Wayne if she might have lied about something important, but she was tried under this theory that it doesn't matter

If your life is bigger, small any lie will do and we can take away your citizenship. Finally, what are we to make of this government lawyer who came in for some pretty stinging critiques from the Supreme Court? I think I'm prepared to stick up for the guy. This was the position staked out by the federal government, both under Obama and Trumpery. You can ask questions about whether they couldn't have found some way to distinguish the case. They were pressing from this general theory, but this was this theory in their briefs and they sent in the sky to take the heat and boy. Did he and thank you very much, you bet, the third scene was here at the times two years ago. Give us remember and unexpectedly raw post on Facebook by the chief operating officer of Facebook, peril. Sandberg Alaska

It's been Dave two years ago and it's the unimaginable I I found him. We were on vacation celebrating a friend's 50th birthday party in a gym. If we're home, to tell a seven and a ten year old you, my children, that they'd never see their father again, and you know the grease that followed was something I really never been for. For it felt like there's a void closing in on me. My brother in law talked about it as a boot pushing on his chest. He felt like every day every week was was a month was a year and wasn't just a grief. It was the isolation in a before Dave died. I dropped my kids off at school pupils had high. I walk into the office. Every chit chat, but not so much because I think people were so afraid to say it.

They're on think they like most likely to say anything and so just filling worse and worse and worse, the jewish period of mourning for spouses called shallow. She meets thirty days from burial, and so I'd been keeping a journal, and as that day approached, I wrote a facebook posts, which is what I would say to everyone. If I were going to say something, and then I prefer, I went to bed thinking, there's zero chance on posting this. It is just crazy open and I woke up the next day and it was so awful. I thought this is firstly the end of morning. I couldn't feel worse, things can get worse and maybe they'll get better and I had post and you know it and take away the grief at all, but he did help with the isolation has just broke, open a conversation and kicked the elephant out of the room. My friend from work calmly, she'd, been driving by my house for a month, but having come in, she started coming in

woman from the Nick you, a stranger posted that she just lost one twin and was trying to give the surviving twenty great life and another woman who lost a twin posted to her, and it was for me remembering ok, I'm facing this horrible tragedy, but I am not alone. So many other people face adversity of all kinds, and when we talk about it, we can help each other get through it. Sandberg spoke about that experience was published this week and she came to the times to talk to PAMELA Paul editor of the book review and host of the book of you podcast. I didn't get most of this right before you know. I used to think if someone was going through something hard. Cancer job loss, a death. The first time I saw them. I would have a sorry, but then I wouldn't bring

began because it was up to them to bring it up, and if I brought it up, I would be reminding them that's absurd. You can't remind me Dave died. I knew Dave died at New Dave died every day, all the time. So when people didn't say anything it felt like they weren't acknowledging the pain,

That's it for the daily amicable, see what money do you avoid tough problems and shy away from a debate dealing uncertainty limits potential? Neither do we have a university of Chicago Booth, school of business. We believe in asking questions and questioning answers with campuses in Chicago London and Hong Kong. The booth MBA is for people who see challenges as opportunities and want the skills to make positive change in any market anywhere in the world, ready to find your community search Chicago both that eighty, you today to learn more