SEVERE WX : Winter Weather Advisory - Winter Storm Warning View Alerts
STREAMING NOW: Watch Now

Top White House economist predicts Rubio will come around on tax bill

President Donald Trump's top economic adviser said Thursday night he's confident Republican Sen. Marco Rubio will ult...

Posted: Dec 15, 2017 8:56 AM
Updated: Dec 15, 2017 8:56 AM

President Donald Trump's top economic adviser said Thursday night he's confident Republican Sen. Marco Rubio will ultimately be a "yes" on the GOP tax bill despite the senator's threat to vote against the legislation unless there is a more generous child tax credit -- a threat that could leave Senate Republicans with no room for error with their slim 52-48 majority.

"I've been pretty consistent in my communications on this issue and that is I want us to see the refundable portion of the child tax credit increased from its current number," Rubio told reporters earlier in the day on Capitol Hill. "If it stays at $1,100, I'm a 'no.' Let's hope it doesn't."

During an interview on CNN's "Erin Burnett OutFront," White House Council of Economic Advisers Chairman Kevin Hassett said Rubio's concern is "something that the people in the Senate will have to work out with Sen. Rubio."

He went on to predict that there would be an agreement and cautioned, "I don't think anyone thinks Rubio is going to hold up this bill."

However, Hassett tried to walk a fine line, defending the current child tax credit proposal without criticizing Rubio.

"It's very generous right now and I don't think it needs to be expanded. I don't think anyone in the White House does," Hassett said. "But we respect Sen. Rubio and the process."

A major aspect of the tax bill is that it lowers the corporate tax rate from 35% to 21%, with the goal of allowing US companies to keep their money in the country. Hassett said there is no way to force companies to put that money toward higher wages, but said he remains optimistic about its impact.

"We can't make them do that," he said. "You know, it's a free economy and we're a democracy, but what we can do is give them the incentives to do the right thing. And what we've done right now is give them an incentive to locate factories here in the US."

"We're not going to get every little bit of economic activity by US multinationals to locate in the US," he continued. "But there's going to be a heck of a lot more of it. And I think that the 15% reduction in the cost of capital should lead ultimately to about a 15% increase in the capital formation here in the US, so that's a heck of a lot of GDP."

The tax bill also does not close the loophole for carried interest, something Trump promised to do repeatedly as a candidate. Asked why Trump had broken a campaign promise, Hassett said he was not doing so.

"I don't think the President is breaking his promise, but this is not a dictatorship, it's a democracy," he said. "There are a lot of things that we in the White House would have liked to have seen in the bill that we understand in the Democratic process we can't have exactly our way."

Hassett added that if the House and Senate both pass the final version of the tax bill it will be "one of the biggest moments in economic policy in the last 50 years."

Oregon Coronavirus Cases

Data is updated nightly.

Cases: 137600

Reported Deaths: 1877
CountyCasesDeaths
Multnomah29040464
Washington19216179
Marion16668247
Clackamas11989141
Lane8724113
Jackson712295
Umatilla697673
Deschutes517140
Yamhill329448
Malheur319855
Linn319449
Polk256340
Klamath252446
Josephine182636
Benton181714
Douglas175944
Jefferson173425
Union114617
Wasco111723
Columbia107518
Lincoln102717
Coos98315
Hood River97621
Morrow96310
Clatsop7075
Crook65213
Baker5825
Tillamook3692
Curry3245
Lake2485
Grant2171
Harney1806
Wallowa993
Gilliam531
Sherman470
Wheeler201
Unassigned00

California Coronavirus Cases

Data is updated nightly.

Cases: 3147735

Reported Deaths: 36846
CountyCasesDeaths
Los Angeles106550515184
San Bernardino2628581594
Riverside2585322777
San Diego2255582344
Orange2214932625
Santa Clara964351181
Kern89095590
Fresno847441043
Sacramento828611157
Alameda69693886
Ventura64404507
San Joaquin59395808
Contra Costa54416487
Stanislaus43938788
Tulare42759531
Monterey37285259
San Mateo33731340
San Francisco30027278
Santa Barbara26514264
Solano26494111
Imperial25562493
Merced25048324
Sonoma24761247
Kings19760160
Placer17675188
San Luis Obispo16437151
Madera13781151
Santa Cruz12687130
Marin11930163
Yolo11014138
Shasta9920129
Butte9711134
El Dorado800259
Sutter792783
Napa782847
Lassen526916
San Benito514348
Yuba504929
Tehama446846
Tuolumne344340
Nevada329674
Mendocino325635
Amador304232
Lake268132
Humboldt249425
Glenn198522
Colusa18549
Calaveras167223
Siskiyou148413
Mono11354
Inyo100729
Del Norte8732
Plumas6055
Modoc3873
Mariposa3464
Trinity3054
Sierra880
Alpine730
Unassigned00
Medford
Cloudy
37° wxIcon
Hi: 35° Lo: 28°
Feels Like: 37°
Brookings
Cloudy
41° wxIcon
Hi: 38° Lo: 31°
Feels Like: 35°
Medford
Cloudy
37° wxIcon
Hi: 21° Lo: 14°
Feels Like: 37°
Medford
Cloudy
37° wxIcon
Hi: 39° Lo: 28°
Feels Like: 37°
Klamath Falls
Cloudy
30° wxIcon
Hi: 31° Lo: 21°
Feels Like: 24°
Wintry weather expected on Sunday
KDRV Radar
KDRV Fire Danger
KDRV Weather Cam

Community Events