At a House Republican press briefing on Tuesday, House Speaker Mike Johnson (R-LA) spoke about the reconciliation bill.
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00:00are protected. Okay, that's the whole thing.
00:02Apologies for a wonky tax question.
00:05One of the big concerns for some of our investors and Bloomberg readers is that tax treatment
00:09have carried interest. The president wants to change that. What are your views on that?
00:13I've listened to the discussion, a very thoughtful discussion, back and forth amongst interested
00:19parties, and I'm not going to forecast where that comes. I mean, I know, look, I'll say
00:23this about our ways and means Republicans. They have put in, I mean, literally scores of hours
00:29down in the basement with the white boards, gaming out the very ideas and making sure
00:34that we make the right choices. You'll see a lot. That markup will be very telling on
00:39that, but they've come to a consensus. I'm not going to get out in front of them before
00:42that's discussed and released in committee, but we've heard from interest groups around
00:47the country, and we want to do right by them. Look, I think at the end of the day, I think
00:51what's going to be great about this legislation, the reason it's going to be so consequential,
00:54the reason it's going to be the biggest legislation, I think, in many decades that Congress has
00:58passed is because not only are we going to give everybody a tax break, right? They're
01:02not going to have the largest tax increase in U.S. history at the end of this year. It's
01:06going to help hardworking families. It's going to be turbo fuel, turbo boost to the economy,
01:11because I think this will send a message of stability to the markets, the bond market,
01:15the stock market, investors, job creators, entrepreneurs, that they have their tax rates
01:20permanent and solidified. They know they can plan accordingly, and that people have more
01:25money in their pocket to spend on their own families and their own needs and obligations.
01:29That's going to be good for everybody, and I think when it comes to this, I think all
01:32boats are going to rise again. That was the net result in the first Trump administration,
01:36the greatest economy in the history of the world, because we did thoughtful tax policy,
01:40and we did real regulatory reform. Right now, as Congressman Downing said, both those things
01:45are on steroids, and you're going to see this result in spades, and people are going to see
01:49it and feel it, and by the way, they're going to feel it before the midterm election in 2026,
01:54so that's another big thing. Last one.