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WATCH: Castellanos: Republicans ‘petrified’ they won’t pass tax reform after health care failure

Transcript for Castellanos: Republicans ‘petrified’ they won’t pass tax reform after health care failure

We can support the president. Don’t let anybody in the press think that because he’s supported my opponent that I do not support him and support his agenda. As long as it’s constitutional. As long as it’s advanced our society, our culture, our country,ly be supporting. Republican senate candidate Roy Moore right there. He defeated the president’s candidate. The same day that Obamacare repeal and replace went down again in the senate. And the scandal over private planes and the resignation of Tom price. Megan, let me begin with you. That was the tough news this week. Clearly, the hope is tax cuts will make up for it. Well, clooearly, it’s a hope. It’s been amazing to watch the rollout. How do they defend this given the effect that way disproportionately benefits the top 1% and top 0.1%. A nonpartisan group says 80% of the benefits by 2027 accrue to the top 1%. Under the plan details we know so far, you’re going get a $200,000 tax cut if you make a certain amount. We though this is politically one of the least popular movements to cut taxes. Which is why they’re denying that that is the ultimate impact. But Jason Riley, hard to see congress coming back with something that benefits the wealthy. I think the administration would do better to say, this is about economic growth. And tax relief for the most productive, well-off people in society, is not inconsistent with economic growth. Those two things are not at cross-purposes here. The real value added of this plan, I think, is the corporate tax relief. Something like $2.5 trillion corporate money stashed away overseas. We want that money brought back here, invested into businesses here. Lifting wages. That’s what this is about. But giving tax cuts or tax relief to wealthier individuals is not at cross purts with economic fwroet. That’s what the is about. Juicing the economy. E.J. Dionne, a new book, “”One nation under trump.” The white house concerned about this argue mgt that these are tax cuts for the wealthy. Is that enough to stop the senate and the house from passing it? I think there is a chance that you’re going to lose three Republican votes on this in the house. You already have 33 Republicans from states that really benefit from the deduction for state and local tax. But, look, they can’t say what Jason said they should say because then trump would admit he’s lying. I think what brings together this fight with the health care fight is they have to tell a lot of lies to justify it. It didn’t work on health care. Here they have to pretend this doesn’t help the rich. They’re playing a shell game here. They’re saying right now, with magic numbers, this won’t affect the deficit. So they pass it. And then three years down the road, Republicans will say, oh, my god, look at the high-def sits. We have to cut programs for the low-income people. Cut medicare, social security. If we fall for this, I can’t imagine we’ll fall for this. Alex, how snake-bit are Republicans after the health care fight and the president’s wavering positions. First he liked their bill, then called it mean. Republicans are petrified. Chuck Schumer and Nancy Pelosi have scared Republicans, oh, you’re the party of the the rich again. You were on health care. You’re going the take away health care from poor people? Can’t do that. Killed health care. They’re doing the same on tax. The Republican party is this wussy establishment party that has no voice, standing for nothing. I don’t think they will be able to get a consensus. They’ll agree on tax cuts as long as they don’t cut taxes. Peblsly for the people who pay them. And they’ll free on some kind of tax cuts unless they help — if they help the rich, oh, can’t have that. I don’t see how they can get a consensus in the senate. Stephanie, if Alex is right, you’ll have another revolt inside the Republican party. Democrats start to say, do we have a chance to get back the house or senate in the midterms? Absolutely. I don’t thing it’s Nancy Pelosi and chuck Schumer who have created the unrest in the Republican party. I think it’s the president. His policies. Throwing one house or the other under the bus when things are not going his way. I do think — and I’m not the Republican caucus. But I do think there is intense pressure to get something done. Nay need a victory. They need a victory. There is a chance, I don’t think massive reform, what’s laid out, has a chance of passing. I agree with that, not just auz of where Democrats are. They’re not going to be ae to get majority of Republicans to support this. I have been mystified this year. Alex’s analysis aside, by how convinced the stock markets have been all year long that all of this is going to go through with ease. No question the markets have priced in some sort of comp hepsive tax reform. We have seen it make some wobbles. People are still pricing it in. They have brought a package forward now that is politically unsustainable. They can tweak the dials. Talk about the child tax credit. Moving that. Keeping in place state and local deductions, which would take away so much of the the benefit of the wealthy. Here’s the key thing about the reform plan. If you make between $50,000 and $150,000, a third of your taxes go up. If you make between $150,000 and $300,000. Two-thirds of families taxes are going to go up. For many of these middle and upper middle class workers, your taxes are going up. If that turns out the be

This transcript has been automatically generated and may not be 100% accurate.

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