Newsmakers Extra: Everything you need to know about tax reform

Also, what you can expect at this year's rodeo

By Khambrel Marshall - Meteorologist, 'Newsmakers' Host

HOUSTON - John Diamond, Ph.D., knows taxes. He is a professor of economics at Rice University, a fellow in public finance and director for public finance at the Baker Institute.

He is a guest on this week’s Houston Newsmakers and also takes part in this Newsmakers Extra where he talks about the good and the bad of the recently signed Tax Cuts and Jobs Act. He said that by the nature of our tax structure, the richest in our society are absolutely the biggest beneficiaries of the new tax law.

“The real brunt of the income tax is really borne by the top 10 percent of the income distribution,” Diamond said.

There are others, however, who will also benefit in the short term, he said. He gives the plan a "B" grade.

Houston Livestock Show & Rodeo preview

VIDEO: Rodeo preview extra

The Houston Livestock Show & Rodeo tickets have gone on sale, which means it won’t be long now until the 2018 edition of the rodeo kicks off on Feb. 27. President and CEO Joel Cowley and Rodeo Committee vice president Terence Fontaine are guests on this week’s Newsmakers and talk about some of what to expect for this year.

Watch Houston Newsmakers with Khambrel Marshall every Sunday at 10:30 a.m.

More information

John Diamond, Ph.D. - professor of economics at Rice University and director for public finance at the Baker Institute

Joel Cowley - president and CEO of Houston Livestock Show & Rodeo

Terrence Fontaine - Houston Livestock Show & Rodeo Committee vice president

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