tv Risk and Reward With Deidre Bolton FOX Business October 3, 2016 5:00pm-6:01pm EDT
to endorse a candidate, but he is encouraging catholic voters to vote their conscience. melissa: here is risk and reward. >> while millions of american families including mine and yours were working hard, paying our fair share, he was contributing nothing to our nation. imagine that. not fair. nothing for pell grants to help kids go to college. nothing for veterans be nothing for our military. >> as a businessman and real estate developer i have legally used the tax laws to my benefit. and to the benefit of my company. my investors, and my employers. i mean, honestly, i have
brilliantly used those laws. liz: donald trump with a full-throated defense to a "new york times" story that he did not pay taxes for decades. he blamed a nearly $1 billion loss on his 1995 tax return. it's good to see you, steve. is this smart for donald trump to give himself that he's making a brillant move here? >> let me say this. i think this whole story by the "new york times" has been trumped up so to speak. the idea that you can't take a tax write-off for loss, only somebody who knows nothing about business like hillary clinton would make that claim.
businessmen and women know this is as standard feature of the tax system. when you have a bad year you can write off losses against profits in a good year. i have never seen his tax returns. his companies paid 100s of millions in taxes and 100s of millions in property taxes. so he has been a tax generator. i'm not so sure hillary can make that claim. liz: he said he has a fiduciary responsibility to his family and company and he has he paid prompt taxes and excise taxes. it looks like hillary clinton is trying to claim the moral outrage with fair share. donald trump is saying wait a second. washington, d.c., you have blown hundreds of billions and
trillions of dollars of our money. who are you to take another nickel out of our pockets when you haven't reformed yourself first. i think the trump camp is saying that. >> i didn't come up with that. but i like it. i think he said this before in a very helpful way. he said i pay as little taxes as i can. and i do, too. nobody pays for taxes than they have to. he says the reason i pay as little tax as i can is for two reasons. the government wastes so much money, why would i want to send them more money? he said, number two, every time i can save a penny or dollars or $10 on taxes that's more money i can put into the business and hire more workers. >> i know this makes you nuts. this makes me crazy, too. here is what we know. congressional budget office.
the u.s. government has over a trillion in empty building that we spend $10 million a year to maintain. that's housing for the peer. it could have gone to more productive uses. >> let me give you another one of bigger than that one. the government accountability office a year oh two ago came out with a report, somewhere in the neighborhood of $50 billion of -- of $150 billion in erroneous and fraudulent the payments in medicare and healthcare. liz: hillary clinton doubled down again about paying fair share while the government does its fair share of spending. >> paying our fair share. it's time to rewrite the rules.
when the super rich start paying and unfair to american workers. we need fair rules and power to gain unfair advantage. liz: nancy pelosi has been in office since the reagan administration. democrats have been down there talking about fair share. what do you think of hillary clinton trying to turn this election into fairness. we are just 10 days away from ohio starting to vote. >> i think it's a losing strategy. everyone wants fairness. the problem is if you look at income inequality, the evidence shows clearly from the census bureau that income equality has gone up every year obama has been in office yet he raised the minimum wage and we had tax increased on the rich.
so their policies have not made the economy more fair. trump need to talk about growth and jobs and how to make a bigger pie all together. if it's a debate between me as republicans who want to grow the economy and we who want fairness and divided the pie into different slices. john f. kennedy said a rising tide lifts all boats. elizabeth: 2/3 of u.s. household get more from government benefits than they pay into the system. will barack obama go down as the first president in modern history to never have a year of 3% growth? >> unless we get some incredible number in the third quarter. this year we have grown so far at 1.2%. how bad is that?
we have quarter under ronald reagan when the economy grew by 5%. growth is what americans want. liz: reagan also had multiple recessions to deal with. people say president obama has a great recession. reagan had three recessions. >> the stock market. you look at the stock market from 198 to 1992 -- 1988 to 1992. over 15 years adjusted for inflation the stock market lost 55% of its value. elizabeth: governor chris christie and former snare rudy giuliani jumping to trump's defense, going so far as to call
donald trump a genius forethought paying taxes. >> the genius of donald trump has been to make sure he follows the law which is exactly what he has done. there is no one better suited to change these laws. >> the reality is he's a genius. what he did was, he took advantage to save his enterprise and he did something we admire in america. he came back. the art of the deal is all about that. he talks about it. so did steve jobs, and so did winston churchill. he was thrown out of politics twice and came back. elizabeth: winston churchill also raised a lot of taxes in the 20s. steve, is it going to play with the american people that donald trump is a genius for cutting his tax or is it more they misstated and they are trying to say he's the comeback kid to a certain degree.
>> maybe genius is overstating it. every single person in america uses the law to pay the minimum amount of income tax allowed. that's what donald trump did. he took a loss because he took a risk. that risk didn't and out so he took a loss. is hillary clinton saying, you want to pay taxes when you lose money? it's incoherent and relies on the ignorance of a lot of voters. they are not people who are out there working and building businesses. a lot of them are out with their palms out saying you need free stuff. but normal americans will see right through it. donald trump is what every working american can and should do. >> that's hillary clinton's point about paying fair share. look at nancy he throwsy.
joe biden has been around since the nixon administration. the government is not about creating jobs, the private marketplace does it. and what the government is doing is take money out to redistribute through government benefits, right? >> that's to of what government does liz require's a lot of it. >> social security. >> medicare, medicaid. >> government tries to create the environment for economic growth. let me address the taxes part with donald trump. we don't know whether he did everything legally or not legally because he hasn't released his taxes. he took a $billion write-off and he admitted he didn't pay any taxes. here is why it's a problem for him. i live my walter treed hospital. i have seen people loss their
limbs and get rehab there. and the people staying across the street at the motel 6 are the families. they are paying taxes to pay for that veteran who lost a limb. elizabeth: hang on, i'm sorry, i hear what you are saying. >> there are 93 million americans contributing to the tax base. elizabeth: let me back up. the top 20% pay 84% of federal tax revenues. i understand the middle class family is getting hit shard with payroll taxes. we get it. there is something with the earned income tax credit that lowers people's bills. but you said the u. st. government sets the stage for economic growth.
how can you say that when president obama is the first u.s. president to never have had a year of 3% growth. take it on, curt. is the u.s. government setting the stage for economic growth? >> no. the u.s. government is an anchor and a drag. i'm in a groat industry. i'm a trial lawyer in a blue state so things are good and i'm paying over 50% in taxes because i'm here in cali. i don't know, is paying more than half my time my fair share? let's get back to this walter reed thing. i served 28 years as an farmy officer and was in two hostile fires. this is just a distraction. if you did not make money you do not pay income tax, but you pay property tax and sales tax and payroll tax, i know because i'm a business owner and i pay all those, too. liz: to curt's point, it's a new
conversation people are having. what government are we getting for our money? the government has $2 trillion in federal deficit. president obama doubled the federal deficit with no square of 3% growth. >> and bill clinton had you are plus. elizabeth: let's move on. i think we are having a new conversation it's good that curt and jim are having it. he's also criticizing donald trump -- hillary clinton over her husband's affairs. what's your reaction. >> hillary clinton's only loyalty is to her financial contributors and herself. i don't even think she is loyal to bill, if you want to know the truth. and really, folks, really, why should she be, right?
why should she be? >> curt, is this effective with the voters within the 40 yard lines? should donald trump be bringing up bill clinton's opinion if i delts? >> i think it's very effective with this voters. a lot of us who don't like the clintons consider her behavior as inexcusable in the way he treated women, and the weakness she showed when she is going to be facing people-like putin and the chinese and iranian leaders. but, look, when donald trump focuses on the economy and focuses stop jobs. when he focused on the unfair deal america's working people have faced, then he does his best. let's talk about that. that's where donald trump wins. we know hillary clinton is a bad person. we know donald trump is not a perfect bern either.
>> there is no conceivable way on god's green earth that bringing up the donald trump, bringing up marital infidelities will work for him. it's not just because in the previous part of donald trump's life he was a serial adult earlier who made his fame and fortune in part by trading on being a playboy. we have seen it in the tweets in the last week. he's kinds after bully when it comes to his dealing with women and whatever issues they have and whether they are fat pigs or fat slobs or the worst ever. i don't like to give donald trump advice, but i'm chewer the clinton campaign is thrilled when he's bringing up these topics. absolutely thrilled. liz: fox business has you covered for the presidential debate. we have a special lou dobbs show at 7:00 p.m. eastern time
followed by you have to coast to coast. the state of illinois suspending $30 billion in in the investment activity. with wells fargo. we have a social experiment video going viral. we have a guy who brought an all lives matter sign to a primarily black neighborhood. he joins to usalk about the backlash. a ceo posting a loss of that size. he joins me next. don't go away. is it a professor who never stops being a student?
is it a caregiver determined to take care of her own? or is it a lifetime of work that blazes the path to your passions? your personal success takes a financial partner who values it as much as you do. learn more at tiaa.org i'm going to the bank, to discuss a mortgage. ugh, see, you need a loan, you put on a suit,
you go crawling to the bank. this is how i dress to get a mortgage. i just go to lendingtree. i calculate how much home i can afford. i get multiple offers to compare side by side. and the best part is... the banks come crawling to me. everything you need to get a better mortgage. clothing optional. lendingtree. when banks compete, you win. okay! ...awkward. with new cabinets this wfrom this shop,house, with handles designed here, made here, shipped from here, on this plane flown by this pilot, who owns stock in this company, that builds big things and provides benefits to this woman, with new cabinets. they all have insurance crafted personally for them. not just coverage, craftsmanship. not just insured. chubb insured. when you're on hold, your business is on hold. that's why comcast business doesn't leave you there. when you call,
a small business expert will answer you in about 30 seconds. no annoying hold music. just a real person, real fast. whenever you need them. great, that's what i said. so your business can get back to business. sounds like my ride's ready. don't get stuck on hold. reach an expert fast. comcast business. built for business.
liz: my next guest says the "new york times" attacking trump is attacking what every other business has done. we know a lot of businesses take loss. right? this is par for the course? >> absolutely. facebook has don't. apple has don't. when our management team took over at ck restaurants at hardee's the company was almost bankrupt. being able to offset future gains against those losses aloud us to bring the company back. we now employ 75,000 in the united states. had it not been for the tax code treating losses in that way, i don't know if we would have recovered or not. if the tax code discouraged investment, it would hurt everybody. businesses grow the economy,
they create jobs and increase wages and tax revenue. allowing an offset for business losses against future gains encourages people to invest despite having sustained a loss. hillary clinton did it. she took a $700,000 loss on her tax return. she got a $3,000 benefit. the "new york times" paid no taxes and got an income tax tree fund of $3.5 million in 2014. this is blown out of proportion. the children tons and their media allies do the same thing with their finances and criticize donald trump for complying with the tax code. you would think they would be embarrassed. but you can't trust these people. they are petrified about the change trump is going to bring to washington.
>> the moral outrange is donald trump took it on his personal tax rerns. the s & l crisis, he took hits to it. we have a list of other companies together same thing. we are just showing them right now, apple, microsoft. what's interesting here, hillary clinton is -- held a fundraiser last week with apple ceo tim cook. tim cook said there is nothing patriotic about paying more in taxes. the flip side to this, should we all be massively overpaying and the government massively overspending? i think that's a conversation people want to have. >> nobody pays more tax than they are supposed to. nobody. not hillary clinton, not bill clinton, not the "new york times." nobody pays more tax than the code requires they pay. to criticize donald trump for doing something not only that the tax code allows, but
something it encourages people to do so they will invest is ridiculous. this is a hurricane in a glass of water. if this is the best the clinton camp has we are in pretty good shape.elizabeth: the clinton cas there is moral outrage. he should be paying his fair share for veteran care and you name it. 2/3 of u.s. households get more in government benefits than they pay into the system in taxes. it's a pretty fair system right now. what donald trump is saying, you the hillary clintons of the world, you the democrats of the world are blowing people's tax money. on what? >> when you tell people what percentage of their income the upper breaks the pay, they are astounded. when you ask what they should
pay, they will say something relative to the amount of income they earn. but they pay far me and are covering many of the expenses mrs. clinton used to take advantage of as an employee of the government. what they are selling the american public is a line of b.k. b.k.. -- is a line of b.s. i hope donald trump will get on that line of b.s. and stop talking about the peripheral issues. they should be embarrassed to even raise this tax issue. this guy created jobs. she hasn't created anything. liz: donald trump's camp accused the "new york times" of illegally publishing his taxes. this gentleman said mr. trump could be right.
they are the legal squad that sued the u.s. government to get hillary's emails. he joins me next. ...as a combination of see products.. and customers. every on-time arrival is backed by thousands of od employees, ...who make sure the millions of products we ship arrive without damages. because od employees treat customer service... ...like our most important delivery. od. helping the world keep promises.
liz: there is a lot of angles that we want to get for you. it is a portion of donald trump's 1990 tax returns. it was a lot illegally obtained. it is an extension of the clinton campaign. in fact, there is a question does the first amendment cover what it did. could it be illegal for any person to publish.
that was unlawful. let's get to my next guest. is a lock clear cut. could it held liable. i think it requires an investigation. and then they verified it with other sources in a rigorous fashion. they conspired with someone in the government to leak the information there could be some liability there in my view. but there needs to be investigation to see that state tax forms. if they leak them or if they came out with the federal offices of the irs. it could be a criminal liability for that. there has been prosecutions. bill clinton's passport file
was leaked during the bush administration. there were prosecutions over that. >> what is happening with the new york times story. it comes fast on the heels of the executive editor saint he would happily faced jail time face jail time in order to publish donald trump's tax forms. i'm not sure there's any chance that he well. if there is good to be an investigation it's good to be into whether there was a government. there may be a possible crime there. i think will be of hard to get that. there needs to be in inquiry with the officials they have the records either in new jersey, new york, connecticut or in washington dc perhaps whether they were improperly.
they insisted they did nothing wrong. listen to this. >> threatening legal action against you guys in the new york times what are you saying about that. last and i checked it wasn't a crime to check your mailbox. it would be a crime for someone inside one of the state tax forms but that's what our lawyers are saying. >> if it's in the public interest. >> and makes a certain amount of sense. there needs to be an investigation on how these documents were leaked at the government and the government needs to do some internal investigations in those three states and in washington. that's serious stuff.
if the candidate has the government files leaked. that is the first place that you would look because the files are resident in those tax agencies in the state. it is a serious issue. the irs has been caught abusing its powers. it's not like it be a stretch. >> millions of dollars worth of jewelry store alone. he says invasions like this to happen all the time. donald trump is there. he is saying the taxes are unconstitutional.
[ beep ] but you'll be glad to see it here. fidelity -- where smarter investors will always be. if only the signs were as obvious when you trade. fidelity's active trader pro can help you find smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be. it begins from the the second we're born.er. because, healthier doesn't happen all by itself. it needs to be earned every day. using wellness to keep away illness. and believing a single life can be made better by millions of others. as a health services and innovation company optum powers modern healthcare by connecting every part of it. so while the
world keeps searching for healthier we're here to make healthier happen.
upgrade your phone system and learn how you could save at vonage.com/business we should not and we will not respect those who get rich by cheating everybody else. today i want to send a clear message to every board room and every executive suite across america if you stand with your customers pollute our environment or rip off taxpayers we will find ways to hold you accountable.
liz: that was hillary clinton earlier today. he hasn't paid any income taxes. my next guest says that's not illegal at the u.s. dr. ron paul. he's with me now. they came along with the 16th amendment to try to give it the authority. and people argue about that. it's also arguing whether it was legitimately passed but let's assume that is never going to change. the real unconstitutionality of the tax code is the way they collected. it is assumed you are guilty until proven innocent and that
turns the constitution on its head. it is a method of collecting revenues in a very unconstitutional fashion. and one presidential in one presidential debate one of the republican candidates was lamenting. about half of the people don't pay income tax. if you're living in a free society they did not intend it. the real problem with the income tax is the assumption that it owns you in control seo and controls a hundred percent of your income but permits you to keep a certain percentage if you obey the rules and make yourself vulnerable to everything the government does. you should have on all the fruits of your labor. they own everything that they earn. that is the attitude.
you are guilty until proven innocent. they do try to do the subtle tax excuse. it is really progressive. they pay into the system and taxes. and taxes. karl marx would love the u.s. tax code. he designed it that way. it was a progressive income tax. what they're saying if you don't pay your fair share then you're not participating but how is it fair that the government says it's fair that if you take something for one group and give it to another group there on the take and
doing some useless things. we do complain about the welfare state. i one time believed welfare was foodstamp. it goes to big corporations. it is a very unsafe bear system. for him not to pay more of the hard earned dollars to the unfair government analytical system that is there just designed to take care of the special interest. all of the money blown on green energy policies. this is the first time in u.s. history that we haven't had one year of 3% growth is 2008. >> they talk about the problems they say we can pay for this big getting rid of race -- waste fraud.
and corrupt. there is always special interest. we went to even be entertaining these ideas. the income tax is a very abusive. we talked a lot about taxes as every campaign we end up here in this is not the thing. you income tax where they borrow the money. that is a tax on the future generation or you have that worst the inflation tax. just dilute the volume of people saving and that goes on forever. it's big government spending and we have to change the minds of the american people that they don't have to accept the liberal policy.
the government should spend money. and that's how you go for prosperity. why work if you just print and spend. that is especially true for the people who issue the reserve currency of the world. if anybody thinks it's can continue we certainly don't have to work. we can export our money and our inflation. thank you so much for your time. we were talking about this earlier. kim kardashian tied up and robbed in france. millions of dollars of jewelry was taken. home invasions in the u.s. happen all the time. good advice on how you can protect yourself. it went viral. it went to a primarily black neighborhood to see what would happen.
with once-weekly trulicity. trulicity is not insulin. it helps activate my body to do what it's supposed to do release its own insulin. trulicity responds when my blood sugar rises. i take it once a week, and it works 24/7. it comes in an easy-to-use pen and i may even lose a little weight. trulicity is a once-weekly injectable prescription medicine to improve blood sugar in adults with type 2 diabetes. it should be used along with diet and exercise. trulicity is not recommended as the first medicine to treat diabetes and should not be used by people with severe stomach or intestinal problems or people with type i diabetes or diabetic ketoacidosis. trulicity is not insulin and has not been studied with long-acting insulin. do not take trulicity if you or anyone in your family has had medullary thyroid cancer oor if you are allergic to ntrulicity or its ingredients. stop using trulicity and call your doctor right away if you have symptoms of an allergic reaction, such as itching, rash, or difficulty breathing; if you have signs of pancreatitis
such as severe stomach pain that will not go away and may move to your back, with or without vomiting or if you have symptoms of thyroid cancer, which may include a lump or swelling in your neck, hoarseness, trouble swallowing, or shortness of breath. medicines like trulicity may cause stomach problems, which could be severe. tell your doctor about all your medical conditions and any medicines you take. taking trulicity with a sulfonylurea or insulin may increase your risk for low blood sugar. common side effects include nausea, diarrhea, vomiting, decreased appetite, and indigestion. some side effects can lead to dehydration, which may cause kidney failure. with trulicity, i click to activate what's within me. if you want help improving your a1c and blood sugar numbers with a non-insulin option, click to activate your within. ask your doctor about once-weekly trulicity. seconds can mean the difference between life and death. for partners in health, time is life. we have 18,000 people around the world.
the microsoft cloud helps our entire staff stay connected and work together in real time to help those that need it. the ability to collaborate changes how we work. what we do together changes how we live. liz: terrified hotel room invasion. she is wife of the rapper kanye west. she was held at gunpoint in her hotel room in paris according to reports the reality star was tied up gagged, and locked in her bathroom by five armed masked men. an estimated $10 million in jewelry including the ring shown here on here instagram account i think it was worth about four to half million dollars. she was is badly shaken but unharmed. invasions like this they don't is happy to the -- happened to
the wealthy they happen here in the u.s. all the time. how you can protect yourself. take you so much. what is your take on what happened here. with regard to the kardashian robbery there is a lot of unanswered questions and i think the law enforcement agencies or can have their in the area. why was she traveling with $10 million worth of jewelry. it's not uncommon for most people typically she always has her entourage around her. you're more than one a security guard. she have won a security guard. there is can be a lot of questions that i can have to be answered by her income may in the last question is who stand to gain from an insurance claim against the jury. >> not to make any suggestions that they did anything themselves we have to look at it from that standpoint as well.
he cut short a concert to go be with his wife. but people are really scared what do they do do they case the house before they do a home invasion what can americans do out there to protect themselves. >> you have to make your home a hard target. they pick and choose their targets just like terrorists do. so real quickly how can you make your home a hard target increase the lighting around your home. make sure your doors are locked. a lot of people don't even time -- take the time to lock the doors when you're in the house. and number three you want to make sure that you did not answer the door for anyone that you are not expecting. there's a lot of devices you could buy these days you can actually put it on your door and if someone rings your doorbell what happens is a has a little camera you can see on your cell phone who is at your door but there's a lot of ways
you can protect yourself but the main thing is do not open the door to someone that you are not expecting if you do, you could be a victim of a home invasion. >> are they scared of dogs does it help to have any indication to have a dog around the house. >> it can't hurt. those types of things they can serve as a deterrent. the message here is to be safe. this time he brought and all lives matter sign and once he was there see what happened. this is the backlash that is next. don't go away.
don't let dust and allergens get between you and life's beautiful moments. flonase gives you more complete allergy relief. most allergy pills only control one inflammatory substance. flonase controls 6. and six is greater than one. flonase changes everything. ♪ so i thought it thanks might be times, dad.
to talk about a financial strategy. you mean pay him back? so let's start talking about your long term goals. knowing your future is about more than just you. it's how edward jones makes sense of investing. if you're on medicare, remember, the open enrollment period is here. the time to choose your medicare coverage begins october 15th and ends december 7th. so call unitedhealthcare to enroll... in a plan that could give you the benefits and stability you're looking for, an aarp medicarecomplete plan insured through unitedhealthcare. what makes it complete? it can combine medicare parts a and b, which is your hospital and doctor coverage with part d prescription drug coverage, and more, all in one simple plan for a low monthly premium or in some areas, no plan premium at all. an aarp medicarecomplete plan offers you benefits like an annual physical, preventive screenings and most immunizations all for a $0 copay.
you'll also have access to a local network of doctors and much more. you can get routine vision and hearing coverage, a fitness membership to help you stay active, and worldwide emergency care. for prescriptions, you'll pay the plan's lowest price, whether it's your co-pay or the pharmacy price. or pay zero dollars for a 90-day supply of your tier 1 and tier 2 drugs, delivered right to your door. in fact, our medicare advantage plan members saved an average of over $4,500 last year. now is the time to look at your options. start getting the benefits of an aarp medicarecomplete plan insured through unitedhealthcare. unitedhealthcare has been helping medicare beneficiaries for over 30 years. we'll connect you with the right people, help schedule your appointments, and with renew by unitedhealthcare, you can learn about healthy living and earn rewards, too. remember, medicare open enrollment ends december 7th. call unitedhealthcare today
about an aarp medicarecomplete plan. you can even enroll right over the phone. don't wait. call unitedhealthcare or go online now. ♪ >> do support black lives matter. all lives matter. he thinks they're all fake. internet start is at it again. we just saw one of his interactions in a white neighborhood. this time he went into a mostly black neighborhood within all live matter sign. >> all lives matter.
where did this take place and when did this happen. i filmed both scenes in staten island. i filmed one down south where the white community is. then i went up north where the mostly black community is. >> we just saw one of the guys always get violent with you. i was holding up the black lives matter sign they either laughed at me where he said it should say all lives matter. they don't want segregation they want to make it all lives not just black lives.
they came at me. one kid came up and said you should get out of here for your safety. he decided it's a bad neighborhood. i was not hurt. i had one my friends who was basically doing security behind the camera. he ran out to stop. he just had a bad fall. what he did the social experience. i really sparked up a lot of conversation and controversy. what has been the reaction to the all lives matter one. >> they get really upset. our people reacting negatively or positively.
oh, taking some time off. no, i'm scheduling time to go to the bank to get a mortgage. ugh, you're using a vacation day to go to the bank? i know, right? just go to lendingtree.com. get up to five loan offers to compare side by side for free. wow, that's great. wait. how did you get in my kitchen? oh, i followed a raccoon in through your doggie door.
we take over with reaction and analysis. and to all of our jewish viewers happy rosh hashanah. making money with charles payne is next. charles: they start the week off in the red. i will tie about it. we then had to wait long until the first of october surprise. will this backfire with the media army. the message they're using that many question how long well that last. with the corporate profits. look at wells farg