tv Bulls Bears FOX Business January 15, 2017 6:00am-6:31am EST
again. is our new time slot will be fridays on fbn at 8 p.m. see you then. ♪ ♪ >> cleanup your christmas decorationright now. right now. >> with the big swearing in just six days away, new concerns passing big tax cuts could be delayed. incoming white house chief of staff reince preibus saying this week quote we have a huge challenge here after meeting to discuss tax reform with house speaker paul ryan. now, some here saying americans need tax cuts right off the bat to make the economy boom again. are they right? hi, everybody, i'm dagen mcdo you. this is bulls and bears. the bulls and bears this week, jonas, john lay field, along with emily and chuck. welcome to everybody.
gary b, you not only say we need tax cuts now. we need across the board cuts now. >> exactly, dagen. the single biggest thing that president-elect trump can do right now is cut taxes. my gosh, it would be so stimulantive to people's spirits, through the economy. they finally get to see through the fog. i base my argument on with it things. one, it seems every dollar we give our wait a moment for, quote, unquote, stimulus is wasted. do we have anything to show for the $1 trillion recovery act? the stimulus that obama had? i don't think so. two, every single dollar we give to give the, it seems to get wasted. look, building the highway in boston, building the parking lot for the kennedy center. there's not one project i bet over the last 50 years that
has come in on time and under budget. but, dagen, the bigger issue is this. look, it's the people's money. what do people deserve to keep from their paycheck? almost every single dollar, except for what we give to the government for national defense and enforcing our laws. everything else is there. we need to shrink government and move. >> okay. emily, this economies has grown at 3% for ten straight years. do we need tax cuts across the board right now? >> yeah. what better time? i mean, the fog of the last eight years of course as usual. i agree with gary b on this issue with tax cuts. always do. we need across the board tax cuts. the trump plan is looking great. free individual tax brackets. i would take the reince preibus quote with a grain of salt. we don't have all the context there i can tell you. i'm in washington right now. i want to communicate the mood of republicans and conservatives in washington right now. if there's one word, it's
eager. make change, get the tax cuts done. i think it's going to happen, and i think we'll see it happen soon. >> let's go to the democrat on the channel. chuck, tax cuts now? >> well, that's a good point. i'm in washington d.c. too, and it is excitement. let's talk about these bills for a second, though. the house bills takes about $6 trillion out of our revenue for ten years and the trump bill does about 6 six or seven. i'm sure my friend jonas will tell us all about that but let's break it down to a man who has a small business, an llc, let's call it a political consultant firm and my taxpayer was just here to see me this week and gosh i can't believe it's going to come out of my mouth. but when i got through writing checks to the government, the dc government, and the federal government for a man who may have had his best year ever, make a couple hundred thousand dollars, they owe 39% federal tax, want another 9.9 tax with the government. that gives me 50 cents on the dollar and big folks aren't paying nothing.
quit squeezing the middle. >> judd, i think chuck just came out in favor of tax cuts. >> yes. my friend chuck from east texas did come out. also in favor of waterburger, by the way, but that's a different issue. the personal income tax is not politically palatable, and i believe it's quite effective as corporate income tax. you don't want to make the mistake that president obama made. president obama made was when he first got in power, he had a positive majority and passed obamacare in such a fashion that it created such ill will for the first seven years that no one will. president-elect trump was politically palatable, reforms the corporate income tax. what chuck is talking about and gives these small businesses up to 50% income tax. that is completely unfair. cut that down to 15 or 20%. they can't do corporate tax inversions. they can't lobby the government because they don't have money to buy politicians
like these big companies have done for decades. this will go directly into the economy, directly to jobs, and directly to capital investmen i. >> and, jonas, speaking of jobs last year, we had the slowest creation since 2011. the economy not. net right direction. do we need both income tax and corporate tax cuts now? >> they already -- obama never raised taxes from the bush tax. most people. chuck rocha got a big tax hike. there's no question about it. but that tax rate, the curve is where all the revenues come from. cervical spine paying a single digit tax rate in america. so let's forget about how low taxes are now. now, what is wrong with them is how complicated and ridiculous it is to get to your single digit tax rate for most people, which is why the republicans seem to want to model this out to the reagan '86 tax plan, which is exactly what they should do and that is tax reform. it is not just across the board tax cut like we saw with bush do. the second bush. what you want to do is
simplify, remove deductions, get the capitol gas in line with the income bracket so you have less brackets, all of this complexity that has been added year after year after year and make it easier. but you can't have across the board net tax cuts. we're already running deficits now because obama didn't raise taxes back to where they were when really got into overdriv o. >> but, gary b, he did raise taxes, and we had a slower recovery since the 2008 recession than we did from 2001 to 2007. and how about on the flip side? cut spending and cut taxes. >> exactly. look, if we include the obamacare premium increases, our taxes have gone up a lot. i know my premium's gone up 30% in the past two years. that's directly the result of obamacare. so a lot of people across america have seen, quote, unquote, tax increase. as to the stimulussive effect, we didn't even tub that, but
we know the economy boom under the kennedy tax cuts, under the reagan tax cuts and even the clinton tax cuts when he cut capital gains. so we know there's a stimulus effect. but it always comes under you can't afford it. that's right if we keep growing government at the same rate. so cut back what government. it's already this enormous octopus out there that we need to cut the tentacles of. >> we're worried that it's going to get bogged down with the republicans focusing on other things like trying to repeal and replace obamacare and then it just falls by the waste side. >> no. i wouldn't worry about that at all. i mean, this is among their top three priorities. i think it's something that they're putting a lot of effort in already. i think exactly what everyone else to echo. there's a right way to do tax cuts pap i a wrong way to do tax cuts. it should be heartening that they're modeling this off the reagan tax reform. but i'm telling you people out there should be pretty confident that this will get
done, based on what i know and what i've experienced seeing from people on the transition team. >> john, final word to you. that whataburger reference got a reference as well. >> yeah. i love it as well. if you're in texas, you understand wherehy you call yourself a nation. but if you talk about phenomen, he came in to quantify this, please. he had $2.1 trillion as part of the revenue. it grew to 3.2 trillion. a 50% growth in tax revenue in eight years. and despite that, the budget still doubled. the deficit still doubled under president obama. so it's not a matter of just bringing in more revenue. we're at 19% of gdp for tax revenue right now about all the economy can handle. and these buffoons in dc still spending more than we can bring in. it doesn't matter what we can bring in. that's a separate issue that we have to deal with. >> and headline from this segment is that chuck rocha wants to keep more of his money.
he wants tax cuts. i hope all those folks are listening to that. >> oh, my god. i'm going to lose my job over this. >> thank you, guys. cavuto on business about 20 minutes from now. neil, what have you got? >> hey, dagen. look at the jobs coming in ahead of the swearing in. should the president-elect be taking credit for these company pledges? and should antitrump celebrities listen up? because look who is saying it is time to shut up. we are up. soon. >> thanks, neil. we can't wait for that. but up here first, union-backed protests nationwide. they say it's because he's against a federal $15 minimum wage. but some here say big labor could care less about these workers. this is all about their numbers. (bell chimes)
for all of your headlines, foxnews.com. . >> protest spreading across the country this week. they're bashing donald trump labor secretary pick because he's against raising the federal minimum wage to $15. big labor bosses say they're looking out for the workers bottom line. but, john, you say they're looking out for big labor's bottom line. how so? >> dagen, that is exactly what they're doing. look, unions are dying in america. they've gone from almost 40% of the market to down to low single digits right now.
middle single digits right now. so unions have to manufacture crisis like this so they can appear relevant. why $15? why not 25? it was 12. the reason it looks good on a poster. instead of fixing minimum wage long-term, they rather do this because every few years they can come along and say, hey, we're defending the worker. the problem right now, though, is we lost 8 million jobs to automation manufacturing. not outsourcing. robots. we're going to lose more of that of these minimum wage-level jobs. need to be preparing their people for this and spending time getting them qualified instead of just trying to bring more people into unions for survival. >> emily, if they get big minimum wage increase, many of these businesses, they end up having to cut jobs, automate, or raise prices. that doesn't help anybody. >> absolutely. and that is what big labor is not explaining. so you have to feel for these people who are working so hard feeling like they're not
getting ahead and big labor is telling them, look, you need a $15 handout. i have good news for these people. we're now going to have a secretary of labor in office who is going to spend more time creating jobs than ever have. he's going to create an economy where there are more jobs, more high-paying jobs, and it's going to benefit them. so it's want all bad news. they have great news. the future is looking bright for people who are in this position. so good news all around. >> chuck, the fight for 15 is financially backed by the service employees union. they pay for these protests. >> there's about 3.75 million food service workers out there and that's a lot of employees that the union could organize. but like john said. the fight's really not about that. most of those workers are right to work states, so it's going to be hard for them to get to most of them. this is about the problem they're going to have with their incoming labor secretary, and they're going to have the fight of their life, so they're trying to build momentum around an issue that's highly popular with the american public.
and you make $10 an hour, and you start making 12, guess what you do with more money? you buy more mcdonald's. it will help stimulate the company. >> ran the parent company of carls jr. and he knows if the government gets out of the way, you look at walmart, the average full-time worker there makes way more than $13 an hour. >> exactly. a couple points, dagen. the average union employee to your point makes $22 an hour. why do they care about $15 an hour? i tell you why. a lot of their collective bargaining agreements are pegged to the minimum wage. so they don't care about the $15. they care that the base goes up because they're going to get more. they don't care about the average worker. chuck says, oh, yeah, the average burger flipper in mcdonald's gets more money to spend. where do you think the money comes from, chuck? it comes from the franchise owner, so who he has less money to spend and open up another franchise and hire another 1- 200 people.
so that's that equation. and finally the only point about this is not only a peg to the minimum wage is that unions actually want to frees out. it's discriminatory against the lower skilled workers. say john and i are competing for the same job. both require minimum skills. john, though, has worked for two years, and he's in a union. well, i tell you what. if i'm willing to work for $9 and the minimum wage is bumped to 15, well, you're going to look for john because john has a little bit more experience. so it's actually discriminatory this minimum wage. it helps out the unions. it's all a scheme. it stinks. >> and, jonas, in some instances the unions go in, they get an exemption to the minimum wage, and then they use it as negotiating leverage as they try to organize companies and chains. >> well, because all of these policies collectively are bad for unions, i don't know why they do back this. the reason unions have declined over the decades we just heard on the show, partially is outsourcing
automation. but it's because the government, state, local, federal is raising rates. all the stuff unions had to do 100 years ago labor force, they don't have to do anymore, they've become run the, and this is a reason they won't exist in the future. the whole point is so you don't have to buy more mcdonald's with food. i don't know what he's talking about anyway for this. >> well, chuck, you're going to get the final word on that. >> when people come together in collective bargaining. most of these guys making minimum wage? guess what? they have two or three of these minimum wage jobs because it hasn't been a great or other recovery. we shouldn't be punishing the people trying to work for a living. >> 3% of the workers make the federal minimum wage. i just want to point that out. cashing in over an hour from now. what do you guys have coming up? >> donald trump taking on fake news head on. did the liberamea just meet its match? and find out why democrats are blaming me for a nasty battle on capitol hill this week. see you at 11:30. >> thanks, eric. we'll be watching.
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in the same place as all your other entertainment. on xfinity x1. anything with a screen is a tv. stream 130 live channels, plus 40,000 on demand tv shows and movies, all on the go. you can even download from your x1 dvr and watch it offline. only xfinity gives you more to stream to any screen. download the xfinity tv app today. . >> the department of justice's inspector general now reviewing how both the fbi and department of justice handled parts of the clinton e-mail probe. but looking at the headlines, you would think it's only the fbi under the microscopic. john, you say it's more proof
of media bias. >> absolutely. they need escape goat. these guys were wrong. they're wrong about the polls. they're wrong about who is going to be president. they were wrong about everything. and think so sports exist because them. instead they'll be around. they look down with a condescension of the very people who read and listen to the news that they're reporting and paid good. america's happy. these guys have to come up with for once. >> gary. >> i'll sum it up like this. for the next four or eight years, however trump is in office, you will not read one positive word about donald trump's presidency. unless he says i resign, then they'll applaud. that's it, though. not one positive word in the next four to eight years. >> chuck. >> the fbi part of this thing is a sexy thing. that's why they're all covering it. at the end of the day there's nothing more sacred than our election process, and i think all of us should be investigated at the full strength to make sure nobody ever affects our election. >> well, amen, chuck. jonas.
>> the media's bias is always ratings ahead of all the other biases, which is why the papers getting more coverage than all this fbi stuff. believe me. >> and, emily. >> yeah. i'll go off chuck's one. the government has evolved into a soap opera, we can't keep up with the corruption at this point. they're still struggling to understand why donald trump antimainstream media drained the swamp tag line two of the same will things. why that refunded with so many people. why is he yelling at cnn? they can't understand it. here's their answer because of things like this. >> final word to you. i'm still struggling with the fact that loretta lynch is not being investigated after that meeting on the tarmac with former president bill clinton in the middle of a hillary clinton e-mail probe. >> yeah, and also, the alleged collusion between the secretary of state and the clinton foundation. i don't like this comey deal either. i think it all wreaks of corruption. there's corruption in all levels of government but the media itself, finally they don't like it at all, and they're not sure what to do
about it because it has never happened before. they always have owned the news. they don't anymore. >> thank you, guys. especially to emily and chuck. chuck, tax cuts. [laughter] >> coming up, everybody, how these animals playing in the white stuff this week could have you making a lot of green stuff this year. i'm just a guy who wants to buy that truck.
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>> you cannot buy your car in the golden state because of shower and storm. right now all the great products. dagen: if only jonas would speak a little faster we would speak segments in. [laughter] neil: maybe it's working because now you can add the likes of amazon, fiat chrysler to the growing list of companies promising to create jobs in america, now, get this, méxico is ready to negotiate with donald trump over a border wall and trade. we-- weird is going on. niel cavuto. kennedy is here along with bein beinstein. are trump's