tv Forbes on Fox FOX Business February 19, 2017 3:00am-3:31am EST
we've got news that they gave trump credit. consumers are spending. [laughter] >> and following the trends. the cost of freedom now with david asman on the place for business, fox. >> we're going to provide tax relief for families and simplify greatly the tax code, it's too complicated. we're going to lower the rates substantially for virtually everybody in every category. >> music to our ears. president trump renewing his promise to cut taxes after dealing with obamacare, but we may need it sooner because the u.s. just falling to a record low on the world economic freedom index, dropping from 11 down to 17, behind countries like the netherlands and lithuania is higher than we are. some here say we can bounce back to the top if the president and republicans slash
taxes across the board now without adding new taxes. are they right or wrong? hi, i'm david asman, welcome to forbes on fox. let's go with richard, michael, sabrina, mike, with tax cuts, would it put it back on top in the way to go for business? >> yes, it would, david. a key component of that index are tax rates. the lower the tax rates the more economic freedom it has. one of the areas that has been weak if you can call it that, new plants, new equipment. lowering tax rates would spur those investments. >> good point. it's true whenever trump talks about tax cuts, the market goes up. that happened again this week. >> well, yeah, that's the thing, but he never offers any details and what we do know is that his tax cuts would raise the deficit, but he has the 77-minute press conference
yesterday when he has an opportunity to provide details of how this is going to help the blue collar people who put him in office and he goes off and it's all about the leaks being real and the news being fake. he needs to keep focus. >> but we have details, we know he's going to reduce the rates to three brackets, from the multiple brackets we have now. he's going to make corporate taxes a lot cheaper and there are some details, right? >> yeah, there are. in fact, there's a white paper written in september that has the trump road map that has some of that in great detail. but bruce is right, trump needs to focus on this and get it done. the country needs, desperately needs a higher rate of economic growth. >> you know, some people, john tamney, some republicans are actually talking about a new tax, a tax against imports. i had kevin brady, he's the head of the ways and means committee chairman on early this week on fox business network, and i asked him about what steve forbes says about
that, and as you know, steve forbes says because the japanese and europeans shaft their consumers with an import tax doesn't mean we should shaft ours. here is what he says. >> here is what we're proposing, to jetson our international tax code that's complex. ask a question, is your product consumed in the united states. if so, it's the equal low business rate of 20%. >> that means an extra 20% that consumers will be paying for imports. we should be talking about cutting taxes, not adding new ones, right? >> yeah, kevin brady and the republicans are trying to snatch defeat from the jaws of victory. here the republican party supposed to be about tax cuts wants to centrally plan how we buying, the origin where we're buying and lower amounts of refishsy and freedom, whereby
we shun the global supply chains that make the u.s. the ri richest country in the world. why complicate it? it's the path to failure. >> the fact that folks are talking tax cuts are increasing optimism among businesses and consumers. donald trump tweeted, he tweets about everything, but tweeted about the stock market saying it hits new highs with longest winning streak in decades. great levels of confidence and optimism even before the tax plan rollout. >> this is true, look, david, i have a donor every time i go to his office the first thing he does is point to the map on the wall, economic freedom around the wormed. it's most important not only it would mean i'd get more money in my bank account and businesses have more money and resources to play with, but it means we have more money to make choices over things that are important in our lives. when government returns the resources, they're returning control over health care, over the work place and how we determine that and the energy you use. all sorts of things and allows
businesses to invest their resources in a way that makes the most sense, whether that's into new employees or into research and development. so, the freedom, really, or the tax cuts really symbolize freedom and i think that's what all of us here care about. >> this administration has grief on views of immigrants. donald trump understands why the reason immigrants come here, majority anyway, because we were this beacon of freedom, not just individual freedom, but economic freedom and they're actually linked, are they not? >> absolutely. and you know, david, people talk about corporations or businesses as they they're these monolithic entities made steel and cement. they're human, shareholders, workers. high taxes basically get passed on to consumers in terms of higher prices or to workers in terms of lower wages. >> and john, one of the things you're talking about, when you're talking about draining the swamp, which is washington d.c., government in washington d.c., the great thing about tax
cuts is it means the government will have-- i mean, yes, there may be a supply side effect, but generally speaking you're for tax cuts because it shrinks government. right? >> anytime you can reduce the inflow of precious resources, that leads to companies being create he had and as mike points out, higher wages. this is simple stuff here, free people prosper. so just make it all about that and stop talking about taxing the reason we work, which is what the border tax is all about, taxing our work and let's end this talk of tariffs, which is a massive tax on our work and productivity. >> rich, i agree that the smaller government is, the more freedom individuals have, so there's a human element besides the economic element. does it concern you that donald trump doesn't seem to be. he's talking about a bigger infrastructure plan, part of it private, but part of it invariably will lead to bigger
government, won't it? >> well, the steve bannon wing of trump's administration is doing none of us any favors. it's bannon that's whispering in trump's ear about the border tax and you can imagine wal-mart is preparing a statement, attention customers, everything just went up 20%. i agree with john on these issues. >> sabrina, i call it trying to walk a dead dog. while some people may be whispering in trump's ear, he says he's not crazy about it, he says i don't love it, in trump speak he doesn't like it. >> that's the challenge right now, there's a policy concern and a political one and there's a lot of conservatives here in washington who are enthusiastic, most of us here are, about the tax piece of this, economic plan, and they're very wary about the sort of protectionist tariff potential trade war part of this plan and i mean, one side doesn't really come without the
other so we need to make sure that there's enough carrot and stick. >> by the way, one thing, bruce, should be of concerns to progressives or the liberal wing, this import tax affects-- every american is an importer, not every single is an exporter, every american exports something, a car, a pen or whatever it is, isn't that a regressive tax? >> yeah, it's sort of likes a sales tax, we don't like sales taxes because that hurts the poor more. and that's where, you know, donald has to get it together here. he has to take advantage of these press conference opportunities and the washington press corps like more than-- are like lemmings, they will do whatever. he needs to take advantage of this and explain all of these complicated things to people. >> well, i don't think after-- after thursday, i don't think that anybody has to doubt that donald trump likes press conferences, he loves it, gets a lot of publicity from it. coming next, president trump's mental capacity to lead the nation is in question, that's
of course for all of your headlines, log onto foxnews.com. david: as more democrats are actually beginning to question the president's mental health, some actually want to make it easier to remove a president. oregon's democratic congressman earl blumenhaur calling for the 25th amendment to do that to actually put a psychiatrist in the white house. they say they're worried about what he calls erratic behavior from our current president. now, rich, you say this review would be a big waste of tax dollars. before you give that explanation and let me just go over the 25th amendment for folks out there who may have forgotten it. section 4. it essentially says that the vice-president can get together with the majority of the cabinet, go to the senate, and the house, and the president is
incapacitated and the vp can replace it. this particular amendment would make it actually easier for the vp to change the president. why is it a waste of money? >> well, it's a stunt. already it's relatively easy. i think it probably was inspired by the humphrey bogart movie, "the cane mutiny" which occurred the same time as the 25th amendment. it's a stunt. an actual constitutional convention would take two-thirds of state legislators. let's see the democrats control 14 state legislators. so, you know, it's just a pr move. david: is it a pr move, bruce? >> it's probably politics, but i don't think there's anything wrong with reviewing it. i mean, i'm happy that we're talking about this moment because given the press conference that he had thursday, i think that people should be reading the constitution very closely and putting it in their pocket.
david: of course, that's your interpretation, john. a lot of other people saw that press conference as a win for the president. and by the way, the president is still, in a fox news poll put out before the press conference and it may be higher now, the president has a 52% strong leader approval, that's pretty strong. >> yeah, it's lot of pr from the democrats, it's a waste of time. in fairness, if you go back to president obama's presidency, a number of republicans, including our current president, wasted time questioning the origins of president obama's birth. both parties need to grow up. rather than elevate with this they should work to restrain executive power no matter who is in office. david: sabrina, is it a waste of tax dollars? >> i think it's a rift, how to go after donald trump. and during the campaign, they
said he was crazy and erratic and not meant for the white house. they're going to fail now. they won't let it go. if they want to be vigilant. we should be vigilant about everyone in power and the administration. >> mike has a compromise. i think he would be in favor of the changes to the 25th amendment if, what, mike? >> if they agreed to test all members of congress first, before they tested the president for their mental competence. [laughter] >> the guys, men and women in congress have been there for decades, why we're in this mess of economic growth and huge deficit. david: bruce, a lot of people that are questioning the president's mental stability at this point, a lot of the democrats, some of them are older, much older than he is, some are into their 80's. >> yeah, i don't have issues with what mike says. i think these people should get a regular health checkup, mental health checkup and
everybody should be all in. they're all working for us, right. david: rich, i saw you give a thumbs up for what mike said and it looks like bruce is here, too. >> yeah, that would have been the end of harry reid and many others, too. david: do you think they go for it in the belt>> unless there's health association that might be for it. david: that's the problem. once you're in the beltway you want to stay there no matter what. that's why the term limits never gets going. >> of course, but we're talking symptoms rather than the real problem. if we're going to talk about the constitution, the constitution severely limits the power of the federal government. if we lived within constitutional means, washington did, we wouldn't have to worry about this. david: absolutely. it's a great document, let's stick to it. the cashin' in getting ready to roll the bottom of the hour, eric, with a what have you got? >> the president has a rally and one is the economic agenda.
how to tell americans how to improve their lives. and and bridges, it's mind-boggling. how will we pay for all of those that need to be fixed. david: and singer joy villa proving there is a pro trump market. >> when it fell off, that was a surprise. that i did not count on and that was surprising. there are more of us who are closeted a a a a a (announcer) at boll and branch, we believe everyone deserves a great night's sleep. so we created the perfect sheets. we re-imagined the whole process from the ground up,
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trump carried 30 states before he became president. he was a tremendously successful real estate developer and had a tv show. david: sabrina when you said that beautiful dress, i saw her eyebrows, she may have a fashion statement, but it shows, does it not, for all the talk that trump is a killer for commercial markets sometimes, it works? >> absolutely does. everybody doesn't live in los angeles, right?
the fact is, there's a lot of people who like red baseball caps who maybe didn't have them before. 90% of fame has to do with shock and controversy. i don't know if she was a trump supporter or not, but got a lot of attention from it. david: i'm not sure that executives, business executives aren't that political savvy get it. what she proved. you had the under amour chairman at first he said kind things about president trump and then forced to reverse that. he took out a full page ads essentially condemning trump's immigration policies and never mentioned trump's name, but it looked like an anti-trump statement. so some of these executives are kind of sissies about trump are they not? >> well, i think they're bul bullied by the loud mouth faction of their employees. there's always been on the trump side a market for popular
views, nascar, country music, college football. i could go on and on. what's the most popular cable news network. david: i love that wink. thank you for that. but, bruce, on the other hand you have-- just this week, burlington coat factory came out and said they're going to drop ivanka products, so the anti-ivanka stuff is continuing. >> i suppose. i mean, it all depends on what's in the news. the grammys will give an up-tick in sales to people who are not even well-known. what i'm going to be watching for to see if red box rentals and digital downloads from russia with love start to pick up, given what's going on in the white house. david: john, you are always talking about how the marketplace is 300 million strong marketplace. there's about as many markets as there are individuals in this country and clearly, there is a pro trump market that a lot of people hadn't considered, right? >> well, i would just say that america was already great.
i don't appreciate the nature of the dress, but no doubt, there is a market out there to paraphrase, the great hall of fame basketball player michael jordan, republicans buy records, too. why artists and musicians ever get into politics and needlessly shrink their markets, i'll never know. their agents should be watching them like hawks. david: so, mike, why is it that so many of these executives are chicken? >> because i think rich touched on something important, in the case of under amour, they have an endorsement deal with steven courier, the golden state warrior and came out after the endorsement with underarmor ceo and was against it. a and. david: sabrina, the dress-- >> not my favorite. it's funny, a few years ago we talked about the christian movie market. there's lots of people in this country, as john points out, we
>> we are back with your debt-free stocks. michael, you have an oil and gas play? >> energy transfer, it's a trump energy stock. david: part of the pipeline. >> 11% yield. david: rich, do you like it. >> 11% is great, but implies risk. david: you like qualcomm. >> the mobile communications market, but 3.8% dividend.
david: 3.8% is nice. >> rich is onto something with the stock. punished because of lawsuits. it's a great time to buy. david: okay. we're all good on that one. that's it for forbes on fox. thanks for watchings. the business block continues with eric bolling and cashin' in. eric: president trump is fighting protests with rallies taking a page from his campaign days holding a huge rally in florida later today. he's expected to tell americans how he's trying to improve their lives and the economy. some say it's the best way to get his message directly to the working class, but will it work. hi, everyone, welcome to cashin'. welcome, everybody. now, lisa is today's rally the way to get his economic message directly to the people? >> hi, eric, yes, it's going to be effective just like during the campaign. look, the reality is the media is not going to cover anything