tv The Intelligence Report With Trish Regan FOX Business April 20, 2017 2:00pm-3:01pm EDT
reform talks, that both will get done before the year is out and everything will be hunky-dory. that's the gist of it. the president will be holding a news conference at the italian prime minister, he is expected to say our two countries will continue to do work together. to trish regan now. trish: grazie. thank you so much. steve mnuchin making a bold promise a short time ago, he said there will be a major tax reform by the end ever the year and the markets love the sound of that. we took off there crossing above 200 as he made the news. financials, industrials, all higher, a rally on our hands. welcome everyone to the "the intelligence report". we're hearing from president trump's chief economic adviser gary cohn, formerly goldman sachs. many folks on the left think mr. cohn is leading effort to make the administration more
moderate, more liberal. i got news are in him, that may be wishful thinking when it comes to economics. lower taxes, less regulation, those are principles he embraces as well. more later in the show. protesters take to the streets in venezuela. they're furious, furious about the deepening economic crisis in the socialist country. i have told you so many times on this show. socialism does not work, going to say it again, we've got the proof. got the intel, stay tuned for that. blatant media bias at "the new york times" as the liberal paper tries to fool audience by showing a picture that makes it seem like fewer people from the new england patriot attended yesterday's visit to the white house compared to two years ago. the only problem is that is not true. your favorite media critic and mine howie kurtz is here. he's going to weigh in. to adam shapiro with more on a
market that is soaring, this year, adam? >> reporter: we heard this from the speaker of the house but now from the man at the center of negotiations with congress, that could be secretary of the treasury steve mnuchin. he's speaking right now, trish, you can see in the video speaking at the institute of international finance. one of three speakers, the other happens to be gary cohn as well as budget director mick mulvaney. here's what markets like. mr. mnuchin is talking about not only tax reform by the end of the year but lowering the number of brackets from what we have now to possibly three, he said maybe four, looking like three. he also said would it be revenue neutral? he's looking at ways this will pay for itself, he's it aing growth will help pay for this but using dynamic scoring in trying to figure out if things are within budget. also, there will be some loss of the deductions that people count on but haven't specified,
which and finally saying they expect to see the plan very soon. we might see the first versions of this when the house ways and means committee starts holding hearings, they're going to schedule that. we should get direction on that as soon as next week. but here's what mr. mnuchin said that the markets are just loving. >> just to be clear, we hope this won't take until the end of the year. >> okay. >> we're very focused on it. big priority for the president. we'll get tax reform done. it will be sweeping. it will be significant, and it will create a lot of economic growth. >> reporter: and trish, to give you an idea how active things have been going on behind the scenes. the secretary of the treasury has been meeting with the chairman of the house ways and means committee on weekly basis and says everybody is on the same page. the objectives are simplify personal income taxes. lower income taxes for the middle class and make business
taxes competitive. we've talked a lot about that on the fox business network and everyone would welcome it. trish: this is something you can get both sides to agreement i really do think democrats and republicans can come together on the issue, certainly on the corporate tax front, certainly when it comes to all the money sitting overseas. $2 trillion. >> reporter: repatriation is a part of it. absolutely. trish: thank you so much. joining me for more analysis on all of it, we have bull's-eye brief founder adam johnson, fox news strategist steve cortes and ford o'connell and lori rothman. as soon as he talked about tax reform getting done before the end of the year, investors like it. >> reporter: surprise, surprise, the trump rally is back in play. i think the folks on wall street are excited about the fact that health care is also in play. you know, several months ago there was concern, this is largely why the markets started falling that health care was
not going to get done, if you couldn't get health care done, you couldn't get tax reform done. it appears the two issues on trump's agenda may be mutually exclusive. a tremendous shot in the arm for investors on wall street. if you look at industries leading today's rally, you got industrials, materials and energy are up and financials. these are all industries that have greatly benefitted on anticipation that trump's economic growth plan will likely happen. it will before the end of the year, according to the treasury secretary. trish: not to throw cold water on, it in looking at all sides, ford, steve mnuchin was aggressive when he talked about august time field he told neil cavuto we're going to get it done by august. and people in the white house were going, my gosh, really? aug? the market liked that, it's going to happen before the end of the year. do we need to take what he's swaying a grain of salt? >> it has to get done.
it is a political necessity for trump to put points on the board and to be perfectly honest with you, trish, only so many things can you do with executive orders to kickstart the economy. tax reform is the only way to do it, and let me say this, not only the fate of his presidency depend whether or not he can do it by the end of the year but depends on republican control of congress as well. so what steve mnuchin did was lay down the gauntlet. it's the right message regardless whether or not we're able to repeal obamacare. what i want to see is i want to see offsets to pay this off and make this permanent so we can generate long-term investment and not just have short-term investment like the bush tax cuts. trish: adam johnson, you're looking at this not through a political lens but economic, market lens, you want to make money. you are not red, blue. you are green, safe to say on this network. where are the opportunities here and why do you see this as good policy? >> so this is good policy but i want to be perfectly clear
about something. the tax cuts we're going to see, whatever this reform is going to be that in theory gets done by the end of the year is smaller than people think. as ford pointed out it's got to be deficit neutral. in other words, if you lower tax brackets you have to offset that with fewer deductions, taxes are going down but other things hurt a little bit so we're going to get a benefit. trish: what do you mean things are going to hurt a little bit? what is going to snurt. >> you might get fewer deductions, whether it's the mortgage interest deduction on your home. whether that is the ability. trish: i can't imagine they would take away that, adam. >> it is sacrosanct up to a point. there is a $1.1 million cap. what if they lower it to 950. might be an issue for toll brothers. might not have state and local taxes to the same extent you can now. that is sublicity in the system. they're going to make the
changes in the margin so it's deficit neutral. don't expect it's the greatest thing we've seen. trish: with that in mind, one of their hopes, steve cortes, is they might get border adjustment tax that would be a big tariff on everybody importing goods. the thinking being it will regulate our economy that we're going to create more jobs domestically in the manufacturing sector. the retailers that are skating on thin ice, it's going to massacre that industry. so as adam says, you're going to give up something, you're going to get a little. how are you looking at this picture? are they ever going to get this through? if they want deficit neutral, i don't know, you're going to wind up maybe with something like this, this border tax that's going to wind up causing more damage than good? >> and trish, tell you, this my advice to friends in the white house is forget about deficit neutral.
do it the right way, worrying about growing the economy and the deficit will take care of itself. that's hard to do, unless we get health care done first. and health care is starting to percolate again. lot of stories that the freedom caucus and the tuesday group, the republican moderates have been negotiating, we might be close. if we get health care done, pull that rabbit out of a hat, much easier to do aggressive tax cuts. what's that we need to do. president trump was elected, i think primarily for this purpose, to get the economy growing. trish: i'm with you on that. i was thinking to myself, it's funny, here i am talking to you and to adam, couple folks i've known for a lot of years. usually over the past, we were talking about the federal reserve and the fact that washington couldn't get a darn thing done and so the fed was stuck having to be overly aggressive. perhaps this is good, that at least it's a different narrative. >> the fed was having to do the work that congress wasn't able to do, and congress wasn't doing the work because it was shutting down president obama.
no leadership at the white house, now we have leadership at white house, also a gop congress, have you different arms of the government working together taking the pressure off the fed. this is good, we're going to get change that moves us forward and going to get tax cuts. trish: i want to get sector specific, steel stocks are surging right now. take a look at some of them, after president trump announced he is ramps up america first trade policy, cracking down on steel imports, the president conducting investigation whether cheap steel coming into the u.s. should be blocked for national security reasons. here he is, you see him in a meeting with industry executives, stressing the importance of producing steel here in the u.s. let's listen to him. >> maintaining production of american steel is extremely important to our national security and our defense industrial base. steel is critical to both our economy and our military. this is not an area where we can afford to become dependent
on foreign countries. trish: lori rothman, adam johnson, steve cortes and ford o'connell. wilbur ross made his money on u.s. steel. this is, as we understand it, a policy that's being generated out of his office at commerce department. what is it going to mean for everyday americans, in your view? >> well, donald trump made the promise on the campaign trail he was going to protect the american worker and boost jobs. understand something, we import 22.6 million metric tons of steel, a lot coming from canada, brazil and south korea. and what we're finding is what china is doing on the open market in terms of dumping, not making our steel excesstive on the world market, and remember, donald trump was put in by a lot of states in the industrial midwest that are keen on steel like pennsylvania, ohio, michigan and indiana, and he's got come through on this like he did on the h1-b visas. he's going to order a review
and think he can find the right mix of sticks and carrots and pull the right levers to be competitive on the world market, not so dependent on the foreign steel. trish: lor prices go up, is that good for steelworkers? >> reporter: good for any workers. trump has proven time and time again, he has best interest at heart. very interesting, i mentioned the trump rally back in play with the economic agendas on the table. they're not pushed off. that's the hope on wall street. that's the buzz. steelworkers in particular should benefit in any ripple effect because the policies gain traction. trish: adam, he went on the campaign trail, promised he'd be working hard for the american worker. we talked about the disparity between capital and labor. capital is almost disproportionately rewarded in a global economy these days, while labor is disproportionately penalized.
in other words, it's harder for labor to get a leg up when somebody else is out there willing to do the same job cheaper in some other part of the country. a similar story playing out in the steel industry. . >> you remember the book rising sun written by michael crichton talking about the advantage the japanese corporations have, they form the clubs called koretsu, mitsubishi steel will have a special loan deal from mitsubishi bank, right? trish: right. >> it's not just a function of cheaper labor practices, it's a function of companies looking out for each other. you can understand how the company japan got the name japan, inc. what donald trump is trying to do is level the playing field, to the get rid of the japanese koretsu, steel dynamics, akf steel, they can compete. trish: they are going to play that. we ought to be looking out for our interests as well.
lori, adam, steve, ford. good to see all of you. thank you so much. big day. shocking display of media bias from the "new york times" today. take a look at this tweet. their sports desk sent out. two pictures of the new england patriot, visiting the white house, one is from 2015 when president obama was in office, and one is from just yesterday, and the word patriots turnout for president obama in 2015 versus patriots turnout for president trump today are displayed there in the tweet. the intent, obviously, to imply that players somehow boycotted the meeting with president trump. but you know what? you know what they're not telling you and we're going to make sure that you know, is that the people standing on the stairs with obama, those folks were sitting on the south lawn this time around. they were there. they weren't standing in the picture. they were seated in the chairs. that's what the "new york times" doesn't want to tell you.
switch and you could save $509 on auto insurance. call for a free quote today. liberty stands with you™ liberty mutual insurance. . trish: all right, we're looking at real upside, up about 200 right now. amid renewed hopes for tax and health care reform. the market's counting on this, it's the reason we've seen such upside since donald trump was elected president. and investors want it to happen. steve mnuchin treasury secretary expects it will be done before the end of the year, so investors are taking heart. you got materials, financials, industrials all up. here's the financial board for you. you can seeing led higher by wells fargo. up better than 2%. president trump accusing the "new york times" of spreading fake news. the president out tweeting and
i quote, failing "new york times" calling me wrong for two years just got caught in a big lie concerning new england patriots visit to white house. he's talking about this misleading image shared by the "new york times," showing a side-by-side picture of the patriots' visit to the obama white house in 2015, compared to yesterday's visit with president trump, and they are trying to imply, well more than trying, they came out and said it basically that this is what president obama had in terms of the patriots and this is what president trump had. they're saying okay, much smaller crowd effectively. you know here's where it gets interesting, guys, the patriots saw the story and corrected the new york times on twitter saying, quote, these photos lack facts in 2014 over 40 football staff were on the stairs. in 2017, they were seated on the south lawn. in other words, they were still
there, they just weren't in the picture. talking about media bias here. joining me "mediabuzz" host howie kurtz. always good to see you. i was telling you during the commercial break, i like to think the "new york times" is trying to do job with integrity here, this is just an example, if you ask me, and i want your thoughts on, it proves a bias here. >> i'm throwing the penalty flag 15 yard penalty, and it's a rare synergy of anti-trump and anti-patriots bias. it is true fewer patriots players showed up from two years ago. surprised tom brady didn't show up. >> i was surprised, too. >> probably polishing a helmet or something. when you look at the total number of people, it's about the same, as you pointed out they were positioned differently, weren't in the shot. they were in the seats instead of the stairs. >> this is from the sports department at that.
the sports department which shouldn't have bias in all this other than maybeyou know, what they think of the patriots and yet they're out there trying to effectively say they don't like it. >> i will say this of the "new york times," the "times" sports editor gave a statement to yahoo! news, he's not named here. bad tweet by me, terrible tweet, i wish i could say it's complicated. no, it's straightforward, i'm an idiot! it was my idea. my execution, my blunder. that's what you call the full mea culpa, i screwed up. trish: i'm an idiot. wow, he came out and said it. i've always said, the american public are willing to forgive and forget sometimes and you're better off owning up to it, but it does tell you something, it tells you about the mind-set of media in this country and where they're at and how they're looking. any chance they can get, howie, to poke at him and this was yet
again another example of it. >> sure, the narrative is that president trump is so controversial, so disliked by many people that event guys who won the super bowl, many of them not showing up. the photo's come, a-ha. we got it. not a world championship day for the "new york times." trish: and the editor saying i'm an idiot. he said it! howie kurtz, thank you so much, good to see you. you can watch howie every weekend on "mediabuzz" on the fox news channel 11:00 a.m. eastern on sundays. our own american college campuses, you heard about venezuela and what's happening there. berkeley cancelling a planned speak event with ann coulter over security fears. but she's not backing down, she's saying i'm coming anyway, folks. what's going on here? how is it that we have this
generation of angry violent snowflakes determining what we can and cannot hear? free speech does not exist in their utopian world, but it does here. more "intel" next. >> i am giving the speech. i don't know, what are they going to do? arrest me? kevin, meet your father. kevin kevin kevin kevin kevin kevin kevin kevin kevin kevin trusted advice for life. kevin, how's your mom? life well planned. see what a raymond james financial advisor can do for you.
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ask your doctor about eliquis. . trish: ann coulter firing back against the university of california berkeley after campus officials called off her speaking engagement. the right-wing commentator tweeted eight times in a span of 17 minutes saying i will be speaking next thursday. she also called the claims the university was trying to set up alternative date fake news. watch her. >> they kept piling on requirements, rouses, you can't speak in the evening, you have to speak in the daytime when kids are in classes. not sure which room you're
going to use, won't tell you until the last-minute. you can't exclude students. this is unfair, they never do this to liberals. i kept saying, nope, i'll do it. okay. okay. i am giving the speech. i don't know, what are they going to do, arrest me? [laughter] >> the event is raising concerns of more violence at berkeley after rioters smashed windows, started fires, shut down departments by former breitbart news editor and rioters violently clashed at a rally supporting president trump. what's wrong with these kids these days? what's wrong with college campuses these days? maybe always been this way, but seems like it's getting to a fevered pitch. joining meobby suave "reason" editor.com. a university is a place where
you should welcome, welcome intellectual diversity, lots of opinions, you should hear everything with an open mind and universities have become anything but. >> that's right, and you asked whether this is getting worse, whether the students are getting more hostile to free speech. i don't think that's the case. i don't think more of them are unwilling to hear speakers they don't agree with. what's happened is the ones who want to censor people have gained power in just the last couple years. they are able to intimidate the majority of students who would be interested in hearing ann coulter even if they don't agree with her, and the administration is not doing anything to push back against the students who have made this. trish: the administration at berkeley, of all of the same mind-set or fearful of those in that mind-set? >> right, it's not exactly they have the same mind-set. they talk a good game about having the lofty commitment to the first amendment, when push
comes to shove, they're not willing to instruct the police to arrest people who engage in violence who shut the events down, which are not all students in some cases. sometimes it's local activist community, especially at berkeley. trish: they'd rather say ann coulter, we don't want to hear your viewpoint, we don't want to engage our minds in anything other than what we currently believe is to be fact, and consequently, these students, i think ultimately are the ones that are truly disadvantaged, because they're there to learn more. they can't learn more, robby, in an environment like this. >> right, they're rioting, trampling the rights of students paying money to get on university to be exposed to different ideas, to interact with important people who contribute to our meaningful nationwide conversation about issues, people like ann coulter, who's been saying very interesting things lately, pushing back against the potential escalation in syria.
certainly someone worth hearing from, even if you don't agree with everything she thinks and depriving those students of an opportunity to hear her. trish: when does it stop? how does it stop? >> i don't know. to stop, it you would have administrators say students who threaten violence or talk over speakers so the event has to be canceled will be punished and punish them when they do it. administrators said they'll do that at claremont, at middle bu places but not happening yet. trish: it's not, i think there's a herd mentality and somehow it's okay to shut down members of the right, you know, it truly is really hard to watch this and to see because i would only think a university should welcome a diversity of opinion. disappointing, robby, good to have your perspective. thank you so much. >> thank you. trish: president trump's chief economic adviser gary cohn is going to be speaking any minute right now. going to give us perhaps more guidance on tax reform.
the market's taken off, better than 200 points right now, amid news that it might happen before the end of the year. that's what steve mnuchin treasury secretary was saying. also the accusations out there about mr. cohn, that he's a democrat, remember all that, and leading a so-called democratic takeover of the white house? is that actually happening or is that some kind of dream by the left? we have the intel for you next. why pause a spontaneous moment? cialis for daily use treats ed and the urinary symptoms of bph. tell your doctor about your medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess. to avoid long-term injury, get medical help right away
>> we've a weave a lot of news breaking right now. a market that is soaring right now are better at the 200 points. steve mnuchin was speaking to the short time ago and he said the tax reform plan would be unveiled very soon and he anticipates tax reform will be passed before the end of the year so you know the markets love that. there a better than 200 points. the materials as well. a good day on wall street. they are rallied today after first-quarter earnings despite mean hurt by the loss of the exclusive relationship with cosco on the two days since president trump visited the company and all of a sudden everybody knows about snap-on. up roughly 6%. russian president has ordered
weapons and trips to the russian border. there are concerns that if the u.s. strikes north korea russia could face the humanitarian crisis is a flee into russia. the chf economic advisor he is speaking in dc right now. and we are monitoring this because we want to know is he could give us any guidance in terms of what we're gonna see with tax reform. he is a lifelong democrat and some folks on the left including mark cuban said that he is actually leading some kind of effort to turn into a more moderate administration. i have news for them. i really do think that this is wishful thinking. i would bet you anything and by the way years ago garrett used to run a fixed income.
i am betting that why he may be very liberal in terms of his social view he does have some economic views that are more on the conservative side and don't forget after all donald trump is the boss. you think i'm onto something here. the left would love to think that somehow they've planted their mold in the mall in the white house. and he will miraculously turn around everything that donald trump has thomas to do in the organ to go down -- instead of. he will move all over the political spectrum to get things done. the guy's job is to help jumpstart the economy. as we have discussed earlier
we are to have to find a way to basically had tax reform and it's can have to be required by republican votes only. i expect him to actually start talking about it. that he wants to get rid of the state and local deduction for tax it would actually raise it. >> you are going fast but this is important. you expect that he might throw this out there get rid of the state and local tax deduction walk me to. basically if you use itemized tax returns essentially you could deduct state and local taxes. >> are you going to get rid of that. >> yes. let me tell you why this may actually occur. to get the $1.3 trillion over ten years so republicans can vote on this only three states will be burying the burden here. let's see if democrats and
strongholds will actually put their money where their mouth is on this one. how much more does -- do we want to hurt the people. you are you're looking at a lot of money. we're already paying a significant amount of money so i definitely would be very leery of that. in regards to the necessity when you are putting additional burden particular that means there's money in their pocket. i tend to agree that his neck and around the show and raise taxes and i think as much as chuck schumer says he wants everybody to pay your
tennessee mutiny there. gary cohn is speaking on tax reform. let's hear what he has to say. >> we care about lower rates. we talked about simplicity guess what, we care about simplicity. we talked about using the tax code. he talked about reciprocal taxes. and making our tax code more aligned and making us more equal. to make sure they are globally competitive. those are the core principles. that's what were trying to do. were trying to do an attack code. >> one of the proposals and the brian brady plan leveling the playing field.
how big of an issue as it. it has impacted the markets and the economy. >> i think as secretary mnuchin said we have a lot of things on the table. as you know depending on where you end up in the rate spectrum. depends on how valuable or unviable a certain deduction is or isn't. so we are continuously playing with the leverage that we have. working on coming up with a policy. >> let me just ask about the deficits. deficits don't matter politically. when you think about the tax proposal trish: were looking at the economic advisor for the white house. there may be some wiggle room there.
they anticipate tax reform will get done by the end of the year. we're up to hundred. we've been talking about the potential here in fort brought this up. you may not actually be able to deduct what you pay and state and local tax anymore. there can have to find some way to make this neutral. anywhere you have high state income taxes. it is discriminatory. you would end up making stuff at walmart more expensive because they important stuff. what can we do to offset it.
when i said the whole taxing it's good to be smaller than we think. the headline is can the tax cuts. cut my taxes. but let's just be honest. it's going to be smaller than we thought. and increase incentives. it would be lowering the rates. there can wind up filing on the side here. we to do individual and corporate at the same time. we need to do individual and corporate at the same time. more money in the pocket. or people go out and spend.
thank you so much. in terms of the tax reform. we will continue watching it here as we look at a market now that is up to hundred three points. infrastructure mlps? think again. it's time to shake up your lineup. the alerian mlp etf can diversify your equity portfolio and add potential income. bring amlp into the game. before investing, consider the fund's investment objectives, risks, charges, and expenses. read the prospectus carefully at alpsfunds.com/amlp thithis is the new new york.e? think again. we are building new airports all across the state. new roads and bridges.
trish: venezuela falling into anarchy as they take to the streets in opposition. now, ever met authorities in the city of valencia. they took it over. they basically stole it. they are even taking cars. it seems to me that once again this is just proven the point that we make over and over again. we have to make over and over
back when bernie sanders was running for president socialism doesn't work. you run out of people's money is venezuela living proof to the world right now that you just can't take from others. >> venezuela's economy is showing the socialism doesn't work. in my lifetime is a second-worst situation i've seen zimbabwe. not only is it socialism work in a wind up paying the price because the security of venezuela is vital to the united states having a humanitarian crisis and coming up with the central america. because of the socialism it doesn't work it's gonna be the u.s. it's can have to wind up dealing with this. get ready to open up your eckbook on this one. i said sometime a few years back may be going back to 2005
or 2006 and they have taken over the region of venezuela where they were trying to build up the oil business there they have gone in and they subbed out exxon mobil and they took all of these companies over and this is ours now. what do you know that oil is kind of complicated to get out. they needed the technology that those foreign companies could have brought in. they took them over and they subbed them all out. they've never been able to get anywhere with any of that. it just seems to me that they keep doing this. this is an example with the gm plant. they are no longer can have the money helping them to put people to work. i know she has a lot to say.
unfortunately her microphone is not working. >> when you have people come in there whether it's exxon or gm the ideas that there they can help grow economic expansion they have a skill or knowledge that allows them to do this. when you get it back to the people they don't know how to run it. we've seen this over and over throughout history whether it's taking back farmland that they don't know how to cultivate or technology implants when you do this is not going anywhere. at the end of the day they are really losing it even further. what is the future here. doesn't need to be some kind of revolution. very good points when we think about the risks for us as well. the it's gonna be a refugee crisis. anytime you have an unstable
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we have the details of that new plan. it will be an elusive 15 to 20 additional votes to support that bill that failed less than a month ago. and it was signed on from the conservative freedom caucus would do the following. place a prohibition denying coverage. it would guarantee coverage to all applicants and awful --dash make an offer that renewability of that coverage. they wanted continuous coverage only for those who manage to pay premiums on a regular basis. in the amendment would also allow dependents to be covered. they would get waivers from some of the federal standards in order to lower premium costs.
one of the elements that could be waived is essential health benefits. those head to be covered under obama care like addiction. they are happening though even as they are beginning to estimate the cost of their plans. they plan to raise rates from 2017 levels by ten to 20%. the uncertainty surrounding it are driving the hikes. they will raise rates by more than 20% and 25% said they will raise rates by less than 25 percent. zero said they would keep rates at the same levels. let's hope they get something done. thank you so much. a quick break and we are back.
. >> all right. we have more breaking news. any moment now, president trump is set to welcome the italian prime minister to the white house, the two. liz: first, as you mentioned, we're awaiting the rival of prime minister of italy. when he gets to the white house, he will meet with the president on a range of issues and then within this hour, the two will hold a joint press conference. we're going to bring all of it to you live because no doubt the president will be asked about what's lighting a blazing fire under the markets. stocks are surging under new hopes that a tax reform plan will be revealed. treasury secretary steven mnuchin saying an hour ago that taxes will get done regardless whether health care reform gets done first. and guess what? mnuchin