tv After the Bell FOX Business April 25, 2017 4:00pm-5:01pm EDT
in european stocks right now. liz: good advi. we have two solid days of two major gains from the dow jones industrials. [closing bell rings] the dow appears to close, we have to let it settle at 21,005 points this is historic moment for the nasdaq. david, melissa, russell too. melissa: dow surging at the close, up 250 points. about 232. add that to the rally we saw yesterday. we have the first back-to-back gains more than 1% since election day. take a look, other major averages announcing closing at record high above six thousand thousand -- 6,000 first time ever. david: what a terrific day. i'm david asman. this is "after the bell." we have you covered on all the big market movers but here is what else we have for you at this hour. tax reform that is what is moving markets as it takes shape in the white house. president and his team hold key meetings ahead of what is being
billed as a major tax announcement tomorrow. what we know now. forget about china. america may face a trade war with canada, our second largest trading partner. what the president said moments ago about all this. show of force. north korea celebrating it is military with a life fire artillery drill as u.s. nuclear powered submarine standing at the ready. melissa: back to wall street. major announcement on tax reform, driving the dow back above 21,000. the nasdaq to new highs. go trait to lori rothman at new york stock exchange. lori? >> nasdaq for its part coloring at 6,000 for the first time ever. a day of records here. those are some names making up the dow that also had huge days today, largely on earnings. i will go down the list quickly.
katrina turn around in sales of the bright yellow machines they make. mcdonald's, extended breakfast helping drive mcdonald's shares 5%. dupont, shares are up better than 3 1/2%. goldman sachs with a gain of one 1/2%. strengthens always a broader market today, benefiting goldman sachs. nasdaq with all-time high. technology stos making the bulk of that. 40% of the nasdaq gains so far this year can be credited to tech. there are big names. netflix up 5 and 3/4% above that. microsoft, alphabet google facebook higher. lockheed martin shares down on earnings. a lot of concerns about this one. lockheed is the first major defense contractor to report. we'll hear from northrop and raytheon. they soared high after trump announced economic expansion.
this was a little lower raises eyebrows. back to you. melissa: lori, thank you so much. david: as we near the 100 day mark for the trillion administration, it is set to give taxpayers a first look at a tax reform plan. adam shapiro is at the white house. he is looking at all the details. what have you found out, adam? reporter: things are heating up, david. in the next hour 1/2, treasury secretary steve mnuchin along with the president's economic advisor gary cohn are heading to capitol hill. they are going to meet with speaker of the house paul ryan. they wilet with kevin brad chairman of the house ways and means mmittee. they will meet with orrin hatch, chairman of the senate finance committee. that is a power play like no other. they will need all of those people, everyone on the same page, to deliver what will be historic tax reform. as kevin brady said, this is once in a generation opportunity. we'll get what they call the broad outline tomorrow. and this isn't the actual legislation. but there are different parts of
this. one thing you can bet, there is play for big business tax cut. small business owners, put in position to hire people. also with large corporations. people on capitol hill, republicans worried about the potential this would increase the nation's debt as well as annual deficit. even taxpayers for common sense says, that growth alone won't close the gap. they called that hogwash. here is how sean spicer reacted when i told him about taxpayers for common sense and their concerns over what will be announced tomorrow. >> wait until tomorrow. you can see the plan. obviously we have to do everything to get economic growth going and job growth going. president made tremendous headway on the regulatory front and he will do everything he can on the tax front. reporter: david, the push seems to be about easing the burden on job creators. even kevin brady said the key is
the lowest tax rate on job creators. white house and kevin brady may disagree on the border adjustment tax, easing burden on people that employ others that they seem to agree. david: real movement. thank you,. melissa: dan henninger, "wall street journal," gary kaltbaum, kaltbaum management. what you do you think, dan? >> sound good to me, melissa. he is getting conversation going. i think there will be a big event th wincentive people. i'm t ing about the ssibility of a government shutdown and release of gdp figures fofirst quarter which people think will be relatively weak. going into the president's first term it i think everyone is going to say we've got to do something to get this economy going again. look, we're at the end of a recovery looking a little long in the tooth after eight years. this is just the moment i think to start presenting a proposal like this. melissa: gary, what do you
think? >> i think we need the biggest, gigantic, juiciest tax cut we've ever seen in history. melissa: i love of the sound that. >> last year, the economy, our economy sent the government, just federally $3.3 trillion. they still couldn't balance the budget with that either. it is an absolute sin what has been going on. the only way to get the economy growing is to let the economy keep more of its capital to grow and cut the slice of government down, good, 10, 15%, i'm a happy guy. melissa: i'm cheering on that note. let's go to a earnings alert. at&t, first quarter results. lori rothman on the floor of the new york stock exchange. give me numbers, lori. reporter: here you go, melissa. at&t has a lot going on so let me get right to it. in line earnings per share at 74 cents on adjusts basis. revenue was a little bit below expectations 39.4 billion.
about 40.5 billion was the expectations. revenue declined, at&t reported in line on revenue it would be flat from the same quarter a year ago. as a result not a uplifting report. shares in extended session down about .6 of 1%. waiting for any news about the time warner purchase. if it will have any regulatory hurdle. back in 2015 at&t bought directv to boost its content and streaming services. we'll listen to headlines. we're waiting for any news about prescription growth. melissa: keep an eye on it, lori, thank you. david? david: meanwhile there are trade sanctions announced against canada today. but president trump is not at all worried about a trade war. here is what he said. >> do you fear a trade war with canada, sir? >> i do not. reporter: why not. >> they have a tremendous surplus. when they have a trade surplus i have no tear. david: dan is he right. does the surplus insulate us from a trade war? >> i don't think we'll get a trade war.
retaliation from the canadians will be a mini war. this is sad take what the economic policy is in this area. we just talked about a tax cut. a tax cut would touch everybody. it would raise all boats. this tariff is intended to do a favor the lumb industry, a discrete industry. the national association of homebuilders estimate it would probably raise the average house of a new home by $3,000. in in other words, the people buying new homes, cross subsidizing these protected industries. i don't know how you can pursue that as a rational economic policy. david: well, gary, doesn't it make sense? i mean, these are, the claim of the administration is that lumber is being subsidized by the canadian government and therefore all we're doing is matching that saab -- subsidy by fines against canada. is on track, off track. >> i don't mind it one bit. tariffs have been here forever,
with tariffs on lump bir. i don't like tariffs. nobody does but you have to use them. there is dairy component here where canada puts 300%, up to 300% tariff on our milk products. so there a fight back and forth on a few things. david: by the way, gary, what was interesting, wilbur ross, the trade secretary was quite open about it. yeah, there is a relationship between what is happening with milk and lumber. he was asked whether the lumber tariffs would cost consumers here in the united states? he said he doesn't think too much, because lumber is small part of buying a house. mostly it is land. what do you say to that? >>ere is a lite outcome of today, lumber prices were limit down today off this news. david: why? >> don't ask me why. david: i asked you why. >> one would think it would be limit up. it is limit down but actually saving money. longer term i think this will work itself out. these tariffs on up are per i think have been here since 1900.
i'm not worried about it one bit. david: go figure why lumber was down. gary, dan, thank you very much. don't forget catch secretary of commerce wilbur ross tonight at 7:00 p.m. on lou dobbs' show. perfect day to have him as a guest. melissa: changes to the 401(k). how tax reform may have a major impact on your retirement savings. what you need to know now. david: stunning details on president obama's nuclear he detail on iran. some iranian prisoners freed to sweeten the deal may be a threat to our national security. melissa: tensions rising with north korea as a u.s. submarine stands nearby. the white house set to hold a rare briefing before the full senate. more on this and unexpected ally in the fight. >> he is not going to let this nutjob in north korea develop a missile with a nuclear weapon on top to hit america. he doesn't want a war anymore than i do but he is not going to let them get a missile.
that is where they're headed. china needs to up their game to stop this before it is too late. so what else is new? how's your mother? umm..she's doing good. she needs more care though. she wants to stay in her house. i don't know even where to start with that. first, let's take a look at your financial plan and see what we can do. ok, so we've got... we'll listen. we'll talk. we'll plan. baird. bp engineered a fleet of 32 brand new ships with advanced technology, so we can make sure oil and gas get where they need to go safely. because safety is never being satisfied. and always working to be better. try new flonase sensimistgies. instead of allergy pills. it delivers a gentle mist to help block six key inflammatory substances. most allergy pills only block one. new flonase sensimist.
david: another big force overseas, the uss michigan, nuclear powered submarine armed with tomahawk missiles, remember them? joining the meet of u.s. forces in the region as north korea conduct as huge live fire drill to mark the founding of its military. could our show of force in the region be joined with a diplomatic effort from unexpected u.s. ally, at least for president trump. we have the author of the book, whato do aut the u.n. claudia, it is the u.n. about which i speak, not an institution that trump has spoken very favorably of, but is
it, is it conceivable they could help in this effort, a go-pronged effort, military force by the u.s. or show of force by the u.s. and diplomatic force by the u.n.? >> david, unfortunately it is highly unlikely that the u.n. will seriously help with this they're actually part of the problem. david: how so? how are they part of the problem? >> well, if the united nations that admitted north korea as a member state in 1991, along with south korea, helping to legitimatize the rule of this kim dynasty, that is now causing such incredible trouble and was then. it is the united nations where china and russia still hold those vetos on the security council. and trump is engaged in some very interesting maneuvering, trying to basically say to them, you're going to play ball. you have got to do this our way. david: claudia, play the president, words from the president yesterday, which i found shocking. because as much as he dumped on the u.n. in the past he was
praising them in pretty high order. let's play the tape. >> i have long felt the united nations is an underperformer, but has tremendous potential. the status quo in north korea is also unacceptable. and the council must be prepared to impose additional and stronger sanctions on north korean nuclear and ballistic missile programs. david: so is there any chance that the council, he is talking about the u.n. security council would do that, impose stricter sanctions on north korea? >> oh, i'm sure they will, david, the problem is will those get any job done? will they actually stop this threat? because the u.n. security council has been imposing sanctions on north korea since 2006, okay? every time north korea conducts a nuclear test and we have now seen five over the past 11 years, the security council passes binding sanctions and says these are the toughest yet. well, north korea carries on.
one of the reasons being that whatever china and russia and various other u.n. member states agree to with these sanctions, they don't necessarily do anything about it. they don't actually stick to what they agreed to. this is what we've seen -- david: claudia, i'm thinking of a variation of the old line, damn the torpedoes, full speed ahead. but this cases it damn the u.n., full speed ahead with torpedoes? >> yes. the way to solve this, never mind the united nations. i think what trump was trying to do, my read, it was like the godfather inviting the security council to his house for lunch. if you don't do what i need for you, you will lose all the money that you lavish on corrupt programs. the trouble, they're going to still, whatever money they will get they will use. david: yeah. >> basic problem it is the u.s. that has to lead. and the u.n. by and large is a hindrance.
david: looks like we are ready to, ready to lead for once in a long time with regard to north korea. we have to leave it at that claudia you hit my heart with the movie reference. you know the way to my heart. good stuff. appreciate it. melissa. melissa: chipotle reporting first quarter results. the company is up 5% after-hours following beat on earnings and slight beat on revenue. the company had slightly higher than expected same-store sales, jumping nearly 18%. david: wow. the fight to real and reple obamacare is not over. the health care battle is not over on capitol hill. the latest on the timeline from the administration. securing our border, president trump striking back at critics who say the wall isn't going to be built. next north dakota senator john hoeven sounding offer. >> we'll have the wall built. i don't know what people are talking about. i don't know what they are talking about the pundits.
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melissa: breaking news. a u.s. judge blocking president trump's order to block funding to sanctuary cities that limit cooperation with immigration authorities. the latest wrinkle in that story. we'll have more no doubt. david: you know that will be appealed. pushinto bui and fd wall. washinon looking to avoid a government shutdown but where does the border wall fit into all this? fox business's connell mcshane live from d.c., with the details. hi, connell. reporter: this is all leading up to the talks to the friday deadline. the president has a group of conservative journalists last night over to the white house. some reporters there for that meeting said that mr. tom doled them at the meeting he might spending bill setting aside money for border security, not necessarily for a wall. to follow up we had comment from the president that began with tweet earlier today.
don't let the fake media tell you i changed my position on the wall. it will get built to it stop drugses human trafficking. that in turn led to questions on timing of the funding just this afternoon in the white house briefing room. >> i think there is a lot of things have to happen. like any construction. >> when do you start construction? >> you have to do planning. we'll take the first steps now and continue to seek funding through the fy-18 and further budget to make sure it actually is completed. reporter: so it's a process. there has been one interesting new idea floated by the senator from texas, ted cruz this afternoon. he wants money seized from the mexican drug kingpin, "el chapo," joaquin guzman, to help p for theal cruz said $14 billion goes a long way toward building a wall to keep americans safe and hindering drugs and illegal weapons and individuals across the border.
"el chapo"'s money. we heard capitol hill talk of republicans extending offer sheet to the democrats for government funding plan that doesn't have any funding for a physical wall. this is one of many proposals we expect to be seen between now and friday. it is still early in the week. david: 14 billion, would be half the cost of the wall, about 28 billion. that would do the trick. reporter: who would be against that? right? "el chapo"'s money. melissa: here is senator john hoeven, republican from north dakota. he he is on the national security committee. what about using "el chapo"'s money? >> yeah. that clearly is a good idea. we want bored security, that we'll find a way forward on the omnibus bill, that will included technology, fencing people, putting all of that together to make sure we have a secure border. melissa: does it look like, the president is giving in, if the language isn't in this bill to pay for the wall?
>> yeah, i think we have to get by semantics here a little bit. we had a meeting of homeland security committee last week. general kelly was there. he laid out a very sensible approach that includes all of the things that i i just mentioned. people's security and fencing, in the right mix to make sure at that we have good security on the bored he. so ihink anyone listening to th, recognizes that we're taking very common-sense approach. i think you will see funding in this bill to do that. melissa: not everybody thinks it is common-sense approach. for one nancy pelosi, let me play for you what she had to say. >> president talks about how tall it is, who is going to pay for it and all the rest of that. the president i think talking about this wall is expressing a sign of weakness. he is saying, i can't control our borders. i have to build a wall. melissa: senator hoeven, your reaction. >> since president tru took office the border crossing by illegals, people coming here illegally is down significantly,
and i think you're going to see he will work to continue make sure we not only have good border security, but also we're doing more with entry exit systems, with e-verify. making sure that we have control of our borders, not only in terms of people coming here illegally, doing more to stop the flow of illegal drugs. melissa: i don't want to diminish the costs. i certainly don't have 20 or 30 billion lying on the ground for me to use, but if you look at it compared to the total budget, it is .3 of a percent, .035% of federal spending for the year. in a way such a drop in the bucket versus everything else. >> remember the homeland security apppriation is almost $40 billion. so your point is very well-made. let's make sure we have the secure border, we use the latest technologies, we do a good job. we have outstanding customs and
border protection and border patrol agents working there. this is something the american people overwhelmingly support, making sure we have secure border. melissa: i want to get your take on tomorrow's meeting. all 100 senators are invited to the white house tomorrow for a briefing on north korea. what do you expect to hear there? >> really, it will be a discussion about north korea and how we work to get not only our allies, but countries around the globe, putting pressure on north korea, specifically getting china to work with us to put pressure on north korea so they don't develop a nuclear epweapon and a missile that could deliver that nuclear weapon, and hit the united states. so this is very important. and it is something that we have to work on, and get other countries engaged with us in a real solution. melissa: we've seen so much partisan fighting to this point so far in the first 100 days but on this issue is there as much of a division between both sides of the aisle as there is on
everything else? >> i certainly hope not. this is an existential issue. this is incredibly important. i think the president has engaged with chinese president xi in a way we're starting to get with a response with china. we need to work together as americans this is an issue not only important for the united states but really for the world in terms of preventing north korea from any type of military action and particularly one that would include a nuclear device. melissa: senator. thank you. we appreciate your time. >> thank you. david: health care may be on the backburner this week as congress works on a budget and white house unveils its tax plan but health and human services secretary tom price saying reform will come soon. take a listen. >> do you think we will have something on the floor next couple weeks? >> i think so. everybody understands in the majority that, the system right now isn't working. and they know that we need a medicaid system that works for
the medicaid recipient. we need an exchange system for the individual and small group market that works, that is bringing down premiums. making it so folks can see their own doctor and get kind of treatment they wand and need. that is currently not the case. david: looks like round two of a repeal and replace plan for obamacare may be closer to passing than democrats or most of the media are willing to concede, melissa. melissa: coming up, members of the trump administration meeting with congressional leaders over potential tax cuts. whoo-hoo. david: yeah. melissa: as the president gets ready to unveil his new tax plan. david: director of the cato institute tax policy studies, the perfect person, chris edwards is here to weigh in whether or not we see the massive cuts that the president has promised. that is next on "after the bell." >> i don't think the rumors are worth anything at this point. you have to get to a final package and then you will see how all the pieces fit together. ♪
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unveil his tax plan, at least an outline of one. markets clearly responding to happy talk on massive tax cuts. with the bar set so high will they be disappointedded if we get anything less? here is chris edwards, cato institute of tax policy stud dis. chris, great to see you. the market is valued with the idea of getting a 15% corporate tax. who knows what other things like tax simplification, individual rate cuts. what happens if it is last then that? are the markets attending? >> i think we will have a big corporate tax cut this year. the way to think about the math there, right now with a 35% corporate tax rate, corporations can keep 65 cents out of the dollar after tax. if you cut the rate to 15, they will get to keep 85 cents out of the dollar. the jump from 65 cents, to 85%, that is a 30% increase in after
tax return companies will get which should affect market valuations. it's a big thing. i don't think the market is overreacting here. david: don't underestimate my admiration for a tax cut that size, but if it is less than that, you know how washington works, it is all about compromise, if it goes to 20% as compromise figure, will markets be disappointed? >> i think that will be a huge leap forward. i'm been really amazed and pleasantly surprised that president trump is sticking to his 15%. david: he is. >> good for him. that is really remarkabl the average global corporate tax rate is 24%. with our federal rate we have state taxes on top. i think 15% is a really good target. david: i can only think of ireland, i know has 12 1/2%. that is about the only country, industrialized count that comes close. to your point about president trump stick tois guns on this, "wall street journal" quote what they say, there are dire warnings about how much it will
increase the deficit and everything, not keeping into account how much the economy would he grow. this is from "the wall street journal." president trump told aides it was less important to him that the 15% corporate tax rate could add to the federal budget deficit, though that might make it difficult to sell to gop lawmakers who are worried about a large tax cut. he is is clearly not buying into the static analysis. >> good for him. look at real world, britain slashed corporate rate from 30% to 20%. it raises same amount in corporate tax revenue as share of gdp. it hasn't lost any money. canada slashed it is federal corporate rate to 28 to 15%. it also has not lost any corporate tax revenue as share of gdp. why? because corporations avoid and evade a lot less if you give them a lower rate. they invest more. they build new factories. this is, it would be a win for the economy and a win for workers. i think this is great. david: when are individuals out
there, a lot of individuals wonder when their taxes are going to go down? it was across board tax cuts of reagan years most appealing thing of all i think. there again we lowered rates tremendously a we doled revenues and there was supply side-effect back then. >> that is absolutely right. there is one difference, the '86 tax reform was bipartisan. you have democratic leaders pushed ahead with tax reform. unfortunately the democratic party has moved to the left. republicans should pass this without them frankly, ignore them. i think theyill be obstructionist the whole way fortately. i think we can do, we should lower rates and we should eliminate some of the deductions we don't need like the state and local tax deduction. the main thing is getting the corporate rate down. that will benefit both businesses and american workers. david: well apparently the president is talking about that right now to members of congress or is about to. chris edwards, good to see you. thank you very much. appreciate it.
melissa. >> thank you. melissa: if congress talks about tax reform it could have negative impact on your wallet. fox news's gerri willis with the latest on this one. gerri? reporter: that's right, melissa. tax reform could pack a big surprise for americans who think they are getting to a tax cut. why? it could be a big tax hike. washington lawmakers are eyeing your 401(k considering removing tax breaks that allow americans to save for retirement by socking away pretax dollars. under the terms of this proposal, retirement savers would have to pay taxes up front on the savings. the federal government could earn $90 billion. that is the amount of money the feds forego each year in potential taxes in 401(k) contributions and could yield if they are taxed up front. currently unless of a roth ira, they are taxed when you take the money out, usually in a lower tax bracket. we spoke to folks on the street what they thought.
>> if they are going to be taxed on something maybe you're not putting money into, yeah, definitely less people will contribute to it, definitely. >> i think n a good idea i like the fact that it reduces your taxable income that you're working making a decent salary. >> i think it is terrible idea. you will disincent savings by people early on and have effect on retirement savings down the road. at a time we need more savings, not less. reporter: could dissuade people from setting aside money for retirement. not like we're doing a great job for saving for retirement as it is of the median account of any kind is $50,000. folks without it 401(k) tax incentives, they save even less, $2500. fox busiss reached out to biggest names. vanguard responding they are concerned that they will target 401(k)s for revenue. they will watch the proposal. melissa: everybody wants the tax
code simplified. but they don't want their thing taken away, their loophole. very interesting. gerri, thank you. reporter: you're welcome. david: rising tensions with iran. concerns that new move by the obama administration is compromising national security a-bomb shell report on iran coming next. ♪
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click to activate your within. at crowne plaza we know business travel isn't just business. there's this. 'a bit of this. why not? your hotel should make it easy to do all the things you do. which is what we do. crowne plaza. we're all business, mostly. melissa: the u.s. and iran meeting face-to-face for the first time since president trump took office. representatives from the six major world powers convening in vienna to review the terms of the iran nuclear deal. this as new revelations have emerged from a "politico" report claiming that former president obama freed iranian prisoners deemed a threat to america in order to push through the iran nuclear deal. peter brookes, former deputy assistant secretary of defense. he joins us now. what did you make of that report, sir? >> i wasn't surprised, melissa.
you want it bad, you get it bad. president obama pushed very hard for the deal. we got the deal. we didn't get a good deal. people are very, very concerned about the future of this deal in delaying and denying iran becoming a nuclear weapons state. melissa: what do you think happens as a result of this revelation and now these new meetings? what changes? >> well the trump administration is actually reviewing the iranian nuclear deal. they're very concerned and troubled, my understanding is, about the fact that human rights, it is iran's support of terrorism and its other activities in places like yemen and lebanon. we're hearing reports them supporting taliban in afghanistan. this wasn't part of the deal. it only dealt with the nuclear issue. they're looking at that the state department did come out recently, the trump state department came out and said so far iran is compliant with the deal. the iaea, international atomic
energy agency said they thought they were so far. melissa: we have no way of verifying. we're not allowed to go in to do reviews. so many things would be difficult to see. one thing is always a farce that idea that we could have snap-back sanctions. that is not how sanctions work. it was very hard to get them in the first place. >> yes. melissa: when they were taken away, had to do in large part, especially european countries want to do business with iran because of their economic state in this open market. seems like we can't put punishment back in place. >> you're absolutely right. you forgot to mention, melissa, russia and china, who the chinese ban to get into the oil and gas business there. the russians the same thing. russia is obviously an energy power. they also sit on the u.n. security council where they have veto powers. it is going to be very, very difficult go back at iran. that is exactly what iran wanted. they knew once they opened up the avenues of commerce would be
very hard to shut them down. obama administration had to work very hard to get them to the position they had them and i think they should have squeezed harder to get a better deal. melissa: what can america do at this point? >> we're in a very tough position. the trump administration will review things. they have access to information we don't have access to. we need to keep pressure on iran, just in general. not the your uranium nuclear file. there are other issues, with afghanistan, yemen, bahrain, irresponsible, unprofessional airmanship and seamanship in the persian gulf, against u.s. assets. what they're doing in support of hezbollah. there is a lot to deal with. we need certainly to contain to roll back iran's international activities. melissa: peter brookes, thank you. >> thank you. david: a report card from the press. the mainstream media is having a meltdown over president trump's first 100 days. we have the headlines. you will not believe it in light of what just happened.
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david: well the mainstream media having meltdown over president trump's first 100 ys in office. take a look at some of the headlines. trump's first 100 days a big failure, new low in the polls. that is "washington post." worst 100 days we've ever seen. here is one, trump's foreign policy, 100 days of political bafflement. this is 100 days of horror, horror from "the new york times." rachel campos duffy, fox news contributor, brad woodhouse, former communications director for the national -- in light of
the fact looks like health reform is not dead, you look what happened with the keystone pipeline, gorsuch who has been confirmed, you look at deregulation policies, look at foreign policy everybody thought trump would be lousy at. he is catching on to that pretty quick. how can they say these things. >> because they don't live where i live. i'm coming to you from rural america right now in wausau, wisconsin. optimism is up, way up. every project that was on hold or business was thinking about, during the obama years is now green-lighted. people are feeling good about it. they like the 80% of illegal, 70% illegal crossings down. they like the gorsuch nomination. they think their gunights and their religious liberty rights are being protected. i think donald trump is doing a pretty good job. of course, rome and trump tower were not built in a day.
this 100 year, 100 day mark doesn't really mean that much. david: not only middle america, look at broad and wall street right now. we had a extraordinary explosion in the market last couple days, just the talk, behind the scenes talk about serious tax reform. are the markets wrong? >> no, look you had up tick in the market because donald trump took closing the government off the table because he backed down on demanding -- david: brad. brad, hold on a second. >> you asked me a question. david: just the fact is, when you hear, just a little whisper of tax reform, that is when the market spike. it is not because washington is all getting along now. it is because there are serious tax reform. that will lead to bottom line success for corporations. that is what is moving market. >> but look, we're a long way between one meeting on capitol hill today and tax reform getting through. there are a lot of meetings on capitol hill.
david: that is true. >> there are a lost meetings around the president's effort to roll back obamacare. david: brad is right on that one. brad brings up a good point. everybody in washington loves status quo. they love things the way they are. that means for revolutionary change in the tax code such as we've been hearing about, that the trump team wants, there is going to get a lot of pushback from the professionals, the elite inside othe ltway, right? >> right. that is the great thing about donald trump. he is not beholden to these people. none of these people helped him get in office. 100-day mark, remember we passed stimulus in 100 day mark under obama. we were about to enter the summer of recovery. so remember, we had to put these stupid markers into their proper perspective. i think donald trump is doing well. i think the markets and feeling on the ground in middle america wouldn't be there if they didn't believe that donald trump and this congress is actually going to do tax reform. david: hey, brad, are any
democrats, i know democrats at one point were for lowering the corporate tax rate. are there any democrats that would still support the president in doing that? >> well, look i think democrat will need to see what the mt. puts on the table but remember, within of the things he has wanted to tie tax reform to was repealing, repealing obamacare. so if the two of those remain in tandem, repealing obamacare to get money to provide simply tax breaks to the wealthiest americans and corporations i don't think democrats will go along with that. >> rachel, there is breaking news, which is that a federal judge out in san francisco has denied the president the right to withdraw federal funds from sanctuary cities. now, san francisco was one of the cities that the federal judge was addressing. that federal judge lives in san francisco. is there any conflict of interest there? >> yeah, of course. and by the way this is just full judicial over reach. they are supposed to interpret our laws.
not determine how our federal money is being spent. the american people want sanctuary city funding to be removed, funding to removed if they are, if they're going to have sanctuary cities. i think donald trump is doing exactly what the american people. the people who are he opposing this are going on the left, are going to pay a price for obstructing here. david: we've got breaking news. i have to cut it at that rachel, brad, thank you very much. thank you. >> thank you. melissa: shares of costco jumping of after hours up more than 2%. david: wow. melissa: the wholesale club increasing the quarterly dividend by five cents to 50 cents a share and offering a cash dividend of $7 a share. david: not all retailers doing badly. melissa: that is true, going back to where it all began. remembering america's favorite show and sharing advice they learned on the prairie. ♪
melissa: some things are classic and i hope never go out of style. >> have you seen little house on the prairie. >> i have. >> i like it. >> of course. >> do you think that the ladies would still find this '80s heart throb attractive. >> michael landon? why not. >> excessive hair but he is in decent shape. >> the taste in men is changing, sometimes is goes rugged. >> do you think that the bonnet would make a comeback. >> a bonnet is cool with me. >> it is like a hipster hat. >> everything makes a great come back. melissa, is an awesome writer. david: lessons from the
prairie, a new book, it is available today. melissa: i will make you roar with laughter, you will laugh at me, i learned valuable thing, pick up the book, i promise you, you will have a good time reading it, if you don't, i will eat one of the pages. >> you don't mind having lower taxes. >> this is his one chance to stimulate the economy. >> to quickly get it done it will be a huge show. it will pay for itself right away. >> it cuts taxes for the middle class families by 35%, we'll become a rich nation again. >> middle income tax cut a priority of the president. >> average american should be able to do their taxes on a large post card. >> my contract calls for