tv Making Money With Charles Payne FOX Business April 25, 2017 6:00pm-7:01pm EDT
to speak wthe canadian fell trudeau tonight after slapping a tariff on their wood products. david: good evening. i'm david asman in for charles payne. you are watching "making money." stocks surging as president trump gets set to outline his tax plan tomorrow. treasury secretary steve mnuchin and other officials are meeting on capitol hill to discuss the plan with legislators. adam? reporter: that's a very important meeting taking place on capitol hill. you will see gary cohn, the economic advisor to the president, and they are neating
with the key players who will have to take the president's concept and mix it with whatever the republican leadership on capitol hill has in mind and come up with the legislation. tomorrow we'll get that broad kind of outline. who are they meeting with right now? kevin brady, orrin hatch, paul ryan, and senate reader mitch mcconnell because there is not a total unified front. one of the issues that's a problem for both sides is the president wants what he calls a massive tax break for le class americans and business taxes, a corporate tax rate of 15%. that some republicans worry would contribute to greater deficits and greater debt for the whole country.
>> wait until tomorrow, you can see the plan. but obviously we have to do everything we can to get economic growth going. the president knead tremendous headway on the regulatory front and he will do everything he can on the tax front. reporter: this is the broad principles that will lead to the formulation of legislation. this is not actually the bill, but this is the start of what could be an historic moment for the trump presidency. >> we'll see what it is tomorrow. adam, thank you very much. joining me for more, club for growth president david macintosh. sometimes you and i have been at odds. i think we are in lock step. we both believe in the power of tax cuts. i think it president believes in the power of tax cuts.
he has seen how it incentivizes businesses and individuals in this country to the extent a lot of his visors don't see. but he's plowing through their objections, is he not? >> he's doing a wonderful job of leading on this. it was a key part of his campaign promises to the american people. it looks like they will take the corporate rate to 15%. when they do that through the small business tax rate as well. that will unleash millions in job creation. it will actually let the economy potentially grow at the 3% to 3 1/2% rate. the green eye shade people in washington say we'll lose all this revenue. history proofs time of and time again when you have economic growth, you get more revenue in washington.
>> it was twice as much. reagan came into power. i think the top rate was 70%. he brought it down to 28%. during that time when the tax rates were more than cut in half. revenues doubled, right? >> nobody expected it. congress at that time spent even more than that. so our mantra is if you want to have pro growth, cut taxes. if you are worried about the debt, cut spending. but the tax cuts we need that's everybody is expecting. you see the markets reacted today. >> yesterday some people in fact -- we are going to talk to somebody in the program who says it was because of france. i will buy that for yesterday. but today for another 1% move on the plus side for the markets, i think that was about taxes, don't you? >> i do. one of the things the president and secretary of treasury and
all his people have said, we are not going to be bounbyhis. we have to raise another tax when we cut one tax. that pits one group against another. they are saying we are going to have an aggressive rate tax cut and that will create growth and take care of revenue needs. >> stay wants to bring in tax foundation economist allen coal. it's not only the green eye shade folks pushing against the idea of tax cuts. it's all soft lobbyists, the swamp, if you will, the swamp creatures that spent years and millions of dollars getting their special cutouts in tax bills. they don't want change, do they? >> no. often that's one of the trickiest parts, getting some of the unnecessary deductions and credits out of the tax code to pay for lower rates for everyone. david: i'm holding in my hand
the postcard tax form that was outlined in a tax plan that came out last year, last summer by the gop. there are 14 lines on this post yard tax form. is there any chance we would be able to get rid of so many of the deductions and put our tax returns on one post card? >> that's kind of an ambitious and lofty goal. there is some stuff you can do for simplicity. but people care about how many children they have and getting deductions for dependents. so it's always going to be some length. david: on this post card you have deductions for savings plans, mortgage interest deduction, charitable contribution. earned income tax credit and higher education credit. that's it. is that enough? >> that sounds very good to me. the flatter you get the tax cut and get rid of special interest
deductions and lower the rates. that will be good for what's tough to do is to sell to the k street hobbyists. your clients will be better off when we lower the overall rate for corporate america and individuals. yes you will give up a little bit of a benefit you lobbied for all these years. in the ends they will be better off when it's an even playing field, along other -- among other things you don't get the distortions by business, where do we invest. there is no reason you should have your cfo sitting in the board room. david: you bring up a great point. there is so much wasted energy. if we were able to do just a postcard for our taxes, we wouldn't be spending literally billions. i think a couple of billion man hours put into filling out taxes every year, not just individuals, but all the tax
attorneys, all that wasted energy and time could be spent on improving the necessity. the econy wod be the biggest beneficiary of this kinds of tax change. guys we have to leave it at that. president trump's style of working with congress has been seen by many in the media as chaotic. but as healthcare and tax reform appear to be taking shape, could he be developing his legislative sea legs? adriana, i resisted the temptation to come out with all the headlines about what a failure trump is as a president, how he's not accomplishing anything. but it looks like he is beginning to accomplish something at least in terms of dealing with congress. >> president trump and his administration have so much to be proud of.
they assembled their cabinet and appointed a supreme court justice. they reestablished -- even forced his red line. they had a multiple foreign policy crises. not to mention all the jobs they saved and created. all the regulations they cut that were putting a wet blanket on the business sector. list of achievements are incredibly impressive. just look at what alibaba announced. they will allow a million u.s. businesses to sell products to their roughly half a billion customers in china and alibaba. that's just incredible. we see how wall street is rallied the past two days. i'm giving him an "a" at this point. i give him probably an "a." david: the guys not a politician first all.
yes he deltas a lobbyist for his own business interests. but that's about it in terms of his understanding how washington works. an was balancing his drain the swamp rhetoric with trying to get something done legislatively. that was a tough balance to do, eric. >> i think it's a tough balance, especially in this environment. and he had to frame it in a way that was non-traditional. but there is no question he's learning. if he just followed through on the corporate tax cut which at 15% is phenomenal for business owners. i own many businesses, 15% just means more jobs you will be adding. i think what you are seeing, you said it earlier. this wasn't about france. that's already been baked in. it's about is he going to follow through on the agenda that will help the economy, tax cuts,
continue cutting regulation, trade adjustments, and it looks like he's going to. david: one thing we haven't heard about it, we may hear about it tomorrow, is the smaller businesses, the non-incorporated businesses, subchapter s. individuals who have their own businesses. at some point tomorrow is mnuchin or one of his economic guys address that audience? the smaller businesses and individuals have to be addressed here as well? >> absolutely. that's so important. the optics would be tear fibl he only gives corporations a break. dave there are they would say we proved he just cares about his billionaire friends. >> exactly. i think it's imperative steve mnuchin and president trump give a tax break to private individuals as well as the small business sector. if we go back to the alibaba
thing, that will allow -- jack ma is going to come to the u.s. and he's going to teach and train small businesses. '. it's incredible. david: i want to go back to a point i made with my previous guest about the swamp and how it's resisting change. the swamp represents those privileged classes who have gone the the special breaks. do you think trump is strong enough to break through that barrier? >> certainly in the key things, i think you will see a tax cut, it may not be 15%. i think he's positioning to negotiate. but yes, i think he will crack through. this is someone who gets working with lobbyists. he's been doing it for years.
i think he's learned some important lessons in how to approach it this next cycle. he will be able to get victories. so yes, i do. i think many lobbyists and the money people behind them are concerned. i think they are concerned because they know they are going up this next cycle in a situation that will be difficult. david: i'm happy with their concern. good to see you both. thank you very much. buy american, hire american. executive order is meant to make america great. but it's also making some americans nervous. are allergies holding you back?
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>> i want an environment where the companies most responsible for hiring are dramatically encouraged to keep the business here. if we make it by fiat or mandate, i'm afraid that mole will pop up out of another hole and we'll have to a whack it. david: mike rowe expressing his concern over president obama's buy american, hire american could backfire. here to discuss, deroy murdoch. mike is a simple guy but he makes a good point. sometimes when the government says we have a simple solution.
he doesn't trust it. do you? >> the national association of home builders came out on the tariffs on canadian lumber. they estimate thage single family home will cost an additional $1,200. david: what would you do? you switched quickly and rightly so to the lumber tariffs that were announced by wilbur ross and the president. if the canadian government is subsidizing lumber to the tune of a billion a year, what should we do by the? just allow them to compete with our own lumber businesses? >> we had an earlier segment on taxes. i think it's similar with trade where you have different industries with deals through
the congress department. i would like to see the subsidies flattened or eliminated. and we ought to give that deal to countries around the world and say get rid of these subjects does and even things out. david: you would rather have a flat tax than individual subjects does. but not all countries are the same. some countries would cheat, or other countries won't, they play by the rules. that wouldn't be fair to the ones that are playing by the rules. >> i would rather see a discussion with the canadians on how to get ridtheir subsidies as opposed to trying to raise their tariffs. costs go up -- >> but you are not for a bored tax? >> i think the border adjustment tax is a terrible idea. this is part of the initial move
toward tax reform it's suppose to be a trillion dollars over 10 years. you try to tea just the higher prices by shifting a dollar. david: we are hearing neither the border tax nor the carbon tax are in the mix. that has nothing to do with what we are going to hear about tomorrow before they start adding new taxes they will lower the taxes that we have. that's the right track. >> the last thing the republican party should do is start inventing new taxes. god did not create the republican party but to create new taxes. but to eliminate old ones. david: a special programming alert. lou dobbs is going to have the aforementioned wilbur ross, our commerce secretary. he will be talking about canada and all kind of new taxes and tariffs, cutting taxes and raising them elsewhere.
that's coming up after 7:00 p.m. eastern time. president trump's 100th day in office is right around the corner. will the main real media be there to cover it? listen up, heart disease. you too, unnecessary er visits. and hey, unmanaged depression, don't get too comfortable. we're talking to you, cost inefficiencies and data without insights. and fragmented care- stop getting in the way of patient recovery and pay attention. every single one of you is on our list. for those who won't rest until the world is healthier, neither will we. optum. how well gets done.
david: the first 100 days, the ultra sensationalizing as the mainstream media corrals in washington, d.c. for the white house correspondent dinner. the president will be breaking precedent and celebrating with a rally in middle america. joining me now tara westwood and capri guevarra. who will you be watching? harrisburg, pennsylvania or all
the elites inside the beltway? >> i'm from ohio. i am middle america and i have one foot here inside the beltway. i feel like i have dual citizenship.nging out with the elites. i am actually not going to the dinner itself. but i will be going to some stuff beforehand. then i will be watching along with the deplorables. david: i have been there but i don't enjoy myself. it's so stuffy and up tight. this is fitting middle america. harris burg, pennsylvania is as middle america as you can get. >> the administration couldn't ask for a better split screen. they will have him talking to his voters.
juxtaposed with the media that ris his voters hate dressed to the nines. that's why he's doing this. he might relish the fact that it could prevent several white house correspondent going to the dinner because they will be forced cover his rally. david: i note media very well. 90% i would venture to say voted against donald trump. so it really represents democrats, that's what the washington course -- correspondents dinner represents.
i'm often shaking my head, when are we going to get past this, inside the beltway. the democratic party decides to bring washington into these congressional races. we need to make sure we are -- the reason why donald trump won was because he took a populist economic message that was traditionally democratic. that's why we lost. we need to refocus. >> we saw a little outreach over the weekend when bernie sanders seemed to be reaching out to pro-life democrats. but then he said we can't suort anyone who is roe versus wade. i don't see them change at all. >> that's a problem for the democrats. their vocal progressive wing is
pulling the party to the left when they need to be reaching people in the center. it's on full display with tom perez's national tour it's all about resistance to president trump's agenda and not articulating a separate competing vision for americans to vote for. david: a federal judge in san francisco blocked an order for the federal government to with hold funding from saiks wary cities. >> the critics will look at this and say this is one more example of how trump policies are short-sighted and potentially unconstitutional. you put this up against the travel ban and up against the healthcare bill that came up short and this is one more example.
we do have three branches of government. this is the role the judiciary plays. the administration has an opportunity to appeal but it's not good for optics. david: if they do appeal if it goes up to the supreme court, will have nine justices, five of whom lean conservative. coming up, president trump's 100-day report card. the mainstream media is aching to give him an "f." when heartburn hits, fight back fast with tums smoothies. it starts dissolving the instant it touches your tongue. and neutralizes stomach acid at the source. ♪ tum -tum -tum -tum smoothies! only from tums
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david: the best and greatest, president trump lives for superlatives, it should be no surprise white house launching its own new web page, touting its accomplishment. sean spicer on the milestone. >> president and his extraordinary qualified cabinet have maiden creedible progress in first 100 days, this is just the beginning, we look forward to more prosperity. a safer world from destroying isis and other forms of radical islamic terrorism that threaten our globe. a government that serves the people, not the special interests or personal
political alliances. david: joining me now, former white house adviser, doug weed and g.o.p. strategist to george h.w. bush ron christie, doug, you would never know it from headline all these do nothing president headlines, that you get for president trump. i just wrote down a couple of points, keystone pipeline. he opened that up creating jobs, he got individual companies to bring jobs back to u.s. and neil gorsuch confirmation. that was huge. you had deregulatory policies, foreign policies. nobody expected him to have wins there but he has now we may have a real tax reform program come out tomorrow. and he is making movement on health reform. how does that stack up?
in my mind that seems to be a pretty good 100 days. >> i agree with you. i think he has pulled off a hat trick, turned the economy without legislation. just jawboning and meetings in the roosevelt room. corporate leaders saying they are staying eothers coming back. he turned supreme court, and turned illegal immigration, he doesn't have to build a wall, donald trump is the wall, that reminds me of ronald reagan, he got elected and the iranians let the hostages go. just the threat of him being elected seems that immigration has dropped like a rock. i believe those numbers look good. david: ron, doug mentioned ronald reagan, he battled with the same media, they tried to tell story if reagan will be elected we'll be at war in a
couple of weeks and economy will be worse than now, of course no theory one happened. what you can media get away with describe a very full 100 day agenda as doin nothing? >> good evening, it is sad to look at this and observe that media seems be to portraying that what the president is doing is terrible, they are catering to their base. when you talk to real americans outside of the bubble, outside of the beltway, they appreciate the fact this president has inspired consumer confidence, and that this president has stood up to the chinese, and forged a relationship with them to deal with a terrible threat of violence coming from north korea, so pick after pick, issue after issue, you could go on and on say that president has surpassed expectations, he has done an excellent job, and he is doing
what he said he was going to do on the campaign trail. david: yet, we see, the headlines, historically speaking, do you think headlines such as these are going to go down as laughingstock headline? >> i don't know, the media never comes out and never says we're wrong. >> historians do. >> they do. history grinds slower, it demands facts be you about keep in mind, when around reagan was president, a million men, young and women, and young people marched much was there outrage, media never finally did say okay, we were wrong, you won cold war. david: true, all right, i would love to spend more time with you thank you. >> thank you. david: strong earnings lifting
major rallies into rally mode today attacks cuts had a lot to do with it. we discuss what it means for your investments stay with us. ie psoriasis, you can embrace the chance of completely clear skin with taltz. taltz is proven to give you a chance at completely clear skin. with taltz, up to 90% of patients had a significant improvement of their psoriasis plaques. in fact, 4 out of 10 even achieved completely clear skin. do not use if you are allergic to taltz. before starting you should be checked for tuberculosis. taltz may increase your risk of infections and lower your ability to fight them. tell your doctor if you are being treated for an infection or have symptoms. or if you have received a vaccine or plan to. inflammatory bowel disease can happen with taltz. including worsening of symptoms. serious allergic reactions can occur.
david: stocks rallying for a second straight day, strong earnings and optimism about president trump's tax plan, joining me to discuss, danielle demar tino. and matt smith. i have not talked about the fed on my 4 :00 show for weeks, this is not a sugar high. this is not a fed induced sugar high. this is based on real stuff.
>> true optimism right now. it is refreshing to not have to memorize every central bankers name. i think that markets are excited that trump said i like jane on the, i respect janet. that removes a pillar of risk. but markets have been celebrating earnings and prospect for tax reform. david: it is -- this current price of dow jes all this stks, is based oeverything going right. with regard to tax cuts, and deregulatory policies. tax cuts he has to rely -- on congress, he has not had a lot of success there. >> right, a lot of this propelling us to 20,000 is from earnings as well, that is juicing the rally. that is likely to juice us -- >> if it was justs earnings
without the tax cut talk, do you think we'll still be doing as well. >> we would still have good results from amazon. in their own right, the equity stocks are pushing things higher. david: a cut from 40% top corporate fact rate too 15%, nothing adds to the bottom line like >> absolutely not, only cautionary flag, a story hit wires said something that we've come up with a new way of values stocks, this is a new world we're in to explain nasdaq crossing that 6,000 milestone. david: fed, fact that donald trump on the campaign trail was talking about how bad janet yellen was. he is president, and now he is a talking nice.
>> we're getting an interest hike priced in. coming in nextonth, we are seeing that frights of labor of the economy kicking higher. >> the fed has a huge portfolio, 4 trillion, she said she will draw that down. can that affect the markets. >> i can see. david: what do you think? >> i don't think that market is buying in uk and reduce number of fed hikes baked into 2017, i think that has been fueling this rally, we're seeing photo do what it does most years come on strong, then back off. >> if trump tomorrow comes out with a basic blue front a tax plan.
does market continue to soar. >> it has to be a big. saturdaying tax cut plan. >> i we'll see it get juiced up again. >> thank you. david: coming up cyber security expertses point their fingers at the kremlin for alleged involvement in another election hacking, that is coming unemploy if you take medication, you may sometimes suffer from a dry mouth. that's why there's biotene. and biotene also comes in a handy spray. so you can moisturize your mouth anytime, anywhere. biotene, for people who suffer from dry mouth symptoms. thithis is the new new york.e? think again. we are building new airports all across the state.
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colonel ralph peters, if that is true. if russians try to mess him up they failed, the guy beat out la pen, he will be running probably winning, what went wrong? >> they did wrong was to over play their hand. first of all, interfering in u.s. election, they got kawtz, agaicaught gain and again, with potential scandal of u.s., more about michael flynn today, it alarmed the europeans be they knew that russians had been hacking them but with elections coming up, they got serious, france was a crucial prize for putin, he thought high could get a pro-putin president in france he could start breaking up the ei an economythe eu. of 11 candidates running four of top five were pro-putin, lift sanctions, but putin over
played his hand so dramatically, with money as well, with propaganda, with fake news, and it just backfired on him, and as you observed, the one candidate who is pro west. pro nato, is a guy who is going to be france's next president. david: quickly, i want to go to turkey. he has about a week and a half, putin does, to continue to work again macron, now that we're focused on that, will he have any effect? or try? >> he will try. his you know, right now have you fancy beer, one of the russian hacking outfits working hard, what i expect to see big huge fake news revelation about macron. because putin is fear use furious, he has been winning for a long time, just in last
6 weeks, he has taken one setback after another. now is a setback in france, putin -- i think that as he gets more setbacks, he will get more aggressive. david: very quickly, speaking of syria. we had turkey bombing some of the antisyrian government but also anti-isis rebels that we support, what is up with that? can we depend on turkey at all. >> no. david: wow. >> the turks are nato members still. but president erdogan who just staged a -- mock referendum has been fighting factions in syria, that he does not like. we're the ones fighting isis
alongside who? the kurds, the best allies we had in iraq and syria. have been kurds, hands down, they are tough fighters, they are fighting isis, and they are doing it not only for themselve but to please us. erdogan betrays us again and again. foggy bottom, at deputy of defense and white house, ed on erdogan is a menace not a help. david: that will cause big problem, we have an airbase there and part of nato. >> we're addicted on that airbase, it is skewing our policy. david:y wil we will have to rethink turkey. thank you lieutenant colonel. >> appreciate it. david: will latest health care effort be do-or-die for speaker paul ryan, we debate his role in the whole thing, coming next.
david: bad news for house speaker paul ryan, a poll finding that americans are turning against him. 22%. you view him positively. now as republicans gear up for an attempt to fix obamacare, could this be paul ryan's last chance of redemption? joining me now nan hayworth, david mcen to macintosh and capri cafaro . >> it is time for the house and senate to gets together and get this passed. there are all kinds of ways they could facilitate health care reform, parliamentary measures if they have to. they need to craft the bill, get it to senate, and let the senate take care of it.
david: we heard he is already on a short leash with donald trump, a lot of people on trump administration don't -- did not agree with his effort to put healthcare in front of tax reform. and that is already ticked him off, now they have jumped gun by coming out tomorrow with their own tax reform plan, opposed or not necessarily opposed to but in addition to what paul ryan might come out with. i don't think that have is a lot of love lost? >> i think that problem is that paul had a failed strategy on the health care bill. he negotiated with the moderates, and left the conservatives out of the room. that meant that bill failed. right before break. it has been put back on track. we wrote a memo to everyone saying, moderates and conservatives get in a room together, work out your differences, come up with an amendment to fix the plays and the ryan bill. they have done that conservatives are coming on board.
i think that moderates will as well. david: mm-hmm. >> that will let him get back on track to get this out of the hughes. david: yeah, capri. one of the other things, other criticism of ball paul ryan, beam believing he felt he could get democratting on board is was clear that democrats were operating as a solid block against anything that trump administration was afilliated with. >> i think that is a poor calculus, as senate minority lead near ohio for a number of years, i myself of responsible trying to whip up votes to keep the lights on for budget bills in ohio, i don't envy paul ryan's circumstances. david, of course, not. it is dig factions of caucus together. and so, you know, i feel for him, but, i do think that he probably would have been
beer strategy totart with something like tax reform or infrastructure. rather than something that as complex as and controversial. david: it sounds so nice to talk about bipartisan deals, but with this democratic parties, i don't think there will be any kind of bipartisan deal. >> no, they need to be heard, their constituents need to be heard, but, right now politically, when it comes to senate, they can have republicans over a barrel unless they move boldly, paul ryan needs to strategist. david: do you do nuclear option with regard to legislation. >> yeah, they have to give, they have to get this legislation passed. if they are right about it the economy will improve, health kara, ses will improve -- health care access will improve. david: will we have a health care bill passd. >> yes. >> repeal, and reform. >> david? >> i believe we will, and i think it was a good idea to lead with it, it would have been a key promise for republicans.
>> if they don't it cone be. >> not this week, but by en of the year. david: great show, thank you very much. lou is next right here on fox business, we'll see you tomorro tomorrow. lou: we begin with breaking news, a federal judge has blocked president trump's executive order that cut off funding to sanctuary cities. the temporary ruling was issued by obama appointed judge, william or rik iii of trans arguing that president trump exceeded his constitutional authority, when he tried to punish local governments that disagreed with his administration policies of the view. the nationwide injunction will stay in place while pending lawsuits from a number of cities move forward.