tv Forbes on Fox FOX Business September 17, 2017 3:00am-3:30am EDT
the table because of the price. neil: even for you. all right, all right. >> just kidding, just kidding, just kidding. neil: of course, look at the time. time for david asman. [laughte [laughter] >> your principles for tax reform, they will be fair. cut taxes substantially, it will be the largest tax decrease in the history of our country for the middle class. encourage companies to hire and grow in america, and by doing that, we're going to have to reduce the taxes for companies, and bring back trillions of dollars, we have trillions of dollars overseas that we'll bring back and we'll bring them back quickly. david: there it is, president trump making a new push for his tax plan. it's a plan that's been out since april. he says it's simple. slash individual tax brackets. slash corporate taxes and end tax loopholes and now, some
here say, stop the bickering inside the beltway and start passing trump's simple plan, but would that forbes quick fix work? hi, i'm david asman. welcome to forbes on fox. with steve forbes, michael, elizabeth macdonald, john tamny and steve, way back in april, you wrote an op-ed in the new york times, for goodness sake, why are republicans making tax reform so hard? it looks like they still are. >> yeah, they haven't learned since april and david, it's simple, slash individual tax rates across the board ala ronn ronned-- ronled a reagan and done, run with it. david: e-mack, we have a plan and to emphasize what steve said much we've got five points, sort of expanding a little on what the president said, reduce the tax brackets
from 7 to 3, simplify, reduce corporate tax to 15. end tax loopholes, eliminate the death tax, one time tax on optional earnings as the president said bring back trillions of dollars. write it up. there it is. >> it remind me of burgess meredith in "rocky", what are we waiting for? why are the democrat's voices latest in the room, they've smashed job growth to historic lows? why are they the loudest voices. republicans need to be like jfk wanted 5% tax cuts and pied piper. now is the time and moment, go for it. david: get a backbone, republicans. the corporate tax rate, it used to be the easier to start a business and now france 33%, you go down to united kingdom,
19. ireland, 13. why do we make it so hard for a business to do what they do? that speaks to reducing the pent on work. reducing the penalties on investment. get rid of the estate tax altogether. the corporate tax, double taxation on earnings. if you hand them a big audacious tax cut, he'll sign it and do just that. david: bruce, this week, the president came out with another one of his famous tweets he said the biggest approval for the tax form reduction in our history will begin, move fast, congress: bruce, what do you think? >> if he was selling it and kept it simple and wasn't distracted, he'd have a chance. i don't think he can do that. two of the guys he can have
sell it, mnuchin for one, is in the news for wanting to fly corporate jets to his honeymoon and his eclipse. he has to keep his selling simple otherwise it's not going to happen. david: the point is that republicans in congress have to keep things simple. instead, kevin brady, who is a pretty good guy. he's the chairman of ways and means in congress, they are the people that write the tax bills. he says this thing doesn't going to be done by december 25th. they're working on little things like tax loopholes for folks who suffered in the hurricane. that's important tough, but let's get a tax bill done. >> that shouldn't have anything to do with tax reform, david. the problem that donald trump is facing is a lack of people in congress because the leaders of congress, mitch mcconnell and ryan. they're not pro growth people. mcconnell is like a big government guy. he was a gerald ford guy not a ronald reagan guy. so, hopefully by trump taking
his case to the public. these anti-growth republicans will get booted out soon and we'll get pro growth people in congress. david: it's clear, rich carlburn, that trump saw the disaster intent to repeal obamacare, said we're not going to do that with taxes and now he's taking charge, even overriding republicans to court some democrats. >> well, he should the point has been made, congressman ryan may be a good guy, but he's a wonk. he's constitutionally incapable of doing something simple. he loves being in the weeds because i think he feels it justifies his existence. look, steve forbes also wrote that if the republicans blow this, they might lose their majority in 2018 elections and if that happens, trump's new friend nancy pelosi will take about five minutes to launch impeachment hearings. david: that's right, that's right, with the house-- with the democrat house, they
probably get impeachment hearings. steve, want to forget about your simple post card idea. the idea of a flat tax, now, this is not going to be a flat tax, three rates are still more than just one, but it's a lot better than the seven or eight we have now and is close to the post card. >> forget about big reform, we don't have time to do it. get a simple tax cut. and in truly simplifying with a flat tax, do it in a couple of years. reagan had two big tax bills and trump can do the same thing. david: and they're looking at the flat tax, but they have trouble with three. >> they need a backbone and need to fight. the rich did not get rich at the expense of the poor. this is what the democrats are lying to the american public about. look at oprah winfrey, steve
jobs, howard schultz, they were poor and some were homeless. they went into the upper brackets and two third of the poor went into the upper brackets since the early '70s. the democrats are trying to change the dna of the american dream. not a big national pie to slice, and growing it. david: nothing wrong with wanting to be rich and that's why our ancestors came here and about the state police tt tty -- simplicity of the plan, they want more government committees to get involved and more government bureaucracies and the lobbyists had to have their seat at the table and that's why simplicity is good, no? >> yeah, simplicity is good and let's understand why they're doing what they're doing. they're focused on revenue, that's the last thing you should be focused on. when government has control of the wealth we created.
it should be reducing the penalties on work, and inheritance and you growth and more importantly, you get freedom. let's leave the other things out. david: and bruce, you must be happy that the president is talking to democrats. and democrats seem to be responding and there are certain things you can agree on with republicans, like, for example getting rid of the loopholes for the rich? >> i think the reason why he's talking with them, as you guys are talking about what a light weight paul ryan is, i think that, listen, whether you like it or not, whether you like it or not, nancy pelosi got many things through congress when she was in charge. david: she got a lot through. >> what i can't understand about this existing congress, this existing congress is that they have the inability to work on more than one thing at once. a full-time job. i can't understand that. david: here is something from the forbes group, be like nancy pelosi. who thought you'd hear that
now back to forbes on fox and following on foxnews.com. david: irma hitting, of course, right after harvey fueling new worries about funding for the federal flood insurance program. it's already more than $20 billion in the hole and jon, you say the hole is about to get deeper and it's time to privatize flood insurance. make the case. >> let me be clear, i outright reject that anybody would take an excuse to build or buy near flood plane areas. and they do the best job of
people putting in the area and insure them, if they do, people will build in much better places than they are right now. david: would private insurance work? >> they tried this in the 60's before the national flood insurance program was created. one of the reasons it was created was because the private companies fled when the risks got too high. i don't think if you privatized it you would prevent a potential bailout down the road. david: we've got a bailout, $23 billion in debt, this insurance program, we've got to pay for that. >> i don't know why the taxpayers have to be the cushion here, the bailout for this. i get it, theres' economic growth in these areas, i think that john tamny is right. look how cheap it in texas, only $500 a year when there are thousands in costs, it's about
incentives and not building in flood planes. david: steve, is it politically possible to make the case now? people are still suffering. >> politically you can't do it now, david and and humanely you can't. thises about the future, in the future we should be phasing in more and more private insurance. there are plenty of competitors in the property and casualty industry. you've got reinsurance and need to engain in litigation reform which has been driving up premiums and the cost of flood insurance. so you make the reforms and in the future we'll have a more sensitive market and people will live where they're not going to get destroyed. david: rich, could it happen and could we privatize the program? >> steve is absolutely right. you can't do it now. it's highly emotional times right now because the hard truth about insurance, it's not charity. now, i reject this idea that insurance companies would flee, as bruce said they did in the 1960's, because insurance is simply about getting the price right. they're going to charge-- they're there to make money.
let's not kid ourselves. they will he an offer the premiums that make sense. david: well, and the market does play into everything that we do, sabrina, but sometimes has a perverse effect when the government gets involved. the government has been creating perverse incentives, incentivizing folks to do the wrong thing. >> that's right, david. so often we wonder how these situations happened. and government got into the business of x. and in this case they got into the business of flood insurance and as a result they sort of replaced market rates with these artificially low rates which encourages, i don't want to say bad behavior, but riskier behavior. you may have a beautiful view if you live on the coast of florida, but you're at greater risk and that often comes with a higher price tag and i think that's what unfortunately a lot of people don't realize how we got to this point. david: john, i know you love to be a purist about economic policy, but you have to be a realist, in this environment it
might be tough to pull off, right? >> i think that rich and steve and everyone is right that you're not going to get this right now, but rich is absolutely right that you need to put a price where people live. insurance companies would love to put a price on different locals across the country and so, if it's expensive to build somewhere because it's more likely to be hit by a hurricane, excellent, that will force people to rethink where they are. we need market forces more than ever here. david: last word. thank you, the cashin' in gang ready at the bottom of the hour. trish reagan. >> north korea threatening to reduce the u.s. to ashes. and some say we need more than just a couple of sanctions. we need to be going after china and plus, will the push for more hurricane relief push off tax reform? we'll see you with those stories at 11:30. david: we will be watching. here, financial debt hitting $20 trillion this week. and that's not stopping bernie
sanders from plowing ahead with a socialist health care plan that some estimate could cost trillions more. is that really what taxpayers is that really what taxpayers need right my "business" was going nowhere... so i built this kickin' new website with godaddy. building a website in under an hour is easy! 68% of people... ...who have built their website using gocentral, did it in... ...under an hour, and you can too. type in your business or idea. pick your favourite design. personalize it with beautiful images. and...you're done! and now business is booming. harriet, it's a double stitch not a cross stitch! build a better website - in under an hour. free to try. no credit card required. gocentral from godaddy.
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that's how you outmaneuver. >> just as our national debt skyrocketed this week to $20 trillion bernie sanders moving ahead with his single payer health care bill he calls medicare for all. but, rich, you say just another socialist program that's going to be just as bad for americans as socialism has worked out anywhere else in the world? >> yeah, and the problem with
socialized medicine is, yes, everybody gets coverage, but everybody gets a pretty poor level of coverage and you don't get the kind of innovation that you need. the u.s. is the, by far and away the leader in medical technology from biotech down because of our free system. david: and bruce, it's weird how democrats have gone socialist and even a liberal commentator said that democrats have become socialists, what do you think? >> i don't know if it's so much for socialist that they're running for president and one of the goals is that they did not achieve with the affordable care act that they wanted to is to cover everybody. and even the president has said, he wants to cover everybody. the problem any insurance executive will tell you, they want everybody into the pool, and we don't have everybody in the risk pool right now. david: the problem is that social light, which is what i call obamacare, doesn't work. in fact, it's getting worse.
the number of uninsured, as bruce said, that's a goal of obamacare, the number of uninsured is actually increasing. >> well, david, as we discussed on this show a few times already, the math behind obamacare and the architects of the plan were a big lie. we shouldn't be surprised by this. but what irks me about guys like bernie sanders, while they want us to drink the poison of socialized medicine, they're drinking fine wine of premium health care and not the insurance that we have to take. david: you talk about the mathematics of obamacare that didn't make sense to a lot of us, but the mathematics of bernie care when you look at socialism, these numbers are staggering. >> the left-leaning institute says $30 trillion. and bernie sanders is so cynical he left the cost estimates out of the plan and the details how to pay for it because he knows the taxpayer is going to pay for it. if it's so great, why did
hillary clinton and chuck schumer say it would bankrupt the cup and so great, why did vermont, california and colorado reject it. david: it's an important point. we've tried it in our petri dishes of experiments. it's not just about the money, it's about the quality of health care. i have a lot of personal experience with the british health care system, the quality of which was shockingly poor in compared to the u.s. system. >> absolutely, david. look, when you take the consumer out of the driver's seat and when they know longer have ownership and control over their health care dollars, the quality of care is going to drop precipitously. we've seen this with obamacare. the reality is if you want to fix the health care system, which was arguably flawed before obamacare, you don't doubledown on government involvement, you give consumers more freedom to make choices and take risks that make sense to them. that will drive up care and innovation and drive down prices. david: steve, look at some of the democrats that were
surrounding bernie sanders supporting his socialist health care plan. some of these people are, you would expect to go socialist, but others like dick blumenthal of connecticut, i didn't think he'd be for socialism. >> they've drunk the kool-aid and they don't want bernie sanders challenging them in primaries. bernie sanders is guilty of medical and economic malpractice. the single payer system, a way of saying government is controlling them. look at veterans hospital, do you want thousands more to die because they're waiting for care. the only way the other countries are budgeting because they budget care. you want a knee operation, come back in five years. david: going back to quality. and rich, president donald trump is not letting this lie. he's getting actively involved. the tweet, bernie sanders is pushing hard for a single health care payer plan, a curse on the u.s. and its people. who do you think is going to win in the debate. >> i think that donald trump will win that easily and
sabrina gave an example when you have states like vermont, colorado and california rejecting it, the most liberal states in the country, it says there's not a majority appetite for this at all. david: we should remind people that bernie sanders is from vermont and his own state is rejecting what he plans to impose on the whole united states population. thank you, gang. coming up, all three major indexes hitting record highs this week and the (dramatic music)
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your portfolio. >> every man needs a tractor. david: keep is here. the number one business block kins with cashin' in. trish: north korea firing near missile promising to reduce the united states to, quote, ash and darkness, as the u.n. steps up sanctions and the u.s. puts pressure on china to do more. what's it going to take for north korea to do what we need it to do and get rid of the kim jong-un regime. i'm trish regan. juan williams and gentlemjason, start with you. what is it we need to do right now? because we cannot allow this regime to be able