tv Mornings With Maria Bartiromo FOX Business September 28, 2017 6:00am-9:00am EDT
>> thanks for having me. lauren: thank you for joining us this morning on "fbn:am." let's say good morning to maria maria bartiromo and mourning maria bartiromo and mourning said maria. >> thank you so much. happy thursday to you. thanks for joining us. i maria bartiromo. thursday, september 28th at top story 6:00 a.m. on the east coast. "playboy" magazine founder hugh hefner has died at the age of 91. in a statement to the magazine said icon passed away in his legendary "playboy" mansion surrounded by loved ones. taking a closer look at the career and life of this icon. tax reform reports and focus. unveiling a sweeping overhaul of the country's tax code good president tom touted the plan yesterday in indiana. >> this is a once in a generation opportunity. we will cut taxes for the middle class, make it simpler and more fair than everyday americans
that we are going to bring back jobs and wealth that have left our country in most people thought left our country for good. maria: what the proposal means for big business in new money coming up. the market this way after pretty good job yesterday. investors have a final reading on second-quarter gdp due out in about two and half hours. could be a market mover. the european indices this morning looking higher across the board. the dax index of a third of a percent in germany. st 100 in theacm fractionally. asia overnight markets close this way. the nikkei average in japan up half a percent. hang seng in hong kong down 1%. also watching oil prices this morning. crude oil touching its highest level since april $1952.73 a barrel of other than 1%.
equifax apologizes as the newly minted ceo says he's sorry in a "wall street journal" op-ed to make things right and customers lock and unlock for life. the new production you need to know before ordering your new next iphone. the stock this morning not really react to them, but we have details on issues. text in a 30,000 feet. the details as delta airlines has free in-flight messaging. the stories come out this morning. fox business network dagen mcdowell command managing partner kevin kelly and the thin-skinned partner president, lee carter is here. >> great to be here. >> im and uber nerd and this is great. let's talk about income threshold and expensing. maria: that's what ought to know actually. the income threshold. we don't have it just yet.
dagen: the devil is in the details in terms of how much this will cost everybody. the central point is this will make american businesses more competitive around the globe. maria: a lot to say about that and you want to talk about messaging. you've been saying pretty much for year tax reform messaging. >> the star beverly hills to crop died, hugh hefn. that is how legeary he was. he was across every medium. he transformed generations. dagen: heap of black fingers on television at a time when much of the u.s. was still segregated nat king cole, ella fitzgerald, nina simone on a show, playboy penthouse was on the air in 1959. so there was a lot that he really did. maria: also a real entrepreneur. came from chicago when it
changed industry in terms of the "playboy" magazine. we will get into all of that. big over my head. coming up this morning, treasury secretary stephen mnuchin is with us because of the tax plan. house ways and means chairman kevin brady has been working on this for a long time. he will join us with house majority leader kevin mccarthy just out of his meeting. take a look at the details to tell us whether this has a chance of passing. congressman john garamendi has some issues he will talk with us about that. plus, newt gingrich is but does. big show has committed three hours. you don't want to miss a moment of it. our top story is the wait is finally over. after months behind closed doors, president trump and lawmakers revealing their framework for tax reform. on the corporate side come the plan envisions cutting the corporate rate to 20% from the current 35% in reducing taxes and pass their businesses to
25%, imposing a one-time repatriation tax to encourage companies to bring usher packages back to the united states. that is likely going to be 10% of the individual plan for individuals to collapse the number brackets from seven to three. those brackets as you heard here already, 12, 25% and 35%. it would also double the standard deduction to 12,000 for individuals of married couples. no tax if you make $12,000 or less obviously. increasing the child tax credit, eliminating the estate tax and alternative minimum tax is basically the plan. hours after details were leaked, president trump taught in the crowd in indianapolis the plan represents a once in a generation. >> this is -- finally to deliver this giant wind that the
american people with the middle-class miracles. it's got a middle-class miracles once again. it's also called a miracle for our great companies. maria: meanwhile, republicans made their pitch. >> for all of us, this is a now or never moment. closer than ever to finishing what we started for the american people. this is our year to chart a new course. >> we are going to do it. tired of things going the way they are going to we will try to turn this mess around. if i could say it as simple as possible, i would say this tax reform conversation is about hashtag gpo money. maria: i like that. the carter here to talk about that. the messaging so far, we've got
to play them. >> is the first time since the president in office that we feel everyone is on the same page. a consistent message they consistent message there will in the sun in the right way. interesting how you not did in springfield. really interesting that he chose indiana. i think there's a lot of back story about what the vice president has done their bit tax reform, tax relief, to $.5 billion that happen as a result. the messaging itself is really, really simple and memorable and is what i think people really want. 70% of americans across party lines want tax reform, tax relief and want to keep our money in their paychecks. making it simple, winning again, bringing it home. early key messages and it seems to make congress is on the same page in the way things could get done. maria: we knew as soon as the
plan as early as we were going to get the talking point on the left. a gigantic tax cut for the rich. when you go through it, it really is not that appeared when you talk about corporate rate of 20%, that will hopefully encourage companies to invest in business and create jobs. and the pass-through. you're the hardware store, restaurant, talking about 25% rate. that small business, that is not rich guys. >> it wasn't surprising. probably had talking points ready in there are some points in here, but to me that it's okay. i think this says that there's something they can negotiate with, talk about 12% versus how it could have been 10% on a lot of negotiations on members. they cannot look at this and say this is really just relief for the wealthy. dagen: i don't know how you get a hard line in "the new york times" that "the new york times" this is one photo to the wealthiest. it does not directly benefit the bottom third of the population.
the bottom 40% of taxpayers at the federal level actually not only do they not pay any income tax, they get money back for the government. when you do point that out first and foremost. in terms of how it benefits will become you simply can't say that. we don't know what the income threshold are. we could look at the top rated up to 35% as this goes to congress. so you could have the wealthy are paying more on that. he divided the state and local tax seduction command that tells people in the highest income state i don't particularly like that. i think a lot of people regardless of your income bracket are willing to get on board with this if it indeed makes america more prosperous than competitive. maria: let's talk about one thing you just said. the president basically put it on congress as to whether or not to raise taxes on the rich. he is opening the door to a potential surtax. an additional tax on top of the highest level of 35% for
millionaires. he's putting it on congress. is opening the door. maria: will give the president credit on this. he has message this. months ago he said my rich friends don't mind paying more and. he has message that. you keep the estate tax, to get rid of the estate tax. >> which is double taxation. dagen: that's one negotiating point. maria: the estate tax has a lot of people. it's not just the ultra rich. when your parents died in the leave you something, whatever it is, whether that's a million dollars, whatever it is, you are paying 50% on not after your parents died. that's not necessarily a total rich thing. people have to sell their house just to pay the tax. >> i'm guessing on this.
i bet you that's a negotiating point because the exemption right now is $11 million for a couple, so it stays below 11 million is attended down they don't have to pay tax on that. i think i will be a negotiating point that they can raise the exemption. i don't know if they'll get rid of it even though conservatives have long wanted to get rid of the death tax. >> one of the most important points that came out yesterday on your show when you were interviewed another ted cruz. he really scared me because all of a sudden she was talking about repealing dodd-frank and he wants to start making it even more complex and convoluted. this highlights the problem with todd in the senate. the house says hey, was sent to repeal in her place of obamacare and it. and then you had yesterday ted cruz telling you they want to start attacking dog frame for this bill, which scares me because there's 22,000 pages of rules and regulations that came from that.
that will inflame the left even more because they are like there's taxes. maria: there is a movement in congress, whether on the right or left to attach certain things to attacks and because of the calendar. they have one shot of reconciliation and they wanted such as possible. on one hand, democrats would like infrastructure and dodd-frank unraveling the infrastructure. dagen: that's the messaging. it is to stop talking about dodd-frank. he needs to talk about tax reform. in terms of messaging, trump says the 20% corporate rate is his redline. and we criticize president obama when he drew a redline and then didn't honor it. but this i think it's really important and is putting his foot down when is talking to congress because again, the average around the world for corporate taxes in the industrialized world is 22-point
i% said that would bring it down below the three. trade to look at a country like ireland a 12.5%. by the way, the president did adopt his idea of expensing. is when you go out and buy a lot of equipment, you expensive that year rather than taking depreciation over the years. that was one thing that got ted cruz i'm bored real quick. >> and businesses are excited about that. maria: we've got more on this coming out. the first commend the death of an american icon. entrepreneur hugh hefner was an american original. remember the founder of the "playboy" empire next. regaining control, the interim ceo at equifax regaining trust with free credit monitoring programs for everyone. the details coming up after this. ♪
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year under the condition he could live there until his death. hefner built his empire with the launch of "playboy" magazine back in 1953 at a time of the nation was incredibly conservative about the issues of sex and. a former bodyguard remembering him. >> everybody admired him because you started with nothing. i think he was a very intelligent guy and i think he was very ahead of its time as far as just reading the whole "playboy" empire. cheryl: he certainly was. many are as appeared in "playboy" including madonna, naomi campbell, kim kardashian, even lindsay lohan. hugh hefner was 91 years old. a lot of celebrities have expressed their condolences in the shares of moving tributes to hefner and social media. jenny mccarthy tweeted along with a photo for january 2005
"playboy" cover, rip #half. thank you for being revolutionary change in so many peoples lives, especially mine. i hope i make you proud. gene simmons tweeted a great man, entrepreneur and innovator. your legacy lives on. reverend jesse jackson said hugh hefner was a strong supporter of the civil rights movement. we shall never forget him. may he rest in peace. kim kardashian, rip to the legendary hugh hefner. so want to have been part of the "playboy" team. you will be greatly missed good love you. xl xl. and from paris hilton. so sad to hear the news about hugh hefner. #hef. to jesse jackson's point, and he was the first one and that was very controversial at the time when race was still such a polarizing issue back in the late 60s.
maria: is very controversial in a good look at this and a number of ways. dagen: i'm about to say this out loud. he made a fortune object to find women photographing women. that being said, the entire world has a very different view of that today, that it was really you see so much freedom of expression if you well in terms of the body on the internet and social media. you could look at msp for central liberator, not just for men, but women. a lot of women these days look opposing the days look at posing in "playboy" as that was your choice. you knew what you were doing. his legacy and the idea of what he's accomplished has really evolved over time. as i said earlier, he was putting black singers on his first tv program like nat king cole, nina simone, if you watch
the documentary you see that. it really was astonishing. he played by his own rules. maria: incredible courage to push through his own ideas that time people were crazy about it. dagen: marilyn monroe, first "playboy" cover girl. >> i think a lot of times people thought and he tried to portray it in a tasteful way. celebrating women. dagen: compared to what you started seeing in the 70s, i was quite tasteful. maria: when we come back, americans are divided on the issue which began as a protest, but what about advertisers? are they taking a hit through the controversy? those airlines offering for unified messaging. there is a small catch, though. we will bring it to you next. ♪
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maria: welcome back at the entrance fee of aqua facts today offers more support from victims of the hack attack. tracee carrasco with all the details now. >> good morning, maria. interim ceo boris junior hasn't been wasting any time apologizing. the op-ed piece for the journal. i'm sorry didn't live up to expectations are compounded the problem indian call centers. it is our job to earn your trust back. to do this, equifax is using
this planet. as a free service for all u.s. consumers through the end of january. january 31, 2018, equifax will offer a new service allowing all consumers the option of controlling access to their personal credit data. they will let people equally lock and unlock access to their credit files. he ended the letter by saying there is no magic cure for data breaches. as well no organization is out of risk when they have access to her new service however. we are committed to doing what we can for millions of consumers rest here. maria: is it going to be enough? >> i don't think so. why did you wait so long? what's going on with these executives who sold the stock? those haven't been answered or addressed yet. >> you didn't have a choice whether you're a customer of equifax or not.
that's the question we are having in the dialogue of his people were violated and they didn't even choose to be in business with these people. maria: because they said we'll give you the monitoring for free. >> just in general how the credit wondering system works right now. dagen: they collect credit information on you whether you like it or not. >> they have your information and you didn't give it to them. that's the problem we are facing now. he doesn't address that or how the former ceo had a golden parachute of $18 million. should not $18 million be put back into protecting consumers credit? also the issue of the potential insider trading scandal that happened here with the cfo as long as their chief security officer. so there are a lot of issues here. and so, he didn't address that. when you apologize, apologize for everything. >> this is one step in the right direction. he was coming out saying there's
a lot more to do. it is a journey. it is going to take time. apologize once, twice, three times, do it over and over again. actions are going to back it up. it will be interesting to track this stuff over the next six months. maria: have competitors gained? do we know if the other services are actually looking better than this or if they are just afraid in general. maria: tracey, thank you. how people are running out of cash in puerto rico this morning. the very latest on the crisis by the day. we'll take a dare. keeping an eye on apple after they deal with iphone production delays and questions about the security of space i.d. back in a moment. ♪ i'm a concrete mason.
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maria: welcome back, good thursday morning, thank you so much for joining us. i'm maria bartiromo and it is thursday september 28th, top stories right now 6:30 a.m. on the east coast. global markets eyeing tax reform. markets are lower pulling back after gains yesterday but the big story is how will the new tax plan impact america. later this morning we are getting the final reading on second-quarter gdp.
expectation is for 3% growth in gdp. [laughter] maria: in europe this morning the indices look like this. we are looking at gains here. the ftse is down a fraction. in asias overnight. the president doubling down saying there should be no protests. >> we have to show total respect for national anthem, flag, protesting during football game, they can find better games but they cannot do it during national anthem. >> the crisis in puerto rico is worsening, running out of water
and cash, damages from hurricane maria. fresh head wins for apple and iphone, we told you that was coming. the company pricing ipo last night at $14 a share, value at more than a billion dollars, texting at 30,000 feets, free messaging on flight. first story half an hour, nfl national anthem protest. bears and packers are facing off for thursday night football. green bay packers have advanced to link arms during national anthem. they are asking in the fans to do the same. the ongoing protests have become a lighting rod and divided the country. in latest fox news poll, 41% of those polls say that kneeling during anthem is -- during protest is appropriate which is higher than last year but the
majority still disapproves, meanwhile president trump slammed the protests again yesterday. >> i think the nfl is in a box. you look at what's happening with the ratings, you cannot have people disrespecting our national anthem, our flag, our country. that's what they are doing. nfl has to change. business is going to go to hell. maria: change or the business goes to hell. media ocean ceo bill wise, first, good to see you, thank you so much for joining us. the company serves as platform for many super bowl ads this year. do you agree with that statement. if they don't turn this around the company goes to hell. >> they rely in advertising for substantial amount of revenue. as eyeballs go down, revenues go
down. controversy could be a good thing could also deter a lot of the brand marketers. maria: have we seen marketers react yet? >> we have not. kevin: we have seen direct tv actually talk about refunds for customers who want -- who want refunds, right, brands or companies only do that if they are getting pushbacks from consumers. super bowl ads coming down in price. >> we haven't seen that yet but it only takes a split second. >> isn't it true, that the ratings were down -- dagen: sunday night game was down double digits. last year roughly 8 to 9%. it's hard to tell based on one weekend. some of the games did okay. some of the broadcast networks did okay. the cbs game went to overtom had a decent rating, but again, over
time the ratings are in decline and could it continue because of protests. >> bill o'reilly, because of advertising, they pulled out, it's hard to maintain without support. maria: it's interesting because the numbers are so big. sports are such an important part of the business of television and, you know, if they were to start, but that's a big deal. >> it's a huge deal. maria: pepsico or major -- >> there's very few shows that are live. like this one and sports. dagen: how about a show of unity by standing for the anthem and putting your hand over your heart, given the controversy a more appropriate show of support to everybody in this country?
they're not taking advantage of this, right, lee. >> no. dagen: the nfl needs to take all the attention on the league and use it to their benefit. maria: could they do that. >> they absolutely could. number one, you can't be curious and emotional. people are so emotional. it's hard for people to think that you're not being patriotic understand the people that are protesting, look, there's racial inequality and nobody is listening. the nfl has an opportunity to bring people together. we can stand behind the flag and the players at the same time. we could have conversations, we could be having dialogue, bring people like ray lewis, great football players and listen to what they have to talk and talk to communities and bring together, more patriotic than football and baseball and a lot of the sports, and the way it brings communities together, people of all shapes, sizes, income levels, come together and
support the teams and this is something that the nfl could really, really do amazing job of bringing people together in such a divided country right now. >> completely agree. >> they are missing the mark. frankly, they have a job posting for -- online right now for somebody, i hope they hire somebody that can turn this thing around. maria: they are looking for a new communications director at the nfl? >> they are looking for a new communications director at the nfl. dagen: are you kidding? >> no. kevin: anthony is not going to take it. maria: he's starting a new -- [laughter] kevin: exactly. maria: he has to get advertisers on the news site. kevin: he's not shortage of eyeballs. it's funny because we keep talking about advertisers and
hugh he was fer pass -- hefner today. maria: he was 91 and died in los angeles mansion. >> just took it to a whole other level. dagen: the brand with not worth anything now, though. >> the brand was him. dagen: one of the greatest in modern history and now it's virtually worthless. >> that's difficult associating the brand with the individual. kevin: the majority of money through licensing. advertising wasn't a fundamental part of the business. >> it was not. dagen: the whole culture turned against the brand that it was about making money off of naked women and even though sexuality in the country changed
dramatically, people post naked photos on twitter, you can't do it on instagram. there's been such a cultural shift over the decades when bayboy was at its peak and its in declined. >> sure. maria: your company celebrating anniversary this year. >> it's been incredible. last ten years have been incredible. the next ten years will be even more. this day in 1967 media ocean was born. michael created the business and is still active today. maria: is the biggest change the move to digital? what do you think has happened -- that's like a structural change? >> it's one to one marketing. television was many to one.
now you can target users one to one on facebook on twitter and social media changed the landscape. google and then facebook. dagen: that actually is the story of playboy in a nutshell, basically posting naked use today make hugh hefner naked and now if you choose to be naked, then you make yourself own money. maria: hey, the kardashians. thank you very much, bill wise there. mediaocean. ruku pricing ipo $14 a share. what that says about the state of the technology market. and made in america that helps you kick it up a notch with a unique business model. we are back in two minute's of time. [vo] quickbooks introduces rodney.
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maria: welcome back, happy thursday. markets are lower this morning. take a look at futures indicating fractional loss after gain yesterday. investors are talking about the tax cut plan this morning. we are taking a look at a couple of names. apple one to watch. possible production shortage for highly anticipated iphone 10. some of the components for facial recognition technology which are dubbed romeo and juliette are taking long to produce than expected. not the only trouble for apple, several users complaining about earphones. we are watching sonic, shares fell yesterday after the restaurant chain warned that it was hit by data breach, reports suggest that nearly 5 million
accounts may have been exposed. the stock closed yesterday up a fraction. toshiba finally found a buyer for memory chip business. cheryl casone with the story, cheryl. cheryl: japan toshiba agree to go sell the business, the group includes apple, you're talking about them, dell and the sale faces legal challenges from western digital. they operate the memory unit with toshiba, the sell needs approval by antitrust regulators. we shall see. toshiba wants to close and keep listing on the tokyo stock exchange active. shares of toshiba up more than 7% this year. all right, roku making debut on nasdaq today. first players in streaming television, you may know the name. the ipo raising about
$220 million. pricing at $14 a share, top rate, raised $1.3 billion. we will see how they do today. and then delta is offering something for free, yes, or line giving you something free. they will let passengers text for free on flights through their gogo internet service by using imessage, whatsapp and facebook messenger. no pictures, no videos, no gifts, no audio messages will be allowed, thank god. new service start on sunday. all right, first hurricane maria knocked out power and water to puerto rico, then gas and water has now become scarce and also money. the aftermath of this powerful storm has resulted in shutdown of u.s. territory's economy, this could last for weeks. people are are running low on cash, they can't get cash, they
can't get anything. it's getting rough, folks. using cruise ship to evacuated people needing supplies, canceling adventure of the seas trip and drop off in st. croy and@thomas. nasa released the map showing how the devastating hurricane affected the island. red and yellow pixels represent areas likely damaged from maria. when you look from the area it's pretty jaw-dropping. maria: the situation in puerto rico is a lot worse than some people thought. did president trump do enough? i know that he announced that he's going next week. this is one situation where there's really devastation and the people need help? >> i would like to him -- hear him talk about puerto rico than
nfl. i would like to see more focus there. dagen: i read a story, clearly the people of puerto rico who are paramount in thoughts and most important but the abandoned dog population, i have a sato that we adopted, all of the dogs during the hurricane that were on the streets are now gone, all of them. they the storm just washed them away, all of the population has disappeared. i think that highlights the tragedy for all the people of puerto rico, quite frankly. >> it really does. maria: they need cash, water, a large portion do not have drinking water. we are going talk about that more when we come back, also kicking up something new, new ad adding spice to kitchen, we will tell you about the cooking brand that's made in america, back in a moment
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maria: welcome back, millennial foodies, look nowhere, made in usa, new direct to consumer cook ware company that looks just as good on instagram as it does in the kitchen. all made in america. cofounders of made-in. good to see you, guys, thank you so much for joining us. tell us what's so special about the cook ware, it looks beautiful and real quality, i could tell but made in america. >> yeah, so this project is accommodation of backgrounds, we grew up together from 4 year's old. my company has been in cooking
generations. maria: terrific. how much cheaper to actually make this stuff overseas, is this a much bigger expense for you that you're made in america? >> there's expense for us. we had opportunity to work with partners overseas that would increased our economics, but, we really valued working with an american partner. they act much more as partner as opposed to a supplier and vender relationship, we were down all last week and we will show you this here, a good example, we made you something special. maria: you made me a pot. my husband is really going to think that i'm going to cook now. >> exactly. that's a great example of that partnership relationship that we have with them. we went down there, that pot actually -- maria: i love it. mornings with maria. >> that pot goes through 150 years of experience of making cook wear before it reaches them and we sat with the factory manager and printed that for
you. maria: that's beautiful. so you could actually do specific work on -- on this cook ware? >> yeah, it's the other benefit of working locally. we have family business in the dna. to be able to work with family business in tennessee, in ohio for nonstick, our metal is from pennsylvania. we have a plug in with everyone we work with and we can get immediate response. maria: you make a good point on nonsticks. what do you want to make sure that's on cookware that's safe. you see a pot that's not as quality made as this, i could see that and you wonder if it's going to get into the food. so give us the safety issues that are must-haves when buying cookware. >> sure, this is for delicate eggs, fish.
traditionally back in the day cheaper companies were using chemicals that were dangerous at high temperatures but a product like this, oven safe 650-degrees. it's not going to release toxic chemicals and that's something that benefits of working people in the backyard and know what's going in the product and see supply chain and we can go monitor ourselves. maria: you guys are a small business, obviously. the president's tax plan is cutting corporate tax rate to 20%, top rate for small business, you have a pass-through rate of 25%, what do you make of the president's plan, are you expecting that this is going to move the needle for you? >> as small business and specially a new business we plan to invest our money back into our business, but it's definitely that's something on our radar. it's something that's on our
radar. maria: as a small business, you probably currently pay close to 40%, right, 39.6% or is it 35% as your business? your tax rate so far has been above 30%? >> because it's drawn down from our llc, yes, you're right. maria: you will go all the way down from 25 to close to 40%, it has to be a big deal. >> we are investing all of the money that we are making into the business and down the road that will have a big effect but right now everything is being reinvested to the market, brand. maria: good for you. how many employees do you have right now? >> you're looking at us right now. maria: congratulations, good to see you both. wow, it this is a great product. we will be watching, chip and jake. thank you for the pot. i will be cooking up a storm. coming up still ahead the big story of the morning, tax reform framework, we will break it all
down in mornings with maria. stay with us. >> thank you. think again. this is the new new york. we are building new airports all across the state. new roads and bridges. new mass transit. new business friendly environment. new lower taxes. and new university partnerships to grow the businesses of tomorrow today. learn more at esd.ny.gov i can do more to lower my a1c. and i can do it with what's already within me. because my body can still make its own insulin. and once-weekly trulicity activates my body to release it. trulicity is not insulin. it comes in a once-weekly, truly easy-to-use pen.
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i choose once-weekly trulicity to activate my within. if you need help lowering your a1c and blood sugar, activate your within. ask your doctor about once-weekly trulicity. when you're expecting... a teenager today i'm going to show you how to teen-proof your home. first step: hide the car keys. preferably somewhere they would never look. challenges will come up. be ready for them. hi honey, i'm ready for the mom, you don't use mannequins in the mannequin challenge. announcer: you don't have to know it all to be a perfect parent. thousands of teens in foster care will love you just the same. maria: good thursday morning, everybody, welcome back, thank you so much for joining us. i'm maria bartiromo, it is thursday september 28th, your stop stories right now 7:00 a.m. on the east coast. breaking news this morning. reportedly major outages at
airports around the world this morning. if you are traveling, you want to listen up. computer systems have crashed causing chaos in countries including london and paris and reagan airport in washington, d.c. more on this morning. playboy magazine founder hugh her ner has died at age of 91 surrounded by loved ones. we are taking a closer look at life and career coming up. a sweeping overhaul of tax code. president trump touted the plan in an event in indiana yesterday >> your government is working for you not once again not donors but hard-working americans. i truly believe many democrats want to support our plan but with enough encouragement from
the american people, they will find the courage to do what is right for our great country. maria: what the proposal means for big and small business as well as your money. markets in selling pressure. dow industrials expected to be down 17 points, nasdaq down 5 points. investors are waiting for final reading that's due out 8:30 a.m. eastern. the expectation 3% growth. let's see if we get that number today. in europe the indices are higher. dax index is the best performer. ftse is down a third of a percent in london. in asia overnight, markets closed mixed with the hang seng, shanghai lower and nikkei average in japan higher. thousands have been evacuated following a massive blast in the ukraine. details after explosion rocks, ammunitions depo southwest of the capital. netflix users could be streaming towards a problem. the new fishing scam that could let criminals binge on your bank
account. justin timberlake reportedly coming after half time stage nearly 15 years with infamous performance with janet jackson. dagen: we cropped the photo, by the way. maria: dagen mcdowell, kevin kelly and pollster and president of maslansky + partners lee carter. i will never forget that wardrobe malfunction. kevin: i was fascinating to find out that you had been to the playboy mansion. maria: i went to a party in my 20's. kevin: not a lot of people have thrown out the first pitch at a baseball game, partied at the playboy mansion and had joey ramon write a song about them.
maria: chicago cubs. phenomenal stadium. it was exciting. i was in my 20's and star struck a little but he was an icon, real europe that came from chicago, built a huge business when it was controversial. dagen: changed the way and the acceptance of sexuality. change the way we feel about human sexuality and substance of it. today it was actually -- we are so edgy now that with the digital age we left him behind in a way. maria: it's true. big show this morning because we are all about tax reform. we have only been speaking about it for a year and a half. treasury secretary steven mnuchin, kevin brady and kevin mccarthy will join us as well. newt gringrich is here as well, big two hours coming up. you don't want to miss a moment of it. we kick it off with the stop story. the trump administration revealing framework for tax reform.
cutting corporate tax rate, that's 30% and reducing on so-called pass throughs and em'sing a one-time repatriation tax to encourage companies to bring off-shore profits, 10%. seven brackets to three brackets and rates are 12%, 25% and 35%. it would also double the standard deduction to $12,000 for individuals and $24,000 for married couples this as the president calls for bipartisan support. >> we will all succeed together and grow together as one team, one people and one american family. tax reform has not historically been a partisan issue and does not have to be a partisan issue today. i really believe we are going to have numerous democrats come
over and sign because it's the right thing to do. maria: democratic senator accompanied the president last night in indiana, he was in the crowd there with the president and then after the president bushed for tax reform in north dakota, he went with another democratic senator heidi heitkamp. can this plan garner bipartisan support? >> it all depends on what the plan is. right now it's a lot of happy talk. the happy talk of this will probably increase the deficit in the united states anywhere from 2 and a half trillion to $5 trillion. you're a deficit hawk you have to be careful about what we are talking about here. with regard to income inequality, there's a probability at least from what we know right now that they are being increased in income inequality as a result of this. you had a wonderful show on just
a few moments ago about pots and pans and a young -- two young entrepreneurs, very interesting, they're talking not about taxes, they are talking about reinvestment, is there in this plan a deduction for reinvestment and particularly if that reinvestment is made with american goods and services. there are ways we can really grow the economy but right now we are talking about a huge deficit increase and quite possibly even worse, income inequality. maria: you're certainly going to see less revenue if you want to cut taxes from where you are. one of the pushbacks from the group that's put this together is basically saying we will see growth as a result of this. we are waiting on gdp report and we are expecting to see 3%. already you've seen gdp numbers move up in anticipation that we are going to see tax relief. do you not believe that we will see growth that will partly pay for this? >> all depends where the taxes -- tax cuts are, if those tax
cuts are really on small businesses, you will see growth because that's where almost -- maria: they are because pass-through is 25%. >> yes. maria: what do you mean if we see? >> what's a small business? is trump's business small businesses, is an llc on wall street a small business. maria: if you own a hardware store you're getting 25% rate. >> that's correct. i'm all for that but small businesses can be structured as an llc, subchapter s and can be extraordinarily large businesses and very, very large profits. in other words, 35% income tax to 25% pass-through tax. that's a huge reduction in taxes for people that may have extraordinary incomes, so be very, very careful about the word small. dagen: congressman, every person, every article that i've read and every person i've spoken to, they fully expect tax writers to put up guardrails, if
you will, to prevent people from taking advantage of this 25% rate and trying to get them to their own personal income, get tax at lower rate whether it's an accountant -- >> right, just like we saw with the repeal of the affordable care act. really, really good for people out there with 30 million people losing the health care. dagen: why would you pivot to that at this point? that's -- >> because it's an examp of what you talked about. dan: why douon't y talk to the people who have seen premiums doubled and loss insurers, see again, you're pivoting away from the point. >> no, i'm pivoting directly to the issue. dagen: that could grow -- >> calm down for a second. maria: that was dagen. >> let me answer your question. i pivot today that because you said trust congress, just gave you an example. dagen: i didn't use the word trust. >> no, you said precisely this, you said not to worry congress
will take care of this, i'm saying, be careful about what you believe congress is going to do to you. now, let's be clear -- maria: what are you going to do, you're a congressman? >> i am the small businessman and the pass-through could help me what really is important here is that small businesses are encouraged to invest in america. now, let's take a look at the big corporations, at&t drove its tax rate down to 8% and layed off 43,000 people. so lowering the tax rate doesn't necessarily mean that you're going to create jobs in america. you have to design this in such a way that you do encourage economic growth and you can do this in a couple of ways, one is when companies invest, they would be able to have capital -- maria: that's part of the plan expensing. >> yes, it is. >> that's what i'm saying, there are things that can be done in
tax plan -- maria: that's included. what we really know what's not included in this plan that you think should be included because what you -- >> i will give you one thing that should not be klein uded, we should not be included creates more income inequality specifically the estate tax, elimination, there are only 5,400 individual families in america that would benefit from elimination of state plan and would cost the u.s. government reduction in revenue some 25 to $27 billion a year. maria: it's a double tax. that's a double tax, the estate taxes, you pay your tax it is whole life and you die and try to leave to your family and they have to pay -- >> 5,400 families, richest in america would benefit to the tune of $27 billion a year with the elimination. that's money that will not be available for education, for job training, for the small businesses to have employees
that know what they are doing that are highly skilled. that's money directly out of the investment that we need to make in infrastructure, maybe 20, 25% of all the infrastructure highway infrastructure in america comes from the -- from the general funds of the federal government. so you take that money out of the general funds, where are we going to get the money for the trillion dollar infrastructure? kevin: we get it from large gdp growth. we got a -- from deregulation. you mentioned at&t. all the large multinational corporations that trade in s&p 500, 20% anyway. by lowering the rates now is for the small businesses. we are seeing seeing that happen russell 2000. you keep talking about income inequality, if you look at income inequality it's as highest is because we haven't gotten fiscal policies like tax
reform. >> you're absolutely incorrect. maria: what's incorrect? >> all of the economic studies indicate that one of the principal reasons we have income inequality is tax codes of the united states. we have seen enormous shift over the years in the way which s&p 500 have used profits. in previous years and decades in the last 15 years we have seen a shift from that -- those profits going into new investments and to r&d and stock buybacks and corporate executive salary. that's a proven fact. maria: it's not a proven fact. that's absolutely right. >> i'm sorry, but it is. check it out. check it out. maria: when you lower taxes, you will see a better environment for business and they will turn around. we have seen that. that's trickle-down economics. >> trickle-down economics has
always been a falsehood and doesn't work. maria: it didn't work during reagan? do you know what the gdp was in 1984? >> i do know that over the years working men and women in america have seen stagnation of their economy in part, not totally but in part due to nature of tax code which has significantly lowered the effective, the effective tax rates for corporations. take, for example, the big ones, apple, ge, others. maria: how long have you been in congress, by the way? >> since 2009 and before that i was in the state government in california and including lieutenant california and i rewrote the california tax code in the 80's. maria: what bills have you brought forth to economic growth? >> one that you talked about a few moments ago, make it in america bills, we are working on rebuilding the industry by
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maria: welcome back, we have news for you. if you're traveling this morning chaos across the world. cheryl: the stories are coming in from around the world, maria. there's now long delays at airports again globally. london, paris, singapore, dc, reagan, apparent software problem with a checking computer system. one particular software that's crashed. in london the glitch not causing flight delays, they believe the system was backed up and running, we are trying to confirm that. that said it could be a problem for a while. airlines are trying to sort things out. people are taking to twitter, one person says anyone flying at southwest air baltimore, poll, get here early this morning, all kiosks are down, another tweet same airport at bwi, computer systems down, pack your
patience, so just an alert if you're going to be traveling today you might have issues, folks. playboy magazine founder hugh hefner has died. died of natural causes last night surrounded by family. hefner sold the playboy mansion for $100 million last year under the condition that he could live there until his death. hefner built the empire with launch of playboy magazine back in 1953, a time when the nation was conservative about the issues of sex and nudity. a former body guard remembering him. >> you know, everybody admired him because he started with nothing. he was a very intelligent guy and i think he was very ahead -- ahead of its times as far as just creating the whole -- the whole playboy empire.
cheryl: celebrities and former playboy models with tributes. jane mccarthy tweeted with her 2005 playboy cover. rest in peace. thank you for being a revolutionary and changing so many people's lives, i hope i made you proud. >> a great man entrepreneur and innovator, your legacy lives on, #hef. he was quotable over the years, he said, life is too short to be living somebody else's dream and my best pickup line is my name is hugh hefner. maria: that'll do it. cheryl: he was something else. he was 91 year's old and he died last night. well, more than 30,000 people had been evacuated after a powerful explosion, the video is crazy from ammunition depo, military base in ukraine. hundreds of rescue workers are battling the fire, at least two
people have been injured. so far four residential buildings have been destroyed. ukraine's chief military prosecutor has ruled out sabotage or plat to sabotage the depo in the blast, maria. those all the headlines i've got for you right now. maria: all right, cheryl, thank you very much. louisville puts rick on leave in the midst of another college basketball scandal. we will have details there. and super bowl stunner, why the nfl could bring back one of the most controversial half-time performers of all time. stay with us is this a phone?
you get up to 5 lines of talk and text at no extra cost. so all you pay for is data. see how much you can save. choose by the gig or unlimited. xfinity mobile. a new kind of network designed to save you money. call, visit, or go to xfinitymobile.com. maria: well, it is the end of the road at louisville to one of the most successful coaches in college basketball history. jared max with the details. good morning, jared. jared: maria, good morning, 12th
winning coach in history. national title just four years ago, but rick patino will not be coaching louisville any longer, essentially fired, one day after the fbi revealed a widespread scandal of corruption, bribery and fraud across college hoops and that includes allegation that gave louisville a $100,000 to high school recruit bruce bowen and his family in exchange to sign contract with adidas if he committed to attend the school. louisville placed tom on administrative leave. louisville wants to hire a new coach, tom to be the favorite. five months removed from latest back surgery, seven months since last round tiger woods, gave pessimistic response when asked about his future. >> could you see a scenario where you would not come back to competitive golf? >> yeah, definitely. i don't know what my future
holds for me. all i've told you guys. i've hit 60-yard shots. jared: it's official, former new york yankee jer'd -- derek jeter will be baseball owner. approved by baseball owners, $1.2 billion. question, how do you feel when you see nfl players kneel during national anthem, it's taken over our sports world and dipped deeply into other areas too. do we feel differently today than one year ago when colin kaepernick was the main face, apparently so. new fox news poll which shows that in 2016, only 32% of registered voters found the kneeling to be appropriate and now it's 41% and 9% increase while those who found it inappropriate dropped from 61% to 55%. we have a margin of error of
3 percentage points. kevin: what's appropriate? is it appropriate to enact your right to free speech and expression, is that what they are saying is appropriate because i don't think it's appropriate to disrespect the flag which colin kaepernick made it an issue about the flag? that appropriate and inappropriate thing i'm thrown off by. jared: it's a matter of views have we taken in. has anybody soften their stance and feel different and something from a personal -- something does feel different, still not happy about it. dagen: i yelled at a friend of mine yesterday when you were talking about it. heros, people who sacrificed their lives, the freedom that protects their right to take a knee, those are heros. anyway, i was yelling. jared: asked everybody, fans to lock arms. dagen: how about putting your hand in your heart.
maria: showing a real protest and standing up, get on your feet, put your hand on your heart and sing. that's a brilliant idea. who has a courage to strap on a pair and do that, frankly, excuse me. nearly 15 years after the infamous moment timberlake may get another chance to perform during great american game that can't stop the feeling pop star in talks at super bowl 52. wow, the wardrobe malfunction moment was talked about for years. jared: it wasn't justin timberlake. it was janet jackson. he has a new album that's supposed to come out right before the super bowl. dagen: great performer and well liked regardless of political affiliation. jared: safe choice. kevin: janet jackson surprise guest. dagen: she's on tour. lee: 15 years later.
[laughter] maria: jared max, catch jared sports reports fox news 24/7, siriusxm 115. we will take a break. when we come back we will get back to tax reform and we want to tell you this, fishing for netflix viewers, rolling out tax reform, the white house unveils plan for tax code overhaul. we will talk to house ways committee chairman kevin brady about ambitious plan. he's up next. ♪ think again.
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welcome back. good thursday morning everybody. it is thursday september 28. your top stories right now 7:30 a.m. on the east coast. the sweeping overhaul with individual and corporate tax rates. this will make america more competitive. we are not surrendering anymore. the biggest winners will be the american workers as job start pouring into our country 's companies start competing for american labor. we are speaking with one of the architects of this plan. we are expecting a down day as a at a minimum. the nasdaq s&p 500.
we are waiting on the final rating on second-quarter gdp that is out in one hour. in europe the indices look like this. it is an mixed showing. that's 41 points higher. it ended higher by half a% overnight. bold transformational tax reform. here are some of the nuts and bolts for businesses of this plan. to cut the corporate rate to 20%. the sound to 35%. it is cut the pass-through rate for 25 percent. and really small businesses.
we are guessing that can be around 10% and then there is expensing of capital investments. the current seven brackets are being reduced to three brackets of rates of 12%. for the standard deduction doubled. in the plan eliminates estate tax with the alternative minimum tax. mister chairman it's good to see. congratulations to you. you've been working so hard on this. the skeptics are out. and we are hearing from a number of democrats that this is the tax cut for the rich. in the committee for a response about jet responsive budget set is 2.2 general i'm just wondering are you expecting this plan to be scaled back as you work it through congress. there is a reason we work with the president part it is transformational. but it is achievable.
we are proposing almost a 40% tax cut for every local business no matter what your size or how you're your structured. we are proposing an simple and fair program and we redesigned the code so that our companies can compete and win anywhere in the world. those are big bold changes that's exactly what we need to get this economy jump started. i need to ask about an idea on an additional tax. they're saying we are opening the door to let congress decide if in fact we will have a higher rate than the 35 percent on individuals where you come out on that. >> rates along today don't tell the whole story different from the reagan reforms where you know exactly but the what the rates produced today by eliminating a lot of these special interests deductions.
the president insane look take a look at how the impact is up and down the scale. we want all americans to keep more of what they earn so essentially what the framework says is look take a big picture so it is likely that we will see another rate for the highest earners. we are learning at this exact earners. that we are being fair up and down the line. when were talking about the brackets. are you in see the income thresholds go up on that. if you have an engineer and a nurse mary together. they are getting text 3.8 percent on investment income.
or we can see those levels and move up in decades. one of the reasons the rackets are in the framework as we still had work to do to make sure that reality is there. so we can lower the rates at every income level. we're spending an awful lot of time on the low income. the reason were taking the 10% racket to zero is to help many of these families keep more of what they earn. your point is spot on. we still had work to do on setting the brackets. this is getting increase income inequality. there's already democratic talking points out there. how are you responding to those criticisms. i always remind people that
eight or nine out of ten americans. they believe will help them and their families prosper and reach their american dream. most of them want them to work with president trump to get it done. let's get the economy going. that is whether you are democrat or republican this is president reagan joined with democrats to do that we had one want chance in the lifetime to do that again. what do you anticipate being the hardest thing that you can have to accomplish in writing this tax bill. is it putting guard rails in place. to make sure that they don't take advantage of the slower rate.
to take advantage of that lower rate. as i can be one of the toughest things you have to tackle? >> that is one of our challenges. for the first time to get the tax rates down. those are one of the areas that we have to solve. to bring those dollars back to the united states. you want to make sure that we get the brackets right. the end of the day. we do have to eliminate a number of special provisions and it moves us towards a balanced budget. we have a handful of key issues. i have not seen one yet that is not solvable.
>> what is the number in a number in terms of that one-time tax the rates have not been set. there will be two rates one for the bricks and mortar investment overseas and the other for cash and cash equivalent. they haven't been able to bring their dollars home. going forward the tax rate to bring those dollars back. it will be at zero tax rate. we think that makes us competitive world wide. how does is move forward in terms of closing down and making sure the budget is complete and then moving on to tax reform. to make as historic as yesterday was. the next step is critical. that is exactly where we are going next week i believe in the house and the senate once
the budget is signed, sealed and delivered that gives us the runway to land tax reform on that it will begin our action. what is the news on carried interest and capital gains. we will be unveiling that later in october after the budget is completed. we want growth all those factors are part of the decision. can you give us any idea of what the income tax bracket points will be. what is a level on that. not yet. and here's why. we want to make sure as we simplify the system that were giving tax relief at every income level.
we know there are a lot of interest there. i would love to have a democratic support. because their communities are suffering like ours. they bring good ideas. good to see you sir. thank you very much. it kills one person at the national parks. we to show you this. and then targeting stranger things. we won't be right back. -- we will be back
park. maria it was a massive rock fall and it killed one person and injured another. all of this happening within that yosemite national park. it was as big as apartment building. it is the largest granite cleft. the park does it remain open today. there is a new scam targeting netflix users that tells you that your account has been disabled. they are using these fake e-mails. they would never do that. they've an actual netflix logo on them. it would never ask your payment information over e-mail is doubling the number of characters that some users get for a tweeter -- tweet.
the oregon zoo was one of them. as you can see just put the word otter over and over in their tweet. right now if you get that you are pretty popular. this is one fencing that they now allow 280 pple. what this might have looked like at 40 characters. the best use of that. that's a massive ever seen. we have a lot more to talk about. we are digging deep into the tax reform plan i count on my dell small business advisor
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and start gathering the information you need to help you keep rolling with confidence. go lg™. ♪ a historic day for tax reform today. the trump administration unveiled his tax plan yesterday. they went over the framework together at the gop retreat. the goals of the overhaul were to simplify the nation's tax code. lower tax rates for businesses and individuals mostly middle class. i spoke with democratic and he says this plan will increase inequality as well as a nation's deficit. watch. the talk of this will increase the deficit anywhere from two and half trillion dollars to $5 trillion. if to be very careful about
what we are talking about here. there is a probability from what we know right now that there be an increase in inequality as a result of this. let's bring in the house majority leader. kevin mccarthy right now. take you so much for joining us. what about that comment because we know that we are talking about roughly 5.8 train dollars in tax cuts. how do you pay for it. we are going to continue to grow. the idea that he has is the same problem that he has for the last eight years. this is an opportunity to make the entire nation competitive again. and second to second to take the inequality out. weird doubling of the standard
deduction. so instead of that middle income american ernie. it's now 12,000. instead of paying 10% they will pay zero in that process. we are making it competitive around the world which has been the heart of most people and were gonna let that money come back and invested american jobs. what would you like to see in terms of this one time fee. >> i want to make sure it's very low. that should be 10% or lower. going forward it will be zero. were going to a territorial tax. it means as we are competitive around the world instead of our tax code forcing companies to invest in other countries they are going to invest back in america. they will put the dividends back into america as well. going through this can you
talk to us about where the debate was and what you would like to see different or would you vote on this the way it is. we still had work to do inside to wear where know where those brackets are. we want to make sure every individual has their say in that process. i thought it was one of the best meetings and it wasn't just me saying i decide to member this morning said this is the best meeting they have since i've been in congress. we talked about the challenges for america. how do we help small business ow. we are going to move our budget next week. once we start moving in the budget process.
so you think this can get done. this is not a tax plan for republicans this the tax plan for americans. they know our challenges. they know what is happening to small business. it takes some days to fill out the tax code. that allows them to keep more of what they learned. let me ask about the state and local tax deduction elimination because there had been a handful of republicans have, against the new gop plan because they're not happy with the elimination. what you say. you need to look at the tax plan and the totality of the entire plan not just one simple deduction. look at overall at what it does.
is it fair that other states subsidize states that had high estate taxes look at california. they use an argument inside that capital let's raise taxes as you can write it off on your federal income tax. that's not fair for all of america. i thinkt is fai andhen you look at the entire total tax bill you will know at t end of the day. it's fair it's more competitive and in the process at some bullet simpler for everyone. those congressmen and senators are saying it could be a tax increase eliminating this deduction. i happen to be one of those congressmen from california. it is a good bill. it is one that puts us a competitive and i think in vote for in terms of it.
we had been examining this and wondering how you can game the system. you really should be paid 35 percent. you try to pass through money as if you were a business. any make sure that people cannot get past that system. to make sure that we have the accountability and the protections in there. but let's think for one moment. i started my first small business when i was 20 years old. it drives the economy. when were able to bearing -- bring them down to 25% to be the lowest rate they had had more than 80 years. it creates more job and more opportunities than anything else. it's actually fair in the process. there are some lawmakers that wanted to attach other things.
country do welcome back. good thursday morning. i maria bartiromo. top stories right now at 8:00 a.m. on the east coast. breaking news this morning. major outages at airports across the world. computer systems have crashed critics causing chaos and mess of wait times from singapore to baltimore. stay with us on that busy travel on this impact your travel. "playboy" magazine founder hugh hefner has died at the age of 91. the magazine says the icon passed away in his legendary "playboy" mansion surrounded by loved ones. a look at his life and career coming to. the tax plan at the white house unveiled a sweeping overhaul in our tax code could president trump to reform moments ago. democrats don't want massive tax cuts. how does that win elections?
great reviews for tax cuts and reform bill. kevin brady weighed in on the plan last hour. >> let's get the economy going, make sure that businesses can compete and win. whether you are democrat and republican, just as democrats joined to do that, we have one chance in a lifetime to do that again. maria: obviously, secretary treasury stephen mnuchin about what that means for big business and small business as well as your money. fractional moves. dow down 30 points. the nasdaq down a quarter% from 17 points lower. investors rating the final reading on gdp due out in 30 minutes from now. the expectation cause for growth of 3%. in europe markets remotely higher. take a look at you see the cac and dax up a quarter of a percent. ft 100 is down a quarter of a percent. in asia this morning, shanghai
were lower at the nikkei average in japan was higher. equifax apologizing. the newly minted ceo says he's sorry in an off day. how the company plans to make things right including new service that's what customers lock and unlock their credit for free for life. capitol hill, after a fight breaks out in parliament in uganda. they are not happy. our top story this hour. the wait is over after months of meeting behind closed doors. republican lawmakers are billing the plan envisions a corporate rate to 20% from the current 35% will cut in the rate of pastor businesses to 25% and a low one-time repatriation tax which could be 10% of lower peer on the the individual cited the plan collapsed the number bracket from seven to three come in many 12% to 2535%. it would double the standard
deduction in the child
tax credit and eliminate the state alternative minimum taxes. now to win from washington is her treasury secretary, stephen mnuchin. thank you for joining us. >> great to see you as well, maria. maria: first question kerry mr. secretary, heidi pushback on the talking points when you were coming from the left in that it is as a tax cut for the rich. >> maria, not a tax cut for the rich ands the president has id companies focused on income taxes in the wealthy not going down and we've been working on that, we'll continue to work with congress on that. we've eliminated almost all deductions. so for the rich, that means although the tax rate came down some, all the deductions disappear which pays for it. maria: you make a good point. an op-ed in the paper yesterday from stephen king marion, the ceo of metlife who writes there's 4000 tax lobbyists in
washington are waiting on marching orders from people like him. ceos trying to get as many deductions in their. and you say no, we are just going to keep it to these three. >> that is correct, maria. we are focused on closing loopholes. this is about giving people a middle-income tax cut, tax simplification and making a business tax 20% and 25% for pastor is very, very competitive with the rest of the world. train to what are you going to do in terms of the brackets? can you give us any insight in terms of the levels? people wonder how much they will fall in. what can you tell us in terms of what the level is an income? >> korea, first of all the 10% bracket has effectively disappeared because of the doubling of the standard deduction, most people in the 10% bracket effectively will be going to zero and we will make sure nobody in the 10% bracket goes higher.
as regards to the other brackets, we are working with the committees. we have our staff working with them and expect to come out with the exact level shortly. maria: you don't have those exact level set. the president basically put it on congress that congress has the door open to come up with even a fourth bracket for millionaires tax or surtax, whatever you want to call it. what is the plan? are we expecting to get the rate at 239% for the highest earners? >> as he sat to the group was sixhen he came out with the blueprint, we did have the three brackets, but we also said we'd be working with the committees to see if it made sense to have a fourth bracket. obviously this issues they are. we want to be sensitive to the high tax state that are losing all their deductions so taxes don't go out too much. even without a fourth bracket, their taxes will go down. we'll be working with the committees to consider the fourth bracket.
maria: that is where we get to the next question of how to pay for it. the responsible federal budget says tax cuts cannot be handed out by halloween kennedy. the details of this plan appeared to come up to him and to put 5 trillion sure. he said many times you're expecting growth in all pay for partly. would i pay for all of it from a secretary? >> we don't agree with numbers. again, we have constantly said they should be scored by dynamic scoring and growth. lots of looking at static scoring so everybody is full transparency.
the numbers are about a trillion and a half to the baseline, but more importantly a trillion dollars to policy which is the right way of looking at it. we think there will be $2 trillion of growth. we think the tax plan will cut down the deficits by a trillion dollars. that's a large number. we are focused on growth. we think the 3% gdp is a very moderate aspiration and we can
higher than not. maria: by cisco partner have a corporate or 20% of pastor rate different 25%. explain the thinking of having a 25% pass-through rate and the president said that 20% of the corporate witnesses redline. >> well, the president is right on now. we think corrations need to be competitive with the rest of t world. a 20%, we are slightly below the average on the rest of the world which we think makes us competitive. we don't have to be at the absolute bottom in case taxes down. we want to make sure that small, medium-sized, closely held businesses also get the benefit of tax reform. but since they don't have to pay dividend taxes, that's the reason why i'll be paying slightly higher tax inc. let me emphasize this is the lowest rate they will let bad they will have had since the 1930s. this is a huge boon for growth
for these businesses. maria: where is the debate right now? some on wall street, goldman sachs reporting not basically saying this is probably going to need to be scaled back to meet fiscal constraints in congress. talking about the elimination of deduction of state and local income tax. that's certainly one point i want to get to. where is the challenge in terms of debate? is this going to be changed, scaled back? >> the group of six that a lot of hard work on a lot of these issues. there are a lot of complicated issues for the house and senate for it different points. we all work together. we negotiated to a common point. but want to make sure committees have input. this is now the ways and means committee we want to make sure th have input, that everyone in congres should have input to the lobbyists shouldn't have input, but the people in congress should and will be working with them closely as we turn this into a bill intended to the president to sign this
year. maria: that of course we learn from health care where we didn't see the bill. we didn't see plans for health care and when they did see if they said i'm not voting for it. he focuses much more transparent? >> i do feel it's transparent. we think we have the votes for health care. we just ran out of time to get back to that after taxes. maria: you think you can get this on the president's desk before year-end and in 2018 deal with health care again. >> that the objective. we work as hard as we can run the clock to get the signed in december. maria: let me ask about the state and local income tax. peter king says i can agree to that. that's not good for my constituents. kevin mccarthy in terms of california. the pushback on the state and local income, what can you tell us? is there a debate here? >> as you know, i've lived in new york and california. two of the highest tax states.
for me, this would be a very bad thing, but the right thing for the american people. we should get the federal government out of the business of subsidizing states. the federal government has no business subsidizing states from a tax standpoint. it should be fair that we treat all the states the same way. that is our object is. again, we work with congress on not. maria: bugatti get the boat. we'll see how much pushback he gets in terms of the one deduction. i recognize that the real estate lobbyists are among the most powerful in the world. the real estate lobbyists want certain things in place. we haven't heard anything about the carried interest reduction for the capital gains tax. is that coming? >> first of all, been carried interest, the president has been consistent since the election. we will not have carried interest for hedge funds. as it relates for other areas, job creators from the people that job creation will be
working with congress on those exact details. as details. it simulates the details. as it relates to capital gains, there's no changes to the capital gains tax. it spurs investment covers important boldly that weary days. maria: we've talked about revamping the irs. a lot of people wondering what is happening with this bureaucratic agency and why the leadership is still there targeting conservative governments. >> we will serve out his term double and shortly. working with the irs, focusing on very important issues. the most important issue is tax simplification is 70,000 people because it's a very complicated. we will have a system where americans can fill out taxes on a big postcard. they'd go through lots and lots
of audits, complicated deductions and special interests and would cut a simplified system to collect taxes in this country. maria: we are waiting i gdp report in 15 minutes, secretary mnuchin. you've been clear about this process. this is about jobs, economic growth or that's your number one goal. how would you care to raise things right now? >> maria, there is some short-term impacts as a result of the hurricane. my guess is in the short run, over the next couple of months but has some impact. but that will have a corresponding positive increase. i think we are very comfortable with gdp has been earlier this year. i don't know what that know what the numbers this morning. i'm looking forward to seeing it. this typically didn't look at it earlier because it was on tv. maria: have you heard from managers and ceos across the country that in fact with a lower corporate tax rate, they will in fact turn around and use
the savings to put it into their business and create new jobs? >> absolutely. i've met with literally hundreds and hundreds of ceos from big, medium, small companies. people are so excited from the worldwide system to a territorial system to make us competitive. we are going to see the massive capital investment in the united states to build factories here and create jobs. maria: that's a really big deal where it has been the last 10 years. unwilling to put it to work. the trump administration announced another round of administrations against north korea this week. blacklisting banks and individuals. by deeply tightening the economic screws is so important? you've been working on this and put in a lot of time into this. will this impact the u.s.
economy? if you put sanctions on chinese banks, does not impact the u.s.? >> let me be very clear on this. the president's number one objective is national security. we will do everything within our power to protect the american people and our allies. how is that the u.n. with the president last week. he made it very clear the existing behavior in north korea is unacceptable. he signed an executive order that gave me the strongest powers the treasury department has ever had. we will build a sentient financial institutions anywhere in the world that facilitate any significant trade or other business with north korea. this is going to be forward-looking. it's not backwards looking. we will be monitoring this activity but we made it perfectly. the people around the world should shut down economic act cavity with north korea until they are willing to denuclearize the peninsula and come to the
table on those terms. maria: we will leave
it there. secretary stephen mnuchin joining u stay with us. we'll be right back. the president has signed the waiver on the jones act. stay with us. te. new roads and bridges. te. new mass transit. new business friendly environment. new lower taxes. and new university partnerships to grow the businesses of tomorrow today. learn more at esd.ny.gov so we sent that sample i doff to ancestry. i was from ethnically. my ancestry dna results are that i am 26% nigerian. i am just trying to learn as much as i can about my culture. i put the gele on my head and i looked into the mirror and i was trying not to cry. because it's a hat, but it's like the most
live supplies from u.s. ports to puerto rico. restrictions in the 1920 jones act required goods be carried by vessels built in the u.s. the majority owned by american firms. also this morning airports across the world software with 125 different airlines crashing their check-in computer system. do johannesburg, singapore and washington d.c.'s reagan airport. of course we are following a developing story for travelers. also breaking overnight, they buy magazine founder hugh hefner has died. the magazine said in a statement that hefner died of natural causes last night surrounded by his family.
sold the mansion for $100 million last year on the condition he could live there until his death. he built an empire back in 1953 at a time when the nation was conservative about. 91 years old. maria: a real icon there. dagen: you read it for the articles. jimmy carter was famously, when he was running for president, gave an interview and said i have in my heart. i've committed adultery in my heart. maria: coming up, controversy health anduman services tom price is the new scrutiny over his use of private planes. the white house response to the private scandal next.
maria: welcome back. now this. tauscher receives a running president trump's cabinet member. human services secretary tom price and other officials are now under investigation by the house committee on oversight and reform for taxpayer-funded travel. the president singled out dr. price yesterday hinting he could be on thin ice. >> i am going to see, i am not happy with it. i will tell you i'm not happy with it. maria: join us now the former white house press secretary under george w. bush and fox news contributor ari fleischer. good to see you. inks for joining us. what about that? in terms of private travel, should the president be doing something about this? >> the president is upset at repeal and replace in the land.
the private flight on top of that was exacerbated by the underlying cause. he's a congressman, he knows better the appearance of these things, why he did it baffles me. i don't know that he should do his job over it, but everybody in the cabinet will do this unless it's vital to your travel. dagen: should he lose his job over not getting repeal and replace push through? certainly in his first year that was job number one. the only thing he really had to do. >> i would argue no because the fault there did not lie in the cabinet, white house, house of representatives. delay in the senate. the sound is the one who didn't get it done. maria: the senate keeps getting in the way, but the republican members in the house and said i'm not voting for this. how do you square was going on in washington? many say the republicans are in charge of the house senate and white house. >> attacks informal test that.
this house did tax health care, senate did not. i talked to several members last week a vague knowledge of bigger burden on their shoulders if they haven't delivered, they know they must. at the last account will earn the final vote takes place because it always does to make a suggestion or will they again just say it's too big, too hard to we disagree with this provision so we can't compromise and get our jobs done. that is predicated on it. they know they're not going to get it. so this is the last stand, taxes. >> the house i working bette than the senate these days. they understand the dynamic. in the senate, when yore not up every two years, or other respects. many senators it's too big. i'm going to get criticized by somebody so i'll just wait four years or six years and deal with it then. meanwhile, we are not governing. maria: would've been on the president's team and they don't care.
that could be it to. >> instead of compromise in the case of senator paul. dagen: do you think president trump is getting a raw deal from senators in his own party? >> it not a question of being fair to him. it's a question of being fair to the agenda that helps the country. repeal and replace, president trump is widely pushing. maria: don't take it personal to your point. >> part of it too is that the president was where popular should make it harder for senators to rebel against him. the president's popularity started to inject again. he was 45% approval on inauguration day. as of the fox bullies up 42. trade do 71% of people approved of him crossing the aisle with schumer and pelosi cutting the spending. >> let's also talk about the fact that congress, only 25% of americans would like to see this congress reelected. that's astounding.
if i do want to hitch my wagon to the president come you got to look at what they are doing. >> the public is the public has hired all these guys to do a job. they can't do a job to legislate , nothing is working in washington thene have a president who stirs the pot until all of this is adding two re you guys getting things done? that's for tax reform comes in. we've got to get that over the finish line and signed into law. trade to gdp about 15 minutes. thank you. minutes away from the front of reading on the second quarter gdp with window into how they are doing. we are expecting 3% growth on the other side. talk in a minute. i count on my dell small business advisor
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maria: welcome back. good thursday morning. thanks for joining us. i maria bartiromo. your top stories right now 8:30 a.m. on the east coast. the gdp numbers are right now hitting the second-quarter gdp. 3.1%. this is better than next decade. the number has just watching market for any reaction. second quarterfinal gdp at 3.1%. markets are stable done this morning. we are watching the gdp number in any impact on the market. the expectation was for 3% number. final number for the second quarter seeing growth once again. second time that we saw growth because of the one of 3%.
>> from the last destination was to .7. we got 3% and now we estimated 3.1%. all leading economic indicators right now. maria: seen the market improving fractional eight but pretty much where it was. we'll see if there's any impact here. definitely better than expected number. global markets makes this morning. european embassies mostly higher although the cac has turned negative. the dax up a quarter of a percent. at the 100 a quarter of a percent. asia overnight as you'll see the hang seng, shanghai down while the nikkei average in japan is that good oil prices this morning that a five-month high on crude oil. we are watching oil prices hit levels we haven't seen in sometime. $52.57 a barrel. tax reform and focus this morning. the president a bill in a
sweeping tax overhaul. treasury secretary stephen mnuchin telling me the goal was to grow the economy and it will in fact be paid for by growth. >> we've eliminated almost all deductions. for the rich, and that means although the tax rate came down some, although deductions disappear which pays for it. maria: closer look at whether democrats will get on board with tax reform and health care. mark zuckerberg filing back on the president. he is pushing against president trump claiming the social media was against donald trumpurin the election. taking political disagreements to a whole new level. a brawl breaks out in the parliament. look at this. they didn't agree, so they why not it. equifax newly minted ceo is sorry to the wall street urinal op-ed today. how they can make things right including the service that lets customers lock and unlock credit for free for life. fresh headwinds for apple in the
life of good reduction in delays for the iphone 10 over the facial recognition technology. all mail dodge later this hour. postponing a vote in the latest plan to repeal and replace obamacare. item should appear live at the white house at the very latest. >> the latest as we expect that they will be coming obviously a discussion of the key portion of key health care bill that they hope through the senate, which was the block grant for health care, medicaid in the different states. let's talk about what the president is saying today about health care because it's quite clear there is a victory lap the president is taking to the unveiling of the tax reform proposals. on health care, he is promising there will be action on january
and february and as early as next week he may sign an executive order, which would allow people across state lines. this is something rand paul has been asking for in health care reform. the argument for it is where it would lower premium cost, but then you get in the whole issue to one state regulations are different than another state. here is what president trump said in an exclusive interview on "fox and friends." earlier this morning about health care. >>e voted block grant going to be great health care. the meantime i have a little period of time. i'll negotiate with democrats if they can come up with a fantastic health care bill, that's okay with me. >> yuji reddy said? he would negotiate with the democrats. his best buds, chuck schumer, the senate democratic leader, minority leader in the senate and nancy pelosi from the house of representatives.
maria come expect to see chuck and nancy back at the white house at some point talking about that. maria: adamant the white house this morning as usual. a quick comment from you on the gdp. three put 1% growth looks pretty good. >> this is the first time was had to print 3% or above for the economy since the last recession we've had. durable goods report yesterday which was 1.7% versus an estimate of the leading economic indicators. the serb did, but orders from giant corporations trying to do business development and reinvest the future. its capital spending. the deregulation administration is really taking hold because diseases are confident in spending money. maria: one really quick thing in terms of world changing the president trump is expected to allow insurance companies to sell policies across state lines next week, which is usually beneficial. we were talking about health care, even with president trump
and republicans not been able to repeal obamacare. i wanted to point that out again. maria: that is one of the reasons he feels he could get the vote are having success on health care. president trump tweeting yesterday, facebook was always anti-trunk of the networks were always anti-trump, hence fake news. "the newortimes" alogized and "washington post" were anti-trunk. collusion president obama. we no president trump has accomplished what we publish in the first nine months in the economy is going. mark zuckerberg is responding and here's what he said. trump says facebook is against him. liberals say what you hope term. both sides upset about content running a platform for all ideas looks like. this amid accusations that russian operatives use facebook advertisements to encourage american voters in the 2610 election. the farmers eager the house and fox news contributor, newt
gingrich. a pleasure to see you. thanks for joining us. >> it's good to be with you. maria: we have a lot to talk about. >> i i think that three-point line number is a big deal and a sign of what could be coming if they can get a tax cut through. >> i was astounded yesterday when ted cruz mentioned to me that the gdp in the 80s, was about 7%. people forget after the last 10 years of one cool 1.5%, people forget that it's doable to get china like numbers. >> look, the fact is the grow slower than a swamp in a money drain the swamp the faster things grow. we could be at the edge of a tremendous. three, four, 5% growth rate if that happens, secretary mnuchin is exactly right. if you average about 3% come you gerate trillions of dollars in additional revenue to pay off the taxs and i think that is
exactly what they will drive towards. maria: we have a lot to talk about this morning. we want to get your take on the tax reform package. first, the mark zuckerberg story. what you make of the comments pushing back on the president and also, do you believe there were anti-trump during the election? >> the president has to distinguish between facebook as in his tuition and facebook as a corporation. they may not be pro-trump, but the fact is the campaign relied more on twitter and facebook than any campaign in history. a little bit of gratitude there. the number of millions of people that president trump reaches every morning for free, by the way, by using facebook and twitter. they may have corporations that are more liberal based in california. that seems to be the norm and not part of the world. i think the effect of facebook, if i were hillary clinton, it
would be huge advantage for donald trump because they donald trump because of that immobilizing reach millions of people. he was churning out huge rallies at zero cost. so there's a difference between the structures, which are really opened to anybody to create an ideas in the corporate leadership, which is fair to say zuckerberg is probably a liberal democrat, certainly liberal independent compared to donald trump. i don't zuckerberg's personal intervention of the problem. the west, trump could have one because facebook was with the term campaign. dagen: stanek towel. which you suggest the way we digest news and receive news that it is being manipulated by the social media company? we found out that conservative news that facebook was not being promoted and then they started doing a tap dance about it because they were caught off
guard and blamed the algorithms in part. this is going to be a growing issue where they could, as they get more power to decide what you get to see and read. >> well, facebook and google will be at ultimately under congressional scrutiny. they are too big, too powerful, too pervasive in our lives. we've always gone through this from the railroads in the 80s and 90s. we begin to look at them from a government standpoint of standard o, we had to look at it. when at&t was that powerful, the government broke it out and created the environment that led the cell phone technology. we've had long sweeps of this. clearly, the bias of the people who work in silicon valley is somewhere between liberal and socialist. they love bernie sanders, tolerate hillary clinton. donald clinton. donald trump is not their
favorite friend. you have to watch and say to them come you've got to be neutral in their algorithms or do cannot be covertly trying to brainwash the country and that is a challenge. i think even zuckerberg's people admitted last year that they had done some things that were defensible. maria: take us behind the curtain. what you think is going on at the former speaker of the house in terms of the debate going on right now on whether or not this passes. >> i think it will pass. the combined white house has learned a lot from the problems with health care. they have really stuck to the same message. they worked together for now. the tax bill is a pretty good starting point with a small business component i like very much. it's a huge break in is ironic to me that some of the interest groups who are not. think about this. they are mad because we are doubling the deductions that people will have their own money and we'll get to spend it
without having to use the favorite deduction of interest rates. i think that is a dead loser. there were two arguments here. one of the beginning of the show. one is you like, how would you like to go to five or six. you'd rather have a lot taller economy with washington bureaucrats in charge. you want to drain the swamp, the tax cuts keep the money away from the swamp. you want to keep this one big and healthy, be against tax cuts. democrats are likely to slip in you will see some democrats start to say there is a debut away to vote for the tax cut. i think a lot of these states, they can't go home and be in favor of higher taxes, bigger government than you personally not getting an advantage. the small business tax cut may become the most important driver because it's the biggest 40% tax cut for small businesses. that's a huge incentive to call your congressman and senator.
>> we are looking at pictures from uganda. the parliament bear brawl for the second day to protest a bill that would change their constitution. the bill would change the extension of the president's rule, letting him run for reelection. use microphone stands as weapons. i thought it was bad in washington. your reaction to this. >> i was going to say, first of all, we thought we had partisanship. i always remind people that the music of hamilton, which is terrific is about the secretary of treasury be in shot an american vice president. we haven't had that happen in over 200 years. our partisanship is real, but it's a long way from what you see in uganda. trudy julie carter come you've been critical of the administration. >> air messaging this very, very well. they need to better prepare for the income inequality and the wealth issue.
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maria: welcome back. equifax ceo telling his sorry. nicole petallides on the new york stock exchange. >> korea, this is a big story. they are coming out saying i am sorry and it certainly not enough. not enough for the shareholders that it lost 25% of the value for the 143 million people who had possibly their information compromised. the stock is at 106 this morning. far cry from the 147 were abuzz in july. but a good effort here. take a look at the ceo say we were hacked. insufficient support for the consumers and did not function
as it should have. they could manage the volume of calls and basically saying they were delayed in their responses or both. but they were working to make it right. new free services to your credit did at any time. apple under pressure. juliet modules doing fine, but apparently delayed to cause shortages. maria: thank you. the president's approval ratings moving up your joining us now, host of "varney & company," stuart varney. >> good morning, maria. 42%. that was the latest fox poll, 42% approval rating. in the mid-30s, my premise here is that things are
beginning to look a politically for president trump and i think things will get better yet. now that that's i think that is ground zero for getting the economy moving. it is out there. we know what it is. it looks to be politically doable. the presidents political fortunes go out. are you choking i'm not? i heard your coffee mayor. maria: i will say this. i think that speech yesterday when he unveiled the tax plan really resonated because talking about expensing, a farmer who has to buy all this equipment and then he'll be able to exempt it in your one instead of seeing the value depreciated. you'll see all these people to ask lane the moves and attacks which which i thought was smart. >> i was good. but he was on prompter. he doesn't make as good a speech
on prompter. maria: do you want to mock prompter? there's no debate about not using prompter. >> we want him to talk about tax reform because when hisoft prompter he ends up talking about the nfl, melania shoes, you name it. he is talking about it. >> if you want to barnstorm, if you want to sell tax cut, at some point you go off your prompter in unleashed donald trump. that might look a lot better. maria: i suspect he will be doing not a fair amount. >> you can't stop him. good to see you. see you in 10 minutes. burning company begins at the top of the hour. first, dodge unleashing its inner demon. we are taking the record shattering ride for a test drive next. back in a minute.
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maria: checking out the new 2018 dodge demon. >> s., the dodge challenger when they get warmed up a little bit before i run it down the strip. 840 if you will, which i'm doing right now. now i'm going to move up and get ready to move down a quarter mile here. we are talking about the most powerful car ever made in the united states. the quickest car in the world as we speak. this thing is an absolute
monster. sales of the challenger model because of all the excitement around it which came out back in april. i'm going to put it in launch mode right now. i drive a lot of powerful cars. this one has it that this way because it doesn't know what to expect. here we go. maria: he's gone. >> i hope so. maria: where did he go? dagen: how did you feel having owned a couple of sports cars are the trouble is there's no way on treadmill or you can
drive them nuts off like that. they will throw you in jail. you can't drive the car. where are you from? >> i don't know. i was trying to channel your -- dagen: they will throw you in jail. maria: gary castello, think we lost him. he's striving, but looks like pretty good hot wheels. >> sounded good, too. maria: coming up, an all-star panel. stay with us. thesege mock -- ♪ i let go of all those feelings. because i am cured with harvoni. harvoni is a revolutionary treatment for the most common type of chronic hepatitis c. it's been prescribed to more than a quarter million people. and is proven to cure up to 99% of patients who have had no
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♪ ♪ maria: welcome back, final thoughts on all-star panel. lee carter. lee: seems like they are getting it done and done right. i want to make sure they have messaging to respond to claims that this is a tax break for the wealthy because that's not exactly what it is at all. kevin: one to have biggest things that happened this year the market hit 37 record new highs and that's due to deregulation. you're seeing it come through in gdp report right now. you're seeing capital investment being increased. maria: i'm surprised we don't have a market reaction to gdp number. dagen: be careful to democrats that will take your words, lie about what you say and try to
shame you into changing your opinion, be careful, we will call you out on it. maria: we are. we are not going to get scared or shamed. dagen mcdowell, kevin kelly and lee carter. see you sunday. stuart: with an intro like that how can i lose? the tax plan is a big plus for business. finally the trump growth agenda starts to roll. good morning, everyone. first look at this, i hate to be technical. rise in interest rates, that's a huge rise, that's a sign that investors expect growth. the rate rise began as the tax plan was being revealed. here is why. a 20% tax rate on big companies to bring back some of the 2 and a half trillion that's parked overseas. that surely helps growth. 25% top rate on small business puts a lot of money into the pockets of job creators