tv Cavuto Coast to Coast FOX Business October 31, 2017 12:00pm-2:00pm EDT
president's meeting with business leaders. its about tax reform. number one, he wants the house to pass a bill by thanksgiving. number two, he doesn't want the corporate rate to be phased n hopefully not, is what he said. neil has more on this. it is yours. neil: thank you very. the grover norquist was very receiling to you. i will try to put a lipstick on a tax cut pig. not turning out the way they wanted to be. but to your point, stuart, better than nothing. president is holding a tax reform meeting. at that meeting representatives of the national association of manufactures, u.s. chamber of commerce, business roundtable. tomorrow we get a lot of details. where the brackets kick in. whether there is additional bracket for folks like charlie gasparino, et.al. we have a pool spray later from the white house and the meeting. blake, what are you hearing? reporter: every two or three weeks, we have the president with the pool spray and we're awaiting video.
president made a couple of headlines. stuart went through them. the tax bill from the house by thanksgiving. wants a signing ceremony here at white house by christmas. when he was asked whether or not the corporate rate phased in, he said hopefully not. we'll see the video here from the president. deeper comments coming in upcoming minutes. here is what i tell you about this meeting this is trade association types, for example. national soar of manufacturers, u.s. chamber of commerce. business roundtable. the way one source described this meeting was this the white house is trying to get the business community tied in together. depending what association you might be in, you might have a different interest here while your colleague might have a different interest there. they try to unveil this republican tax bill tomorrow. at least the white house is trying to get all the different groups together, hey, let's set aside divides. come with this, at this with a unified front. that message right now is being delivered by the president
himself. paul ryan will be headed here to the white house later this afternoon to meet with the president. the vice president mike pence headed to capitol hill. he is there now. he will be there on the hill for hours trying to sway some republicans who might have some reservations on this. bottom line the full-court press continues. we expect to hear from president trump momentarily. neil: congratulations getting the only tax question asked at the briefing. you carried the nerd flag. go! thank you very much, my friend. i want to bring in charlie gasparino here. we're waiting two minute warning president addressing some of these business groups. what is your gut telling how it is going, where it will end up? >> last night there was meeting where my producer brian schwartz first reported on your show. neil: very good. >> he beats fox news on the major stories. about the state and local tax deduction where people like peter king, new york state,
new york republican from long island. worried about ending the discuss. where do we stand. he asked steve mnuchin, the treasury secretary and gary cohn, head of economic council and people leading the efforts, we don't know. the meeting ended after 30 minutes, where a bunch republican congressman said their concern, they listened and have no idea. i have no idea what is coming out tomorrow. when the president said i hope there is no phase-in of the cut of corporate tax rate, that is not a very good sign and here's my problem. neil: why is it not a good sign? >> because it means he doesn't know where he should come out on this you would think by now a day before after all this, you either believe -- neil: telegraph this is in it or not in it. >> why would he say i hope? neil: that is weird. >> i'm worried that the president and republicans are stretching so much for a win
that they will do anything. neil: we shall see. the president might telegraph some of that. this is from moments ago at the white house. >> thank you very much for being here. with the incredible work you're doing to help us passed really historic tax cuts. there has never been anything like this in the history of our country. it is cuts and it is relief and it is also reform. and frankly it is also simplification. so we're covering everything. there has never been anything like it and it is so important. the economy is having very well but it could do much better. a lot of jobs will come from this and a lot of companies will start pouring back into the united states. we'll announce one big one sometime very shortly, a very big one coming back into the united states. all of you have done a tremendous job mobilizing your members, talking to the members of congress which is very important and making a strong case for tax reform in the
meeting. the media is not all fake. so therefore we can get a fair shake. now is the time to redouble our efforts. your country needs you now more than ever before. you are leaders of this country and certainly leaders on this subject and you know more about it than anybody. we need you to be united, committed and proactive in order to overcome the forces fighting and there are forces fighting out there, that very much benefit by the way it is now, but that is bad for the country. they know that. but they're fighting for themselves. not fighting for the country n a few days i will travel to asia to advance america's economic and national security priorities. i'm counting on all of you to be back here, working to maintain our momentum on tax reform and tax cuts, and that will be a short period of time. i will be away for 10 1/2 days.
and we'll get back very quickly. we're meeting in china, in south korea, in japan. we're going to vietnam. we're going to the philippines, which is a strategically important location where the previous administration was not exactly welcome as you probably remember. the democrats will say our tax bill is for the rich but they know it's not and what they will do, they don't even know the tax bill. the tax bill hasn't even been really put out yet. it will be over the next short period of time. but they immediately say oh, it is for the rich, because that is the right thing to say for them but it doesn't work. they know that. in fact i think we'll have some democrats joining us and voting for us for reduced taxes because it's a tax bill for middle class. it's a tax bill for jobs. it will bring a lot of companies in, and it's a tax bill for business which will create the jobs. we're bringing it down from 35 down to 20. while i'm in asia, members of my cabinet will travel around the country talking directly to
taxpayers and focusing on the regional media, which we find to be a much more credible media to be honest with you. i found it to be incredible how good they are. secretary mnuchin, gary cohn and my entire economic team will be focused on tax reform. they will stay here and continue to work closely with all of you. they have a great relationship with most of the people in the room. we need your continued input to make sure the final bill gets all of the details right and we get that approval. i want the house to pass a bill by thanksgiving. i want all of the people standing by my side when we get ready to sign by christmas, hopefully before christmas, you will all be in the room standing front row center. i think we'll find a place where you all can stand front row center. it will be a big event. it will be the biggest tax event in history of our country. thank you all for being here today. we have a couple of folks say a
couple words while we leave the media. tom donahue, member and president of the chamber of commerce for a long time. tom, do you have anything to say. >> thank you, mr. president. the business community has been waiting for a a long time for an administration and a president and a willing congress to do what we haven't done for many decade and, we think we were lucky to arrange a budget so we'll have a better opportunity in the senate. i think you're right, there are some members of the democratic legislature that will come around on some of this, particularly if the numbers are as promised, and you hit it right on the head. we got to work on it. we're going to have some differences amongst the business community on what should be the takeaways and the adds but we
just have to work on that. i think you're, i think you're plan something really quite good. off to asia. everybody else get it worked out. >> come back and see what we have. >> thank you very much. >> i appreciate you very much. what you said is important. we did get the budget passed. that is a big event that doesn't happen very often. it fairly easily passed and we have more than a couple votes if we needed them. and there is a great spirit of this. we'll have no democrat support. we may have on the tax cuts because i think it will be very hard for five or six of them run success fully saying they want to raise taxes. the democrats want to raise taxes and really create obstruction and the republicans want to lower taxes. we want to get rid of regulations. i've gotten rid of more regulations in the first nine months than any president has for tear term in office.
that's a big statement. but, we really just begun. i would say, we have at least another 50% that we want to do. so that is going to be fantastic. in some cases it is statutory. we have to give a notice. then you have to give another notice. you have to wait 90 days. we go along the statutory process. i tell you, tom, you will see a lot of additional relief from these horrible regulations killing our country. they have been literally been killing. gdp was just announced. shockingly to many people, despite the hurricanes which could be considered to be one point, we were at three. we're at 3.2 last quarter but we were at three. to be at three with a, that would have meant we would have four or thereabouts. those are numbers that have not been seen for many years. so we're doing well. we'll continue to do well. the big thing is we have
companies that really want to move back into the united states now pause of regulation, because of what we're doing because of taxes. some big ones will be announcing very soon. dirk, could i ask you to say a few words from the national association of wholesale distributors. that would be great? >> thank you, mr. president. appreciate the opportunity to be here. few of us in the room are old enough to remember being in this same room when president reagan was working on tax reform. >> you and me. >> two of us. >> you don't look that old. >> tom was here. 30 years or so passed, the tax bill doesn't resemble what was done in '86. the reform is long, long overdue. i represent an industry with very high effective tack rates. they're tired of paying the other guy's taxes.
unstated, but i assume the price of admission for being here today, that you support the process going forward. obviously each of us have to see the details. there may be one thing or another we would like to see different, but, the broader perspective is, that for the good of the economy, the good of the country and frankly the i think the good of our members, you have to support the process going forward. you have our commitment to do precisely that. >> that's great. that's really great, i appreciate it. what is so important, we talk tax cuts, the big thing is the tax cut the, we desperately need them. but some things are happening including bringing $4 trillion back into the united states. that money will be put to work in our country for our people, creating our jobs and factories and plants. i think the number could be higher than 4 trillion. it has been 2 1/2 trillion for
so long. everyone said 2 1/2 trillion. it kept getting bigger. i think the number is over 4 trillion. i think $4 trillion will come back into our country, and so many other things. one of the elements that are important, karen, you will say a few words next, because i'm dying to hear what you have to say but one of the things so important is simplification. too complicated. we're simplifying greatly. i want to thank all of my foals being here. gary, steve, everybody. the process is complicated but the end result will not be that complicated. it will be, people will pay less tax by a lot. companies are going to pay less tax by a lot. that is a big difference. and companies will start rebuilding and stay here and expand and bring in new plants. they won't go to other countries like they have been for many, many decades. karen, can you say a few words,
small business entrepreneurship council? >> thank you very much, mr. president, for your support and leadership on this issue. this is one of the most critical issues for small business. they know if they get tax reform through, they will have more capital to put back into their businesses. they are going to invest more. they are going to provide higher wages, better benefits for their employees. you know, these business owners and entrepreneurs are leaders of the community back in their communities. they do see lack of dynamism, they don't see new business creation in their communities. that is real problem in this country, lack of entrepreneurship. according to our numbers, 3.2 missing businesses in our country because people not taking risk. >> right. >> so we're very excited about tax reform in terms of the growth that it will bring, the investment it will bring. making the u.s. a haven for capital again. because we need to get that edge
back. we need to encourage people, more people to start businesses particularly millenials. >> that's true. >> again add to our competitiveness, so thank you. >> one of the things we've been talking about, and that we've seen, has never been anything like it, is the level of enthusiasm, the enthusiasm for business, for manufacturing. it is highest level it has ever been. highest level since the charts started. and we have a tremendous level now of enthusiasm for business and for manufacturing and nobody ever seen anything like it. of course the stock market is at all-time high, historic high. there has never been, it is going up, i think 54 times since i was elected. we hit the record 54 times. i notice it is up again a little bit today. so that is always good. we'll try to keep it going up. but we created almost $5.5 trillion in stock market wealth. think of that. $5.5 trillion since
november 8th. so we're very honored by all of that but a very big part of it will be tax cuts and tax reform. we'll work on that together. thank you all very much. thank you very much. [shutting questions] [shouting questions] >> we're not looking for that, no. we're not looking for that. hopefully not. something, some people mentioned that. hopefully not. >> are you going to pardon manafort? >> thank you. thank you very much. [shouting questions] thank you. thank you very much. neil: you're always leery to leave because you might get a final comment in there, asking about the multiple count indictment of paul manafort and two others. his focus is get tax cuts. i'm back with charlie gasparino.
also forbes publisher, rich karlgaard. charlie, one of the things he seems to indicate this is very big, reality, for all of you in the room national association of manufacturers, small business, chamber of commerce. >> individuals. neil: individuals this is there for you, ready to go. what do you think? >> markets didn't really change much. i will say this, he has a tall order to live up to. i hope he's right. i hope it is what he says it is, the biggest ever. remember he is saying this essentially bigger than ronald reagan's tax cuts on the individual. i'm just saying that is what he is saying. we will hole his feet to the fire. he is president of the united states. neil: we should be clear, what is he saying the biggest? >> not saying. neil: not taking rate from a to b, or even aggregate size of it, but certainly biggest in a generation. >> he is saying this is the biggest ever. neil: yeah. >> if you listen to the noise coming out of washington, the trial balloons, why you have to see what they ultimately settle
on, it won't be the biggest. as a matter of fact, it will be pretty much of a tax increase on the upper income people who basically -- neil: we don't know for sure. >> if you listen to the noise. let's hope they back away from that. looks like they're also really considering phasing in the corporate tax cut. you heard him say i hope they don't do that. i don't want to go there. neil: that is a very good point, rich karlgaard. maybe this is kabuki theater and we're over analyzing and we'll know the figures when houses ways and means comes out with its blue print print how these things look. should he bounce this off the president, or they know how he is detailing things or are they unaware? >> i have no idea what is occurring between the president and congress on the details of this tax cut but i must say president trump showed up today, the presidential trump showed up today. i thought it was a great press conference. he needs to lead like that more
consistently. i think he was speaking passionately and authoritatively, and i really hope we get this done. look, we've had -- neil: in other words, you would not be a fan of tweets that keep coming out on this investigation into collusion and indicts and all that stuff, right? >> we've talked about that before and i think charlie agrees. this is really big. the difference between having a sub2% growth economy over the last eight years versus 3 which is where we are now, is $3 trillion, is missing in this economy. i think about, you think about all the opportunity to create businesses, raise wages, all of that, this is where we need to get back to. i think if we get tax reform and tax cuts, in addition to the regulatory cuts, we put two important foundations that will sustain a 3% growth economy for years to come. neil: a lot depends on the growth figure. >> listen i think it will be more than 3% if --
neil: we get 3% back-to-back quarters without this. >> if donald trump, and by the way, they do, mnuchin and gary cohn are working with congressional leaders what they're going to do tomorrow. neil: steve mnuchin and gary cohn, national economic council. >> the main economic people, right. if they do produce what donald trump says here, the biggest tax cut ever, if they do produce something close to what he ran on, 4% growth is not unachievable. we're getting 3% growth now with just deregulatory agenda and decent corporate earnings. that goes to the bottom line. my fear, despite what donald trump says, they're worried about being cast as giving tax breaks to the rich. they're worried about the first-year, second year deficits that occur when you cut taxes before stimulus cuts in. neil: that is why they want corporate cuts spread out. >> phased in. when you walk away from that, you start walking away from 3 to 4% economic growth on sustainable regular basis and
also you give, you basically, president would today will be shown to be not being truthful with the american people if they go, if they go that watered down route. he said the biggest ever corporate individual. neil: that is his goal. he can blame congress for not delivering. >> he is working with them. neil: rich, do you get a sense, markets had a incredible surge here, october, strongest since february, as a month at rate we're going, strongest october in couple of years, this gain, now the seventh straight strong monthly gain is based on these tax cuts becoming a reality, and if they don't become a reality there is hell to pay? what do you think? >> i don't know about that, neil, i think earnings momentum is so strong, you look at the reports of the big five in technology, apple and the others and they have got momentum and they're strong and they disproportionally contribute to the index values of our stock market. so i think that, i think there
is actually upside surprise here if we get the kind of tax cut that president trump wants. i think probably what is factored in a watered down version of the kind charlie is talking about. >> i mean, listen i think the corporate side is not, is important. listen, if you phase in a corporate tax cut from 25, excuse me from 35 to 20%, i think market reacts fairly positive. the thing, the problem i have, is on the individual side, is he really going to raise taxes on individual side as he is kind of threatening with extra tax rate. >> not leaving rate where it is, but lifting higher and taking away deductions that would mean higher? >> the whole notion of tax reform, as ronald reagan, if you want to be the biggest, if trump really wants to say i'm the granddaddy of all tax cuts i'm proposing take down the rates dramatically and close loopholes, based on what's leaked i don't see that. now tomorrow may, maybe he is
building in expectations and going to exceed expectations which wouldn't be a bad thing tomorrow and watch markets rip if that is the case. neil: twice, thanks very much we have this back and forth whether it is biggest in terms of size or taking rate from one level to bring it to another level. ronald reagan brought us down from top rate of 70% when he left office to 28%. people say that is hard generational type of achievement or record to beat. he might talk about number of taxpayers and how many will benefit. there is simply more americans than there were back in the early to mid 1980s. might go with that and multiplying tax benefits for them. normally when we talk about records, we talk about taking a level from, rate from one level to bring it to lower level. that is what we base it on. maybe not in this president's case. we have reaction coming up from senator mike roundses, republican from south dakota, what he wants in there, what he doesn't want to see in there, a
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neil: i had the feeling that south dakota republican senator mike rounds knows everything and i can't tell us but we're going to make him tell us. we'll force it out of him. he joins us from the nation's capitol to tell us what is in store for tomorrow when we get the brackets, details, what is in, what is out, what is not allowed. senator, will it be worth the wait? >> i sure hope so. i'm waiting just like you are. they have been very good trying to bring together small groups to talk about issues that are important to us. i think, on a practical note it is something that has got to have 51 votes in the senate. it has to have majority of votes in the house in order to get this done. neil: right. >> probably more important side, it is also something that the american public have to look at to say, this is a fair deal. not only are we doing things that will actually jolt the
economy, get businesses back in and operational again, but something the average taxpayer, a worker looks at, saying i got treated fairly in this thing as well. that is the important part. when you're talking about five 1/2 trillion dollars in terms of promises of reductions in tax rates but you have only trillion 1/2 dollars to work with, there are four trillion dollars as some of my colleagues call spinach that we have to include. neil: what is the spinach? what will have to be compromised? i'm told additional rate for upper income or maybe have to phase in the corporate tax cut. what would be anathema to you, something that would stick in your craw and you couldn't support is it. >> i'm not even going on that because we really do, we have to get this done. we'll do the best we can. it will take compromise. not everybody will be happy with everything, but the end result
has to be something that says number one, the economy is rolling again. businesses are coming back into the country which means more business opportunities and higher payrolls and the average taxpayer feel like they got treated in this and not get shorted. this won't be easy by any stretch of the man nation. everything under what we discussed so far, our leadership shared with us, everything son the table. neil: does that include the deduction for state and local taxes? >> i think that will be on the table to begin with but i think the reality is, in the house, they may not have the votes, unless they do something with regard to property taxes. i know in south dakota, our farming community is concerned about the fact that property taxes may not be deductible. that would be significant impact, not just in rural states like mine but in high taxed states as well. south dakota is at the bottom. we have the second lowest or lowest tax rate of any state in the nation, which we're proud
of, but nonetheless, property taxes are something that people pay attention to. so is it on the table? yeah. do we know where it will end up at? not until the final vote is taken. neil: you know the president claims that this will be the biggest tax cut ever. what is he basing that on, senator? >> you will have to ask the president what he is basing that on. i can tell you, in terms of the impact to the economy, it is huge, and just as an example, if, we're able to move gdp up from 1.5 to 1.8 they're projecting right now over next 10 years, if we get that up to 3%, we win. i mean we walk away with literally trillions more dollars in the economy, which will really add to huge increase in actual payrolls that are available for average working joe out there. for people that have two incomes coming in for moms, for dads, they get to reap or to increase
the amount of payroll in their family which they haven't been able to do over the past eight to 10 years. you see, when gdp is running 1.5% what it was doing for the last, for the last eight to 10 years, if we can bump that back up into that 3% plus category, well, we win, the average, the average wage earner does as well. we think -- neil: 2 1/2 trillion dollars over 10 years. as you indicated the cost of this package right now seems to be north of 5 trillion. you set aside 1 1/2 trillion, you're still short, right? >> wait a second. remember we're pulling back in spending there to the tune of $4 trillion. so the actual impact on static basis is a trillion 1/2 dollars. we both know we're playing with numbers -- neil: what is the biggest stick you're offering to do that? >> right now there are a number of them on the table and one thing we'll not do, where only one will come off the table but i do think that state and local
taxes is probably one of the tougher ones to work our way through. the other part is, that as you begin to change rate, the rates, within the different categories, a lot of us really feel strong that for folks in that very bottom category, the 10% category, it is tough to walk in, sell that going 12%. i think that will be addressed. the fact we're going from 12,000 to 24,000 for a family, basically, in terms of deductibility, that is going to help a lot of people of the fact that we're still discussing child tax credits as a part of it, i think we'll come up with plans that will really help people at the very bottom end of our economy to maybe not get hit as hard as what they have right now in the existing tax structure. the focus has got to be growing the economy. that means we've got to bring businesses back into the united states. that's our goal. neil: we'll know tomorrow, better idea tomorrow. thank you very much, senator
mike rounds. to the senator's point president wants this thing passed and signed by christmas. to "washington examiner" writer, emily. >> shins ski? what do you think about that time frame is doable? >> we heard just then when the bill sun veiled tomorrow the state and local taxes will be on the table. that is something they have to work through. that is not going to be easy for them. that is spinach i don't think the senator wanted to get into unveiling what the spinach will look like. that is problematic. they're looking at really serious challenges between senators and members of the house to include things tough to swallow for some constituents around the country. that is why this time frame in particular seems questionable. >> i guess we'll have better idea what the brackets are, additional bracket for very rich people, what have you, what do you think the public reaction is
going to be leaving a side to the democrats that say it is boon to the rich? leaving predictable arguments on both sideses, what do you think the reaction will be once the parameters are played out? >> this is tough for the republicans and conservatives to message. mainstream media is not on their side. they will hit them for attacking the middle class no matter how good the plan is. despite the reforms, it will be claimed that this bill is not helpful for the middle class even if the poll skis are. that is what makes the timeframe challenging. it is not impossible but it is uphill battle to with the media and bringing their own caucus with some of their spinach. it may not be easy to get to by thanksgiving. neil: a lot of republicans have
concerns the upper income could pay more. we don't know until we officially get the tomorrow, if that were the case would you see republican no votes as a result of just that? >> yes i think it is possible republican cost vote no based on that. principled conservatives, some one like rand paul, some members of the freedom caucus, that is something is, people who vote very much on their principles. that very goes against their basic ideology and fundamental idea on the role government plays in their lives that could get real tricky. i wouldn't expect that to tank it. the pressure is so high to pass the tax reform bill. i think that could cause problems but i don't he that it would tank the chances of passing. neil: if you had to handicap this done by end of the year you would say? >> by end of the year? sure. i would think done by end of the year, thanksgiving is a really tough timetable. neil: emily, thank you very, very much. >> thanks, neil. neil: russia backed facebook
posts could have reached 126 million americans, 126 million americans. when these social media companies like facebook are testifying at capitol hill today, how big of a deal will that be, just that number, just that company, because a half dozen of them are on capitol hill? after this. ♪ often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock. if you're approaching 65, now's the time to get your ducks in a row. to learn about medicare, and the options you have. you see, medicare doesn't cover everything -
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bringing you more great tasting beverages with less sugar or no sugar at all. smaller portion sizes, clear calorie labels, and reminders to think balance. because we know mom wants what's best. more beverage choices, smaller portions, less sugar. balanceus.org neil: deirdre bolton has details, what they're trying to find out? >> as i said, this is a huge day for these companies. they are in d.c. to testify. at congressional hearings about foreign actors using social media to try to inter fear with our elections. facebook, twitter, google, all sending execs, part of what the companies want is self-reglation, they're trying to show up in d.c. trying to fend off looming threat of regulation for
lawmakers. it will be a tough sell. all of these companies have made mistakes. i want to share a few stats. facebook says 126 million americans probably saw russian posts meant to sway our presidential election this past fall. so keep in mind, this is roughly a third of our population, it is how much more than facebook knew about. just contextual point, that is unrelated, equifax hit 140 million people, almost the same size. the twitter, identifying removing more than 2,000 accounts linked to the pro-kremlin firm internet research agency google, discovering more than 1000 videos up loaded to youtube, from june 2015, to november 2016. apparently they were viewed more than 300,000 times by accounts again, that came from, or that we so far think, came from russian operatives.
so, facebook, obviously has a lot to do, more in the hot seat i think with this recent data, than perhaps some of the others. but the big question is, do they have to change the way that they do business? we know that facebook said, fine, we'll hire 1000 humans. we'll start to edit these stories better. with two billion users, a thousand humans, may be a drop in the bucket, neil? neil: to put it mildly, thank you very, very much. facebook, should point out it is saying that 126 million americans might have been exposed to these russian news-generated sites. to tech analyst, shanna glazer what do you make of that? that is a pretty big number. >> it's a large number, in consideration of americans that head to the polls, this past fall, to cast their votes. but i think you will see from facebook, what you've seen from twitter, they're trying to minimize some of those numbers, saying, the amount of dollars that were actually spent on
advertising that, from foreign agents. we see what is spent on daily basis. to influence issues in the u.s. neil: facebook announcing these details and these numbers. you are thinking 126 million americans, are they trying to say, you know, this influenced the election because so many were exposed to something that we could have controlled, because of just the sheer numbers involved? >> i think what you're seeing here, is that they have probably found that the tactic of saying look, this is bigger than we thought. this is, more expansive than we even imagined, you know, we're sorry and here are some tactics that were, things are putting in place, to address it. i think it has played well for them. they are continuing to build on that, i think opening the kimono even further, to say, here is what happens. we're even over well manied by
the numbers. we want the regulations to fix it. we're taking steps to make sure this doesn't happen again. neil: but what can we believe, shanna? in the case of facebook, it was minimal, didn't have that much widespread use or availability. now it is up to 26 million. i don't know what it will be next week, clearly adding fuel to the fire, oh, this tipped the election? they're not saying that obviously and many others doubt that but the election was what the election was, but they're planting seeds of doubt here. >> remember back when, when mark zuckerberg said this was a crazy idea that anybody could influence the election. neil: right. >> no, he has even like last week, sorry in september, he issued a statement that said that was wrong. that was dismissive. i think they are realizing, more and more, that they had a role in disseminating this information, whatever kind of influence it has on the election that they have responsibility
here, and i think for them to continuing to be open with a number of people that were influenced is their strategy and their tactic to address this. neil: shanna, thank you, very, very much. >> thank you. neil: crowd scout cfo and tech analyst. you heard talk about 401(k)s, whether you lose tax deduction for contributions. what if you're automatically contributing to the 401(k), do you think about tax advantages, is it automatic or set in stone? we'll explore something not getting much talk about in the media on the right or to the left, when it comes to savings people are on automatic pilot with this stuff. would that automatic pilot change if the amounts tax deductible, at least early on, are changed? after this.
neil: the tax reform plan officially unveiled tomorrow. don't know the exact time. we're waiting to see brackets, all of that. a lot of people are watching possible changes to 401(k) plans. what will be allowed to be contributed tax-free, versus not. it lauren simonetti with the latest. hey, lauren. reporter: we're talking about
$5 trillion at stake held by 54 million americans who contribute to 401(k) plans. we're hours away from seeing details of tax reform. i know we're waiting on that, but critics want to insure there is a way to pay for it. here is one possibility being discussed, making changes to the 401(k), so you pay tax on your contribution greater than $2400 a year. you pay that now, giving uncle sam money up front, then you pay nothing later the money out. how much money are we talking about? median 401(k) balance is just under $25,000. 1/3 of workers participate. this is a big way to fund the golden years. these potential changes have some experts, at fidelity, bankrate.com, they're worried workers who quite frankly are not saving enough money now, they won't be incentivized to save in the future. that the tax-free money is the hook. but here is what others say of the real hook is the employer match. that so many workers, they don't
pay attention to the stuff anyway. they put any savings they have on autopilot and look later. we're only, putting into retirement savings per vanguard now about $3200 a year. that is nowhere near the current 18,000 pretax limit. we're not saving that much anyway. neil, paying taxes at the beginning, gets it over with, especially if you're in a higher tax bracket at retirement. not everybody is, you pay the tax in the beginning, you're in higher bracket at the end, it could be a good thing for those people. neil: one way or the other uncle sam does get you. >> when, when is the question. neil: exactly. lauren, thank you very, very much. >> sure. neil: coal companies are suddenly back in vogue, so it would seem to jeff flock outside of a coal generating station with the very latest there. what is going on, sir? reporter: there is a old country
song, i'm a old chunk of coal and i will be a diamond some day. there is a chunk of coal. the coal companies may not be diamonds yet but consider arch coal, they reported earnings before the bell. the stock has jumped six or 7% over the course of the session because profits for this company that was bankrupt as recently as last year, up to $68 million in the third quarter, on revenues, increasing by 11 1/2%. that is pretty good news for arch and peabody, which earlier reported, showed a big profit. coal-fired generating stations like the one back here behind me outside of chicago getting new life with the end of the war on coal but here is something to watch, neil. the reason the president wants an end to the war on coal because he cares not so much about coal but he cares about jobs in the coal industry. take a look at these numbers on q3 from arch.
i would show in 2017 in q3, they actually produced same amount of coal as they did last year, but the reason of the profit increase, they got paid a whole lot more, $88 a ton this year, compared to $55 a ton last year. despite, industry overall in the u.s., coal production is up, one year comparison, up about 8%. consumption though about flat. that is because most of the consumption increase has come in overseas markets. actually last month, exports of coal from the u.s. doubling. so we don't care who burns it. we like that people make it and get jobs to do it. that is the latest, neil. neil: are you getting a sense that this will be an industrywide phenomenon, comeback, at others are arguing so much to be done as it competes with natural gas and all these other just as american
fuel sources? reporter: i do agree with that. this was a coal-fired plant was on the chopping block. it probably won't go away. you can't compete right now with natural gas. so much of it out there, prices are low and it is cleaner. how would you rather harvest your energy, in coal mine a mile below the ground in the dark and dust or natural gas which is much easier it harvest? i think that is just the reality. neil: yeah, you might be right about that. jeff flock joining us in romeoville illinois. president is speaking with speaker paul ryan an hour from now. details will be announced out of the house ways and means committee. that is sort of the earliest blueprint well get on these tax cuts. it has to pass muster within the committee with series of votes. it could be up to dozen on key provisions, 401(k) provision,
allowances with companies, whether you phase it in with details, don't get me started on what the senate does. all that starts tomorrow. the president will be briefed apparently what that might be an hour from now. stay with us. ♪ hi, i'm the internet! you know what's difficult? adulting... hi, guys. i'm back. time to slay! no,i have a long time girlfriend. you know what's easy? building your website with godaddy. get your domain today and get a free trial of gocentral. build a better website in under an hour.
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side when we get ready to sign by christmas -- hopefully, before christmas -- you'll all be in the room standing front row, center. neil: you know, he scared me there for a second. i thought it was going to be today, and i'm wearing this silly get-up? tomorrow's the day we get at least some of the parameters and the details of the tax cuts that the president wants to see. he wants reform itself done by thanksgiving, wants to sign the darn thing by christmas. he meets with speaker paul ryan an hour from now who, apparently, will telegraph the parameters that the house ways and means committee will use before multiple votes there to decide what's in, what's out, exemptions allowed, deductions allowed, not allowed. adam shapiro following this far, far better than i. what are you hearing? >> reporter: we know that the staff for house ways and means committee is being briefed on some of the details of the bill right now, and later this evening committee members -- some of whom have been kept out of the tax reform-writing
process -- they're going to be briefed and then, of course, the full conference tomorrow. we'll get the rest of the details after that. the president is optimistic that he is going to get from this congress the legislation that he can sign so that it takes place almost immediately. here's what the president said just moments ago. >> the democrats will say our tax bill is for the rich, but they know it's not, and what they will do is -- they don't even know the tax bill. the tax bill hasn't even been put out yet. it will be over the next short period of time. but they immediately say, oh, it's for the rich, it's for the rich because that's the right thing to say for them. >> reporter: and that actually is one of three attack point that is the democrats intend to use to try to stop and defeat this bill. chuck schumer, the minority leader in the senate, took to the floor of the senate this morning. he said this, quote, theory turned out by right-wing think tanks that growth will occur is
absurd, and he went on to say it's utter, self-serving bull. that from chuck schumer. but, of course, we heard from kevin brady this morning, the chairman of the house ways and means committee was on "the hugh hewitt show" earlier this morn, and he said in regards to some of the proposals such as repealing the deduction for state and local taxes, he said, quote: there is tax relief at every level, and we're doing it at a way people can keep more of what they earn regardless of where they live. he went on in that interview to say that while they are going to push for the repeal of the state and local tax deductions, they are restoring or allowing to be kept the deduction for property taxes. neil? neil: all right, adam, thank you very, very much. in the meantime, we're going to focus on three different items that could affect this whole tax cut talk and progress or the lack thereof, paul nanofort, richard gates -- manafort and george papadopoulos. they indicted the gentlemen on
some russian collusion charges here even though in the case of at least two of them, most of these concerned incidents that are more financial related having nothing to do with any sort of direct russian ties or collusion of any sort. at least at this juncture. in the case of papadopoulos, that is a whole different can of worms. to national review senior editor jonah goldberg. where do you think this is going and how much of a distraction this will be? >> oh, i think it'll be a big distraction, you know? the washington press corps loves independent counsel stories. this is not new or unique or special counsel stories in this case, it is not new or unique to the trump administration. this goes back, you know, back to watergate. most of the washington, d.c. mainstream media types all think of themselves, all got into journalism thinking that they were sort of woodward and bernstein, and this is, this is catnip for them. oddly, i think this could actually be something of a
benefit for the tax plan rollout, because it'll be very difficult for the special interests who are against the tax plan or various parts of it depending on what it actually looks like to get as much oxygen in the press. because the press is going to want to focus -- neil: oh, that's interesting. i didn't think of that. that's a very good point. oohing thing to it, it might have the effect of rallying the republicans, even those who might be normally concerned about how this could bust the deficit. after all, they're trying to fit $5 trillion worth of tax cuts into a $1.5 trillion pan, that's how much they've allocated over the next ten years. they might do that, but that republicans are kind of rallying on this sensing that this whole, you know, scandal thing and where the investigation is going is almost assuredly taking democratic votes off the table. what do you think of that? >> i think that's generally probably right. i also think that, look, the incentives are just simply lined up in the right way for
republicans to pass something. i mean, i think lindsey graham is correct on this. if the republicans can't do tax reform, if they can't cut taxes, why have republicans? you know? it's not like they have -- it's actually the guys in the house. donald trump can point to his executive orders, to lots of things that he has done, and he's not up for election for a while. these guys going into 2018, they need to put some points on the board. they need wins more than donald trump does. so the incentive structure for the house and the senate is to get something across the finish line in a way that wasn't entirely true for, say, health care reform or some of these other issues. neil: jonah, i suspect that you know this better than i, that the battle won't really be in the house ways and means. they're going to go new multiple votes, and i don't see problems there given just the sheer numbers in the house that are a little more favorable to republicans. it's in that razor-thin margin in the senate that all bets are off. do you think that the president is on track to keeping at least
50 republicans of the 52 with him on this? >> you know, i don't know. i think the house is still a little tricky -- neil: do you really? okay. >> well, you've got republicans from high-tax states, and that's why they had to compromise on some of the state and local stuff. but i think you're probably right. it'll get through the house, but i don't think it's an easy lift, and paul ryan probably deserves some credit. on the senate side, it's tough. it's very, very tough. but again, whether you are a squishy, rino-liberal republican or a goldwater, you know, cruz hard, rock-ribbed right-wing conservative you're sent to congress to vote for lower taxes. that's why republicans exist. you know, bears use our woods as toilets, and republicans vote to lower taxes. [laughter] there's just some internal truth, and if they can't deliver on that, they've got huge problems. neil: you know, without your analogies around lunchtime, i'd be at a loss. [laughter] jonah, thank you very much.
jonah goldberg. all right, well, the president's already said, right, that this whole tax cut, hopefully, will not be phased in when it comes to the corporate tax relief. there was a bloomberg story out yesterday that said republicans, in order to not sort of have a deficit shock in the near term, would phase them in over the next few years to avoid that shock. with tax cuts, as you know, the initial jolt to the system is you lose revenue. now, of course, supply-siders and those who have been proponents of tax cuts say, yeah, the revenue comes later. but again, how they sort that out, anyone's guess. the president hoping it goes from 35 to 20 promptly. to cns news editor terry jeffrey, pete sepp and fp1 strategies manging director lauren zelk. lauren will be joining us shortly. all right, terry, play this out. how likely is it that the tax cut on the corporate front -- we'll get to individual rates in a second -- will be immediate? >> i suspect their going to
phase -- they're going to phase it in, neil, and i think then reason they're going to do that is because they're probably looking for a way to give more in terms of the state and local income and sales tax that they were going to eliminate. i think they need to do more to to mitigate that, and they may do it with phasing in the corporate tax. basically, the bottom line the republicans are being way too timid and defensive in the way they're going after this tax deal. in the beginning, they said they want the tax code to be as progressive as it is now. it's too progressive. but, and you heard president trump, he's saying we're not going to cut taxes on the rich. they're very defensive about that. they need to be -- neil: very much so. and regardless your views on the subject, if they don't cut taxes for the upper upper income and, in fact, raise them as might be the case, pete, where does that leave you and your group? >> well, sooner in phasing in these tax cuts is obviously better. you get better economic growth,
better wage and and job creation, more opportunities for the middle class. now, historically ronald reagan's major tax cut was phased in over three years. the last tax -- neil: good point. >> -- reform over two years. but here's the big thing, they've been talking about a five-year phase-in. the difference between three years and five years for a phase-in is not two years, it's much bigger than that. when you think about it, if we condemn this to a five-year phase-in, it might not be until either president trump's second term or some other president's term when this whole thing is completed. that's -- neil: and, by the way, another president from another party could easily dismantle it in that event. lauren, one of the things i do notice is leaving the corporate rate out of it, which would be significant taking it from 35 to 20, that's a big deal -- >> yep. neil: -- is the arguing back and forth over what to do with individual rates. they want to make sure whether they're trying to stick to this
promise to make it middle class that the rich not get a benefit. now, this is news to some who are rich who are then finding out, wait a minute, i signed up to the possibility that i might not get a tax cut now a lot of them are realizing they could get a tax hike. we'll know for sure tomorrow. how will that go down, do you think? >> we don't know for sure until tomorrow, but what i do understand the house republicans are working on in debuting tomorrow is something that works for all americans, but specifically does target middle class families to help make, you know, put more money back in people's pockets and to help our economy grow. i mean, look, the reality is we have to do something about the corporate tax rate. we have the highest corporate tax rate in the western world, you know? it hasn't been updated in three decades. and the thing is, you know, we saw a couple of weeks ago cities across the country competing for the second location for amazon's headquarters. why is that? because cities are desperate for job creators to come into their, to come into their local
economies and create good-paying jobs for hard working families. neil: well, there is that. terry, another thing as i look at some of the possibilities is it's going to be tough to sell, you know, a deduction that people have gotten used to for state and local taxes and to say that might go. there's other talk that it would go for everyone but the rich. another issue is the 401(k) contributions. very popular with a lot of americans, possibility that that deduction will be lowered substantially if not eliminated. how is all of this going to go down? or what are we going to be left with? i mean, i know it's a gut call on your part, but what do you think we'll be left with here? >> this is, i think, what the republicans need to be worried about and what taxpayers need to be worried about. they're going to double the standard deduction, so a married couple gets a $24,000 deduction if they do not itemize their tax deductions. lower income people, a lot of them are going to drop out of paying income taxes entirely. americans out there ought to
think about themselves, you have a married couple, they're raising kids, they own a home, they pay a mortgage, they both work, they're putting money in a 401(k), and they're paying a ton of taxes to their state and local government. they itemize. are there taxes going to go up because of this republican plan? they very well may. and if the republicans do that, what it means is they're taxing their core constituency. exactly the demographic that made trump president could get effectively a tax increase because the republicans have promised to keep the tax code progressive and are eliminating the exactly the deductions that traditional middle class families take. neil: well, you know, pete, the argument that has been made is the rich will do just fine. i'm going beyond the middle class here, by the way, terry, i apologize. the rich will do just fine because the corporate cuts alone, business-related taxes alone coming down, they'll make out, you know, like leprechauns.
what do you make of that? >> well, obviously, there's a huge pass-through to wage earners and others as well as shareholders when the corporate rate gets i cut. as much as 70% of the rate reduction shows up in people's paychecks -- neil: right. >> -- or shareholders' dividends. so that's an important component. you take a look at small business owners who might be upper income, they're going to get a 25% maximum rate on their business pass-through income. you take a look at other changes such as the death tax being eliminated, i think -- neil: i very seriously doubt that will be eliminated. you could be right but, lauren, finally, what dueck of the odds of this -- do you think of the odds of this getting done by the end of the year as the president wishes? >> i think the odds are good. they're going to unveil the legislation tomorrow, mark it up next week and, hopefully, a full house vote prior to thanksgiving. so it'll be through the house by turkey day, i'm very confident. neil: wow. guys, thank you all for taking
the time you did. in the meantime, there is that separate little drama of the robert mueller investigation. how could that disrupt this talk or at least the focus of this talk? as you heard our guests say, it actually might improve the prospects for getting taxes done because they're going to be focused on that like a laser beam to take the focus off of this guy who seems to be focused on other things like a laser beam. after this. ♪ ♪ zar: one of our investors was in his late 50s
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♪ ♪ neil: yesterday, you know, three important or individuals got sort of roped into this ongoing investigation as to who knew what and when when it came to collusion or collusion possibilities. but if you read through a lot of the charges, particularly on paul manafort -- the former trump campaign manager, and there were a dozen different charges in that -- none of them seem to involve collusion per se or what was going on presently or even near presently in the trump even campaign. to fox news radio white house correspondent and lawyer as well, by the way, john decker. john, what do you make of that? >> well, this is a case that the special counsel, robert mueller, brought against mr. manafort, his associate, rick gates, that
involves activities before either one of them was involved with the trump campaign. that's made pretty clear. but they're pretty serious charges. and i think that for mr. manafort and for mr. gates, they have to really consider whether or not these charges are worth fighting in the sense that i'm sure a deal will be offered to them to essentially flip and give up information about these allegations of collusion between the trump campaign and russian officialsful. neil: all right. therein lies the interesting drama around george papadopoulos who did plead guilty and who we're told might have had a wire as part of this ongoing cooperation. and, of course, he did meet with some russian officials, so there is a possibility he could rope in others who did as well and to what end. where do you think that part's going? >> well, i think that might be the more interesting charge in which there's a plea agreement. and what we know from that is something which is at odds with
what sarah sanders, the white house spokeswoman, said yesterday during the white house press briefing twice which is she believes can be and the white house believes -- that this investigation is wrapping up soon. what we learned in documents released during the plea agreement with mr. papadopoulos is that the lawyer representing mueller's office, the special counsel, indicated that the papadopoulos case is just a small case as part of a broader investigation. which i think leads one to believe that this investigation is just essentially heating up. it's not ending anytime soon. neil: all right. what is your call, i mean, obviously, the overwhelming majority of questions at yesterday's briefing, i have a feeling the same will hold today, is the white house getting concerned on a separate issue that this is making a distant backseat issue -- the tax cuts that it's going to be championing as it is today, tomorrow when we get the details of them, etc. >> well, for at least 30 minutes of the day the focus during the white house press briefing is going to be on the events of
yesterday, the indictment against manafort and his associate, the plea agreement with papadopoulos. neil: right. >> but those are are just 30 minutes out of the day. earlier we saw the president meeting with business leaders in the roosevelt room. that's what they want the focus to be on, that is what their focus is on right now. in fact, we had vice president pence up on capitol hill again today making the push for tax reform. so regardless of what happens in the briefing room for those 30 minutes or so, neil, the focus of the white house right now is passing tax reform before the end of this year. neil: john, your quick take on whether this is actually helping that cause, that it's rallying are republicans who otherwise might be kind of hemming and hawing on details of the tax package, what included, what's not, what you're allowed to write off, what you're not, that in a weird way it's kind of rallying the troops? >> well, i think it is -- i don't know about that, but it's keeping their eye on the ball -- neil: okay. >> meaning that they need to get a legislative victory this year
ahead of the midterm elections, they need to have some sort of success story to show to their constituents back home. tax reform is that success story, and i think that's the reason why you have republicans in both the house and senate, neil, united in trying to get something done over the next few weeks. the president would like to see something done by thanksgiving. that might be a little optimistic, but i think by the end of the year it is actually doable. neil: wow. all right. from your mouth. all right, john derek, fox news radio white house correspondent, so much more. in the meantime now, the read on all of this into the investigation, where it could go, a former justice department attorney. very good to have you, sir, thanks for taking the time. >> hi, neil. neil: what is the procedure here? again, everyone seems to be looking at this george pap top louse since he has -- papadopoulos since he has already pled guilty to the charge of lying to, i guess in this case, the fbi and whether he could be feeding information or have been wired and trying to draw in other players?
what do you think? >> well, look, if you read the plea agreement and the other statement of the facts of what he did that was filed with the court, none of the underlying behavior was illegal. there was no violation of federal law. in fact, look, he's -- he was charged and pled guilty the lying about what he was doing, his campaign activities, to federal investigators. if he had actually told them the truth, he wouldn't be in federal court, and he wouldn't have any problems because -- neil: but what did he lie about exactly? this is where i'm a little confused. what he'd lie about, that he met with russians at all? >> well, what he lied about was, apparently, the timing -- neil: okay. >> -- related to meeting with officials, for example, a london professor who said he had other contacts with russians who could potentially set up a meeting with the campaign and perhaps vladimir putin. and be at one point -- and at
one point, there was someone there who said they might have dirt on hillary clinton. none of those meetings that he had are are illegal. neither is trying to set up a meeting between a candidate and a foreign official. that's, there's nothing unusual about that. he was their, one of their foreign policy volunteers. obviously, to give advice on foreign policy. he's going to be keeping up contacts with foreign individuals. none of that's illegal. if he had simply told the truth to the fbi, he wouldn't have any problems. neil: interesting. now, a lot of it goes back to this meeting he had at the trump tower in june of 2016, that there could have been other meetings since, but what would have been the big deal if he did? proving collusion is a whole other hurdle, is it not? >> that's right. and let's not forget, in the statement that was filed it said he was offered supposed dirt on hillary clinton. apparently, that never came in. on the other hand, the hillary clinton campaign and the dnc
actually paid an opposition researcher who mired a foreign -- who hired a foreign agent to try to create this phony dossier with dirt on the president, a very different circumstance. neil: all right. in the manafort and gates situation, of course, gates was a financial lieutenant, what have you, that is a different thing that seems to look into financial improprieties, much that predate his association, manafort's, with donald trump. although some is concurrent to joining the campaign, i don't know how much. how big a deal will that be? how much when you talk about, you know, serving up some others to reduce potential jail time or other charges, where do you think that one's going? >> well, it's very important for everyone to note that that indictment, there's absolutely nothing in there whatsoever talking about the trump campaign. it all has to do with manafort's activities when he was working for the ukrainian government long before his brief stint with the trump campaign. so unless there's some big surprise we don't know about,
unless there's some kind of information that manafort has about the trump campaign that hasn't come out yet, that indictment -- while it's serious trouble for manafort -- has absolutely nothing to do with and produces no evidence of any collusion with the russians. neil: all right. so, hans, one last dumb question for you, you've been very patient. a lot of the thing with watergate was the cover up or the appearance of obstructing justice. i mean, that might be another area that they try to sort of, you know, hook in other trump administration officials. for all i know, going all the way up to the president whether he or they did anything untoward that would get in the way of an investigation or enlightenment or getting word out there. what do you think? >> well, you know, that's a saying in washington, the cover-up is often worse than the supposed crime. neil: right. >> and that's certainly the case with papadopoulos. like i said, the activities engaged in were perfectly legitimate. he just should have told the
truth about it, and he wouldn't be in trouble. neil: all right. but anything that the president has done or reportedly done that you think would be looked at even when it comes to manafort or any of these other guys that would hint of, all right, go easy on general flynn or anything that you've heard of would look improper to you? >> no -- neil: okay. >> i haven't seen anything, there certainly isn't any information or evidence of any kind of obstruction of justice. that just doesn't exist so far. neil: okay, hasn't, thank you very, very much. we'll watch this very closely. in the meantime, we're watching on the corner of wall and broad, if they're worried about another watergate type, as i so often say, they have a funny way of showing it. all the major market averages looking like they will end october as they kind of began it, a strong surge for a month that normally spooks investors if you go back to 1929, 1987, 1989. some of the more memorable falloffs and, of course, who can forget october 2008 when we fell 4%? that was then -- 14%.
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>> welcome back to cavuto coast to coast. nicole petallides live on the new europe stock exchange. moving to new highs today as qualcomm pulls back your debts on the news that apple's considering not using qualcomm's chip and the ipad and iphone's going forward in the year 28 team. there is a confirmation on the news. they have been under pressure. qualcomm stop sharing with apple. not after a lawsuit has pressured the two companies together. now the talk is intel may be the supplier. intel has been a supplier for the iphone seven in the iphone eight, so it wouldn't be
unusual, but we are seeing until at a multiyear high today and apple moving to an all-time high. >> right. thank you, nicole. in the meantime, good economic news through the latest of which consumer confidence is rising to the highest level we've seen in nearly 17 years. more and more news on that on home sales, not sort it out. it wasn't even the consumer confidence this time. john is, what you make of all of this? >> there is no data that is negative and the economy. housing prices all-time highs. the remakes them higher than they were a few weeks ago. there's really nothing inherent is like while this is about time. investors are skittish about docs because we does have a 1987 crash. not a lot of mutual fund into
u.s. stock fund and bond funds even though bond yields are so low. the investors more scared basically because we've come up so high. definitely sincere stuff coming down the road, tax reform, we just saw small caps talks to bat on monday relative to bigger stocks like apple, et cetera, pay low taxes benefit more from corporate tax cuts. that's where you see the impact of any policy not happening essentially. >> you know, when you look at these developments are showing earlier some of the technology. a lot of people saying when you get amazon, google, alphabet and apple that they are not rich. they are simply reflecting much stronger fundamentals that is yet to be priced into these cuts. i always see that and say fine, they sure seem to be priced in now. but what do you think?
>> everybody's on these stocks pare these stocks. they're popular, driving the indexes. it's not like 99 where the stocks are trading the valuations based -- >> i know in the aggregate here when you look at the nasdaq and all that, you don't find that to be like its own crazy deeds. >> it had a lot of potential to crash but not because the earnings are in therapeutic something along the lines of the companies continue to destroy other companies. even in the hot month about sober for 20% s&p was down 5%. companies are having trouble competing that are falling. you see where it's possible whole indexes don't club much because they are competing with amazon, google, and said iran. as far as their own business models, and the ad model where
there's not much money come even if they're taking over, that's really what's built up. montage people know what they're doing, track their data. it doesn't fall apart. it gets competitive in the earnings growth just get some serious hits. maybe down the road there going to be successful. but if the current stock is working it could be a major problem. amazon could go to a trillion dollars company and there's going to be a point where they are likely to minute. we've got a break this up or something. definitely some respite to get towards a trillion tripped a lot of these players down the road. neil: gentlemen, appreciate it. speaking sunburst tech giants, a lot of them talking about russia and the role they serve,
126 million of its users were exposed to the russian sponsored ads on the election. that is turn the tide. is not balanced? right after this. hees got tripadvisor's freshest, lowest... ...prices. so if you're anything like me... ...you'll want to check tripadvisor. we now instantly compare prices... ...from over 200 booking sites... ...to find you the lowest price... ...on the hotel you want. go on, try something fresh. tripadvisor. the latest reviews. the lowest prices.
tree and do you know, there really is a lot going on today. all the tech giants gathered up on capitol hill, talking to congress about the alleged election influence and make it tough like facebook announcing that the russian sponsored ads reach 126 million americans and people raising eyebrows, et cetera, et cetera. actually, where is this going, all as this stuff, what is this meant to stand up in? >> i'm not exactly sure, but facebook has a little bit to be worried about because while they are testifying on capitol hill, what could end up coming down or
branch of government regulations which tell them ultimately had to be conducting business when it comes to their political ads. ahead of this, what they did do and this is smart on their part recommended be enough flop because at the end of the day facebook is a business. they put out the runner transparency rules regarding advertising. this will have impact on political spending, political ads moving forward which i think is a business model may prove a bit difficult for some people out there running advertising that they are trying to be more transparent rather than have the government get involved. now with this information coming out that the ads reach 126 million people, which is way more than what they had originally had, we could see some crackdown coming from capitol hill. neil: that raises another question that no one says outright, but a number of democrat that vote for donald trump as a result in the swing
date same night, but does that seem to be the next step here? >> i think it could end at being a bit of a witch hunt here, but i do think democrats should be a little bit careful because political advertisement benefits than its own facebook is looking to change their regulations around it in the government if they do decide custom regulations on the social media companies low-impact political parties. issue advocacy, everything because now anyone is fronting money tourist these groups will have to be transparent about it. it's not necessarily the groups being transparent. it's going to end up showing on facebook and people being targeted through the ads can say they are being targeted. implications moving forward will be a bit trickier for these political advertisements and issue campaigns moving forward. a lot of this is still very murky, but again, these hearings are more can did. we learned what happened during
the election with implications from both sides of the political aisle. >> if you want to crack down on their staff, with that extend to advocacy groups with what one particular candidate would cause anonymously benefits a candidate because there you are going to have to start with a lot of players. >> that is for sure. in these hearings, a lot of things will come to light obviously from different social media companies and i say they don't want the government to get involved. that's the last thing they want. they take these steps ahead of the curve to just circumvent this from happening. at the end of the day, government officials do want to see something be done as a result. who knows what the implications for elections are moving forward, but again looking at how this will really impact issue at an all this other stuff we been seen on facebook will social media as move in a
different direction, will receive more on twitter than we did on faith that because that was really the main drive in the 2016 election for just another social mediums out there. neil: thank you very much. great reporting has great reporting as always. i want to bring you up-to-date on house of cards. the netflix reduction now officially suspended we are told. they were virtually through taking and producing the shows ever going to top after the kevin spacey harassment claim came to life. what that means for president trump i don't know. more after this. you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today.
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neil: open enrollment in the affordable kerouac. here's probably a shocker for you. won't be so affordable. gerri willis with more on that. >> with the obamacare health care exchange, an unpleasant surprise for consumers who don't qualify for help in the federal government. higher premiums. the average height 30% for those folks. the numbers rising for middle-class people come even as people less well-off ineligible for premiums will seek reductions because the value of federal subsidies rises as premiums for the exchange's most popular plan, and the silver
plan rise. written as premiums up to the donald trump administration would stop making the so-called churn reduction payments with $7 billion to payments directly to insurers. one implication of trump's move to stop pain to csr's as will pay more in consumer subsidy. according to data from the trump administration, premiums to one of the most popular metal price plans on exchange will increase by 37% for 27-year-old consumer in states where the government runs the exchanges. the report also reveals the declining number of ensure participants down to 132 for 2008 from 167 this year. open enrollment has been cut in half and continues through december 15. six weeks to try to get out there if you wanted. stranger jerry, thank you very much. gerri willis or the president getting ready for as big tray appeared a few minutes ago at the white house. connell mcshane on what kind of trip we are looking at.
he's kind of everywhere. connell: south korea, china, japan, and really for the white house, not just the president because the timing of this shirt couldn't come at a better time or worse time depending on your point of view. you're dealing with the more investigation on the concept that, plus adding the asia trip with all the issues they are, the obvious ones being the president talking over the years, but obviously north korea, which to some extent as funny as it sounds as taken a backseat domestically the last couple of years because we've been so focused on other things. neil: is he going to go? >> there was a background call with the senior administration official gazette is not. he's not going to go there, but it kind of struck some people, but there've been other secretary tillerson, secretary matus come of sense commits a senior administration official said he would be almost cliché
had the president made the trip this time so it's going to a military base instead. he's not going to make that trip. so many other senior officials saying, at least they've said today would almost be cliché for him to do it. neil: oh my gosh you must be planning something. connell: i don't know about that. the challenges that the strips that i guess kind of obvious. in terms of valley handles things, every time the president goes overseas, to some extent why takes trips outside washington we always watch will he stay on script. that will be one of the big questions for this trip because you have all of the issues that go with diplomacy and cultural differences and everything goes with the big trip to asia, especially a formal one like this. if the president sticks to message he wants to deliver whether it's on tbp and trade and other things are what we want to do vis-à-vis north korea, many experts tell you he'll be okay.
what happens if the beers on script a little bit and you have larger questions. the timing is fascinating because he's doing this accurate home. the trip november 3rd to the 13th is a long time. we've been talking about this for some time. you and i talked about it by then they're really supposed to be coming through the end of the road they hope or close to it. neil: he wants something done by thanksgiving. i don't know how doable that is, but it sounds to me when he meets a speaker paul ryan today they are going to share some of the details, et cetera. is that timetable doable? connell: you are talking about tax reform? when i came back from washington i was still scared bull. i thought jonah goldberg made a good one and are sure good one understood and followed up talking about it a little bit more earlier this hour in the more we talk about other things whether they be asia trip or something else, but maybe it doesn't hurt this effort a little bit. this summer scrutiny.
the 401(k) plan, whether the state and local deductions came out, you realize what you're dealing with here. it's all trade-offs. they have to make some of these trade-offs, some of which are painful. it's always somebody that doesn't like it. the more attention they get in some ways, to jonah's point, an astute observation on this, the harder it is to get through. just as an example, talking to republicans on capitol hill when the president sent between bad about the 401(k) plan come in many set themselves or said out loud for behind the scenes, and you're not really helping us at that type of thing because we are trying to negotiate behind the scenes and now suddenly he seemed to have taken it off the table. the more attention these things get big picture, the hard it is to drive through. i think of the challenge map twice. $5 trillion in tax cuts for the own allocate themselves one point virtually glistened the dataset to do it.
it is still tough to make. neil: one of things that will be decided when he meets a speaker ryan is how willing he is to accept whatever the draft is. they were on the whole plan in court making things i would assume. the president doesn't like something usually makes that quite clear. connell: very clear worse republicans on capitol hill i was struck by almost a unanimous conversation where you're asking about tax reform. the answer you get almost every time is we have to pass this. to me to read between the lines on that as we are willing to give on x,y and z to make sure this passes, which then equal something that is potentially watered down because they're such an impetus here after what happened with health care reform get something done that that's something, just on the odds of it is likely to be less aggressive than what they come you know, started out trying to do.
neil: they've gotten the victory before. connell, thank you very much. the dow up 24 points. not too worried about all of these are the tax cuts will come. look, these markets are on their own. they are doing this not because of tax cuts, but because of everything but tax cuts. tax cuts are racing on the cake. ready for the white house briefing minutes away.
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neil: boy this was busy two hours. right? we'll have a white house briefing on these developments, taxes, manafort thing, et.al., et.al. trish regan to you. trish: neil, busy hour and another busy hour coming up. we're moments away from white house press secretary sarah huckabee sanders who will talk about the tax plan and the investigation into the russian investigation. welcome to the teleagainst -- welcome to the intelligence report on this halloween. this is a very, very big week for the country, for our markets, for the economy as president trump tells reporters he wants to pass the bill by