tv Risk and Reward With Deidre Bolton FOX Business November 2, 2017 5:00pm-6:00pm EDT
starve the beast of government. the economy went like that. it went up 7.4 percent. things could happen. thank you for joining us. risk and reward it starts right now. it's time to take care of our country and fight for our families. we must bring back her jobs and revealed america's cities and towns the center of the america first agenda to assure that every child in america has a future of security and hope. we are one of the highest tax nations in the world costing us millions of jobs and trillions and trillions of dollars they will restore america's competitive edge it is going to bring back $4 trillion back into this
country. we are going to massively reduce the corporate tax so that companies stay in america moved to america and higher rate here in america. the plan can be summarized in three simple words. jobs, jobs, jobs. together we are going to ensure that more american citizens can provide for their families. and live live out the american dream. the tax plan is out. the gop fighting to let you keep more of what you earn. the republicans promising with the typical family of four. $1,182 tax cut. this is america's biggest company. the stock is jumping over 3% after hours. we will break it down. and investors like with their scene.
this is it. this is an important point for all americans. are we going to realize the promise of our country. this is our chance to make sure that the generations to come don't just get by the get ahead in this country. welcome to risk it reward. house gop leaders rolling out their much anticipated tax or from today. taking the tax bracket doubt down to just four.
the 20% corporate tax rate is permanent which is significantly lower than the going rate of 35% plus get this no changes to a 4o1k. how are they going to make out. they will pay no income tax earning up to 90,000 will be in the 12% bracket up to 260,000 in the 25% bracket and up to 1 million is 35 percent. for the highest honors those making above a million dollars you will be kept in the 39.6% bracket. it was a good one. and there is so much to talk about today. i also revealed that we hit a record all-time high.
that also applies to corporate taxes. we see the corporate tax rate from 35% down to 20%. and people are loving the idea. the big picture 81 points and that was a good day on wall street. on the top and bottom line for the latest quarter just like it did of earnings-per-share in the last eight quarters. the sack has been up about 3% in the after hours. and with the move actually moves it to about the $900 billion market capital. 3.3 percent. in the part of this report was the outlook and the in the guidance going forward. that also gave it a boost. and last but not least. i think president trump's nomination was really digested
while. and as because he is right in line with trump's agenda. two also some deep regulations and really sitting back and rolling back. some of the regulation has been put into face -- place since the financial crisis. he is on board with that idea of less government and less regulations in order to have an improvement in our economy. we will see what happens tomorrow. president trump promising to cut taxes and simple by the tax code is a so you can file on a single postcard. they are dropping in the number of tax brackets from seven to four. many more details. let's talk about some of the big headlines that came out of this proposal. that's what we got the details of today. take a look at this.
the repatriation of cash and cash equivalents they were 5%. cash 12%. it's just one part of this. mortgages going forward. they maintained the mortgage deduction but kept it for mortgages up to $500,000. if you have a mortgage now he would still get to deduct under the other old roles. it will eliminate the amt. but your property taxes will remain deductible. it will again be a cap up to $10,000. the man who wrote this along with the committee the chairman was very optimistic about this passing in the house at least but already democrats are saying no way take a listen. this is a new era.
it's a win win for us. got from it they pass the awful bill. the public will know about it by a year from now. they can rush it through now. but we will fight it tooth and nail. to give you an idea because there is some numbers is comp located. a family of four with an income of the $60,000 a married couple that is filing will get back roughly 1182 dollars in their pocket. when they say it's a giveaway know this is a middle class tax break. some say they are getting hit even more if you really break it down that is in the weeds
and it will be up for debate. so what impact will the gop tax plan have on your -- you and your family. they've been following us all day. i have to tell you there are a lot of details here under the tax reform plan. consider a couple earning $59,000 a year with two kids. $24,000 and enhanced child tax credit. it results in a tax bill that is $1,182 lower. their belt would drop to $400 other winners include in retirees. in the next one is for a single mom making $30,000 a year under the new plan come tax play they will receive a tax refund of over a thousand dollars the family flexibility
credit. it is $700 larger than the single mother gets today. this bill would also provide relief too small businesses if you are a small business owner making $500,000 in income i gear right now with the tax bill. i'm hundred $20,000. under the republican tax plan. it will be taxed at a lower rate. which in combination it would reduce it by about $25,000.
with all of that. we just got up to the bell. the apple shares are all-time high. pushing it. she is here. what are you make of this. what i begin in the 70s. apple is that in today's market. this is the company this is the essence. it is the one must owned stock. the entire market. a lot of buzz on it but i tend -- iphone ten. whether you can get your hands on it or not.
as far as demand we are hearing demand is off the chart. for the ten. even if they don't do that. that is a benefit for the stock anyway. if they were looking forward an innovation they will provide. we look at the stock they were not able to get their hands on them. the stock yields a% in half. the new phone is expensive. the stock even at the all-time high is by no means overvalued. i don't have any ways to go by the ten on that statement. let's talk of the that the president today. he did name drum foul to run
the federal reserve once the current chair term expires. do you think there's a chance it could disturb the stock market. i don't envy the new chair by any means. he is in an impossible task. a lot of pitfalls to be head. nothing is taken off of its course these days. the markers remain strong until the threat he has to deal with the t word. tapering. donovan thank you so much.
i they can hurt the middle class. my next guest not surprised. they're speaking out. his next. when you're close to the people you love, does psoriasis ever get in the way of a touching moment? if you have moderate to severe psoriasis, you can embrace the chance of completely clear skin with taltz. taltz is proven to give you a chance at completely clear skin. with taltz, up to 90% of patients had a significant improvement of their psoriasis plaques. in fact, 4 out of 10 even achieved completely clear skin. do not use if you are allergic to taltz.
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new tax plan. they had been fear mongering for a while. that it will hurt will hurt the middle class families of america on the republican tax plan will be full of tricks for the middle class and treats for the wealthiest americans. the devastating and immoral budget. to hand trillions to the wealthy while raising taxes on the middle class. they will be raised across america a new washington post gives the democrats for pinocchio's. that they falsely claim at the tax plan will raise taxes for most working-class families. joining me now is jason davis. will the tax cut plan hurt middle-class families.
that is just malpractice. they made up those talking points a couple of months ago. they've been beating the drum before they even read the bill. i was surprised that the top tax rate did not come down for middle-class americans and those who are earning less than a hundred thousand dollars a year this is a dramatic impact on their lives. it will save them money and it will be a huge win for the american people. they just can't believe that republicans are actually doing it. we've have a chance to go through the different facets. what he make all of over all of this. do you think it's a step in the right direction. i had been critical of the timing and the concern about how long it is taking but i think kevin brady and the host of people there they deserve a lot of credit.
they have it scheduled haven't scheduled for markup on monday. once it comes out of ways and means because it's on reconciliation they have to get that right. it will go on for a day or two. it will last a lot -- a long. of time it will have a major impact on people's lives. it is a real winner. democrats had been a fear mongering about to change his retirement plans and the gop tax plan listen. they look to the middle class and then started talking about capping 4o1k. the path to a decent retirement for so many americans. they would directly affect middle income families. >> that didn't happen.
it will be interesting to see if the democrats believe so heartily in this. every time does amendment's come up ask yourselves are they raising taxes or lowering taxes. they have a desire for more government. you shouldn't had to pay for tax cuts because when you allow the american people. they had been beating the gun on several things.
it's when are they so worried about the deficit. they love spending on other programs. the numbers under barack obama when he was the speaker. and harry reid at the time. it was unbelievable. i believe this is a progrowth plan. that is something that the republicans did not do it this year. stop spending so much money.
the stock is closing down 3% today. coming into the earnings release that we just got. the gop taking a shot at the last administration and the war on success today. see felton is here and he is going to react to that. >> if you have a business you didn't build that. thanks mom. here we are. look, right up to here.
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rich on his own. i want to be clear you moved your goods to market on the roads the rest of us paid for. the democrats like president obama and elizabeth warren seen that the government enabled your success. look, and there is two views of the economy that are competing. is the zero form game someone is successful that comes to someone else's demise. the other view says when people are successful it's a benefit to everybody. the added structure these changes we are proposing our
transformational for everyone. joining me now. americans create their own success. how do you answer that question. in the end it stems from the entrepreneurial activity. they were having an idea of making this happen. the point that was up there. the infrastructure is a vital for an economy to survive. there's a big connection between the good modern infrastructure.
one of the big problems our economy has faced. another reason why the tax bill is so important. the repatriation that can come back. they will help entrepreneurs all over the country. we keep having that with economics 101. at the tax benefits is there still a trickle-down effect. because the vast majority of the income tax that is paid is paid by the richest people. the amount of money that they say it does not mean it's a bad idea. if you give people incentives than they will work harder and do more.
for the faster economic growth. especially the corporate tax. it hasn't really gotten any better. during the presidential campaign. that the tax plan would cater just to the rich. democracy is not about billionaires buying elections. whether the country works for billionaires like trump or big big friends.
the plan today keep the top tax rate at 39.6 percent. it is not benefiting the wealthy. why did he be all the establishments. he wasn't talking about that. he did not want to help the people on wall street as they were finding hillary clinton's campaign and he was in it for working americans. they really believed his message. i think the tax plan certainly needs that. thank you for being here.
led me to keep more of your earnings would trigger an inflationary explosion send interest rates soaring and destroyed our economy. we cut your tax rates anyway by nearly 25 percent. and what that helped trigger was falling inflation, falling interest rates and the strongest economic expansion and 30 years. >> it's time to pass a tax code to the middle-class families we are giving you the biggest tax cut in history of our country. by lowering the tax rates each of us will have a greater incentive to climb higher to excel and help america grow they are crushing businesses it's a massive self-inflicted economic wound. we will make america the best
place in the world to hire, grow and start a business. i believe in both spirit and substance it has come to be un-american. bring them back to america the power of these incentives with one straight message america, go for it. the gop tax cut bill plans to overhaul the nation's tax code. they are going for it for the first time since president reagan and his historic tax reform over 30 years ago. doug, you say that this tax unveil is very reaganesque. they lowered taxes. they have a lot of political muscle.
he carried every state in the union except minnesota. it is a great day for donald trump. that he gets mentioned with the john f. john f. kennedy and ronald reagan in the same sentence. the phrase a tax cut is comparative between the two. when eight years of bill clinton in four years of hw bush. they piled on even reforming these taxes now. you buy an airline ticket and
you're paying 25 taxes. read the fine print. actually reform it's a long and way overdue. and it looks to me like he's getting pulled off and if he doesn't get help from his own republicans it only makes him looked better. has a discussion for another day. you mentioned jfk. the democrats once pushed for corporate tax cuts. they seem to have turn this into some kind of class warfare situation. listen to this. across the board top to bottom cuts in both corporate and personal income taxes. it will include lung needed tax reform that logic and equity demands. there's no nobody in this country who got rich on his own. nobody. every dollar released from
taxation that will help create a new job. and the new salary. he is going to bring all of these jobs back. what magic wand do you have. it can create other jobs and other salaries. more customers and growth. and they exploded the deficit. is almost like democrats had completely forgotten those words from i thought it was their hero in the party. the same criticism that they gave in those days without a lowering spending. it won't work. in this case it did work for kennedy.
that was the argument. and he had conservatives and republicans opposing him. today you have the same arguments being made is what donald trump was trying to achieve. he is combining the best of reagan. i feel like i'm in an alternate universe. we thank you very much for being here except for that majority of a small business owners they see they need a tax reform right now. so coming up with a small business panel and they are going to weigh in on what they think of the gop's tax plan. that's next.
did yon the national debt?ssman get elected by talking tough will they stay true to their words? or did they promise you one thing... only to do another? right now, congress is talking about tax cuts that will add trillions to our national debt and hurt our economy. it's time to tell congress... don't borrow more money from china. and leave more debt to our kids. keep your word. tax cuts shouldn't add to the national debt. i'm ryan awith chantix.king everything i did circled around that cigarette. when i started taking the chantix that urge just slowly diminished and it was a great
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but punitive tax policies and excessive and unnecessary regulations we were once the greatest producer of automobiles producing more than all of the rest the world combined. and is no longer true. we must not be timid, we will restore the freedom of all men and women to excel and create. that was a former president ronald reagan president ronald reagan arguing that tax reform hex ringback manufacturing jobs sounds very similar for arguments being made today by president trump. 40% say that lowering taxes would be a boost for their industry. two small business owners. joe, great to have you both here. there is so much to discuss. i do want to start with you. the house tax bill offers a new tax rate.
is that good for you. corporations like mine. we have gone up from seven employees to 45. in any break we can get with our tax code helps us to actually survive better in certain times. i think the tax break that we are getting from the government could be a real winner for small business. you gained notoriety re- the tax break during a cnn debate. >> why would you not want the tax cuts across the board for all americans. do you believe that the wealthiest family in america should be there for up to $50 billion. do you think that makes sense.
using the wealthy should not get tax breaks. what made you decide to challenge sanders on the issue at that time. i do think a tax break in general makes a lot of sense. anybody that wants to penalize by having them in a higher tax bracket i believe that's unfair. the national association has come out with a statement. there calling a grand slam for manufactures. you are a small business owner. do you think that people in the heartland understand this concept. i think if you can reduce corporate tax for small businesses like ours we create more jobs. we go back into our local economies and i was a farmer
before and there is a lot of things in this tax bill about estate taxes and people owning land i agree with john. we cannot be penalized for being successful. they usually get back to their employees. small businesses just head to be able to make money in this economy. the thing i think the president trump is trying to do is create american jobs. he's trained it get companies not to go offshore but to stay on shore and to create those jobs that stimulate the economy. he has been making a lot of progress on that. thank you very much. with this new report.
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hours. obviously shareholders of both companies like this to happen but it's been a long road. we will see what happens. the new tax plan. billions of dollars back to the u.s. u.s. companies 1.8 trade dollars of cash last year with $1 trillion of it being held overseas. the tech companies holding most of it. they're hoarding they are hoarding together nearly $600 billion. in today's proposal. the over seed assets with a a lot one time lower rate. let's bring in the arizona state treasurer. hey jeff i'm curious what you make of this. that was my reaction.
shoe they feel pressure now to bring money back under these terms. we have heard how the tax plan is great for the middle class. it is great for small business in this angle we are talking about is how it is great for our successful u.s. companies that sell overseas. right now those companies are punished if they bring that money back which is the opposite of what we should be doing. we need to encourage manufacturing here on u.s. soil and for those companies to sell overseas. it will not only bring out one time really. it is coming back to grow operations in the u.s. if they keep it overseas they will hire overseas and grow overseas which is not what we want. it's great for the economy to
get that back. it also provides a one-time bonus. 5% from facebook rate. even facebook which is pretty much a young company. this is mark zuckerberg who criticizes the president listen. i think it is a particularly cruel and difficult decision to make. i hear fearful voices calling for that. instead of building walls we can help people build bridges. mark zuckerberg who has made billions under trump especially with his stock going through the roof over the last few months kind of a hypocrite. it's interesting because but mark is going to learn is that everybody that criticizes president trump goes up in flames. we have seen the senators all the way down. the message that donald trump has gone forward with which he is criticizing one donald trump the presidency this is
where the american public is at. not the right thing to criticize the man who just won the presidency. part of the messages tax reform. there is a lot of parallels to what reagan did and i love it. i think congress and the senate we've got to get on board and get this done. this is a politics inside of it. it will be down to the senate. have you heard anything. i really hope that he respects the wishes of the voters that sent him there. as arizona straight -- state treasurer. it will be a boon especially for states like ours. jeff, thank you very much.
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bartiromo's jobs special tomorrow morning 8:30 a.m. eastern time the full hour actually at 8:00 a.m. and we're previewing it on my regular show bright and early 5 a.m. eastern time myself and lauren, wake up with us. thanks for watching, charles take it away. >> charles: thank you very much good evening i am charles payne. we've got three major developing stories we're covering for you this hour after a huge day on washington and wall street. on washington and in washington house republicans finally unveiling their tax plan today just hours before president trump officially nominated jerome powell as the next fed chair. meanwhile on the streets the dow jones industrial average closing at yet another all-time high with investors responding very well to the tax plan and the fed pick by president trump. also after the close apple shares are soaring, holiday sales projections going through the roof, everything they've done just absolutely crushing it i'll give you more in the markets but first the tax plan heard around the world house