tv The Intelligence Report With Trish Regan FOX Business November 6, 2017 2:00pm-3:00pm EST
gasparino is happy because he gets his name right. i will be in jersey covering the gubernatorial race. that is 8:00 tomorrow night. there are the markets. keep going up, trish regan no matter what. thanks to you. trish: breaking right now everyone, mark up of republican tax reform bill. while there are really great things in there, lots of good things in there, lower taxes for some americans. lower taxes for business, the ability to repatriate, corporate overseas income, all good stuff, this tax bill is not perfect by any reasons. why are we penalizing people for earning more money while half the country pays absolutely nothing? why aren't they closing the private equity loophole like they promised? we're on it for you, trish regan, welcome to the intelligence report. president trump promising massive tax cuts to millions of americans, you know i took a look at this bill here, if we
really want real reform, we need to get rid of some of these things like loopholes only benefit private equity folks. i will explain that in a few minces for you. senator lindsey graham calling for special counsels to investigate hillary clinton and the dems of their connection to the russian dossier and highly questionable russian uranium deal. first, adam shapiro with the latest on the tax bill as they tweek it. they have some tweaking to do, adam. reporter: they do have tweaking to do here, but the key here, trish, they have it finish this by thursday. the coal is this to be done before thanksgiving at least in the house. the issue you know are of contention with some members, not only of the committee but republicans in the house, deductions for state and local taxes, despite the fact they will keep the deduction for property taxes with a cap of $10,000. by the way, tom macarthur
from new jersey, originally opposed to bill, now on board with that 10,000-dollar cap on property taxes. that is one of several issues. bottom line, kevin brady. >> chairman of the house ways and means committee, he said it will not only simplify tax code for americans but give them a tax cut. this is what he said at opening of today's markup. >> this bill is far more than a collection much pro-growth tax policies this is restoration of basis i can freedoms all americans deserve but only special interests get to enjoy under today's tax code. reporter: one thing democrats and republicans agree on the need to reform corporate taxes. republicans want to go to 20%. we're already at 3%. president and his team we could to much higher. the democrats say, really? here is what representative
kneel had to say here today. >> there are offering is based on following premise, maybe, maybe there will be 3% growth, maybe there will be 3 1/2% growth. maybe there will be more investment but we can also say based on three examples i have just cited, maybe not. reporter: trish as i wrap up, keep in mind the president said 20% tax rate for corporate taxes. that is what he wants it cut to immediately. there is talk the senate may try to phase that n we'll get there next week when we learn orrin hatch does in senate finance. house ways and means committee, they will vote on different amendments 6:30 tonight. thursdays on long days. goal to finish it up this week in the house. trish: adam, like i said there is a lot of good stuff but it is not perfect. adam, thank you very much. remember when the president said in the campaign promised to get rid of carried interest, that loophole that benefits private
equity. said basically his friend on wall street will pay a price. watch. >> the reason the hedge fund managers are donating to hillary clinton's campaign and not to mine. everybody getting rich off the rigged system, and who want nothing to change and nothing, they don't want anything to change. they want to keep it the way it is, are throwing their money at hillary clinton. we will eliminate the carried interest deduction, well-known deduction, and other special interest loopholes, that have been so good for wall street investors and for people like me, but unfair to american workers. >> the hedge fund twice won't like me as much as they like me now. i know them all. but they will pay more. trish: turns out maybe they won't, they won't not in this version of the plan anyway. guess what? this gop tax reform bill, still has that loophole. so you get the swamp at work
protecting their friends, protecting their donors. joining me right now fox news contributor steve cortes. i don't want to take a way from all the good things in the bill because in the plan anyway, lowering corporate taxes that's good. repatriating money sitting overseas, that's good. giving middle-class americans as a tax break, you know me, i want more and i don't understand why it is that the carried interest deduction loophole still exists in this version of the plan. how come? >> right. i agree, trish. by the way you should want more. you know why? in 2016 the american people gave republicans not just the white house, not just the senate, white house, all three, the white house, everything the whole shebang. we should deliver a bill not perfect should be pretty darn close to perfect. i agree there is a ton that will be wonderful for main street. i think it will ignite growth, i think it has, expectations. i think it will turbo charge growth if 2018, all that said
this, carveout for private equity and hedge funds is reprehensible. i don't know this but my guess k street lawyers and lobbyists are busy tweeting arms in the house. so far they got their way. i hope and expect that in the final version they won't get that i way. trish: so the viewer knows what is going on, if you're private equity guy on wall street you do two is called two and 20. you say 2% of whatever money i'm managing, that is income. but the 20% is basically carried interest, what you make on investment fund itself. in other words if it goes up, you get 20% of that upside. they say, this investment. but it is not really investment. you know why? it is not your money. it is not their money. it is somebody else's money they are putting to work. therefore, this is why it should be called income which is exactly what it is. if they talk about wanting some kind of a deficit neutral plan here, then that is something that should be looked at and
something that the president told them, steve, to look at. >> right. no, you're exactly right. to use real world analogy, if you're a dentist, you fix a tooth and get paid for it, it is income. no way you say that is capital gains, right? it doesn't make any sense. nor does it if the private equity investor, excuse me, manager, wasn't the investor, managing somebody else's money gets paid for it, patently unfair to other people that he or she should get preferential tax treatment. i hope and believe it will get taken care of. right now, there is a lot to love here. i don't want to sound like a grouch. trish: i agree, there is a lot to love because i'm simply pointing this out. they're working on of the revision, steve and important they hear from other folks out there. >> yes. trish: that is not going to fly. that is not why they were sent to washington. it is not why donald trump was sent to washington. >> right. trish: let me ask you about something, i don't have as big of an issue with, one other thing in all this, basically if
you're a high earner, making anywhere from 1.2 to $1.4 million, they are going to level a little bit of penalty on that extra 200,000, a 6% penalty. so your tax rate would go to 45.6%, steve. only will hit you for about 200 grand in income. but i would point out, we want to remind everybody that, work is good, right? you don't want to discourage people from earning more money and so it seems a little bit counterintuitive to everything that the gop has stood for previously. your thoughts on that one? >> no, trish i totally agree. the gop to a certain extent here, i know it's a small amount of people and relatively small amount of money, the gop some extent is giving in to class warfare. gop needs to realize americans don't have a -- in my opinion everyone who pays taxes should
pay less in taxes, including very wealthy. i don't like this. i give "the wall street journal" a lot of credit for uncovering it and publicizing it over the weekend. my hope this is another fix that needs to get done before the final bill happens. trish: there are tweaks they can do. overall, pretty good. lower corporate taxes. lower taxes for the small business owners. this is good stuff, steve. this is what we need? >> yes. repatriation to me is going to be massive. when you see trillions of dollars presently basically trapped overseas, returned to the united states, particularly if they put provisions in there, can't all be for financial engineering, invest in plants, people, technology. i think what that can do, unleash is american renaissance, the kind of growth which sadly we haven't seen for a long, long time, over a decade in this country. once we get there, not only will economy thrive but the republican party will thrive at the ballot box in 2018 and again in 2020. >> i don't know about the republican party.
i will tell you this, the economy will thrive, if you unleash some of this prosperity it will be very healthy for every single american. steve cortes, thank you so much. joining me with more, republican congressman from florida, matt gaetz. good to have you here. your thoughts on this? i know you were not a big fan as we were going into it. now that you have seen it what are your biggest problems with isn't. >> i'm excited about the tax cut because it will increase number of jobs in this country and continue to lower unemployment one of the lowest rates in modern history. i will say i wish we had done spending cuts to accompany tax cuts. i'm concerned about our debt and deficits. my hope we'll get to spending cuts that will do more to unlock the potential of this great economy but republicans are united in on capitol hill. as you speak to you now the ways and means committee is considering amendments to the tax cut and jobs bill. we'll get it passed, i think this week. trish: what are the biggest
concerns? when you talk about these amendments, you heard my concerns basically on the private equity loophole, that is it still there didn't do a darn thing about it. on the campaign trail. can they fix isn't. >> sure. this legislation will undergo a number of changes in the house. the senate will have their whack at things. we'll go to conference to end up with final product. you will note a major difference, between the tax process and health process largely top down, where there wasn't robust of a discussion at committee level. we have a process that will produce a good bill. i like the fundamentals of this legislation. let's make sure in any fixes we do, we don't inadvertently discourage investment. one of the things helped us in the trump economy, just in anticipation of tax cuts and regulatory reform we've seen the market do well, we've seen investor confidence and consumer confidence continue to grow. we don't want to do anything to impair that. we want to see this economy take
off. trish: what do you mean by that? are you specifically referencing private equity and carried interest? >> sure. neil: these all add to the mix. in tax reform you can not look at any one particular provision and cast judgment on entire bill on its entirety. trish: forgive me, i'm trying to understand. you're saying you think private equity should continue to get this benefit of paying on their, what really is income, should be treating it as investment, private equity investors? >> well, trish, my position is, i don't think the great value of this tax cut to the american people will be impacted one way or the other by this change. i think that you raise a reasonable point. trish: you're the one concerned about paying your bills, right? >> sure. trish: you made the point seeing spending cuts. >> yes. trish: simultaneously, that is a lot of revenue that you're leaving sitting on the table because these guys are able to count income as investment. which seems inherently wrong. >> trish,owever that solution
resolves itself, doesn't get us where we need to be on spending cuts. either way we need to cut spending. we need to look at tax reform that will lead to the most growth. i think if you create incentives in the economy people want to invest and are rewarded -- trish: congressman, just to be clear, it is not their money -- >> it is in they earn it. if they grow wealth they're adding wealth to the economy. adding more opportunity in the economy. that is type of thing leads to wage growth and job growth. trish: we fundamentally disagree on this i think steve cortes said it very well if you're dentist you pull out the tooth, doesn't mean you can count the tooth because you pulled it out as income. >> right. trish: so if i am investing on behalf of you, congressman, and you give me 100 bucks and i grow that into 1000, i will take 20% of that and count it as my investment, that is not right.
that is my income i made off your 100 bucks that i invested. >> in america, don't we want a system, don't we want a system in america more people incentivized to grow 100 bucks into a thousand bucks. >> of course we do. why are you giving them a special break? >> no, that which grows the economy. look, i'm not taking position that this cancer shouldn't be changed. i think everything should be on the table. i don't want to be reactionary we get rid of elements of tax reform that create incentives to turn 100 bucks into 1000 bucks. we want as many people as possible. trish: president trump said it very well, over and over and over again on the campaign trail. there is no reason for the private equity loophole that benefits some wall street investors, not the rest of america. hillary clinton kept that thing alive and well. president obama kept that thing alive and well. donors, guess what, they care about it. they make sure the donors are taken care of. i ask that americans are taken
care of in this. >> absolutely, trish. we look forward to it. trish: president trump is in asia, heading to south korea later today, this on heels of some very talk aimed at north korea, including selling massive amounts of american military equipment to japan. former cia officer, mike baker, where these lizing tensions are heading. he joins us next. at fidelity, trades are now just $4.95.
trish: everyone, president trump heading to south korea in a matter of hours, after refusing to rule out military action against north korea, declaring the u.s. will not stand for kim jong-un's menacing. in his first stop on his nearly two-week long asia trip, trump stood with japan's prime minister, expressing frustration that japan did not shoot down a ballistic missile that north korea fired recently. he went on to suggest u.s. will army japan. >> will shoot them out of the sky. the regime continued development of its unlawful weapons programs and illegal nuclear tests and outrageous launches of ballistic missiles directly over japanese territory are a threat to the civilized world and international peace and stability. some people said that my
rhetoric is very strong, but look what happened with very weak rhetoric over the last 25 years? look where we are right now? trish: former cia officer mike baker, he joins me now. mike what do you make of those comments? what does that mean that we're going to arm japan. >> sometimes obviously the president doesn't say things quite in the most eloquent manner but what he is saying correct, we can't take military options off the table. we don't have that many options to begin with. it is pragmatic and prudent to be thinking through all your military scenarios which we've been doing for quite some time, not just the past eight or nine months. we're putting it together, saying nobody wants to go there. but we have to consider it, as far as the japanese go, thank you, prime minister abe, there is no daylight between what the japanese government and trump
administration are thinking right now in seriousness of the problem. the missiles flew over japan and so they're apoplectic about this. abe was very clear during this visit, that they are on the same sheet of music as the trump administration when it comes to dealing with this issue and not continuing what we've done over the past two plus decade which has been completely been ineffective in potentially minimizing -- look, we're at this problem now. he has the ability to fly these missiles because of two plus decades of useless diplomatic talk. trish: so, again, what is it really mean? you're saying he is is not always so eloquent, if you say the u.s. will arm japan, does that mean potentially we would have a beefed up presence in the reason, that we would be there theoretically to protect japan and maybe perhaps shoot down a missile, with their help ourselves? or does that mean, we're going to say, guys, okay, you can, you can have these weapons too?
which would be a big departure from things? >> no, it would be. it would require, you know, some very serious discussion and agreement within the japanese government obviously. and within the public. i suspect their mind set is, that yes, if we're talking aboud that system or any other system. part of this conversation, the way he is talking. the things he is saying, things secretary mattis is saying it is for consumption of the chinese authorities. they are right now, the chinese government is parsing everything. they're examining everything that is be said during the course of this asian trip by the president and his personnel. because this is all in a sense directed to the chinese. they are, at the end of the day, the best opportunity we have to avoid any type of military conflict on the peninsula.
trish: i agree with you. we need china doing what we need them to do right there right now. mike, thank you. i have to run because i have breaking news to share with everyone. breaking as we speak, "wall street journal" reporting that the walt disney company held talks to acquire twenty-first century fox cable television networks, international distribution operations and movie and television studios. the journal reported that the talks were no longer active by this afternoon. twenty-first century fox is the parent company of fox business and fox news. fox shares rising 8% on news of stocks. disney stock rose 2%. we'll bring you more on the breaking story as we get it. senator lindsey graham demanding an special counsel and investigation into the highly questionable uranium one deal and so-called dirty dossier. will we finally get some answers
how this deal got approved or whether the clinton campaign was working with the russians. funny how that all turned around, right? we have some very important intel on it for you next. and? >>by the time they got me an answer, it was too late. td ameritrade's elite service team can handle your toughest questions right away- with volatility, it's all about your risk distribution. good to know. >>thanks, mike. we got your back kate. >>does he do that all the time? oh yeah, sometimes he pops out of the couch. help from real traders. only with td ameritrade.
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trish: south carolina senator lindsey graham calling for a deeper investigation no two highly question obama era scandals we've been covering for you. listen. >> i think we need a special counsel to investigate the fusion gps episode between the democratic party, mr. steele and russian operatives. i think we need a special counsel to investigate the uranium one episode where thousands of dollars were given to the clinton global fund and to former president bill clinton from groups tied to russia. we need a special counsel because mueller can't do this. trish: with more revelations about democratic dealings coming to light, why does the main street media stay so tight-lipped about this? why haven't they covered this story? fox news anchor, former defense
attorney gregg jarrett is here with some reasons why. they have really been ignoring this now lindsey graham, saying this is serious enough we need a special counsel because we got one. >> it doesn't fit the mainstream media's narrative that donald trump is the villain and hillary clinton is just an innocent victim, exempt for "the wall street journal" which in april of 2015 really broke open the story of uranium one based on peter schweitzer's book, clinton cash. the media hasn't really touched ithas hit a tipping point here. this may be a pay-to-play corrupt act. i identify seven different statutes that hillary clinton and bill clinton, and their foundation may have violated. all anti-corruption statutes. and racketeering, which, would involve using their foundation as a corrupt criminal
enterprise. so it is high time, as lindsey graham said, with a special counsel, until one is appointed, media will continue to deny this is even a story. >> what i don't understand, so many deals go before cfius and get pulled, even before -- occasionally the president had to say no, this will not happen and cfius rejects something. >> right. trish: lots of deals get pulled and a lot of deals go through hiccups to get approved. in the case of uranium one, you had a company that had the word uranium in it, the parent was russian state atomic energy company. >> right. trish: i do not understand why that would not raise more alarm bells? >> well it should have. it was a dumb deal to begin with. you know, you don't, peddle to the enemy the foundation of nuclear weapons when they have already 1200 strategic tactical
nuclear weapons aimed at you, but all of this could have been prevented in the fbi at the time, presided over by robert mueller, would have told congress that there was this racketeering scam involving the russians, extortion, bribery, kickbacks, money laundering. had they told congress and they had a duty to tell congress, congress would have stopped the deal. but mueller didn't disclose it. neither did rod rosenstein. trish: wouldn't holder have known. >> pardon me? trish: eric holder as attorney general. he was on with the cfius committee along with hillary clinton. >> he should be subpoenaed to testify. did you know, and if you knew, did you tell the others on cfius and why did you allow the corrupt deal to go through. trish: we're talking about gross negligence, where eric holder doesn't know what the heck his fbi is doing --
>> malfeasance. an intension al act by attorney general, to hide compelling evidence of criminality which was underpinnings of sale of 20% of america's uranium to the russians. trish: i'm glad you're on it, gregg, thank you very much. you have another interesting column out on hillary clinton and rigging the nomination, that may have been criminal. >> it may have been a violation of three federal statutes, including money laundering. it smacks of money laundering. trish: you have to come back tomorrow to talk about that i encourage everyone to check out gregg's column online. >> thank you. trish: the price of oil soaring on news that the crown prince of saudi arabia consolidated power this weekend by making dozens of arrests as he purges the government of his rivals. what does it mean for you? what does it mean for your money? we have some answers. it actually means something. senator rand paul suffering five broken ribs and a bruised
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trish: broadcom offering a unsolicited to bid to buy qualcomm for 013 billion. broad camp says it will make sure the proposal is best interest of shareholders. there are reports that the board may reject the the as too low. broadcom will relocate the headquarters back to the united states of america. they said they will make america home again. disgraced congressman anthony weiner surrendering to a medical facility in massachusetts to serve a 21-month sentence. he was convicted exchanging lewd messages with a 15-year-old
girl. the judge sentenced weiner in september, saying his crime resulted from a very strong compulsion. weiner admitted he is quote a very sick man. and the price of oil, settling at $57.35 per barrel. it had topped $56 today, highest level since july of 2015, extending gains from last week, and it may have something to do here with the news that the saudi crown prince oversaw the arrest of dozens of the country's most powerful princes, military officers, businessmen, government officials this was a large-scale sweep. it was presented as a crackdown on corruption. the highest profile royal arrested was prince alwaleed bin talal. a oh spoken billionaire with investments in many western companies. ashley webster joins me. >> remarkable development, really remarkable. it is about the crown prince
mohammed bin salam, or saloman. mbs he known by. he is trying to solidify his power base. is it he doing it for corruption or trying to sideline rivals? doesn't matter. either way he is concentrating his power in an effort to make this country more open to the west. he is replaced a lot of old government ministers with western-educated technocrats. he is being very aggressive but the speed of all of this is a little shocking to those especially in saudi arabia where change does not come very quickly. trish: that is interesting, alwaleed, he is somewhat open to the west because he has so many western investment. >> yes. trish: perhaps he is also a threat and rival. >> i'm not sure what is going on there. we don't know where he is. there are several reports, where is he? they are using the ritz-carlton in riyadh as place to detain some people detained. >> connell said it is not exactly rikers.
>> but where is he? how does he get through this? does he come out on the other side? we know there are charges. we know he is investigated with many others. trish: so what does it mean for americans? what does it mean for investors here? how should they be thinking about it. >> saudi arabia is the most powerful arab country in the middle east. you could a crown prince could very well likely become prince. his father 82 may abdicate. he is very ill. we know that. he could be king for many decade. he is west-friendly but meantime he is wanting to try to encourage investment in saudi arabia, get it off the dependence on oil. all of the things he said are very pro-west. he has been very aggressive in his dealings with iran. he started the war with rebels in yemen, which are face it, backed by iran, houthi rebels backed by by irbut is it a destablizing force? could we see
israeli-saudi arabia-u.s. combination to go after iran? iran, face it is a major player. in lebanon where the prime minister just quit this weekend, that gives more power to iran in iraq and syria. iran issue is huge in the middle east. we have a crown prince in saudi arabia taking pretty aggressive action. trish: maybe that is a good thing. >> it could be, yeah. certainly something we haven't seen from saudi arabia. it's a little disturbing for those not used to this but if he achieves the goals, get country off dependence on oil. the economy hasn't been so great. low oil prices for so long. unemployment is not great in saudi arabia. he is trying to remake it but at what cost. trish: ashley, thank you very much. thank you for your reporting on that. >> my pleasure. trish: staying with the whole theme here, gas price have been rising because you're seeing increasing oil prices. you're seeing that in part what we've been talking about. the saudi arrests certainly shocking the market. that is not all.
average gas prices have risen by more than 10% after hurricane harvey shut down all the oil refineries. joining me our own jeff flock in chicago, jeff in a car nonetheless, driving. reporter: trish, we try -- we're looking for cheap gas. we're looking for expensive gas that is not hard to find in the midwest. it is worse in midwest, we've been told, that there is a gas station up here almost almost 3. enough -- 3.50 a gallon. sure enough. the shell on the corner. national average, $2.05 for a gallon of regular. illinois, 2.58. the illinois is usually close to the national average. a lot of oil refineries, 2.73. look at another station, 4.49 for high test gas. in the last year, national gas prices up 14%.
illinois up 26%. as you point out, part of it is oil. oil prices have been ticking up even without the saudi arabia issue that has driven prices up today, particularly. but, in addition, you mentioned the oil refinery issue. here in the midwest, a lot of refineries that would have been doing maintenance during hurricane harvey, actually held off, just to keep the gas supply moving. so consequently they're doing maintenance now and that has decreased supply out there. nationwide, the most expensive gas still in lower 48 is california. i think that is 3.21 cheapest is down in alabama. it is pretty much on the rise, trish. as you report with that big oil close, man, we could be in for higher prices before they come down again. trish: does your mom know you're doing tv thing, driving at same time? reporter: well i drove over to see her on the air. trish: that's right.
reporter: she talked about losing her license. trish: i know her because you introduced her to on live television. >> i hope she is watching today. i hope she is watching so you mentioned her. you will be top drawer with her. trish: thank you. me and dagen. jeff, thanks so much. senator rand paul viciously attacked by his trump-hating neighbor this weekend. the senator suffering five broken ribs, a bruised lung, where is the media outrain on this? can you imagine the meltdown they would all have, i don't know, bernie sanders attacked by a trump supporter at his home? is there a double standard again? stay with me. we're back after this. it's why brighthouse financial is committed to help protect what you've earned and ensure it lasts. introducing shield annuities, a line of products that allow you to take advantage of growth opportunities.
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trish: senator rand paul said to be recovering from might have broken ribs when attacked at his home in kentucky. paul was reportedly mowing his lawn when his neighbor assaulted him. senior advisor said it is unclear when rand paul will return to work since he is is in considerable pain. these injuries were worse than initially reporting. suspect's attorney issued a statement moments ago that the assault had nothing to do with politics. what does that mean? he didn't like the way he was mowing the lawn? joining me, dan gaynor from the
media research center. i should also point out, dan, this suspect, rene boucher, has been released on $7500 bail. he is facing a assault in the fourth degree with minor injury. other charges, it said, may be pending. we didn't see any outrage about this. we haven't seen a ton of outrage about this. do you think that the tables would be turned if this was say bernie sanders getting attacked by a trump supporter? >> well of course, the tables would be turned. we didn't see a ton of outrage. we didn't see a a of coverage. got tiny briefs in the network news. they didn't talk about the politics. i will give "the washington post" credit. the post dug into this guy's background. he is anti-trump. he is pro-national health care. he is a big liberal. one of the people on the city councilmen in that area he is a socialist. you know, this is, part of, if nothing else, if you flip it around, they would be doing the
trend story, republican congressman who were shot by a lefty, would point that out. they would be pointing out the threats scott pruitt got at epa, that they are so bad he has to take on more security. the left loves toes to decon serve -- to haves to depict conservative i was and republicans but blind spot when violence is on their side. trish: cite many types of violence on the left, for whatever reason that doesn't get reported on, if something happens and happens to be on the right. >> remember, even president trump, during the campaign, he, one guy tried to shoot him, tried to to a gun from an officer to shoot the president. another guy charged the stage. the next thing we know cnn is doing interview with the guy like he is a legitimate sane person instead of somebody
treich to attack the president of the united states or the a guy running for president of the united states. >> you're asking be a little more equitable, a little more fair. i should point out this guy's lawyer said had nothing to do with politics some we'll see. who knows, as i said, maybe he didn't like the way rand paul was mowing the lawn. i suspect there is a little bit more there. we'll i'm sure find out soon. dan, good to see you. thank you. >> thank you very much. trish: rich and famous around the world from the queen of england to rock star bono, to commerce secretary wilbur rosss, they are outed in so-called paradise papers which reveal the effort to reduce the tax burden. embarrassing for sure, but still legal? that's next. copd makes it hard to breathe.
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a massive week of more than 13 million documents giving insight into the spending of that super wealthy. even the queen of england herself. exotic as it all sounds inasmuch as the left wants to demonize the president's cabinet for all their offshore investments it turns out there may not be anything there.
so none of this tax avoidance is illegal. all of these people there are companies doing this as well. while it might be bad pr for them it is not illegal. there are plenty of critics out there who are saying listen maybe the system should be addressed because it adds this one more layer of secrecy that lends itself to the possibility of illegal activities because the whole point of this is that normally it is secret. there was a huge data breach they went in stole 13 and a half million documents. and then they distributed among an international journalistic consortium.
wilbor ross might say something like i want to be investing in this vehicle that is actually located offshore and in doing that i save a little bit on my tax bill. it is fewer taxes and lower taxes by putting money in places that are offshore that are often very stable politically a lot of them have a former ties to the uk. a letter in the caribbean and off the coast of england. and oftentimes it is not the billionaire or the billion-dollar company that is actually looking for the opportunities it is there investment advisers who are coming to them and saint have a few different ideas here they are. part of it will invest in this offshore account. he very much over the weekend was painted as doing some shady dealings with russia for
small especially in his case as far as i know he did not go out and look out for this investment. in the company that he has an investment with his publicly traded. it has not been sanctioned by the u.s. government he was suggested he knew but he does ghost when he joined the administration all of this is publicity. he put it all out there. thank you for clearing all of that up. we've been talking about the gop tax plan. i think there is a lot of good things in here. there's an opportunity to return -- reduce the taxes. and we should welcome that. and there's an opportunity to bring money back from overseas that is sitting there and doing work for other companies. that is good also. the republican congressman was on the show earlier i was talking about what concerns me
and that is that the private equity community is getting a pass here in this current version of the plan carried interest is not going to be taxed income it will be taxed as investment. the congressman from florida he is okay with that. >> don't we want a system in america where we want more people incentivized to grow a hundred bucks into a thousand bucks. >> i hear him and of course you want to incentivize people to grow money. but just because you are a pe guy or gal why are we going to give you some kind of break. can we just go around and pick professions. we want to incentivize people to be that. when it comes to private equity and they are not putting their money to work
they are simply growing someone else's money and taking 20% of that that 20% is income. the president promised he would fix it it is time that the slump listens and that the gop folks think about what's at stake and that's an opportunity to make something deficit neutral. breaking news on that tax value. carried interest in the one charlie gasper in zero and i had been questioning since early last week and why billionaires like these on your screen are taxed at a much lower rate than you and i foxbusiness just learning that carried interest might be thrown on the table as early as tonight. they tweak and trim their tax plan. they say the planet will help middle-class americans is carried