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tv   Risk and Reward With Deidre Bolton  FOX Business  November 9, 2017 5:00pm-6:00pm EST

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through halls of congress. we don't know where they are going. melissa: i'm sure they are going to their next tax meetings, here is risk "risk & reward." >> president wanted a 15% rate, we started 15% rate, president got comfortable, 20% was right balance of what we could afford. but we're sticking with 20% that is critical. >> 20% rate is critical even if it is say year later. >> we would rather it is sooner, but we'll work with house and senate on roll out. >> triple digit dow drop, after. mnuchin told maria bartiromo corporate tax cuts could be delayed by as much as a year, this is the dc swamp in full display. look at the dow, circles the
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drain midday. top performers of the year, dropping big time on the news. this is the events of the day, congrescongressional bungling, e an all-star lineup of guests to weigh in. "risk & reward" starts right now. >> we're not doing this for political benefit. we're doing it to help improve people's lives to get this country back on track that get economic growth, we have not had a 3% economy in about a decade, wages are flat. living standards get flat, economic anxious anxiety and insecurity goes up, that is what happens when people are worried about whether they can put food on the take will or pay energy
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bill next week or month, that is a real problem in america, purpose on this legislation to give middle income tax families a break, half of the country is living paycheck to paycheck. that is who needs relief. liz: chaotic day for a calm stock market, dow dropping 253, retracing back, finishes down 101, only been down, drop 1% twice since august, not since brexit have we seen a drop of 5%. it is an irony to end all ironies. not north korea, not eu crack up, not a federate hike. but a republican congress bungling tax cuts that got them elected and trump elected.
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confirming they want to delay cuts corporate tax rate until 2019, voters elected trump on tax simplification, wit but the senate still coming up with the same 7 brackets. look at the tape in the 24 minute span when treasury secretary mnuchin was speaking to maria bartiromo. the dow dropped. a wave of profit taking. headed south but still up more than 6 injury% year-to-date, apple in the red after the mnuchin comment. it is 50% higher for the year, caterpillar sliding following the comes but still up 45% year-to-date, with today's sell-off, s&p is still less than 21 1 -- less than 1% bol below s all-time high.
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president wants to tax rates immediately. if he could. you can expect lower tax refund checks next year. what breaks down in the way of you earning more. >> adonetio attention will now o house could whether they vote on bill, then senate finance committee. here is what white house is saying, sarah huckabee sanders, saying today's passage of tax cut and jobs act through the house, ways and means committee is an important step toward providing historic tax relief for the american people. and president by the way put out a statement, in which he praised what the senate was doing, no mention of 20% corporate tax rate, and one year delay. so in house, house proposed 4 tax brackets.
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senate proposing 7 tax brackets, lowest 10% up to 33.5%. which is lower by the way, than house was proposing 39. 6%, corporate tax rate 20%, house would be immediate, senate would delay it a year, secretary mnuchin, willing to work with house and senate on that. mortgage deducted in house, they would have capped it up to $500,000, senate version keep its as it is, deduct motor morte interest up to a mortgage of a million dollars, senate version eliminates state and local taxes that means they eliminate property taxes, the house would have allowed with a tap cap of 10 grand. >> the senate bill by every
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report, is going to remove the entire deduction for state and local did yo -- deductibility, s rug out for everyone republican who thought they could hide behind the so-called compromise, it is chopping off 3 fingers instead of 5, but senate says we'll chop off all 5 fingers. fingers. reporter: it will move to house of representatives next week. they are expected to vote yes, senate finance committee will begin its markup. i don't know if you are old enough to remember, i am a bill, here on capitol hill. there are people who are praying that it will become law. today it is just a bill. liz: what a fight, great stuff, adam shapiro, thank you for your reporting. >> house minority leader nancy pelosi speaking out against tax bill saying that republicans did
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this bill drafting in secret, watch. >> really we want the american people to know clearly they do not want the american people know. that is where so much secrecy, such a short fuse, time is their enemy. liz: obamacare was not written with conferences, bipartisanship it was enacted with democrats writing it remember, what nancy pelosi said about obamacare. >> we have to pass the bill. so you can find out what is in it. away from the fog of the controversy. >> bring in onc spokesperson kelly. >> good to see you. liz: move bo yondwha beyond pety partisanship. it is better to get a bipartisan deal is what kennedy and reagan did. any chance that democrats could have signed on for tax cuts.
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>> it is, of course, better to get a bipartisan deal, but if we got to 60 votes, the cuts are permanent, they don't have to be renewed year after year. bipartisan legislation is something we wanted, why president when he was selling this go to different states he selected state states with so-cd moderate democrats. states where senators we thought might get onboard, unfortunately we have seen be on sta -- and kicking and screaming from democrats, they don't want to work with us, we hope to get one or two so far it is all republicans. liz: this is astounding, you are right, john kerry, al gore, ted kennedy, they voted for the reagan tax cut, now criticism
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is. going home for christmas holiday, saying you will see taxings going up. they raise individual taxes to pay for corporate tax cuts, this is a tough sell about creation of jobs. it could -- lower tax refunding and less spending that is the flip side. >> the focus has always been middle class families, we have 1.5 trillion dollars to work it, to pass this with 51 votes we can raise deficit by that much over 10 years, you had big 6, get in a room, say, who needs tax cuts most. because we have to prioritize. it of middle class families, blue collar families, then job creators where corporate tax rate. we hope that some democrats come onboard, i want to emphasize that, they used be a party during era of jfk that was
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willing to take a bet on american people. but gone are the days. liz: the republicans are in that deficit straight jacket, the same thing with obamacare reform to get this 51 you know threshold vote, now we have a big science project nightmare because of that straight jacket, and voters may see this as a swamp in full display, they may not be happy with it. >> that is why the president wants to get rid of arcane 60 senate vote rule that allows folks to filibuster, he wants a simple majority. that is a freightway to describe it, the straight jacket weaker to work went the confines, we hope this is first wave of man tax cut waves to come like in reagan years. liz: this story line is if you are in high-tech state like -- high tax state like california and new york uback your bags go
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to florida. this is really tough. other thing, that is going on media running wild whether this story, bill gates, and wealthier than poorer half of the u.s. that is a lot of meaning not people not paying federal income taxes. >> a lots of people added to that so-called 6th brack on thef 0%. this is going to put more money in the viewer's pocket, average family making $59,000 will see about 1200 back to you. gosh democrats if you don't want a hard time in 2018 you need to come onboard with us.
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you will have to look your constituents in the eye, and say, i didn't vote for your pay raise. liz: news corp earnings out, nicole, with the latest. reporter: stocks on wall street finished down across board not as bad as the day, we're were down 250 on dow jones. there is a lot of concern and uncertainty pertaining to tax reform, after the tax bill passes house, ways and means committee that helped things along could dow finished down 101, technology came under pressure, and we talk about technology, advance micro, intel, nvidia came under pressure, after th the bell, two big movers. disney and news corp, each finished moving higher in the after hours, after they reported
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better than expected quarterly numbers on earnings per share and revenue, disney saw strength in theme parks, we did see news corp also beat street, they were both trading higher as we closed after the bell with those numbers. >> coming up, a year after the election, end of obam obama era. liberals gathering to literally scream at the sky, still unhappy over hillary's loss. >> coming up, psychiatrist dr. keith ablow, here to weigh in as accepting loss. >> now nfl is really mad threatening to block g.o.p. tax reform proposal to take their
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tax breaks away, more on that story next with nfl legendary player, first look at this story, voters in highest tax state of new jersey, they get what democrats wanted, more taxes. democrat governor-elect phil murphy saying, first thing he will do is a millionaire tax. my next guest said that, you will see people packs their bags and leaves that state in droves.
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near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. liz: as gop stumbles over tax cut reform package, democrats are winning elections by raising your taxes.
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he wants a new millionaire tax. for. a tax hike that republican governor chris christie vetoed 5 times. new jersey has lead u.s. states for number residents leaving it for lower tax places to live. they moved to florida. joining me now, amber affey . thank you for joining me. >> thank you. liz: since 2010 up 5%, but some highest tax states show really little microscopic population growth, new york up 2%, new jersey 1.7, vermont down. and lower tax states population growth, florida up 10%, nevada
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up 9, what do you think? >> that is right, people are voting with their feet, people are saying we' lower taxes, this is why tax reform is such a vital part of g.o.p. right now, and why donald trump has been pushing republicans in congress to get this passed. this is something people have wanted for a long time. in places like new jersey top 1% of earners they 40% in taxes, they are sick of it. they are ready to go places where it business-friendly, people creating jobs will be freed to help grow the economy. liz: like they don't know economic history. we know that in top 1% of earners in new jersey, there are about 17 thousand residents they provide 41% of state's income tax revenue. maryland tried a mileoionaire
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tax. they moved out of the state, they took it so other low tax states. california tried to tax rich bracket, jerry brown found ought that rich pay capital gains from things like stocks. >> another reason why they look at state and local tax deduction it affects wealthy earners, you have democrats there saying this the harm the state, that is the point, the point is that states have been getting a subsidy from federal government to keep hiking taxes. liz: the high earners pay a lot into the tax system, they live in barbell states of new york and california. this is an appreciate point, but now we're funnely government cost to top 10% of the income
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brackets, small businesses, but i wanted to get to your point about new jersey, highest property taxes, last year, again, and they pay 15 billion in school taxes, part of it but look at this, new jersey school system, ranks near the top. they get a lot in way of money, they are ranked second best in nation for a school, why does new jersey need more money for education system. >> this is all about democrats funding their own pet projects, you look at history of funding for schools, educational outcome has not increases at same rate as money that has gone in. wisconsin spends 1600 more per pupil than national average, yet they rank 16 in schools. if you oppose raising taxes on millionaires, then you don't like children. so it another way it make republicans look bad. but remember that democrats are
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doing this by spending other people's money. liz: and amber, i mean, the also system is so under reported. fat cat behavior that goes with board of supervisors with numerous cars, they at tha fat t salaries, there is a rot of a lf corruption in also school system, waste and abuse. >> that is right. it is crazy to me that democrats don't support reforming the school system or things like school choice tha that a lot of times cost less money but lead to greater educational outcome. liz: amber thank you. >> thank you. liz: today president trump and chinese president xi jinping announce more than $250 billion in deals in the country. all media can focus on is what president said, he doesn't blame china for -- we'll play that sound after this.
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liz: period president trump and chinese president xi jinping announcing more than a quarter trillion in deals between the two countries. some of these deals have been in the works for years dating back to prior administrations. including obama administration. looking at somehow stocks involved in deals did today. they down in sympathy over what happened with' corporate tax cut delay story. joining me now,. >> good to be here. >> what do you think of the basically deal making here? >> i love it, this is one thing that people who voted for trump voted for him to do, go out there and make deals, he is bringing back a quarter trillion dollars. maybe in some of the suburbs of virginia, went blue the other
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night that is not appealing, but in places like michigan, and wisconsin, and indiana people are hurting that means a lot. trump is bringing home the bacon. liz: the media does not agree with you. let's watch. >> trade between china and united states, has not been over the last many, many years, a very fair one. for us. i don't blame china. who can blame a country for being able to take advantage of another country for the benefit of its citizens, i give china great credit. in actuality, i do blame past administrations. liz: media took his comment at face value, one inch deep on analysis, made president as hands off on china.
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that was a slam about obama administration. 240 billion dollars intellectual property theft stolen by china under prior administrations, i don't think that president wants that any more, right? >> no, donald trump said what needed to be said, which is, states international -- went international system are going to pursue their own interest. now under obama administration. the united states was an aberration we did not pursue our own interests, whether buying exo globainto the global warminr not pursues people who were unfairly trading with us. all about jobs, you know we have, just this week we had lowest number of claims since i believe 1973, i was all of 9 years old, donald trump is doing an incredible job here, really
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bringing home the bacon, for the america that supported him. liz: let's switch gears, president trump a very proud grandfather, showing off ivanka's 6-year-old daughter, singing in mandarin. roll tape. ♪ after watching that, president xi jinping said she deserves an a-plus, it is easy to learn mandarin. much less sing it you sing mandarin in the shower it so easy. >> well i actually gangster rap in mandarin, that is a hobby. one thing trump family does not get credit for, they are a beautiful family, they are smart, and accomplished, this lovely girl what put forward
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what is best about america, we strive we achieve, a little girl speaking and singing in mandarin is wonderful. we should be proud, and we should stop trashing the trump family, that is low and tacky. liz: come back soon, please. >> i will. liz: we love it, coming up, a year after the election and end of obama era. liberal gathering to literally scream at the skies still unable to handle hillary clinton a loss in the presidential victory. >> donald trump is now president of the united states. liz: coming up, dr. keith ablow weighing in on accepts loss. but first donna brazile telling tucker carlson, she would have helped bernie too, she said, she said, we will play you that sound after this.
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liz: welcome back disney reporting earnings after the bell. stock is rebounding up 2% right now. >> i said last year, that cnn never provided us with any questions, cnn never gave us anything in advance, what i saw, was to ensure we had the issues on the table. and i made sure our candidates, i didn't want them blindsided. liz: with me now, spokesperson, former trump national campaign spokesperson katrina pearson.
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>> great to be here. liz: a big admission from donna brazile, she did not want candidates blind sided your thought? >> i know donna brazile, she is a very nice, kind woman always has been supportive of me, but i have to tell you, i applaud her for her honesty, someone was finally telling truth about what many of us already assumed that clinton campaign colluded and they are corrupt, she told us the truth that dnc did rig the primary process in favor of hillary clinton, but i think the hypocrisy that happened inside clinton campaign, entire time hillary clinton ran a campaign on sectsism, she -- sexism, she accused all of her critics of being sexist, including bernie sanders, her own campaign team were engaging in such practices, she let us know that clinton campaign has one bad habit that is accusing everyone else of doing what they are guilty of.
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liz: you know, i hear that, it took courage and bravery for donna brazile to step up like that, now she is getting thrown under the bus, criticized and attacked. but she makes more interests comments as well, saying, that wick i likes show the -- wikileaks showed information regarding clinton. >> divide us. these you got to see things i gave to hillary, you never had a chance to see what i gave this bernie or martin o'malley. liz: what did she gave them? >> a great question, that is something that perhaps fcexrrks woulcc wouldbe interested in, id give more questions to other candidates everyone needs to know, process has to be fair, and just. other, american people are going to lose faith in the system, i think there will be more to come. liz: donna brazile revealing
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what it like to work with clinton campan manager. >> i come from a school you knock on doors, you talk to people, you get their support and get them on election day, robby comes from a school of lot different than the school i came from. they do alga rhythms and data modeling, it was dismissive, condescending and dismissive, i wanted the campaign to understand we needed yard signs and radio spots. liz: that is the problem with the clinton campaign, trump reached out to heart and souls of working voter, and donna brazile said that democrats need to get back with that and stop acting like robots. >> she is just confirming that hillary clinton, ran a very poor campaign. she had people around her, who did not quite understand the inter landscape that was out there and utilize resources to
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them, and president trump campaign used every available resource to his advantage, he did put boots on ground. liz: i hear, republican party too is in chaos over what is going on with tax cut package. chaos, because individuals conet like seeing their taxes could go up. where does this come out in the end? back to what they iced to be? our parent's republican and democrat party. >> that is going to be what is behind the curtain, a lot of people identifying those politicians, we'll call them establishment coestablish polite promises for a long time who can't follow through, there is now a president who campaigned and turned blue states red on these very issues, now up to them to deliver the issues, we in swamp, very lard to drain, not -- hard to drain, we need those people out there on the phone calling their congressmen
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and senators, telling them to get trump agenda passed. liz: donna brazile talking about the swamp, in honest ways, maybe they need more of, that. >> absolutely. liz: people are tired of it, thank you. >> thank you. liz: brick and mortar taking a hit again, target, announcing closing a dozen stores but not until after holidays, they opened 32 new stores this year creating 2000 jobs, stock closing day in green look at there. retail a-- look at this story, nfl fans, found ought that nfl empire was built on tax breaks that you pay for, now nfl threatening to block g.o.p. tax reform proposal that cancel billions of dollars in tax breaks to build and operate sports stadium. >> also california naacp staying that star spangled banner is
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racist. they want it removed as national anthem. we'll get the react to that as well.
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liz: an nbc executive runs ad sales revealing there is a growing well of advertisers threatening to withdraw from nfl advertising, warning if political protest coverage continues, the companies will not be a part of nfl. they are blasting lack of nfl leadership. nfl expecting a 5 year contract extension with rodger goodell, to be finalized soon. now this, a threatened lawsuits by dallas cowboy owner jerry jones. he is angry over the nfl
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suspending running back ezequiel elliott and mad about other things. >> we have as many as 17 league owners, they want can cut off goodell. >> this is the way that free market works, for those who did not learn this in school system, they see it in real life, at end of day, a brand is something we vote for with our dollars, the owner who spend a lot of money, and time, and tie self esteem on brand they are watching a bureaucrat what does not know how to run a account, last year he allowed politics of our election get involved with this, i think that will impact, we'll seeing those results, they have to get back playing game, and set parameter watch out fielding
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beat up after all said and done. liz: just want to watch good tv, watch football, you don't want politics in everything. did is tedious. nfl wants to block g.o.p. tax reform proposal to cancel billions of dollars in tax breaks this build sports and league stadiums, what do you think? is this a stip backward in economy be growth or is it long overdue. >> i think we're seeing a see change in entertainment world in nfl sports, there was a time because of just a draw and how much of an aura that organizations had we within with it. but there are return of investment now that city have to look at, and to be honest many cities are not doing well. we love to see teams come out of cities, but when the tax dollars pay for it, we have to ask,
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should they invest in risking and if they think it is well worth it let it come out of their pockets. they will be careful that the brand is protected and respected. >> interesting point. let's switch gears, california naacp, said that now saying that the star spangled ban se banners racist, pointing to an be onsure -- obscure stance that no one really sings. no refuge could save -- okay, so. those lyrics were written over 200 years ago. >> well, let's first of all we need to understand marxist have never built anything they never will, ncaa is a punch of
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marxists. i naacf, national association for advance am of color people was not started by color people, they were staft started by marxist in 19 10, they should spend their time working with those 75 percent of black boys in california that cannot read or write, they are quiet. everything that matters to block racblackrace they have worked wh democrats colluded and destroyed black family, and black man hood everyone they touch they messed up, let's not listen to these guys. liz: we love having you on. >> thank you, liz. liz: a year after election liberal gathering to scream at sky, unable to handle hillary clinton's loss
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[screaming] >> perfect expert to weigh in on this we love him, dr. ablow, said that grieving period, they should have been over it by now, get over it. the market. but through good times and bad... t. rowe price... ...we've helped our investors stay confident for over 75 years. call us or your advisor. t. rowe price. invest with confidence.
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liz: a year ago, hillary clinton supporters were upset about the election results, now they are
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screaming into the sky, listen to what happened last night [screaming] scream screa[screaming] liz: joining me now, psychiatrist dr. keith ablow, i was going to say, those are voters and investors screaming over latest version of tax cuts, i am kidding. this happened 25 different cities on anniversary of president's election, what do you think? a good way to release anger? >> i think i need a bigger offers, they need to come in for
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therapy. it did you not work if these are not democrats. if you said this is a group of republicans, i don't get it. like this makes no sense, it only makes sense for liberals, because liberals have been taught the way you react to loss is that you get coddled, you weep, you scream. now, that is unfortunately the iconic now reputation of what is -- reputation of what happened with liberal ideology, when you hurt, you bleed, you show it like a child, kids are cute, they cry you comfort them. but what should have happened from day one, these folks should say, we have a an ajen on -- agenda, here is reality, he was elected. but they are screaming at the
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sky, at nothing. liz: do you think it kind of funny. >> i think there -- you know there is something funny about it. but, my office, is in massachusetts. i have young people coming in, in their teens and 20s who think that answer to their problem is marijuana. or crying, or saying, well they won't pay n me enough so i'm gog stay home, i deal with fallout from this kind of shenanigans, which is only one symbol of the notion that what you do is you cry, you pout, you scream. and then someone takes care of you. and if you can't be taken care of, you go and you smoke a joint. that is their ideology, don't try for real power. >> i don't know if they will all go smoke a joint. i hear, listen, what -- you say this they should have gotten over it. >> absolutely. and it is embarrassing.
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look, can you imagine can you imagine. -- if i saw my kid there, or someone that i cared bi would say oh, my god this is horrible. like what if that is up on internet, what if it is on fox business network. >> well. >> i would be mort fid. liz: you would give your child a talking to? >> i would say, i am concerned about you, because it seems that even if just a symbol i would say, it is such a horrible sim boil, didn't you -- symbol, done have you something else you might like to do, it is not shouts down a speaker who comes to your campus it is about being effective. find your internal power. participate. this it concerning. liz: great stuff, dr. keith ablow thank you. >> senate republicans to come out talk about tax reform with this could happen i momenttaril,
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>> okay we got this breaking news senate republicans about to talk their tax cut package we're going to send it to charles payne to pick it up. charles. thank you very much e-mac. i'm charles payne and we got several blockbuster stories all developing right now. of course the market did plunge on comments from treasury secretary steven mnuchin when he told maria bartiromo that the corporate tax rate may not be cut right away. major indices climbed but there are other concerns i'll walk you through later on in the show. this of course while president trump is in china talking 250 billion in deals for the united states, also work for the supply crisis and more later but we've got to start with this gop tax push. efforts entering a critical period the house and senate operating on parallel tracks want to clear legislative hurdle s. now the waynes and means committee send the bill to the full house and


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