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tv   Mornings With Maria Bartiromo  FOX Business  November 16, 2017 6:00am-9:00am EST

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>> thanks for having me. lea: thank you so much for joining us this morning on "fbn:am." lauren: good morning to maria bartiromo. one is that murray starts right now. >> good morning. thursday november 16th at 6:00 a.m. on the east coast had president trump taking the hill. commander-in-chief will travel today to help ramp up support as the white house pushes for the latest and largest tax code overhaul in our nations history. the house prepares to vote on their bill not all republicans in the senate are on board. >> we are all dedicated to getting results here. tax reform is really going to grow our economy and put more money in every american's paycheck. >> if you want to destroy the republican party, without on tax cuts. we've held on health care but if we can't pass a tax cut with working men and women out there, what good are we?
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scream at the very this morning i was the majority of americans are disapproving of the republican tax cut plan. futures are higher this morning come expecting a higher opening to the broader averages. dow industrials that dow industrial set to open 60 points the nasdaq up 26. the s&p 500 up a third of a percent. in europe, similar story had a better talent than yesterday. dax up two thirds of a percent as is the cac and the ft 100 higher by a fraction. asia's dots close mostly higher with the exception of china. best performer japan. nikkei average up 1.5%. ban hunters under way in baltimore. a police officer in great condition after being shot in the head. the details as investigators search for a suspect. consumer rage both at&t and google with massive outages. what you need to do to get back up and running this morning. retail earnings still the focus on wall street. the biggest of the mall,
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wal-mart expecting earnings of 97 cents a share. the numbers analysis as soon as they had wal-mart. breaking the code is more like the bank. the maximum amount sold out to a choir leonardo. it is more than the gdp of a country. we will tell you about that. joining us to talk about it, pollster and president of the slansky and partners like carter. global economic editor and fox news contributor head of the x-men next counsel donald trump presidential campaign steve cortez is here. good to see you. >> good morning. >> good morning. love to get that painting on errancy that gdp. maria: read michael whitner from witmer antiques and art on last week and he was sure that he was going to go for more than $100 million. the price is staggering that it actually sold for.
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unbelievable. >> good times in the markets. maria: that's what i think to you. the massive diamond and i thought is that an indicator. pretty incredible. a lot to talk about. house ways and means committee chairman and congressman kevin brady because. ways and means and alumni congressmen with us. reagan economic adviser dr. and author suzanne centers. you don't want to miss. the potential set back after wisconsin senator ron johnson unexpectedly announced a no vote on the current version of the plan saying it benefits corporations at the rents a small business. >> i wouldn't vote for the senate fission. there's a real problem in terms of the treatment of pass-through
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entities. remember when they established a framework, they recognized it to make americans see corp., competitive globally, we also have to make sure we don't did the past or is behind. dagen: pastors at 25%. president trump added to the hill today to meet with house republicans over the tax overhaul which is expected to pass in the chamber today. senate finance committee hoping to do the same mistake with a full senate vote to jon hilsenrath this morning that republicans could join. >> the 48 majority in the senate effectively. they can't lose more than two people. there are others that rob corker worried about death as they, jeff flake and 45 of their wild cards out there.
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if they lose them, they've got a problem. >> do have a problem in 20 teen. refilled on health care. the american people give us the key to the car. we can get out of the garage. maria: writer they are such a hard time? >> the senate republicans and i hate to say this but i think it's the truth. senate republicans, some of them despise the president in such a personal way that they are obstructing the agenda just in another cell. they'd rather talk about cutting taxes and quite frankly republicans are small than we ever imagined and the tax code by the way k street loves the tax code because it's so byzantine, so onerous. the mechanism by which lobbyists largely control and are complicit and not. maria: the tax plan the majority of americans with the truth of
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the plan. they believe the wealthy will see most of the benefits. that's actually not even true. according to the quinnipiac poll, voters disapprove of the republican plan. 61% say the wealthy would benefit the most. 24% say they would mainly benefit. >> this is all messaging. one of the things i've inherit if not they disapprove of that, if they don't understand what's being presented right now. people are saying i'm not sure what to look at. democrats have done a good job of consistently messaging against what tax reform is going to do. they started by saying it will benefit the wealthy which we've all seen is not necessarily the case, the people are afraid it's not going to benefit the people it's supposed to. so while it's republicans, they've done a much better job with tax refund on health care. still a very united front against it as they been trying
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as a lot of mass shootings, all other things that catch the attention away from tax reform and on to gun control and onto other things. they haven't been able to get the traction to get people to understand it and they keep changing things. >> the challenges this is really complicated. just as straightforward cutting tax rate by x%. doing things on deductions with differences between word ron johnson was upset about pivot corporations and tax through, for instance well partnerships. there are winners and losers in this plan is then often happens in a case like this, losers are louder than winners. losers are very discreet. maria: had been questioning that as well. my first question from the get-go, way to pastors get 20% of corporate skit 20%. the answer is gotten from this group in washington is look,
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don't forget the corporations also pay 20% on dividends. so don't think the corporations get funny. >> pastors or attacks with individual returns the corporations are taxed through corporate returns and they are not lowering the individual rates, especially at the high end as much as they want to lower corporate rates. they're effectively cod in the middle. if you're a top lawyer at a law firm committee that the individuated 3926%? or do you get 20% or 25%? it's hard to know where to put these individuals because they are in a middle ground. they are not corporations and not merely someone on the payroll. >> the macro planets are rates are confiscatory mis- of economic growth. the average economic worker hasn't had a pay raise in this century, 27 team.
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is it difficult? yeah, but that's on the congress. that is why we have speaker ryan, leader mcconnell. right now in my opinion, both of them should be fired already. if they don't get this done they absolutely should be fired. >> you're making a really good point because what you see right now is a swamp inaction. people are not trusting congress to get it done. can they all get on the same page? a lot of folks said they have seven years to think about what they are going to do. here we are adhering to the election and it still seems they can't get on the same page. >> swamp inaction is one way to describe it. i would say sausage making inaction is another way. this is a very messy process and particularly in this case is there so many moving parts, a lot of americans are out there watching saying what is a miss for me? better off or worse off. that's where it comes in.
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it's hard to say you are better off. >> is very clear they were focused on the middle class here, but a lot of questions on the edges of what that means. now they are throwing in health care and that's confusing people what did that mean. that could be a hot issue that could make people want to take a step back. maria: susan collins is one of those people. maria: more people with insurance. >> with. >> we've got to get to we've got to get to this because she is responding to the news that attorney general jeff sessions to investigate allegations leveled against her. watch. >> the uranium one story has been debunked countless times by members of the press, independent expert. it is nothing but a false charge that the trump administration is trying to drum up in order to avoid tension being directed at them. this is such an abuse of power
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and it goes right at the rule of law. maria: abuse of power. to bond. what do you think? >> when i watch rambo style because they think she believes it. i really think she believes this garbage. uranium has not been debunked. we absolutely need a special counsel. not just because they were corrupt. that is well documented and the clinton foundation was a slush fund. as a cartel in many ways. in this case, most of the corruption was there own advertisement. it jeopardizes the united states. the massive amount of uranium lead this country and we don't know where or when. we don't know where it went after that in exchange for $150 million in the clinton foundation by $100,000 directly to bill clinton's bank account for one speech in moscow a conversation with putin.
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if you want to talk about russia's story, our campaign, the trump campaign, no delusion. the more they research, thousands of hours investigating, no pollution. the real russia's stories that the clintons. maria: is this a story? >> i don't think it's been debunked. i think a lot of people are really interested in what's happened, but a lot of people are quite tired of which had scenarios. people say let's get the trump agenda time because that's why donald trump is a not bad. they want to see tax reform done, health care done. they want to see more and fighting. people look at this is just that. >> i will say that other trump artist in. i was investigated in the longer she's out there talking like this, the better. honestly, the longer she's the face of the democratic party, the better donald trump is going to do. >> the question about the investigation should the
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president be able to effectively order up an investigation into a political opponent? that the people are concerned about. that's one of the issues people are concerned about. maria: that's a fair point. we'll take a break. an 18 year veteran of the baltimore police forces clinging to his life this morning pretty incredible story. he was shot in the head for the gunman is still on the run. all the details coming up. i'll swear, at&t tells customers in at least five states to restart phone factor at issue prevents users from making or getting calls. we will be back in a moment. with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today.
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maria: welcome back. maryland police officer fighting for is that this morning. they were shot in the head. lauren simonetti with the details. >> detectives were shot while investigating a homicide case. federal agencies offering a $60,000 reward or information leading to the suspects arrested officials officials say the detective is in grave condition. >> thoughts and prayers are with our detectives, with his wife, with his two children as he continues to fight for his life. >> baltimore has been more than 300 homicides alone. recusing roy moore misconduct.
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one said she was and his law office when he was married. the legal team setting their sights on discrediting one of his earlier accusers. the woman claims he forced himself on her 1977 when she was just 16. she showed the yearbook with what appears to be his signature as evidence, but moore's attorney wants the yearbook to be released to see if it actually is his signature. republican leaders distanced themselves from the alabama candidate. ivanka trump has some tough words she's telling "the associated press" there's a special place in for people who prey on children. i have no reason to doubt that it runs the count. still nothing from her father. at&t telling customers to reach their homes after getting thousands of a report that customers not been able to make phone calls. at&t treating if you've experienced an issue in making wireless calls, please restart your device.
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it might be required multiple times. that should stop the issue. after they complained that didn't work, at&t said trainer plane and -- phone into airplane mode and turn that off and that off and on again assaulted that eventually works. done about 20% this year. google docs yesterday, some people couldn't get into their documents in a cloud after the program is that a major outage in north america. service has been restored. google is not saying how many were affected and what caused the problem. google's parent is off of that. the stock up more than 30% in 2017. maria. maria: a lot of outages talking about the phone. maria: got to be careful as google docs. people go because they think they can save the documents. >> has that happened you?
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>> it hasn't happened to me for some friends have complained about it. >> it can be crippling to business and collaboration. that's one of their big businesses. you really hope they can get this together. people are really concerned about their phones via now. at&t has a beard dagen: what is the most important bill you pay every month? it used to be our mortgage. now i feel with millennial sets the phone. really. >> may be a seen some survey or poll were people said they'd rather live without a place place her car again without their phones. >> definitely more important to millennial so have a phone and a car. a huge shift. used to dream about being able to have your own car. maria: or have your own home. >> now you live in your parents basement text all day. trying to when they come back, earnings report from wal-mart and best buy might be an indicator of which list this holiday season will end up on.
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we will bring you those numbers. 19 minutes of high-stakes bidding all came down to one bidder with deep pockets for the remarkable record-setting price of the leonardo da vinci painting for an auction last night. incredible. think your large cap equity fund has exposure to energy infrastructure mlps? think again. it's time to shake up your lineup. the alerian mlp etf can diversify your equity portfolio and add potential income.
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maria: welcome back. right to throw your boomerang kid out of your basement? paying off those student loans will keep your adult children
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from returning home. simple boomerang or semi-student debt and young adults who did not return home. those without college degrees are for 2% more likely to crash at their parents is ceo and founder, tim demello. thanks for joining us. >> hi, maria. maria: would you make of this? >> well, the student loan problem is a massive problem obviously. you have a lot of people graduating with dead in the 75% of the graduates now graduate with that come is that the really big problem. what is really starting to happen is you see people trying to make everything work from 400, 600 coming $800 a month in trying to afford housing it to impossible. >> the house is set to vote on tax reform that could change the way families pay for education. the provision of the bill allows families to pay for $10,000 annually from 529 college savings plans to fund private
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education for high school. it would also allow families to start saving the money before children are born. what's your take on this and attacks by them? >> was gratified to moy gratified to moy launched a paydown program last year so employers -- we announce the favorite program with 529 contributions to accounts. anything that can help in what we are on is the work of a solution. 401(k) showed everyone when you have simply not you have sent a network where you can contribute a certain amount of money every month you really can start to make an impact. >> are you seeing any change with the decision that people are making about where to go to school, given that that was later carried coming out of the private university, changes in behavior among your client? >> yeah, what's really happening is a lot more conversation going on around the kitchen table.
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you now have a significant investment made on behalf of the child who maybe takes i'm not dead, but also the parents participating in now. you really hate to think about return on investment on a degree in hard terms, do you really need to now. you need to think about what about that particular degree in where you go to school. it's a big decision that needs to be brought upon and not just camino not just coming in now, all of a sudden assume that someone graduates and has allowed us to death. >> steve cortez. most people i think to view it as return on investment kind of decision, not just improving the life of the mine. it's about preparing myself to get a good job. yet i think a lot of folks particularly given their major, liberal arts for example they not be something they can monetize. would they be better off and vocational training or simply
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going to work. >> i think the whole discussion around the cost of college in the investment in college which we probably didn't look at it as much 10 to 15 years ago in now way really is having an important conversation happening when your child is 16, 17, 18 years old or making the decisions of other technical school, liberal arts degree, people have to have those conversations and they are not easy conversations. the expanding of the mind is not cutting it anymore. -- is the way things are. maria: changing economy for sure. good to see you. tim demello. slamming into a jet. look at these pictures is stuck hanging out at the nose of the plane. we'll tell you what happened there. amazon the top shopping destination or holiday shopping list this year. but does jeff bezos get top market is the leader? the top business leader of the
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happy thursday to you. it is thursday november 16. your top stories right now. president trump headed to the hills today. he is set to meet with house republicans ahead of their votes. senator ron johnson said he is a no on the plan. they believe the deal will get done and get done soon. not long after thanksgiving. and get a belt on president trumps desk but ended the year that lowers taxes and creates jobs and gets our economy moving again. i will be speaking with house ways and means committee next hour. we were pretty good rally underway this morning. it's a quarter of a% higher. nasdaq up 23 percent. in europe similar tone. all of the major averages are higher with the cat, up two thirds of 1%.
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in asia over night stocks were higher mostly with the exception of china. snapping a six session losing streak. an expected passenger a bird strikes an airplane and was stuck to the jet take a look at those pictures. we will tell you what happened when earnings and focus back on wall street this morning. the retail giants set to report ahead of the open. that could be a market mover. what it says about the environment right now in consolidation. in the toy business. in the record a record setting night in the art world. 400million-dollar bit.
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you the story coming up. from the latest beauty products to advancing the commuting technology. these are men and women who are changing the corporate landscape. this year's top business leaders. what are you looking at in terms of how you put the work together. we look at revenue growth and profit growth. in canada put it all together to make sure it's not a fluky run.
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we take you from five to one. the highest ranking woman on the left. you will know in this company as you do your holiday shopping this year in the third spot is another internet entrepreneur that is jamie indictment at diamond at the number two spot. in general numeral please. the number one spot. the number one business person of the year. the record is incredible. i'm sure you guys had been talking about this over the last couple of years. if you look at it. the stocks in the fortune 500 easily the best performing stock over the past few years. it's basically to be tied for first over the past year or two. if you look at the revenue growth and profit growth
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return on capital. be the on to that the big story is they are making the chips that are powering the future of computing right now. wall street is super excited about what they are doing in their business is booming. tell us about the x factor. besides all of the metrics that he is talking what. what makes him a special business leader. just what they are doing in the division that they have. i didn't change my slides. he saw where it was going. the kind of computing that they are going to want to do. he is going to need to design those products. that moment has been arrived.
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were so used to talking about intel. is a surreal threat to their future. in them trying to then trying to get together. the business is hot. >> if you look at the stock prices is just off the charts. it is a smaller company. that's why he is the business person of the year. and he went there. they have a giant ship. definitely it is a powerful new player. are they a threat to intel. i think they are looking what they're doing. everybody is trying to adjust to this new world. when i look at your top five.
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four of those companies are very new and glamorous. and then there's j.p. morgan. a very old company. with the ceo that we would not view as glamorous. their financial performance is incredible. i think they had $2.6 trillion in assets. their stock return over the last year has been incredibly strong and he is at an amazing job kind of grant guided them through the business cycle. let me ask you about last year's number one. last year mark zuckerberg. he has dropped to 13 this year. why. and the performance is still really strong. they are going through some struggles not really on the business side they are still turning out huge profits but they're trying to figure out
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how they managed their platform. we head over 2 billion people on facebook had a challenge to make sure that they are delivering on their responsibility. i think that came into it a little bit. a lot of it is the metrics. we just did not see them at the very top this year. i have your hands in terms of regulation. they have more power today they know everything about us. you wonder if they will see a heavy regulated player. they told us like fix it or fix it for us. a lot of the companies on your list are tech and finance companies.
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we back to the future so to speak. they are the ones that drove the business cycle in the late '90s. are we right back where we started. let's not forget healthcare. not only are a lot of those companies our tech companies some that don't jump out as tech companies some people would say all companies our tech companies right now where they need to be. it's hard to be a company and be a top competitor right now without embracing technology and making your business more efficient with technology one of the questions i have is my
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clients all the time when you talk about their aspirations they used to say i want to be like apple i hear that less and less. what are the factors that make things fall off. we can come up with our list of our top performing companies apple really didn't come up on the performance metrics near the top this year. apple is still a tremendous company producing incredible technology but it is a huge company it's hard to get it growing at the same pace when they are where they are. and that's a big part of the answer. president trump just tweeted
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this. to the three basketball players i say you're welcome go out and give a big thank you to the president of china who made your release possible and have a great life. there are many pitfalls on the long and winding road of life. we will hear from the players coming up in the next hour. toymaker mattel rejecting the takeover offer. we will tell you about it. a 500-year-old payment teen by -- 500-year-old painting of christ by leonardo da vinci. [music] t them. how long do you think we'll keep -- oooooohhh! you stopped! you're gonna leave me back here at year 9? how did this happen?
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welcome back we have a market that has a firmer tone today. futures indicating a gain of 50 points. earnings pretty good.
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there up ahead of the open. the earnings and revenue b be expectations guidance also above estimates. a new vote tally shows activists investor. actually want to see on the company's board. they have originally claimed victory. a new account shows that he excellently -- he actually won. among numerous retailers. after the bell tonight. expectations 54 cents per share. a shocking photo after a plane hits a bird lauren simonetti with the details. this is the photo that you need to see. it's nothing new for airplanes bird was stuck on the nose of the airplane.
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and happened earlier in the week. the bird embedded in the nose. it's right where the radar is located. nobody was hurt. the plane did land on time. a deal that would unite the publishers. could be in the works with help from the coke brothers. they had agreed to provide financing to meredith to acquire a source. they would kick in $600 million there are no takeovers. they tried to adapt to the world of digital media. they are down almost 30% this year. toy companies. they have rejected the acquisition offer it ignores
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the possibility of regulators. it would create a toy powerhouse. with barbie in hot wheels. you can see how it outperformed mattel. it's down 35%. they have a smashed of the record for the most expensive painting ever sold at auction. $400million. and it is sold. they have rediscovered that. for the $450 million. that includes the commission that they get. it is the most expensive work of art ever. the winner of this a 500-year-old painting which is titled savior of the world has not been identified.
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in the selling price was far above the $100 million that they had estimated. so basically half a billion dollars for painting. it has to be something that is going on in the environment right now. it's going way up and way down again. four and $50 million on a painting. imagine what kind of what you have to have in order to do that. i just tweeted out another one. you could've bought this masterpiece for only $46 million. it is incredible. it really is. we will take a break. it's just eight days until black friday. things giving is not what -- next week.
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they could be indicators of how the big holiday season will be. we are diving into the numbers getting a check on the environment in a moment. [music] call us or your advisor. t. rowe price. invest with confidence. i am totally blind. and non-24 can throw my days and nights out of sync, keeping me from the things i love to do. talk to your doctor, and call 844-214-2424.
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>> welcome back markets are up this morning. and part of it is earnings have been better than expected. due to report third-quarter earnings in just a minute. as soon as we get the tape we will bring them to you. they are good indicators of the health of the holiday season. dominic is good to see you. what is your outlook for holidays, shopping. the consumer has really shown
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some strength. that's as healthy as we had have them in a long time. we have created over 2 million jobs your today these are people that really had money in their pocket and they're spending it. they're feeling good that money in their pocket. i expect a pretty decent holiday season. would you still put new money to work here. i really want to look at what corporations had done year to date. i know there is a lot of sentiment out there. but you really had to look at earnings. when you're coming close to hundred $40 in earnings. and earnings. that is huge. any kind of corporate tax cut. that could add another 5% of earnings. what happens if they don't get something done or if they under deliver. we've have a real pause here in the last week to two weeks.
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finally the headline news is starting to get to investor. another passing the tax regulation and in what economic what economic effect is a can have and it really well had economic effect on people out there. we've a new fed chair coming in relatively soon. and we had interest rate hikes in december i think that is expected but what is a forecast can be. can we get some more volatility in the next couple months. they might assemble a stumble a couple times on this tax bill. i would actually argue that they're not in a pass the thing you have to expect a major selloff. at least a 5% selloff. that would be a pullback to buy. i think they will come to some kind of agreement and i think
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some kind of text legislation is going to be passed. i think corporate america will be happy. i really been focused on productivity. i think one of the reasons it was was a lack of productivity growth. we know had two quarters in a row of productivity growth. it seems like they are finally investing in their workers. is that sustainable. are we in a new higher productivity era. we have those projections at the fourth quarter. we could start seeing real sustainable economic growth. but let's be sensitive to the fact that the consumer can be very finicky. if they feel threatened they will stop spending. bringing technology to make it better.
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look at walmart as an indicator of how working-class americans are doing. there's also some news about our they can charge more in stores and online. are there other companies that we should be looking at to say this is how americans are really doing. one of those crazy little statistics 90% of the population in this country lives within 10 miles of one of their stores. if you want to know how while the consumer is doing look at walmart sales. i'm not really worried about that. what is a forecast going forward. the earnings today were pretty good earnings. top and bottom line growth. but if there guidance for the season is soft that could be a real problem. these markets had slowed down.
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what is the worry. is it uncertainty about the tax plan. and the fact that interest rates are going higher now. headline risk is deftly part of that consumer's attitude right now. but we've have all along. people are like maybe we've gone a got a little bit too far too fast. they should be out any minute. thank you. hollywood legend is here. she talked about sexual harassment in hollywood. a big interview coming up back in a moment. you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. and i'm the founder of ugmonk. before shipstation it was crazy.
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dad: we walk inside... and it's raining... our home was ruined... we couldn't live there. mom: our first concern was the kids. this was going to be hard on them. chubb got us a place to stay in the same school district.
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otherwise it could have been a nightmare. dad... chubb turned a disaster into an adventure for our kids. mom... and no one missed a day of school. ♪ >> welcome back and a good thursday morning everyone. it is thursday november 16. your top stories right now. 7:00 a.m. on the east coast. pulling out all the stops for tax reform. to help ramp up support as the white house pushes forward to the largest tax cut overhaul in the nation's history. not all republicans in the senate are on board. i think he shares a concern. i had been dedicated to work with his white house staff. spoke with the speaker earlier today. i think we are we're all
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dedicated to getting results here. the tax reform is good to gonna really grow our economy. a majority of americans are disapproving of the republican tax plan. retail earnings and focus. the stock is up about one and one third% right now ahead of the numbers. as soon as they hit that tape 78 per share in the revenue is amiss on best buy. versus $9.36 billion. asked by an walmart coming up. they are beating the expectations. expectation on walmart. right now it's hitting the numbers they're just been released right now. i dollar versus 97 cents. he talked talk about revenue beating expectations as well.
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the stock right now still up a one and one third%. no major reaction. it does have to do with earnings of course cisco was a big beat. that is almost one half of 1%. the major indices are higher across the board. there up one half of 1%. in asia overnight stocks closed mostly higher. the ek average snapping a losing streak. tampa on alert. the possible serial killer in the city. as they believe new video shows the suspect moments before a fourth murder took place. three ucla basketball players praising president trump trumpet after he helped get them back to the united states after the trio was held in china for shoplifting.
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to the three basque law players i say you are welcome. go out and give a big thank you to the president of china who made a your release possible and have a great life. there are many pitfalls a on a long and winding road of life. plus talk about holy horse power. check this out. what the holy father plans to do. the wall street journal in the global economic editor is here. i've been looking for to seeing that pope story. as more consistent with who he is. let's talk walmart for a second. better than expected on both revenue and earnings. also key revenue measure.
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walmart is saying that the u.s. e-commerce sales were 50% from a year ago. what is your reaction. it is a good sign for consumers. have been talking about that. as we head into the holiday shopping season. we look like some of the big retailers are doing all right. we had had 3% growth for the last three and half months. another three months a 3% growth. there up almost 3%. i think it's a great sign. they are not where we need to get wages but wages are starting to pick up.
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they had been undermined by amazon in their growth. from a company strategic perspective. it also is encouraging because you see some of these companies and you wonder if they are gonna change for the times. obviously if they said that. they really are moving forward and i think that is a great sign for the economy. joining join in the conversation this morning. kevin brady. and three's company actress and author of two books to his company suzanne somers she has been an actors in actress and entrepreneur. making the final push to tax reform.
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there are concerns over differences between house and senate plan. i feel really good about where we are and i think were to see a real strong boat. they gets our economy going again. i would not vote for this senate version. there is a real problem here in the equitable treatment of past remedies. he is the first republican to come out against the belt and the senate saying it benefits corporations joining me right now is the chairman of the house ways and means subcommittee. thank you for joining me. why do the corporations get a tax rate of 20%.
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and pastors are at 25 percent. that is a sticking point for ron johnson. how did you come up with that. corporations as you know double tax. it is to lower both rates by the same proportion. we have also carved out for the first time ever business income within the pass-throughs so that they are moving in away to a separate and distinct from compensation income. it is a balanced approach in my view. there will continue to be discussion and drama back and forth. but the bottom line is i think this comes out of the house today. i can have to change anything in regards to the state and local income taxes. in terms of putting attacks on certain incomes. where some people will be able to deduct that. the current version of this bill has gained the support of the overwhelming majority members of the house. we will go into conference
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there is no way that it will be more stressful for anybody in a higher tax state. and the compromise has currently crafted is gonna stand. a lot of provisions in the senate bill now have sunset the individual income tax provision in particular expire after 2026. if this comes through a conference committee with those kinds of sunsets and expirations for individuals is a house can have any trouble passing that? anytime you're talking about tax policy you've got to look at the totality of the package. the way we had designed this package is to offer permanent relief and we think it is something that is worth pursuing. some of our provisions you
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will see a conference that comes together to try to reconcile these issues. i think the larger point is that you look at the structure of these two bills. one is about to pass in the house. in the structure is largely the same. there is differences but it is not as if this is mars and venus. the senate's proposal that they would delay the corporate tax cut. in such a hurdle to them growing. why is it potentially possibly make sense to delay that delete that cut for a full year. our preference would not be to delay it. it would be to have an immediate tax cut. in and the downstroke in investment and priming priming the pump and getting the economy moving. the only argument that they would be making as this is largely a scoring issue.
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these are the types of things that can be negotiated after both houses when the belt was first outline. there was focus on middle class. there was focus on job growth. in a number of things across the board. it really resonated with the american voter. they have done a really good job of debunking each of those. it's not for the middle class is for the wealthy. we might say that not necessarily going to be simpler it will be more complicated. what do you want the american people to focus on the most and how are you going to do that. i want them to focus the most on the real tax relief i was at a family wedding over the weekend. you want this bill to pass. we are coming into adulthood.
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in one of two things is can happen. they are going to be hobnobbing around trying to patch together to jobs where they will be in an economy where there is opportunity and it is expansive and growth oriented. that is the bottom line. the u.s. is the big economy in the world. most of them disapprove of the tax plan. 52 percent of voters look at that. the wealthy would benefit the most. and only 24% say the middle class would namely benefit. what do you make of these numbers and how do you push back on the idea that in fact your plan is raising taxes on a portion of americans as a way to pay for a big decline in a corporate tax rate.
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go to the joint committee on taxation. they put out a document that was before the ways and means committee. 70% of the individual tax relief in this bill goes individuals and families under $200,000. that is middle class tax relief. all by the committee process and through the floor. and they had been offering amendments to replace and restore the status quo of the tax code which is dissolving underneath us. that is no pathway forward. there is gonna can be this pole and that pole. if that is what drives your ultimate decision-making get out of the business of legislating instead come up with a plan make sure it works. make sure it's inclusive and robust in dynamic and show people what it's all about. this plan and the more people that look at it the better it looks. so are you raising taxes on a portion of the people. it's a hyped up question.
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there is no way that someone like me can make a statement that said nobody's tax liability is going to change under this plan. the larger question is are you driving middle class tax relief and the answer is yes. $5,000 in tax relief. my constituency look and it really care about the equations by which i get tax relief i'm just looking for tax relief. on the business side go to two in adults. the public is the at&t ceo last week said if hr one passes they will invest in additional billion dollars in the u.s. economy. i was at a small manufacturer not long ago. they said if we get to where we are proposing in terms of rates on pass-throughs they will move from spending $30 million in their plant next year to $50 million.
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that is growth and activity. we will be watching. thank you so much for joining us. you see a late basque while players arrested in china return home. what they said to president trump. ♪
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welcome back police are asking for the help in tracking down a possible serial killer. new video of a man they believe is a suspect terrorizing a tampa neighborhood. this new video is taken before he allegedly killed a fourth victim. there is also $91,000 in combined rewards a lawsuit accusing some wall street banks of secretly releasing client information. the new accusations are in a class action lawsuit.
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and some of it came from the banks sued in the original suit. the new york post is they are not cooperating with the plaintiff. >> a super war could be going between jerry jones in the league. actions are damaging to the league. he has threatened to sue the end of over contract extension. joneses antics had been detrimental to them which is a threat that fellow team owners are not talking about removing him. [indiscernible]
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after have a conversation with the chinese president. president trump thank you for taking the time on our behalf. i would also i would like to thank them for the help that they provide as well. thank you for your efforts to bring us all home. and the president was responding this morning. i say you're welcome go out and give a big thank you to the president xi jinping of china and have a great life be careful there are many pitfalls on the long and winding road of life. it sounds like a graduation speech. that advice. can a bear help the weinstein company avoid controversy.
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merck acumen speaking out about the corporate tax rate. when i received the diagnosis, i knew,
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take a look at markets up to 74 points. that is due to earnings. cisco and walmart both better than expected. major average also on track. jordan is right now is raymond james ceo paul riley. so record results for the company congrats to you. what is behind this
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performance. the biggest factors are what we had had record retention of advisors. we had been a big net recruiter now for five years. that combined with the market going up 25 percent. an interest rate spreads are at an all-time high. they really combined. how do you keep this going. that is a hard thing when you talk to analysts is what is a market can do. i think tax reform will impact that. and certainly in packed that. 70% of our clients are positive on the market said so that just that outlook will impact that. i don't think they will stay there. i think they will start giving up more the interest to clients. and as a pressure going forward but so far it is a good market. and the american net worth is now close to hundred trillion dollars.
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it's a percentage of gdp. do you worry at all that we might be heading back into some kind of bubble territory that markets are getting overextended and there might be a correction coming down the line. there's always corrections. anytime you have a run like this. you will expect some kind of correction. generally they are small. what happens a tax to tax reform up and down could impact that. the underlying fundamentals of the economy are very good. in asia fairly healthy. this is not a time to be talk about bubbles. in a time we have those
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bubbles. you worry a little bit but i think a lot of the earnings are driven. partly because of tax reform and positive outlook. i would not call it a bubble territory. one thing i see. are you worried about that going to be an obstacle in future growth. to the extent that it does impact trade and the sales are not happening it well. a lot of the companies are global in array. when you had earnings. when i was doing more global companies when we had trade restrictions you would do better in that company --dash a country. it depends on the severity of
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the trade rules. >> i want to ask about policy coming out of this white house. this president has been the least regulatory president. we know the have of the consumer protection agency is stepping down lowering the corporate tax rate well not have an impact on investment decisions. this one after he met with the economic national council. if it goes through. if the text from goes through when you increase your investment. the other hands up. what you think happens as a result of this corporate tax rate. from a company like ours it probably doesn't change our strategy much.
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we are very long-term focus. more important if you're in a small business the business deductions the small businesses are created the net jobs. i think the tax change is important for them. if your private equity maybe not so much. what about the regulatory environment. he's going to be stepping down from the consumer financial protection bureau at the end of the month. what has his rollback and regulation meant for your firm. there's a new red coming out every day. just getting ready for the rule. we probably spend $20 million plus just getting ready for the delayed part of the rule. you add all of that regulation in and it was way down.
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neither seen the leaders. they're all gonna say they're cut back. we have not seen a lot of extra regulation that we have seen haven't seen the regulations going away in our in the street yet. to the extent that you continue to grow the business and were not spending all of the time on compliance. the problem with the rules as they were overlapping and they were spending a lot of money without enough benefit for the rules and regulations. we hired 2000 people last year. we continue to hire. at the same pace. paul, great to see you. the house is gearing up for a crucial vote on tax reform. kevin brady about the legislation next. and then remember the awkward moment during the seat of the union rebuttal. nothing has frustrated me more.
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the details on president trumps on water bottle moment last night. back in a moment. at fidelity, trades are now just $4.95. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. .. i no longer live with
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top stories come at 7:30 a.m. president trump had to the hill to meet with republican senator tax reform vote. hurdles remain. ron johnson is a note. congressman peter roscoe addresses the issue with the pass-through rate. >> corporations are double taxed to get them in a 20% rate in the pass-through of 25% rate to lower both raids by the same proportion. we've also carved out for the first time ever business income within pass-through so that they are moving in a way that is separate and distinct from compensation income. so it is a balanced approach. maria: house ways and means committee chairman kevin brady had feared wal-mart reported earlier this hour strong number striving to staff your record high. wal-mart is a three and a 3%. i spy down 3%.
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cisco helping the dow futures reporting better-than-expected numbers in the stock is up sharply. dow industrials up 70% and the nasdaq up 27. and you're the major averages also showing a firmer tone. the cac of two thirds of a percent. dxf one half of 1%. denis can a a six session losing streak. charles manson gravely ill. the 83 road convicted killer is in a california hospital this morning for the details they had as he clings to life. the weinstein company to avoid a bankruptcy. paddington bear to. a lamborghini offering a personalized ride. when please see these reels. top story this half an hour. wisconsin republican ron johnson prevention the senate plan yesterday coming against the current version of the bill with concerns for corporations. texas senator john korn and
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working towards a solution. >> i wouldn't vote for the senate version. there's a real problem here in terms of the treatment of the pass-through entities. >> rob's been very clear about the changes he wants to see in the bill and we've made some improvements in the direction but we've still got some work to do and we are sort of in the middle of a ballgame right now. my hope is we can get them back. maria: president trump heads to the help today to meet with house republicans expected to approve their version of the tax code overhaul. joining me now is house ways and means committee chairman congressman kevin brady. good to you. thank you for joining us. >> inks, maria. maria: congratulations. you've been working on this all year. you are in the final hours to get this vote later today. how are you feeling ahead of this so? >> out, we do have the vote. this is an historic step no doubt, but not the last. lots of areas that continue to
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think through improvements or members continue to bring improvements as well. it is a big step, not the last day. i see this getting better every step we take. maria: let's go through the issues people are brought up in one of them is that ron johnson is talking about, the idea you got the pass-through companies with a 25% tax rate in the corporate tax rate of 20%. our pass-through company is not as advantageous as a big corporation with a 25% rate? >> we are putting hundreds of billions of dollars at tax relief to her pastor businesses for the first time in history. we do it in three approaches in the house. one super low rate for the mainstream pastors of every type of business and other pastors with two options to choose what's best for them. i know he's passionate about the bill. we've met several times about it. make your best case. you don't win every policy
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debate you are and tax reform. make that case. at the end of the day you've got to decide are you going to defend the status quo. keep the horrible tax code in place or make your best ideas and move this forward. that is what i think every senator and every house member should do. >> now is the time to make the case. that's when you really want to combine and look at these two plans together. you are open to change at this late moment in time. >> i see this as a huge step out of the house. i look at what the senate is doing as well. let's take the best of both and if there's a better design, let's move with that. we are on schedule to get to the president's desk by the end of the year so everyone stepped up. if one keeps the process going in the end of the day let's get this done. maria: deal of wiggle room in the situation? in your chamber, peter king is
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doing a no vote because of the treatment of state and local taxes are you up into putting a cap in their to appease someone like peter king? >> i run the numbers up and down the district. you see tax relief at every income level. it's not delivered to the one provision. it is through though rate, and appears district that's it does in dollars per caught up in that. what they do commit to and will continue with our lawmakers, let's work to improve this and make this better. but let's do it with in the designs of the house. maria: what's the push back with raising taxes with the corporate rave. >> we don't. it is separate from the corporate tax rate. you can ask businesses we are doing away with a whole lot of
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special provisions to lower the rate on a 20% it's interested in the ability and sectors are provisions within their own sect or her. industry has to contribute something to lower corporation for the most part stepping up and doing them. maria: there are winners and losers here. for example, why the decision to spend $650 billion on a family tax credit. in other words, if you don't have kids you don't get the credit. where you live, what you do, you'll really dig to flickr from looks like. >> what we did was we change the bracket so we could help drive tax relief at every level. a lot of these families are in effect impact by state and local with the amt and others to help people. we are not done. we want in high tax states but
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what we don't want to do is continue to provide tax rates for some and some state across the board for the country. i'm convinced we continue to provide the rule. >> people wonder why you didn't do too much. capital gains as well as the carried interest of action. during the campaign, president trump kept saying how unfair the carried interest deduction is where you have private equity guys to make certain revenues when in fact it's ordinary incomes. rather than a 20% rate. what's the plan for capital gains taxes. >> you have to have i. risks. you have to improve that gain and hold it and you have to today. the hedge funds are routed to
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business, but it is preserved for that traditional real estate partnership. the industrial park i would've liked to do myself. our biggest hurdle was we did not repeal the obamacare taxes with the two plane 8% investment tax that frankly needs to go. i'm hopeful at some point the senate can get that done because that helps us in a big way. >> it shows a little more fairness. doesn't it? >> is obamacare taxes need to get out. the segment is trying to do what it can in that regard and i'm hopeful at the end of the day at some point they can see. >> why was an important reprint individual mandate.
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they are losing favor with americans today pick 52% of americans only 25% support the plan for the majority of those polled believe the wealthy will benefit the tax code overhaul. this is possibly because people don't understand the nuts and bolts of it, but also right there in your face about the individual mandate. would you say to those people as they are going to be at a disadvantage by losing insurance. >> all i know it's in our town hall meetings and discussions when people really learn the details of this, they are so supportive. eight out of 10 americans want congress to deliver tax reform. they want lawmakers to work with president trump to get this done. i feel the strong support they are. the individual mandate that the senate is considering at this point. they can afford it.
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those are modest middle income families. of course anyone who wants the affordable care act plan can do so. that freedom to choose remains the freedom to choose not to have that will be given to them. we'll watch them in the senate as they work through that issue. we don't have it in the house version of the bill today. maria: what you think the plan will look like once you get to conference and start really debating this in a couple weeks. >> so there is a surprising amount of common ground and i think it is because we work with president trump for several months to get towards one framework. we do one target on the wall. the house and senate to credit are driving targeting towards that target and a good way. we will blend the best of both workers a third design is better we will choose that. there's a lot of work to do, but
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ink about this after three decades. the house taking action, and the senate assumed to. we finally got a chance to fix this broken tax code and not something to be excited about. tree into your meeting with him today. the mac we are going to get a chance of the house republicans to rally and then we will lock out and finalize tax reform. tree into historic linear. good to see you here. thank you so much. we'll be watching. kevin brady bear.
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maria: welcome back. president trump creaminess. china sending an envoy in delegation to north korea. a big move. we'll see what happens. does a pretty big headline yesterday. fms cult leader charles manchin clinging to a site at california hospital. lauren simonetti with the details and headlines.
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>> a mass murderer gravely ill receiving various treatments for several days now. she is 83 and hospitalized earlier this year serving a life sentence is for the murders of nine people in and around l.a. back in 1969. the wake of the harvey weinstein sexual assault allegations, paddington bear in the wind and company are parting ways. twc sold the right to warner bros. for a $32 million while it explores options for sale or shut down. the original paddington movie was one of the company's biggest hit to be just as promising. you can call them hot wheels for his holiness. hope france is taking delivery. at the vatican and of course his party got the pope mobile. the donated car will be
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auctioned off next may with proceeds going to catholic organizations. valued at over $200,000. president trump delivering his 12 day tour when he pauses momentarily to take a drink of water. remember when trump that would marco rubio for doing the same thing. 2013 law giving every bottle state of the union commentary goes, he awkwardly policies to sip some water. at the same time, trump said rubio should drink its water from a class, not a bottle. rubio had some advice for trump, tweeting, similar, but he needs to work on his farm. one single motion. i should never read the camera -- leave the camera. senator rubio.
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>> thank you, lauren. knock on our door. suzanne somers turning nice in the studio to talk about her new book for an actress to entrepreneur. here comes suzanne somers. ♪
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maria: welcome back. hollywood shining a spotlight on sexual assault as more women continue to come forward. talking about this right now with entrepreneur and author to his company. lessons learned in love, life and business author suzanne somers. great to see you.
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loving having you on. the highlight of my career to get to know you. thank you so much. we want to get to your book and all you've done because you really are a quintessential small business worsened just a fantastic entrepreneur for decades. you entrepreneur your own close calls into his company. sexual assault allegations, harvey weinstein. >> you know, i don't know him, but i remember one night standing next to him at the oscar party waiting for a limo's, if not relatable and there was this guy there and i didn't know who he was than i said that i had a dark vibe. if not interesting i picked up on that? i had an opportunity to be in the movie business. they just get up too darn early.
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i was also at disney with michael eisner and i had a manager at the time who said he wasn't offering enough money. it was an outrageous fortune. some really great movies. i'm not all that smart. anyway, i've not experienced a lot of that, but just in the very early days, when you're young in this business then you need money coming to find yourself in precarious situations in the modeling trip i was on, and i probably was 21 years old and my friend had a lot of doctor bills and it was the most unsafe i've never failed with four men i didn't know, a rickety airplane and the creepy guy who won the men left and left alone with the creepy guy. i was one of the scariest night of my life. you do this and you get a job. maria: you make a good point
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because you are there. you are young, need the money and they're easy to take advantage of. >> the photographer walks in and said we are bunking together. are you kidding? i shoot for "playboy" i see women. maria: that's ridiculous. >> when you're 20, you don't have any power. trained to do are important to educate those 20-year-old who don't have the power and who can push back and say no. i want to hear about how you found this. a 50 year romance with lessons learned in love, life and business is your most personal yet. nmr and a love story. >> i'm in love with alan hamilton may have been since i was 20 years old.
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we have this wonderful relationship, but a real interest in you don't know. i didn't start out calling it that. i started out calling it does. when i got fired from three's company having the audacity to my contract is up for asking -- the men were talking about 10 to 15 times more backup the graphics of any woman in television. they decided the furniture we hadn't renegotiated and gotten back in and have to stop this. got a call the night before the negotiation and it's going to be suzanne and that is what happened. it was a non-negotiation. instead of getting mad, instead of going on television, we decided -- somers.
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>>. . maria: welcome back. good thursday morning thanks so much for joining us. i'm maria bartiromo thursday about november 16 your top stories right now 8:00 a.m. on the east coast, president trump taking the k achieve will travel to the capital to help ramp up support as white house pushing for largest tax code overhaul in our nation's history house ways and means chairman kevin brady told me he expects it to the president's desk by the end of the year. >> i see this as a huge step out of the house i look at what senate is doing, my view is look, let's take the best of both, and if there is a better design, let's move with that i know this we are on schedule to get this president's desk by the end of the year, so everyone step up
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everyone keep process going, and he at the end of the day let's get this done. >> latest as new poll reveals a majority americans disapprove of the republican tax plan, retail earnings in focus top names reporting wal-mart best buy wal-mart impovexpectations stock up 4 1/2%, company said u.s. e-commerce sales up 50% third quarter best buy's earnings mixed stock down 4 and two-thirds percent cisco shares up sharply this morning, the dow jones industrial average up 71 points a third of a of a percent nasdaq up almost one half of one percent. >> in europe across the board the take a look cac quarante in paris up two-thirds of a percent dax in germany up one half of 1% in asia overnight stocks closed mostly higher exception of china nikkei average up 1 1/2 percent, snapping a several-day losing streak a major manhunt in baltimore this morning a
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police officer is in grave condition, after being shot in the head details as investigators search for the suspect. hillary clinton calls president trump special counsel threat an abuse of power latest on situation that is quickly becoming. >> one clerk shelled out two acquire the last known painting. >> more money problems for mnuchin treasury secretary and wife mocked online posing with first to bear his signature funniest reactions inside currency is out. >> all those joining me president, lee carter is here "the wall street journal" global economics editor jon hilsenrath fox news contributor former headed hispanic advisory council keith cortes here thanks for joining us. >> great to be here. >> a great dru with suzanne somers i love to hear she remade herself after not -- took career into her hands.
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>> i haven't heard that back story how she -- the pay got shot down went off did her own thing. >> she left, wanted to just have parity with the show incredible. >> amazing you need women to come before us thank you suzanne somers. >> president trump, republican house member ahead of tax vote blake burman at the white house with latest. >> good morning to you president trump has one scheduled event on this day that is to head up to capitol hill talk with house republicans as they are set to vote on their tax bill, there is an immense amount of confidence from republicans they have votes all but locked up house ways and means chairman brady moments ago. >> we do have the votes, look this is a historic step but not the last step, there are lots of areas here where i continue to think through improvement members continue to bring improvements as well it is a big step it is not the last step, and actually i see
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this getting better, every step in the that we take. >> one this likely movers out of house sfoef will shift entirely on senate republicans and there are brand new concerns in the senate senator ron johnson the first republican yesterday, to say he is against that chamber's tax bill specifically two things, one the process, but also about secondly the corporations he feels would be favored over tax remember. >> there is a real problem in terms of of the equitable treatment past remember indonesia. >> back to how's bill, no democrats are expected to vote for it nancy pelosi says, that she feels basically that this throws scrap to the middle class gives a big payday for corporations, president trump in tweet last night said the democrats are simply obstructionists. >> they may not vote for it today but i have hard time believering they are not going
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to vote for it at all the states that donald trump won like north dakota like, senator donnelly, like cinnamon heidi heitkamp traveling with president you don't think getting votes. >> one, can when this gets reconciled to floor both chambers maybe some democrats will jump on then if it gets to finish line but keep in mind maria in senate they are considering this obamacare individual repeal individual mandate repeal at this point for democrats in the senate to jump on that might be tough play, if that is eventually considered in the bill. >> very good point thank you so much blake burman at the white house this morning joining us to talk more about the tax line former reagan economic advisory art will have a -- >> laffer. >> do you think ron johnson has a point will this treat businesses differently pushback as you heard from peter roskam corporations get
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taxed twice a 20% corporate rate then also getting taxed on dividend treatments, on other things, that another 20% that is how they square the circle corporate 20% pass-through 25%. >> i would like to see ron johnson win this get it but i sure as heck don't want to see him not vote all discussions, are focused on the wrong issue, they are all looking at static analysis the reason to get economic growth we want everyone in america to pay more in taxes, if we can, because they get jobs they heretofore did not have higher wages makes pay more in taxes economic growth is the answer, economic growth is the one engine that creates tax revenue so what we're looking at here, is a bill that promotes growth not static analysis who pays more who pays less that is silly talk you need to talk only about the dynamic growth that is the key to this bill. maria: all right you make really good points i am glad you said that i wanted your take on this, i know, you
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know, you thought about this worked on this so long, so doesn't bother -- might be silly talk to you but not silly talk to new yorker or new jerseyan going to see taxes go up it doesn't bother you then that eliminating the state and local deduction will mean higher taxes for some people, and doesn't bother you those people are going to be paying that higher tax as way to pay for 20% corporate race because you are all about growth want 20% leads to growth everybody benefits you are saying. >> what i am saying that doesn't pay for lowering of the corporate tax rate by itself and revenue because lowering the corporate tax rate by itself nothing else in bill would generate huge increases in revenue next 10 years, because of economic growth, because of less tax sheltering less tax evasion, people moving corporations back in u.s. all behavioral aspects maria there is never been a period of major growth tax revenues did not increase dramatically that is exactly
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what is going to happen here this is all phony accounting that they are discussing, and has no sensess whatsoever to be in discussion. but that is all "new york times" some other people can talk about, it is economic growth that generates revenues period this bill will generate economic growth everyone will pay more in taxes, because they have higher paying jobs more jobs, more profits higher stock market value, that is what we all want now there are some groups, that are k excluded that is retirees don't have any source of income would be the get more jobs they do have problems, but all of the dynamics the economy will do far, far better with this bill. >> steve cortes here. >> how you doing. >> that point of growth -- i think it is amazing to me a lot of people on capitol hill have suddenly become deficit hawks almost like. >> amazing. >> funny religion now after living entire life of inequity now high and moral 20 trillion dollars of debt but to me i look at debt, because we're unwilling politically as a
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country to touch entitlements i think that is a fact if that is the case there is no way out, other than growth, isn't that reality? that is it, you are exactly correct the discussion that should be had, of course, this bill generates lots and lots of growth, the least competitive country in the world, we have all of these tax -- do you know how much tax sheltering goes on in corporate income the second tax rate 17%, 16, over half of all corporate income is sheltered. my goodness tax evasion enormous every won knows you look at any literature choice of business forms where headquarters are devoid of looking at economic growth those factors pay for themselves over and over again. >> you talk about all the benefits, that we get from the business side of the tax, in place bringing down corporate rate 20% lowering the rate on individual side there is winners and losers that people for instance who get hurt, by repealing state and local tax
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deduction why not put aside individual stuff now focus on business taxes, to spur kind of growth you are talking about, or muddying waters doing individual stuff which is like i say creating backlash and winners and losers. >> it doesn't really create winners and losers but you are completely right when you have 70 things in a bill people find some of them they don't like so going to use that to bash the others i want to bill just cut corporate rate from 35 to 15 nothing else leave it loan at that biggest engine of growth unfortunately they put in all other stuff, and just is confusing as you say muddies waters, we should get rid of the individual state payment tax payments, should get rid of that deduction, but we also have a pickup with amt what i think might be good compromise is 50% of the state local tax deduction eliminated with amt means you come up pretty close to even. >> so you are saying that you
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are saying you would like to see some movement on this then because you say 50% you want tax in there? >> is that what you are saying. >> i just want this through the house and senate, maria, it should be eliminated entirely correctly new tax reform should be no state and local tax deductions period. >> is that going to trigger an exodus out of high tax states i do believe, that when over time, this will pressure the governors mayors of cities and states that have high taxes, on like new york, to pull in spending, lower taxes, overtime it will have an impact. >> do you think it is going to have impact right away people move out of new york why does 53%, if you bring nothing in florida -- >> so full out of new york connecticut, other states there is no room left for anyone additional to leave the states for a couple years you got to get apply a ticket seven years ahead of time no seriously, of course, it many
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lead to more exodus in who arely reason i states in tennessee no income ever bringing money with them huge increase adjusted income net migration surplus two million dollars do they talk about our state no illinois, kentucky, tennessee kentucky, west virginia, it is shocking about yes k they will move faster, but there should not be a state and local tax deduction for federal tax i should not have to pay new yorker's share of taxes. >> how come they didn't do anything on carried interest. >> i have no idea what went through minds we should 4 a broad based flat tax all income treated exactly the same taxed same rate from first dollar to last dollar this was jerry brown's plan in 1992 still best plan ever proposed. >> great to is he you thanks so much. >> great to see you. thank you. >> a pleasure art laffer a brush with history last
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painting from leonardo da vinci shatters, the massive amount it brought in. >> internet goes wild on treasury secretary steven mnuchin fot photo shoot back in moment.
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visit now. maria: welcome back, a moreover fighting for life this morning being shot in the head louis where is the details, lauren? this is tragic detective with battle more police force shows investigating a homicide case, agencies are offering 60,000 dollar reward for information leading to the suspect's arrest officials say detective is in grave condition. >> our thoughts and prayers are with our detective, this is with his two children, continues to fight for his life. >> we wish him well baltimore has seen more than 300 homicides this year. >> tesla biggest superchargeer station in united states two both in california one between l.a. and san francisco the other between l.a. and vegas,
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popular driving routes, they will each be able to charge 40 cars, at once. going to be owner's lounge with room for families to relax, plus area for -- tesla taking he elect tricky has self-driving technology, that is going to be at an event ceo elon musk talking up this truck on twitter for months says this thing will blow your mind. clear out of its skull, and into an alternate dimension, have gone words. blow your mind out of its skull leonardo da vinci smashed sales records at auction. >> 400 million -- >>. >> four hundred million dollars, the piece is sold. >> da vinci recovered portrait of jesus sold at christie's auction 4 hn million dollars
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another 50 million fees commissions for christie's making it the most expensive artwork sold winner of 500-year-old painting, has not been identified, the selling price was far above 100 million dollars that christie's estimated it would. >> speaking of money treasury secretary steven mnuchin seeing signature first time on fresh round of dollar bills joined by his wife, on this rite of passage, photos of couple posing with new bills viral many comparing hillary clinton choice of black leather outfit to batman darth vader command saying they may consider wallpaper for cognac swirling room.
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>> in red, the signature. much better than jack's impossible to read is that print looks like print not -- not cursive to me can you do that print your name. >> i think it is great. >> it is clear. >> i like it by the way this is coming out. >> what did you think? >> i thought it was fine i think more the optics people have issue with, because of the back story of her with some of our twitter comments out of touch with americans i think some people i thought saying look at money grabber, hold on as tight as he was a big deal, just got. >> thought playing -- in the background holding it up. >> congratulations new dollar bill. >> could amazoned a more to a
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leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. maria: welcome back, important i of amazon e-commerce giant from clicks to bricks into hundreds of scores following acquisition of wholly needs what is meks for bezos and company to he can bra it down nyulaw prefer,
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also the hidden dna of sedan apple facebook google good to see you that i recognizing for joining us, you correctly predicted that amazon would acquire whole foods. >> that is great. >> why do you think company should -- >> so -- now intense tee they have not been able to bust into wealthiest crowds don't have distribution with operational brands louis vuitton estee lauder has zero engagement policy with amazon if acquired nordstrom in addition to 550 great stores about located in affluent neighborhoods they get relationships with pretty much every luxury brand so this
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makes all kinds of -- having said that there is xfactor nordstrom family controlled zis made around thanksgiving dinner table. >> amazon you don't think amazon as having relationship with upper end with luxury brands because you think of amazon as value. >> that is right, conveniences not necessariaspirational part. >> to a certain extent they have seen it cross other categories decided to hold back i am not sure wrong decision a lot of people think that amazon partners with a brand the way virus partners with a host over long term not good for the brand. just pulls down prices creates suboptimal distribution bad for brand equity you could argue amazon partnering with half billion consumers fanatical investors provide cheap capital to basically destroy brands they are using brands as bait swapping them
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out for private label nothing new, we just never seen anyone this good at it. >> what benefit do they get by going after the luxury brands does that undermine their own brand? and kind of more mass appeal? >> the other way around you rather have luxury brands move down easier -- the moment you have chanal every brand will follow the top the way to go, they would -- >> make a lot of accommodations huge efforts to try to get aspirational brands, they set the tone, they immediately -- the moment you see a burka bag you take store seriously strategic reasons. >> lower cost what are they going to do canned change prices of the bag. >> change prices pretty much everything else amazon effective at i i mean sort of againing againingis and khan
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algorithms if you don't offer lowest price you are basically off platform there are moments no procter & gamble products visible on amazon so these algorithms make it very difficult if you want to be part of the fastest growing, dr. distribution amazon great for consumers difficult for brands. >> let's talk stock you make a bold claim amazon first trillion dollar company apple is close you are saying amazon going to leapfrog apple you like applying stock here even over 1100 dollars. >> i think amazon unstoppable in my view putting all chess pieces in place credit card purchase hist, warehouse within 20 miles of 45% u.s. population, around your house he echo they will announce, this is just a -- a
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speculation, prime squared the college town two boxes three times week one box for stuff we think you want one empty that you send stuff back you don't want manicure using this, alexa, alexa, dinner party seven people alexa seven quotes auto insurance 2015 mercedes, e-mail going to announce this test amazon prime households from 1300 dollars to 7 or 8,000 a year stock is going to be antigravity going to freak outbreak them up. >> new book, tech titans, how have they become successful what is secret, in research. >> i think it happened to basic instink google modern man'sed go what you type in box you trust google more than a doctor priest rabbi scholar, if you are planning on levering your job knows if you are getting engaged getting divorced, it fills this void
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we need a super bin that sees everything, quarry to up did he vine bin hoping to get answer back will kid be all right symptoms streement google god facebook love takes first second other relationships images, greatesh empathy, instinct to be loved and to love others. >>ing go ael is god, is what is attracting regulators have so much power know everything about us what we aare googling i think today a very different environment than 10 years ago the most power companies around. >> going to body -- >> do you think. >> come back can't come back amazon, more for less ultimately business strategy amazon best in the world at it apple is reproductive in existence the way you see
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better genes of a knewent class dispossible income i believe regulated intervention it is coming from a red state, america we register a lot of firms there is down side having conversations around job destruction tax avoidance registration foreign government in europe register down side fraction of upside no hospital buildings universities after amazon or facebook backbone marjorie g to go gangster on guys major conflicts 20th century war against big tech is going to break out in europe. >> thanks. >> thanks for having me. >> good stuff. >> incredible moment in time. >> scott galloway, hillary clinton going nuclear her reaction to news possible special counsel, investigating the rue uranium one deal, wal-mart shares up after beating expectations on profit and revenue stock up 5%, that
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is 30 points on dow industrials as well we break down numbers stay with us. .
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maria: welcome back. good thursday morning thanks so much for joining us i'm maria bartiromo thursday, november 16 top stories 8:30 a.m. on the east coast, president trump trooem pitch he heads to capitol hill to meet with a house republicans, ahead of the vote and that
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bill is expected to pass. headwinds remain especially state and local tax deduction house ways and means chairman kevin brady told me last hour -- >> you see the tax relief at every income level just not delivered to that one provision state and local income tax it is to the right to family credit to moving amt, in peter's district 8,000 dollars, in tax relief for families caught up in that i commit to i will continue with salt lawmakers let's work to improve this work to make this better. maria: fox business will have full coverage of the tax vote join us live, hillary clinton is speaking out her take on possible appointment of a special counsel over uranium one deal, some house democrats unveiling impeachment plans for the president midthere is no path forward earnings driving action wal-mart best buy reporting strong from wal-mart driving to stock to record high, wal-mart shares
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up 4 1/2%, cisco also -- shares up better than 6% right now, stock is going to be one of the most heavily trade best buy under pressure after mixed error broader averages dow up 70 points 30 points because of wal-mart several other cisco this is a wal-mart-cisco rally, s&p 500 nasdaq in positive territory, initially jobless claims 249,000, above expectations, we see markets on the move cac contributing up two-thirds of a percent, dax in germany up one half of a percent, asia overnight stocks closed mixed, with the -- well mostly higher exception of china nikkei average up 1 1/2%, japan 6th session losing streak hasbro, mattel reportedly rejecting a takeover bid from hasbro fallout coming up top story this half hour. >> hillary clinton responding to possible special counsel to probe why you rainium one deal
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attorney general jeff sessions calling on special federal prosecutors to overview certain issues that could link the deal, russian, clinton foundation same time a new interview. >> this appears to be the politicization of the justice department and our justice system. this uranium one story has been debunked countless times by members of the press by independently experts. it is nothing but a -- you know, a false charge. >> this is such an abuse of power goes right at the rule of law. maria: joining us right now co-host of the five juan williams good to see you thanks for joining us. >> good morning. >> interesting to here her talk about abuse of power. what do you think? >> why do you say is that. >> well because of the rue rainium won deal. >> here her talk about abuse
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of power people concerned presidential power to punish pill rivals not just her i think lots of people think president obama could have gone after john mccain on kate 5:15 after he beat him in '08 election didn't have george w. bush could have gone after al gore on buddhist fund raising deal did not happen we don't punish rival setting law enforcement on them. >> could have done something about e-mail scandal with hillary clinton didn't is that abuse of power. >> segz or -- >> barack obama. >> barack obamas, he could have been involved with that i don't know, but i am saying i don't know the details but when you start to see republicans or democrats punishing a political opponent. >> i got. >> you that is like a third world autocracy. >> president obama we know justice department told us initially by lawsuits that president obama administration used irs as a weapon against
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conservative political groups, they concede that had not even up for -- >> this has already i am not saying that would excuse other abuses can you concede president obama did exactly that. >> it wasn't president obama irs said they were looking for people who were abusing nonprofit status to pursue political aims not onlying to conservative groups, but liberal groups what you are talking about, is trying to set a new standard so it can be in the path there was no suggestion this was done at direction of the president of united states president barack obama. in this case that we are talking about now, president trump sent tweets that we have on the record saying, where is my justice department why aren't you procuriursuing hilla clinton. >> the problem with president saying anything or is the problem there might be investigation. >> in other words, would you be all right with this if the president hadn't tweeted anything about it? >> well if there was substance
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to it in other words, i thought that attorneys general sessions was very forthcoming in the -- he was interviewed by congressional committee judiciary committee earlier this week what he said was we have a standard, it is in the books. if there is a certain level, of implication there was a crime committed we can pursue this. maria: you don't see that level at irs targeting scandal. >> no in fact what irs targeting scandal as i explained across the board comes with -- but i think it was the right that fell, largely reasonably so that lion's share of groups being targeted for abusing their standing, conservative groups. >> why do you there i she took fifth? she took fifth. >> the number two woman in irs took fifth. >> she said clearly she thought it had become a political you know. >> you can say no -- come on. >> to irs target --
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>> we discussed this obviously the irs felt the public perception this is away we are engaged in political activity but there was in fact ultimately no finding -- >> there was abuse of power it was abuse of power, it was abuse of power. >> we can't connect it to -- however we can substantively correctly say conservative groups were targeted for political reasons as political weapon. >> sounds like, that your concern that is the president is getting himself involved not that there might be investigation. >> if you have vacation a legitimate basis for an investigation i am all for it, the political crime -- you don't want anyone beyond political reach. >> is there a legitimate -- >> not so far what hillary clinton said in piece that maria played is actually right that when you look at people who have looked at this issue including, justice department officials previously, said there was no basis for any
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action. maria: all right -- we leave it there, thank you so much juan williams joining us, the first republican senator to come out against the tax plan, will he about the last stuart varney will weigh in not even to his with idea rejebing of our from hasbro, stay with us. .
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maria: welcome back, wal-mart strong sales gains third quarter in part due to impressive 50% increase online sales and high post hurricane demanded, nicole petallides on
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floor. >> that is right amazing for wal-mart we heard from target yesterday received dismal outh completely different picture for wal-mart the stock jumping almost 5%, 4.5% right now that will be a new all-time high, throw out november 13, and you can see the up arrows as i he noted online sales growth 50% that is 50% during quarter that exceeded everything, and also, they raised full year forecast, this is going to help dow jones industrial average at around 93 bucks we are going to see it adding 25 points so 94 bucks even more so procter & gamble cisco too will help dow up arrows best buy mover looking slightly down they have a sales, blaming the hurricanes also saying late lunch of apple'sx hurt them that stock down 2%, disappointing forecast weak earnings outlook forward, plan to spend on share repurchase
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program two plan more than 1/2 billion mattel snubbing hasbro's acquisition new ceo over there, is really holding tight her ground saying the current bid from hasbro under values company nobody knows the real terms talk happening over decades between hasbro and mattel was renewed on monday, you remember, that mattel jumped 20% so we will watch what he he develops they want better terms. >> thank you nicole switching gears president trump to capitol hill to ramp up support for temperament as house prepares to vote not all republicans in senate onboard joining us to weigh in host of "varney & company" stuart varney good morning, stu. >> getting hoarse there have i been shouting at tv again. >> yes, i have a cold, and i was losing voice yesterday but coming back. >> it is -- it is well done. >> to answer your question. which was i'm sorry, okay. maria: tax reform plan.
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>> look you remember, when john mccain senator mccain cast deciding no vote and killed obamacare reform. i am just wondering who would be that lone republican in the senate kills tax cuts the growth agenda frankly kills the republican party. is there such a person? to lindsey graham yesterday was saying, if we vote no, on this tax deal we will destroy the republican party. the best way to destroy the gop is to vote against this tax deal so states stakes high who would be that person? who would be the no vote senators collins mccain corker flake, they could. some on fence some against a this moment i would not want to be that republican senator who kills tax cuts a growth agenda and republican party. we are on the cusp on brink of being at that place. maria: don't you think some
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guys are staying close want to say make the bill better. >> for example ron johnson republican wisconsin yesterday he was saying i can't vote for it interpreted by market as no vote, this morning he is saying, he was called by president last night, the president is going to work his tail off to get this fixed, johnson says i want to get this if i coufixed i want pro-g tax cut i am optimistic we can fix it i don't know where he stands not a "no" vote at this point. >> see you 10 minutes i know you have a lot more "varney & company" top of the hour 9:00 a.m. eastern after "mornings with maria" coming up next going off the map "national geographic" editor in chief takes us through the wild history of the particular magazine wait till you see this, back in a moment.
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♪ maria: truly motivating images looking at only can come from "national geographic," more than 122 years magazine has provided breathtaking pictures across the globe no one number one media grand on instagram 4th century fox owns a stake in the company suzan goldberg editor and chief good to have you on the program. >> thank you so much. >> thank you so much for joining is pictures looking at the world, "national geographic" i feel i grew up how different is it how have things changed in terms of keeping magazine alive in a world of digital.
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>> we've got a greatly opportunity with digital to reach a whole new audience of readers useers of our content i think the fact that now everybody has a camera in her that understand 24-7 makes people really appreciate the power of our visual imagery even more people understand how tough to get those pictures that actually transporter you to a place otherwise would you never get to. >> right has magazine changed over years what are you doing differently. >> i think changing in a couple ways not only different kinds of stories than we always have but putting out in different ways you a mentioned we are number one brand on instagram, we reach every month about 760 million people, abouts 172 countries, 43 languages across platforms enormous reach a lot through digital and social platforms taking stories going to put them together in different ways, depending on the platform people want to use them we will present a different story on snapchat
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the way you know young people want to get that story, from the way we are presenting that on facebook and it will be different still in the magazines on television, so part of it is how we are distributing the content part is tackling in the first place. >> good point you are taking different angles on stories we are all talking about. in november issue "national geographic" conducted search for happiness with gallup searched to find haecht city in usa as well as happiest kinds on planet where show a we be living in order to be happy. >> united states should live in boulder colorado in you want to live in the world you should live in costa rica denmark, singapore, this was not just our opinion, i mean this was really scientific done by author boutonniere "new york times" best-selling author for us going out trying to figure out what are the conditions needed in society to make people happy, a lot of it has to do with conditions created by governments so
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people succeed. >> tell me about boulder colorado why would that be number one in u.s.? >> well, people in boulder love outdoors, they are healthy so they take advantage of that climate the government has you know has got a lot of very socially progressive policies mindsets of people living there happiness very much depending on what people in those communities want people in denmark want different things from people in singapore the governments of each have responded in ways that make people happy. >> i love the fact ircovering, some issues of the day, but in a different angle so not nat geo covered opioid crisis through science. >> we are trying to figure out how science is helping people overcome those addictions, everybody else is going to report the fact that we've got an incredibly opioid crisis going on we have had added
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value explaining to some solutions from scientific expert for people there are really new solutions, on the horizon that i think should give people hope. >> you yourself mate hifd congratulations first female editor "national geographic" manager you got a storied career where does this rank. >> well obviously, i am really honored humbled to be first female editor what i always think when i am not first female anything, is going to be when we're living in a more equitable society women leaders in journalism business politics, or any profession is normal course of events not something so unusual, that is when i think we will be this a wrert place. >> what is ahead go 2018. >> wonderful stories coming up going to keep on doing cutting edge journalism visually texturally talking about when gender race future of sustainability and cities we are al covering issues, like
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climate change, species preservation really important to next generation of readers and users millennials just important to society in general, of course, we know that given the popularity on instagram, so you have expanded your audience in that regard. >> nourlsly 80 million people on main instagram account forlgz given photographers keys to account stories that come through. >> congratulations thanks so much, "national geographic". we will be right back. stay with us. es... ...don't know if you can hear me, but [monica] what's he doing? [lance] can we get a shot of this cold front, right here. winter has arrived. whooo! hahaha [vo] progress is an unstoppable force. brace yourself for the season of audi sales event. audi will cover your first
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>> thank you to be all-star panel appeared "varney & company" appeared stuart: we will take it. thank you indeed. the president takes a stab peer in an important foreign policy statement is ignored. good morning, everyone. that is what social media is for appeared that while the media can do, dismiss the successful asia trip your president trump is clearly stated in america first foreign policy. a parent or separable trade policy is different and is establish credibility in the face up at north korea. we'll call that a success here


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