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tv   The Journal Editorial Report  FOX Business  November 19, 2017 8:00pm-9:01pm EST

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which they will in time. >> thank you. appreciate it. 8 that is it for us tonight. we thank you for being with us.. >> this country has not rewritten its tax code since 1986. the powers of the status quo in this town are so strong, yet 227 men and women of this congress broke through that today. that is powerful. >> welcome to "the journal." i'm paul gigot. with the house passing its tax cuts and jobs act by a 227-205 vote. all eyes on the senate, where the fate of the reform is less
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certain. joining the panel this week, "wall street journal" columnist dan headinger, kim strassel. so you saw it pass the house. i was -- the thing that surprised me is how relatively little drama there was in the sense that they didn't have to break people's arms. they got -- only 13 republican defections. >> that's right. and they had votes to spare. we're see an entirely different story than we did on healthcare reform. >> why do you think that is? >> because healthcare reform failed, so republicans understand their very political lives depend on tax reform. so i think we're picking up the pace here and the senate really wants to get this done before the alabama special election, when they might lose another republican seat and have a thinner majority. >> but the defections, 13
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detectors, 12 were from high-tax states -- california, new jersey, new york, in particular. and that's because of the state and local tax deduction, right? >> right. so basically the house did a carveout for property taxes up to a certain amount and eliminated the state and local deduction, which subsidizes blue states with high tax rates. >> so they're saying that will hurt my constituents. i have to tell you, kate, i never thought they would pull this off. it's a huge tax deduction that they're eliminating. it's enormous. reagan tried it in the '80s. >> it was taken out of the 1986 act, which was the last reform. it looks like this deduction is headed for death row. they don't even have a accommodation for property taxes. they get rid of it. >> i think they will restore that. >> it's the day of reckoning for those three states. new york, california and new
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jersey have been raising taxes on the public and they benefit the most from that deduction. it was extraordinary that it was only house members from those states that voted against the tax bill and that everyone else supported this thing. and i think if i were a congressman from one of those states, i would say, i voted against this provision, and i would turn to the people in my state and say, we have to lower taxes in these states because this is what they've done to us. the whole country has turned against those three states. >> i think this is the price that democrats are paying for opposition to this bill. in contrast to the '86 act when democrats decided to negotiate and able to get some things they wanted as part of a bipartisan reform, here they're sitting it all out so republicans have little incentive to accommodate them to get some votes. >> absolutely.
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if chuck schumer had stepped up to the negotiating plate, you can bet there would have been an accommodation for new york and new jersey and california. instead, you see them furious over this issue. suddenly democrats have decided that, you know, not being able to deduct things from your property taxes is a terrible idea and they want to lower taxes. so jerry brown out in california saying, you can't do this. you have to take care of it. >> what do you think ron johnson wants in the senate? he announced this week -- he's a pro-growth guy. we know him. i don't think he wants to kill the bill, but i do think he wants concessions. what does he want? >> ron johnson has been saying all along that he's concerned about smaller businesses that file their taxes as s corporations. when you look at the bills, they're not given as good a treatment as corporations. so corporations, for instance,
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come down to 20% rate, but pass-throughs, they get a deduction, and by the time they pay surcharges, it's more like 35. 7 wants -- he wants better treatment for them. some of the ideas for equalizing would, in fact, be good. >> you can lower to 35% from 38.5%, which would make the deduction more valuable against a he willer -- a lower rate. i think that ron johnson's case is a little thin because corporations are double taxed on dividends and well and much more disadvantag disadvantages. we see c corps wanting to become the pass-throughs. i don't think that you kill a bill over this. i think they will come to accommodation. >> how do you see this playing out? you have john mccain and other senators that you never know how they will go.
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>> that's true. the mood is so different than it was with the healthcare bill, where you have the fractiousness. the way they started in the house has created a mood and momentum behind this bill. add to that the fact that the republicans really need to get something done, in addition to alabama, i would mention the virginia gubernatorial race, huge setback. i think it focused the republicans. john mccain, susan collins -- you hate to say you think they will vote for it because i was burned the last time, but i think that the momentum is behind the bill. >> still ahead, as the senate scrambles for the bill, it's tax reform. what would the overhaul mean for economic growth and wages? today we're out here with some big news. jardiance is the only type 2 diabetes pill proven to both significantly reduce the chance of dying from a cardiovascular event in adults who have type 2 diabetes and heart disease...
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>> with the house passing tax reform and senate scrambling for the votes to pass its plan, we're back with a look at what the overhaul would mean for economic growth, jobs and wages. president of the american action forum, and former director of the congressional budget office joins us. doug, welcome back to the program. let's look at the bill. let's look at the house and senate versions. what do you think, overall, will be the economic impact if something close to these bills pass? >> the important common elements are corporate tax reform that gets the rate down to 20%. we're well out of line of competitive rates in the developed world. moves us away from a worldwide tax system to one that only taxes firms on the basis of what they earn in the u.s. again, that gets us in line of worldwide norms. up-front expensing for the first
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five years. it's a message that said, you should invest, innovate and do it in the united states. if that happens, we get the capital accumulation and deepening that is associated with better productivity growth. that's been missing. and with that, higher wages, and that's the missing part of the labor market, getting a higher standard of living. both bills have that in common. it's an important element. they will have to settle some differences in the pass throughs, but getting rates down, that is something they can accomplish. >> and you think they would have a significant pro-growth impact on the economy starting immediately? >> i think that's absolutely right. you have a built-in test as well. both bills have a deemed repatriation. there are trillions of dollars
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of u.s. earnings parked offshore. then comes the test. do they bring the money back? if there's a good reform, u.s. corporations say, we'll put the money in the u.s. and we'll see big impacts right away. if they don't do a good job on growth, we'll know quickly. >> any concern on the part of the senate bill of getting to 20% by one year? expensing starts right away. some say, corporations will delay for a year taking profits and that's going to delay the investment. do you agree? >> i don't. i think they will see it's better to deduct costs against the 35% rate and earnings at 20%. i think it's a modest investment to frontload things. i don't think it will impact the long-run implications of the bill and i'm comfortable with it. >> i look at the individual side
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of this reform, frankly, and i think it's not nearly as good in my view as the corporate side. it's a hash. >> i think that's right. i mean, no cut in the top rate except a minor one in the senate. i know and i know you know in your economic research talk about great cuts give you the economic bang for the buck. there is little of that here. >> indeed, the house bill goes the wrong way in many ways. there's a phaseout that gives 45% marginal rate. that's going the wrong direction. the senate goes the right direction but not very far. estate tax is a mish mash in both bills. so individual side turns out to be a wash. the core elements are business tax reforms. those get the united states back into the 21st century. >> on the corporate side, and
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growth impact, you get a wide range of views of how much it would help the economy. tax foundation said it would increase growth by 0.3%. larry lindsey, who you and i both know, say it could be 0.9%. that would take us above 3%. where does that fall and why the variation? >> i'm close to the long-run impact but the real issue is the speed at which it takes place. if it gets heavily frontloaded, if it is a boom that takes you above trend growth and quick adjustments, you get closer to larry lindsey's number. if the adjustment takes a long time, it will be .2 or .3. >> if that haens, wil it flow through to ges?
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asou know, a- we have a ry tight labor market right now in much of the country. i have to assume if you get a big capital investment, some of it will good to productivity and a lot of it will flow through to wages. >> that's in the data. historically if you get productivity growth, it flows through to real wages and that hasn't been happening in the u.s. because we haven't had the productivity growth. right now, we can have a tight labor market. it will get passed through in prices. you need productivity to make people better off. >> what about the deficit concerns? it's going to add $1 trillion to the deficit over 10 years. i assume some of that, a good portion of it, will be made up with and faster growth because the growth estimates out of congress are so low at 1.9% on average. >> right. i don't think anyone should be happy at the prospect of another $1 trillion of deficits. we're in a fiscal mess. i will not belabor that what do you get for it?
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if you get good growth and focus on the pro-growth element, it will be worthwhile. if you put out the individual side, wouldn't be worth it. it's a proof-is-in-the-pudding moment. >> thank you, doug. >> thank you. >> sexual misconduct, scandals roil the senate as al franken faces allegations and roy moore refuses to exit the race. >> the democrats and the republicans. and fighting against me, because they don't want me there. it's easy to think that all money managers are pretty much the same.
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>> media, you have recognized that this is an effort to steal this election from the people of alabama and they will not stand for it. they have a call and asked me to step down from the campaign. let me tell you who i think needs to step down -- that's mitch mcconnell. >> defiant roy moore refusing to back out of the alabama senate race even as accusations of sexual misconduct continues to mount. it shows more losing support amid the allegations. he trails doug jones 50-42% with 9% undecided. we heard roy moore. he seems to suggest that somehow mitch mcconnell gathered these
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women to come and make their arguments against him. where does this stand in alabama now and what do you think of the accusations? >> we're up to at least nine women who have come out and alleged some form of sexual misconduct. some local reporting has quoted residents in that area saying it was well known way back when that roy moore had a prediliction for young women. there's no escaping it at this point. you would believe that if roy moore believed in the cause, he would step aside and let somebody else run. he's defiant that he's not doing that. he's defiant that these accusations are false. and what he's doing is now turning this into a battle between roy moore, the upstart republican, and the
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establishment in washington, d.c., much of a trump move, as it were. >> it looks like it will cost him the seat. >> it very well should. it's a deep red state it. should not be this close. i don't think that alabama has had a republican senator since 1990 or '92. if people are wondering why people are sticking by roy moore the extent that they are, it has to do with how the people feel they're perceived by the main street media, coastal elites. roy moore pushes back and he fights. >> the polls show he's losing. >> he's down 50-42%. among women, 58%. so you have a lot of write-ins.
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i think it's hard to handicap. if roy moore pulls out, the republicans will lose this race. this is a problem. doug jones and roy moore and steve bannon-mitch mcconnell. >> steve bannon, the former white house aide, that wants to get rid of mcconnell. roy moore was his poster child. he got behind here in the cycle. and it turns out that it looks like he could be a loser. what does this due to the bannon insurgency? >> i think that's why you see roy moore based on advice from bannonite wing of the party trying to make it into a bannon-versus-mcconnell race and deflect from the allegations that are going on. they have a big stake in this, the bannon crowd. if he goes down, as you said,
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first pig -- big trial balloon on this. it's never been an enormous wing of the party anyway. i think it would puncture that balloon if he were to lose. >> bannon is for losers, i think, would be the signature line. let's talk about al franken, because it's complicated the bonfire of sexual harassment allegations that we've seen across the country. now there's one against franken, including a photo of him attempting to grope a woman while she was asleep or he said it was a joke and there was no groping involved, but it looks pretty ugly. there will be an ethics investigation. and franken said that he will cooperate and welcomes it. does it jeopardize the senate seat? >> i'm not sure. i think franken may try to fight through this.
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i think it's too early to tell. it does demonstrate that this despicable behavior is not limited to one party or one ideology. it's a much more widespread problem and we have been focusing on the entertainment industry of late, but i think it's just getting started in the political world. i don't think that we're anywhere near the end of seeing this sort of behavior. >> miracle of miracles, democrats saying, you know what, way back when, bill clinton should have resigned. senator from new york saying that clinton should have resigned. it's convenient 25 years later. >> the broader point here, paul, is that virtually all of this behavior that we've been reading about is nonconsensual. and some men are pigs with women and the women would be better off without the pigs abusing women. >> kim, where does this go with franken? it's a delicate one for the democrats? >> yeah, you can tell that franken himself was certainly worried that this is where it
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might go. he initially put out a nonapology and then put out a very contrite statement in which he fully apologized and called himself for an ethics investigation. so he's trying to do anything he can to fore stall resignation. >> do you thinkhat h should resign? >> there's aood caseor it if 're going t hold everybody to the same, accountable standard. >> thank you. some fellow republicans turning up the heat on attorney general jeff sessions to appointti hillary clinton. is it a goo idea? our panel weighs in, next. i no longer live with the uncertainties of hep c.
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>> what will it take to get a special counsel? >> a factual base -- basis. that's all i can tell you. sometimes we have to study what the facts are and to evaluate whether it meets the standard required. >> very nice. >> republican congress jim jordan pressing attorney general jeff sessions to appoint a special counsel to investigate former secretary of state and 2016 democratic nominee hillary clinton. the attorney general pushed back in that hearing, he is
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reportedly considering the move and looking into a host of concerns raised by republicans, including alleged wrongdoing by the clinton foundation and the controversial sale of a uranium company to russia. hillary clinton weighed in saying that it would constitute an abuse of power. >> this appears to be the poll -- politicalization of our justice system. it's been debunked by members of the press and exports. it's nothing but a false charge. this is such an abuse of power and goes against the rule of law. >> a lot of our viewers would say, she deserves a special counsel investigation. you wrote a column this week saying, not a good idea.
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why? >> i call it the bonfire of the prosecutors. fundamentally what is going on is a political war between republicans and democrats, democrats and donald trump and even the beltway press. and you have -- >> versus donald trump. >> versus donald trump. it's not primarily a legal thing that you should have prosecutors pursuing. people are developing -- they think that hillary clinton will be put on trial sent to federal prison. that's never going to happen. >> why not? why do you say that? >> because i don't think that you will get the people lower down in the campaign, like george papadopoulos in the trump campaign, won't rise to that point. you are putting in motion inconsolable, unappeaseable resentments and putting pressure on the system. so interesting to see jeff
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sessions trying to argue, trying to defend the justice department. those institutions, justice, f.b.i. and intelligence agencies, are on the bubble with the american people and i don't think we should push them through it. >> jason, one other element, president of the united states, has been saying, why don't they go after and investigate hillary clinton. that doesn't make it easy for attorney general sessions. >> no. and what will happen when the next democratic administration gets in office and starts investigating their republican colleagues? that, too, is the problem with going down this road. people hear uranium. and they think nuclear. it's more about a corruption story than a national security story. this is whether the state department was being used to enrich the clinton foundation. and so people need to keep that
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in perspective. >> i think there are some viewers that would say, wait a minute here. there are two sides, for example, there's the trump campaign and its ties and looking into that. there's also the question of just what role the democrats played in hiring and paying fusion gps, which paid christopher steele of british intelligence to collect that dossier. so i'm playing devil's advocate here. where should that be investigated? >> all of this should be investigated, because the allegations are very serious and they go to the highest levels of government. why does no one trust the justice department to do this? why are there calls for special counsels? people have 90 faith in the justice department or the f.b.i. anymore.
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they see loretta lynch meeting with bill clinton on the tarmac. they see jim comey going outside the chain of command and absolving hillary clinton. so there is a place, though, that this can get done and it's called congress and they've been doing a very good job for the legwork of investigations on this. the problem is, in fact, the f.b.i. and justice department will not submit to the oversight that under the constitution they're bound by and not turning over the documents and making things available. and by the way, it's a special counsel, mueller, getting in the waive that because they keep saying, we can't interfere with his investigation. >> that's where sessions and rod ros ros rosensteen can step in. prosecutions, okay, few people in jail, big deal. the country needs to know what happened. that's what i want to know. i want to know what happened. >> and that's not the job of
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prosecutors. they don't issue reports on what happened. they indict people. we need congress to tell us what happened. >> and what about the political fallout if there's a special counsel named? >> i think you are almost guaranteeing the impeachment of donald trump if the democrats take control of the house in 2018. the impulse to payback for the appointment of this special counsel would be overwhelming. >> all right. still ahead, president trump takes a victory lap, touting the success of his 12-day trip to asia. critics say he's ceding leadership to china. >> my fellow citizens, america's you can't predict the market. but through good times and bad... t. rowe price... ...we've helped our investors stay confident for over 75 years. call us or your advisor. t. rowe price. invest with confidence.
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>> the momentum from our trip will laurj us on our continued effort to accomplish the three
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core objectives i outlined. to unite the world against north korea's nuclear threat and promote a free and open indo-pacific region and allies in the region. >> that was president trump wednesday in his first trip in asia, touting it as a success. critics say that he is ceding power in the pacific to china. cliff may, president of the foundation for defense of democracy. let's see if you can find out some truth here between trump saying it's a tremendous success and all the critics saying it's a catastrophe, debacle. where do you see it? >> it's a pattern that's concerning that applies elsewhere in the world. the trump administration and the
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president himself, they're articulating good, solid policies. the implementation of them is at best lagging a lot. while you have the chinese establishing facts on the ground and new ground, creating islands militarizing them and saying that they will change the south china sea to china lake and national waters international, trump administration saying we're not going to let that happen, but steps are not being taken. one of the reasons that china has found north korea to be an asset rather than reliability, it distracts the u.s. and gives china a bargaining chip. we can help you in north korea, but we want concessions in the south china sea. we're going to be the power in asia and expect you to accept that. >> i thought the president's
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words about the south china sea and vietnam and the philippines were pretty firm. he spoke up on behalf of freedom of navigation and territorial rights and these cannot be demanded, dictated by any single country. and the pattern of the islands, that started under president obama. so, you know, it's good to have -- i agree with you on the point of follow-through, but in terms of setting principles, issuing a warning, i thought he did well. >> i think that's exactly right. and it precisely means good articulation of policy and a vision and now you need implementation and people in place to implement those policies. you have criticism from former obama people, but did nothing about china's attempts to take over international waterways and establish, nothing whatsoever, about north korea's strategic patience.
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all the problems that have matured over the last eight years, now president trump inherits and it's a huge mass of problems, very difficult to solve and difficult to solve quickly, but you would like to see the people in place and implementation beginning to move. >> any signs from this trip on progress against north korea? china sent an envoy to pyongyang for the first time. we don't know if that will happen. i believe it will put pressure on north korea and china and sanctions on all of those that continue to facilitate survival.
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it's your pit bull, pet pit bull, you need to stop it from biting the neighbors. >> what about this deal that the president from rex tillerson struck with vladimir putin about syria. the deconfliction deal, that is supposed to maybe the civil war reduce intentions, save lives, many, many thousands of lives. same concern exactly. >> you had the president articulating a good policy in terms of iran. and now you have the real risk that you will dispossess the islamic state in syria and have the islamic republic of iran reap the benefits. iran's goals are very clear -- they want to take over the northern tier. they want to establish a corridor, land bridge, from tehran, all the way to the mediterranean. they want to threaten their neighbors.
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they want to have nuclear weapons. they want to be the hedge among a new empire of the middle east. it's very important that we have the ability, and it will take some determination and resources, to prevent iran from achieving its aims. otherwise, we're the expeditionary force for iran and syria. as for russia, i would say this -- putin is not a communist, but he's a soviet. what that means is, he sees the diminishment of american power or aggrandizement as the same arithmetic at the end of the day. you can negotiate with him, but you have to understand that's who he is and what he wants. >> it seems to me this deal more or less accommodates russian demands. making some promises to help. yeah, foreign actors need to leave. and then iran says, we're not leaving. you're leaving. >> and russia -- yeah, that's legitima
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legitimate. putin is a good negotiator. he will not see thus as a win-win. he's empowering iran. empowering the assad regime. he has equities there. i don't think we're in a good place right now. we're in a risky place if the president articulates a strong strategy. >> cliff may, appreciate it. when we come back, the left is on the attack against president trump's judicial nominees. will charges that they're unqualified slow down the president's push to reshape the federal courts? it's easy to think that all money managers are pretty much the same. but while some push high commission investment products, fisher investments avoids them. some advisers have hidden and layered fees. fisher investments never does. and while some advisers are happy to earn commissions from you whether you do well or not,
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>> i think this rush to rubber stamp president trump's nominees is extreme. some are unqualified. >> democratic senator patrick leahy asailing the qualifications of president trump's judicial nominees. the left understandably frustrated with republican efforts to reshape the judiciary and the rapid pace of confirmations. president trump has had eight of his nominees to the federal appeals court confirmed in the first 10 months in office, compared to three for president obama in the entire first year. >> the american bar association has a standing committee that assesses judicial nominees and rates them. they've been rating four so far, not qualified. that's what leahy is referring to. who elected the american bar
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association? >> nobody. it's a liberal activist group that pretends to rate judges objectively. and all they're really doing is giving cover to democrats in the senate that want an excuse to vote against the nominees. they hold conservative nominees to a different standard. the senate republicans should ignore what they're saying. >> they did that against clarence thomas and sandbags robert bourque, calling him unqualified, which was a scandal, because he was so qualified. >> i think it's ridiculous. >> the larger picture here is that republicans are confirming judges really fast. >> right. that did not even include the
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judges. and it's intensly personal. we saw from the eighth circuit, that all of the innuendo about the temperament calling them "you people," which is not my preferred pronoun, and asking where his children went to school. >> and ben sass hitting back very hard saying, look, this is distorting record and temperament and he will be confirmed. >> all kinds of groups have score cards, rating their legislators, they can do that, but not this. >> this is why special elections are so intense.
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it should point out that a lot of them being recommended by a conservative-leaning group, but plays it straighter in its normal conferenced. they bring people from the liberal side, republican side, conservative side. they have displaced the aba in this process. and they would have a stronger case if they didn't change the rules. they did that. now the republicans are saying, fine, we'll take that and we're going to confirm that with 51 votes ourselves. >> and if the democrats take
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control of the senate, there will be no more confirmations. >> none? >> no. >> i agree with that, too. that's why i think the g.o.p. should move now to limit debates and getting process sped up. >> they're holding every until any to 30 hours even if they're noncontroversial. and chuck grassley moved this week to initiate a policy called a blue slip against two nominees and move them, which is, again, something that democrats are responsible for themselves. okay. we have to go. we have to take one more break. when we come back, hits and
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pull pull time now for hits and miss of the week, kim, start us off. >> paul, we had another shooting this week in rancoh tehama in
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california. a hit to tehama district attorney greg cohen who put his finger of shooting, our culture has got a toxic mix these days of mental health, drugs, poverty and firearms and that's the way we should be looking at this problem. paul: jason. >> paul, this is a miss for the three college basketball players who got caught china recently, they embarrassed themselves and country. it's a hit for president trump that intervened, it was the right thing to do. [laughter] paul: are they going to thank me or not? [laughter] >> this is a hit for republicans in congress who this week without fun fair finished a defense authorization bill for about $700 billion that's heading to the president's desk,
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2.4 pay increase for service members that the obama administration sort of famously skimped onto save money. this is not the start of major defense bill. paul: okay, kate. >> hit to leonardo de vinci painting sold, leonardo has still got it. paul: are you sure that's leonardo? [laughter] >> the painting itself, most expensive ever has to be jesus. i think this is one of the better developments in a long time. paul: it does say something about the economy that there's that much money floating around. >> in the world. paul: in the world to be able to buy a painting for that much even leonardo. if you have hit or miss be sure to tweet it to us.
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that's it for this week's show, thanks to my panel. thanks to you for watching, i'm paul gigot. i hope to see you next week tonight on "war stories." it was the coldest battle in the forgotten war. >> got down to 116 and more below zero. >> frostbite. people's fingers, hands, arms, feets just rotting off. >> the frozen chosen. the bloodiest battle of the korean war. >> we all knew we were going to die. >> how did the soldiers and marines make it out? that's next on "war stories."


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