tv Cashin In FOX News September 30, 2017 8:30am-9:00am PDT
buying spam to steak, and once the tax cuts go through. david: keep it right here, the number one business block continues with cashin' in. liz: yes, the economy is growing, but are these past presidents showing us how it could be booming. forget 3% growth we're seeing now. how about 5, 6 and even 7% growth we saw back again? can this republican tax plan do it? hi, everybody. welcome to cashin' in, i'm liz claman. here with us, rachel campos duffy, juan williams and steve cortez. you show how tax cuts boost the economy, give us some evidence. >> oh, absolutely. by the way, most people when they talk history here and tax cuts they go straight to ronald reagan, he's a great case.
i'd like to go further back to john f. kennedy. my irish grandmother on my mother's side she had a picture of jfk on her wall. i think that's mainly because he was irish and catholic and handsome, but i would put a picture of him on the wall because he was a tax cutter. a lot of people don't know that. he was the last democrat who really believed in cutting taxes and what happened, sadly, he didn't live to see a lot of this. but what happened as a result, the economy soared in the mid to late '60s, as did the stock market. so, jfk proves when we cut taxes, we incentivize people and put money in their pockets and empower them. great things happen and prosperity is lifted for all. particularly the middle class. liz: let's not forget at that reagan was irish and handsome, too. >> the evidence is there in the chart, but i will say this in response to steve, that, of course, you were cutting from a much higher level of taxation than we have today and even as we consider it high taxation at
39% for an individual. people would say, my god, that was 70%. so that's a big difference. but, here is the thing. the package that's on the table right now, does it put money in the middle class, man and woman's pocket? and i think that's the problem democrats are going to have. everyone on this panel will say democrats always say, this is going to benefit the rich. but actually, this package does benefit the rich and i think that democrats are going to have to push against president trump and say, you've got to do less for the super rich and more for the average man and woman. because right now, the polls show, americans don't like tax cuts for corporations or the rich, they want it for small business and for middle class individuals. liz: in a way, jerry, this one gives it to all sides. >> right. it's a matter of closing loopholes that will then give the middle class an upper hand or at least an advantage? >> i think you're right. this is a comprehensive tax change and i think the real
beneficiaries here are corporations that are going to be able to bring money back and not pay the huge corporate tax rate of 35%. the question is, what will they do with that money once they get it back? it's going to be interesting to see. what will they do? hire people, expand? will they decide, no, we're going to buy back shares and boost dividends? i think we want more jobs. liz: in time we've got a fox news poll, nine out of ten think that the tax system has to be changed or overhauled? rachel, the theory is that the tax cuts will pay for itself historically. are we doing anything about cutting spending and cutting the deficit? >> of course, taking care of those issues would help the economy as well, but i just read an article today about lobbyists scrambling because they're seeing their loopholes going away in this new plan. that's draining the swamp. that's what makes people excited about this plan.
i think it's a plan that's going to help the middle class, and i think that donald trump was very invested. he you heard him talk about health care. he was ah. when you hear him talking about the tax plan you know he was involved in it and he made a promise to the people that he was going to give the middle class the break that they need. right now you're seeing a lot of liberals opposing it. i don't think they're opposing this plan because they don't think it won't work. i think they're aprayed it will work and when you get four, maybe, 5 or 6% gdp it's going to reveal a lot about the problems with the obama big government and centralized economy take on how to run our country. this is an opportunity for the g.o.p. to prove their free enterprise ideas work. liz: steve, let's pretend i'm a nay sayer and i say, president trump actually gets to benefit. this is what you've heard.
you have heard people say this already. >> right. >> with the elimination of the estate tax, then wealthy people-- they need to define the brackets though, too. i'd love to know what they consider rich, what is that level? that wealthy people will get a great deal if the estate tax is cut. fight back on that to our viewers. >> sure, i would say this. i think some wealthy people under the current plan might see their tacks go up, particularly if you live in a high tax state. if you're a law partner in los angeles you'll probably have problems with the tax code or a wall street executive to lives in new york and lose deductibility of your state and local taxes, which i think it should happen, it's unfair. low tax states are subsidizing high tax states. florida and texas shouldn't be subsidizing illinois, or new jersey. and some might see taxes go up under the plan. the way i would sell a skeptic,
70% of americans don't take the deductions. that's automatic tax cut for them and simplification. it's so key. to rachel's point-- >> that's what our poll shows, think of it. >> the k-street loves complexity and live in complexity and they find their utility, unfortunately. simplification rewards regular american workers, the rest of us. liz: indeed. and you'll start to see a lot of those lobbyists, juan, start to fight like heck because their air hose is getting stepped on with this plan, is it not? and then to that end, the elimination of the estate-- the elimination of the deduction of state and local taxes for, you know, highly taxed states is very controversial, too. >> historically controversial. so, imagine you're in the real estate business. boy, the real estate lobby i-s on k street in d.c. are going nuts. if you double the standard deduction essentially you make
the house held mortgage deduction less value unless they take it. and that would have tremendous ramifications. push back on you guys, you do away with the estate tax and alternate minimum tax and have a situation with pass through, guess what their partners are making more money than ever and i think that's the way that democrats see it and they want simplification, but they don't think you should dump the money in the hands of the rich. liz: gerri. >> what you're talking about, i have to push back. they look like rich people on paper because they put profits from the company through their personal irs filing, right? what we need to do is reduce that tax for them, guess what? we'll hire more people and that will have a direct and immediate impact on the economy, no doubt about it. liz: we saw how the tax cuts
worked under reagan and how the tax cut and hike under clinton worked. both had great growth. let's look at the obama administration, eight years, of course, hit by a horrific financial crisis, you know, he literally takes over two months before the all-time low of the markets, at least during that period of time. rachel, to what do you glean from something like that? >> i think the obama economy was a failure. i think that what we're seeing with-- first of all, when trump was elected we saw consumer confidence, business confidence, investment increasing. every project that people were thinking about for eight years under the obama economy, we can do it because we believe a businessman president won't vilify us. i think what we're seeing with the tax reforms and tax cuts is that the economy is going into overdrive because it's already starting to boom. and this will just push things further.
liz: we do remind people, the economy is not the same as the stock market. the stock market at triple digit percentages from obama and has done extraordinary northwest airlines well under trump, but we need to remember it's not the same thing. puerto rico in dire need of help, and private companies are answering the call. the uplifting news you may not be hearing on other channels, but you will here. and that's next. g new cars.
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gerri we always hear the bad about the private businesses, but when the chips are down they step up and do a lot of good. >> they absolutely do. you see the companies what they're doing, delta, jetblue, they're sending planes down, full of food, full of supplies for these folks who have been devastated in puerto rico. it's so heartwarming to hear. the old saying look, when times are tough and when times are bad, that's when people step up and that's what's going on with the corporations right now and you see royal caribbean, carnival, where are they donating. they're donating what they can, giving ships, planes, a small new york power authority. what are they doing? they're sending down ten engineers to help. that's real help. real help for puerto rico that desperately needs it. liz: generosity and by the way, it's important to know that the cruise lines are on their heels and suffering, too, because some ports are closed turning around
and using resources to do that. united airlines, delta, my favorite is fed ex where the mechanic came in and requested of top bosses, can we use the plane to ferry meals? and now it's 10,000 a day. >> it's heartening to see. a lot of americans are hurting down there, clearly and praying for them, that's not enough. we also need tangible help and the companies are stepping up. i was impressed with the telecom companies at&t and i think verizon also, offering free data, unlimited talk to anybody who has their phones. so, those kinds of tangible ways are helping are heartening as i mentioned and impressive. business is not just about greed, not just about making money. it's about making life better, prosperity for everyone, including like this, in an emergency situation. liz: i believe t-mobile is also helping. juan, even companies right now that are being eviscerated by the government, google, for example, being you know called on the carpet for all kinds of issues. they've given their employees
money, 250,000. their company matched it. does this take away the demonization of corporate america? >> well, i think that people like corporations. i mean, these corporations provide us jobs, income. there's a lot of good to it, but to pick up on what others are saying, people often times demonize the point to greed in excess and we live in an era that's kind of gilded for those of us lucky enough to have money in our pockets, but when you look at this situation, it really does open your eyes to the benefits of capitalism because here you have people with resources willing to share. this is, to me, the best of our capitalistic system. it's at its apex. i mean, remember, president trump had to go up against the shipping companies last week in terms of the-- and saying anybody can come in who wants to do something, not just american ships. there was resistance. but ultimately president trump and the shipping industry decided to help people. god bless them.
liz: gerri, looking at the industry, coca-cola, $6 million. they have been attacked by just about by everybody in the planet at some point in time and to see that kind of generosity, what does that say about a company? i don't want to hear the naysayers or the skeptics saying corporate america is doing this for better pr. who cares? the ends justify the means. >> the ends do justify the means, absolutely. and you see company after company doing this. i think, look, they know what's going on here, they know that people will respond to them. they know that what's really needed is help and help right now. federal government really struggling here in puerto rico to get on the ground and get things done. you know how fast corporations can work and how much they can be on the money when they need to. that's what we're getting right now and that's what's so exciting about this. and you've got to say, look, whatever the motivation, it's working. liz: rachel, it doesn't solve the debt crisis. i mean, they're swimming in debt in puerto rico.
what happens after all of this? you look at that lovely, lovely island and you figure out, how are they going to get back on their feet from the hurricane let alone the debt they're swimming in? >> right, well, i mean, the debt crisis is an enormous problem and part of the reason why the response has been so difficult for the government is because the economy in puerto rico in many ways didn't have the infrastructure and am of the resources it could have had if had hadn't been struggling from the debt crisis. that said, there is something that americans can do. once puerto rico is on their feet and doing better, and that is if they want to take a caribbean vacation and they are lovely, don't go to cuba, go to puerto rico. that's america. that will make america great again and you won't be giving money to an evil dictatorship when you do that. you'll be making america great again and it's a beautiful island with warm people, and i know they're hardworking and going 0 get this back together
soon and ready to receive tourists and i hope that americansen 0 the mainland really prioritize puerto rico and help them get back on their feet. liz: rachel campos duffy, you should moonlight for the pr department of puerto rico. >> i should. i'd do it because i've been there and it's a beautiful place. >> lovely. liz: the payola scandal that's hitting college to its core. is there a way for players to take money without breaking the law.
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>> fox news alert. i'm leland vittert in washington. amid the nuclear showdown in north korea, secretary of state rex tillerson says that the united states is in direct contact with the hermit kingdom. that revelation as he spoke to reporters in beijing. after the secretary met with chinese and other top diplomates. multiple channels of communication are open to the north. president trump this weekend defending his administration's response to storm ravaged puerto rico and casting blame on the mayor. suggesting that the island is not doing enough to help itself. more on both of these stories at the top of the hour when i see you with jillian turner. in the meantime, back to cashin' in.
>> talk about foul, the fbi accusing several college basketball coaches and staff of bribing players and getting kickbacks from sponsors. juan, you say if they'd play the college players there would be no more schemes? >> i don't know if they'd eliminate all schemes. but most would go away. why? because if you put money on the table in plain view of everybody and said to the ncaa, the governing body, you can control this and you don't have to rely on minor aau and other coaches who are going to be influenced by big corporations in the case of the u.s. government case, adidias, in terms of funneling money under the table to families or players. this is corruption and it's got to stop. those young men are full-time employees, athletes, even the video game companies, liz, use their images and that had to be stopped. it's time to break through and
pay them. liz: except that one might argue they are getting paid. what they get in annual scholarship money is pretty significant. $38,000. that was last year's number, per year. that's such a relief, isn't it financially, gerri? why do they need to be paid on top of that. >> i agree that's a lot of money, absolutely and you consider the average college tuition is at that level or higher. look, these guys are professionals. their images are used by the universities to promote their football and their basketball programs. at the end of the day what they're doing is no different from what a paid professional athlete is doing. so, i think, you know, was anybody surprised by this scandal? i don't think so. why don't we clean it up and make it aboveboard. liz: let me answer gerri's question, nobody is surprised by this. grab the pearls moment, oh, my land. everybody has heard the rumors
of some of the top programs in the nation, some swept up in this. what is the answer? >> the answer is to pay them, it's part of the answer. and it's true they get a scholarship, but guess what, too few of them graduate. michigan state 40% of black players graduate. that's an atrocity. what's unfair, everyone around the player makes money from the university president to the coaches to the ncaa, sponsors, broadcasters, everyone, but the players themselves. i think it's unfair and a bad policy. liz: rachel, if you pay them you'll see them drop out sooner that's the theory then they know i'm going to this team and get this endorsement. >> listen, i think that they should besides we should not pay them. they should make money off licensing of their name and their number on their jersey at the scores where they're sold, but i think that the money that the university makes that is going to these outrageous salaries for coaches. we should start-- and by the way, athletic buildings like spas.
we should funnel that back into the universities for lower tuition for everybody. i mean, we're saddling our kids with outrageous debt. let's use that money to help everyone. liz: thanks, gang. the entire house of representatives cheering as republican congressman steve scalise returns after having been shot. an emotional moment and an amazing show of bipartisanship, but how long will that last? . the classes, the friends, the independence. and since we planned for it, that student debt is the one experience, i'm glad she'll miss when you have the right financial advisor, life can be brilliant. ameriprise
>> time to go on the spot. predictions, rachel. >> we had a real genuine moment of bipartisanship on the house floor this week with steve scalise coming back. i predict it will not last. liz: juan. >> deal makers make a deal with president trump. the democrats want tax reform. >> gerri. >> state and local tax deductions, bye-bye, not staying.
liz: steve. >> crowd oil above $50 a peril -- barrel. i love lxe. >> i'll see you on fox business 3 p.m. eastern. >> secretary of state rex tillerson has revealed there are open lines of communications between the united states and north korea. this, as he tries it lower tensions with kim jong-un's regime. we'll get the latest. leland: plus, fallout from president trump's tweets on puerto rico this morning, calling the mayor of san juan leadership skills poor. what she has to say about that. gillian: a day after health and human secretary price resigns over a travel scandal. what's underreview for other white house officials. ♪ . gill