tv Boom Bust RT September 29, 2017 11:29am-12:01pm EDT
i don't work when i sort of go into. the. time lindsay francis is broadcasting around the world from washington d.c. tonight money is set to roll in for that border wall between the united states and mexico if the house homeland security committee has its way and china's security is regulatory commission is set to deep in bad countries capital markets by speeding up the launch of crude futures trading also my guest explains how the new tax reform proposal of that businesses large and small and even those overseas stand by us starts right now.
in an effort to deep in the nation's capital markets the chinese securities regulatory commission plans to grant access to more foreign investors in a speedier manner it's set to launch crude futures trading in hopes that will rival chicago new york and london it said to grow chinese futures exchanges overseas through offshore outlets and acquisitions. and highways airports bridges and rail systems you get the idea it's infrastructure and it's something the president and congress have vowed to tackle as we wait for that to come up tax reform has climbed to the top of the agenda contained within the g.o.p. version of the tax reform plan there are a few line items that have those in the infrastructure industry very curious and concerned joining me now is michael bell and president and c.e.o. of associated builders and contractors thank you so much for coming in. then
talking about this hot topic let's talk about pastor tax small companies face a max tax rate of about twenty five percent under this plan if it makes it through on business income well dropping that's down from nearly forty percent some cases actually prevent the recurrent or is ation of what is income and what is you know personal income and what is business income but was first talking about it was in the small business tax right away like how that's characterized because in the construction industry ninety nine percent of the laces contractors employ less than one hundred people right so predominately small business many of them are family own cash is king so any kind of dollar that they get to add to their bottom line they reinvest in hiring people investing in technology etc so critical. the current tax free ride you mention highest thirty nine point five percent s. corp indicates that the average s.
corp is about twenty nine percent real effective rate so this is really a great opportunity it's a big four hundred so it's a very nice car yes do you think that you know higher earnings passwords are pretty happy the framework for lies though as it states on committees to cap who can incorporate as a pass through yes we're talking about sole proprietorships and as you mentioned the small guys about who can actually file as us do you think that there is going to be effective caps on these sort of loopholes that these big companies are using well from a from the small business taxes here's the challenge the challenge is if you're an in the active participant so you just invested money back were good ok because that's definitely part of the small business tax the challenge is going to be if you're a leader in a wage earner as well as an owner how do you properly test what is the proper way
versus what is a proper business profit right because they'll be paid at separate rates so that's the work that the committees need to do they're going to be involved with business to make sure that they get that formula right and get those test rate. staying on you know construction and infrastructure companies like you said a lot of the little guys what is the worry there is their concern about this obviously filing taxes for any small company is a stressful situation especially if you're small and i mean small within you know ten people you're employing especially is there a concern in the construction industry about this and how. they'll be able to maneuver it you know are twenty one thousand members are applauding i mean so twenty percent corporate tax rate for the c. corp so this is all that's pretty damn right salut small business tax at twenty five percent then the individual tax with regards to compressing that simplifying
it right bit bigger standard deductions any dollar you can put in our work for it on that friday paychecks are going to be hugh do you think does not have a high chance of making it through committee. that's a great question there's so much that needs to be done in the details of course that's got nine pages here that's right that's not a latte and they've got to be able to give strike a balance between this framework and these concepts as well as the financial sustainability of the system they've got to do some dynamic scoring so there's going to be some give and take it's going to be tough work they've got we're just at the beginning yet but there's a lot of commitment here to get this know what you think of donald trump backing away from his rhetoric candidate trump certainly not a lot of this public private partnership especially as regards that infrastructure bill do you think that has struck fear in the heart of some small business owners and construction company no i really don't at this point in time because at the end
of the day everybody realizes that we need to do something with the infrastructure of the united states of america we've got safety issues we've got development opportunities we've got mass transit opportunity set or so something's going to get done but they're going to public private partnership i think people might have had the impression that that might be the silver bullet for the complete trillion dollars what's really not i mean there's three key elements to public private partnerships first you have to have an economical sustainable financial stream that's generated by their project the second point is these are complex projects that last for a long period time sometimes twenty five years they must. to have a win win agreement everybody's got to be able to win because someone loses right there i got to be able to cut ties to absolutely and then the taxpayers got a win you also mentioned in this that there is as you mentioned an artificial calendar with regard to these tax plans and it just doesn't fit well with
construction companies explain that so if i do a project that starts this tax year and ends in the following tax year i end up as a company paying taxes on profits before i actually might receive the profits it's a timing issue this is something that i think we'll be able to work through and you think they've got to have had this laid out in these discussions i think i think this is an awesome opportunity to listen to a day we've talked about it cash is very important if we're going to grow your economy construction companies get paid thirty to forty five days after the put more complacent and more free cash flow they have to more inventory they can buy for more talent they can put on the field to work equipment that they can invest in so that they can grow hire more people create more profits grow hire more people it's a beautiful fly will fare would this change anything about the bidding process domestic and international companies bid on projects do you think that this tax rate change
even income tax brackets for some of these workers would change the bidding process on on some of these projects i think that are make american businesses more competitive absolutely i think if there's a competitive situation with foreign competition so for instance you know border states might be an issue for the smaller business but the smaller companies not really large international companies yes there will be some leveling of the playing field there compared to other corporates across the world all right they're going to want to see that level playing field created in these discussions as i've got about as i said only nine pages so far thank you so much michael palin the president and see. associated builders and contractors incorporated thank you. well the construction of that wall along america's southern border is one step closer to being actualized republicans on capitol hill plan to draw up legislation allocating billions of dollars for it on october fourth the bill will be marked up by the
house homeland security committee and it will be called the border security for america act ten billion dollars will be funneled into construction defense technology and aerial surveillance five billion will go to amp up u.s. ports of entry the hiring of ten thousand more border patrol agents and the use of national guard troops to provide protection. and underground bunkers have seen a resurgence in popularity ever since donald trump was elected so what's the fear the find out we had down to the lone star state where the shooting investigates. from the threat of nuclear war with north korea. the seeming increase in natural disasters like hurricanes harvey irma and maria there's a couple of reasons why people are drawn to underground bunkers. in texas one bunker can see more demand in certain areas of the u.s. as a result what we've sold the last few months has been more california. earlier this
year we saw quite a few different in the virginia and d.c. . maryland rising as bunkers has been around for fourteen years sells bunkers to people all over the world for similar reasons from individuals and businesses to politicians and the military the client list is long and diverse. but for some of them are serves a different purpose young the physical threats of war or climate change there are other reasons why americans also want underground shelters like the fear of economic collapse income inequality in the u.s. has increased significantly over the past few decades. and nearly ten years after the recession it's been wealthy americans that have recovered the most thanks in a while doomsday preparation comes in many forms these bumpers don't come cheap in fact prices start in the tens of thousands of dollars so it's more than just war
and dangerous weather conditions that's leading to a bunker boom however most clients aren't one issue buyers it's not any one thing it's a compilation of of multiple things and for each individual customer that's different . for now the fear over civil unrest isn't a singular driving factor behind the increasing interest in underground shelter but if income inequality continues to widen or the u.s. economy falters it could lead to a quick spike in bunker buying just like the threats from north korea did reporting in murchison. r.t. . time now for a quick break but stick around because when we return we take a look at the racial inequality in the filing for bankruptcy in america also health care reform may be in the trash for two thousand and seventeen but president trump promises to give it another crack at the start of the two thousand eight hundred first full year i guess tonight because as we go to break here's a number of the closing down.
we cannot stop the technological revolution in any area whether with these stem cells you know the ability to grow certain oregon so on the skin though with human beings or computer technology in a general. the way or any other technology because it's driven by human curiosity. capitalism requires capital which requires savings which requires a rate of interest that encourages people to save and that rate of interest has to be commensurate with the global more than the americas risk reward profile in
issuing bonds from a wall street bond issue or and i issue too many bugs in the market can absorb i should watch the price of my bonds go down i know i just can't issue bonds of a goldman sachs every day billions and billions and that they never go down in price because the fed reserve is always going to print money to buy them that's not even remotely tied to capitalism in any stretch of the imagination that's a racket. with goods manufactured incentives to the public will. when the ruling closest to protect themselves. with the flaming. lips and neither will. we can all middle of the room signal. the real news is really.
the government knows what they do and they do nothing. southwest airlines is apologizing for forcibly removing a woman from a flight according to reports she demanded that a pets and medical assistance animal be removed from her flight because she has a deadly allergic reaction to that she said she needed an injection well an airline cannot inject anything into a customer without proof of a medical impairments and a customer without a medical certificate may be denied boarding if that passenger reports a life threatening allergic reaction and cannot travel safely with an animal on
board so after being told that they could not remove the animals because of her allergy and that she needed to leave the plane to receive an injection she refused then the situation became more tense and she was pulled from the flight the video was dramatic hit the internet and the airline has now apologized for. the fiscal year and saturday and with it goes the last transport of push through a far reaching health care reform in the united states now while talk is now turned to tax reform we need to take a look ahead to the. early first quarter of fiscal year two thousand and eighteen that is when president trump says republicans will return to a repeal of obamacare or at least try my guest says one of the big problems of this two thousand and seventeen g.o.p. debacle is in low numbers or the lack of the president's presence at the bully
pulpit pushing this through please welcome managing director of policy at the independent women's forum howley the graham cassidy bill shelved earlier this week was this sort of fake momentum a mirage or just a last ditch effort that was never really going to work well senator graham had been working on this proposal all along a proposal that differentiated itself because it kept most of the taxes most of the revenues in the affordable care act but rather than completely repealing and replacing the law it simply transforms this revenue into block grants for the states so this was the night dia that senator graham pushed all summer and finally i think the rest of the republican party turned to it when they had exhausted their other options ok you say there is no bipartisan way forward on health care explains a pretty big statement well the senate's you know if you want to pass a bill through regular order you need sixty votes and sixty votes means you're going to have to have at least some reaching across the aisle republicans have
tried very hard to work with just a fifty vote threshold through the budget reconciliation process and they've failed to even get members of their own party on board so as we look at you know who's available in the democratic party to side with republicans unfortunately i think the reason we don't have a bipartisan way farid is that the democratic party is actually shifted to the left senator sanders of course introduced a bill that would provide medicare for all or a socialized medicine type of system and we saw many democrats signing up as co-sponsors for that bill so i think it's it would take it would take a miracle for there to be bipartisanship on health reform in the senate let's talk about the insurers obviously. a very powerful lobby a insurers church unlike obamacare they began pulling out of states left and right would this graham cassidy bill really have changed that or even the bill we saw earlier in the year well i think it would have changed things for insurers based on which states or states they're operating in because of course the whole premise of
graham cassidy was to devolve a lot of insurance regulation and spending to the state level but insurance companies were impacted really two different ways by the affordable care act yes we saw an obliteration of small insurance companies in those state based exchanges many of them exiting due to financial losses because the pools of people signing up for obamacare were much sicker than they expected on the other hand the affordable care act has a lot of market stabilization programs and that's washington speak or subsidize ation directly to insurance companies and of course there's an individual mandate in the law that all americans purchase what the insurance companies are selling so is a mixed bag for insurance companies those that have survived the affordable care act mostly big insurance companies i think were wary of any change i think any law that's been on the books for more than a couple years starts to enjoy a status quo advantage because the public and industry really tires of reform after reform after reform we call that reforms that runs the tea and i think a lot of people are just getting used to obamacare now even if they're not totally
satisfied with it from the g.o.p. side just to go back to the party we saw a lot of protests against the latest bill from the g.o.p. lindsey graham said it himself the base is angry because they're just not getting it done i'm paraphrasing here and some harsher words than that as i'm sure you heard it just seems divided straight down the line of the g.o.p. . well we saw a lot of protest people lying down in the halls of congress and people in wheelchairs protesting against republican efforts to repeal and or replace the affordable care act but i would argue that republican voters especially republican conservative voters in the base have been protesting the affordable care act at the ballot box for election cycle after election cycle we saw in two thousand and ten the year of the affordable care act asked big republican wave again in two thousand and fourteen and i think a lot of republican voters also frustrated that in the two thousand and twelve presidential election mitt romney as the candidate on the g.o.p. side wasn't really the best advocate for getting government out of health care given his history with romney care in massachusetts so yes the republican base it's
very frustrated that the senate has not been able to deliver on their promise you know these were common conservative names as you pointed out that we saw deregulation things like that did they overshoot the boat in their confidence of how these things just by i want to say sort of just injecting them into the language of this bill will continue to carry through or do you see a split coming up. you know i think that we have to keep in mind the failure of the gramm caspi bill and the failure of a lot of the other votes we saw in july on the senate side that was by a very narrow margin unfortunately republicans are faced with a situation where they need all but two senators to agree and so i think there is broad agreement you know when you have forty something senators agreeing to vote for a particular proposal that's a lot that's simply not enough to get it across the finish line so i think republicans made the mistake of overestimating their confidence in every single member of their party obviously it only takes a couple john mccain's or
a couple susan collins to push back the effort. by a mile well and also you've mentioned that the number of times the president really addressed this was a lot lower compared to president obama nearly one hundred times it was mentioned or speeches. we're we're focused solely on this and you feel that president trump just sort of said ok we will give it a shot go do it and didn't address it to the people that's right president stance on health reform let's get me a beautiful bill on my desk and i'll sign it you really turned over control to congress and that's that's right legislatively speaking congress should be the lawmakers they should be the ones passing the laws that's what the constitution says but the president has a huge role in leading the party in getting his agenda through and compared to president obama who took a huge entrance and a huge role in sort of making the case to the american public for obamacare and
that's why the law bears his name he takes a lot of responsibility for it president from really didn't get out there explaining to the american people why the specifics of this bill were going to provide benefits to them direct benefits to the american people and with that you know i'm afraid the left really won the messaging war on health reform this summer by simply using the talking points that millions of people would lose coverage and i think you and i have explored those before that there's a lot of misinformation out there but republicans simply didn't didn't succeed in making their side. as you pointed out in the past it's got to change its reputation as the party of no and now as we head into tax reform we'll see how that affects health policy thank you so much for joining us on this hadley heath manning director of policy for the independent women's forum thank you you thank. bankruptcy it's where you turn to when the debt is just too much to bear but does your chance of gaining lasting relief depend on the color of your skin well
according to probe public analysis black americans are far less likely to succeed after filing bankruptcy than their white peers and it has a lot to do with this style of bankruptcy practiced in the south some observers are joins us to break down the differences here some how are they making it harder for these black americans to successfully file bankruptcy filings it has everything to do with how you file and i want to show the two options that are given to individuals that are overwhelmed with debt so on the left here we have chapter seven bankruptcy now the downside to chapter seven is that you lose your nonexempt property that depends on state by state but it could include your home it could include your car or any cash savings you have but the upside within a few months of filing your debts are wiped out now with chapter thirteen over here you get to keep your property but your debt is not yet wiped in fact you have to make five years worth of payments on the debt you can't miss a single payment in order to get relief for the most of the country the overwhelming choice here is chapter seven especially if you don't own
a home now here's a look at the chapter seven filings across the country this is per one thousand residents and it compares predominately black zip codes of here with zip codes now in recent years we've seen bankruptcy filings among blacks grow much higher than why it's especially after people started recovering from the recession why is that code recovered better than blacks but look at this same data pool but this time it's for chapter thirteen now there's more than three times as many blacks filing for chapter thirteen than whites these are national numbers but pro publica is research centered mostly around the south specifically memphis which is dubbed the bankruptcy capital of the country now you can see here in western tennessee chapter seven filings there is a higher rate than you see nationally but chapter thirteen numbers just absolutely skyrocket. nationally in the black census tracks you can see there are far more chapter thirteen filed than chapter seven in memphis whereas most of the country
sees more chapter seven filings instead lindsay but why is it then that so many more blocks are being steered toward chapter thirteen if as you say it's so much more difficult to dig yourself out of well it's kind of predatory isn't it lindsey let's take memphis for example if you file for chapter seven the attorneys ask for a thousand dollars up front a lot of these people struggling with debt do not have a thousand dollars to get their attorney but they say hey you can file for chapter thirteen we won't we will make you pay anything up front what happens though is that the attorney fees end up being three thousand dollars for chapter thirteen so three times as much but it's over an extended period of time they're not told before impact of their choices now in memphis seventy five percent of the filings are chapter thirteen less than a third of these filings actually end up in discharging of debts most of them can't maintain these payments for even one year much less the five years they have to pay and the big picture here twenty fifteen memphis courts dismissed nine thousand cases didn't make those payments that's more cases that we've been filed in twenty
two states combined so this is primarily a problem in the south so outside the south of the country overwhelmingly files for chapter seven yes outside of the south it's primarily chapter seven filings with one glaring exception that's chicago we can show you northern illinois rates from the pro publica research twenty fifteen had more consumer filings than any other district in the country and it was driven by the district black communities filing chapter thirteen what's driving this black low income debtors they're not able to pay their traffic tickets to the city of chicago and they don't want to get their cars repossessed they don't want to get their licenses taken so they file chapter thirteen but then they can't make the payments and they end up losing it all that is predatory and it's very very scary thank you so much for that report some divers are you know thank you. there have been one or two famous bunnies and holder over the years but none
compared to the famous playboy bunnies created by the late hugh hefner that's right the playboy creator and american icon has passed away at the age of ninety one introduced the world to beautiful curvaceous women back in one nine hundred fifty three and made millions have turned was up worth up to fifty million dollars but a playboy peek he was worth up to two hundred million the dawn of the internet saw playboy declined and with ploy playboy stock falling eighty percent from the year two thousand to two thousand and ten after did remarry before he died however an iron clad prenup means his widow is seeing nothing while his kids will divide up the estate. thanks for watching be sure to catch bin boss on directv you can find out on the arche channel freaks who want to miss us on directv catch the boss on you tube youtube dot com slash bill but our think tanks rotting in a. car.
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