tv Forbes on Fox FOX Business October 1, 2017 3:00am-3:30am EDT
>> and you've got a book out. >> i love capitalism. neil: doesn't sound enthusiastic, but in the book he really is, talk with him more about that. the cross of freedom continues on the place for business. david asman. david: in the urgent sales pitch to make the tax code simpler, does president trump need to take a cue from the gipper? here is our president now. >> we're going to cut taxes for the middle class, make the tax code simpler and more fair for everyday americans, and we are going to bring back the jobs and wealth that have left our country and most people thought left our country for good. david: and now, here is the great communicator. take a listen. >> i'll start by answering one question on your minds, will our proposal high pressure you? you bet it will. how will the proposal work? the present tax system has 14 different brackets of tax rates
ranging from 11 to 50%. we would take a giant step toward an ideal system by replacing all that with a simple three-bracket system. david: see the difference? well, hi, i'm david asman. welcome to forbes on fox. let's find out more with steve forbes. rich, list bet mcdonald, john tamny and bruce jansen. is it possible for trump to go the reagan way? >> absolutely. he should do it before congress votes on it, the way reagan did it, have the details there so he knows what to present to the american people. he doesn't need a lot of graphs. but in the background, a typical american family will keep, 2, 3, 400 a month and then the rallies adds fuel to the flames and that's how you turn up the
public heat. david: can president trump do that? >> i don't think so. reagan took years for his message and reagan had a good plan to articulate which makes it much easier to sell. as trump himself as said, his tax plan does not help people like him. the last i checked, the rich paid the majority of the taxes. if we're not cutting taxes on the rich, that means we're not cutting taxes. how do you sell that. david: rich, there's a one similarity, a simplification program. we saw president reagan, back then 11 different tax brackets and brought them down to three. now president trump is suggesting our seven brackets on the left converted to three. so there's a similarity here. >> somewhat. you know, if donald trump really wanted this to happen if a big way, he could make it happen, but it's not clear to me that he really wants it to happen or that it's his stop priority because he's so easily distracted picking on mark zuckerberg or nfl players. if he would do that -- that
separates him from ronald reagan. ronald reagan would not have allowed himself to be distracted like he's being distracted. david: and i don't think you like either reagan on president trump. do you think it's possible. >> i look at pictures of reagan and what we've got now and makes me miss him a little bit. listen, trump gets so distracted as rich was saying, over the weekend, we had the third try on obamacare appeal and he's tweeted about the nfl. listen, he could do some rallies, but i don't think he has the ability to do any rallies outside of indiana and alabama. and so, he's got to broaden his-- he's got to be a president for the whole country. david: he has been doing rally, mike. what ronald reagan did, i understand there were only three networks back then and now we've got a gazillion of them.
we've compared trump's speech with reagan's speech, maybe that's not fair. there are certain times that trump does speak clearly and simply what he wants to do. let's play a clip. >> i'm doing the right thing, it's not good for me, believe me. [applaus [applause] >> but what is good for me, not only as president and legacy, what is good for me is if everything takes off like a rocket ship, like it should have for 20 years. david: so, mike, a rising tide lifts all boats. he is that the message he's making there. >> trump's problem in getting tax reform, david, hasn't been that he hasn't been out there getting the message across, he has. most people in this country are for tax reform. his policy would be pro growth, just like most people don't want obamacare and people were for supporting getting rid of obamacare with something different. it's not trump. the problem is, other
republicans in leadership haven't been supporting trump's policies. that's been the main problem. he couldn't get the votes for getting rid of obamacare. and he hasn't gotten a lot of republican support for tax reform. this program will help people like trump, because when you cut corporate taxes and you cut the top marginal rates. everybody benefits. david: all right. well, that's a good point, e-mack, that make makes is that it's not just donald trump, i mean, there's the whole infrastructure that has to vote on it, congress, et cetera. peggy noonen wrote to this point in the wall street journal this weekend. paul ryan, compare this to 1986 when ronald reagan won tax reform. that's another world. a broadly popular president, both parties were strong each working however reluctantly with the other. >> in the reagan era, you had democrats on board with the reagan tax cuts. it was sponsored by dan ro
rosscowski. and even howard baker, senate majority leader said reagan economics river boat gamble. i guess that makes obamacare the "titanic" gamble. and we have them acting like the walter mondales from back then. talking about the hikes. and democrats are playing hardball. mike is right. they're out there with misleading statements whereas the republicans are too nice. the republicans need to play hardball. david: nobody accused donald trump of being too nice. >> i was talking about mitch mcconnell and ryan. david: i get you. and in his favor, mike pence as vice-president. he gets it and understands tax reform and he knows how to sell it. >> he does, indeed. one of the things that republicans need to do in congress get away from the words tax reform. what people want are big tax cuts. don't fall in the trap of class warfare. everyone wants to know is it
going to help me and my family, if they show that's true, they don't care if bill gates is doing well, is the economy humming again? if it does, the democrats criticisms are forgotten and the republicans triumph. david: if trump said forget about the reform word and said tax cuts, wouldn't it satisfy people like you? >> it would satisfy me if it's right. the democrats are not helping out. democrats are doing what they always do, they claim that tax cut help the rich. for once, why don't republicans design a tax cut that aid the rich. that's how you get economic growth matching capital with talent, the rich have the capital and yet, republicans keep playing to placate and trump is saying it doesn't help me. if it doesn't help trump, it doesn't help the nation. david: rich, let's go to you. about the word rich, the fact is there's nothing wrong with being rich. everybody wants to be rich. people come here to get rich. why is it that republicans are
now afraid of using that word? >> i don't know. i mean, that's a great mystery of our time. still in the-- it's still in the hands of donald trump though. he's got to put the persuasive powers of the presidency to work on this. to concentrate on this, really nothing else-- well, maybe north korea, but really nothing else until he gets it done. david: e-mack, again, the word rich. i don't see any problem with wanting to be rich, do you? >> people do not prosper at the expense of the poor. oprah winfrey, steve jobs, howard schultz, larry ellison, they were all poor and they moved up. david: and steve oprah winfrey, by the way, may be the democratic contender that donald trump goes up against next time? >> that's why the republicans got to stop using democrat language and use the language of growth like ronald reagan did. everyone gets a tax cut, consumers, middle class, people striving, rich, that's how you get investment, that's how you get consumer spending.
reagan had it right. kennedy had it right. let's go that way. david: and it helps the poor, the middle class and the rich. all rise up. not bad if everybody gets rich. all eyes are on what football players are going to do tomorrow. if players keep kneeling down, is it time for the nfl stadiums to give those taxpayers dollars up? hi, i'm the internet! you know what's difficult?
now, back to forbes on fox. david: are you ready for some more football protests? everybody stood at the national anthem on thursday night's packers-bears game. that was good. that could change tomorrow. athletes, activists and viewers still sparring over players' taking a knee at nfl games this week. and mike, you say since taxpayers foot the bill for most nfl stadiums, they should have the last word what goes down in those stadiums, right? >> they're already having the last word not watching as much nfl on television. ratings were down 8% last year
when it started. and they're down 11% this year on average from last year. wall street's talking about already $200 million in givebacks, free advertising that the broadcasters are going to have to give back to advertisers. david: e-mack, federal moneys, 3.2 billion dollars, and state and locals, 6.7 billion dollars, that's a lot of cash. >> that's a lot of money and the taxpayers are on the hook for defunct stadiums. the only place this is justified is in green bay where the town owns the green bay packers. i think there should be common sense here. yes, take a knee in the end zone after a football game. not for the flag. the flag is a symbol of freedom, not oppression. david: steve, should the taxpayers have the final say? because a lot of their money goes into these stadiums? >> there's no reason why, david,
you can have those bonds be tax payable, if a municipality and county wants to do it, it's their money. don't have taxpayers around the country foot the bill and anti-trust. they have an anti-trust exemption. there's another other industry in the world in this country where 32 companies get together and payroll caps and hold that over their heads, they'll say, oh, change our ways. david: they're always saying that the stadiums are good for the community, john tamny, that they deserve the taxpayer money that they get because in the end, the communities get more money. what say you? >> oh, that's ridiculous. stadiums are the opposite of economically stimulative. they're equivalent of a fed helicopter drop of money. the money would drop in and be disbursed elsewhere. if cities and states want to be ridiculous and do that which does nothing for the economy, they should be allowed to at the notion of federal taxpayer help, not a chance. david: bruce, it really is
insult to injury then if they're taking a knee, something that the audience whose he a paid for these stadiums doesn't like? >> i don't know that -- i think when the president called these days s-o-b's, people were like, that's over the top and he inflamed the situation, but i think the decisions should be made locally. i might add i live six blocks from wrigley field and my property taxes are going up again. david: and sabrina, your money inside the beltway, d.c., you get local and federal money going to the stadiums. and we also get the traffic associated with it. we get a double whammy. the nfl is worth $14 billion and our team here the redskins is worth $3 billion. it's number eight on forbes top 50 list of sports teams. the idea that we would be giving federal taxpayers subsidies is the idea of pouring gravy on the thanksgiving table. it's horrifying to me. david: and, mike, you went
through a litany of all the money that the nfl could lose as a result from advertising, and from a whole lot of things if the protests go on. thursday night, remind viewers, thursday night they linked arms, but they stood during the national anthem. do you think the nfl's getting the message? >> i do. and in fact, so are the other leagues, david. the commissioner of the nba came out this past week and said, nba players will be required to stand during the national anthem. don't think that nba or the other sports aren't watching what's going on in the nfl. david: e-mack. >> i think that mike is absolutely right. by the way, the nfl has a federal anti-trust exemption, and the head office, the headquarters, the umbrella organization is a nonprofit. yeah, i agree with mike. david: steve. >> in terms of referendums, how about municipalities have a chance to vote whether they want to pay taxes for the stadiums. a lot of those votes would be a no vote. david: there's an idea for democracy.
cashin' in gang getting ready to roll the bottom of the hour. liz claman what have you got? >>en the markets predicting this is pass. a pay to play scandal rocking the basketball world and a new game plan that could keep coaches out of trouble and players cashing in. we'll see you at the bottom of the hour. david: thank you. up first, more than a year after a report that former facebook employees admitted to suppressing conservative news on the trending topics section, the the trending topics section, the president says they still have a
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across all your locations. hello, mr. deets. every branch running like headquarters. that's how you outmaneuver. >> the president slamming facebook this week accusing the social media site as always having been, quote, anti-trump. the facebook ceo hit back. trump says facebook is against him, and liberals say we help trump. both have content they don't like and that's what running a platform for all looks like. more than half of facebook users say they get their news from facebook. this is serious stuff, who has it right? >> sadly conservatives are getting a shaft from facebook and you see it on conservative websites, postings on facebook very difficult to do. they've been cracking down on it. this is not extreme stuff, this is conservative stuff so there's bias there and zuckerberg ought to address it because he and
other big tech companies are going to face more and more political pressures the bigger they get. so, heed the cries of conservatives. david: bruce, here is what the cry from president trump is, and i'm quoting a tweet. facebook was always anti-trump. the networks were always anti-trump, hence fake news, new york times apologized and washington post were anti-trump. collusion? question mark. what say you? >> oh, my goodness, i don't know where to begin here. he's such a whiner. i need a breath here. he's such a whiner. he had passes and showed all the rallies during the campaign. and he's president of the united states. come on, be president. david: but, rich, it's a fact that former facebook workers were routinely suppressing conservative news. that came out about a year ago. >> hey, facebook is based in the san francisco bay area, what else would you expect? i think it's wrong for the president to criticize them by name. we conservatives certainly
didn't like it when president obama bashed private jets, which was devastating to the economy of wichita, kansas. we need to be consistent here. presidents shut not attack privately run companies. david: sabrina, what say you? >> i don't care if they're biased one way or the other. i don't pay for facebook. they are not in my mind a news outleath outleather' social platform and we need to stop thinking of them as a behemoth, getting so caught up in this. the fact is none of us are paying them a cent. they can do whatever they want. david: asave my outrage for npr which we are paying for and they seem in my mind to be more biased than facebook. >> sabrina is right. mark zuckerberg should tell him it's not his concern what he does with his business and i pray he does it all the time. david: you don't want him to do anything. >> that's right. david: and e-mack, 45% of
americans get their news from facebook. there is a kind of a public trust now that facebook has, right? >> no, i don't -- i agree with sabrina and rich. they're a private company. you know, they can get news elsewhere. i don't think that president should attack facebook like this this in this manner, but facebook should own up and say it's a media shop. david: steve. >> the law says one thing, if you get big and you're not treating people fairly. at&t before the 1980's went out of its way to make sure everyone was taken care of. facebook should follow that example or they're going to suffer political consequences, a fact of life. david: rich, only seconds. is that culture out in silicon valley ever going to change? >> it's one that the east coast doesn't understand. the most powerful capitalists, people who work the hardest in the country are out here, but they have different social views than conservatives do. david: all right. thanks, gang.
>> and we're back with the picks that could take off if taxes go down. e-mack. >> i-shares, aerospace defense. david: do you like it, mike? >> david, it's too hot for me. it's already up twice as much as the overall market this year. david: quickly. you like supermarkets why? >> i like kroger. people are going to shift from 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
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