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tv   Making Money With Charles Payne  FOX Business  October 23, 2017 6:00pm-7:00pm EDT

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fox business. thank you for watching. charles payne is here now with making money. take it away. >> i am charles payne. president trump going full throttle trying to push that gop plan forward on all fronts. more of the president's full-corps press. i'll tell you what you should be watching. first to president trump's tax plan push on twitter. the president adamantly denying reports of tax plants that will affect your 401k plans. he says this has always been a great and popular middle class tax break that works, and it
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stays. >> i only want to use a bracket if i feel the middle class isn't getting as much as they should. it's about the middle class and it's about jobs. if i feel the middle class is not getting what i want them to get, base want that to be a lot, then i'll do a bracket which will give them one. charles: with tax reform we can make it morning in america again. will the president's widespread efforts to push this over the finish line get it there? political analyst ford o'connell, chairman of the civic forum pack. deneen, let me start with you. what a relief. president trump came out and said we are not messing with the
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401k. i'm pulling it out anyway. shocked that any member of the gop would have submitted that as a potential plan. >> hard-working americans would be concerned if the government wanted to get involved with our 401k. but i think the critics and the haters of the president's tax plan. they know with economic growth, this is what they are mission, tax cuts and tax reform will be back for economic growth in our country. the democrats not will be bert for jobs, better for the economy, and that's what the presidential election was all about. >> i don't get the notion of appeasing democrats. i doubt that any would sign on for this tax reform. having said that, the idea of tinkering with 401ks and
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taking state and local deductions. even a fifth bracket. those things are not traditional conventional republican orthodoxy when it comes to boosting the economy. ford: the democrats are playing games here. but tax reform is about a battle of a messaging game rather than economic policy. what president trump understands is he has to quash all naysayers whether they are on the right or with the democrats. he has to constantly drive home the case that this is going to benefit primarily the middle class. if he can do that, he will get it across the finish line. president trump knows he has to make the sale of a lifetime to get this through. charles: some of the in-fighting
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will revolve around it being revenue neutral. it doesn't add to our deficits. but something said that. a lot of people are saying if it score it a certain way, then there is no way. if you use dynamic scoring. can they articulate that without having to get cute with the sort of things we heard in the last month? >> what revenue neutral is a buzz word the democrats use to get republicans to cave. it's phoney accounting. they don't take into account the growth in wages and the growth in jobs. charles: this might be the roadblock that stops us getting through even the 50 votes it needs. >> 51 senators told mitch
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mcconnell they are ready for a net tax cut of $1.5 trillion. and frankly, get rid of the phoney accounting. if you care about revenue, the best thing to do is to cut taxes. charles: deneen, cut taxes. that used to be the early part. i know no one talks by the anymore, but that's another lone why we are seeing the damage, whether it's the border adjustment tax or taking away state and local deductions. all these gimmicks, because there is no longer the inclination to cut spending. >> president trump want to cut spending. that's part of his original plan. we have way too many liberal republicans in congress. they are spending just as much as the democrats.
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that's part of the problem we are facing. ford: we took in $3.4 trillion in the federal coffers in 2016. we know what's happening in congress. everyone wants to cut everyone else's sacred cow but not their own. we do have to recognize we have to take money out of the federal coffers. revenue neutral is a buzz word to scare the whe bejesus out of republicans. this is the whole game i'm talking about. we have a major spending problem, but no one wants to address it, so we'll have to find a way to do it on the corporate and individual side. charles: some scuttle butt, folks who earn a million or more, i think they may 18% of
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the taxes. that's a lot of money. are you okay with that? those are the job creators. >> i wish i could say i'm surprised that the republicans are thinking about raising some of these taxes. the people high pressure vest and create the jobs that we all want and create the higher salaries and growth in the economy, they are in that highest tax bracket. my advice is to stay away from that. whatever they end up with, they are deep tax cuts in other areas, people will live with it and they will compromise. >> you represent business interests. i know 20% is president trump's line in the sand. but there are reports of this ultimately being a 24% to 25% rate.
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i'm look at earnings from domestic-based companies paying 35%, 37%, 38%. they would be happy with 25%. >> the key is get as low as you can and you will get more growth. it's a great tax plan. you don't want to see it shrink away to nothing. so man up. republicans should do what they promise. charles: i think president trump recognizes it. and you alluded to it as well. you have got to sell this to the american public. you can get majority of republicans to vote for this. but you still have to sell it to the entire american public. and maybe that extra so-called fifth bracket is the way of doing that and mitigating some of the complaints from democrats. >> president trump is in full
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sale mode 367 he as the op-ed in "u.s.a. today." why it's important to cut taxes and why it's good for the economy. the election was about jobs and the economy. even though those on the other side look at their representatives, even they know that. ford: the white house will do whatever it takes to get this across the finish line so long as it cuts taxes and creates jobs. charles: newsflash. they will have to do whatever it takes. i have got a special programming note for you. president trump will sit down for an interview with our very own lou dobbs. i have got former oklahoma senator talking all things taxes. an an article five convention.
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also later you will hear from veterans affairs secretary david shulkin and how the trump administration plans to save our veterans. who knew that phones would start doing everything?
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charles: fox news confirming the senate armed services committee will receive a briefing on the loss of troops in niger. mulling over a fifth bracket has some people wondering. the republicans are bending over
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backwards to get the tax cuts through. help me out with what's going on with this tax reform, tax cutting thing. we are hearing all kinds of gimmicks. a couple months ago it was a bored adjustment tax. then they were tinkering with motion with people's 401ks. take away state and local deductions. nothing about cutting spending which used to be something you talked about. >> first of all the game being played on tax cuts is always the same. they float things out there to see what kinds of reaction it is. they shouldn't raise taxes on everybody. they should give everybody a cut. the way you do that is not only what you plan and the president has planned. but also by cutting spending. the gao recognized $400 billion
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a year of either waste or fraud or duplication. $100 billion of that is in medicare alone. this a lot of things we could do as republicans or conservatives or americans to actually cut the cost of any tax cut. the fact is a tax cut will generate in the lightning term additional revenues for the federal government. but if you want to do it the right way, you would eliminate a lot of the stupid city going on in washington right now. if you wanted to cut healthcare costs tomorrow. all mick mulvaney and the president would have to do is issue an executive order with price transparency. and let him get sued saying should not make people expose what their prices are. there are estimates from brookings institute to a lot of people who say we see a 20% cut
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in healthcare costs. so one of the ways to decrease costs is to make a competitive market available so people can see what things cost. charles: along that most bringing down state barriers. it seems like a no-brainer to me. it met with a lot of resistance to me. >> until you have price transparency you don't have help. in tulsa, oklahoma, there is a 5% differential from scene outpatient pre-standing privately owned imaging center versus the big hospitals. people don't know that. so they don't know not to go to the big hospital to get an m rirks. so they could get the same thing done for $500 versus $3,500. if you have that published,
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people will shop. the assumption by the democrats is people aren't smart enough to buy their own healthcare. amish buy healthcare for 40% less than the rest of the people in the country. charles: people have been at me for months to talk about article five. >> kl them george mason stood up in the middle of the constitutional convention and said have you ever known any time when the government voluntarily ceded back power to the people? in our constitution we are suppose to be a government of the people, by the people, and for the people. not the government telling the people what to do. we lost the balance of power between the three branches. we lost the balance of fed rainfall, shared power between
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the states and the federal government. 60% of the state-raised revenue is directed by a bureaucrat who was not elected to anything from washington. an article five convention allows 2/3 of the states to make application in specific terms for what they would like to discuss and the congress has to call that. whatever recommendation comes out of that would have to be approved by 38 states. the only dangerous thing about this is not doing it. charles: how close are you? people are getting excited about this. >> if you are upset and frustrated, the way to fix it is to go to convention and read this book "smashing the d.c.." balancing the budget, limiting the federal government and limiting the terms of appointed
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and elected officials. charles: senator coburn, you are always a favorite. veterans affairs secretary david shulkin is next. it really scared him out of the markets. his advisor ran the numbers and showed that he wouldn't be able to retire until he was 68. the client realized, "i need to get back into the markets- i need to get back on track with my plan." the financial advisor was able to work with this client. he's now on track to retire when he's 65. having someone coach you through it is really the value of a financial advisor.
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charles: as suicide rates rise across the general u.s. population, they are rising faster in the veterans population. 20 seud suicides a day were veterans in 2016. they are 2% higher than the general population. secretary shulkin, thank you for joining the show. i know when you took the job you said suicide prevention was your top political priority. give us an assessment of how
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things are going. >> it remains a priority. we are focusing all our efforts to get that number down. we are working with community partners and find new ways to address the treatment to make sure we get that rate down very quickly. charles: i looked at the last report issued by the va. the suicide rise among female veterans. in twicts was 100 per 9,000 persons. and it doubled to 17%. is there any reason for the surge in the women who have served our nation? >> those getting care in the va system are seeing a decrease in their suicide rate over the last 14-15 years we have been seeing
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this. but those who are not getting care are seeing a 98% increase. we are trying to make sure women are -- are getting the right kind of mental health services. charles: we have a lot of vets who watch this show. and people and their family who serve in the armed forces. it's tough to get message out there. >> we can't do it alone so we are working with our community partners. our churches and our community groups. we are also about to release a public service announcement tom hanks has done to us to get the word out to a broader audience. charles: recently there has been criticism of the veterans affairs saying they helped fuel
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the opioid crisis killing thousands of veterans and it goes on to talk about the relationship with the purdue pharmaceutical. what do you make of some of the criticism being leveled at your agency? >> i think the data suggests the va started to address this issue well before most of other organizations in the united states. we started to focus on opioid reduction in 2010. since then we have seen a 36% reduction in the use of opioids among veterans. and they are being replicated bother organizations around the country. our goal is to make sure veterans get adequate pain relief but look towards opioid only after they exhausted other options. >> i know you have a close relationship with president trump and his war, if you will,
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with the media. does that harm your efforts in any way across the board and the things you are trying to achieve? >> i think the president and i want to be able to get the message out that is accurate and represents a clear picture. the only way i know how to do that is to be able to talk to groups and audiences like yours and to be available to answer questions that are posed. and i think the president understands that part of our responsibility to serve veterans is to get our message out in a clear and accurate fashion. charles: i would like to see the media cooperate. secretary shulkin. i want to bring you back in a moment. and when we do, i want to ask you about the bedford medical center. a major crisis there. keep it right here on fox
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charles: welcome back to making money. veterans affairs secretary david shelton is back with us for more. secretary shultz and thank you for joining us. a lot of publicity from the events at the bedford va medical center were apparently a nurses aide was playing video games on her computer while this bed was dying. can you help the public
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understand after all the highly publicized death at va operations have this country how these kind of things could still possibly be happening? >> wealth hearst of all we have over 300,000 employees and that they -- va system and this is an nursing assessment in bedford massachusetts. and we found out about the type of hair care that was being provided in the dereliction of duty we have taken action to make sure we remove this employee from va service. people are seeing a new type of va, of va that is not tolerating this type of behavior anymore and we have removed or suspended over 1000 employees since the president took office. charles: this being integrated into a best practices manual of sorts distributed throughout the entire system? >> it's common sense that we want our employees focused on our veterans and we expect them
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to do the duties as we define them. wherever we find deviations from that there's going to be appropriate action taken and it bedford we believe the manager dared to take the appropriate actions. i'm going to go up and be visiting with bedford and their employees and talk to that's and via there with elected officials so we can make sure we are taking this seriously and people understand we are paying attention. charles: i want to point out to the audience that the va is obviously a large difficult operation to get your hands around, 9 million bets that you serve out then you yourself have been lauded for going in and doing examinations yourself. people love the idea that you believe in the church hands-on approach to this. >> when i go about the way that i managed to do that or one i understand the situation so i do
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put on a white coat and a stethoscope and i take care of veterans and it's my honor to take care of those veterans but i also know that's how i learn and see the things directed from washington are happening in the field and whether the systems we put in place are working the way that they should. it's part of me trying to make sure that i'm serving veterans in the right way. charles: before i let you go big breaking news continues to develop in the situation in nature the deaths of the four servicemen. the role of the va in its operations and we have heard how deeply embedded the military is after the death of these men and women who keep our country free. as the role of the va expand as well? >> it certainly does and it's very a property today as you probably know is the 34th anniversary of us losing 2001 e. when marines in lebanon one of the worst days were the marines
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since world war ii and then when we look at the more recent loss of these four brave soldiers that va is there to help support the families and to make sure we are doing everything possible to give them the security in the comfort that they deserve going forward because we know when young men and women raise their hand to go out and defend our country it's really the entire country -- the entire family that's raising their hand. charles: secretary david shulkin thank you very much and i want to bring in former green beret commander colonel michael waltz and a "fox news" contributor. let's start with niger and the ambush there. we heard general dunford having press conference about this and it sounded like he was very straightforward and it sounded like he bent over backwards answer questions for the press. there are many questions that are still unanswered. >> there are a number of questions unanswered. one of them that we are starting
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to hear in a growing chorus is there some type of covert war going on and there was the realization in washington that we had that many soldiers there and what are we doing? this kind of working with local forces to fight terrorism is something that green berets and our military are doing all over the world. you know charles in any given day we are countries doing this type of mission everywhere. they are necessarily in combat but they are in a dangerous environment. we are working through the locals. we are helping them take the fight to the enemy. in the case of niger you have molgrum boko haram and in this case either something went awry and that's what the investigation is going to get to. it's going to get to where did the intelligence go wrong and was there any mistakes made in terms of getting these guys to support they needed.
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charles: we have members of the congress and the senators saying they had no idea this was going on and secondly if indeed this is the case and obviously were sending these brave men and women into harm's way should we can resubmit -- should we reconsider rules of engagement and how we keep them protected? >> i started in sub pre-in 2014 and every combatant commander goes to the hills and lays out what we are doing in their part of the world whether it's the pacific command or what have they so i'm surprised to hear that coming from congress. in terms of rules of engagement i'm sure they will be looked at. it's different than say when we are working with forces in somalia against ousted bob bennett is in niger. that depends on our agreements with the local government and depends on the threat that the point is we have folks in the philippines and columbia all over africa and all over the world. the point that we really need to make to the american people as
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we are in a global war against terrorism and they are at war with us. we need to have an honest conversation with the american people about how engage we are and how long we are going to be engaged in this fight. charles: along the lines of that honest conversation we also have to delineate when something, we could become mission creep. in other words you can understand the general public's anxiety if you will about helping and all of a sudden they become the main force and we are stuck in another quagmire. >> that's fair and i think you are going to see as is the result of this the renewal of the debate on the authorization of the use of military force which president obama put before congress and it really hasn't been reauthorized since 2001. it's that authorization that there has to be a direct tie against al qaeda. in this case in niger they were working against al qaeda in maghrib.
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i take your point in the sense that in this global war i welcome the conversation. >> thank you for your service. president trump awarded the medal of honor to retired army captain gary mike rose for his heroic actions on the four-day mission in laos in 1970. rose was serving as a medic with the assistance command studies and observation group an elite division of special or sis and during that shouldn't the group found itself facing a superior force with the north vietnamese army. captain rose braved enemy gunfire to treat more than 50 soldiers and he did it by using one hand to lift wounded comrades onto his back while using his other hand to fire onto the enemy. tonight captain rose. mastay with us, we will be right mastay with us, we will be right back we're attracting the world's best talent to central new york.
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charles: the races on amazon announcing the cities hope to be whcked for the site of the north american headquarters, 50,000 jobs. 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, fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management. ♪ ca♪ yes you can ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ well i'm gone
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♪ can i kick it? ♪ to all the people who can quest like a tribe does... ♪ charles: the market opened higher taking its cue from japan where prime minister abe won more than two-thirds of the vote earning him a supermajority which means economic policy including lowering corporate tax peers becoming something of history but there was a time i look like japan would become the number one economic power in the world. instead its economy has been stagnant for a couple of decades and the population oldest in the world in real wages have turned to them in a lower. in thousand in japan enjoyed 2.4 2.4% gdp but that was overshadowed by the fact that yours overtaken by china as the world's number two economy. toyota recalled 2 million vehicles. the major problem has been a sky high corporate tax rates which by the way hit 52% in 1994 to
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31% right now is where the country is and that's the lowest in history. then there's japan's central bank the bank of japan which has pumped money into the economy and lit up a big fire in their exchange-traded funds. they are set to become the top owner 55 with stocks by the end of the year the top five holders of companies of 81 companies through the central banks buying spree picked up in 2015. the bank of japan bought 30 million stocks. it now holds $127 billion inequity and it would take 31 years to unload that much stock in the normal session. these are jaw-dropping numbers but the nikkei is far from its all-time high. the rally we are seeing now would take another 70% to get up and the reason i mention that is underscore that is underscore the factor when it comes to
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markets, equity markets it takes a lot more than central bank buying but that is perhaps why the businesses this week will make an announcement possibly the next federal reserve chairman. commission wisdom is that we did candidate and mentioned with maria or karomo president trump called the board of governors member a talented individual. i think the market rallies big and i think it maintains the rally at powell wins. anyone else we could see a slight selloff and speaking of selloffs we had early buying an major indices in record territory but we couldn't couldn't attract a new virus that infects many investors right now cooling their heels as we have earnings from mcdonald's caterpillar amazon and google just to name a few and out whirlpool landed with a debt to the company missed on revenues and earnings of $3.83. the toughest part is guidance. now they see their team dollars and 90 cents and management by
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the way blamed higher material costs but keep in mind -- it's early but earning fees have been pretty good. i suspect that tech companies are going to need huge guidance so hang on boys and girls and should be a wild ride. in the meantime republicanism seems to be splitting the party down two paths and a challenge that can only inhibit president trump from achieving his agenda. it's already done major damage. we are going to discuss that, next.
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charles: internal clashes within the g.o.p. seem to be driving a wedge through the party's core principles leading republicans
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worried that all of this infighting could hurt the party long-term. with me rnc spokeswoman caylee machen and he and senior fellow gayle trotter editorial writer writer -- i always call you the diplomat and you've got your hands full these days. the eclipse don't stop and it feels like the division is going to hurt the agenda. >> i don't think it will end the proof of that is look at last week the senate came together with 51 votes. they passed the budget and we found out the house is going to take this up vote on it right away. the bill is not going to conference which is paving the way for tax reform so were comes to result we had to fight with obama obamacare repeal and replace that we are back on track. we have to come together because we have a shared agenda that we have to pass for the american people. charles: that was a diplomat. i wouldn't call the failure of health care reform a slight blip
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but having said that and i wouldn't be too confident or about the tax reform or tax cuts making it through without serious saber rattling. >> i agree with you charles and when you look at what's happening between mccain and mcconnell in steve bannon its sibling rivalry. the bunch of one upmanship and when he think of mccain that he was one of the people to put the final nail in the coffin of the repeal and replace effort he is really going to have to put the past behind him and come together with his republican colleagues to make sure that we get health care reform, tax reform and infusion into our infrastructure. it's up to those wayward republicans to put these petty differences aside and make sure they deliver to the voters what they promised that they would deliver. charles: gillian mccain made comments alluding that president trump most people think about not fighting in the war. these are very personal attacks have been escalating in the
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situation and in the infighting. rand paul has a coalition, lindsay graham has a coalition. they have a very thin margin to work with. how do they get this done? >> i think it's a question and answer and it's the one american voters are asking. they gave republicans the house. they gave him the senate and they gave in the white house. personal infighting is not a good excuse not to get things accomplished. we saw a huge disaster with obamacare. they had better get their act together and tax reform but they are going to be judged based on the results and everything else sounds like excuses right now. charles: handicap the force of the cam because the budget went through it seems like the house is going to play ball with the senate version. i do wonder about some of the artificial timelines. i would eat happy if the which is get done. >> that's right we have gained 10 to 12 legislative days which is quite substantial by the
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house signing this into law or passing it in the president's signing it but i would be very hesitant to say i understand repeal and replace was frustrating but we are having a very different conversation. come christmas debris can say we have had major tax reform tax cuts like we haven't seen in decades if ever so let's give them a chance. obama up until march of the second year it took to get major legislative achievement. charles: there is no doubt that obama learned democrats in washington d.c. have their own agenda. he thought he would waltz in and get everything done he wanted done and it didn't work out that way. who ultimately will make it happen? >> will mcconnell and he just mentioned president obama is in administration he was laboring in the vineyard during those long dark years and he understands like you just said that legislative process is long and messy.
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he is a longer-term view of this so i agree with caylee the idea that they can accomplish this by getting through legislation is a tough process. mcconnell is going to have to bring everyone to side because there's not a huge margin. >> emphasis is on manned and. if you go after people who have voted for the president not a lot of incentive for future loyalty. charles: thank you very much really appreciate it. another round of electoral resorts -- haushalter in from europe and while the populist movement is gaining speed some are wondering if this is making a last ditch effort to save itself. the. we will explain, next. there. i can also help with this.
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chance to save themselves. a trump style billionaire populist on the verge of gaining power in the czech republic and last week of course we saw the young far right populist. he will be rolling the coalition back. here to discuss amy holmes. here's the thing some are saying this is the last chance a last chance for europe to reclaim its heritage to reclaim its greatness because they don't have now they won't be able to reverse some of the damage that's been done for mass immigration and other policies. >> certainly and we see a lot of this politically is driven by two issues. it is the bureaucrats in brussels and all of their meddling in daily life in the regulations even on things like the shape of a pickle or a banana and what is jelly versus jim? they also have the illegal migrant crisis unleashed by angela merkel and that's caused
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huge problems like spikes in crime and a report came out that and austria have gone up 25% of the past two years have of that committed by illegal migrants. it's a wake-up call for europe and a wake-up call for brussels. charles: here's a thing and he can see this coming. 15 or 20 years ago when you would read articles and i was reading these articles about the sharp decline in europe and the need to import workers they need to import workers whether from north africa and the middle east or the former soviet union republics. at that time the dynamic change in what can be done now? >> i don't know what can be done but to your point jeffrey sachs a colombian economist talks about this all the time. when the birthrate in country reaches 15% and jobs are scarce this is what happens. just equal -- czechoslovakia
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poland uk we have seen it throughout europe and at it's the same problem over and over. many of those areas feel establishment politicians have said sold them out rather than protecting their interest at home. sound familiar? here in america the ohio river valley comes down to this immigration welfare benefits in to get them in who you are entitled to them. charles: catalonian's generate more economic in common they get fewer benefits. in italy you have a couple of the richest areas that's like to succeed because again they generate the economic activity. the south gets all the welfare benefits so i hate that america becomes an issue race. this is about producer saying they are getting the short end of the stick. >> there's that and also europe had open borders so you could travel freely from country to country and then you add on top of that this migrant crisis. they had straight northing go to germany and go to sweden to scoop up those welfare benefits being provided by the citizens
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there and another problem charles. we don't have the same problem. charles: open borders and great welfare policies is a deadly combination. here's lou. lou: good evening everybody. breaking news tonight the clinton obama state department telling the american people judicial watch and president trump all to go hell. the state department admitting in a court hearing it has not processed even half of hillary clinton 72,000 e-mails that the fbi recovered last year and the federal court judge has ordered to be produced. that means it could be at least three more years before the public would see more than 40,000 pages of e-mails from clinton's tenure as secretary of state


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