tv The Intelligence Report With Trish Regan FOX Business November 7, 2017 2:00pm-3:00pm EST
kicks off 8:00 p.m. goes to whenever crucial races in new jersey, in virginia. trish regan will be helping us as well. a lot of other crucial races as well to report in washington state. so much else going on in new york city. busy busy night. trish: this is a big one for you. neil: exactly, there you go. trish: be there with you. looking forward to it, neil. lawmakers are making changes on capitol hill. the white house is determined to get tax reform done this year. today president trump's top economic advisors will meet with eight senate democrats because, let's face it, the republicans can not do this one alone. i'm trish regan. welcome, everyone, to "the intelligence report." we said it over and over again. i certainly told you. there are a lot of things i like about this bill. a whole lot of things i like about the gop tax bill. a lot of great things, offering tax relief for millions of americans, that's good. corporate tax relief? that's good. you know what? it is not all good.
it is not all good because the bill doesn't do enough to stop some big loopholes and the bill still punishes success. will the house ways and means committee bring necessary changes to bring real reform to the american tax pay early. we're on it. breaking overnight, hillary clinton's email scandal could have landed her behind bars. according to reports former fbi director james comey officially called her actions, grossly negligent, which is a criminal offense, but, he changed his mind and called her actions instead, extremely careless if you think that is bad, fox news anchor gregg jarrett has another legal bombshell i well share with you surrounding mrs. clinton. he is here this hour. but first we go to blake burman on capitol hill on the latest on the tax bill. a lot of good things. i get greedy. >> right now they are trying to
fix some of those things, trish. i guess it is halftime, you could say of day two of the markup process for the house ways and means committee. they get back at it this afternoon, a four-day markup. a couple of things are apparent on the hill the first off republicans are feeling pressure to get something done. but secondly there, is not agreement on this point what to do going forward. on former, i start there, congressman chris collins, long-time support irpresident trump, he said this earlier to reporters today. quote, my donors are saying get it done or don't ever call me again. to the latter, there is debate among republicans about what to do with the individual mandate from obamacare and whether or not to repeal it. republicans believe that could lead to $400 billion in revenue. however on the house side, kevin brady, the house ways and means committee is not made it seem likes he is willing to include that in his version. the senate version drops couple
days from now on thursday, senate republicans are calling for this. ted cruz is one of them. he criticized the house plan saying the reason senate republicans need to include repeal of the individual mandate. here is cruz today. >> the business side is terrific but there are some taxpayers who are losing exemptions, particularly in high-taxed states like new york or california, that could conceivably be paying higher taxes. i think that is a mistake. i think tax reform needs to cut taxes for everybody. reporter: meantime, trish, one of the more influential conservative groups here in washington, the club for growth, put out a statement today which they criticized part of the individual side of the republican's house plan. they want certain changes to be made, trish. trish: all right. blake burman, thank you very much. joining me with a look at changes that need to be made, point view strategist date
nelson. >> good to see you. trish: let's talk about ted cruz. i'm a little surprised, he is down in texas where there is no state income tax, versus new york where you get the opportunity to deduct that from federal taxes in texas you don't have to worry about it. he is making a point it will not be fair for everyone. do you agree? >> i disagree with ted because i'm usually on his side. i think salt, the state and local tax exemption will be a battle line we'll be facing right now. i think living in the middle of the country, low-taxed state coastal elites how they refer to california, new york, and new jersey, they get a big break. if you live in new york, the other side of equation they're saying putting much more into the federal government than they're receiving here. i would like to see the tax code get simpler, including high taxed states like my own, connecticut have taken the tax
thing way too hard. connecticut keeps hiking taxes we're losing companies day in, day out. g-e left. financial firms left. greenwich in, where i used to work, was considered the financial capital of the world. a lot of those companies are leaving. these are things places like new york and california are facing as well. 4% in the city, 9% at the state level, not deducting your property taxes you start looking long and hard where you are. >> they did keep the property tax that is still in there. that is capped at $10,000. it will be challenging. this is not a done deal. they have to get something on the president's desk. trish: let me ask you what i think they should have closed in terms of loopholes. one low-hanging fruit out there, happens to be the private equity loophole. i never understood, why
president obama or hillary clinton wouldn't go after. president trump said he would say he would go after. you're a private equity investor. i take some of david's money. i put to it work in the stock market. i collect 20% of the up side. that wasn't my money i put there, that was david's money. shouldn't that be income? right now treat as investment. so these guys get away with paying way less instead of paying the income that needs to change. >> you're referring to carried interest. it is a loophole for some time. i'm embarrassed so many of my industry embraced this as a concept. income is income. i doubt somebody working on assembly plant line in peoria, illinois, feels the same way as hedge fund manager here in new york or california or anywhere else.
in benefit, benefits uber-elite and uber-rich. think need to eliminate. kevin brady's phone must be ringing off the hook. when it first came out -- trish: they didn't even touch. they put a two-year holding period. now they up it to three. trish: can i clarify something else for viewers? private equity you hold something for three to five years. they're already holding it. it doesn't do a darn thing, kevin brady. you put a three-year hold on that, it does not matter. basically this was opportunity to collect tax revenue as they rightly should on income. david, they missed it. >> the optics are awful. this gives democrats something to point to, you know what? this is really a benefit for the uber-rich. trish: i don't think donald trump will like it one bit. >> campaigned on it. trish: he did. he did. over and over again. we're going to close the loophole. >> steve mnuchin was out recently, saying they fight hard bense it.
i hope they live up to their word. trish: a lot of people commented to me yesterday, because i made a big deal on this you know what? you're right on. people from the industry, we hate it just like you. we're embarrassed that our industry does this you know what they said? it is the swamp at work. so many people on capitol hill are backed by people on financial industry and backed by the private equity industry that don't want to see it changed. >> this is why tax reform is so difficult to do. why it hasn't been done for over 30 years. i like the bill overall. i think there are great things in it. by mig concern, what will it look like on the president's desk. trish: david, thank you so much. we have doug collins. representative collins, thank you for being here. >> good to be here. trish: what do you think will change? what are the things. you heard how i feel about the
private equity loophole still exists s that still up for reshaping? >> i was wondering for a moment what your position is on that. >> no, i get it. i think that is something. look, i always to back for just a second. it is easy to take and say, here's the shots. here is what i don't like from the initial bill. we're also doing something up here a little bit foreign to capitol hill. something we need to take a step back. we've introduced a bill. here is the starting point. we're having a mark up through this week. the mark up will give members on both sides to say here is what we like and not like, actually vote on it. carried interest provisions, these other provisions are getting debated. they will be in the scoring issue dealing with the senate. i think at end of the day you will see changes come about but i think this is food thing. trish: it's a healthy process. i hear you. gives everybody a chance to vent a little, including myself. >> exactly. trish: but there is also a lot
of good stuff there. i don't want that to get lost in my criticism here but there is a lot of really good stuff that i think, representative, could make a real change in the economy and how much money people have because as you well know americans haven't gotten a raise in years. >> exactly. when you look at the thing overall, we tried to tell everybody. before you go to your pet project, go to your pet industry, look at it over all. we had several businesses lit last week, oh, this may be a problem. wait, wait, we looked at it overall, we're okay. when you start talking about the tentacles, i break it down simplistic for my part, when i have families, tentacles from the irs are removed from their pocketbook, putting more money back in their check, they don't owe to the government, they have the ability to spend money way they want to. they have a chance to make the dreams, make applications to own family situation, you have businesses no longer worry about what i have to do to plan to work a tax problem, instead of hiring somebody or buying a new
piece of capital equipment, buying something that stimulates the economy. you're right. that is what we need to focus on. trish: i love those things. that will be very helpful. let me ask you about state and local taxes, you heard the sound bite about senator cruz, talking about his concerns, because some americans would be paying more as a result of this states they live in. now the flip side of that, well, if you don't like it, keep quoting warren buffett, what was the expression, you can tell who is swimming naked when the tide goes out? >> exactly. trish: the tide will go out for some states like california and new york f they can't make ends meet, that will be very much exposed during all of this. but, how do you feel about salt, and is there wiggle room there, sir? >> i think adjustments will be made. at least look from the issue from perspective of the states. there is something interesting. i read and heard talking about the federal government is protection for citizens against the state. how about the state, folks in the same states elect officials
who respect their pocketbooks? if they don't respect the pocketbook to raise rates, california on the gas tax, a past week or two, these are things we need to look at in the overall picture. what we found, again, when you look at amt, alternative minimum taken away, look at increase in the standard deduction, look at fact only 30% itemize, we're looking at bill that drops down to the single digits of itemization, we're getting to a point people will be better off with that they will look at areas where that is little higher income and differential. i think they work to make that better. look at entire picture, economy. think about this for just a second. we get this tax bill passed for individuals and corporates, lockheed to 4% gdp, 3 1/2%, gdp, at that point in time things look better. trish: representative, i agree with you. when economy is doing well. people have a chance to provide for their families and they think postively about the future, and their children's
future, solves a whole lot of other issues. >> that's right. trish: 4%, do you think it could happen? >> if we do something like this, the president is behind it, we're supportive of donald trump's vision and supportive on capitol hill, this is what we came here to do, that is transform the way our country works. we've seen what it can do, let's put it back to work. trish: good luck with it. congressman, look at the private equity loophole. >> we'll work on it. thank you. bye-bye. trish: president trump in south korea today, assuring south koreans it will all work out, with the rogue north korean regime. this as bashar al-assad calls an attempted -- saudi arabia calls an act of war by iran because after miss till attack. what does it mean for that region? lieutenant colonel ralph peters is here. new revelations that former fbi director james comey first accused hillary clinton of gross
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the table and make a deal that's good for the people of north korea and the people of the world. i do see certain movement, yes. let's see what happens. trish: is this a shift in tone for the president? is he abandoning some harsh rhetoric we heard earlier on toward north korea? is he signaling a willingness to negotiate? the president wrapping up his stop on the korean peninsula, where he spent the day pushing the north to give up its nuclear weapons program. he did mention the military option is still on the table, noting three aircraft carrier groups and nuclear submarine have been deployed to the region. in true president trump fashion, he gave a little media, a little tease in all of that as well. we'll play it for you in just a minute. meanwhile the president and the first lady are heading to china tomorrow. joining me with a look what needs to be accomplished, fox news strategic analyst, lieutenant colonel revolve peters. you know, colonel, everybody is making a big deal, complete change in tone. so different.
jo know if that is entirely true. i don't know if any policy objectives changed. maybe when you're over there, you don't quite inflame the situation in a way that sometimes we've seen over here, but is this really a total, different, type of strategy in your view? >> no, not at all. trish: go ahead. >> you wear the right clothes to the right party. he is, this is trump at his most diplomatic, his most statesman-like, he is turning in a solid performance. i think it is real progress. he is clearly learning on the job. trish: but still means the same thing. >> but he gets big points though for appearing statesman-like, yes, north korea we'll give you one last chance. we're willing to negotiate even though the big stick is sailing around the waters off the korean peninsula. so, it is not a dramatic change in policy. trish: right. >> it is as skillful change in tone. trish: nothing wrong with that.
>> no. trish: i like that example. you wear the right clothes to the right party when you're over there, you will frame things perhaps a little differently, though still carrying the same message. he is going to china tomorrow. i keep saying, i think, colonel, china is probably, our key to this entire situation in that china has a lot more intelligence there on the ground in north korea, and china has the ability to influence the situation in a way that frankly we just can't. can we convince china, can the president convince china to, you know, use a little more arm muscle here? >> unlikely. china makes gestures, but china could break the regime. but i think china is very much afraid if they pull out one brick of that ultimately fragile north korea building that it all collapses. they don't want that. they don't want a unified korea. they won't want us on their
border. china is trying to have it both ways. they are concerned about kim jong-un. trish: they should be. >> about the possibility of war but they don't want the regime to go. my bottom line they will help us to a point but not as far as they need to go but nonetheless beijing is the first test in the first legs of this trip. coming up against president xi, president xi is good, he is really skillful, and my concern, that he is going it powell something out of his back pock connects how about this, president trump? it will sound really, really good at the moment but not so good in the long run. he has to be careful with xi. later on meeting with vladmir putin is another artful dodger as it were. those are the two big tests. trish: very quickly, because i have 10 seconds, sort of yes or no, will we see a potential war in the middle east? we have saudi arabia and iran
really airing their dirt laundry? >> the war is already on but being fought by proxies. the danger now it becomes direct confrontation between iran and saudi arabia, and that drags us in. by the way, price of oil, highest in two years. already affecting juice yep, we've been talking about that. colonel peters. good to see you, sir. >> thank you, trish. trish: new revelations today, everyone, former fbi director james comey had initially accused hillary clinton of gross negligence over her private email server, which is a criminal offense. why did he back away from this? why did he change his tune? gregg jarrett is on it. he's here next. . we give you research and data-visualization tools to help identify potential opportunities. so, you can do it this way... or get everything you need to help capture investment ideas and make smarter trading decisions with fidelity
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very sensitive, highly classified information. trish: remember that? that was former fbi director james comey practically vindicating hillary clinton of all wrongdoing, after the pre-election email scandal back in 2016. but guess what? new reports show he originally wanted to cite her for gross negligence. gross negligence which is a crime under the espionage act. so why the change of heart? back with us to discuss, fox news anchor, former defense attorney gregg jarrett. hmmm, what is your thought on this? >> it is evidence he knew she violated the law under the espionage act and he was searching for a way to exonerate her. the question is why? he needs to be put unoath to answer that question. what prosecutor, i've been a lawyer 37 years, i have never seen one that writes a statement of exoneration two months before ever interviewing the target
hillary clinton, or any of the top key witnesses in the case. that is unheard of. it tells me had an agenda and maybe he decided, either on his own or pressure from others that the fix was going to be in and so he red lines out gross negligence, but he does so in the most clumsy way because, gross negligence is extreme carelessness. when juries can't figure out what that means, gross negligence, they turn to the judge. the judge reads a standard jury instruction, that says, gross negligence is extreme carelessness. so, by saying she was extremely careless in the handling of the documents, he is saying she violated the law. trish: except that the law says she has to be grossly negligent, right? i mean that is the espionage act if she is -- just that little twist of words --
>> but it is defined the same way, it has the same legal effect of violating the espionage act. trish: so do you think this should be resurrected? >> look, long ago, a special counsel should have been appointed to reopen and revisit it, because he not only mangled gross negligence statute, there is another espionage statute which says, knowingly and intentionally mishandling classified evidence. we heard comey say she never intended to violate the law. mr. comey, that is not the legal standard. the legal standard is, did she commit intentional acts which violated the law? and she did. trish: intentionally did. >> she intentionally set up a private, unauthorized server. she intentionally used it for all of her documents, including 110 classified emails. that is per se violation of the intent law. trish: wow. this is really crazy stuff.
>> he may have on strucked justice. if he decided he was going to stop the prosecution of hillary clinton in the face of overwhelming incriminating evidence, then he would be guilty of obstruction of justice. trish: so, you know, if you believe that, how do you, how do you get this whole thing, basically out in public for people to know? congress. trish: congress needs to -- >> congress can call him back to testify, answer the questions, explain this exoneration statement. explain how you misinterpreted the law of intent, and then call once again for a special counsel to investigate hillary clinton, james comey and loretta lynch's role in this three months ago. they asked jeff sessions, the attorney general to appoint one. he has dithered and done nothing. trish: that's right. we're back to sessions. you are talking about that how he needs to be more out in front
of all this. >> right. trish: we haven't even gotten to donna brazile or fusion gps. >> another day. trish: gregg jarrett, thank you very much. >> my pleasure. trish: voting underway today, all eyes on a couple of gubernatorial races which could be bellwethers how the republicans fare in battleground states in 2013. connell mcshane is in new jersey. adam shapiro is in virginia. they are breaking it all down for you right after this. is committed to help protect what you've earned and ensure it lasts. introducing shield annuities, a line of products that allow you to take advantage of growth opportunities. while maintaining a level of protection in down markets. so you can head into retirement with confidence. talk with your advisor about shield annuities from brighthouse financial established by metlife.
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trish: oil closing 5.20 dollars per barrel, moving higher after -- $57.20. saudi arabia cracked down on business tycoons and raising concerns about the reliability of the world's largest exporter. there are tensions rising with iran. analysts believe the oil price may reach $60 by the end of the year. we're not that far off. snapchat shares moving ahead
of its earnings reported after the bell because wall street is not expecting a lot. they are critical of snapchat's inability to profit from advertising. so far the company has done little to that. >> humana will lay off 1300 employees next year. another 1000 accepted voluntary layoffs. it is election day. we are watching two very important government races, in virginia and new jersey as democrats try to gain momentum heading into 2018. in new jersey, republican kim guard dawn know, facing off against millionaire phil murphy, what democrats call a referendum on president trump. connell mcshane is in middleton, new jersey,. reporter: referendum on the sitting governor, chris christie, he is become more of an issue in this race on
many days than the two candidates trying to run to take his place. we say many days, we include this day, election day, which i will get to in a second when it comes to governor christie. talk about the two candidates running in the race. you mentioned kim gaugno. his lieutenant governor and phil murphy was a at goldman sachs and this is a about lower property taxes or guadano or higher taxes on murphy side of things. throughout the christie is in the spotlight, for better or worse. he is quite unpopular here in the day on election day, christie, became part of a story, getting into a verbal altercation when he was voting near his hometown. >> easier to sit here and complain. >> i don't have money like you. >> really, i'm sure, i'm sure.
easier to sit here and complain. that is the joy of public service. it is serving folks, it is serving folks. [inaudible]. >> it is serving folks like you that is really such a unique joy. it is really is. you're fabulous. reporter: all right, you're fabulous. we talked, trish, to murphy when he was here voting at this school, and you know one of the things i asked him is, is this referendum on somebody else, whether be president trump or governor christie. he sidestepped the question. saying it is a referendum on the economy, which gets us back to the tax question. he is pushing for higher taxes on the rich. trish: didn't he lose a guy from new jersey, pretty important guy, paying bulk of taxings billionaire said i don't need this. unfortunately what mr. murphy needs to understand, you would think he would, came from finance, the more you tax people, the more they will leave. we've seen it as dave nelson told us with connecticut, with
ge leaving there. residents do the same thing. look forward to seeing you you tonight, connell, for special coverage. virginia voters heading to the polls as ed gillespie heads up against ralph northam. president trump said ralph northam will allow crime to be rampant in virginia. he is weak on crime, weak on our great vets and anti-second amendment and horrible on the virginia economy. go to adam shapiro standing by in enrico county, virginia. did i say that right? hi, adam. reporter: you did. some say enrico, some say enrico. this is outside of but some believe this will be a referendum to speak on strategies going forward for republicans whether they want to align with president trump, but
also democrats. barack obama, i showed you video of two candidates, mr. gillespie, mr. northam, president obama was campaigning here because mr. northam was slipping in the polls because democrats were very worried they would lose the state. voters decide today. president trump did not campaign for ed gillespie. another thing the president tweeted, ed gillespie will turn around high crime and poor economic performance of virginia. ms-13 and crime will be gone, vote today. that is what president trump tweeted from overseas. here is what ed gillespie told fox news earlier this morning right after he voted in this election. >> people are pumped up out there. i felt it past couple days on the trail. i've been feeling some time now, i feel we will win the race because i put forward plans and ideas to get virginia growing again. people are hungry for that. reporter: if voter turnout any indication, poll workers here
say voter turnout is heavy. a lot of voters in the early morning hours. they already had 500 people cast their ballot at this precinct. the person tell me said she had not seen that before. trish, we're watching it, we'll be live from gillespie headquarters. back to you. >> have a little bit after southern accent. >> no, no. no. i'm yankee to the core. trish: just making sure. adam, good to see you. we'll see you tonight. joining me georgetown university professor and deputy assistant to former president george w. bush. brad, what do you think? is this a referendum of sorts? in both of these situations, as we watch new jersey and virginia is there a big take way? >> i don't think it will be a reverend dull on the president. state of florida elections, off year elections tend not to be because all politics is local and state issues are different than national issues. i think referendum in new jersey
on governor christie and the republican administration gubernatorially. i think in virginia, this is going to be a referendum on the democrat leadership under terry mcauliffe, and lieutenant governor northam, who is running as democratic nominee. trish: let me follow this up, if it's a referendum on chris at this, does that mean phil murphy gets the seat and everybody in new jersey gets higher taxes. >> yeah. i think it's a wash. new jersey will go to the democrat. i think ed gillespie has run a fantastic race. it comes to turnout as all state elections do. if able in off year to pull out people, it will be a successful night for the person who does that. trish: how much does the president's tweet help? >> it can't hurt because, in virginia, there are three counties really to watch for democrats. it is arlington county and it is al andrea county and suburbs of
washington, d.c. everything outside the beltway is ruby red. virginia is purple state. if ed is able to turn out the machine i think it could be a very late night in virginia. trish: can i ask you, we've been talking about salt and ability to deduct your state and local taxes. new jersey obviously benefits tremendously from that. if phil murphy gets the seat, wants to raise taxes even higher in state like new jersey which is suffocating people with high taxes, does he get effectively a pass? do people back down on the whole salt initiative? where do you see that heading? >> i think republicans keep the state deduction taxes as well as real estate deduction. it is just too important, not only to states like new jersey and new york and california but other states too, it matters a lot. if the democrat wins in
new jersey and raise taxes i think it will be a flight out of new jersey. we've seen it before. trish: we have definitely seen it before. it may in fact happen again. for some reason, people can't get it through their heads, that higher taxes leads to migration elsewhere. >> absolutely. trish: that is just the reality of it. higher taxes will in fact mean less revenue for phil murphy should he get the slot. brad, good to see you. thank you very much. >> pleasure. trish: legal experts raising new questions about the highly questionable uranium one deal. it went down while hillary clinton was secretary of state. is there a case for bribery? we've got some intel on it. that's next. six in the morning.
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remember, medicare doesn't cover everything. the rest is up to you. call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ trish: fbi informant set to shed new light on highly questionable uranium one deal as congress wraps up investigations into several scandals, counting at least four, right, involving hillary clinton. should they look at possible quid pro quo? we have a -- let's take a step back here. so everybody remembers the whole thing really well. uranium one was purchased by the russians. they n.o.w. have access to 20
access of 20% of the united states uranium supply. the deal went through cfius, which is the organization that looks at this, includes members like eric holder, tim geithner, hillary clinton, you see all of them there, nine members, this deal gets pushed through really quickly. armz uranium wasn't the tip-off, there is cfius member, you might want to spend more time, but rosatom, the russian state energy corporation that should have tipped them off. what suspicions do you have? >> there is so much talking during the break, this is almost out of "house of cards." you have to get into an investigation. first you have a lot of money going in to the clinton foundation, donations galore. $500,000 going to bill clinton for speaking engagement in russia. you have evidence that the fbi was in possession of, there is
corruption with respect to the people involved with this deal, still it gets pushed through? i have got to say sounds like there is some suspicion that there could have been a quid quote prorelationship here. trish: it doesn't need to be so explicit, right? >> no. trish: hey, the russians are our friend now. they have given $146 million to the clinton foundation. you are socially, perhaps, interacting with them a little bit more. it feels like, oh, you know, we don't need to worry about russia anymore. sure, we got uranium here that they want? why not. i just don't get it though. there was a real change in policy between the bush administration, and the obama administration, which hillary clinton was secretary of state of, when it came to russia, right? >> there is such a big question mark how this deal flies through so quickly. and when you really take it, you look at the time line, and you look at all these facts, you have to say, was there a bribery situation here. i'm not saying there was or
wasn't. we need to do an investigation to get down to those facts, as you pointed out, it doesn't have to be so textbook. it wan be directly or indirectly influencing the somebody in their official capacity using money. directly or indirectly. that is what the statute says. if i do this for you do this for me. it could be something lesser. i talk to it about democrats. oh the uranium never left the u.s. that is not true. we reported on the show. it did go to canada. the company confirmed that it went to canada. we learned from the nrc, nuclear regulatory commission some iranian july wound up in europe or asia. once it is out, out of the country, you don't know where it goes, misty. that, i guess, i don't understand why cfius didn't pay a little bit more time and attention to a deal like this? >> right. especially when there was a criminal enterprise behind the deal, on the russian end. and the fbi knew, why it is so
shocking. trish: this was mueller's investigation. eric holder, mueller's boss at the time was part of the sieve just commission. he never bothered to say, hey, we have an investigation going on whether the russians are trying to gain outsided influence in the atomic energy second. >> right. that is why you're talking about committees, house, senate, they're looking into this now. one of the big questions is mueller was heading up fbi at the time. what did he know, what did he pass on to the obama administration, if anything? it brings super russ questions marks how this slides through. trish: talk about russia what they might have done. you have to talk about uranium one. miss at this maris. thank you very much. >> the leaked paradise papers shedding light on some of the most wealthiest companies in the world. companies how they avoid taxes. turns out apple was avoiding them too. we'll talk about it after this.
trish: the leaked paradise papers showing apple used secret offshore bank accounts to avoid paying billions of taxes. hey, deirdre. >> yeah, so apple has a lot of eyes darting towards it, right? it is the biggest company in the u.s., the first to cross that trillion dollar threshold as far as market cap goes, but their offshore holdings in cash, trish, are above $250 billion. so that's a lot of cash.
now, all of this is legal, we've been discussing this for the past 4 hours. -- 48 hours. there is a difference between avoiding paying certain taxes and tax evasion, right? and the first choice, of course, if you are avoiding paying certain taxes, that is legal are. tax evasion, obviously, illegal. apple is doing this, nike is doing this, queen of england, bono, all sorts of investors and businessmen and businesswomen of all sorts of political stripes. but apple is defending itself saying, listen, we still -- corporate wise -- pay the most corporate taxes in the world, $30 billion over the past three years alone. so what they're doing is legal. now, they don't like us talking about it. this is probably a nightmare for the communications team because they prefer secrecy. but there it is, the numbers are -- trish: yeah. but maybe this gets back to why we need to be thinking more strategically about our own tax code, because whether it's an
individual or a company, you don't want all that money overseas. we want that money here working for us, working for americans. so how do we, you know, carrot in hand offer the opportunity, right, for them to -- >> right. and the trump administration, of course, has been working very hard on lowering our tax rate from 35% to 20%. it's worth noting even before apple moved this money to, in fact, the channel islands, the u.k. channel islands, the other jersey, this was a lot of money in ireland where people pay, corporations pay 1.5 percent -- 12.5%. if you look at the u.s.' 35%, ireland's 12.5% and some of these other jurisdictions such as the u.k.'s channel islands where, quite frankly, they are allowed to offer whatever they want as a tax rate, and this particular one, jersey, essentially says for foreign entities, they can pay 0%. trish: good stuff. once again, shows you how we
need to be more competitive. i mean, the idea that france or canada or anywhere else for that matter is offering a better tax program for corporations than we are, that doesn't really make sense, right? we're supposed to be the land of entrepreneurs. we are the capitalists. why don't we have a tax rate that matches it? 12.5% in ireland, some people say it'll with one big race to the bottom, right? i don't think that'll happen because the truth is corporations want to be near the talent. the talent is here. they also want to be near their markets. the market is here. so all we have to do is create a better incentive for corporations to be here as well. and this is very much what congress is trying to do and what the president campaigned on. because, hey, maybe 4% gdp is, indeed, in the offing if we see a lower tax rate. programming note for you, i'll be on fox business tonight, neil leading our coverage of election
day 2017. we're talking new jersey, we're talking virginia, important ballots all across the country. and i will see you tomorrow on "outnumbered" on the fox news channel. liz claman's taking it from here. liz: trish, thank you. yes, indeed, we're hours until election day, new jersey voters choosing a new governor to replace chris christie as voters in virginia vote on a new governor in what could be a harbinger of things to come in the 2018 midterm elections. voters in both states making important choices that could affect their pocketbooks. why? because of this, the house ways and means committee. this is a live picture. they're working long hours for the second straight day on the gop tax reform bill that could dramatically alter who pays what and by how much. we need a tax lawyer, accountants and a new jersey congressman or any congressman on this. we found one in all three in one man, republican tom r