Skip to main content

tv   Risk and Reward With Deidre Bolton  FOX Business  December 15, 2017 5:00pm-6:00pm EST

5:00 pm
over a month to assemble it all on to the house i wonder what he does for a living the show runs nightly from 6:00-10 p.m. and we just got details on the tax plan risk & rewards will cover it all for us. >> melissa: we won't spoil it for them. >> david: no. >> president trump: the democrats have done nothing. i have seen it, i think it's going to do very very well. i think that we are going to be in a position to pass something as early as next week, which will be monumental. >> god bless them. i'm glad we have them but they don't need a tax break. >> president trump: it will be the greatest christmas present that a lot of people have ever received. it will be something special. >> obviously there's folks who are going to spin it that is something terrible for the american people but frankly we're hoping it speaks for itself. >> liz: the countdown to tax cuts now on, details of the final tax bill will be released
5:01 pm
this hour, fox business, we've got the market moving details, they're here at this table right now. what will your tax break be get ready, we've got the breaking news the votes have commas early as monday. this, as president trump risks fbi bias in the hillary clinton e-mail investigation ahead of his big speech at quantico today before new fbi recruits as newly -released documents reveal former fbi director james comey 's initial draft statement exonerating hillary clinton was edited numerous times to soften the fbi findings. coming up you're going to see what the fbi really thought about hillary. & companies like comcast, verizon and at&t sharing the end of wet blanket obama-era internet rules. we're going to show you the media and debunk the myth about what's really going to happen to your online streaming and shopping tonight an all-star guest line up including swiss
5:02 pm
american share craig smith, conservative radio host nina low den, david clark and reagan economic policy advisor art laffer, all here tonight. welcome to risk & reward i'm elizabeth macdonald. stocks closing at at all times highs as the odds of tax cuts passing increase. the dow up 143 points today to 24, 651 and that's just shy of about 400 points from the 25,000 mark. it is the 69th record close this year, matching the historic record last set in 1995. now to the final countdown to tax cuts the text of the gop tax bill is now released, 11th hour deal-making got senators like marco rubio on board. the final tax plan expands the child tax credit in an effort to win his support. plus, let's bring in by the way the breaking news on the details there will be seven tax brackets the top one is 37% for
5:03 pm
individuals earning 500,000 and above. senators now starting to respond it's pouring in right now reluctant bob corker is now a yes and we'll drill down on all that and more in a moment but first a day of records on wall street let's get to nicole petallides on the floor of the new york stock exchange with what happened in the markets today nicole wow what a day. >> nicole: liz first of all i think you'll appreciate this. good thing we're going live at 5 here because look what just came off the printing presses. dow almost 30,000 what do you think about that? everybody is making money in their 401 (k), ira's and even the person in chinatown making money let's take a look the dow is up 143 points up a half a percent a winning week four weeks in a row the dow and s & p you noted winning record closes for the dow jones industrial average we're tied for the all-time most ever 1995, one war and we go down in history as the most records ever in a single year. the nasdac also breaking out to
5:04 pm
records that was up 1.1% so winning week for all three. taking a look here at some of the winners on the day with several names that were hitting all-time highs for example, microsoft hit an all-time high, boeing hit an all-time high we're going to look at the weekly winners as well but also mcdonald's united technologies but pfizer was up 2%, microsoft up 2.5%. last but certainly not least, it's a disney fox 21st century fox and the news is coming out, more on the terms of the deal in an 8-k filing with the sec. basically, if nothing happens within a year, either party is allowed to terminate the deal. disney will have to pay out $2.5 billion to fox under the circumstances if there's a failure to obtain approval. the other way around 21st century fox would have to pay disney 1.5 billion if the deal is terminated or for example, they get a superior proposal. don't forget there were others interested 21st century fox assets but disney was the winner
5:05 pm
in the end. >> liz: and nicole, i'm sure you have a closet full of hats there a santa claus rally the dow, s & p, nasdac, russel 2000 all up. look at the action in the markets thank you, nicole. back to more details on the final tax bill. it has been released let's bring in blake burman in d.c. with the latest with the breaking news. >> hi, liz we were first to trompe l'oeil you earlier this afternoon there will indeed be seven different brackets according to the tax plan let us run you through the numbers and we'll keep this at a brief overview. those seven different brackets 10%, 12%, 22, 24, 32, 35, 37 and on the single side the numbers this is the exact same set of numbers as the initial senate plan on the single side and married and filing jointly side that's where the tweeks came into play and those came in at the 22 and 24, 32% rate and especially at the 37% rate is that number dropped from a million dollars all the way down
5:06 pm
to $600,000 but the headline in this, seven different brackets according to this new plan. as it relates to corporate as we've been telling you for days now the corporate rate will be set at 21% starting next year. there will be a repeal of the corporate amt and as for the one -time repatriation rate that will be set at 15% for cash and 8% range rather for ill liquid assets. this all started to come together this afternoon within the last few hours for republicans as marco rubio said he was once again a "yes." he had concerns as it related to the child tax credit and bob corker who had concerns about the deficit said that he would be voting yes as well. looking forward to next week, john mccain and thad cochran both of whom are battling different health issues are expected to be in the senate for their votes. the expectations are, liz, that this timeline is still up, still on the same timeline for tuesday
5:07 pm
, possibly wednesday for this to officially hit the books >> liz: great reporting blake. we could have the dow 25,000 by christmastime. let's stay on it for a second to your point. the corporate tax cut does take effect january 1 of 2018 and it's a 21% double the child credit, it preserves salt, caps at 10,000 that deduction for state and local and the mortgage interest deduction stays for existing i think for new homes, it's at 750 k house value and it gets rid of the obamacare mandate right, blake? >> yeah the obamacare mandate gone. you just ran through some of those things. you know, liz, we had been told here from the white house for months that this was going to be a negotiation up on capitol hill and what we see in these numbers and in these figures, this was a negotiation up on capitol hill the senate won on some stuff the house won on others and you have republicans in the senate side. >> liz: dow 25 k by christmas the markets across-the-board in the green. thank you so much, great
5:08 pm
reporting my friend. good to see you. msnbc going overboard now, fear monkerring about tax cuts with media histeria that not even reagan, clinton or kennedy saw when their administration did tax cuts. msnbc guest tim o'brien ramping up conspiracy theories saying tax reform will "destabilize" the u.s. government. roll tape. >> this is an effort to permanently destabilize the way the federal government funds itself. this bill is designed to completely snap the purse strings and separate the citizens of the united states from their government and the government's ability to deliver thins to them like infrastructure, like wage equality, like sensible deficit management, funding of public schools. what this is is it's an assault on the purse strings of the federal government. >> liz: comcast the parent company of msnbc ending the day in the green more than 1.5%
5:09 pm
higher today. msnbc clearly forgetting recent history about what really destabilizes governments, doubling the debt when you have virtually no economic growth. that is what destabilized europe , countries like greece, italy and spain and it is what the u.s. just endured for the last eight years. with me now craig smith. craig what's wrong with more money in your pockets? have msnbc and democrats jumped down a memory hole? did they forget what kennedy and reagan and clinton did? they cut taxes and the rich started paying more and revenues started pouring in. go ahead. i was just thinking as i was listening to that, e-mac, john kennedy would not be welcome in the democratic party any more. i mean he just has no place there, given the way these attitudes are and for this guy to talk about destabilizing the country how about what's going on to try and under mine a duly elected president. some of the things i've heard today are absolutely ridiculous and talk about well they're taking healthcare away. no we're going to make it to
5:10 pm
this bill will make it to where you are not forced to buy healthcare. the mandate goes away and so is this a perfect bill? no i don't think it's a perfect bill but man it's a heck of a start and when you look at corporate taxes going from 35% to 21% and you look at the individual business taxes going from what normally is about 39.6 % to 23%, liz, this could be one of the most powerful drivers of our economy that we've ever seen. i can't wait to stand by and listen to art laffler's comments because what these people are saying on the fear mongering side is laughable at best and at worst it's dangerous for the future of this country. >> liz: it's misleading and idiotic quite frankly because i've been covering taxes and the irs for 30 years and never seen an analysis like that and so un hinged from reality as what i see coming out of msnbc and some people on cnn to your point about jfk, here is the quote from jfk. every dollar released from taxation that is spent or
5:11 pm
invested will help create a new job and a new salary and to your point, craig, kennedy said the best welfare is a job and they all cut taxes again the rich paid more in revenues came in go ahead craig. >> right, and look, let's just take the individual corporate tax. you know the small business tax okay? a guy used to be paid 39.6% now he's paying 23 or she's paying 23% and now you put more money in that person's pocket and they're out buying things for their factory or small business so they're hiring more people or paying higher wages. john kennedy got it right and quite frankly, ronald reagan copied john kennedy's tax bill and now, you've got donald trump copying ronald reagan's tax bill and so i know i saw this headline that splashed about paul krugman, the republicans despise the middle class? he should have his nobel peace prize taken away. his nobel peace prize was given
5:12 pm
to him over being able to analyze trade patterns and locate areas of economic growth. >> liz: let's stay on that. to your point he did write that in the new york times op ed entitled republicans despise the working class but was it in hillary clinton did not campaign enough from working class voters in michigan, wisconsin, pennsylvania hillary clinton used the term deplorable talking about those working class voters and wasn't it hillary who said this, listen. >> we're going to put a lot of coal miners and coal companies out of business. >> liz: where are the headlines about that? did msnbc and the guys at cnn take that on enough do you think >> yeah, i won't mention their callers, okay? but i can tell you, you're absolutely correct. she made it clear. we want to take jobs away and here you've got a president that's saying jobs jobs jobs. to him it is a three letter, excuse me a four letter word okay? the reality is that what we see coming out of the democrats is typical isolate tactics trying
5:13 pm
to scare people when in fact, liz, like i said, paul krugman, he studied trade patterns and i want to ask you something. do you think reducing one of the highest corporate tax rates in the world, 35% in america, to 21 %, is going to have a negative impact on trade patterns or a positive impact on trade patterns? you and i both know the answer to that question, liz. >> liz: you know i'd also like to see what stocks are in paul k rugman's 401 (k). he never talks about how government union worker pensions are investments in stocks and then there's this, craig. why should we trust paul krugman , when he's made these whopping errors and missed the subprime mortgage crisis and only started writing about subprime in 2007. fran it and freddie were blamed for the mortgage collapse and said europe is a comeback continent in 2008 when europe was about to collapse european unions breakup. he kept saying dozens of times it would breakup but it never did and under its underestimated
5:14 pm
the impact of productivity across the country. those are some of the errors paul krugman made craig. >> the nobel peace prize committee ought to remove his nobel peace prize because what he got it for is exactly in total opposition with the position he's taking right now, and i've got to tell the american people this. first off, this is a good tax bill. not a great tax bill, a good solid tax bill. it's a start, liz and i believe, look just the repatriation liz. if you bring assets back, it's at 7.5% you bring cash back it's at 14.5%. these companies couldn't bring that money back in because they get wacked 35%. now, those, think of this about what is toyota thinking right now, bmw is saying i want to build more factories in america because i want to be treated better. >> liz: exactly. period. you see it in individuals they leave high tax states for texas
5:15 pm
and florida. companies did the same leaving the country with their cash. maybe we'll make it a better climate here. you don't see that analysis like you just gave craig smith thank you so much for giving it to our viewers and merry christmas to you sir. merry christmas e-mac. >> liz: highlights of the tax bill are out we're moments away from basically how this is going to go down in d.c. we're having senators weighing in right now, it's exciting stuff, you won't want to miss the hot action the senators now weighing in, the vote could commas early as monday we have breaking news throughout this hour with this story the comey edits revealed remarks on the clinton probe were watered down before james comey made his final exonerating statement about hillary clinton. fox news got the documents and we've got the details that's next. stay right there.
5:16 pm
5:17 pm
5:18 pm
5:19 pm
>> liz: now we gave you some of the details of the market moving republican tax cut bill and it is moving the markets across-the-board the indices now in the green. we're in the middle of a santa claus rally, we could be talking dow 25,000 by basically christmas day. president trump speaking at the fbi national academy graduation ceremony today, but before him, he had this to say about charges of fbi bias in the hillary probe roll tape. >> president trump: we're going to rebuild fbi, it will be bigger and better than ever but it is very sad when you look at those documents and how they've done that is really really disgraceful and you have a lot of very angry people that are seeing it. >> liz: this as the draft of former fbi director james comey 's remarks about the hillary clinton e-mail case shows his statement the text of the statement that exonerated her was heavily edited before he actually delivered it. here st. original text.
5:20 pm
it reads "there is evidence that support a conclusion that secretary on and others used the private e-mail server in a manner grossly negligent but that isn't what comey said when he made his public announcement exonerating hillary clinton. roll tape. >> although we did not find clear evidence that secretary clinton or her colleagues intended to violate laws govern ing the hailing of classified information, there is evidence that they were extreme ly careless in their handling of very sensitive highly classified information. >> liz: now, his final statement also removed a reference to the "shear volume" of classified information discussed in hillary clinton's e-mails. let's bring in trump media advisory board member gina loude n. so great to see you. we need you on this story. why do you think the language softened and watered down. why do you think that happened? >> i think it happened because they had a desired outcome, liz.
5:21 pm
they knew exactly what they were doing. the evidence to convict the people who were supposed to be collecting evidence about the whole russian collusion theory, the evidence to convict them is by far more plentiful than any of it than has come out in more than a year on investigations of president trump. these are the people who should be investigated and arrested. >> liz: you know some would say they have opinions right and are entitled to their opinions and there's no indication yet that they jumped the shark and actively plotted against president trump, right? >> well, i think that there is, actually. i mean, you can't try anything in the court of public opinion. i've been very outspoken about that but my opinion on this is you look at things like the fact that the wife of a demoted doj person was actually paid by fusion gps who were the creators
5:22 pm
of the russian dossier, the fake russian dossier in the first place. that's evidence, liz i don't know what else we need. these people need to be taken down for what they have done and don't forget too that same doj official whose wife was hired was already demoted for conceal ing the fact that he had met with fusion gps, so this evidence is just mounting and the sad part, liz i think this is the really sad part, is it puts such a distrust in the american people's heart for, you know, our government officials that we should be able to trust, especially these government officials. >> liz: the federal cops don't want to be looked like they're doing politics and putting in the candidate that they want. i mean they reconcile the fbi hates being politicized because they want to catch the bad guys. to your point about the outfit behind the anti-trump dossier it is called fusion gps now admits the wife of justice department
5:23 pm
official bruce orr did work at fusion and again that's the firm funded by the dnc and clinton campaign that did opposition research on donald trump. so is there any way that her husband could have been objective in this investigation? again government workers say they are entitled to their opinion. >> do you know what liz let me tell you something. my husband was in the missouri state senate and i remember companies approaching me offer ing to give me jobs for things that my husband was voting on. just because this kind of thing happens in politics all the time doesn't make it right and no, he couldn't be objective and now, its also been released he was actually meeting with him and concealing he was meeting with them. why was he meeting with fusion gps? there is just something very sti nky here. this is exactly why the president says the swamp needs to be drained and this is more pure evidence of it and like you mentioned liz it is sad because you take just in police work you
5:24 pm
take one bad cop somewhere and it makes the rest of the good cops who are largely good look bad. i believe that most people there want to do a good job. they want to get to the truth and they want to carry things out with ethical behavior but everything points to the fact that that's not what's happened here. >> liz: i want to get to the newt gingrich quote i need 10 seconds. gina, the fbi statement also that comey had also watered down first it said reasonably likely that hillary's server was hacked and then it was watered down to possible. hillary clinton was traveling as secretary of state in 2009 with an unprotected e-mail server. that's what experts have told us , the fbi agents told me that they were worried about that gina. she was going at the time traveling to egypt, turkey and china, so that's the real issue, was she hacked and what information was stolen out of her server we don't know but we want to get to this newt gingrich and i want your reaction to what newt gingrich
5:25 pm
is saying about attorney general jeff sessions. roll tape. >> you have here a sespool of corruption covering up for the clintons in a way which i would have to say as a historian is unimaginable. i do not know of any point in american history where you have this level of a system of corruption. at every level this is undermining our system of justice, it is violating the law , very likely all of these people will end up going to jail it's time for the attorney general to step up to the plate and do his job. he has no excuse, as somebody who i know believes in the law, he has to setup a clinton investigation, he has to setup an fbi justice department investigation. this is his obligation under the law to enforce it and to protect the american people. >> liz: your reaction, gina?
5:26 pm
>> oh, i agree with speaker gingrich that this definitely needs to be investigated as i said but i think the interesting thing is do we know that it's not being investigated just because there aren't leaks out of sessions office, we're so used to leaks i think if we're not hearing about it we think it's not happening. do we know it's not happening and i don't know the answer to that but i absolutely agree with speaker gingrich this absolutely this investigation needs carried out. >> liz: we love having you on come back soon please we look forward to it. >> love being on thank you liz. >> liz: fox business is getting briefed right now on the final market moving details of the tax cut bill. we've got a reporter inside the room that's going to get to the details as soon as it's done we'll bring that to you it's breaking news throughout the hour but first black lives matter is now calling for a christmas boycott of "white capitalism" we're bringing in america's sheriff he's david clark and here to react after this stay right there don't go away.
5:27 pm
you can't predict the market. but through good times and bad... t. rowe price... ...we've helped our investors stay confident for over 75 years. call us or your advisor. t. rowe price. invest with confidence.
5:28 pm
5:29 pm
5:30 pm
>> liz: welcome back. black lives matter now calling for a boycott of "white capitalismism" this christmas season and on its website it says"make this christmas a black christmas, no spending with white corporations, consider donating to black organizations if you must buy, buy black" hashtag curb your consumerism. let's bring in former milwaukee county sheriff, he is america's sheriff david clark. good to see you sheriff what's your reaction? >> well it's a whole lot of young black kids that are disappointed on christmas morning when they wake up and find no air jordans under the tree most of those are sold by white-owned businesses for higher end blacks that like the higher end labels that like gucc i, i guess not this year. look this has george sorel's funding written all over it. his movement the socialistic movement has hijacked black lives matter and they use them as a mask. they figured the coming out of the 60s when they failed with this movement, they felt they
5:31 pm
were too white and they needed to add color and they did that this time around by hijacking the black lives matter movement for their anti-socialistic anti- capitalist and socialistic movement. socialism and anti-capitalism have done nothing anywhere in the world including the united states to help black people. >> liz: let's switch gears a boston university professor is saying the christmas song " jingle bells" is racist because of its first performance to make fun of african americans. what are your thoughts there? >> this is ridiculous. that's how ridiculous this whole thing has become but getting back to the boycott a lot of young black people work at the stores so they're hurting themselves and that's why i said when you start getting in the christmas carols and those sorts of things people are claiming are in the left when i say people, that they're discriminatory or whatever that stuff is laughable. >> liz: sheriff to your point you look at the black lives matter website we haven't seen
5:32 pm
any indication of the exact names of companies they're suggesting you boycott. they just put the statement out there. >> right. just a general statement and that's why i said george sorels has his fingerprints all over this and i just think it's a shame because those issues that the black lives matter movement said they were about, you know, might have had some room for discussion but again, now its become this anti- capitalism and socialistic movement that is not going to help black people find jobs, it's not going to help black people find better schools, to send their kids to, and those are the things that are important to black people not anti-capitalism. >> liz: david clark it's so good to see you. thank you. >> liz: please come back soon. we'll go to break right now. fox business is getting briefed right now we've got a reporter inside the room in washington d.c. and the details of the tax bill were being told some of the income tax tables are changing. we've got a reporter on the stick down there we'll get it to you, in moments don't go away.
5:33 pm
but first the so-called internet net neutrality apocalypse is upon us, a lot of media fear mon gering on this and you don't have to build your fallout just yet he is the daily caller chris bedford, he debunks a lot of myths and the fake news around this, don't go away. the moment a fish is pulled out from the water, it's a race against time. and keeping it in the right conditions is the best way to get that fish to your plate safely. bacteria can multiply to high enough levels that even cooking it will not destroy all of them. it's definitely the most important thing in my business. how fresh is the fish? where it comes from? how it gets here. the more i know, the better.
5:34 pm
sometimes the product arrives and the cold chain has been interrupted, and we need to be able to identify where in the cold chain that occurred. we took our world class network and we developed devices to track environmental conditions. this device allows people to understand what's happening not only with the location of that asset, but also if it's too hot, if it's too cold, if it's been dropped... it's completely unique. we ship fish, beef, poultry, vaccines, insulin. this is about monitoring and protecting everything we ship. i catch all this amazing, beautiful fish and then once it's out of my hands, i have no control over what happens to it. if you have a sensor that can keep track of your product, it keeps everybody kind of honest that way. it's really all about the network. you are looking at trillions of transactions a year. not too many companies in the world can even scale to that type of volume.
5:35 pm
who knew a tiny sensor could help keep the food chain safe? food has to be fresh. it's that simple.
5:36 pm
>> liz: republicans releasing the final version of tax cuts we're in breaking news mode right now. the breaking news is happening thick and fast.
5:37 pm
they are planning to pass the plans through congress next week , adam shapiro he was the man inside that room. he's got the details adam? >> okay so the bill has now been filed and much of what we've reported today we can now again report to you as to what's going to happen when this becomes law. let's first talk about the tax brackets. the seven tax brackets 10% 12% 22% 24%, 32%, 35% and 37%, so fox business has been reporting today is accurate, whether you're a single filer or a married filer and you're filing jointly, one slight difference is among single filers in the 24 % the cap will be at 157, $500 but these are now the figures for how you can determine your income tax going forward and of course, the 37% for married joint filers now is 600,000 and above and for a single filer at $500,000. again, the state and local tax,
5:38 pm
the deduction that so many new yorkers and people in massachusetts, california rely on, there's a $10,000 cap now for sales, income and property tax, however you divide it up $10,000 is what people essentially in new york, california the high tax states will be able to deduct if they itemize. the child tax credit again $2000 that marco rubio was able to get the threshold raised for the refundable portion of the tax credit for those who don't have a federal income tax liability, $1400. the amt, the corporate amt is gone and will be repealed. the individual amt, the thresholds to determine whether you have to fall into that are being raised and then of course it does repeal the obamacare individual mandate. a couple of other things the corporate rate 21% effective january 1, 2018, pass through top rate obviously income 37% but with a 20% reduction for companies or for people who are small business operators and another thing if you're buying a house, the mortgage interest rate deduction has been
5:39 pm
maintained to a degree, so if you have a mortgage right now, you're grandfathered in. you keep doing what you're doing but if you buy a house next year , your mortgage interest is deductible on a first or second home up to a mortgage value of $750,000. we asked a specific question, when does that kick in? is it upon the signing of the contract or the closing of the sale because originally the house is saying that wouldn't kick in until november. what we were told was january 1, so if you're about to buy a new home do it now if you want to maximize up to a million dollars in mortgage value. the bottom line is they didn't tell us if it would be contract date or closing date but it looks as if you have about two weeks to get the full 1 million that's applicable now going forward it will be up to $750,000 in value. e-mac? >> liz: great reporting my friend good to see you adam. look at that breaking news on the tax bill. adam was inside the room with the guys who were working on the bill. let's get to the man who by the way we're waiting for chairman kevin brady to come out and talk
5:40 pm
that's why you're looking at a bank of microphones there. i want to quickly bring in art l affer on this. great to have you on the show. you were in the room with ronald reagan when he was working on the tax cut package. art we had nancy pelosi saying this is armageddon this is probably one of the worst bills ever seen not to be out done, other people said this is going to be an apocalypse. my god memories being having their taxes slashed in broad daylight. what do you make of the fear mon gering around this bill? >> i just love the quote isn't that just wonderful. i think the fear mongering makes no sense and i don't understand nancy pelosi. generally speaking she's a very serious person and this type of overstatement and hyperbole doesn't do any good. the democrats most of the democrats should be voting for this, liz. it's just ridiculous they're not and the democrats and the senate should be voting for it as well. this is kennedy. this is, i mean reagan we had co
5:41 pm
-sponsors, democrat and republican of every one of our bills, so why wouldn't they do that? >> liz: you know, art to your point, i mean again, we're looking at a santa claus rally the indices in the green across-the-board. we may get a vote done by christmas. we could see we're seeing wall street shops like goldman sachs saying less than about a percentage point added to gdp growth you're talking 4% growth next year, will the democrats be left hung out to dry by the midterms if we do see great economic growth? >> well i don't know if they will be or not liz. >> liz: if they don't vote for it they would be right? >> it will be great. >> liz: you know, there's been again reagan had a worst recession first the citigroup collapses in 1980 and he cut taxes and the economy boomed. of course it was deficit spending. clinton kennedy they all did the same. so tell me more about that and speak some more about how the media-- >> let me talk about one put into this bill that i just loved in fact i worked with the people there a lot and the delay feature of a tax rate reduction
5:42 pm
is absolutely a killer to the economy. the senate bill had that delay feature where the corporate tax rate was cut on january 1, 2019 and they rescinded that and made it 2018 which is wonderful. they have just saved the economy from having a very serious recession because of a delay. it caused the 81-82 recession because we delayed it and then from january 1, 83 when the tax cuts took effect, we had incredible growth. we grew it at an annual average rate of about 8% for a year and a half. it was just amazing liz. >> liz: art laffer, thank you so much we wish you could come back because we'll be talking more about the tax cut deal and kevin brady is coming up to talk live at a bank of microphones in d.c. good to see you again we're waiting on kevin brady to take to the microphone with more details about the tax cut bill he is a tax architect in the house. he's about to speak, we will
5:43 pm
bring you kevin brady as soon as he comes out. stay right there, don't go away. i accept i don't bike as far as i used to. i even accept i have a higher risk of stroke due to afib, a type of irregular heartbeat not caused by a heart valve problem. but no matter where i ride, i go for my best. so if there's something better than warfarin, i'll go for that too. eliquis. eliquis reduced the risk of stroke better than warfarin, plus had less major bleeding than warfarin. eliquis had both. don't stop taking eliquis unless your doctor tells you to, as stopping increases your risk of having a stroke. eliquis can cause serious and in rare cases fatal bleeding. don't take eliquis if you have an artificial heart valve or abnormal bleeding. while taking eliquis, you may bruise more easily... ...and it may take longer than usual for any bleeding to stop. seek immediate medical care for sudden signs of bleeding, like unusual bruising. eliquis may increase your bleeding risk if you take certain medicines. tell your doctor about all planned medical or dental procedures.
5:44 pm
i'm still going for my best. and for eliquis. ask your doctor about eliquis. ♪
5:45 pm
5:46 pm
>> liz: again we are waiting for representative kevin brady, he is the architect in the house of the tax cut plan, he will approach that bank of microphones momentarily to talk about the details. we gave the details at the top of the hour. we're in breaking news mode let's get to the daily caller news foundation editor in chief crist bedford. chris, what's the biggest myth about this tax cut plan now that you see? >> the biggest myth about it? >> liz: yeah. >> i would say it's going to hurt american families or hurt the american economy or hurt the deficit. now some people disagree on economics of whether or not cutting taxes and unleashing the economic beast of the united states impacts deficit maybe some of the democrats disagree. i was shocked to see some of the republicans say that they disagreed with that and they weren't ready to back that but even those people like senator bob corker came on at the last minute and said they're willing
5:47 pm
to support this and we've seen small changes a 1% increase in the corporate tax rate getting rid of the corporate amt, alternative minimum tax for corporations increasing the child care credit with marco rubio which was a dangerous game of chicken. >> liz: stay right there. we've got kevin brady. stay right there chris, here is kevin brady. >> good evening, everyone. so we have filed the bill, the report the tax cuts and jobs act in the house. this means that the text of this new tax reform bill will become public now and the american people will be able to assess the impact of a new tax code. my point is this. we deserve, americans deserve a new tax code for new era of american prosperity. that's exactly what the tax cuts and jobs about does. over the weekend and as we head to the vote, we'll also be able to finally, because the house and senate versions were
5:48 pm
different, families, small businesses, and frankly our local businesses that cop pete around the world will now have a bill to analyze and embrace and so i'm very excited about this moment. it has been 31 years in the making and took a lot of hard work by a lot of people to make this day happen. i'm proud of the tax cuts and jobs act. with that be glad to take some questions. >> reporter: when this started you were talking about four brackets filing on a postcard simplicity. it doesn't look like that any more. >> so with the standard deduction nearly doubled and a number of those provisions the postcard still remains. are there a few more items on it sure but that was, that was what the process we wanted. we said from the very beginning this isn't our tax code. it belongs to the american people and it does so in the house we really took it down, the foundation and began to rebuild it the way the american
5:49 pm
people want it in the 21st century, not 30 or 50 years ago. we listened, our lawmakers listened to their constituents, families and businesses, and this tax reform reflects the priorities of the american people. >> reporter: mr. chairman, the idea that you had to expand these brackets on both the corporate and personal side here and raising for some of those brackets fell was part of that because you had to fit into the reconciliation rules on the senate for closing the deficit and that's why some of those areas went up especially on the first and seventh. >> so the rates went down in the family brackets to provide more tax relief. one of the reasons we're going to have very strong middle class tax relief but we're also going to have tax relief for families who live in these high tax states. we made that commitment to our salt lawmakers. we will improve the bill and we achieved that and we now have a
5:50 pm
$10,000 deduction for salt taxes families can fill it up with the way they need for their families we have a lower top bracket, really a key ask by lawmakers in salt states but those help everybody in america, as well and then we did achieve even more middle class tax relief and so all that was done to drive tax relief for everyone regardless of where they live. >> reporter: but that wasn't why some of that changed? >> no absolutely not. that was continuing to lower the brackets and lower the rates, make sure we want people to keep more of what they earn wherever they live and we achieved that. >> reporter: sir can you talk about the timeline of who goes first, the house, the senate? and also what about senator, does that mean the senate has control now? >> well i always leave the timing in the vote to schedule
5:51 pm
for our leadership. i do know we'll be returning monday and to begin the rules process. the votes in the house and senate will occur after that and the timing i'll leave sequence to our speaker and leader and yes, i do predict both the house and senate will aprove this tax reform bill. lots of momentum building. >> reporter: can you discuss some of the revenue raises there were to make room for those changes? >> well i would direct you, we will have joint committee on taxation. we'll lay out the revenue tables here shortly. what you'll see is that they were adjustments made throughout the whole tax reform bill. there wasn't any one or two provisions that allowed us to stay under the $1.5 trillion. it really was a combination of different adjustments in different areas which we think is the most balanced way to do it.
5:52 pm
>> reporter: will people see a slight increase? >> look, i think, no. i know everyone's lives will be better off under tax reform because of the tax relief families get, because of the higher paychecks, because we have a stronger economy and again, this is all about also bringing back jobs from overseas , which if we had not acted now we would continue to see our headquarters, our research, our manufacturing and our jobs leave the country and so the combination of that will raise paychecks and allow you to keep more of what you earn. maybe and this isn't really talked about much, but we need a tax code for our local businesses can compete and win anywhere in the world including here at home. we achieved that. >> reporter: directionally when you made changes in general
5:53 pm
first, did you go more towards the senate bill or split the difference between the senate and the house bill? >> so we took the best of both ideas and here in many cases because we had a deliberate timetable we had announced half a year ago to get this through the president's desk we took the text that was closest to where we thought we would end and from that standpoint, it's sort of a mix of the house and the senate the way it should be. there are always at the end of these major negotiations several changes that have to occur. we did it, like there's no one that had to be done at the end. thank you. >> reporter: so what did you do for puerto rico? >> so the major puerto rico provision that we had pushed which was to create and make them eligible for opportunity
5:54 pm
zones to help them rebuild an economic development ultimately did not pass the bird test in the senate and so the speaker and i have decided to put that provision on the supplemental after speaking with delegate gonzalez to help continue to rebuild puerto rico. i think more can be done as well but i think this is important. we are just absolutely committed to helping that island rebuild. >> reporter: did you make the first or second channel eligible for the child tax credit? not yet. >> reporter: assuming this does just pass in time before the end of the year, when do you think regular people will feel it? >> yeah, so there are two important things happening. one, after the first of the year , workers will be able to see a new table so they can
5:55 pm
decide withholding figures so you can choose to get your tax relief early in the year or you could keep them as they are and take them in the next tax filing system. that's one key thing. i think maybe the most important element people aren't yet thinking about is this april 15th, when you file your taxes, that is the last time you will file under this monstrous broken tax code. in future years you will see a tax code that's built for growth , leapfrogs america back and frankly let's keep people keep more of what they earn. >> reporter: one more question. there is a concern about how quickly this bill was written. are you confident that as written it won't require anything afterwards and if it does, do you think democrats will come on board as well? >> so, i can't anticipate, i can't imagine any major under
5:56 pm
taking like this that doesn't require technical corrections in the future, and because some of these policy changes really are game changing for america, for example, no longer taxing you here and taxing you abroad allowing companies to bring their earnings to be reinvested back in our communities and our manufacturing plants and research at a zero tax rate, all these are major changes so i anticipate work to continue on tax reform in the international area for example, but also i'm still convinced and members are as well, we can do even more to improve this tax code, so i'm hopeful democrat who have always said they're for tax reform but today defending the status quo i hope they rethink that and work with us to improve the code. thank you. >> liz: well that was kevin brady tax details now released let's bring in the panel independent women's forum patrice leon wooka, eric he's
5:57 pm
still saying this is a code that is geared for growth what's your thought? >> i think that it's geared for entrepreneurial bliss. i mean this is going to be an incredible next few years with this plan and i think what it does is it sends a very clear message to ceo's that you can keep a lot more and now you can plan to use it. you can plan to put it into play , you can be far more strategic and it says something also to companies overseas and investors overseas that now it makes sense to invest, to bring your companies over here, to not put them overseas, to not ship your jobs over to if you're a u.s. company, not ship it over to china. >> liz: that's right because the rate-- >> keep it here put it in pittsburgh. >> liz: by the way the corporate rate cut begins january 1 there was a fear it was delayed. patrice let's get to the individual side. across-the-board rate cuts and state and local tax deductions
5:58 pm
still there, capped at 10-k. what do you say? >> i think this is great for workers and great for families and women. i mean when you consider not just they're getting a tax cut but you're seeing an increase in the child tax deduction and for those who are poor and middle income americans, they're going to be able to see more of that child tax credit refunded to them so i think there's a lot of benefits that american workers and women and families can look forward to. keeping more of what they earn is a really big message and i think that's going to resonate very well. >> liz: chris you watch the d.c. media beltway echo chamber a lot of negativity in it against this tax bill. what are your thoughts there? >> well a lot of the d.c. echo chamber and i live in it, d.c. is 95% democrat and northern virginia is solidly democrat it's where all of the reporters live and generally buy the democratic talking question and repeat them but also republicans typically haven't been that great. they've been kind of eating up the democratic talking points and saying no, it doesn't hurt the poor, no it doesn't hurt the middle class but what they
5:59 pm
should be saying and some of them are, is this is great for the poor, it's great for the middle class and the only way we're going to really unleash the american economic engine is by getting corporate tax rate, other tax rates in line with the rest of the developed world. >> liz: to get job growth and eric, you know, the standard deduction doubles it increases the number of people who pay zero federal income taxes probably above 50% and it looks like you could do it on a postcard is the breaking news out of kevin brady. ron widen attacking it saying that it's the worst thing he's seen and will be bad for the middle class. your thoughts? >> well, they're searching for anything they can do to make this political but this is so great for businesses and so great for investment and so great for jobs, because i've got to tell you as the ceo and knowing friends that are ceos they wanted to ship jobs overseas because it was cheaper. now, it makes so much more sense this is fabulous. >> liz: we've got to go.
6:00 pm
>> great for america. >> liz: the gop tax cut details are out, patrice, eric and chris thank you so much and thank you for watching, thanks for having us in your home. charles payne is here now with making money. have a great weekend. >> charles: good evening i'm charles payne you're watching making money. breaking just moments ago the house and senate releasing the language of their final compromise gop tax bill which includes plans for an expanded child tax credit apriled at winning the support of wavering senators including marco rubio. this is the stock markets soared as negotiators put on a final touches to this bill adam shapiro is on capitol hill and he's going to break down the latest. adam? >> it's really quite remarkable because they do expect to have this on the president's desk ready for signature by late wednesday or thursday of next week, so let's get into how this impacts all of us. first i want you to listen to what chairman kevin brady from house ways and means had to say about this historic


1 Favorite

info Stream Only

Uploaded by TV Archive on