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tv   The Intelligence Report With Trish Regan  FOX Business  December 20, 2017 2:00pm-3:00pm EST

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neil: we are focused on the dow as we should be. backup in interest rates heralding a sign the markets see a pickup in economic activity. a lot of congressman hopping into a bus. they make their way to the white house. ashley webster will monitor what they say when they do. ashley? ashley: party bus, neil. breaking now. president trump will speak in about an hour from now, securing his first legislative win, tax reform. finally republican lawmakers passing the most reform in 30 years in a generation. i'm ashley webster in for trish regan. welcome to "the intelligence report." the lawmakers are getting into
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those bus. will we see more legislative wins next year? what is next for the republican party? we'll ask presidential historian doug wead and republican congressman doug comelinesses. collins. we'll talk about the carried interest loophole. truck economic advisor, gary cohn saying if it were up to him and the president this loophole would have been closed. the question begs, why wasn't it? we have intel on that. first to blake burman at the white house where in a short time from now the president will take a big victory lap. blake port port ashley, those buses pull into the white house shortly for that victory lap, 3:00 this afternoon here at the white house. the president will be sidelined or, will have alongside him rather senate and house republicans who delivered this tax bill across the finish line, we got a little bit of a preview from the president joined by his
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cabinet what he might say. earlier today he called this massive tax cuts and reform on the individual side. he tout ad doubling of the child tax credit, doubling of the standard dough introduction, relief from the death tax. on the corporate side he talked about how the corporate rate was dropped down to 21%, nearly halved, and how money will be repatriated back from overseas. however, a new talking point from the president as well and that is he says now with the repeal of obamacare individual mandate included in this tax bill he said essentially it's a repeal of obamacare and the president said that he instructed others or at least there was implicit instruction not to bring up the obamacare repeal until now. listen here. >> so in this bill, not only do we have massive tax cuts and tax reform, we have essentially repealed obamacare. i tell people specifically, be
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quiet with the fake news media because i don't want them talking too much about it. reporter: there was another big admission from the administration today, that came in the for of gary cohn. in an ininterview in washington with axios, cohn said the one thing he could change, the administration could change should they have been given the opportunity to do so to get rid of the carried interest loophole but cohn contended it was not possible because of the pushback on capitol hill. >> we would have cut carried interest. we've been trying to cut carried interest, probably tried 25 times. reporter: here at the white house 3:00 we get the ceremony. important to note it is not a signing ceremony. this will not happen today. this is merely a celebratory victory lap. we're told it could take until tuesday of next week for the president to actually receive this bill and until, because of how big this is and the government processes that have to take place so it is still undetermined at this point
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exactly when the president might sign it and exactly where. ashley? ashley: the party is beginning nevertheless, blake burman, thank you very much at the white house. "the wall street journal" editorial board which has been critical of the president praising the republican tax bill saying it is the most pro-growth policy since the reagan reforms of 1991 and 1986 but the board did note that reagan reforms were better for individuals. joining me with their thoughts, moody's chief economist john lonski, hoover institute fellow lanhee chen. i was looking at some of your notes. you are saying faster growth, job creation, 80% of taxpayers see tax cuts because of the bill, including many middle income americans. in your mind this is a huge plus for the economy? >> i do think it's a huge plus for the economy. i think it is unfortunate it has not been covered more that way. if you look at back on
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individuals, significant tax relief for individuals, particularly middle class. corporate rate tax cut is important. immediate expensing, capital expenditure into 2018 around 2019. this is huge accomplishment. we haven't seen kind of coverage as i hoped. but maybe as president trump concluded we shouldn't be surprised given orientation of the media. ashley: john, how much boost can the tax reform give the boost to the economy. >> we have problems here. ashley: don't say that. >> low personal savings rate many americans are living paycheck to paycheck. who says the savings won't be spent. that is one problem. the problem we have very low unemployment rate, suggesting we may not have enough idle
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qualified workers we increase in demand and output in kind. ashley: really to follow up, john this, is for the corporations it is far more positive piece of legislation. several aspects, one repatriation, billions, maybe up to a trillion dollars overseas, first question to you, what are they going to do with that money? >> let's be careful about that. there is $1.4 trillion in cash held overseas by u.s. corporations but for the most part this, these are holdings of a relatively small segment of corporate america, principally, we're looking at high-tech companies as well as farmers. so they bring all the cash back, are they necessarily going to invest it in new plant and equipment? perhaps not. i think a lot of this cash ends up going to shareholders, and some of the cash will also be used to finance mergers and
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acquisitions especially as far as big pharma is concerned and of course the large high-tech companies keep on going for these bolt-on acquisition so they can maintain their rapid growth rate. ashley: lanhee, john brings up interesting points. how confident are you corporations will indeed be prompted through these reduced tax rates to actually invest? we already heard from fedex and southwest airlines, both saying they're looking to expand and that is exactly what the trump administration wanted to hear. how optimistic are you that this tax reform is going to actually create jobs? >> i am pretty optimistic. look it is not going to be universal. i don't think you will find every sector in every business will make the same decisions but clearly some businesses will make decisions to invest and grow with the united states. whether that is physical plant or employment. that is relatively the case, we have relatively low unemployment.
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maybe we don't have too much far to go there but certainly businesses will make decisions around the tax code it gives them certainty to plan around. that is the most important thing. they need certainty, they haven't had it for some time. ashley: john, talk about the economy, gdp, we're right around 3%, thereabouts as we look ahead to the next year with these tax cuts in mind, can we get above that? can we start talking about 4% in your mind? >> i think too. of a stretch but i do see growth between 2 1/2 and 3% next year which is pretty darn good compared to our recent history on this front. in fact we could have 3% growth annually forethe first time i believe since 2005 believe it or not. ashley: think about that. >> this has some positive features. economic growth will probably be faster by a quarter of a percentage point on average over time, and we would hope that with more business investments and clarity about the future of
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taxation it will be higher growth for labor productivity that will be positive for wages in this country. ashley: a positive, i like that, john. lanhee, let me end with you. why is it that the republicans get the tax reform through, it will cut tax, and yet when you look at polls a lot of americans don't like it? is that the republicans fault for poor messaging? >> in part it absolutely is. i think they have not done nearly a good enough job describing what the benefits will be. look there are a lot of benefits here, particularly to middle income taxpayers, you return to that group, that is the group you want to focus on politically. think about doubling of the standard deduction, lowering of marginal tax rates, potential wage gains from the corporate tax cut. there is a lot of benefits here. republicans are hunkered down like they have ptsd from the obamacare experience. they haven't been able to move forward and argue why this tax reform is good policy i think they will see the payoff next year. ashley: just sell it, baby.
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john, lanhee, thanks for joining us today. we really appreciate it. meanwhile one of the architects of this national economic plan, gary cohn telling axios said the stock rally this year has nothing to do with tax reform. tick a listen. >> i don't think a lot of tax reform is in the stock market. what i think is in the stock market right now is what is going on in the economy. the economy is doing well. tax cuts are not priced into the stock market. ashley: all right, that could explain why the markets fell yesterday despite the passage of the heil-ly anticipated bill. there is little green today. essentially flat. why the ups and downs? mostly up for the markets. let's bring in sure vest ceo rob luna, and our very own nicole petallides down on the new york stock exchange. nicole, let me hear from traders why we're so flat given tax reform bill is passed and ready
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to go? >> we had a couple of great days friday and morning. we were up over 140 points those days. yesterday was relatively flat. so we didn't give it back. i was talking to a guy who is technician, looking at eight-day moving average. some of the tech stocks come under pressure because they won't fare as well possibly with the new tax plan. we are seeing interest rates on the rise. big picture though, people are feeling optimistic. i'm not sure that i agree 100% from mr. gary cohn whether or not the market run up on everything else except for the tax plan. i would say everything put together. fundamentally, great. economically, great. we have gotten great economic reports out recently. this also some profit-taking. so the idea here is that we will grow. this is a growth plan as well for president trump going forward. so i think the most of the people i speak with are still feeling pretty optimistic. ashley: you bring up very good points, nicole.
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gary cohn says the markets have not taken into account the tax reform. most of analysts we speak with say we have, but not fully. what are your thoughts? do we get another step up now that this is in place? >> i have to agree the run-up we had, taxes played a little bit into that. remember, stock markets are forward-looking. that being said now we're getting certainty, projections for s&p earnings next year will be ratcheted up. eight to 11% projected growth next year. that is ratcheted up to 13 to 17%. coupled with tort reform, areas like the banks will probably be doing well, an increase in capital expenditure expensing, so there are some positives i don't think that have been fully baked in that will definitely put a floor into this market next year but i would be very surprised to see the type of numbers we put up this year. ashley: rob, let me follow up on that. techs are doing so much of the heavy lifting. small number of companies really
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leading the charge upward but those companies won't do so well from a tax point of view. you mentioned financials. do you expect to see money going out of those going elsewhere? that is a good point. the only thing in for them is repatriation. look at companies like apple and google, tremendous amount of money they have overseas, so if that were to come back that could help out a little bit but probably one of the less attractive sectors in our idea. we would look at the financials. they're definitely going to benefit from a lower tax rate. also as i mentioned regulatory reform. also industrials. fedex is getting ready to spend 5.8 billion on capital expenditures. they came out saying they increase that if able to accelerate depreciation. financials, industrials in our view are probably two best sectors set up to ben from the tax code. ashley: very good. nicole, do they have the 25,000 cap ready to go any remember you putting on the 24,000 cap not long ago.
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>> was quick 1000. they look a little different than the last few. there is something special about them. not that special. hey it is 25,000. prophetic, fedex is great example what is going on, global economy, seeing demand, profit expectations that they moved beyond that and ceo even saying look, we can't raise wages until we get a better tax plan. that is exactly what they got. so they're expecting a record holiday season. so things don't seem that bad. they seem good. ashley: i agree of rob, very quickly, someone comes to you, i have not jumped into this market rally. i feel terrible. can they still get in and feel safe? >> i think they can. you know, i'm predicting positive returns for next year, but i would be a little bit more selective going into next year. i think we started seeing this year. more of a stock-pickers market. maybe stay away from things that run up 60% like technology. rotate more to the portfolio to
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value stocks like financials. ashley: great advice. rob, nicole, thank you both. appreciate it. >> thank you. ashley: trump economic advisor gary cohn is saying today if there is one thing he wishes he could get out of the tack bill would be eliminating or getting rid of the carried interest loophole. listen to why he says he couldn't get rid of it. >> the reality of this town is that constituency has a very large presence in the house and the senate. they have, you know, really strong relationships on both sides of the aisle. ashley: couldn't get rid of it because of congress' relationship with private equity and hedge funds. trish regan and "the intelligence report" have been calling this out since the very beginning. we're on it next. cannot live without it.
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so if you can't live without it... why aren't you using this guy? it makes your wifi awesomely fast. no... still nope. now we're talking! it gets you wifi here, here, and here. it even lets you take a time out. no! no! yes! yes, indeed. amazing speed, coverage and control. all with an xfi gateway. find your awesome, and change the way you wifi. ashley: president trump's chief economic advisor gary cohn saying today that there is one thing he wishes he could change in the republican tax bill it would be eliminating the carried interest loophole, and if you've been watching this show you know trish has been hammering this loophole over and over again. watch. >> this bill is incomplete and it espn liesing individual high earners, it espn liesing american homeowners, it is still
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letting fat cat private equity investors paying less tax than say, i don't know, a new york city fireman? so those private equity fat cats get away with paying investment taxes instead of income taxes and that is just wrong! so why doesn't anyone care? nobody cared. nobody bothered and they still don't care. this is why i think it is important for all of us to be calling this out. we are still left with this hanging around our neck which is the swamp at work, which is the lobbyists at work. ashley: it's those private equity fat cats, to trish's point. another person by the way who called out this loophole from the very first day, our very own charlie gasparino, says, guess what, they got away with a big one. >> i can't believe i'm not only one around here. ashley: why can't they eliminate?
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>> it is not me and trish, but claman and cavuto hammering this from day one, when steve mnuchin essentially bsed the public after saying that people will not take advantage of loophole. hedge fund guys take other sort of tax -- be clear about the tax plan. kind of break it down. ashley: yeah. >> corporations are, are getting a huge tax cut. ashley: 35 to 21. >> individuals are getting a tiny tax cut. ashley: yeah. >> you will see 20, $30, maybe in your pocket. i don't know what that is after taxes, how that dissipates. that is $20, $30 a week, not a lot of money. ledge fund managers are going to make out royally. real estate investment trust, commercial real estate will make out royally. by the way i can confirm after this is passed that donald trump is definitely a billionaire. he is no longer bsing us
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anymore. he will be a billionaire finally. ashley: headline in the "washington post" tomorrow, i'm sure. >> trump finally a billionaire after he passes his tax bill. there is no doubt he will be a billionaire after this. private equity managers are whooping it up. these are fat cats at blackstone and carlisle. here is getting screwed. if you're a moderately-to successful man or woman, or family -- ashley: okay. >> living primarily in new york, new jersey -- ashley: good luck. >> california and other states, by the way texas has very high property taxes. because they didn't take down the top rate, left it basically the same -- ashley: come down from 39.6 to 37. >> okay, so they took it down a little, marginal, and they closed the deductions for housing and state, local taxes -- ashley: "salt." >> you, ladies and gentlemen, have just been screwed by the republican party. ashley: this wasn't the bill we were expecting when donald trump
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was on the campaign trail. >> no. and what he ran on. you know what else is pretty absurd, is gary cohn, trump's national economic advisor -- ashley: he is outraged about the carried interest. >> he is so full of you know what, here is why. the white house never made it priority to get rid of carried interest. he is full of it. ashley: so he is making that up? >> here is how i full of it. mnuchin talked about carried interest plan, he was blowing smoke get rid of it for hedge fund managers. they never made it priority, kept it the same, getting rid for hedge fund managers are don't use it. they are double-talking, corporate is great. i have no problem giving fat cats with tax breaks if they create jobs, it is great, but don't do it on the backs of other people. if you're going to close some loopholes, state and local tax, close the carried interest deduction. ashley: right. >> by the way -- ashley: keep hammering away. >> some other things are so bad, screwed some people.
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they will see this in their tax bill this coming year. does it go into effect immediately? ashley: start seeing in february, right? going new year, first paychecks in february. >> your guy in texas may get 20, $30 a week. there is meal somewhere. i've been to texas. it is not that cheap. ashley: no. but they don't have a state income tax, do they? >> i'm all for sticking it to andrew cuomo, liberals here, do it in a better way. they literally screwed people here in new york. ashley: that is great way to end it, right there, charlie gasparino, thank you very much. appreciate it. >> okay. ashley: members of congress boarding buses right now on capitol hill. they will make their way to the white house of course where the president will speak shortly after the gop passed the most comprehensive tax reform in some 30 years. we'll bring you that live when it happens. meanwhile democrats losing their minds over the republican tax plan and polls show the american public doesn't like it much either, but is this a messaging problem, a failure of the mainstream media perhaps to
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point out that 80% of americans will actually get a tax cut? or, is something else going on? we have got the intel next.
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ashley: no doubt it has been a historic week for america. the first major tax overhaul the country has seen in three decades a generation. now just about ready to hit president trump's desk for signature but the way some on the left responded you would think the the apocalypse is ready to rain down on us at any moment. >> this is the worst bill to ever come to the floor of the house. stiff competition for some of the things they tried to do. it is disgusting smash-and-grab. >> this tax bill will be an anchor around the ankles of every republican. if they haven't learned it yet, they will learn it next november. republicans will rue the day they passed this bill. ashley: rue the day they say.
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while there is some things in the tax bill that definitely need to be cleaned up how can listening americans, watching americans separate all the rhetoric from reality? not easy, is it? here to talk about it republican strategist boyd matheson, democratic strategist robin biro. robin, let me go to you first. i hear these expressions to describe this tax reform bill, disgrace, absolute disgrace, disgusting, sham, scam. is it really that bad, the worst piece of legislation ever to cross capitol hill as nancy pelosi says? >> oh, she has a tendency to exaggerate. chicken little the sky is falling i would say. it is not perfect. far from perfect, mitch mcconnell himself knows that they have got to get out and sell this to the american public right now but the bottom line is, that most all americans, eight out of 10 will be receiving a tax cut. now i will say that the lower
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income people are, mitch mcconnell said him sell, they will be getting about a 2% tax increase. ed middle class will see as i understand, about $15 extra per paycheck. but hey, that might be small, but money is money. we'll just have to see how this plays out but no, i don't think as dramatic as my peers say. ashley: thank you for that robin. get to you, robin brings up a good point. out of 10 americans will see less in tax and yet it seems to me the republicans have done a really poor job of selling this to the public no yeah. the republicans have absolutely failed in messaging this thing. there were great opportunities for them to talk about actually being the party of the little guy and watching out for those but because they followed the same process, this was so similar to how obamacare went through, that it just, it is bad strategy, it is bad process and bad policy in the end. so while i do think there is a lot of good things in the bill, i think everybody agrees, every
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dollar makes a difference for hard-working americans for sure but the interesting thing is, republicans looked at this a must-pass to get a political victory and when you're trying to solve political problems instead of the american people's problem you usually lose. if the american people in the end don't buy it, which most still don't, most americans don't think this is going to be good for them, this could be a very pyric victory for the gop in the end because if those forgotten americans feel like, yeah, they took care of the fat cats and the big business folks, they will have a problem in 2018. ashley: robin, let me ask you this, the democrats, to a t have said no across the board. is that a gamble? what happens if this tax reform bill actually does wonders for the economy, really, you know, hiring picks up, companies expand? everybody is happy with the fact that the democrats have all gone against this bill, could that really hurt them in november next year? >> i have been pondering the same thing exactly.
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it depends on how effective the gop actually is at selling this. people will notice the difference in their paychecks come february, so we'll have to see, and you know, it is going to be basically, trump made a lot of promises on the campaign trail. so i'm just curious to see if these tax cuts are going to be enough to appease his base but you know, it really could actually backfire on democrats because nobody got on board with this. but like i said, it is just, we'll have to see. it was death to obama with obamacare. we made 500 amendments to appease the gop and nobody was really happy with obamacare in the end. we paid a terrible price for it in the midterms. that could also happen to republicans. so, it's sort of anyone's guess right now and, i know that this is an unpopular bill right now with americans but let's see how chips fall into place come
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february. ashley: boyd, let me finish with you quickly. does this help to bring the party, the gop together and can it give them momentum as they head into the new year, infrastructure or something else? >> there is a lot of things on the plate. i agree with robin, this will come down with messaging strategy. if you have a messaging strategy as strong as your policy strategy. do you make that work for hard-working americans. democrats have a problem if they are only against things. they missed a opportunity with senator rubio and lee on child tax credit, they agreed championed it, but voted no in the end. it will come down who will come to the table for the american people and make it happen. ashley: we'll find out. boyd, robin, thank you both for joining us. really appreciate it. >> thanks, ashley. ashley: around we will be right back.
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ashley: we're about 30 minutes away from the big ceremony at the white house following passage of tax reform. we have republican congressman
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from georgia, doug collins. great to see you. >> great to see you as well, ashley. ashley: congratulations. here is the problem i have, the latest polls, if you believe polls anymore, it shows the majority of americans do not show the tax reform bill. how can that be? >> i was just listening to your previous segment. i was sort of appalled commentators comparing obamacare and comparing to other things this is tax reform plan that was designed to give people more money in their pockets. if you want to be democrat in february explain to people why they have less money in their paycheck, go ahead, that will be your next challenge. mainstream media, people who like government control, miss pelosi, mr. schumer, they enjoy a philosophy says government is good. we enjoy a philosophy that money in people's pockets is bert this is the deal, we'll sell this this will tell people what will do. you don't have to tell business owners my district, i've been getting texts congratulating.
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we can get growth of 3% than the anemic 1.% that the obama administration thought was good idea. these commentators, saying this was just politics, come to my district. come to my district and tell that people getting tax relief. that is bunch of hogwash. we'll continue to fight for the american people. ashley: isn't this a big gamble by the democrats? a universal no across the board, if it works out as the trump administration believes it will, that the economy will pick up, corporations will use the extra money to invest and create jobs. that is really going to hurt the democrats next november, isn't it? >> well, you know, look that will be their poor campaigning to do. what i want to look at, go out there i would rather be inside with the american people. i want to bet on the american entrepreneurial spirit. i want to bet on american who will not have a job, get a job after this. you're somebody who voted against tax reform. you voted against giving eight out of 10 people getting a tax break. you voted against businesses deciding how they can better
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invest to help their own employees. if that is the bet you want to make you're betting fence the american people. i would rather be on side of american people, let's unleash the best workforce, best enknow vision, the best companies, worst tax plan. have them with a good tax plan, see what they can do. i would bet on the american people. ashley: listen, sausage-making as they call it is never a pretty thing but has this finally brought the gop together do you think, provided some momentum so now push through into the new year and really start putting this agenda in place? >> that is my hope as well. we have a great vick i interest. we don't want to downplay that. we want to celebrate that victory. we have to go into funding mechanisms and get our fiscal house in order as we always said we would. this gives us the opportunity to have a economy that works when. you have a economy 3, 4% growth this give us opportunity to
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shrink the debt and defer sit. fund the people out there at front line. as member of the military that is priority we have to have. we have to continue to look at that we're looking forward to the new year. ashley: all the good feelings go straight out of the window if we don't get an agreement by friday on midnight to keep the government running because we need to get another, whatever it is, a continuing resolution to keep the lights on. that is going to happen, right? i can't imagine that the government will shut down right before christmas? >> i don't see that happening as well. i think the interesting thing here, why, i would love to see the democrats get on board with us, say, take the politics out of our defense department. let's fund our defense department for the next year. tell the senate they need to work on appropriations bills we sent them already. we're in the house doing our job. we're sort of tired not having partner on other side of the building working through bills. we want to work together. we'll find a solution for this at weekend. we have longer term problem we need to fix at finning of next year and i think you will see
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that. ashley: this is retrospective, congressman, out of interest, do you wish you had done tax reform first before tackling obamacare? >> no, i don't. what we we got tax reform, you brought up great thing retrospectively. i think about people in my community who can't find a doctor. i got a call from a guy in one of my counties, can not get insurance. he is independent employer, can't find insurance he could afford and even if he could, he is told by doctors and hospitals they won't accept it. this is national crisis mr. obama and miss pelosi threw in our laps. we don't need to bandaid it. some people were helped, i never denied that, preexisting conditions, folks who can't find insurance. but we can't ignore the chaos and havoc obamacare is wreaking on the american public. ashley: we have to leave it there, congressman doug collins, republican from georgia, thank you for joining us on historic
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day. >> thanks for having me. ashley: thank you. president trump expected to speak any minute from now following the passage of tax reform in congress. we'll bring it to you live. plus ride-sharing company uber dealt a major blow as the european union rules it's a transport company, not a tech company, leaving it vulnerable to lots of new eu regulations. what does this mean for the company's future? we'll talk about it next. building a website in under an hour is easy with gocentral... ...from godaddy! in fact, 68% of people who have built their...
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ashley: the dow is at session lows. 9:30 this morning, market was up close to 100 points. we thought we were up off to the races. since that point, maybe profit-taking, maybe selling on the fact, buying rumor on the tax reform. we're down 33 points. we're still 24,700 points. not bad. shares dropping 10% after reporting first earnings as publicly-traded company. they beat analysts expectation. gross margins fell due to ininvestments in new categories. stocks taking a hit. federal investigators with another set back -- let's move on. we want to get to the uber story. set back for uber as top eu
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court rules that the ride hailing company is taxi company, not a tech company. adam shapiro joins me with that this means for uber. we know the europeans love their regulations but this is a blow for them. reporter: to a degree. uber will tell you they are already regulated in the different e.u. countries but this fight involved taxi drivers in spain, the taxi driverses union against uber. in this case the taxi drivers and spain have won now the laws of spain, bars loan narcs taxi drivers are going to apply for the ride-share company. uber saying in court, no knocks, we're not a transportation company per se, we connect people through the app. court of justice of the european union ruled, no, you are a transport service. therefore you are subject to the laws in each different e.u. country. we reached it to them and this statement this does not change things in most countries with
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where we operate under transportation law. however millions of europeans are prevented from using apps like ours. there are countries uber doesn't operate in. they are in 677 cities. set back but now in spain they have to apply to the regulations that spain -- ashley: adam, i think a lot of other countries kind of follow the eu, because the e.u. has right to be forgotten rule with your personal information. >> right. ashley: other countries started following that. there is concern other countries look at this will start doing same thing to uber somewhere else in the world. what about other gig economy type of businesses? what about airbnb, could that suddenly be regulated as part of the hotel industry? reporter: if industries in the individual countries in the eu can make successful argument to protect the old order they will. that is why we're united states. creative destruction always wins. ashley: london cabbies very
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upset with uber and spain and gotten quite violent with a lot of protests. reporter: germany negotiated a deal to avoid all of this. they're complying with regulations but individual to the countries which they operate in the eu. ashley: bottom line from uber, okay, we lost but in reality we're living with the regulations anyway? reporter: in other countries. >> in other countries. adam, interesting stuff, appreciate it. >> >> as you know president trump speaking any minute following tax reform in congress. they're gathering on the lawn. we'll bring it to you live. stay with us. a type of irregular heartbeat not caused by a heart valve problem. but whatever trail i take, 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,
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>> we are moments away from president trump speaking about the historic tax reform has made it through both the house in the senate. a much much-needed one. anyone why are we hearing about them. doug, before i get into some of the details have we ever seen a president like donald trump. he has been the most impactful president we've ever had. we have these jobs illegal immigration. the lowest in 17 years.
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energy independence. he would have cut off his right arm on and on the list goes. truly remarkable. this is a pretty remarkable year. you don't really get that sense at all. giving so much negative coverage. the numbers show that. and if we have known that going and we would've said this guy is a goner. but there is a dramatic change taking place with live streaming and twitter. and he is taking advantage of that technological change. and there is resistance in the marketplace. you can see it is just shrill. they don't like it one bit.
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he once said the problem with the scandal is you never as you never know who gets splashed by mud. to date today you have mccabe on capitol hill testified. we know what has been going on here domestically. but how do you think he is proceeding around the world. i travel the world a lot. i will sit in a taxicab in paris is very similar to what we experience here. people won't open up and really tell you what they think unless you do it first. and then they will weigh in. a lot of people around the world had similar instincts that the system is corrupt. that the central bank works
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for some and not for others. the environmental regulations are enforced for some and not others. not enough room for the little guy. there are some out there the numbers would not show it. just as there were here in this country. that certainly came out. do you think this legislative wind which was much needed as i say on tax reform can this give him in the administration the momentum they need to start really pushing forward next year. this is big. you said it correctly. if you stop and think it took ronald reagan five years to get here. he got the tax cut. but he did not get tax reform which was his crown jewel. it has to show some in the establishment.
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they got to see that the free market is really better. company is cheating better than we are. is he learning from his mistakes. i think maybe i'm figuring him out a little better than he have. doug, fantastic stuff. thank you very much. what was being that would come maybe next week sometime.
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liz claman will take you through it all. this is a live picture. we wait for president trump. the trillion dollar tax reform package. as we keep our cameron eyes on the different shots with multiple cameras. seconds after the plan finally pass that he promised the american people a big beautiful t f


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