tv Sunday Morning Futures With Maria Bartiromo FOX Business April 30, 2017 10:00pm-11:01pm EDT
stories, questions or pictures of your property bloopers. send them to property news at foxnews.com and check us out on facebook and twitter. there's also plenty more information and videos on our m. are you hurting, though? you're going to feel it later. maria: good morning, days 01 for the trump administration, a spending bill and a healthcare overhaul are at e top of washingt agenda upcong week. lawmakers may be getting closer to a long-term spending package as well. hello, everyone, i'm maria bartiromo, this is sunday morning futures. reportedly lawmakers closer than ever to a bill to repeal and replace obamacare. can they seal the deal? also, what will congress do with the president's tax reform package? i will talk with jeb as well as
plan to replace dodd-frank. punishing sanctuary cities and one border state is taking matters into their own hands. i will talk to greg abbot, governor of texas. president trump marking 100th day with rally in pennsylvania putting pressure on capitol hill, republicans to get a win on the board with a measure to repeal and replace obamacare and even calling out two pennsylvania lawmakers by name. >> we are going to give americans the freedom to purchase the health care plans they want, not the health care forced on them by the government. and i will be so angry at congressman kelly and congressman moreno and all of
the congress in this room if we don't get that damn thing passed quickly. [cheers and applause] >> they'll get it done. we know them, they'll get it done. maria: let's talk about that right now with washington state congresswoman, rogers, the chairwoman of the house republican caucus. thank you so much for joining us once again. >> thank you, great to be with you. maria: what happened last week, did we actually turn the payment, are we closer than ever possibly in this upcoming week? >> yes, we are moving in the right direction. we are have been the important member-to-member conversations. it's our priority to move a health care bill out of the house and rescue people from family law. obamacare, although well-interpretationed, we see premiums go up, copays and deductibles, we need to provide better health care future and
that's our goal as we continue the conversations and i'm optimistic that we will move forward very quickly. maria: it feels that way. i was told that you perhaps had the votes last week and didn't have members for one reason or another and but it looks that close. >> the legislative process does take time, there's 237 house of representatives. each one needs to make sure that they unction what's in the legislation, they have questions that need to be answered. we are very close and when we have the votes we will move this bill as soon as we can out of the house. maria: before that, you'll have to vote on a spending bill, right? how close are you there? are you going to get the only any -- omni spending bill?
>> we are 98, 99% there. working in a bipartisan way, so this has been house, senate, republicans and democrats working with the administration on a spending bill, clearly, we want more accountability, more transparency, we need to make sure that we are continuing to bring down the deficits and bring down the debt of this country. the work on tax reform i guess begins and within that white paper that the president unlearned last week in terms of tax reform package that he would like to see, he was talking about doing away with all sorts of tacks, certainly from obamacare, i know that you have been working on fighting those may fifth regulations by the fda. talk to us about that and why you think it's important in terms of getting rid of regulations and tax that is were in present in obamacare? >> obamacare had nearly trillion
dollars in increased taxes, we also saw many regulations, one of the most burdensome were regulation that is were way beyond that were ever intended. label requirements, now on deli, grocery delis, any food establishment in the country. i am leaving an effort to bring common sense menu labeling, we are not getting into the debate as to whether the calorie counts are going to be required but do it in a common sense way. for example, you look at a pizza shop that is 34 million combinations of pizza and the fda says, no, you can't put an ipad in there and allow the customer to go in deciding what kind of pizza they want and the toppings and be able to see in real-time the calorie counts, you need to put it on a menu board. those requirements do not help us accomplish goals.
>> talk about big brother. when would you expect the house ways and mea committeeo start marking up the white paper that president trump put out and are you expecting the kind of fight on tax reform that we saw that you had over health care? why would we expect that you won't have another major battle here when it comes to the border adjustment tax, when it comes to the deductions that the president would like to eliminate? >> we are excited to move forward on tax reform. this is a once in a generation opportunity to relieve the american people of the tremendous tax burden that they currently have, allow individuals and families to keep more of their hard-earned dollars and simplify the tax code, bring down tax rates, close loopholes, we are united around that goal. the ways and means committee has
been working weeks and months so a lot of preliminary work has been done. that's what gives me encouragement. i'm thrill that had the administration is -- has made a top priority, this is our time to do it and, yes, there's going to be members that bring different perspectives and priorities to this debate. we are united around a goal of simplifying the tax code, bring down tax rate and closing loopholes that. will keep us on track. maria: do you need to be budget neutral when thinking about tax reform package? if you don't have a bored adjustment taxes which would have raised $1.1 trillion or so. if you don he that in tax package, do you want the dollars to show anywhere. >> it is my goal that it's budget neutral and the reason that it's important is it gives the certainty, when bush, when
george w. bush lowered tax rates, we had tax reform both in 2001 and 2003. you'll remember at the end of those ten years, those tax rates were set to expire. i believe it is important that we give people and businesses the certainty beyond this ten-year budget window and the way we do that is getting to budget neutrality so that those rates stay in place. that's my goal as we move forward with tax reform? maria: where does that revenue come from? if you don't have a bored adjustment, how do you make that revenue up? >> that's all part of the discussion that we are having as we are moving forward with tax reform. maria: we will leave it there. we will see you soon congresswoman kathy mcmorris rogers there. now one state is pushing ahead
but now the lone star state is taking matter into its own hands, one step closer to crack down any city trying to protect illegal immigrant. governor, good to see you, thanks very much for joining us. >> good morning, maria. maria: i want to get sanctuary cities but let me offer condolences and support on deadly tornadoes and what you're up against, can you give us an update? >> maria, it was a horrific tragedy last night. multiple tornadoes across texas. we are still gathering information about the update, there is the possibility of meaningful loss of life, many people losing their homes, i will be traveling up there later on today to get a better assessment of what exactly is taking place but i urge all of your viewers to keep texans in their prayers and people who
suffered here but let us know that we have been through these before, texas anticipates will rebuild and restore the loss of property, we can't do anything about the loss of life but we will come together as a team as we usually do here in the state of texas. maria: what a horrible fatal story. we are certainly sending our support and love to texas, governor, we will follow any update. we know that there are many people unaccounted for. at first sanctuary cities are concerned. the president has been very clear, attorney general jeff sessions, has been clear they want to withhold federal money from any city that's not following the law but you see what's happened, how are you dealing with it? >> for one, i as governor of the state of texas have always withheld money from a declared sanctuary city in the state of texas. austin, texas is in travis county, travis county declared sanctuary city policies so i withheld money from them. importantly is the way that i did it.
the state of texas has grant contracts with travis county in those contracts we put in there the terms that in order for them to receive grant money they had to not have any type of sanctuary city policy. what i don't know is what type of arrangement like that the trump administration already has. what i do know that the trump administration has those similar contract terms, they will be able to withhold money to those cities. however, maria, that's a smart part of what we have done. we have spent a bill in the capital behind me. one it can expose them to very high fines about $25,000 per day if exposed them for jail time for any sheriff or official and can also subject the county or city or whichever political body it is to legal action in the event that they release somebody
. think of kate stanley, this would be allowed the people to sue. maria: yeah, this bill really puts sharps teeth to stop policies. it could be, you know, are you willing to go and withhold money. >> understand this, maria, as i have already withheld money from travis county. it is their own decision-making process that for one is causing them not to receive the money but also is their budgetary process decide to go spend
taxpayer money on sometimes a meaningless operations choosing operations over public safety. remember, maria, when you look at the function of government, federal state or local, our primary function as government is to keep our people safe. it is inexcusable for travis county to do what it's done, that is to release from jail people who have committed crimes against our -- alleged committee crimes of sexual assault, sexual assault of minors and many of those back out on to the streets, that's contradictory to the function of what government is supposed to do. maria: this provision is apply today criminal alliance that commit a crime. >> maria, it's just clear, unfortunately, that there are some officials in the state of texas as well as across the united states who simply do not
want to apply the rule of law in their jurisdiction, who want to promote lawlessness and it's inexcusable and one tool that we now have is the ability to remove these officials from office by subjecting them to criminal penalty by forcing them into the jail that they're letting people out of. maria: what do you make of this judge pushing back saying to the trump administration, no, you cannot do that, he continues to face pushback on all immigration proposals for? >> the reason he does is because it's coming from the ninth circuit. the most overruled federal court and they simply don't follow the rule of law. i don't know the terms of what the obama -- the trump administration has done, here is what i do know and that is i know the constitution, i've dealt with the issues and i was involved in one of the issues in the obama case and what i know is that the federal government cannot withhold money that would be cut to state funds.
these funds we are talking about here is not such a draconian cut, they were going to withhold medicaid funds, that's far more money than grants. the trump administration structures withhold of money going to states because the sanctuary city policies, the same way texas did and that is through the contract form the way they engage in grants of the state, the trump administration will be successful as the state of texas has been in withholding money to sanctuary city states and counties. maria: yeah, pretty extraordinary. we should point out that travis county is the number one county in the country for not complying with the immigration rule. so it's obviously been going on for a long time and we are watching what you're doing in terms of solution, governor. we will see you soon. up next, the first 100 days of presidt trump's are in the book?
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strongly that we need a new modernize tax system, we are the lowest-performing, lowest-competitive that's out there and i'm please today see the broad pillars, there's two main pieces of our business thattic are important and the rest are to be negotiated but one is the rate and the second part is really important, the territorial system. that's a modern international tax system that allows you to move your profits around. if you have those two tenants in a good spot that make america competitive and enable growth and spur investment, i think you have a good plan,ic you have a good basis there. maria: a lot of people say that businesses have been sitting on cash for the last several years is because of tax rate and because of regulatory environment, it feels that president trump is trying to alleviate right now. i don't know if the 15% corporate stacks rate stays, i know this is going to get marked up but anything better than 35%. even if it's 20%, do you think
that dictates behaviors on company's part? >> you create more jobs, one part that you have to keep remembering is if you get certainty that helps dictate a company's behavior. with long-term understanding with what you can do with your money, you will make long-term investments. that's what really spurs jobs. if you can make long-term investments. when you say, i can move the money, and i can create new business, i will buy a company here and not there, those are things that you do when you have certainty. and your point is right. it doesn't matter the exact number here, it's about being competitive. those are move and check with each other but with a competitive system and territorial system, competitive rate and territorial system, you'll have a foundation that's going to be very good. maria, well, look, you have business all around the world, but this repatriation story is an interesting one. taking the tax to take money
from overseas to bring it back to the u.s. down from 35% to possibly 10%, gary cohn said 8%, 10%. that's a big deal. would that move companies, you think to move the money? i know you are moving money all over the world, but you would be poise today bring money over the world. >> 10 we billion cash in total. we have investments, we have businesses and operations everywhere, when you generally look at the amount of money that all companies have that they have accumulated overseas, that kind of a policy will then help them make decisions that they will put the money in the most competitive places and if you make america one of the most competitive places, that's where the money will come. i think it reallquite clear, there isn't a mystery about that. that's why i think this is going to be good. maria: it's amazing to hear you speak of a company that's 106 year's old. one of the greatest companies in the world and yet you continue to redefine the story, you've
got watson, you've got the cloud business, tell us about what you're doing to accept rate some growth at ibm right now? >> this is a key point. 106 year's old, we are the only tech company that has lived era to era to era. and era can be 20, 30 years but we have transcend ourselves but to do it you have to completely change parts of what you do and what you offer. one thing that doesn't change about us, we really do the mission critical systems of the world and enterprise work for companies. but around that, we have become the enterprise cloud company and we have the artificial intelligence platform for business. we will touch in some way 1 billion people by the end of this year. maria: wow, what does that mean the ia platform? >> if your in the consumer
world, you may interact, voice to text, what makes you competitive, we believe people are going to compete on the essence of their data and what they can make out of it in the future. maria: one more question, when you start talking about data and encryption, people think a robot is going to take over my job. what about that? what about robotics? >> i'm glad you asked that. the era that we are entering, we call it cognitive. some people call it ia. it's really augmented intelligence. we are going to solve so many more problems than we are going to cause. that's going to lead the skill. so what do you have to do, it gets back to training. even already, so before we talk about replacing something in our industry, there's a half a million open jobs, there's 5 million open jobs in the country. why aren't they filled? they aren't filled because people don't have contemporary skills.
this has been one of the biggest areas workforce development that we feel strongly and i dedicated a lot of time with the administration. they're very open to this and to helping on this, i think it is public-private that has to happen to fix education but it comes down and we have a chance, i think, the fundamentally to change the skills of the country right now. maria: this is really promising stuff. thank you so much. president and ceo and chairman of ibm. coming up the white house rolling up what it is calling the biggest tax cut in u.s. history. what will it mean for you for the taxpayer. house financial services committee will join us next as we look ahead on sunday morning futures right here live, stay with us it's great to finally meet you. your parents have been talking about you for years. they're all about me saving for a house, or starting a college fund for my son. actually, i want to know what you're thinking.
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maria: welcome back, the trump administration unveiling a sweeping plan and collapses seven track brackets to three and the white house also say that is millions of families would see some much needed relief. i spoke with white house national economic council director gary cohn about the plan. >> maria, we almost look at it as four brackets. we have seven brackets in the tax code right now that makes it difficult.
we also want to simplify the tax code as well. i will talk about that as well. going to the 10% bracket, 25% bracket and 35 bracket makes it simpler and easier for people to do their own taxes, we took the standard deduction and you doubled it. if youake a median-income family, 55 and $56,000, we are giving them a standard deduction of $24,000, meaning they will have taxable income about $32,000. they will have an effective tax rate in the mid-single digits f they get a tax child credit they could have effective tax rate about zero. we think that's very important for low and middle-income families. we are going to put money back in their pocket. they'll be able to use that money to improve their quality of life, to improve their house, make improvement or buy a car, that's very important. we are going to simplify the
return by increasing the standardized deduction, so we are going to have a very simple tax system. as i said the other day, we want to go back to simple-one-page tax return where people can do it themselves at the kitchen table. maria: you think this is going to dictate behavior. look, you're keeping more of your own must be, you're probably going to put that into the economy, what do you see in terms of the behavior of individuals and companies when they do get much more attractive tax rates, you think you can get growth up pretty significantly with those numbers? >> maria, absolutely. the president's agenda and the number one objective is to grow the economy and create a better job environment. if you look at the tax rate, what's the number one thing we are going to do? we are going the make america competitive for businesses, we are going to want businesses to
open their operations here in america, we are going to be competitive against all of the other countries. average tax rate for businesses is 23%, we will be 8% below the odc average. if you're a business today deciding where you want to domicile, the united states is going to be very attractive. you're looking to higher incremental worker, the tax rate does come into that decision. by coming into the united states, the incremental worker is getting cheaper. you'll hire the worker and put them to work in the united states, they will eastern more money,hey willave more money in their pocket and spend more money, all of this is very good to drive the economy. this all adds up to more and more economic growth which is the president's number one objective in the economy. maria: my thanks to gary cohn. congressman, good to see you, thank you for joining us. >> thank you. maria: the tornadoes in texas
are in your district, we just heard from your governor, our condolences to you, sir, we know that there are a lot of lives unaccounted for, can you tell us anything from the ground? >> well, thank you, it's devastating particularly in van zant county. they were hit by tornado a couple years ago. we had the loss of life, five lives already. lots of devastation in henderson county and van zandt county. the people of east texas are going to heal and rebuild and i would ask all of the viewers to keep the folks in east texas in their hearts and prayers, they mean a lot at this time, maria, they mean a lot. maria: we certainly will, sir and we will be watching your leadership. let me turn to some of the issues on the agenda, certainly in the upcoming week and one of those is health care. are you expecting a healthcare vote in the house this week?
>> i'm certainly hoping for a healthcare vote this week. i think we are very close. we've had a number of members representing different caucuses within our broader house republican conference who have been in negotiations, i think we are very close. it's not a done deal until it's. obamacare is collapsing before us. whether you look at the exchange, whether you look tat co-ops, people's premiums are skyrocketing, people's deductibles are skyrocketing, failure is not an option. a real health care plan allowing choice still offering protections for those with preexisting conditions and i look forward to supporting it. maria: so many things on the agenda right now and it's on your dock, i know that you have been working on the choice act within dodd-frank, i want to get to that in a moment. we just heard from gary cohn, how are you going to ensure
that, in fact, the goal of americans seeing a lower tax rate actually takes place? i know that after this the president put out his white paper. we are going to see the mark-ups in house and ways means. when you take away all of the deductions that may very well make one's rate go up. how are you producing lower tax for the middle-class? >> it's take get away many deductions and credits, many are special interest provision that a lot of hard working folks and east dallas don't benefit from. so clearly politics will intrude into politics, it's just what happens in washington, d.c. i think we have an opportunity that we haven't had in a generation. people are coalescing around idea and a lot of similarities
what chairman brady, the chairman who is writing the tax plan in the house and the white house plan are, i think most americans want somethi that is simple and i think effectively, most people will see their tax rates go down, the tax plan as i understand it would preserve the mortgage interest deduction. maria: right. >> and charitable deduction. otherwise the whole idea is to simplify the code, bring down brackets and make our tax system more competitive. as you well know, we have the highest corporate tax rate of any industrialized nation in the world. that's the number one reason why jobs go overseas. it's not the cheap labor, it's not that that doesn't play some role, but very difficult and high rate of taxation on our business enterprises. that's got to stop in order to make america competitive again and frankly to make america great again. >> one to have real victories and successes of this white house so far has been rollback in regulation. >> absolutely. maria: the president has put forth.
you have been working on this closely, on the dodd-frank legislation and how it might look differently. tell us about the choice act and what you want to see in terms of the dodd-frank legislation? how might that look different? >> i want to dodd-frank legislation to go away. they said it would end too big to fail but codified it into law and then puts taxpayer bail-out behind it. they said it would stabilize our financial system but big banks are bigger, the small banks are fewer. they said it would help the consumer but instead since dodd-frank, we have seen free checking cut in half, bank fees go up. rates of bank increase, many working people find it far more difficult and expensive to get a mortgage. bottom line is dodd-frank has failed. we want bank bail-outs for none. it's a system that says that if
a bank would put together what is known as a 10% simple leverage ratio, have a very strong capital, more capital required than dodd-frank, they they essentially can have a dodd-frank offspring, privately finance insurance policy against failure. so we would replace complexity with simplicity, we would replace bailouts with bankruptcy and we would replace federal micro management with market discipline in a word, maria, we would let freedom free, a lot of economists have supported this including nobel laureates. a committee will mark up legislation next week and i look forward to bringing it to the entire house of representatives soon.
maria: we know that one of the reasons that banks have been sitting on cash and not willing to lend more is because of those capitol requirements, what you just mentioned. real quick, sir, fannie and freddie, prioritize, is that on your agenda? >> absolutely. we have got to reform our housing finance system. we still essentially have a government monopoly and we are peating many of the same mistakes, maria, that led to the crisis in the first and i look forward working with the administration, my counterpart in the senate and we are going to get this done. maria: we will see you soon, thank you very much, congressman. a programming note tomorrow on the fox business network, i will be sitting down in exclusive interview with secretary mnuchin, steven mnuchin, the treasury secretary will be my special guest tomorrow on the fox business network, hope you will join me beginning at 6:00 a.m., exclusive on more on the president's tax cut plans. president trump celebrating his first 100 days in office. how has he measured up so far?
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maria: welcome back, president trump held a rally last night in pennsylvania touting his first 100 days in office as a success, but how does our panel think he measures up, lee carter partner of maslansky + partners, democratic strategists and jon hilsenrath with the wall street journal. thank you for joining us this morning. lee, kick us off, first 100 days. lee: they were as bad for democrats as donald trump. donald trump secured h base, we saw that last night athe rally. he loves his people and that's why he was running for president i think to fight for those people but i don't think he's changed anybody's minds who was uncertain and the people who have opposed him are opposing him more strongly. that said, tax reform, the roll
out can change a lot of people's minds. maria: he has two major pieces of legislation perhaps sort of on the horizon if we get a healthcare vote next week, we will see what happens in the senate. you said the first 100 days were as bad for the democrats, why? lee: they are always against things instead of for things. i think barack obama was elected because people wanted change, they wanted something different, they wanted washington, d.c. to work for them. i think democrats are saying, we are just going to fight things, be obstructionist and that's something that people are tired on both sides of the aisle. maria: people are going to get upset. >> possibly, democrats are pretty happy with the first 100 days for all the reasons you might expect. i actually think he should divide 70 days and 30 days. the border wall stuff getting not going anywhere, the travel
ban getting rejected over again, health care falling apart and tweets and wiretapping and god knows what. maria: they did surveil him. >> he spent his time in the last 30 days in a better way frankly, he tweeted less, the action in syria i think is hard to argue against, particularly if you're a parent, the thing he did last night, countering correspondence dinner with his base point. maria: gorsuch. >> absolutely, none of this moved the needle. he's still historically low approval rating for the 100 points by a lot and the people who liked him were his fans are still his fans and the people who disliked him and said you should have never been president still feel exactly the same way. jon: i think it's a slightly different take. it wasn't a very good period for the economy, we had a report out on friday which said the economy
barely grew in the first quarter. maria: 7 tenths of a percent. jon: 7 tenths of a percent gdp, there's a disconnect on what the economy is doing for what donald trump is going to get done. stock markets hit new highs, nasdaq hit new highs, consumer confidence is very high, small business confidence is very high, he has to deliver and get the economy growing again or this disconnect is going to go the other way and we are going to see stock prices falling. >> expectation is 4% growth and it's .7% and that's less. maria: 7 tenths of a percent. jon: we are going to get pretty good growth numbers in the second quarter. maria: is that a trump economy or obama economy. >> if it had been good it would have been a trump economy. [laughter] jon: one of the weak points in
the numbers was gdp spending. people aren't out spending money. some of that might have to do with trump. maria: a take a short break. president's finest hour, more we recently had a heart attack. but we are not victims. we are survivors. we are survivors. we are survivors. and now we take brilinta. for people who've been hospitalized for a heart attack. we take brilinta with a baby aspirin. no more than one hundred milligrams... ...as it affects how well brilinta works. brilinta helps keep platelets from sticking together and forming a clot. in a clinical study brilinta worked better than plavix®. brilinta reduced the chance of another heart attack. or dying from one. don't stop taking brilinta without talking to your doctor,... ...since stopping it too soon increases your risk of clots in your stent,... ...heart attack, stroke, and even death. brilinta may cause bruising or bleeding more easily,... ...or serious, sometimes fatal bleeding. don't take brilinta if you have bleeding, like stomach ulcers,... ...a history of bleeding in the brain, or severe liver problems. slow heart rhythm has been reported. tell your doctor about bleeding,... ...new or unexpected shortness of breath, any planned surgery, and all medicines you take.
maria: welcome back, we are back with our panel and op-ed this week kim strassel the tax reform package this week, jon hilsenrath, was president trump's final hour, do you agree? i don't know jon i think the atmosphere has worked really well for him and they stayed on message. they came out on wednesday and captured all the headlines across the media and got everybody focused on tax reform. the question is -- the problem is he has a very narrow playing field to play on in congress. it's going to be hard for him to get all of this through specially if democrats aren't
going to work with him he has to figure out how he's going to pay for this stuff and figure out how he's going to advance tax cuts permanent as oppose to temporary. maria: committee for responsible budget said this could cost 3 and $7 trillion. that's a really big range. jon: that can't pass congress without democratic support. they have to go by the rules of reconciliation which don't allow for deficits beyond a ten-year window which means big deficits, tax cuts would expire after ten years, that's of no use if you're trying to -- >> i'm going to make the prediction as a democrat, you're not going to get democratic support for that. lee: you're not going to get democratic support for anything. >> you know, you're not going to get votes from that. maria: you don't think that dems are going to allow tax reform to happen? >> not this tax reform. it's not clear what this is. it's a one-page piece of paper.
a santa's wish list than actual plan. maria: to be fair it's very silar to the house plan. >> one last point, that he was not elected to give tacuts to the wealthy, right, he was elected to help the middle-class. maria: he's taking deductions. >> his own treasury secretary said that they don't know if this will help the middle class. lee: i have to say from a political perspective, messaging perspective, this has been done so well with mnuchin, everybody is on the same message, they are talking about what the benefitse economy, jobs for the american worker, it is something politically, i think, he's doing really smart and i think that any republican who opposes this is going to seem foolish because it's like you're trying to oppose the middle class and oppose growth. this one is a much better roll-out. >> if he can get it through congress, but because of the rules of reconciliation, because democrats won't work with him, it's going to be hard for him to get what he put out there.
>> lou: good evening, everybody. president trump taking the lead on tax reform and proposing a massive overhaul to slash rates for all american and stimulate economic growth treasury director and director of the economic council taking the lead in the white house briefing today. they introduced it to the new'sa media and it would reduce it from seven to throw. it would double the standard deduction