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tv   After the Bell  FOX Business  October 11, 2017 4:00pm-5:00pm EDT

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>> valley national bank. regional bank. [closing bell rings] starting to see a turn in momentum. liz: marianne, thank you so much. thanks so much for watching the "claman countdown." go indians. david: new day, record high for all indices. the stocks charging ahead, closing up 40 points, inching closer to 23,000. today the s&p and nasdaq joining in the party. i'm david asman. melissa: i'm melissa francis this is "after the bell." more what is behind these new record highs. here is what else we're covering in the very busy hour ahead. president trump landing any moment in pennsylvania after meeting with canadian prime minister earlier. he is taking his tax reform message on the road. speaking to an audience that will conclude a big crowd of truckers, a group he calls the backbone of america. more on what to expect. the president slamming nbc this afternoon after suggesting
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that the network should lose its license on the basis of what he calls, fake news. nbc also under fire for passing on the harvey weinstein expose'. more on that and how the network is responding, as more women come forward. among our guests this hour, joe concha from "the hill." grover norquist. ohio congressman jim renacci. david: we have a full hour ahead. go trait to lori rothman on the new york stock exchange. what is driving the market today? >> unbelievable. we're only 128 points from dow 23,000. that is unreal how fast. it was only august 2nd, the dow hit 22,000. this rally is fast and furious. traders on the floor here, are basically as far as today's gains, pointing to the fed minutes. so we got minutes released from
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latest fed meeting. yes, we will likely see a third interest rate hike this year, but the fed doesn't seem in all that much of a rush because of the hurricane impact to the economy and continues to see very low rates of inflation levels. here are winners on the dow today. johnson & johnson up about 3%. walmart, mcdonald's hit a record high with feign of 1.6%. visa and coca-cola round out the top five on the industrial average. look at shares of facebook. facebook was up today, announcing plans for new oculus go. shares were up, this is the new virtual reality headset you actually will not need to partner with a computer. it will be more of a mobile virtual reality experience for users. the idea here is to make this a growth driver. so it is not just gains, maybe communications, maybe some business applications. could be big for facebook. back to you. david: can you walking down the streets of manhattan with one of
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those on their heads? thank you. melissa. melissa: oil is climbing for the third straight day. crude is down 4 1/2% for the year. goldening slightly lower, snapping a three-day winning streak. it is longest in more than a month. food time for gold. david: president trump is making his way to pennsylvania of the president will tout his tax plan to our nation's truckers. at an event in harrisburg, pennsylvania. john roberts is here with the details. hi, john. reporter: david, part of white house messaging to get as many members of congress on board as possible. the tax writing committees on capitol hill continue their work, the president going to harrisburg where he has in the crowd, large number of truckers, owners of trucking companies and some people that are private operators when it comes to a truck. the president will in his remarks say, quote, nothing gets done in america without the
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hard-working men and women of the trucking industry. america depends on you for fuel that powers our cars, produce that nourishes our communities and beautiful stole that sends up our tallest skyscrapers. the president trying to make sure before the 2018 election he gets as many people on board as possible. a senator in state of pennsylvania up for re-election. the president wants to make sure he has him on the right place for this. he will to to a conservative think tank to get more on the policy. he will go to mon tan, senator jon tester, a democrat in difficult battle for re-election. there are a lot of farmers benefit eliminating so-called estate tax. the president will head to high-taxed state like new york, maybe connecticut as well to sell his plan of the president also touting another record in the dow jones and other indices there on wall street, with the dow almost touching 23,000.
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the president saying the stock market has increased $5.2 trillion since the election on november the 8th, 25% increase. the lowest unemployment in 16 years, and if congress gives us massive tax cuts and reform i'm asking for the numbers will grow by leaps and bounds. #make america great again. the president will make a point what americans talking about repatriating corporate funds from overseas and could amount to in addition to the tax cut a 4,000-dollar pay raise for middle-class americans. the president out there selling this as a boon to the middle class but let's not forget that the upper income earners will likely see a substantial benefit the tax cuts as well. david: you're john, i'm david. i want to get that straight. thank you, john roberts from the white house. good stuff. melissa: thank you for reaction today's panel. jonathan hoenig, capitalist hedge fund, fox news
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contributor. veronica dagher from "the wall street journal." jonathan let me start with you, with all the tax news, there may be an app for that. listen to what congressman jim jordan said earlier. >> soon as we have the bill, we need app, plug in your numbers, family across the country, do your work, when you find out getting a tax cut that could have influence on democrat members of congress when their constituents who may be democrats, hey, look i get a tax break under republican plan. i can keep more of my money. they may have incentive to call up the democrat member, you need to switch your position on this. melissa: this is obviously good idea as a sails pitch, if it works. you plug in your numbers. you see what it will be now. what do you think about that? they need to get on that? >> everyone should get behind a tax cut. you should be able to keep more money you earn no matter what political party you're a part of. lower the better, melissa, for truckers, for bankers, for
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lower, class, middle, every class, lower taxes the better. they must cut spending as well. otherwise you push the victims out. this is something everyone should get behind. honestly if republicans can't get this through while running table their name is mud. melissa: it is really mud. veronica this is excerpt from president trump's speech tonight. we will eliminate penalty on returning future earnings back to the united states. we will have one-time low tax currently parked overseas so it can be brought back. he goes on to say that will a $4,000 pay raise for american households. i don't know how he came up with the math. hopefully we will see. what do you think, veronica? >> how do we get to the $4,000? where is that coming from. will the companies bringing back company from overseas, is there a consequence? will they pay some penalty or create jobs to get that to happen? i think there is a lot of details we still need to see. we haven't yet heard.
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let's hope we her more tonight. melissa: jonathan, i wouldn't be surprised, we heard in months leading up to this, tie repatriation of money into investment in infrastructure. when they first started talking about the tax plan, you heard the two things put together. wouldn't that be a smart way to get democrats on board? >> i think that would be a really worrisome sign. dems try to control the economy, with even tariffs, melissa. tariffs enacted on european company bombardier. that is what president is talking about, renegotiating nafta. i'm worried any attempts to bring money home, when the government is controlling how the money is invested that can defeat entire purpose. you want to free the economy. not find new ways to control it. melissa: we'll tackle that next time. david? david: ways and means chairman, devin brady focusing on on broadening public support for a tax overhaul. speaking on fox business moments ago. >> here is what i know. we have a couple big goals.
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we want people to keep more what they earn. that is the tax cut side. want to dramatically simplify the code. no more special breaks for some and headaches for others. we want the economy going, which means raising your paycheck, hopeful hful to the middle class family. david: business leaders united for open letter passing tax cuts specifically for small businesses and middle class. with us, grover norquist, one of the leaders who signed the letter, americans for tax reform president joins me now. grover, the president seems to be trying to do exactly what ronald reagan did in the early '80s, jump over all the lobbyists inside the beltway that have been scrambling to maintain their special tax privileges go directly to the american people. have them be his lobbyists for tax cuts. can he do it? >> i think so. he has a number of friends, all the major companies recognize the taking the 35% corporate rate down to 20 would be
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excellent for the fortune 500, fortune 5000 companies. but add to that the 30 million americans who have small businesses, self-employed income, pass through income, they will all benefit because their business tax rate goes down as well. david: by the way, for point of order, that is who the president is appealing to, with the truckers today, because the truckers, mostly are these pass-through kind of companies. small working class americans that have a little business of their own which is a trucking business but that represents you say 30 million americans. that is a strong lobbying force. >> many of them are married. they have spouses. they have children. they have brothers and sisters. they have employees. david: sure. >> that is a huge number. half of americans work for past-throughs, half for corporations and that group has been ignored going back to last 30 years. we have cut individual rates. we have done some stuff on
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corporate but we haven't focused on entrepeneurs an bringing those tax rates down. david: grover, meanwhile you know this very well, you live in washington. all the lobbiests are at full bore in washington trying to make their point. we had congressman meadows on earlier today, on a different program. he said, in the morning, just this morning, he had four group of lobbyists come in to try to twist his arm about their special privileges, one way or the other. do they, obviously they're not wasting their money. they think they're having an effect. are they? >> i don't think so. what wiped out k street during the reagan reform in '86 was taking the top rate for individuals down to 28. when you take the corporate rate down from 35 to 20, makes it difficulties for any business tax break to matter compared to. we need the same thing for individuals. david: finally the question whether the votes are there on republican side. senator bob corker, who has been kind of a inconvenience for the
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trump administration over the past couple days on several subjects said the following to npr last week. he said, unless it, and he is talking about the tax bill, reduces deficits and does not add to deficits with reasonable and responsible growth models, and unless we can make it permanent, i don't have any interest in it. unless this, unless that. a lot of unlesses there. >> there are a lot of senators who are saying that pause they feel unless they threaten to walk away from the table that no one will listen to them. i had a senator give me that argument for some of his sour comments recently just today. in point of fact, senators want to get to yes. some of them are saying i have to have this, that or other thing. remember, corker has been in the discussions. the he things he says he insists on have already been agreed to in his negotiations with the senate budget that they're voting on shortly. so i'm not sure, there is not
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new requirements or demands from corker. those are things that corker has talked about. everything else being equal we can live with. david: too many unlesses. if he can scratch the unlesses out of his argument i would be happy. grover, thank you for being with us. >> good to be with you. melissa: former i.t. worker working for debbie wasserman schultz and other democrats facing charges. why lawmakers call him a substantial security risk. david: that is a hell of a story. melissa: sure is. david: new developments of the in the las vegas shooting massacre, why the owner of mandalay bay says the police have one key detail wrong. melissa: nbc bypassing on first reports of sexual misconduct by harvey weinstein as more women are coming forward with allegations. why nbc says it didn't want to run the story. >> harvey weinstein, big democratic donor, held fund raisers hillary clinton and
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barack obama. you wonder if this was big conservative or republican fund-raiser whether nbc would have that hesitation? ♪
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david: more voices rapidly coming forward about inappropriate conduct by hollywood producer harvey weinstein. jonathan hunt live in l.a. jonathan what is the latest? reporter: well, david, harvey weinstein hired at least one high-profile criminal lawyer who previously represented the likes of mel gibson lindsey lohan. he could be anticipating criminal charges coming although important to point out there are no charges against harvey weinstein yet, and a lot of alleged cases of assault, the statute of limitations has passed. meantime weinstein is losing
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friends and allies quickly as he is gaining and losing lawyers. president and mrs. obama saying in a statement are disgusted. adding any quote, any man who demeans and degrades women in such fashion, needs to be condemned and held accountable, regardless of wealth and status. who's who of hollywood revered him condemning him as superstars gwyneth paltrow and angelina jolie say they were both victims of weinstein's predatory ways. weinstein's wife of 10 years released released a statement quote, my heart breaks for all the women who suffered tremendous pains because of these unforgivable actions. i have chosen to leave my husband, caring for my young children is my first priority. i ask the media for privacy at this time. and now, the reporter who investigated allegations of rape by harvey weinstein and published them in the new yorker, is questioning why
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the nbc network he also worked apparently spiked a potential nbc expose' of weinstein. >> nbc says that you didn't, that the story wasn't publishable, that it wasn't ready to go by the time you brought it to them, obviously by the time you got it to the "new yorker." >> i walked into the door at the "new yorker," with a explosively reportable piece that should have been public earlier and immediately the "new yorker" recognized that. it is not accurate to say it was not reportable. there were multiple determinations that it was reportable at nbc. reporter: nbc news president noah oppenheim reportedly told staff that the story was not ready for tv prime time. weinstein, he said to have checked into a sexual addiction rehab center, leaving his pr team to do pr for him and speak for him. apparently david, they're not keen on doing either of those things. they have not replied to any of
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our requests for comment the last three days. david? david: tough sell. jonathan, thank you very much. melissa. melissa: here to react we have joe concha, media reporter for "the hill." i want to start with this nbc angle because when you look at reporting on that, ronan farrow was working for nbc as an investigative reporter. he had been working on this for almost a year. he gave them the tape from the new york police department during the steening -- sting operation. they had the actual woman involved, people on on camera, some wanted their face obscured, but he had some things ready to go, they kept vetting through legal according to all the reports especially this lengthy report in the "daily beast" and they refused to go with the story. what did you do you think of all that? >> think of all stories nbc news and other outlets based on unnamed sources. we don't know hot sources are if
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they have a motivation to lie, what the agenda is. though this wasn't punishable. to your point, being interviews with actresses witnesses, recordings given to the nypd. nbc says we don't have enough here. you have to question nbc's -- when "access hollywood" tape, nbc property, somehow left nbc property, ended up in the washington post. that news organization didn't even conduct an internal investigation to see what happened to a tape that should have changed the entire tenor of the presidential election. remember it came out before the second debate. melissa: they didn't mind in that case about the tape is your point. >> uh-huh. melissa: they do other stories with unnamed sources. with this one, at one point if you read all the material there was a point a producer from, from the "new yorker" when they were doing the tape, looked into the camera, says if nbc doesn't use this now, that will end up being a scandal. now here we are.
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you know, is there any other reason they would have sat on it that you can think of, other than the fact that they had a deep financial relationship with harvey weinstein through the movie studio, through even haves sal pictures? where he produced many hits for them. he produced shows for bravo. they had a long relationship. he also had a habit of intimidating journalists who tried to report on him. i don't know, can you think of any reason why nbc wouldn't have done it other than the ones we covered here? >> you covered a few. put it this way, no, i can't find one. we wondered throughout earlier in the week why lorne michaels would not do a skit on "snl" on harvey weinstein. he is from new york. trump isn't from new york. clinton isn't from new york, anthony weiner isn't from new york. we're seeing reasons why. why jimmy fallon and seth meyers didn't do anything on weinstein after the story broke in "the new york times" last week. melissa: interesting. meanwhile president trump is calling out nbc for a report
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stating that he called for an increase to the u.s. nuclear arsenal. the president is even questioning of nbc should lose its license. here is president trump earlier today, blasting the company. >> that was just fake news by nbc. which gives a lot of fake news. frankly disgusting the way the press is able to write whatever they want to write. they have their sources that don't exist in my opinion. in my opinion they don't exist. they make up the sources. there are no sources. melissa: okay, so the licensing is nonsense, only local stations have a license. his point is ludicrous what they're doing. talking about the point they went with unnamed sources. they said they had three unnamed sources i think it was three, who said he wanted 10 times our nuclear arsenal, ramp it up by that much. secretary of defense mattis saying, recent reports that the president called for increase in the u.s. nuclear arsenal are
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absolutely false. this kind of erroneous report something absolutely irresponsible. here is story the defense secretary is willing to go on statement, said absolutely false. president said it is absolutely false. they ran with the story but that has different implications with the weinstein one. what is the difference? >> i would like take two side out of this. like to take trump out of this and president trump and nbc out of the. the only credible person on this, consistently hon theft is general mattis, secretary of defense, who no one can ever find lying in public before. who will you believe? will you believe the secretary of defense in this situation, or the only people seem to be talking in washington to news organizations these days, unnamed sources? i trust the source in mattis. melissa: two stories in a row, two totally separate stories where nbc has a massive credibility problem. they're completely unrelated. they're both huge and both breaking today. maybe that is takeaway for
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audience. >> maybe another takeaway. harvard did a study on summer and news organizations how they covered trump administration. nbc finished first, tied with cnn 93% of coverage is negative. out of every one hundred stories, 100 stories, 93 are negative. melissa: david. david: hard to argue with 93%. president trump getting ready to take the stage about otherwise tax reform plan. he arrived in air force one. this is the airport outside of hair of -- harrisburg. will he get the majority of pubs on board? thousands of homes fires in california. we have the latest soon.
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melissa: here is a look at air force one, just arriving in pennsylvania. president trump is preparing to make his pitch on tax reform, in the next hour. the president will speak to hundreds of our nation's truckers, and will dub them, quotes, the lifeblood of our economy. david: there he is. there is the president, carrying his own umbrella. good for him. meanwhile, wildfires devastating napa, california. 21 people are killed as flames rage throughout california. hundreds of buildings destroyed. thousands evacuated as a result of the destruction. with latest from california, fox business's hillary vaughn. i understand winds are picking up again, hillary? reporter: wind is picking up. smoke is building here all day. fire already ripped through the winery we're here at napa. you can see rubble behind me,
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some destruction fire caused. at least 21 people died because of these fires. hundreds are missing. 3500 buildings, businesses homes and structures have been destroyed. and at least 21,000 are still at risk because the fire is on the move. we talked to residents that had to evacuate this very area. they said they only had minutes to leave because a wall of fire tore through their neighborhoods >> i grabbed one dog and he grabbed the other dog. i didn't get a cell phone. i didn't get credit cards, purse, anything. we ran out the door. we both took a care out of there. it is funny, we've been watching people in evacuation centers in texas and florida, and puerto rico, and our hearts have broken for those people. little did we know, we would be in one too. reporter: the winery here, we saw the owner walking around just moments ago, surveying some
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damage, but the neighboring vineyard, we talked to him. they were using trashcan and buckets to put out small fires, landscape fires around his vineyard. they were also flagging down water trucks for help. >> as you can see the hillside behind us, in signorelli next door, pretty much destroyed. it was that close. we're just lucky people. reporter: the red flag alert has been issued at 5:00 p.m. tonight, david. which means a lot more damage is still going to be done to this area. david? david: just awful. hillary vaughn, thank you very much. melissa. melissa: in midst of california's devastation, one company lending a helping hand. at&t is supplying mobile cell sites throughout california, enabling customers and emergency responders staying connected via satellite. this has been a huge problem. the company refueling and sending out more generators as
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well as a emergency communication vehicle. this is the problem in puerto rico. this is the difference in natural disasters. problem is can't get generators, can't get fuel, can't communicate, sell -- cell signals are down. a lot of people missing in california -- david: over 100 people. we hope it is because the cell phones are having problems but it might be something even worse. looming deadline on the iran nuclear deal. why president trump is expected to decertify the plan. what this could mean for iran's nuclear ambitions. melissa: itch soing for answers. new details in the investigation for las vegas shooting. why people police are circling back on the timeline. that's next.
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>> call the police. someone fire ad gun up here. someone fired a rifle on 30 second floor on the hallway. >> which room? >> its at end of the hallway. i can't, i can't tell you what room. looked like he fired down the hallway when i closed the door. david: extraordinary audio. a maintenance worker at mandalay bay hotel calling down to security before the deadly las vegas shooting pebegan. mgm is questioning the police timeline of events from that
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night saying quote, we can not be certain about the most recent timeline that has been communicated publicly and we believe what is currently being expressed may not be accurate. that was last night. here is retired las vegas police lieutenant randy sutton. seems like mgm and the police have a different timeline. what do you make of that? >> i find it very disturbing, between this new information, which is the first time we heard about this maintenance worker. it has been a week now, over a week. and then secondly, the information that the security officer campos was shot before any of the shooting took place, and there is apparently a six-minute delay between getting that information and relaying it. now keep in mind, what is really important here, that there were two metro officers in the security office at the time of the shooting, and they actually ran out of the building, because the information that they got
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was that the shooter was at the, at the event across the street. so that delay is really important here. if the, if the information had been communicated directly to those police officers, then, they could have, they could have, there may have been a different outcome to this. this is really important stuff. david: lieutenant, you know the las vegas police department very well, having worked there. what do you suspect? was, is there an attempt to maybe excuse not, acting as quickly as they could have or what? >> well, i knew the law enforcement acted very quickly from the information that they had. i actually had communication with an officer on the ground there, and they didn't get that message, about the shooter. until the shots had already been fired across, you know, from the 30 --2nd floor down into the
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concert area. david: communications between mgm and police, it needs to have been handle better than it has been or at least in this case. let me ask you quickly because we're running out of time. what about the motive for the shooter here. we're still not clear what drove this person to do the despicable act he did. they did an autopsy. there is are no brain abnormal ities as there is with these shooters. he spent months at a hotel, with a whole lot of money. some say much more than reflected by his real estate holdings. he and his girlfriend stayed at hotels often. they were not drinkers. he had no social media profile. had no fingerprints. used to wear gloves driving in the desert. sound like this guy had some ulterior career he didn't want anybody to know about? >> it is really interesting. this guy is an enigma.
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i refer to him as the bogeyman because he is our worst nightmare come true. doesn't fit profile of anything we've seen before and that is what law enforcement looks at. law enforcement looks at profiles as do the can seen knows. this guy was very well-known in las vegas casinos. steve wynn gave a very interesting interview the other day. david: he did. >> i want to refer to this, steve wynn referred to freight elevators during his interview several days ago. now, today, we find out that there is a possibility that paddock used the freight elevator at mandalay bay, and this is something i find very interesting, that steve wynn had this information before we did. david: yeah. the guy pretty much had the run of the whole place. plus he was comped for couple days he was staying there. we have to leave it at that. a lot of questions yet to be answered. we hope you come back.
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lieutenant, thank you very much. melissa. melissa: nuclear deadline fast approaching. fox news reports that president trump plans to decertify the iranian nuclear deal before the sunday deadline, forcing congress to decide whether to reimpose sanctions. here is david sears, former navy seal. david, what do you think about that? is that a good idea? >> that's a tough question, a very good idea. i don't know that he is left with much choice. it is definitely not in our national security interests especially look what is occurring with korea. kicking iran down the road. if he decertifies it, force as conversation for the congress, american people, to hear what is in the deal, not echo chamber happened prior to its inception. melissa: ed royce, chairman of the house foreign affairs committee was on earlier, he said he thinks what the president should do rather than
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decertifying, enforce it and add on to it, that the idea they have to be able to go inspect the different facilities. that way maybe you keep europeans on board. there was supposed to be, we heard from president obama, anytime, anywhere inspections. that was not apparently at all true. but that he thinks, royce thinks he could add on to it, keep it in place, put more on it, put sanctions on their missile systems, that they have been developing. does that seem realistic? >> not really. how do you get iran to add more to it? why would they ever do that? they have an agreement in place. what is impetus for them to say, we would love to have more stringent requirements. it is absolutely true we're not seeing military facilities or universities. the latest iaea report glosses over the military police. melissa: right. >> how do you get iran to add more stringent -- melissa: doesn't seem realistic. the wild card is israel.
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where does this lead them? what do they do? >> they're trying to figure out, ehud barak, former defense minister came out in support of decertifying iran. he is worried about north korean deals and international space and how do we stand by those and show others we're willing to stand by them. there is a lot of concerns on both sides. ultimately "the sun" light can be best disinfectant. decertify it. get a conversation in congress and start to put daylight under this thing. melissa: david sears, retired navy seal. thank you. >> thanks, melissa. david: was the head of the democrat party trying to cover up a major security threat? breaking information about a former i.t. aide working for debbie wasserman schultz and other democrats. what lawmakers have found and why it is raising a lot of security concerns. time's up, insufficient prenatal care.
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david: the scandal surrounding debbie wasserman schultz former i.t. staffer appears to be growing. very troubling information coming out about imran iwan. james rosen following closely the story. what can you tell us. reporter: republican scott nelson of pennsylvania, sits on homeland security committee aired concerns about him attended by fellow gop lawmakers. perry said the storage and fly of data arranged by him posed a substantial security threat for the united states. awan worked for former representative debbie wasserman schultz, former chair of the dnc and numerous other democrats. he was arrested at dulles airport in august, charged with bank fraud and other financial crimes unrelated to i.t. work for house democrats. he pleaded not guilty, his wife who worked with him and also charged agreed this summer to return to the u.s. from pakistan.
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perry detailed how a bag marked re representative dws, a house-offs building two months after house investigators banned awan from access house networks. the bag reportedly included identification for awan, letters effectively steering federal authorities to investigate wasserman schultz. perry alleged 5000 unauthorized log-ins occurred on server maintained by office of democratic caucus chair, javier becerra, now california's attorney general. >> this means that up to 40 or more members of congress had all of their data moved out of their office server, or out of their cloud storage system and on to the becerra server without their knowledge or consent. reporter: since he was first approached by the authorities, spokesman for becerra told fox news attorney general pa sara worked with them to provide
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them information they requested. so we would refer you to them. lawyers for i am juan -- they believe their client is victim of islamophobia. david: police drops after midnight? this story has a lot of legs. keep us up-to-date what is going on here. >> you bet. david: melissa. melissa: one hour from now president trump makes his pitch on tax reform from pennsylvania. next republican congressman gem renacci, member of house ways and means committee. he will weigh in on the president's plan, if you are going to get a tax cut by end of the year. david: i want it.
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retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory.
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virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver.
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melissa: pushing forward on tax reform, president trump taking a
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tax pitch to pennsylvania, arriving moments ago, where he is expected to tell an audience of mostly truckers how this plan can benefit manufacturing and their bottom line. here now is ohio republican congressman jim renacci. he is a member of the tax-writing house ways and means committee. he is also a certified public accountant. so we'll have you do some math for us, sir. no, i'm just kidding. what can you tell me about this plan? you know, first of all, is it going to do all the things that we've been promised? is it going to increase income for most of america? >> well, thank you, melissa. look, interesting because i grew up in western pennsylvania. i was a truck driver. talking to somebody like me, 30 some years ago. i'm also a business guy, cpa. i can tell you what this will do, this will give them more take-home pay which is important. it will reduce corporate taxes so more businesses will stay in pennsylvania. or stay in this country. i think those are important things. we have to lower corporate tax rate so businesses don't leave our country.
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at same time, we have to give the middle class more money in their pocket, so they have the opportunity to save and grow, put money aside for college. that is what this plan. that is the goal of this plan. that is what this plan will do. melissa: i heard a democratic lawmaker say 95% of tax cuts in this plan are for super wealthy. how do you respond to someone that says that? >> that is what i hate about washington. it is politics as usual. we're cutting. we have a zero tax rate now nobody wants to talk about. we're doubling down on itemized deductions to 24,000 from 12,000. middle class will pay also taxes, more take-home pay. we're not even done yet. that is great thing. we're still working on it to make sure the middle class do get the dollars. any democrat or anyone on the other side of the aisle says this, hasn't seen the final plan anyway. melissa: are super wealthy going to get a tax cut?
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i warn you before you answer that question. this is business network. we hate taxes of all types. we wouldn't be sad if the rich get a tax cut. the other side saying super wealthy will get a tax cut. what is the truth? >> answer is this. the rate goes from 39.6 to 35. we're not sure whether we drop the rate or not. the question whether we drop the rate, will we eliminate the current taxes, real estate taxes and city taxes on itemized deduction. if that is the case that is four or 5% increase. so in the end, the wealthy, if we do drop the tax rate and change that, that is why i said you can't answer that question until you president final product. melissa: there is one way to answer the question, there was congressman earlier said you can create an app, create an app, people download it, what difference it would be for them. rather than decoding what pundits are saying on television, they could do it on their phone, seeing what they are going to pay. this could be the deciding
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difference. can you do that, congressman, can you do one to make an app. >> we can put it on internet. do an app. but in end we need the pieces. can not put an app are or calculate tut there without all the pieces. when we get that done, we'll have something like that. melissa: my friend, get an app. get the pieces goings. we're on your side. we want it to go through. david: i like an app. melissa: this is important for economy and jobs and important for america. david: what else is important, we're celebrating 10 years of fox business. how we are crushing the competition, thanks to you, our loyal viewers. details coming next. melissa: whoo-hoo. ♪
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today we're going to talk about trucks. which of these truck brands do you think offers best in class hd horsepower and the most capable off-road midsize pickup? i'd go ram. i would put it on ford. let's find out. noooooooo. chevy. that's right, it's chevy. they look amazing. wow. chevy's killin it. yeah, definitely. trade up to this light duty silverado all star and get a total value of over eleven thousand two hundred dollars. or during truck month, get 0% financing for 72 months on our most popular chevy trucks. find new roads at your local chevy dealer. >> melissa: ten years of fox business, our network celebrat ing its 10 year anniversary last night there we are.
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>> david: we had a lot of fun and a huge reason to celebrate we have been in the competition over cnbc for the last four quarters in a row. such a pleasure to be here with you. >> melissa: we love it thank you for watching we owe it all to you here is risk & reward. >> president trump: jobs jobs jobs. jobs, we need jobs, our jobs have left us. take our jobs, that take our companies. we're going to stop that very very quickly. middle class tax relief and simplification act and economic plan designed to grow the economy. >> we're going to fix our inner cities and we're going to get jobs. >> president trump: your jobs will come back under a trump administration. >> liz: this hour president trump will take his personal pitch for tax cuts


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