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tv   Cavuto Coast to Coast  FOX Business  October 27, 2017 12:00pm-2:01pm EDT

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difference. make america great again. the singer lee greenwood will join us november 6th this year. he will be back on the show. my time is up. regret bring it's a friday. neil: kevin brady laid it out for you. 401(k)s are on the table. you will have to deal. stuart: may be compromise. they're still on the table. neil: unwritten story you got to it, if you're in upper income you weren't expecting a tax break, but you are now looking at very likely a tax hike. stuart: looks like it, doesn't it? have a nice weekend. neil: we're on top all of these developments. s have a world away, we look at countdown in this country at tax cuts. spain, catalonia, probably one of the richest provinces if you want to call it that in all of western europe, the old western europe. they want out.
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that is not going down in barcelona. they want catalonians to stay. cat loan i can't wants out. we want to form our own country. this put the spanish government between a rock and a hard place here. they want to force the issue. right now these crowds, are not evenly divided. the reason why i mention it hear. it is driving a lot of interest in our bond market. it is scaring their investment related markets, particularly in spain. anything to do with spanish debt, catalonia debt. you know the flight to quality. basis points, yields go down as interest goes up. what is happening with this whole independence vote, it is affecting the spanish market, dropping 1 1/2%. this could get nastier. we're keeping close eye on that. we are benefiting from that, half a world away. our invests, our markets, our
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stocks, our treasury notes and securities. this is something bears watching, scary as it looks, weird way helping investments here, not that they needed it, they have been buoyed by better-than-expected earnings, particularly in the tech sphere. we'll get into all of that. a lot of latest catalysts seem to be optimism we will get a tax bill done. maybe by thanksgiving. connell mcshane with the hopeful timeline in washington. hey, connell. reporter: neil, the clock is definitely clicking here but republicans we speak throughout capitol hill, not only get a tax reform package through by thanksgiving, but way many of them put it they have to get it done by then. to your point about the timeline. look at calendar of days left in the legislative calendar. this is not a lot. house side, talking about 12 days before the break in thanksgiving. that is not very many. they have a couple more in the senate.
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it is 14. they have to get moving. they say they will. when the budget was passed yesterday, there were 20 no votes. 11 of the 20 came from new york and new jersey. a lot of concern about the state and local deductions going away. how much can be contributed tax-free. when the chairman of house ways and means committee was on with stuart last hour, working toward a solution the way he put it. the 401(k)s he has been speaking to the president about increasing the overall amount of money that can be deposited, but that does not necessarily mean that money would be all tax-free. so 18,000, maybe up above 20,000, not necessarily all tax-free. i will is still a pay-for. that is one of the things talked about. they're talking about solutions. another member of the committee on the same subject that something can get figured out. watch. >> there is no problem that can't be solved which is why
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when the bill is released we'll see prompt action in the house ways and means committee. we'll see prompt action on the house floor. >> goes on to say on the deduction issue, might not see a complete fix where all deductions stay, so they say so senior citizens don't get hit hard. a lot of discussions. we expect next week to see a bill introduced on the floor by wednesday next week. back to you. neil: thank you very much. connell mcshane in washington. 11 of the no votes came from republicans in the high taxed areas, new york, new jersey among them. including my next guest, congressman lee zeldin who voted no on the budget. congressman, if the provision remains in there, no state and local deduction for the tax cuts, that the president promises will be considerable, kevin brady promises are meaningful, are you still a no
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vote? >> i absolutely don't see that happening. i haven't been given that hypothetical any consideration. i have spoke today with the white house. i met yesterday with whip scalise and chairman brady and chief deputy whip patrick mchenry with some of my colleagues from new york and new jersey and we're having a lot of conversations what to do with this issue. no one hasn't cade -- indicated at all to us the proposal to eliminate the state and local tax deduction will be in the final version. i hope not. neil: you said fully eliminate. what if they partially eliminate it or phase it out, but those in a certain income range, some say over a million, they're still going to have to deal with that reality? what do you do? >> then i think, i think that is where they're going to coming back to us next with a proposal that will be less than fully eliminating the state and local
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tax deduction but not fully keeping it. so i certainly look forward to that conversation to see what they have in mind. we have to see -- neil: that is one of the things i heard in mind. what do you think of that? >> so i, i'm sorry, what did you hear specifically? neil: that overa certain income, let's say $400,000, you lose that deduction. it could go as high as a million, but that for upper income, they might as well kiss it good-bye. what do you think? >> sure. so i think that, for my middle income and lower income constituents who want see ability to save more of their money, save more for their retirement, they will be happy with that. there is a parochial issue here. the state and local tax deduction around for a century, one of the way the president lincoln helped finance the civil war. we're not being subsidized by
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all these other states with tax policy and spending policies. we're actually subsidizing with the amount of money we pay and less that we receive back. there is a new york analysis here where people who are above that income level as people get more mobile, i don't want to see all these people flee the state. neil: right. >> i also want to say the reason the state and local tax deduction is as high as it is because our state and local taxes are as high as they are. so simultaneously, places like albany, new york, our capital, bill de blasio in new york city, they do more to tighten their belts to bring down state and local taxes to stay. part of this is on new yorkers in congress and -- neil: we're pressed for time. i apologize, congressman. the other issue coming up is whether the tax deductibility for 401(k) contributions would be pared. a lot of people think that is on the block as well. how do you feel about that?
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>> well, the 401(k)s are really important mechanism for people who are -- we might hear of folks able to save a lot for retirement. there are a lot of people who are trying to save 50, 100, $200,000. so whatever proposal, and i haven't even any specifics what to change the 401(k) plan to, i will be analyzing it on its impact for all sorts of different kinds of people who use it. neil: right. >> to make sure everyone sees a benefit. i haven't seen a specific proposal to change it to get behind or oppose at this point. neil: the reason why i mention when i hear kevin brady telling our stuart varney, on average, people save well off the write-off number. that seems to be telegraphing, my opinion, i could be very wrong, that is fair game. lowering the tax threshold is virtually a gimme? >> well, it really, we have to
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see what the threshold looks like. neil: right. >> people middle income who might be putting away $500 a month. some people a little less. some people a little bit more. that adds up. we're talking about 6,000 for the year. neil: you're right. thank you for taking the time. i appreciate it. >> thanks, neil. neil: inherent in the article, the tax cuts, once they vote for it, goose the economy. we can average what we did in the latest quarter. this is the second quarter in a row we've seen 3% growth. "wall street journal" editor glen hall. glen, we experienced that kind of growth, despite hurricanes in latest quarter. we're doing this all without tax cuts. so it might not be all that crazy to think we could go beyond 3%, but what do you think? >> the first part is absolutely true. with these two hurricanes. there is some subdued consumer spending, reduction in business spending, overall at very strong levels, it suggests we have
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resilient economy, fundamentals are strong. we have two quarters in a row. that is the best performance above 3% since 2014. neil: right. >> if they keep at that pace, it looks good for the fourth quarter, there will be additional hurricane spending coming into the fourth quarter, that rebound. neil: yeah. >> we may have a strong year that gets us to average close to, maybe not above, close to 3% for the year. neil: they build in afterrings, if we average 2% growth prior, 3%, seems to speak of 2 1/2, three, extra dollars over the economy. i don't know how reliable, 4%, it is five trillion. do you buy that math? >> long time coming to get to 3%. we're not quite over the threshold. we see number of occasions bounces back to 2% average for a long time. this is not a gimme we're rolling 3% into 4% without additional work being done. neil: based on year-over-year figure.
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in other words if you're strong this year, to top that next here become as harder leap, right? >> basis effect. they have to work through that. but you know, the core value that we have to look at is underlying strength of consumer spending. so important to the u.s. economy. still at a pretty healthy pace. neil: glen, i don't want to get too off subject. this is germain in a way what is happening in this country, maybe skiddish abroad. large crowds gathering in barcelona, in light of catalonia voting to secede from the rest of spain. so far peaceful, no problems. but the government in madrid made it very clear we are not keen on this we don't think this is the way to go. they could force their hand. this could go from a very peaceful protest to something not at all like that. it heightened interest in u.s.-related anything. what do you see playing out? >> there is break going on in europe and what is going on in
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the u.s. these global tensions do have the potential to cause consumers to be concerned here whether they should put more money into savings, spend less, things like that. we can't be immune from the global impact. right now it is localized. you're right to be concerned. if it turns violent in spain, that is not a good sign for the european economy. neil: some said it is revenge for "brexit." a whole new mentality, we had been quieted, alive and well. france electing outside the box candidate in macron or some regional victories on the part of anti-establishment candidates in germany. what is going on here? is it a continuation of the trump trend, how would you describe it? >> we've seen a move towards more populist policies like this. in many ways that has emboldened those who want a push for their agenda, long been suppressed sun their minds. there is nationalism coming through.
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i don't know where you put the blame. there seems to be a global trend in this direction. neil: switches gears, yet again, technology, very hot. big beneficiary. incredibly off the chart numbers. how are analysts so wrong on a lot of this stuff? for example, thinking earnings per share of amazon would go up 3% rate. more like 50%. how did they get that so long? >> there is so much fast track activity in the technology sector. they could be forgiven being off on this. neil: that is a lot off. >> is a lot off. you have to wonder how much do we reset into this new technology economy? what are we looking forward to? can they sustain the level of growth. that is always a challenge. once you reset at that level, to say we expect this now next time, can we keep delivering. neil: everyone ratchets this down. surprises upside. that is what they hope to do. thank you, my friend. glen hall, "wall street journal"
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of the u.s. editor. very smart guy. we love having him on. we love the tit-for-tat among democrats or republicans, whose russian scandal is bigger? safe to say the russians are enjoying all of this, if their intent was to screw around with us, it is working perfectly. we'll explain after this. zar: one of our investors was in his late 50s
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neil: adam schiff already said this whole uranium one probe is a distraction. it is being pushed, he says by the white house, by "breitbart," even fox. what do you say? >> well i can tell you this. we found out, we've been working with this informant several months who has been in contact with us. he wanted the ability to come forward. he had very interesting information. i would say to anybody who is questioning this, this is in fact our job in the legislative
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branch. neil: all right. devin nunes says the investigation goes on. they have been talking to the fbi informant for several months now. that will continue. blake burman at the white house, with the latest where this could be all going. what do you think, blake? reporter: neil, president trump made it known last week at a meeting in the white house he thought it would be reasonable for the department of justice to lift the gag order on the fbi informant in investigation years back looking at possible russian bribery and extortion russian energy official, that informant could end up talking to congressional officials. to that informant's attorney claiming earlier this morning that her client could provide a link between, money to the clintons and that uranium one deal. >> we have the clinton foundation getting tens of millions of dollars from the same people involved in the deal. so you have got it, right there. the quid pro quo, my client can put meat on those bones and tell
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you what the russians were saying during that time how they were spending money. neil: so -- reporter: the president thought it would be reasonable for the doj to lift the gag order. the white house is defending his involvement in the whole process. listen to kellyanne conway earlier this morning. >> there are reports that the president interfered, the president weighed. the not unusual for president to weigh in. chairman grassily got that party started when he asked the department of justice to allow the fbi informant to speak. reporter: neil, after months and months of russia allegations against the president, some within his orbit. it is very clear the white house feels they have a headline they can slip the coin on of the for example, president trump tweeted out this earlier this morning, it is commonly agreed after many months of costly looking there was no collusion between russia and trump. was collusion with hc, of course as in hillary clinton.
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neil? neil: blake, thank you very, very much. democrats are not jumping to prone the uranium deal. they see this as a conservative right-wing fixation. throwing fox into that. they always do that. but this does have uranium nuclear, boy, that kind of worries me component. national security staffer gillian turner what worries here. that is the one big difference, isn't it? >> i agree with you. there is definitely element of here, this worries me scenario and that's because, we don't know yet a lot of questions still remained to be answer. uranium what we in the security community call a strategic energy resource and russia wields power over large swaths of eastern europe by precisely controlling those resources, by controlling access to, to energy and access to supplies of
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energy. so the idea they somehow have a hand in the u.s. supply is at a minimum concerning. neil: all right, gillian, what i remember, my brain is in a total fog, i remember machinations and plays and potential financial tit-for-tat on this uranium sale but there was a lot unloaded and given to the russians or sold to the russians. i even wonder at the time why would we do that for country that at least ostensibly is our global rival, if not enemy? why? >> i can tell you what the other side here are saying, which is the obama administration folks that approved this, which was nine cabinet secretaries, at the time decided to go forward with this because their main focus was getting the iran nuclear deal signed. on the take, negotiated and signed.
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russia was going to be a really important part of the p5 group that would sign on to this. some of the defense i'm hearing from people who were involved in this decision is that that was the major concern. that this was a way to kind of give a little bit in order to get something else want it. if you don't support the iran nuclear deal this was never something you were going to like. neil: clearly bells had -- we're giving russians uranium, right? i mean -- >> so, this is along the vain of questions that really need to be answered. so you if read the terms of the u.s. nuclear, regulatory commission's stuff, statement they put out about this from 2011, they put it online recently. they insist at no time was the russian-backed company ever allowed to export any of uranium they were cultivating in these fields. it remained in the united states. and american subsidiaries
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uranium one maintained full control of it. this is what is said. neil: we need a proof by verify kind of a reagan subset to that contract, maybe sure that was happening or not happening? >> correct. that needs to be fleshed out. neil: the other stuff is new to me what developed since. whether clinton foundation or hillary clinton wrote off on it. i'm not astute to know whether that in fact happened to the degree it did. but that transaction alone checking up, keeping uranium not start selling it to the third world or ominous players, that was not etched in stone. there was no guarranty or way to check that, right? >> that is what we need to, i think now, the reason it is good this has come unscrutiny, as toxic as it is for politics at the moment, as divisive is proving to be, it is good that it is coming to the forefront of the national consciousness.
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neil: absolutely. >> i think finally i think that we'll have a national dialogue about transpired. i think the media will be all over this, investigative journalists. i think maybe "the hill" will fire up some lines of inquiry into the matter. so we'll see what actually transpired. but the, the criticism and the worry about this is 110% legitimate. there are potentially real national security implications. neil: jillian, thank you very much. very good catching up, gillian turner. that is the way russian thing works. no, this is all republican cap ball to deflect attention from donald trump. whether there was any sort of russian collusion involved in his campaign or we the russians. we say go ahead. explore all of that. but it is just as germain to see whether russians were involved in doing so on the other side. have at it with both. do the collusion thing. uranium thing.
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both a fair. balanced, curiosities. more after this. fidelity, where smarter investors will always be. ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ well i'm gone
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neil: cvs in talks with aetna. this could be a biggie. because of amazon? gerri willis with the details? >> you have got that right. cvs $66 billion offer for insurer aetna, would be biggest deal of the year if it happens, expanding their pharmacy benefits business increasing leverage with drugmakers. it would make it easier for cvs to move through health care with urgent claire clinics catapulting this is one-stop shop for big employers this is not an offensive move. cvs countering amazon's move into the pharmacy business, details which came out on the online retailers earnings call. after antitrust regulators nixed
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walgreen's acquisition of boots and retail has been slipping while the health care business is booming. cvs shares are down. aetna shares are down as you can see here. neil as i toss back to you this, is coming as president trump has been criticizing health insurancers raising prices on coverage of the aca exchanges. neil: thank you very, very much, gerri willis. meantime big tech as you have been hearing here, on fire, microsoft, alphabet, amazon, all contributing. deirdre bolton how much that is considering to be the bottom line that run those companies. >> this is huge. talk about their money. that is always a little gossip gossippy. jeff bezos, amazon beating microsoft founder bill gates for the first time again. these guys seam to go neck-and-neck. amazon jeff bezos --
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neil: how much today. >> that is market value. on different side, mr. bezos now worth, about $90 billion. neil: wow. >> there he is. neil: microsoft stock appreciated rapidly. because he has, jeff bezos has more physical shares. >> he has 17% stake in amazon. jeff bezos has not started giving his money away. bill gates has. he has gates foundation and giving pledge. bill gates would be worth a lot more had he not been putting a lot of his money into these health research projects he has been and other projects around the world. which he credits his wife to encourage and be focused. a lovely time to think about their spouses. neil: that's right. >> you by mean, the earnings blowout numbers, give you the stat. i was doing calculations this just blew my mind. if you go back 10 years to 2007. put combined market cap of
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google, i still call it google. it is alphabet. amazon and also microsoft, combined value, 600 billion, 10 years ago, now they're combined market cap is close to 2 trillion. neil: wow. >> the reason we talk about these companies so much, they are dominating the market. as they move, the markets move. the future is just kind of starting for these companies. we saw with amazon, the 13 1/2 billion dollars purchase of whole foods. there is almost nothing that these companies don't want to get into. amazon is the biggest example of that. neil: yeah. >> it swallowed up $13.5 billion company in the last quarter's numbers, didn't hurt. they kept on going. neil: don't move. i do want to bring you into the next discussion, with dan shaffer, shaffer asset management. i was reminded earnings that came out handily beating
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estimates out there. i like to think the companies do with my parents with school. brace them for report card that might have all fs. if i had cs and ds, thought there was mensa material. the street was expecting 3 cents a share. i don't know what went into the expectation. they ended up making 52-cent as share. that is happening again and again, not to that degree. so are they playing games with expectations here? >> wall street has lowered bar since 2008, just to give us a little boost every time earnings come out. that has been a given. my big concern with amazon, with some accounting and some of the strategies that they use because, if you look at their total sales and total costs of goods, they're really at a break even on their operations. that is the part that scares me. that how in this country can a company do that, when there are laws and regulations that don't permit that kind of trade?
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that is knocking out the smaller mom-and-pops and box stores. neil: what are they doing particularly that you don't think they should do? >> if you look at their sales, their sales and their costs of goods, the fulfillments are basically zero. net zero. so, i think the street had estimated based on that, that they would get make two cent as share what they referred to. neil: right. >> if you add back some depreciation, creative accounting with accounts payable, that they owe, it kind of comes out that the net income came out to i think 53-cents. also they had, they have the amazon, the amazon web new business contributed to bottom line. neil: deirdre, what do you think of that? >> that is what i pay attention to the web services. doesn't matter what else amazon does, that is a cash cow. that business is generating -- everybody uses it. netflix uses it. comcast uses it. almost every single startup we
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talk about. neil: what are we talking about? >> deirdre, this is new. >> essentially runs your website. neil: i see. that is just gravy. >> just gravy. if you're a bigger company like netflix or comcast, you don't want to deal with the storage, boring parts of running a media business, requires data storage. they will do that for you. now the one threat i do see to that aws service is microsoft has a strong product. google has a strong, very good product. a lot of these start-ups, amazon was clever, they almost gave it away with start-ups. they got them hooked. when the start-ups grow they're also used to amazon service. neil: dan, we came into the quarter with expectations that third quarter subpoena earnings would be up about -- s&p earnings would be up 4%. looks like we'll be close to or
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at double digits all said and done on this one, or am i missing something? >> no, you're correct. what i attribute that to, in my experience in accounting, that the dollar was weaker for this period of time. so the earnings look artificially better. in fact even in amazon's reports, they talk about, i think 124 gained because of weaker dollar. if that changes, which i foresee, that the dollar will get much stronger, you will see a lot of these companies, especially multinational companies earnings start to get hit pretty hard. i think that was the heart reflected in the lower expectations on the s&p. what i'm kind of thinking here, we're getting blowout numbers or look like blowout numbers on some companies, and that usually could be the end of the cycle because people -- neil: are you still bearish? >> i'm bearish based on multiple fundamentals, not just these four or five companies we're talking about. there are some headwinds that
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will start to show up. i don't think the tax rule, changes are going to affect corporations paying less tax. neil: really? >> trickle down to people. look at the tax rate of amazon. hardly because the way they do it. neil: they're not typical. >> they're not typical but, neil, if we look at what is going on in the global economy, people do not have the wage growth. the gdp number came out looks exciting on front. they will revise that twice. people are not getting wage growth. using savings to make retail savings look better. that doesn't last very long. that is one ingredient that we have. neil: if we is right, we're building market up on a head fake is it? >> that is dangerous indeed. alphabet, google, hitting 700 billion-dollar mark. apple is only to be bigger company. to your point, dan, i have
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looked consumer spending, consumer saving. seems as usual people saving less, buying more, on credit. all debt card. >> right there is another point. neil: go ahead. >> there is another point, neil i would like to make. if this budget that the senate and house trying to pass comes into play. that means government spends less money. that is a factor in gdp. neil: you're right. >> their hope is similar to what reagan -- president trump, i think he is trying to do the right thing it is hard to do that with a 20 trillion-dollar deficit and fed balance sheet out of control. the timing is a little off. neil: all right. >> the argument, if everything is so good, why do we need tax reform? we hear fake news and -- neil: itbe better. >> it could be better. neil: without the government spending, keeping interest rates, federal reserve did its part we would not see any growth over that span.
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thank you very much. we like to give you bull and bearish argument, can't come back, we're doing this and everything else. it is tricks and treats. halloween thing. after this. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too. wow, you really did a number on this thing. >>sorry about that. that's alright. i got a box of 'em. thousands of opinions. one estimate. the earnings tool from td ameritrade.
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♪ >> we must stop the flow of all types of illegal drugs into our communities. [applause] and astonishing 90% of the heroin in america comes from south of the border where we will be building a wall, which will greatly help in this problem. [applause] neil: all right. president trump is tying a lot of this whole border issue and building that wall to the opioid crisis saying if we get that wall up, we'll have less of a crisis. to texas republican congresswoman jody arrington, on where things go now.
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congressman, thanks for joining joining -- apologize to that, changing your gender. didn't mean to do that. >> i'm all man. i can take it. neil: you can call me nell if you want. congressman, do you get a sense this willhiteen interest in the wall, whatever, final version we come up with? what do you think? >> i think it is definitely part of the fix is to have physical barriers and stopping illegal immigration and stop giving incentives for illegal immigration by not enforcing the law which what we've seen with a rogue presidency for over the last several years. first thing we needed was a commander-in-chief took his job seriously, committed to enforcing laws whether he liked them or not but this president is absolutely committed to stopping a flow of illegal
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contraband. stopping criminals coming over here be whether gang members or folks hell-bent on committing crimes. over all, simple. build barriers, give more investments in boots on the ground. enforce laws, and hold sanctuary cities accountable. if we just do that, which, which, should be a basic expectation of the american people for our commander-in-chief, i think you're going to see this problem go away in pretty short order. neil: deportations were at a record with president obama, say what you will of him, without all this wall stuff. i guess i'm asking you do we need to do more of that when it comes to the opioid crisis? many pointed out existing drugs from existing drug companies. >> yeah. neil: found here, you know, just stuff in a lot of people's medicine chests already? >> well, i think congress took a
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big step in that regard, in the 21st century cures act, by putting a billion dollars towards better monitoring. by having intervention and prevention programs, and also drug treatment, that the key is. the key is federal government will not be able to solve this problem than any problems that playing our country. we need stakeholders, all hands on deck in every community owning this. the federal government can come in as states with some assistance. texas i know received upwards of $27 million for local communities to combat drug addiction especially with meth and opioids. we can learn from that, find best practices, attack it with everybody pulling in the same direction, but the federal government will not just wave a
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magic wand and solve this on its own. neil: is mexico going to end up paying for this wall, or are we? >> i don't know that i would wait for mexico to pay for the wall. we just need to do the right thing for the american people. if we can, if we could get mexico to pay for it i think it is all the better, but the fact is our national security responsibility is on us. so we ought to just make the investments we need to make and worry about who will pay for it in terms of if mexico is going to pay for it down the line. neil: congressman, thank you very, very much. i appreciate it. >> thank you, neil. neil: a lot of those jfk files are out. people focus on the 2800 or so documents, not pages. we are talking hundreds of thousands of pages are out. people are pouring through them. what to make of what we've learned.
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so before the assassination something big was going to go down in the u.s. that is a little scary but what did you make of that? >> it is. i'm not sure what that means though. neil: right, right. >> bus you couldn't possibly stop anything 25 minutes in advance like that. the vague phrase something big is coming down, could mean a lot of things. neil: didn't say the president was going to be shot or anything like that. what piqued your interest? people focus on what intelligence agencies were said concerning monitoring lee harvey oswald. what do you glean from that? >> i think where some of the information is helpful, neil. lee harvey oswald had a strong communist background. he was defecting at the age of 20. lived in the soviet union for three years. married a soviet union. had a child. all of this, some of the conspiracy theorists suspect he was a counteragent, or a double
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agent, rather. i think that was laid to rest. jim angle the counterintelligence man at cia says, the cia and fbi never paid oswald anything. he was under some surveillance by them from his communist background. there was no payment, no indication at all, that oswald was anything but what he seemed to be. and that is, a communist who desired to assassinate president kennedy. neil: i'm wondering whether we have learned anything here about what is left out here? we don't know what is left out here. only there is quite a few pages of stuff we won't get our hands on, if we get them on at all in next six months. what do you suspect is still being kept? >> i think that is a good point. president trump may have made a good decision. the deadline came up upon him. we had that 25-year deadline. it came due yesterday. neil: yes. >> neither president trump or
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other people adequately prepared for all the documents that would be released. what president wants to do, go over remaining documents with a fine-tooth comb, release most of them next april. so i do think -- neil: don't you find out, normally, if you know, you're a genius, but if you ever put things off in school, or college. they have had 25 years, those in government on this stuff holding this data, holding this material, and they can't -- 25 years. and i don't understand it. >> that is because some people at the cia definitely do not want the material released but i think president trump does, and i think his will ultimately prevail. remember the cia was involved was involved in plots, in ecuador, in the '60s at the same time of oswald event. they toppled a regime in ecuador and british guyana.
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the dominican republic. not to mention the 1963 assassination of president dem in vietnam. fingerprints are all over the -- and it will be woven into intelligence. neil: do you think any anything will change the view that lee harvey oswald and alone killed john f. kennedy? >> no. that is the next view. gerald pozner, excellent book, case closed, others have made a strong case. neil: all right. >> conspiracy theories flourished. that is why the documents need to be released. neil: indeed. more after this.
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. neil: all right, it was a remarkable number when you consider all going on in the third quarter. multiple hurricanes, storms, yet 3%, back to back 3% quarters, the stuff we haven't seen since 2014. a reminder if we're doing that without tax cuts, what could we do with tax cuts? keep in mind, this fixation on growth in the economy is important when you look at the price of the tax cuts and paying for them, 3% versus 2%, it's supposed to be 2 1/2 trillion extra bucks, you maintain that over ten years and maybe get bigger than that. more money coming in. read on all of this with charlie gasparino, former bush 43 deputy assistant brad
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blakeman and real clear politics reporter caitlin huey-burns. feel free to interrupt and interjet. do you, looking at this, say yeah, you can make a case for steady 3% growth, or are these one-offs, both of these back to back orders? >> right, i think there's debate how much the president gets credit for it, right? you can say there has been consumer confidence and that sort of thing, the danger of claiming credit for these kinds of things, you have to claim credit for when there is a downturn. >> no, you don't. [laughter] >> i guess we shouldn't apply history to that. but i think a lot of people are looking at the tax reform, one for economic results, of course, and also because of the confidence in congress, right? what that means for actual governing. i think we've seen a lot of the relationship there. neil: were you surprised by the strength or could it be optimism or people just getting
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excited and spending and doing things they wouldn't do and individuals for a tax cut that could and still be a ways off? >> i think this is anticipation. >> really? >> of what the president promised. i was on a conference call with the chairman of the council economic advisers at the white house. i urge viewers to go to white, the report is there, which is cited with educational cites of academics as well as the business community. they're projecting growth if we get the kind of tax cuts the president is talking about, of 3 to 5% sustained growth over ten years. and for individuals -- neil: you got 5% -- >> it's amazing. but how about individuals getting $4,000 over ten years. so the real $64 trillion question i guess, is the retroactivity of the cuts, will it go back to january if it's done this year of 2017, and how permanent? neil: you think they'll be
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retroactive? >> i don't think they need to be. put this in historical context, we've been covering this a lot over the obama years, there were times you had two really good quarters under obama that would be snuffed out the next quarter. >> you had the 2, 3%+ quarters. it's the average. >> and it averaged out to less than 2, something between 1.5 and 2, right? that said, look at the contrast of the trump economic regulatory agenda with the obama one which was more regulations, more epa, more on coal, higher taxes and what trump is doing regulatoryily take out the tax cuts, if you talk to a businessman, that goes to the bottom line when you don't break the nuts -- neil: please tell me you didn't say that. >> i will say one other thing. donald trump is kind of a goofy president. tweeting, the crazy stuff, little bob corker, this, that
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and the other thing. he has assembled a really good regulatory and economic team. neil: goofy is a little strong. >> i don't think so, when you start tweeting that stuff. regulatory team is strong, and give confidence to the business community. neil: let me rave this with you guys. we have polls out that show that the president has a lot riding on the tax cuts, to your point, caitlyn. fox has them at 68% of white men without college degrees approving of the president, before the latest numbers, put that down to 56%. request his core base this is an important turnaround development. he needs it. >> certainly, i think we've been talking about how this will affect members of congress, if they're not able to pass a tax bill. keep in mind, we don't have legislation yet, all the parameters. neil: that never stops us. >> supposed to unveil legislation next week, there is a ways to go here. neil: i'm interrupting you rudely for a reason.
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we don't have legislation yet. we get hints, crumbs sprinkled. this is kevin brady with stuart varney, the house ways and means chief talking about maybe allowances for take away the tax deductibility of 401(k)s. >> we're going to strengthen 401(k)s and iras and make them bigger. the 401(k)s, most people are saving $200 or less a month, that won't do it in retirement. they're going to be in trouble. so we're asking experts how can we help these families save more? so we're working to reach a good solution there. if not, we'll leave them as they are, but i think we can help people save more and earlier in their life, which is key. neil: you heard what he said, this big tax benefit that everyone is saying don't touch, don't touch, there if you take advantage of it, i'm reading this what's to stop us from
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going ahead and curbing a tax benefit for the rich. >> 401(k)s for the rich? neil: i'm saying that's what i'm reading. i'm saying he is telegraphing that he is. >> the president made it clear here, wants to see more americans save. and if americans are doing the right thing putting money away for retirement, it takes the burden off government. neil: the average person is only putting a couple hundred. let's say they lower the ceiling to 2800 from 18,5. think about that. he is then saying i'm still protecting all of those who say right now in paltry sums, right? >> we've got to increase that. not turning it back. neil: i is sprinkle the crumbs for you guys. >> here's the problem with the tax plan, it is not tax reform in any real way, not on the
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individual side. the corporate side it is. the individual side this is the bad part of this thing, they want to keep a lot of the rates the same, okay? you cut middle class taxes, middle class don't pay most of the tacts, upper brackets pay. tax reform in a way to stimulate the economy takes down the rates as you're taking down the corporate rates significantly, maybe compressing it to three rates with the top rate of 20 to 25%, then you close the loopholes, then you tell people. neil: this is not that. >> no, and that's the bad part about this plan, and i tell you it's the part of the plan that scares me the most. the corporate thing is great, and i think that's going to help the economy immensely. if they do this thing where it looks like they're raising taxes on people that pay most of the taxes. neil: that could be, right? >> see the actual legislation, right? what we learned from past legislative battles is people need to know how this is going
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to affect them. health care and taxes are very emotional subjects. neil: what do you think is the reaction of wealthy people? i would assume supported the president in large numbers and not only at the very, very high end seeing their rate kind of the same, but they might pay more for whom the state and local deductions are fazed out. don't understanding they'd be upset? >> well, possibly. neil: i think they definitely will. >> don't you think it would hurt the economy is another question? listen, if your goal is to stimulate the economy with individual tax cuts, they're not doing that. neil: no, but that's why they're banking on the corporate rates. >> and the repatriation of money. >> you're saying that individuals have to pay for the corporate tax rate cut? that's what they're doing. >> in the macrosense, the individuals are going to get a break. >> no. neil: brad, we don't know, as caitlyn is the right one here, we don't know yet, but that doesn't stop me from filling a
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two-hour show from conjecture. if that was the case and you talk to a lot of wealthy folks saying why am i paying more now? what's the reverberation of that? it's a small group, you're quite right but disproportionate tax paying group. >> the good thing i think about this president, because he's the most transactional president we've ever had is his ability to make a global deal, and i think there's going to be enough there, and the question is how bad, you know, if they're getting a tax break on the corporate side. >> who's they? neil: talking about the wealthy. >> the upper 10%. >> you might say they get a tax break. neil: well, you invest heavily. >> maybe you should be look out for just yourself. >> my point is, if your goal neil, professor cavuto is to stimulate the economy through tax cuts on the individual side, that is not what they're doing here, they're actually
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destimulating it, based on everything we know now. the devil is in the details but singled they're going to screw the top 1% which pays how much of federal taxes? top 1% pays. >> 30%. >> the top 5%, 50%, the top 10%, 70%. >> there you go, they're looking to screw them. [laughter] >> i don't see it as a screwing at all. >> why? they have to pay more taxes. neil: he's just a hater. you're a hater. >> i think the growth potential of the corporate tax and the individual tax limiting the deductions is going to be something -- neil: that's the points, that unbalanced net net goods, right? >> absolutely. it's generational. that's another key, it's permanent. >> let's not be fooled by any of this stuff, they are not reforming the individual tax code. neil: we got a tweet from the president now, charlie. gaspois a hater. very sad.
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>> and he hates my hair. neil: the dow is up 24 points. technology on a tear, and jeff bezos just surpassed charlie gasparino as the world's richest guy. more after this. who knew that phones would start doing everything?
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right now. the irs says better late than never? formally apologizing, the tea party group era targeting, the group says was going on, to chief council of the american center for law and justice and a member of donald trump's legal team, jay sekulow. jay, i know better late than never, they are acknowledging pretty much the obvious elephant in the room, that tea party groups were, in fact, targeted for their tax-exempt status. now what? >> well, number one, i think this is what's significant here is it's not just they're acknowledging the wrongdoing, taken action that will be codified in a court order next week, that it never happens again, there's been a complete change of policy as it relates to the irs. neil: and fines are being paid, right? meted out? >> there's two series of cases. the case in washington, d.c. which is what we primarily handle, was the case involving the declaratory judgment, the
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irs was wrong, violated the first amendment. can't do it again. policies had to be changed, and a class-action case in ohio. and that case involved monetary damages, that case was -- we have one client in that but we were not the class-action lawyers. we worked with them, they did a great job, monetary resolution there for those clients, between both, you have the declaratory judgment that the activities of the irs were not only unlawful and violating their own rules and regulations and unconstitutional. new policies in place and declared through the judgment and the other case have you damages as well. the irs, i'm glad that the attorney general jeff sessions moved forward to get this case resolved. 3 1/2 years in litigation. we had to make a trip up to the u.s. court of appeals to get the trial court reversed, we were successful at. the good news is, the bottom line is the clients got tax exempt status. better late than never and unfortunately took 3 1/2 years
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of litigation. some of these years waited seven years from the time it started to the time they got it. neil: we run through the rigors in the process. i always think, fess up and own up to something right away. very, very clear they were targeting the conservative groups is maybe at time for very good reason, the tea party was popping up 2009 and 10, a lot of them applying for the tax-exempt status. i'm not besmirching either side, we had a disproportionate number here, we were looking at it. these were our focus and by the way we didn't like the methods or whatever. >> they didn't like the methods, you know what, neil? i was a treasury lawyer, for the internal revenue service, the tax exempt division was my client. let me tell you something here, they were asking for names of donors of the organizations? they wanted to know what groups that the individuals had been
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talking to? what politicians they met with? what was the substance of conversations and on pro-life groups they put out a question the opinions that you are advocating are not based on science. how is that the irs determination whether they could do that or not. and by the way, we had a great team of lawyers at the aclj, my old office mate was one of our lawyers, a guy i worked with 35 years ago, a reunion victory against the internal revenue service. neil: believe me, i'm not casting blame or credit on either side. i'm saying if you have this phenomenon building and rushing to the door at the same time to claim tax-exempt status, what would have stopped the irs from saying we found this out of whack and targeting it because now it's very clear after the fact that's exactly what they were doing, they were going to far greater means to target the groups in ways that were not exactly honorable and applying litmus tests that did not apply to other groups, but they
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didn't do that, and they compounded the lie and the deceit? >> here's what the irs could have done, should have followed internal revenue manual and not determined exemption based on political advocacy position which the clients were engaged, in and they acknowledged it was a fundamental violation of the first amendment which is what they're doing there. you looked at constitutional issues that were raised, there was a way to handle these applications coming in. a normal process for it. there's an exempt division of the irs, neil, that knows how to handle supposedly knows how to handle 504 c issues. neil: maybe they're taking executives out of reach and call themselves the coffee party, i don't know, and start a lot of tax exempt. >> c-4 groups. neil: yeah, where and how should that be handleed? >> should be handled through exempt process that does not deny their application based on
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the position they're advocating and should not ask for donor information. so the same rules that we -- and thes say we resolved helps donors as well. that's america. neil: why wouldn't donor information be germane, if there was nefarious types who could be behind and you you're trying to get a break from the taxpayer, know what you i mean? >> there's a supreme court decision that was argued by thorough good marshall and the naacp legal defense fund that says government agencies don't get individual donor names, you know why? freedom of association, you have the right to associate with others, don't have to make it public. that goes way back to thomas payne. neil: avoids paying the united states taxes or not. >> yep, even the naacp was tax exempt, the naacp legal defense fund was tax exempt in the 50s. the state of alabama wanted their donor list, membership list and the supreme court said no, you don't get them. neil: switching quickly to
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thisethis dossier and the whole uranium one deal. the idea that gets pounded again and again and again is the russians may not have taken sides as much as great interests in screwing up our election or really screwing up the powers be that in both parties. what do you think? >> i think, look, the russians were trying do something on this fusion gps was involved, apparently that we're hearing, fusion gps christopher steele was dealing with russians on this, on the unverified dossier and it became, the government better hope this was not the basis of the fisa warrants either. if the underlying information coming out of this dossier for chris steele served as the basis they went into the fisa court to obtain warrants unmasked and based on that information, you're raising a whole host of constitutional issues here. so i think, look, there's hearings on this now. information is coming out. there's a lot of questions to be asked. but until the hearings start, you're not going to know all the answers.
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i will tell you something, obviously, something was afoot here. neil: do you think that the fbi is going to be as aggressive getting to the bottom of this as it was to anything hinting of collusion between the trump campaign and the russians? >> well, they better be, you know, equal justice under the law. so they need to investigate this thoroughly. they've got information now. look, fusion gps's leadership when they were called before the house and the senate took the fifth amendment. they have a constitutional right to invoke the fifth amendment. they did it. now fighting the subpoenas issued for bank records because the bank records probably show where the money went and how it was flowed. that's going to be litigated in court. congress has oversight capabilities. you should have ongoing, i would think that the fbi would be investigating this now. the federal election commission may need to take a look at this on the way the money was reported. there is a host of statutory issues, criminal law issues that can be implemented and just seeing the beginning of
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that. neil: jay, always good having you, thanks for taking the time. >> thanks neil. neil: technology as you've been hearing is on a tear right now. apple is also moving up smartly as well. you know, you could formally order your iphone x. a lot of people have, and a lot of people are discovering they're not getting it as soon as november 3rd. that's all i can say. after this. by listening to an thiaudiobook on audible.ame and this guy is just trying to get through the day. keeping it together. losing it. upgrade your commute. ride with audible.
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welcome back. i'm nicole live on the floor of the new york stock exchange. the tech giants out for earnings have helped boost stock market values fishing it to new heights. the tech giant added more than $150 billion to the stock market value overall in one single day. look at how they are faring after earning. amazon up 13%. google is also gaining today. now we look at these names,
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amazon is up 46% and google up 32% this year. these names have been on the move and helping to boost overall s&p growth projections. here is a look of intel up 22%. microsoft up 35% this year. we will watch for apple and facebook. both report next week facebook new high of 17821. it's been a real winner. that's up almost 54% this year end apple, as i talked to you, apple ten iphone goes on today for preorder and they are saying the demand is off the chart. that is a winner too. neil. >> thank you very much. meanwhile, i want to take you across the globe to what's happening in barcelona outside the parliament building. catalonia wants to become its own country separate from spain.
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that is not going down well with everyone in spain. in fact, there is a push with the spanish government itself said this won't fly. maybe we'll will have to force the issue. what's going on? >> no one is really welcoming this with opening arms. the united states, through the state department said hey, we are fully supporting madrid and the spanish government in their fight for this independence effort from catalonia. the uk is saying the same thing, the eu said they will not recognize catalonia as an independent state. you can see the large crowds at the central square in barcelona. they are partying it up but let me tell you this, some dark clouds very close by on the horizon because there's a very real issue. the spanish troops or authorities are going to come in and take over the running of catalonia. what happens then? >> we will have to wait and see. there is certainly th potential for civil unrest. what's interesting is the financial markets in europe
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really haven't reacted to this. they are nervous, but they haven't really reacted. you can see the main spanish market finish the day only down one and a half percent. certainly the spanish banks took a beating. the bank was down 6% and some have moved their operations out of catalonia, head of what has happened, realizing this could be, other banks, moving lower. i thought what was interesting, the spanish tenure pond only went up two basis points. the rest of the market in europe actually finished higher. the euro took a bit of a beating but that's good news for some european countries because the goods are cheaper to companies elsewhere. so, where we go from here? no one knows. this is uncharted territory. certainly madrid, right as we speak, they are meeting to decide what we do. we come in and take over the government, do we fire the catalan leaders, do we arrest them, do we take over the police, the local media, there
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are a lot of unanswered questions. as you can see, this has been set up for quite some time for the question is how does this get resolved. >> as you pointed out, the modest market reaction, it seems that the investors thinking is there's no way in heck this will discus disintegrate into violence or anything like that. >> they think that, they hope that, but i think there's a very real possibility. this goes back to the october 1 referendum when catalonia first voted on independence, and the spanish government called the illegal and used troops then to forcibly pull people out of polling stations. visions of old ladies being dragged by their hair away from the polls. it was very shocking to everybody. but you know, the eu reaction has been pretty interesting. the president of the eu commission already warmin warning about cracks within
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the european union. they are very concerned this could spark another wave of nationalism. there are other groups out there who want full at tommy. the eu is watching this very carefully as well. >> you didn't get here moment too soon. thank you very much. in the meantime, we are still focusing on these markets that are up and away. we are a bit of a beneficiary from all of this. whatever instability. [inaudible] you name it, certainly anything having to do with our markets. we are onto that.
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>> it's interesting, this comes out and all the conspiracy theories come out as to why we are not getting a certain bunch of those documents. i guess that will never die. >> i don't get will die as long as we have a cowardly cia and state department and whoever else is responsible because i think, the bottom line is, here's the sky, lee harvey oswald, he's a communist, he's a sympathizer and a communist, he's an excellent marksman, he has just spent a lot of time in russia, he married a russian woman whom people say was a kgb handler, he was in cuba with the arch hater of kennedy in the whole world, many comes back and he kills kennedy. the lines are as clear as day, cuba and russia are connected with this in some big way. somehow we never want to say it. >> outside of that, do you get it, you get a sense than that we can't let go?
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a lot of people just have a hard time thinking one guy could kill the most powerful person on the planet. >> but he used a bullet to do it. he didn't do with his bare hands. he is a gun and a bullet. in those days, security was nowhere near as good as it is now and he just happened to be in the neighborhood and he saw the route marked in the newspaper. >> that comes up in a lot of these documents how clearly that was telegraphed. >> it was clearly telegraphed. he had the motivation, he was an expert marksman in the marine corps and yes, he could've done it. the fact is the most powerful man in the world. that doesn't mean anything. his brain is still a brain encased in a thin skull. >> we can't fathom how some common schmo. >> is not a common schmo. he's an agent who was ahead of the national communist conspiracy.
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>> do you then think that we are going to get anything here that will come close to at least saying that oswald had help, not help in committing the act, financing it, planning it, strategizing it, what you think. >> i don't think he needed much financing. he had a mail order bride for a few dollars, i don't think he needed much help doing it. he was kind of a clever guy and he had been briefed on how to answer questions. there's a very good book called legend about this whole story and about how the russians worked it out with cuba and to me, that has always been a positive answer. don't get me wrong. i'm a great fan of russia. they were the main instrumentality in defeating adolf hitler. we owe them an internal debt of gratitude, but let's not kid ourselves,.
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>> they did that when hitler turned on them. >> that's true. >> that's exactly correct. now they are as treacherous sons of bitches as they can ever be. i hope i'm allowed to use that phrase - you just did. >> one might be shod for doing that. you never know. anyway, we all them a lot, but on the other hand, i think they were furiously mad at us over the cuban missile crisis, i think they were furiously mad, castro has always hated the united states. you know that he said, look, i want you to start shooting off those nuclear missiles that the united states and to which he said look, the united states will level your island and turn it into a big glass parking lot. apparently castro said it's okay, it's worth it. rather do it cannot do it. that's how nutty a guy he was. >> do you think people knew, at the time, there might be urbaurban legend but there's these stories that come out
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about a british newspaper getting a heads up from someone big going down in the united states, but they don't specify. >> then there was that weird trading in the stock exchange. what you think of all that. >> i think that's all coincidence and has nothing to do with anything. >> so i better asked the question,. >> you know, you always have an amazing gift for cutting me down to size. >> no, you don't find that curious? >> what i find curious is there is a line, a straight-line, crazy guy, lee harvey oswald, communist, hates the united states, hates kennedy, goes to russia, he goes to cuba he gets further training and motivation, he comes back to america, kills kennedy. the communists are involved? he just did it because he had a bad day at work? are you kidding me?
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>> do you remember that day. >> very well. i was alive. >> at the time when i happened. >> i remember it very well. i was a student at columbia here in new york city. i had just come back from class. i went to my student mailroom where we get our messages in letters and he said kennedy has just been shot and a lot of people said good, he deserved it but i don't think any of them thought he had been shot fatally. i was a columnist and correspondent for the columbia radio station kcrw and i went over there and i started seeing this stuff coming over the wire and 70 said to me he's got addison's disease and his blood pressure reached a certain level and he would dine a matter what. >> there was a lot about his health that we didn't know. >> including his sexual health, which apparently was very, very good. at the time, bang, next thing you know he said he he was
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dead. i remember it very well and i cried bitter tears because although i was republican, is not old enough to vote second voted, but i found him an inspirational character. he pulled that pt vote through the water, basically holding a rope in his teeth and pulling the vote and several men to safety. he was a hero. he was a brave guy. >> he was an amazing individual. >> is it your sense now, looking at what he represents, would life be different? what was cut down that day? there's a lot of people that feel free to take that call. >> no, not to take it. it's probably my broker telling me what i should do if you call me. >> okay, do you think his death changed vietnam. >> yes, all of that. >> his death set in motion a
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guy, lbj who said himself look, i am a big tall texan, no little oriental asian fellow is going to beat me in vietnam and i'm going to pour in as many troops as it takes to win. >> so jfk would not have done that. >> i don't think so. i think jfk was a more secure about his manhood then lbj was. >> that's interesting. also on tax cuts, a lot of republicans, this administration is using jfk as an example. >> he did not get his tax cuts through. it was johnson. by the way, lbj is one of the most underrated presidents in the history of the united states. the person who could really learn a lot from reading lbj is none other than donald trump. he knew how to manipulate congress to get him to do his will in a way that no other president ever has and it would be a very good lesson for donald trump called master of the senate about johnson when he was head of the
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senate. >> yes, but and yet he got so much done. he got all the civil rights done. the great civil rights hero of the united states of america, for all eternity, except for abraham lincoln is lbj. >> how is president trump doing. >> he's got a lot of problems and i hope you get some tax cuts through for corporate tax rates but i think he will get them. >> you like that part. >> i like that part. i don't like cutting taxes on the rich. >> you don't have to worry about it. you pay more. they will keep the top rate and phase out other deductions. >> the deductions will kill me. >> so you're going to pay more. >> no, if it is my duty as a citizen, i will do it. >> i don't think you really believe that. >> i don't think data no-no. >> because i've just broken
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the news to you, you are going to get out of here and kirsten scream. >> no i'm not. i own 14 dwellings and i use them all for various purposes. >> the rent amount. >> not at all. i don't rent them out because somebody smokes a guita a cigar, they might come in and run it. dead serious. >> you don't need it. >> i really need it desperately. i might need it eventually when you guys fire me oh wait i forgot, you don't pay me so nevermind. >> you don't need it. >> warren buffett is so much out of my league it's like comparing an octopus to us now. >> were both going to have to think about that for minutes. >> i think it will get some action, i hope and pray he gets it through and gets a greatly reduced.
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very good to see you. always great to see you. i must say, you have a very good way of pulling the rug out from under me over and over again. i apologize for my phone rang. it was stupidity for me not to disconnect. >> i make a lot of stupid mistakes and that was one. >> unfortunately you don't. he is one of the nicest, smartest people on the planet. >> everyone agrees, except. [inaudible] >> were friends now. he doesn't hate me. who, it's ugly. the dow, not so ugly, up 27 points. we'll have more after this. ♪ can i kick it?
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>> all right. what is it about republican senators in particular looking at leaving. we got this report from the atlantic that said worn hatches thing he plans to retire. here's the consensus. mitt romney is privately hinting around maybe he could replace him. that's just coming in the of the atlantic. we will keep you posted on those developments. in the meantime, house republicans are working with 12 legislative days before thanksgiving, by which time, i hope to have a tax package,
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signed, sealed and delivered. the house ways and means committee. [inaudible] >> i loved your last interview, but every time i hear his voice, i hear buehler. so i. >> i hear other voices, and so does he, but then you don't want to go there. congress may, the timetable, first off, we think of that. >> look. it's rational, it's necessary, for a lot of us, we have been bathing in this mess for years and, as you try to explain to people, it's complex. you move something here and it creates a cascade over there, but the timetable forces us to stop pondering all the motion a momentum's and finally say we've got to put it on paper and close this out. >> i mentioned before, talking about warren hatch considering leaving at a time, we've heard
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the same from bob corker and jeff lakin in the case of jeff flake, a lot of people, even your name as a future senator, what you think? >> the house of lords, i think i'm comfortable being on the ways and means committee and the u.s. house right now. >> so you don't have any interest in the senate? your name comes up a lot. >> look, engaging in some of the delusions and grandeur, for right now, i am blessed. i'm doing one of the most exciting things someone with my personality could ever imagine, and that is trying to make this tax code simple and to grow this economy. that's pretty joyful. >> sounds like your thinking about it. >> hey, i didn't say that. >> on this tax code thing we are told there will be a lot of juggling back and forth on some of these breaks. some will have to go to pay for it. one is to roll back the deduction for 4o1k.
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i don't know where you stand on that. another on the state local tax exemption, where you stand? >> let's walk through that. there is not an attempt to roll back the deduction of 4o1k. you have ira, 4o1k, sponsored, not sponsored, what should be pretax, what should be after-ta after-tax? is there a way to take all the different things we do to save for retirement for our kids education, for buying a house, is there more elegant way to put together those benefits to make it simpler and more understanding? >> does that mean if you have a 4o1k and you've been able to write off up to $18000 that those days are gone? >> no, look, it would help us on our scoring if the first portion of that was pretax and if someone wanted to keep saving that they could do it after-tax, but therefore the
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savings, year from now is tax-free. the actual purchasing power in the future stays the same and that actually helps us move some of our numbers around. >> what about on a deduction for state and local taxes? one idea i heard, you don't have to negotiate here, i understand that, but when idea was to pay phase it out for upper income folks, whatever that range would be. >> when we did the big modeling, it turns out we have a number of things in the tax code right now that americans who itemize take off as deductions that produce really know economic expansion, but are really, really expensive. it turns out the state and local sales tax, income tax, property tax create almost no economic expansion but cost a stunning amount of money in the tax revenue side. how do you treat the hard-working population fairly and make sure that you're not doing something that benefits one part of the country and
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those of us out here in arizona were at the very moderate tax state that were not subsidizing that. how do you create that fairness. >> we are not quite there yet. congressman, very good seeing you. thank you very much. >> appreciate it. >> much more after this. the dow is up about 33 points. again, optimism that some deal will get done, after this. forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock. today, a focus on innovation in the southern tier is helping build the new new york. starting with advanced manufacturing that brings big ideas to life. and cutting-edge transportation development
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neil: tech stocks are soaring right now. if you're jeff bezos you run amazon. you are now the world's richest man. pick up of north of $10 billion. $91.3 billion ahead of bill gates. trish regan right now. trish: thanks, neil. stocks on all-time highs on strong earnings reports. gangbuster gdp report, measure of overall economy. we grew 3% despite suffering two major hurricanes. welcome he, everyone to "the intelligence report." nasdaq on pace for biggest bain gain of the year with tech earnings. much better than expected economic growth of 3%. imagine what kind of growth we could get if republicans pass tax reform this year. we're on it. three obama era scandals in the


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