tv Lou Dobbs Tonight FOX Business November 2, 2017 10:00pm-11:00pm EDT
thanks so much for watching "strange inheritance." and remember, you can't take it with you. well. [♪] lou: good evening. i'm david asman in for lou dobbs who is on vacation. breaking tonight, house republican leaders urn veiling their long awaited tax plan targeting our middle class. saying the legislation is exactly what america needs to trigger economic growth. president trump: we are cutting taxes. it will be the biggest tax cut in our history. this is going to bring it to the next level. david: we'll get reaction from congressman tom reid and sean duffy. a busy day for the president who
nominated jerome powell as the next chair of the federal reserve. and a top democrat admitting the party rigged the democratic nomination for hillary clinton. we'll take up the deep' corruption with dr. sebastian gorka. the question is whether leadership can wrangle the votes to deliver a major legislative victory for the president by the end of the year. the president wants the house to pass it by thanksgiving so he can sign it by christmas. john roberts has our report. reporter: this was a moment president trump waited a long time for. the opportunity to put some detail on his principles for tax reform. and it was a day of talking up
the economy here at the white house. president trump had his minds on money and money on his minds. introducing his nominee for fed chairman. welcoming a huge company back to the u.s. in the oval office. president trump: broadcom is moving its base operation back from singapore to the united states. reporter: the president got most of if not all of what he was looking for in the tax reform legislation. tax rates, personal and corporate. preservation of 401k contributions, elimination of the death tax, amt and more. president trump: we are working to give the american people a giants tax cut for christmas. we are giving them a beautiful
christmas present in the form of a tremendous tax cut. it will be the biggest cut in the history of our country. it will also be tax reform and it will create jobs. reporter: while the thanks package will likely under go substantial changes, president trump was thrilled. the president is pushing the house for raped approval. the ways and means chairman seemed unsure about that. i wanted to have a bill on my desk by thanksgiving. reporter: the president's pick for fed chairman likely phase an easier ride that tax bill. is financial philosophy is along with janet yellen's. he's the fourth in a decade
without a degree in economics. but he brings vast experience in the financial sector. president trump: he understands what drives american success, the innovation and hard work and dreams of the american people. >> monetary decisions matter for american families and communities. reporter: the president was focused on tuesday's terror attack in new york city. specifically the diversity visa program that allowed the killer into the country. president trump: i'm calling on congress to immediately terminate the visa lottery diversity program. reporter: he claims the program is unsafe for the nation. and applicants aren't properly vet. in an interview with lauraing ralawyer --laura ingraham, the t
said he wants to end so-called chain migration. president trump: chain migration where the whole family can come in. chain migration is a disaster for this country and it will end. reporter: how he will get congress to interests chain migration -- ends chain migration, he said he wants to make it as part of the daca fix. david: president trump has been pushing lawmakers hard to get a thanks bill to his desk. but as mike emanuel reports, democrats already are blasting the proposal. reporter: republican leaders are calling it a bold, pro growth plan to simplify the tax code and the lives of american
people. >> it would lower individual rates for low and middle income americans while maintaining the highest rate at 39.6%. increase the standard deduction. establish a new family credit which includes expanding the child tax credit from $1,000, to 1,600. it would lower the corporate rate from 36% to 20%. and eliminate incentives that reward companies for sending jobs and manufacturing facilities overseas. >> the main street business making $62,000 a year working day and night and weekend, a thanks cut of over $3,000.
>> what they give you with one hand they take away with the other. this is a shell game, a ponzi scheme that corporate america will perpetrate on the american people. reporter: it would repeal the deduction for state and local income and sales taxes and allow a deduction for property tax up to $10,000. >> the proposal is a geographic redistribution of wealth. you are taking more money from a place like new york in order to pay for a deeper tax cut elsewhere. reporter: this plan allows individuals to contribute $18,000 a year in pre-tax money to their 401k accounts. >> as shown by the members of the ways and means committee, it's ironclad to get this done. reporter: that will be tested as
lobbyists and special interests fight for their tax cutouts. but they are eager to get started on a huge agenda item. david: stunning allegations about the corrupt clintons. donna brazile was accusing hillary clinton's campaign of rigging the campaign against bernie sanders. >> i want to get reaction on the donna brazile revelation, mr. sanders. reporter: bernie sanders had no comment on donna brazile. she alleges debbie wasserman-schultz was rigging the system to throw the primary to hillary. >> thank you for the great
convention that we had. reporter: the clinton campaign raised $8 million to retire the party's debt but exacted a great price. robbie mook with a copy to marc elias, hillary would control hillary's finances and strategy and all the money raised. it would make final decisions on all the other staff. dnc was required to consult with the campaign about staffing, data and an lit is and mailing. this was signed in august 2014. nearly a year before she officially had the nomination. >> the way the dnc had to rely
on the clinton campaign for the money and resources to continue even operating. reporter: debbie wasserman-schultz told fox news she is proud of her work at the dnc. reporter: the clinton campaign did not respond to our query, nor would the federal elections commission disclose whether they were investigatinged the allegations. yet the excerpt neglects to mention brazil used her dual role to steer debate questions to clinton in advance. for months brazile denied doing so. >> as a christian woman i understand persecution. but your information is totally false. reporter: but she later said it
was true. david: president obama is promising a big christmas present for hard-working americans. >> we are working to give the american people a giants thanks cut for christmas. we are giving them a christmas present in the form of a tremendous thanks cut. the new york terror suspect show nothing remorse. even telling officials he planned to continue his killing spree on the brooklyn bridge. spree on the brooklyn bridge. we'll have much mororororor
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reduction, and it's a very big one. it will be the biggest tax reduction in the history our country. david: a new york congressman said he will not support the bill until the state and local thanks deduction is fixed. congressman tom reid is a member of the ways and means committee. congressman, what do you think of mr. zel delldon's decision? >> we have been working on a solution for folks like mr. zeldon and i think we'll get there. we are giving a lot of reduction in taxes to people back home. david: you don't have much time
to develop a compromise. you have to assuage a lot of the disagreements from republicans in the state of new york and knowledge who have similar problems. >> we'll get there. we started with the state and local tax deduction and i was opposed to that. we have gotten that with the property tax deduction. there are other issues we'll continue to fine-tune. if you come at this from a good faith perspective, if you do it from the top 1% ask, once we deliver that for the people back home, i think we'll be able to solve this and get to the president's desk next year. >> new york governor cuomo is a big democrat, said new york will be destroyed. those are his words, if they are not allowed, if know are not
allowed to deducts state and local taxes. don't voters have a chance to vote with their feet? if you don't like what the state is doing, you can go to florida or texas. >> that's a great point. if the income tax structure of new york state is driving people out of the state, why don't we solve the root cause of the problem, overspending in the new york capital. look at the federal thanks burden. we can deliver $1,600. that's a visit -- take a senior, to visit a grandkid who had to move out of the state. dave require's a year's worth of gasoline in your car. before the plan was released
newt gingrich talked about how important it was to get the plan passed. here is newt gingrich earlier today. >> i would like it to be as big as possible, but i want it to pass. how do you get the votes? >> any move at all to lessen the burden on american's tax bill is to be applauded, is it not? >> i agree with that 100%. i come from western new york. if you hold out for 100%, that's part of obstructionism and gridlock. 80% is a victory, not a defeat. david: the senate stalled, the healthcare changes. >> one of the great differences
and the lesson we learned through this process is we have been working with the senate and the white house. and we are working on the same sheet of music. there will be some differences in the senate and the house bill. but we'll work them out. we have got the conversation going where we are talking with each other. we'll in the white house signing tax relief for people because they have deserve it. david: will this be retroactive for all of 2017? >> to be honest with you, i'm not as optimistic on that. there is a huge price tag. david: doesn't that mean you won't have the growth necessary to help you out in those mid-term elections? >> i think when you look at immediate expensing and people's withholding tables being changed
january 1. that means more money in people's pockets. you will see the growth and you will see it be long-term growth. we are not look for gimmicks. we are look for generational reform. david: be sure to vote in tonight's poll. do you trust the gop leadership to pass the tax relief the president has demanded. on wall street, stocks closing mixed. the dow up 81 points to close at a new record high. volume on the big board. 4 million shares. reports that justice department is weighing an anti-trust lawsuit to block the at&t and
tame warner merger. listen to lou's reports three times a day coast to coast on the salem radio network. president trump takes aim at an immigration program that brought terrorist and 23 members of his family to the u.s. president trump: i'm calling on the congress to immediately terminate the diversity visa lottery program it's a disaster for our country. for our country. dr. sebastian gorka today, innovation in the finger lakes is helping build the new new york. once home to the world's image center, new york state is now a leader in optics, photonics and imaging. fueled by strong university partnerships, providing the world's best talent. and supported with workforce development to create even more opportunities. all across new york state,
asked to hang isis flag in his hospital room. he killed 8 people, badly injured 12. should get death penalty. details how he planned to continue his killing spree and wanted to rack up more victims on the brooklyn bridge. form ear strategist and deputy assistant to if the *, now the chief strategist for the make america great again coalition, dr. sebastian gorka. i want to talk about critics of the president, particularly those who suggest this terrorist was a blown wolf. that phrase, wolves go in packs. there are no lone wolves. >> from all the evidence we have he was a quote-unquote flown
wolf model. we don't have any evidence that would suggest this was part of a larger plan or there were future actions or a large concerted effort. in many ways we are seeing the evolution of jihad tactics. david: the more we learn about this guy the more we realize he did have a network. >> governor cuomo made the statement within minutes of the mistake. there was no way he knew whether this man was acting alone or is part of the a broader conspiracy. sploan wolf, and i have written about this and talked about this for years is a concept used by the obama administration literally to make americans stupid. it was an idea to make you disconnect the dots on jihadi terrorism.
there has never been a significant plot of domestic terrorism inside the united states in which a lone perpetrator was completely disconnected from everybody else in the broader jihadi movement. the fort hood shooter who acted by himself was in constant contact with and yo with anwar . david: one of the mosques he frequented was under surveillance. perhaps if we had continued with the surveillance we would have caught this guy. >> we saw a systematic trend with the obama administration. there was a systematic use of
political correctness and threats of islamophobia to endanger lives. political correctness is used to undermine national security. that's why deblast yoaf worked to shut down the intelligence operation in the nypd. the best quality intelligence comes from human assets. undercover agents, confidential informants who are in the community who can identify the terrorist before they rent that truck and mow down women and children in lower manhattan. david: one thing that distinguishes him from a lone wolf is the fact that he brought 23 of his relatives over having come here with a diversity visa
lottery. brought that group of people with him. how do we change this? does the president have the power to change this? does he need congress? what's the step here. clearly it's a big danger to americans. >> it's massive. this is russian roulette through immigration policy. the idea that somebody from afghanistan, somebody from yemen, somebody from uzbekistan, if they have a high school diploma and two years' work experience can spin a wheel and if he gets the right number he gets a green card. that's insanity. this visa lottery, the president constitutionally has the unique mandate to decide who comes into america and what yardstick they are measured. that's why his travel moratorium has stood the test in the courts
pant supreme court to date. the president will respond and we have to have common sense back in our immigration policies. david: i wanted to talk to you about donna brazile. i am sure we can do an hour on that. great to see you, sebastian gorka. thank you. long-time clinton ally, donna brazile, dropping a bombshell. admitting the democratic national committee rigged the primary nomination for hillary clinton. we take up the clinton campaign and the dnc with gregg jarrett. we'll show you the spectacular moment t t t t t
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somebody he was going to squeeze. the phrase was we'll flip manafort to lead to us trump. the quiz, even if that was true, what illegality could they be flipped to report on? gregg: the case against manafort and gates is a tax fraud case. i have no question in my mind that's mueller is trying to coerce them to incriminate trump. david: but for what? gregg: that's a good points, but that never stopped prosecutors from forcing foam under indictment to lie. and if people don't want to spend the rest of their lives behind bars they will lie. i think mueller is the kind of guy who will do it and andrew wise man is the type of guy in
my opinion who will do that. gregg: you are not supposed to lead anybody who you are indieght if you are a prosecutor. david: especially if you are squeezing them to say something that's not true. gregg: the judicial system is all about telling the truth. but i have seen prosecutors who urge people not to tell the truth. they are unprincipled and overzealous. i have no trust in mueller or andrew wiseman. david: paying a foreign national with campaign money, that's a crime. fusion gps may have received money from abroad. gregg: and hillary clinton's campaign, not just the dnc. that's a violation of two federal statutes under the
federal campaign elections act. you are not allowed to pay a foreign national in an american national campaign, and it appears the dnc and hillary clinton hid it by filing a false report it's not just a civil penalty. in cases like this, it's a criminal prosecution. david: this bombshell from donna brazile, hillary controlled the dnc budget a year before she became the democratic nominee. giving her a tremendously unfair advantage in her pursuit of the nomination. anything illegal there? gregg: i'm shocked hillary clinton would be involved in
corrupt, and perhaps illegal behavior. she has long denied that the fiction was in for the nomination over bernie sanders. now we know that's a lie if brazile's documents are provable. david: you know who said that long before donna brazile did, of course, president trump. gregg: bernie sanders was saying the fiction was in. he was angry about it. the question is, it's clearly unethical behavior. is it illegal? it could be again under the federal election campaign act. if she was controlling money and wasn't accounting for all of it in her financial disclosure forms. david: that could be a crime,
but they always wiggle out. gregg: they are escape artists that would make houdini cry. david: do you trust the gop leadership in congress to pass the middle class thanks relief the president has demanded? please roll the video. watch as a monstrous humpback whale goes airborne a few feet from a pair of snorkelers. it took place off the coast of french poll knee -- french poly. congressman sean duffy joining me mere to discuss the push for tax cuts. stay with us. this is what it's all about, jamie -- helping small businesses. damage your vehicle? we got you covered.
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lower taxes, it will go to 25%. the lowest it's been in 40 years. david: joining me is congressman sean duffy. i have been hearing that the small business federation was going to oppose the bill unless they get the same rate as the big corporate players. what do you make of the their -- of their rejection of the entire tax bill. >> the bottom line is kevin mccarthy is right, we are bringing it down to an historic low at 25%. david: why was it not made the same as the big corporate guys get? >> on the corporate side you will pay your corporate rate and
dividend rate. on the pass-through side you only pay once. they are in as good or better position than our c corp. when they dive into this they will see this is great for small business across america. i think they will get to yes as opposed to no. david: if they don't, will their lack of support hurt your bill? >> the amount of enthusiasm for tax reform. we all questioned why did we do this and not do that. what impact does this have on this group of people. but if you look at republicans. they are incredibly supportive. the salt issue, state and local thanks people. we have most of of the californians and higher state taxes, they support the bill.
david: we had congressman reed on. >> if you look at the alternative minimum thanks, they were losing those deductions anyway. you take away the pain from the lower income earners from those states it's a net benefit. you actually take a look at the amount paid. >> it forces the local politicians in places like new york to do more soul searching about changing their tax code which they have been able to pawn off on the federal taxpayer. the president and his aids, particularly secretary mnuchin saying that this thanks bill would be arow active for all of 2017. today i'm hearing not so. >> in the tax package as it sits today, it's not retroactive. but in our meeting tonight,
democrats are coming at this as a tax break for the wealthy. if this helps them you have to make it retroactive. let's not make people wait 17 months before they see the benefit of tax reform. make it retroactive so they come into thanks season at the first of the year. i can file my taxes on a postcard? if you are making $59,000 a year, you will pay 5% less than you did before tax reform. and you can't make people wait for it. so what you might see is a delay on the business form of tax reform. on the individual side they could get that. david: there is also the effect on the economy. we saw in every phase-in the 1981 tax plan, the economy didn't take off until it kicked
in 9 months later. i don't think the phase-in really works. i'm glad you chief sided not to use it on corporate tax rate. >> the atlanta fed came out projecting 3.5% gdp growth this square. people are investing again. you will see the economy explode. this is was free end prize policies mean for families and business and growth in america. this is what we have been talking about for so long and now have the chance to implement. david: good stuff. sean duffy, thank you for being here. president trump showing his affection for the republican tax plan. we'll take it up with mark simone and tammy bruce right after r r r r
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asked you if democrats are endangering the u.s. by opposing ends top diversity visas. 97% said yes. tammy bruce and mark simone. this book donna brazile has come out with suggested she essentially ran the dnc like a dictatorship, taking all of the money for the campaign a year before she became the nominee, depriving bernie sanders of what was rightfully his. tammy: this is the m.o. for the clintons. lying and cheating, ruining other people's lives. this happened while barack obama was president. he had to know this was going on. this is during a primary season where democrats are spending
money and supporting another candidate in the form of bernie. this woman felt she continues get the nomination without lying and cheating. so this is a wake-up call. they knew bernie was getting a rauf deal. for miss brazile to be revealing this indicates the degree of division within the party and how far she is willing to go to expose it. david: the other thing that was exposed is that the democrats are broke. president trump did not do his fundraising. they were deeply in debt. more so than anybody realized. this is a crippled party, is it not? mark: yes. let me just say, donna brazile
is a very nice woman when she is not lying or cheating. david: there was nothing in this excerpt about her giving cnn's questions to hillary clinton. mark: first time they put a debate at saturday night at 10:00 against a playoff game, he kept quiet. david: the clintons are leaderless now. but the clintons had the party for so many decades, now they are kinds of wandering around wondering where to go. tammy: where they are going to go is being independent, starting up a new party in has to be some kinds of reformation there. barack obama created a cult of a personality. he destroyed the party in the
process. this is a perfect microcosm of the problem with lib rams. they don't know when to stop. they are out of touch with reality. and the only thing that matters is them. they were going to do that for 8 years to the country. they wanted to continue to do it. i think it's perfect karma that it bounced back on them. david: some of the people who were the most of ardent critics of donald trump and what he was bring together nation and party are dropping out. the people who seem to be remaining are somewhat coalescing with what he does whether it's tax policy, what he does abroad or his moves against terrorism. mark: both parties are finished. i think the republicans realize they have mid-terms coming up. they have to pass something. it's not the best tax plan, but
as reagan said, get half now and half another. tammy: republicans have a lead for they choose to follow him. donald trump cares about the party, cares about unity. if they say no, it's their own fault. david: on taxes, ronal ronald rn dropped the rate down the to 50%. so there is room for more later on. mark: they didn't cut the top bracket. democrats have printed dozen of different tax cuts for the rich signs. david: i know the democrats and media like to say it's kay yoict with the republicans. tammy: with the republicans it's like i child disciplined for the first time. there will be a lot of
screaming. but eventually i will figure it out and calm down. david: ambassador john bolton and steve forbes are among our guests tomorrow. well. [♪] lou: good evening. i'm david asman in for lou dobbs who is on vacation. breaking tonight, house republican leaders urn veiling their long awaited tax plan targeting our middle class. saying the legislation is exactly what america needs to trigger economic growth. president trump: we are cutting taxes. it will be the biggest tax cut in our history. this is going to bring it to the next level. david: we'll get reaction from congressman tom reid and sean duffy. a busy day for the