featuring our wealth editor robert frank. both joining us now to talk high end real estate. dali, real estate soared back in september. we talked about people racing to beat the january 1st tax increase. what's the status? >> everything's quieted down a bit as expected. i think we need another big tax increase to rally the troops so we can get everybody rushing to buy again. but everything's now back to a normal if not slightly less than normal place. >> we saw that listed for $35 million. it sold for $26 million before the end of 2012. >> correct. >> so that was basically -- >> that was a year end sale. >> are you seeing any trends other than people digesting the tax changes? >> no. i think people are digesting the tax changes. i think the tax changes were better than expected. so when we were looking at numbers and projecting wow what is the savings? we were looking at much bigger numbers. i think they were happily surprised for a change. so i think that's all good. but that said, the rush and the urgency is over. >> the rush and the urgency is over. that goes for some vac

robert frank -- >> it just did. >> thank you, sir. good to see you. >>> stick around, because coming up we've got a tick tock on tomorrow morning's big jobs report. >> yes. our panel of wall street's top money pros tell you how to play it, next. >> and with 30 seconds left, we'll tell you how -- change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection, and because usaa's commitment to serve the military, veterans and their families i

. >> up next, nothing get our editor robert frank's juices going that shows money migrating from high tax states to low tax states but that's the kind of guy robert is and the other man that's done all the research going back to 1995. some of his findings may shock and amaze you. we're back after this. h fidelit, but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio summary. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. humans. even when we cross our t's and dot our i's, we still run into problems. namely, other humans. at liberty mutual insurance, we understand. that's why our auto policies come with accident forgiveness if you qualify, where your rates won't go up due to your first accident, and new car replacement, where, if you total your new car

our wealth editor robert frank is taking us for a bit after tour. hi, robert. >> hey, sue. we will tell you which billion airs beach playground is the hot nest the country for mega mansion sales. that looks nice. it is not in florida. that's coming up next. i had enough of feeling embarrassed about my skin. [ designer ] enough of just covering up my moderate to severe plaque psoriasis. i decided enough is enough. ♪ [ spa lady ] i started enbrel. it's clinically proven to provide clearer skin. [ rv guy ] enbrel may not work for everyone -- and may not clear you completely, but for many, it gets skin clearer fast, within 2 months, and keeps it clearer through 6 months. [ male announcer ] enbrel may lower your ability to fight infections. serious, sometimes fatal events, including infections, tuberculosis, lymphoma, other cancers, nervous system and blood disorders, and allergic reactions have occurred. before starting enbrel, your doctor should test you for tuberculosis and discuss whether you've been to a region where certain fungal infections are common. you should not st

our wealth editor robert frank with the lowdown. robert? >> reporter: may, maria, a lot of imitators and updates, but there's only one original batmobile, and it's going to be sold on saturday. the price, at least $2 million and maybe up to $5 million. now, the batman -- the batmobile started out as a concept car in 1955 called the lincoln futura, cost $250,000 to build and originally painted white. the car had a role in the 1959 film "it started with a kiss" with debbie reynolds and then the famous car customizer was commissioned to build the batmobi batmobile, paint it had black and orange and added the fire-breathing exhaust and a star is born. batmobiles that look like the original but all copies made from fiberglass. the original is steel, and the others were not used in the show. you can see it here in action. barrett jackson, the company auctioning the car said the most likely buyer is an institution, maybe an entertainment or museum. i can see it ending up in a theme park or hollywood studio. either way this is a car that became a c

our wealth editor robert frank with the latest developments. robert? >> reporter: authorities in chicago are preparing to exhume the body of urooj khan, the lottery winner who scratched off a million dollar ticket back in july. he was poisoned by cyanide and authorities want a full autopsy as part of this criminal investigation. investigators have searched the home he shared with his wife. detectives have interviewed her for more than four hours. this could be routine. she says he had nothing to do with his death, fell ill shortly after they had dinner together but court papers show there's a family dispute now over khan's assets which total around $1.2 million. he didn't have a will so his estate would pass legally to his wife and daughter but khan's siblings say the daughter is being shut out, and they are now trying to become their legal guardian. a millionaire murder mystery that's yet to be solved and we'll continue to follow this fascinating story. >> really unbelievable, and a lot more to come. thank you very much, robert frank. >>> so from cyan

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robert, great point. thank you so much. robert frank, good to see you. we so appreciate it, and carol, nice to have you on the program. carol pepper joining us. >>> up next, heavy times, one-third of adults are considered obese. find out how that is changing life in the funeral business, and also ahead, sewage controversy. san francisco 49ers ceo is weighing in on anti-gay comments made by one of his players. he's not happy. his reaction is next. so, beginning today, my son brock and his whole team will be our new senior social media strategists. any questions? since we make radiator valves wouldn't it be better if we just let fedex help us to expand to new markets? hmm gotta admit that's better than a few "likes." i don't have the door code. who's that? he won a contest online to be ceo for the day. how am i supposed to run a business here without an office?! [ male announcer ] fast, reliable deliveries worldwide. fedex. [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn fu

brian schactman is here with the latest and our wealth editor robert frank. never has so much masculinity and manliness been in this newsroom since the day 50 cent walked through. >> he is studly than me. the one time phil mickelson is unhappy shooting in the low 60s. >> good in golf, not in taxes. >> after a 37th place finish at humana challenge in california where he pocketed 22,400 before taxes, phil said i happen knob that zone that is targeted federally and by the state. it doesn't work for me right now. so i have to make some changes. those could include leaving california for one. it has that 13% income tax rate. you can leave the country, or he could leave the game entirely. this is a guy worth at least 150 million. he made almost 50 million last year. only 4 million of that from playing golf. the rest was endorsement money, perhaps that's why he's backtracking. in a statement to cnbc he said i don't have a definitive plan at this time. like everyone else i want to make decisions best for my future and family. adding finances and taxes are a personal

robert frank knows the secret. what are they? >> good news for mark set that stocks are gaining in popularity with the wealthy. 55% of millionaires plan it put new money into stocks. that up from 45% in 2010, according to a new study from the spectrum group. as to which sectors, tech was first, followed by health gar care, then pharma. that partly because the average age of millionaires is 63. wealthiest is construction and autos. which is interesting given that housing and autos led the recovery so far. millionaires still like gold and other collectibles. favorite though, is coins, not art. about half of today's millionaires will invest overseas. but here are either surprises, when i asked where they put their money, gr bra zil is first, china, canada and europe, not india or russia. russia ranked last on this list. maybe instead of bricks, we should call it the becks. not as catchy maybe more appealing. >> brazil is number one by a significant margin. 2 percentage points. >> then canada and europe. canada and europe not among t

our wealth editor robert franks says actually not bad. hi, robert. >> hey, kelly, not bad at all. indeed, the wealthy will see their taxes go up under this cliff deal but not as much as many had feared, especially for investors. let's take a look. we expected that top rate would go to 39.6% from 35%, and, of course, it did, but only for those making $400,000 or more or families making $450,000 or more. now, those folks will see their taxes go up an average of about $20,000. those making more than $1 million a year, they will see their taxes go up by about $120,000. now, that's an average. for people who make more of their money from investments, tax rates will remain much lower. taxes on capital gains, only went to 20% from 15%, but the biggest winner in this fiscal cliff deal were the wealthy investors who make their income from dividends. obama proposed taxing dividends at 39.6%. the current rate is 15%. it didn't happen. it only went to 20% so despite all the talk about the buffet rule and the investors playing lower rates than the salaried rich investment income is taxed at ha

robert franks is here with the details. >> reporter: we all said this could be a movie and now it will be. the story was purchased by warner brothers which is now going to make a movie on this. they have chosen the team behind "crazy stupid love" to write and direct this movie. it wasn't john mcafee who sold the rights, we're told. it was basically the article by joshua davis in "wired" magazine that was purchased for the life story, so it's possible we could have two movies, one by joshua davis and one, of course, john mcafee himself who is out there, we're told, trying to also sell his life story for a buck and a movie. no word on who would play him. i think robert downey jr. would be good for one of them. >> like this a lot. when is this expected to hit then? >> no schedule yet. these things take a couple of years, though they are now speeding them up. my question is also there's no ending for this move yet. we don't know whether he had anything to do with this murder. we don't know what he's going to do, so i guess they are assuming that there will be an ending between now and the

cnbc's own robert frank has the details. >> good evening. well, it sounds like the perfect california dream. at least for politicians. in november, voters passed the 13.3% for the highest earners. that's the highest in the country. a month later, well, presto, income tax revenues exploded. surging $760 million more than expected. that sudden wind fall along with other revenues led to a very rosy outlook for 20013. governor brown said he'll have a balanced budget in 2013 after years of the massive deficits, but it may be a mirage. here's why. budget experts say that december money was a one off tied to the fiscal cliff. the wealthy of course took gains in december, so they could avoid those higher tax rates in 2013. now, the revenues from the new california tax rates won't kick in until this quarter or later. that means they could have a rude awakening this month or next when that money doesn't arrive. as brad williams, a california budget expert told me, we suspect those added revenues were related to the federal tax changes rather than the

. >> anyway, great stuff cnbc robert frank. thank you. >> life, liberty and the pursuit of happiness. i love that. freedom and free markets, i'm larry kudlow, i'll see you tomorrow night. hey! did you know that honey nut cheerios has oats that can help lower cholesterol? and it tastes good? sure does! wow. it's the honey, it makes it taste so... well, would you look at the time... what's the rush? be happy. be healthy. you know it can be hard to lbreathe, and how that feels.e, what's the rush? copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours. plus, it reduces copd flare-ups.

. >>> cnbc's robert frank takes us inside for an exclusive look at this property and explains why sky high real estate prices didn't scare away buyers in 2012. >> this is the most expensive co-op on the market in new york city. price tag? $95 million. the apartment takes up the entire 18th floor of the famous sherry netherlands building overlooking central park with seven bedrooms, eight bathrooms and three elevators. what is not included in the rice tag? maintenance fees that will run you about $60,000 a month. between maintenance fees, insurance, caretakeres and more, expenses just keep this mega home up and running are around $1 million a year. but sky high prices are not scaring away buyers. sales of homes in new york city worth $10 million or more jumped 44% in the last quarter of 2012 compared to the fourth quarter of 2011. why the big rush for a pricey pad? fiscal cliff fears in late 2012 spurred a frenzy for 2012 and sellers were anxious to unload their properties before tax rates went up. those would beat the fiscal cliff deadline saved big, avoiding the rise of capital gains

both editor robert frank is obt case. robert? >> the stocks aren't the only reasons investors are happy this afternoon. the cliff deal favors the wealthy who make their money from investments over the plane old salaried rich. we will have that coming up next. [ male announcer ] how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> tomorrow a very special edition of "power lunch." basically the golden globes of the mutual fund business. live from chicago, i'll be hosting the morning star fund manager of the year awards for 2012. the best managers of 2012 will be with us on stage there. you w

robert frank is on the really big, big money beat for us today. hi, robert. >> hi. big money and high maintenance fees. the cost is usually measured by the real estate. but for buyers, it is the maintenance fees that can break the bank. cnbc takes you on a tour inside the most expensive co-op on the market in new york city. listed for 95, that right, $95 million. you won't believe what it cost just to keep this mega mansion up and running. let's take a look. >> what the homeowner's association cost? >> we call it maintenance. >> okay. >> homeowner association and real estate taxes are combined in one monthly figure. and what the number? including made service twice a day. and all of the other amenities which come with this, which include a spa. >> maybe up into the 50s. >> a little under $60,000 a month. >> that actually very reasonable. >> yeah, very reasonable. with maintenance fees, that around $720,000 a year. include care takers, your insurance, cleaning staff and more. and it probably cost around $1 million a year, just to keep the lights on in this apartment,

our wealth editor, robert frank, is here with the details on that. hi, robert. >> hi, sue. that right, goodman is arguing that the jurors could not see past all his money. well tell you about what i call bentley bias, after the break. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. ♪ [ male announcer ] don't just reject convention. drown it out. introducing the all-new 2013 lexus ls f sport. an entirely new pursuit. executor of efficiency. you can spot an amateur from a mile away... while going shoeless and metal-free in seconds. and you...rent from national. because only national lets you choose any car in the aisle...and go. you can even take a full-size or above, and still pay the mid-size price. now this...will work. [ male announcer ] just like you, business pro. just like you. go national. go like a pro. [ male

our own wealth editor robert frank has the stats on a few famous sets of wheels. robert? >> indeed, simon. more than 2,000 cars to be

let's bring in dan mitchell and robert frank. dan, when you put all these numbers together, and diit over the weekend, laid up on the couch, i think nine states at the very top, and your effective will be lower, i get it, but nine states, you will hit 50%. >> i definitely would not want it live in california and i probably should have trained to be an accountant rather than an economist because this is great for the tax preparation industry but what matters for the competitiveness from a job standpoint is marginal tax rate are very, very high, as you said, over 50% in several states and this is going to discourage a lot of wealth creation. a lot of entrepreneurship in the country because people are not fat cats awaiting slaughter. they will reduce what they report to government. >> is this the best they can do to spur the economy? slaughter people and take 50%. ewant it eliminate all deductions and just lower the rates? >> that certainly is what i want to do. the problem is not only do you have the class welfare people against it

we will talk to robert frank about this in a minute, but first, jane wells, does he have a point? >> the wonder is why he stayed so long, except san diego is a nice place. florida is nice, too. mickelson will pay california a new rate of 13.4% retroactive to the beginning of last year. running the numbers, "sports illustrated" estimates he made 60 million in 2012, that means 64 million in ju 6.4 million in california taxes, and he owes an extra 1.8 million. but if he moves, california loses everything. some of those smaller tournaments may leave the state if golfers decide to golf at rival events. tiger woods and the williams sisters long ago left california for florida, maybe not for tax purposes but they haven't moved back. lebron james went to the heat instead of the heat so the clippers could save tens of millions over his contract. and taxes were in the conversation when peyton manning was debating going to san francisco or the broncos. if we're not careful, california could have a fridge situation, who could be california's gerard depardieu, and now the daily mail is reporti

robert frank, what is driving the hamptons resurgence? >> the hamptons real estate market has always been about big money, but the deals and the money just got a lot bigger according to data released from brown harris. sales of homes in the hamptons priced at more than $2.5 million increased 98%, get it, 98% in the fourth quarter alone compared with last year. the average price rose 27% to 2.1 million bucks and more than 1,300 homes sold in the last quarter. average prices increases 67%. what drove all the boom? taxes. realtors tell me that sellers rushed to do the deals before january 1st to avoid the potential tax hikes on capital gains. the big surprise was that sales are even continuing through this january, and inventory is getting very thin. brokers tell me the wealthy want somewhere safe to put all this cash, and they are turning to real estate. here are a few properties that are still for sale and could still be yours in the hamptons. this estate in bridgehampton could be yours for 43 million bucks. 12 bedrooms, get this, two bowl

wealth editor robert frank has this troubling story which sadly may not be entirely unique. robert? >> that's right. well, the man was working at a dry cleaner in chicago when he scratched off his lottery ticket and won $1 million. just one day after getting the check, he was found dead. now an autopsy has found he was poisoned with cyanide. police are still investigate, but the case is just the latest in a string of unhappy endings for big lottery winners. jack whitacre was until recently the biggest lottery winner in history. $314 million in 2002. the west virginia contractor had a successful small business before he won. but after that big check he got divorced, was robbed at a strip club and had multiple run-ins with the law. his beloved granddaughter died of an overdose. he now only gives interviews for money. then, evelyn bayshore won $5 million in the '80s. she was besieged by thiefer and hangers on. she said the lottery was a curse, not a blessing. she's not alone. studies show that lottery win r winners are twice as likely to go broke. they have a tougher time with family f

well, talking of britain, listen up, "downton abbey" fans, robert frank is giving you an inside look of what it's really like to live and own a really great british estate, and there are a lot of hidden costs, aren't there? >> a lot of hidden costs, and they are very high. you don't have to be the earl of grantham to own a british country estate, but you do have to have a lot of money to burn. let's take a look. in the spirit of "downton abbey" which, of course, starts its third season on pbs this sunday, we decided to take a look at the real cost of owning a great country british estate, starting off with the staff, butler, footman, cleaning staff, secretary, cook, gardeners, grounds people and games keepers for when you have the hunt. the total cost there, $600,000 to $1 million a year and there's all the leaky roofs and crumbling gargoyles, repairing and maintaining that. that's about $100,000 a year. you'll need to renovate every 20 or 30 years or so much. that's $6 million to $8 million, so total annual bill for being a member of the british gentry, around $1.5 million. that, of

cornell economics professor robert frank has some thoughts. >> over the last 30 years, almost all of the income gains have gone to people at the very top of the income distribution, and so people at the top have been building much bigger houses. people who are just below the super rich, well, maybe they wanted to build bigger but were afraid it would be unseemly to do so. now there's this 70,000-foot monster above them. that clears the way for them to build 60,000 square feet. and so it trickles on down, one step at a time. >> to your neighbor, who doubles the size of his house. now your house is suddenly small, so you build a bigger one. it's kind of like an arms race, only it promises mutually assured expansion. >> it's exactly like a military arms race. one side buys bombs; so does the other. and then they're back where they started. the norm for what constitutes an acceptable house just changes. >> well, it's not exactly a small kitchen, is it? >> no, no. i'm a cook, so i built this kitchen for such. wanted to make sure that i got all of the latest and greatest appliances, the ra

also with us is our wealth reporter robert frank. let's do the math very quickly. when phil says his tax bite would be 62%, who is telling me now? >> you talk to any accountant. i talked to a lot of accountants today who worked with professional athletes and they say, really, there's little chance that mickelson or any athlete is paying more than 50% to 52%. even look there, that is a lot of taxes, and we have to keep in mind that for shows who take a shot at him or not, his tax rate, along with other californians, has increased 7.9% over the past three months. remember, california passed that increase proposition 30. that added 3.3%, plus that new federal tax rate, so 7.9%, so there's a lot of wealthy people in california, maybe not as rich as he is, who are thinking this same way and have a lot of sympathy for this type of argument. >> lindsey, how do you think rich people behave when they are confronted with taxes like this, they move? >> i think the average person has a hard time feeling sorry for a pro athlete making 50 million or 60 million a year and his com

as well as robert frank has been following as much as anybody. robert? >> reporter: you're wanted for questioning in the murder of your neighbor in belize, gregory fall. you want to guatemala, deported to the u.s. what are you doing now and tell us about this hezbollah theory and how you discovered it. >> okay. i'm currently in portland, oregon, as you know. can you see the scenery behind me. and i'm here to work with a cartoonist for almost a year has been working on cartoon novel of some of my experiences in belize. i'm also doing a movie and production company is across the border in canada. so it is a very appropriate place for me to work from. as to how i found out about the threat to america, as you know, i've had some serious issues with the government of belize. in april of last year, stormed my property in the jungle, shot one mif dogs. kept me handcuffs in the sun for 14 hours. destroyed about half million dollars worth of property and left with no charges. that is because i had refused to pay a very large bribe that government had asked for. t

joined by kate kelly and robert frank here as well. what is interesting kate, i've been going back and forth with a former carl icahn employee. i don't want to give up his name. what he said though, is this, this employee he e-mailing me about carl, is that ackman papered the deal better. carl is notorious for not paying attention to legal ease. >> why he calls it a schmuc agreement. >> yes. maybe there is a difference in legal materials. ackman is a harvard grad. icahn is a tough new york kid. they both may be right in what they thought the deal was. >> maybe. i don't know the merits of it so i can't say. i think ackman is a bit after boy scout. he airs 07on the side of trans parncy. you will see there is a lot disclosed in there that your regular investor wouldn't disclose. i looked at swap agreements put on for a stock, i think a company in. in any case, you never see that level of detail he shared at the time. that's just his game. that's why he treats investors to a four-hour speech -- >> and maybe there is backlash against that s

frank as well. back to you on "power lunch." >> can't wait for that one, mandy. thank you very much. this is a booming section of the tobacco industry. none other than the electronic cigarettes. it is making cigarettes more life like and big tobacco is taking notice in a big way. jane wells is in los angeles with more. hi, jane. >> hi, sue. for those of you trying to quit smoking this year, big tobacco's not worried. it is investing in a solution to your resolution, competing with a diverse group of tech startups. >> who's got my god [ bleep ] cigarette. >> james cameron took heat for having his character played by sigourney weaver in "avatar" smoke. >> john cameron bag ceo of safecig, to build a product becoming ever closer to recreating the experience of smoking without the carcniogen. >> they still inhale nicotine like an asthma inhaler. not everyone is convinced they are safe. >> right now the e-cg category is around 400 or 500 million. it will likely double next year. >> pioneered by smaller pl

our robert frank is coming up with the details. stay with us. ♪ ♪ [ male announcer ] don't just reject convention. drown it out. introducing the all-new 2013 lexus ls f sport. an entirely new pursuit. [ male announcer ] at scottrade, you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying... [ all ] i'm with scottrade. >>> look out, kfc. mcdonald's is getting serious about the chicken wing business. jane wells has those details. jane? >> reporter: scott, this is football party gold. so why is this chicken wing from buffalo wild wings quaking with fear? because mcdonald's has cast its eye upon it, testing a mighty wings product. will wing grow sales, cannibalize mcnuggets, be a national product and oc

>> i think robert frank had it right. there is a real personal -- >> the ego trumps the money. >> baggage here. these guys really strongly dislike each other. remember watching obama and romney on the campaign trail and in the debates? these guys really couldn't stand each other. that was the palpable feeling at times. i think we heard that over the phone today. the rhetoric speaks for itself. >> mandy just pulled an irish exit. puff of smoke. boom. she is hosting closing bell. let's finalize it with this. what is the next step? is it over between these guys? what is going to happen here? >> i think they've had their say for today. i wouldn't be surprised if some sort of words resurface weeks from now. i think the herbalife saga will go on. ackman will certainly continue to make his feelings public and eiicahn can't resist a jab. >> he was talking about herbalife being short, difficult to borrow. i got an e-mail from a prominent hedge fund manager. he said it is wrong. it is easy to borrow herbalife shares right now and t

. >> robert frank, thank you very much, sir. >> thanks. >> let's go from the hamptons to their 2 wine because today's sign of the times has people screaming what the chuck? trader joe's is getting a price increase. a bottle of their bargain wine will now cost 2.49, up from 2 bucks. apparently it was a bad season for california vineyards so pay up a little bit for two buck chuck. dow up again, 45 point right now. thanks for watching "street signs" live from the new york stock exchange. "closing bell" is up next with at least one big-time two buck chuck drinker. mandy, you'll have to pay up a little bit more. >>> and we welcome you to the new york stock exchange on "closing bell." i'm bill griffith here. the dow was up 100 points today. we had this rally continuing here, but we have come off those highs. we'll see what we can do in the final hour of trading here. >> we'll see what we can do. i'm mandy drury. standing in for maia. she will be joining us nonetheless very soon from davos speaking with citi ceo michael corbat, the first interview since the controversial exit of his predeces

our robert frank is on top of that story, and he's going to have the very latest. what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. ♪ [ male announcer ] don't just reject convention. drown it out. introducing the all-new 2013 lexus ls f sport. an entirely new pursuit. introducing the all-new 2013 lexus ls f sport. are you flo? yes. is this the thing you gave my husband? well, yeah, yes. the "name your price" tool. you tell us the price you want to pay, and we give you a range of options to choose from. careful, though -- that kind of power can go to your head. that explains a lot. yo, buddy! i got this. gimme one, gimme one, gimme one! the power of the "name your price" tool. only from progressive. we replaced people with a machine.r, what? customers didn't like it. so wh

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robert frank says maybe not. how come? >> well, simon, as you mentioned, normally higher taxes means less money for charity. the wealthy see charity and taxes two sides of the same coin. taxes go up, charity must go down. press secretary for george bush summed it up in a recent tweet saying, quote, i and many others will likely donate less in 2013. but a new study from the nonpartisan tech center says charitable giving may actually increase this year by $3.3 billion. tax hikes are actually the main reason why. here's how it works. taxpayers deduct their charity at their marginal tax rate. last year the wealthy could deduct 35 cents for every dollar they gave. the current rate is 39.6%. so they can deduct 39.6 cents for every dollar they give. their cost of giving has, in other words, fallen by 7% for those making $400,000 or more per year. the same is true if you're giving away stock or real estate that's appreciated in value. the higher capital gains rate making giving more economically attractive. the cliff deal does lim

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but really nice to drive. >> thanks so much, robert. >> thank you. >> robert frank joining us back at headquarters. rick santelli is in chicago. good morning, rick. >> good morning, carl. 13 months ago, december 2011, i did a white board, and i took eight zeros off the national debt clock. that's become kind of popular. there's a quick view of it. i'd like to update that with current debt clock readings. once again, sufficient tax revenues, $2.4 trillion, remember, trillion is 12 places. federal budget, $3.5 trillion. national debt, $16.4 trillion. recent cuts, this is questionable. because not counting moore's, i'm not so sure. that's still the same number that was on the original board. of course, we took away the eight zeros. let's do that. we're taking away the eight zeros in every case. i'll tell you why we're going through this exercise again. basically, what that leaves us with here is, and we'll get rid of all the non-descripts, about 24,500 on the family income, about 35,000 on the debt of the -- or excuse me, the budget of the family. around 10,000 in new debt. the current d

robert frank is up after the break. at 1:45, the aflac duck was brought in with multiple lacerations to the wing and a fractured beak. surgery was successful, but he will be in a cast until it is fully healed, possibly several months. so, if the duck isn't able to work, how will he pay for his living expenses? aflac. like his rent and car payments? aflac. what about gas and groceries? aflac. cell phone? aflac, but i doubt he'll be using his phone for quite a while cause like i said, he has a fractured beak. [ male announcer ] send the aflac duck a get-well card at getwellduck.com. [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your business challenge, dell has the technology and services to help you solve it. >>> if you love cars then you should be in scottsdale, arizona this weekend where everything from lamborghinis to the batmobile is up for auctio

robert frank takes you to a private island 15 minutes from manhattan. it could be yours if you've got something close to $20 million. back in a couple of minutes. [ male announcer ] some day, your life will flash before your eyes. make it worth watching. introducing the 2013 lexus ls. an entirely new pursuit. >>> the financial elite are meeting at the economic forum in davos, switzerland, this week. jamie dimon sat down with our own maria bartiromo. we have more on that interview. maria? >> hi there, melissa. that inte. >> this morning i moderated a panel and it was a big debate on how the financial services sector will evolve. people like axel weber, who you will hear from later on "the closing bell." basically believes the big banks are going to have to split up. and the imf believing the same thing and then there's jamie dimon who continues to defend the large banking-type situation to encourage constant financing of corporations all around the world. talked a bit about that. the panel did get a bit feisty about that, but then we came to the discussi

robert frank is here to run through the paradox of rich parenting today. oh, the troubles we face. >> yes, it is a high class problem. but an interesting one. when they ask the wealthy about their most important goal, it's not making more money or paying less taxes. it's raising normal kids. and that's not an easy task. a new survey those 80% of american millionaires say raising hard working independent children is their top concern in life. 60% said their kids should create their own wealth. these millionaires of course grew up middle class and want the same values for their own kids. more than three quarters of today's millionaires said they grew up in, quote, average financial situations. the trouble is that their kids are being raised very differently. while rich parents want their kids to create their own wealth, they're also giving their kids large wealth. 60% are leaving their kids substantial forces and half are giving them more than a half million dollars. the number is clearly larger than that for many of these folks. and then there are of course

. >> robert frank joins us now, he's got the inside scoop on this trend in high-end real estate. this has gone on for years in hong kong, where they have entire holes in buildings to allow the wind to go through. it's finally caught up here in manhattan. >> that's right. manhattan has always been sort of what we call the global market. but it's never really been global until the past three to four years, when we've seen tons of money from asia, russia, latin america, come into new york. and these buildings have to cater to this buyer. with feng shui or with numerology, we see the eighth floor becoming very big. 157, that sky tower, put the whole 88th floor reserved for a major russian buyer, which they've sold. 432 park, which is going to be the tallest building in new york, is not getting any asian buyers, because the number 4 sounds like the word for debt. but the russians like that building. so we see them literally changing the landscape of manhattan real estate. >> in terms of feng shui, how do they change the development? do they change the development? >> a lot of these bu

robert frank joins us with a look at how the uberrich are arriving in style. i got to see this. >> thanks. super sports fans, the path to the super bowl is on board a private jet. more than 1,000 private jets will go to new orleans on sunday, nearing the all-time record. knelt jet's executive adam johnson told me yesterday demand for its planes may be even stronger that last year. check out the latest addition to the net jets fleet, the bombardier 6,000, stocked for the big game. customers like their planes outfitted for the super bowl with jerseys, t-shirts, footballs, hats and other nfl paraphernalia. when it comes to food and drinks, private jets make for the ultimate tailgating party. customers are asking for catered sliders, bigs in a blanket, nachos, all paired with fine bore dose and dom perignon. they may be rich but still just guys going to a football game. the price for all this luxury, around 18 to $20,000 a round trip for a light jet, about seven passengers or $30,000 for a little roomier ride, super bowl cake not included. >> i think of millionair

. >> robert frank joins us tonight. he's got the inside scoop of this apartment in tonight's episode of the mega homes at 9:00 eastern time on cnbc. i don't know how you got inside my apartment like that. >> yeah, exactly. >> maybe makes sense. i mean -- it's crazy. we got lost in there. we lost our camera crew. we lost dolly. it's 8,000 square feet. what's amazing about this place is, first of all, the guy, the buyer's representative said 95 million? that's reasonable. that's -- oh, that's not bad. >> not bad. >> this is ultimately -- >> what do people say if i'm going to sell a house, it's like getting ari? >> it's like what goldman sachs was in the great m&a days unless goldman was on a deal, unless dolly is on a deal it's not really a deal. but what's also interesting about this apartment, guess what the monthly maintenance fees are? this does include taxes, and it is a hotel. but it doesn't include your mortgage. you're paying $95 million. and then what do you pay -- >> during the commercial break i guessed 17 gran

i know you're going to hear from robert frank later on the day of the impact on the wealthy, i'm not sure it's done, simon, in what taxes the wealthy will pay in this country. >> obama insinuated when he addressed everybody on monday -- we're out of time, steve. talk later. thank you very much. steve liesman. >> thank you. >> what an exchange. wow. >> that's the new year love. >> that was fiery. i like it. i like that, that's good. interlek actual sparring. healthy. >> the big rally, look at the big rally on the first trading day of 2013, post-fiscal cliff deal. executive vp officer. happy new year to you both. art, i'll start off with you. we've had two huge rallies, one to end the year, one to start the year. what do you make of this market move? >> i think a couple things, melissa. i think it's obvious we spent the month of november and december ignoring a lot of good news. we ignored better news coming out of china. good news, constructive news out of europe. certainly better economic data in the u.s. as we waited to see how the fiscal cliff would unfold. we've got half of the fi

he replaces retiring congressman barney frank. joe iii is the grandson of the late robert kennedy who was assassinated while running for president in 1968. he is the first member of the kennedy family to serve in congress since patrick kennedy of rhode island retired back in 2011. >>> this year's freshman class helps make the 113th congress the most diverse in history. new members include as we just reported there, kennedy was the first openly bisexual member, a former army helicopter pilot who is also a double amputee, a record number of women, a record number of minorities, congress's first buddhist member along with a couple of entertainers and a novelist as well. let's bring in one of those new members, a newly sworn in from oklahoma's 2nd district, a small businessman, we should note. not an entertainer. good to see you, congressman. congratulations. >> thank you. thank you for having me on. >> how has your life changed in the last 48 hours? >> you know, it's something we've been working towards this whole time and so this is

. >> and i am frank somerville. >> the freeze is on. we have live team coverage tonight of the cold. we begin with ktvu's robert handa who is in san jose where precautions are being takeb right now -- taken right now. >> reporter: we are in san jose near kelly park where it is very cold tonight. behind me volunteers from community homeless alliance ministry who are setting up this station are ready to start handing out blankets. it reminds you this weather could be dangerous. >> reporter: a frosty mount hamilton was a glittery picture. it is also a scenic reminder the cold weather has taken a sharp drop, still it attracted people to come up and see it for themselves. >> beautiful. >> reporter: what is impressing you the most? >> the frost on the freeze. the view of the valley. >> reporter: too cold? >> not cold at all. cold but not unbearably cold. >> the cold weather began to leave its mark as black ice began the form. >> the conditions could be very dangerous. very cold temperatures. so they have to think about it twice before they co

roberts. >> we're jamming it tomorrow. just for tomorrow. into one super-packed -- >> commercial-free, sponsored by chevron. >> up next this morning, the auto pen in action. the fiscal cliff legislation is now law, thanks to the auto pen. >> yeah. >> why did the markets love the deal so much. "mad money"'s jim cramer rejoins the conversation, straight ahead. >> he's mad. he is mad. ♪ i've got nothing to say >>> good morning, it's 8:00 on the east coast. 5:00 a.m. on the west coast. time to get up, everybody, get to work. a look at new york city. >> beautiful. >> we've got mark halperin. >> he's beautiful. >> john heilemann. so far, so good. and jim cramer. >> jim cramer is great. he's mad, though. mad about money. >> ah, okay. well, i'm going to get to the news, which is going to start in -- >> is this chris christie? >> no, we're doing that later. >> peter king. >> seriously? >> why aren't we starting there? >> i tried to bring it up several times yesterday, but apparently you need lawmakers ranting and just railing aga

plus, obama senior campaign advisor robert gibbs on the cost of the fiscal cliff compromise. there's still a lot of tough questions ahead so we'll talk about that when we see you at 7:00. >> thanks. we'll be tuning in at the top of the hour. have a great show. >>> a virginia man who spent 11 years on death row could be free today. that news put a smile on the face of his mother and the rest of his family. however, a federal appeals court could still intervene. >> wolfe convicted of masterminding a murder for hire in northern virginia but in 2005, the trigger man and the prosecution's star witness changed his testimony. he told the federal court that wolfe had nothing to do with the murder. delia goncalves is here with more on the witness and how he is saying he was coerced into that testimony. >> reporter: by prosecutors. he's saying they essentially told him to tell the truth but he felt bullied over the years because he cut a plea deal with prosecutors to avoid the death perchlety himself. he is do -- penalty himself. is he doing lots of times, sentenced to 66 years, 22 of

senator robert f. kennedy. next, government officials from libya, lebanon, and the palestinian authority to discuss political and social change in the arab -- arab world. moderated by fareed zakaria, this panel was hosted by the world economic forum in davos, such a land. >> ladies and gentlemen, ladies and gentlemen, welcome. traditional british style. my lord's committees, and gentlemen. i see in the front row. a great pleasure to have you all here. we have an extraordinary panel in front of us, five trimesters, if you'll allow me it called a had a -- head of the government of morocco prime minister. let me give you a few of the ground rules before we start. some people are going to use translation, summer not. this is going to be an open discussion, a conversation, but it is being televised, so we have a few rules. the most important of which is, turn yourself phones off so it does not interfere with the equipment. this is a mixture of political, intellectual events and an opera performance, so we cannot hav