Jobs left our country. Large corporations changed their Business Models by exporting jobs to other countries and then shipping their goods back to the United States where theyd make massive profits and wouldnt be paying tax to us either. So we lost the jobs, lost the taxes, they closed the buildings, they closed the plants and factories. We got nothing but unemployment. We got nothing. Other businesses, even classic american brands, switched their headquarters to foreign countries. Because of this and other reasons like weak borders, america remains stuck in the past. Although i have to tell you, we have general kelly here today, and we stopped 78 going up to 80 on the border traffic coming through in just a short period of time. [cheers and applause] hes done some job. Whole different world out there right now. Today, we are still taxing our businesses at 35 , and its way more than that, and think of it, in some cases, way above 40 when you include state and local taxes in various states. The United States is now behind france, behind germany, behind canada, ireland, japan, mexico, south korea, and many other nations, also with these countries and almost every country, we have massive trade deficits. Numbers that you would not believe. But this administration is going to fix that, one by one, were fixing it. Were working right now on nafta. The horrible, terrible nafta deal that took so much business out of your state and cities and towns. And were working on it. Lets see what happens. [applause] mexico is not happy. But as i told them, you made a lot of money for a lot of years and everybody left you alone. We got to change this deal, and hopefully renegotiate it. But if we cant, well terminate it and start again with the real deal. [applause] so when it comes to the business tax, we are dead last. Can you believe that . So this cannot be allowed to continue any longer. America must lead the way, not follow, from behind. We have gone from a tax rate that is lower than our economic competitors to one that is more than 60 higher. We have totally surrendered our Competitive Edge to other countries. Weve totally surrendered. Were not surrendering anymore. [applause] ideally, and i say this for our secretary of the treasury, we would like to bring our business tax rate down to 15 , which would make our tax rate lower than most countries, but still, by no means, the lowest, unfortunately, in the world. But it would make us highly competitive. In other words, Foreign Companies have more than a 60 tax advantage over american companies. They can pay their workers more. Sell their products and services at lower costs, and still make more money than their u. S. Competitors. We cannot restore our wealth if we continue to put our businesses at such a tremendous disadvantage. We must reduce the tax rate on American Businesses so they keep jobs in america, create jobs in america, and compete for workers right here in america, the america we love. [cheers and applause] thank you. Thank you very much. Because when businesses compete for labor, your wages will go up. Lower taxes on American Business means higher wages for American Workers, and it means more products made right here in the usa. [applause] when i was growing up, i always used to see the signs and it was always stamped in the product made in the usa. You dont see it anymore. Were going to go back to made in the usa. Made in the usa. [applause] the third principle for tax reform is a crucial one. Tax relief for middleclass families. [applause] in a way, and ive been saying this for a long time, theyve been sort of the forgotten people, but theyre not forgotten any longer, i can tell you that. [applause] we will lower taxes for middleincome americans so they can keep more of their hardearned paychecks and they can do lots of things with those paychecks, and that really means buying product ideally made in this country, but that means theyll go out and theyll spend their money, and it will be a beautiful thing to watch. This includes helping parents afford child care and the cost of raising namely. Thats so important to ivanka trump. [applause] very, very fortunate everybody in this room, but so important to my daughter. Its one of her real big beliefs, and shes very committed to that. Right, ivanka . We believe that ordinary americans know better than washington how to spend their own money, and we want to help them take home as much of their money as possible, and then spend it. [applause] so theyll keep their money, theyll spend their money, theyll buy our product, our factories will be moving again, companies are going to move back into our country. Jobs are going to prosper and our country is going to be just like it says on that beautiful red hat. It says make America Great again. Thats what were going to do. [cheers and applause] right . Fourth and finally, we want to bring back trillions of dollars in wealth thats parked overseas. Because of our high tax rate, and horrible outdated bureaucratic rules. Large companies that do business overseas will often park their profits offshore to avoid paying a high United States tax. If the money is brought back home. So they leave the money over there. The amount of money were talking about is anywhere from 3 to 5 trillion. Can you believe that . By making it less punitive for companies to bring back this money, and by making the process far less bureaucratic and difficult, we can return trillions and trillions of dollars to our economy and spur billions of dollars in new investments in our struggling communities and throughout our nation. Its time to invest in our country to rebuild our communities and to hire our Great American workers. [cheers and applause] my administration is embracing a new economic model. Its called very simply the american model. Under the system, we will encourage companies to higher and grow in america, to raise wages for American Workers and help rebuild our American Cities and communities. That is how we will all succeed and Grow Together as one team, with one shared sense of purpose, and one glorious american destiny. [applause] so today, im calling on all members of congress, democrat, republican and independent, to support proamerican tax reform. They have to do it. Its time. They have to do it. It is time. Im calling on congress to provide a level Playing Field for our workers and our companies. To attract new companies and businesses to our shows, and to put more money into the pockets of everyday, hardworking people, and also into the pockets of our companies so they can continue to grow and expand. [applause] what could possibly be more bipartisan than allowing families to keep more of what th they earn and creating an environment for real job and wage growth in the country that we love so much . [applause] so lets put or at least try to put the partisan posturing behind us and come together as americans to create the 21st century tax code that our people deserve. [applause] if we do this, if we unite in the name of common sense, and the name of common good, then we will add millions and millions of new jobs, bring back trillions of dollars, and we will give america the competitive advantage that it so desperately needs and has been looking for, for so long. Its time. [applause] products made with american hands, american labor, and american grit will once again be delivered throughout the world. [applause] its true. True. Its time. Instead of exporting our jobs, we will export our goods. [applause] our jobs will both stay here in america and come back to america. Well have it both ways. Millions of struggling citizens will be lifted from welfare to work. They will love getting up in the morning. They will love going to their job. They will love earning a big fat, beautiful paycheck. Theyll be proud again. [cheers] that is the future i want for our people. That is the future i want for america, a nation where we are proud, prosperous, united and free. Today, i am asking every citizen to join me in dreaming big and bold and daring things, beautiful things, for our country. I am asking every member of congress of which we have many with us today, to join me in unleashing americas full potential. I am asking everyone in this room and across the nation to join me in demanding nothing but the best for our nation and for our people, and if we do these things, and if we care for and support each other and love each other, then we will truly make America Great again. Thank you. God bless you. God bless you, everybody. [applause] thank you. Liz President Trump officially pitching tax plan to those he calls the forgotten americans, the president saying this is a onceinalifetime opportunity to really be tough and figure out a way to do tax reform. He was particularly harsh verbally on higher earners and special interests saying his plan will vaporize the loopholes that favor the wealthy. He encouraged republicans and democrats to come together to get it done. Now what is it . Its a fourpoint plan. I wrote down the points, somewhere not entirely clear. The first one, he said weve got have a simple and fairer and easier way to file taxes. Right now its too complicated, people are forced to hire accountants and that is simply not fair. He wants to cut the Corporate Tax rate to 15 . He telegraphed that well before. He says cut taxes for working families and then of course he pointed out you must repatriate offshore profits or allow it, make an opening or avenue for u. S. Companies who have billionses parked overseas because they dont want to be taxed twice. Make sure they are able to bring that back and use it for the good of america, calling it the america plan. Again, i think what struck a lot of us here at fox business is everybody thought he would be somebody who says give the 1 a lot here, well, the Corporate Tax rate of 15 is certainly something people would say fits into that but he also said he wants to shut multiple loopholes. Bring in specialist here Paul Bonecelli and emily tisch sussman. Fall, am i right . Were going to hear from blake burman, the one point President Trump made where he included himself, a lot of wealthy people not happy with this . Paul . Hi, liz, yes, i think the president who ran on a populist Campaign Rhetoric is continuing the rhetoric of course, thats what got him elected. Hes governing in a way that brings in the free market, cutting taxes. Its very hard to argue he is doing anything other than a traditional free market approach. Cutting taxes, getting rid of loopholes. Loopholes are not friends to people who love the free market. Kuta ways for people who have power. Hes cutting back on that. Acrosstheboard cuts, going to help the people in the middle and the poor, probably more, when you cut Corporate Taxes, increase the number of jobs, decrease the cost of product. I think the president is threading the nettle well here and people that have been clutching pearls and talking about what a populist president he is need to see his policies are very much in line with Ronald Reagan policies. Liz emily, you get a crack on this one. Some would say it had a populist tone, straight to his base, what did you think . I didnt expect to come in agreeing with paul on so much. I agree the president came in placating to a populist tone, trying to placate his base. It is a disruption in the actual plan. 3 of the middle class is so important but led with. 1, Corporate Tax rates. The plan is ultimately liz hold on, im sorry, he led with simplifying tax forms. I want to be clear on that. And said specifically, doesnt want people to have to hire accountants, especially working families. The tax preparer stocks are getting hammered. It is interesting he goes in so hard on the tax preparers. The real point is the populist rhetoric he wants to get money in the pocket of the regular working person, wants to raise the wages, he mentioned raising wages and the way he wants to do it is cutting taxes for the top. Cutting it for corporations, closing the loopholes, the people who those impact is large corporations who can afford a lot of lobbyists. Im in Washington Week see the lobbying reports every day. We see the large corporations already paying much, much less than a 15 . Liz right, right, im 100 with you on that emily. Corporations are moving offshore, domiciling in ireland because of the lower tax rates and ours is just, it could really be some type of cheese to attract the mice. Let me now just say i had an opportunity to speak with Warren Buffett a couple of hours ago, arguably the greatest investor of our time, i asked him, expecting a totally different answer what he thought about this getting done, tax reform, he called it a tax cut, this year, by the end of this year. Listen to what he said. Do you think it will get done in 2017 . I think theres a good i think theres more of a chance than most people think. Liz why . The republicans need one. And i think that if you dont make it too complicated and try and change the code in a massive way, you probably can get it done. Liz end of 2017, i say thats news, and i put it that way because he has been through many, many president s and many efforts like this. But he thinks its a position right now, paul, that can actually sort of bottle lightning. Yeah, and i wish hed push that on his friend barack obama. That would have been helpful. I think hes right, i believe anybody in the congress, democrat or republican that stands against the president is going to regret it. If he continues down this line, populist rhetoric, free market policies cutting taxes which increases the freedom of the american people, hes going to be the winner this and other People Better get on board with him. Liz 2017, Warren Buffett says well see it happen and see if its in the same form that President Trump outlined. Thank both of you, paul, emily. Appreciate it. 40 minutes before the closing bell rings and the markets are holding steady. The president s comments on tax reform didnt exactly add to the dow industrials, they had been up 30 points, now up 20, but its the nasdaq doing unbelievably well, up 67 points. Not necessarily entirely a tech stock move here. We have a lot of Biotech Companies and pharma moving higher. The latest barrage of econo data that investors got to chew on this morning, gdp for the Second Quarter upwardly revised. There are three different opportunities to see what the gdp is. This was the second number, and it came in at 3 . Let me just fact check a bit here, President Trump said under obama there was never a 3 growth month. Actually in 2014, i believe i was just checking in, Second Quarter gdp at 4. 6 . We see a three handle and stocks on the move to the upside. There was a point where the dow was less than 100 points away from 22,000. Were very, very close at the moment. The nasdaq for its part is on track for Third Straight session of gains. Investors applauding strong Second Quarter of the gdp. That came. In remember yesterday Consumer Confidence at a 16year high. Very nice. Adp number for jobs, this is the precursor to the Labor Department jobs report, it surprised to the upside. A build of 237,000 jobs. The economic shot in the arm has given quite a boost to banks. Goldman sachs, one of the biggest leaders on the dow in the final hour, up 3. 36, up 1. 5 , investors including Warren Buffett are thrilled about that. But look at the other names here, bank of america, the oracle of omaha officially taking the reins as the largest shareholder of bac, sending the stock jumping about 2 throughout the day. Straight ahead, im going to talk to him about that. Why now . Why did he decide to finally exercise options that he had to flip into Common Shares . And its a real lesson for you. Hes going to teach you how to be bhash it comes to making a lot of money. When we come back, talking about tax reform more and escalating tensions with north korea. Well be right back. Stay tuned. in unison russ, leland, gary yes. Gary i have a ford f150. Michael ive always been a ford guy. Potsch then i have a real treat for you today. Michael awesome. Potsch im going to show you a next generation pickup. Michael lets do this. Potsch this new truck now has a cornerstep built right into the bumper. Gary super cool. Potsch the bed is made of highstrength steel, which is less susceptible to punctures than aluminum. Jim aluminum is great for a lot of things, but maybe not the bed of a truck. Potsch and best of all, this new truck is actually gary all laughing oh my. Potsch the current chevy silverado. Gary im speechless. Gary this puts my ford truck to shame. James ill tell you, i might be a chevy guy now. laughing bank of america just got a new number one customer or shareholder. One buffet now the largest holder of bac which is moving up one and one quarter percent at this hour after he made a big trade. That was back during the financial crisis years ago. He lent a big chunk of money to bank of america with the prospect that one day he could cash it in and make a whole boatload of money. He cashing yesterday. And that just makes one of the worlds richest men whole lot wealthier. An anonymous bidder paid 2. 7 million for the privilege. But you get it now for me. He just made in bank of america. I know its on paper but you just walked in to this restaurant today 13 billion yesterday why now. Why was the time now to exercise that opportunity to cash in on your bank of america deal. We havent cashed and in the sense that weve taken our preferred allowance. Weve exercised once and weve used the preferred to do and we said we would do that at any time when there would be a hired a higher annual dividend than preferred. It has been increasing it regularly. It not only caught up with the preferred but went beyond it. It is not often that i get to say i was right and you were wrong but in may i ask about wells fargo which had many troubles and really hammering their clients i ask you any more ticking time bombs here and you said im not worried about that at all. They will be more vigilant. And now they said theyre about to release the return internal review and its not pretty. They are discovering that. But when you say they made multiple mistakes. And then the question is how will it go on. Everybody has Something Like that. You go forward. You correct what youre doing wrong and why. And you go forward. You where were the lender of last resort. With General Electric bank of america. Do you see any similarities at all right now to the consistent records that we see heading for the stock market to what we sell with the bubble gimmick theres not a bubble situation like there was then. Here you have attorney 20 trilliondollar asset thats where the big abuses occurred. When you had trillions of dollars worth of mortgages a good many that people dont know about. That really changed the economy. Well have anything like that that i know of with the bid to buy encore. Is there anything you would have done differently with the bid which you just lost out for. I just said what i would pay. If it about if it doesnt buy it thats fine. It happens all the time insecurity. Times do change. Would you consider changing the way you do business when it comes to maybe tweaking a bit we will pay more for a business when Interest Rates are different. There are things that change our valuation. Our bid for encore was the highest we have ever bed but thats because Interest Rates were very low and we liked the property very much. Youve had trouble launching the big wheel of the company. Are you willing to say that the situation is so different now and landing these companies that really one of the only options is to do share buybacks or to give the dividends back to your shareholders. We certainly when it sit there forever took you make money that wouldnt do anything. Markets have a way of doing things that surprise you and we will have times when we can buy things. Jeff knows what to do with that i dont. That is a big difference. Darren said you might be in the running for buyandhold a whole airline out right. If we think it is a good business. Jeff is buying whole foods to change it. We dont buy to change things. Anytime we see a business we think we understand with the management that we trust in the price is right we are ready to move what goes up must come down. The stock market we know eventually comes down a bit. What will you be doing this talk market suffers a stumble. It probably wont happen in one day. You have a time where prices go down. All the way indeed. He buys when everyone else is frightened. President trump says keep it simple and a tax plan will energize the economy with the closing bell ringing in 27 minutes we are awaiting President Trump he is about to hop on air force one after just giving has big tax reform speech in springfield missouri. Why they think the president and his tax plan has a chance of passing this year. Poor mouth breather. Allergies . Stuffy nose . Cant sleep . 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Fast connections everywhere. Thats how you outmaneuver. We had breaking his right now. We understand through reuters that apparently the secretary of state Rex Tillerson has just spoken on the phone with Russian Foreign minister and let me just read you these headlights here. He is telling tillerson that russia is against the increase of sanctions against north korea he calls the counter productive and dangerous he is also calling on Rex Tillerson and i think that means President Trump also for restraint from any military steps that are fraught with unpredictable consequences. On your screen right now he is about to take off. After giving his big tax speech. He will hear about this rather quickly the russians just a day after the u. S. In japan called for more sanctions on north korea seen back off they are counterproductive. I brought it up with Warren Buffett. Warren has focused on the concern about nuclear war and Nuclear Weapons for quite some time in today i have an opportunity to ask him more about what he expects from north korea and whether hes concerned. Lets talk about that. How worried are you about kim jongil he is arguably insane and he now failed sailed a missile over japan yesterday. They want to spend a significant amount of its budget developing and if they can hit the west coast. That is not what i would be doing for my people. So obviously you have to worry about that. If the worry about a lot of other things too. In the field of weapons of mass destruction. I dont think you ever know from the outside. In terms of the intelligence you get it would be crazy to put everything out in the paper if you are government dealing with that. Even during the cuban mrs. Missile crisis. We kept the atomic bomb sequence. When i woke up that day in august of 1945 that was kept secret for a remarkable time there are things you do not want to talk about if you are in government in the paper. Are you changing your strategy at all . Basin the potential of north korea i think it is unknowable. A lot of ceos speak out against or remove themselves from President Trumps panel for the group a businessman et cetera. It seems there is a trend now where they are making moves based on their own personal morals and i would like to know your thought on that. Should they speak up or should they simply really focus on whats best for their shareholders. I will do a lot for hundred thousand dollars a year. But i will not put my citizenship in a blind trust. I think im perfectly entitled running a company with a million shareholders to raise money for Hillary Clinton to speak for. Because i lose in the given election month that my candidate loses. It doesnt need i should be attacking an administration or anything like that. There is nothing presently presently there. I would do it for President Trump and Hillary Clinton if she got elected. I think you should accept positions generally rethink conditions might occur. I just think you should stay away from that. Tax reform he is now the National Economic advisor to the president they are putting the finishing touches on tax reform. They say they will hold on to deductions. Do you think this can work. Ive never heard anybody describe a tax move if the own taxes were going to increase. I dont think were talking about tax reform reform. The overall tax cut. They talked about the calendar in such a way. If you do get anything done reasonably fast. I think if we see a tax change. It will be a tax cut. Its not necessarily called tax reform. There is more money in their pockets. Including the middle class. Possibly. Do you think it will be done in 2017. I do and theres more of a chance of that than most people think. If you dont make it too complicated but now they have the republicans fighting at the republicans. Like it would be for the democrats. They would have gotten further if they had been better at working together than the present situation. Are you building a bomb shelter. I am feeling so lucky at 87 i get to live the life i live and do what i love every day with people i love. It doesnt get any better than this. I had been very lucky. You can watch my entire interview on my website. Dow jones industrials briefly turned negative. Seated we are coming right back. Yeah, that would be great. Being proactive. Its how edward jones makes sense of investing. Thats it. Im calling kohler about their walkin bath. Nah. Not gonna happen. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] mmm. 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Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Fast connections everywhere. Thats how you outmaneuver. Your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. Switch and you could save 782 on home and auto insurance. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance. We got this just in President Trump has just tweeted moments ago as he got on air force one this following his speech on tax reform in the street he says texas and louisiana we are with you today we are with you tomorrow and we will be with you every single day after to restore, recover and rebuild. Hes talking about what was Hurricane Harvey now Tropical Storm harvey. Louisiana is stare down that beast of a storm. If we look at the radar its about 35 miles north to northwest. With maximum sustained winds. And now there is a price tag on this. 160billion. Tropical storm harvey could end up being the most expensive Natural Disaster in u. S. History and it hasnt even made landfall in western louisiana. They say harvey is weakening as it moves in but there is still potential to do damage. The storm already paralyzing a fifth of u. S. Fuel output. They are shutting down completely after heavy rain from harvey flooded the plant which is located in port arthur. On top of that the east coast is facing fuel shortages after the storm disrupted the biggest pipeline in the u. S. You know its called the colonial pipeline. Jet fuel as well from texas all the way through alabama. They have risen more than 10 in the past couple of days how will they feel it. The extremely fast, running river. Thats because all of that floodwater from houston is now lowing down the river. It all has to flow to the golf at some point in that is what that wall of water is what is headed down there now to places like this. Richmond texas in the last few days we had been in neighborhoods in houston fairly will healed neighborhoods. Right along the river a trailer park. It is flooded and another 3 feet of floodwater will come through here. Earlier today we were in with the National Guard going doortodoor because the wall of water is going. They have some water and the street and that sort of thing. Their house is not flooded yet but they think it will be. You want to go through the whole rescue people from the rooftops and try to get out at the last minute thing they want them to get out now and theyre trying to go doortodoor to get people to go even though yet they dont had water. This thing is not over yet. It really appears that it will take months and months to get fuel to just run the entire state. Absolutely. It is so big i dont think its anything weve seen before in terms of the enormity of it. Gasoline hitting about a buck 91 but you decide the Retail Prices that is the highest since july of 2015. Jeff flock, thank you very much. Seven minutes, make that six and half minutes before the closing bell. It is a living, breathing show here in the final hour. And what else is a smart money looking to buy these days. And how to invest like a billionaire. What are the wealthy doing. Rethink whats possible. Rethink your allergy pills. Flonase sensimist allergy relief helps block 6 key inflammatory substances with a gentle mist. Most allergy pills only block one. And 6 is greater than one. Flonase sensimist. When they thought they should westart saving for retirement. Le then we asked some older people when they actually did start saving. This gap between when we should start saving and when we actually do is one of the reasons why too many of us arent prepared for retirement. Just start as early as you can. Its going to pay off in the future. If we all start saving a little more today, well all be better prepared tomorrow. Prudential. Bring your challenges. When i was too busy with the kids to get a repair estimate. I just snapped a photo and got an estimate in 24 hours. My Insurance Company definitely doesnt have that. You can leave worry behind when liberty stands with you™ Liberty Mutual insurance. Liz market alert. Dow recovering a little bit. Back up 25 points. Green for the nasdaq. A big move today. Dont think it is all technology. Apple hit a brand new record high but pharmaceuticals and biotechs are top movers as far as percentages concerned. Weve been talking about Warren Buffett not only investor countdown keep as eye on. Tiger 21 is a group of ultrarich members with 51 billion in collective personal assets. We have the woman here who watches how the ultrawealthy are investing. Barbara, you are the ceo, good to see you, of tiger 21. Give us a sense how wealthy people feel right now. We have a lot of viewers, aspirational, if they are not wealthy they would like to be. Our members have been cautious about the markets. In fact weve seen the highest allocation to date in real estate. Our members favor real estate. It is something you can own. It is something you can touch. It is tangible. They can actively participate in managing real estate. It delivers income. It is an incomeproducing asset. For the first time weve seen real estate hit 33 allocation which is unusual. Liz real estate. For average investor a opportunity might lie in a reit a Real Estate Investment trust that you can trade . There are a lot of ways for the average investor to get involved in real estate. Also among our members people are favoring the areas theyre most knowledgeable about. So theyre participating in private equity which is the other area that traditional active investors can participate in. Liz weve seen such a runup since the day after the election day in the u. S. Markets. What about looking for you know valued areas . Are there countries wealthy gravitate toward with investment dollars . With my group, we talk about when it is time to leave the party . What we concluded you dont leave the party. You find another party. So tiger 21 members identified other opportunities that have lots of upside like emerging markets. Brazil is almost, the Brazil Exchange is almost at the top of its alltime high right now. Were investing in brazil, india, turkey, so you can not be as heavily invested in the u. S. Equities market but still have lots of opportunity. Liz if you want to buy apple and amazon are your picks right now . Apple, amazon, were there with Warren Buffett. Liz he does not own amazon. He wouldnt have bought wells fargo. He thinks jeff bezos is in a class of its own. [closing bell] barbara, thank you so much. There is the closing bell. Four seconds to the top of the hour, let me hand it over to after the bell. Cheryl liz, thanks so much. Stocks are spending another day in the green. The dow closing higher for the a second day, up on your screen up 24 points. 24,000 would have been nice. The s p 500 climbing for the fourth straight session. Nasdaq higher for the third. Hello, everybody, im cheryl casone. Im in for Melissa Francis today. Ashley im Ashley Webster in for david asman and this is after the bell. We have more on the big market movers, but first here is what else were covering in this busy hour, week, month for that matter. President trump making a big pitch for his tax plan to america this afternoon, putting pressure on congress to seize what he says is a once in a