Transcripts For FBC Countdown To The Closing Bell With Liz Claman 20171011

Raise for the american households. You see Justin Trudeau, the Prime Minister of canada, the commander in chief just wrapping up meetings at the white house right now with him. The focus not just reworking nafta but building it up. A defense alliance, fair and balanced democratic congressman joe crowley of new york is the Democratic Caucus chair and met with trudeau today and well speak with congressman kevin brady live one on one from texas. The house ways and Means Committee chair, the man writing the house tax reform bill thats in this hour. Do not miss it. And north korea really ready to pull the plug on americas antiquated power grid . We talked to the former ceo of nrg, huge, huge company in that space. David crane. About why he looked at this threat years ago and took it seriously. On wall street, markets making yet another run for record highs as the fed says its divided how quickly to raise rates. Were less than an hour to the closing bell. Lets start the countdown. Liz breaking News Facebook in the hot seat at this very moment. Want to take you to capitol hill where the chief operating officer of the company Sheryl Sandberg is expected to huddle with House Minority leader nancy pelosi and House Minority whip steny hoyer, going to question her about facebooks attempts to possibly contain political fallout from revelations that russian agents used the social media giant to influence the u. S. President ial election. By the way, were getting this, tomorrow Sheryl Sandberg will meet with the leaders of the u. S. House of Representatives Intelligence Committee behind closed doors. Facebook was basically flat, it continues to be up about onethird of a percent, but at the moment right now, it is. Wed call it flat at 172. 24. On wall street, stocks are looking yes once again at another day of records after the Federal Reserve minutes showed that it was discussed during the last meeting in september that the december rate hike is all but certain despite persistently low inflation. At this hours, the dow and the nasdaq on track for a record close, the s p is right there. Watching all the levels, any gain on the dow will be a record. All the recent management shakeup moments at General Electric doing little to restore Investor Confidence in the industrial giant. Shares of General Electric right here while down 1. 5 tell a deeper uglier story. A twoyear low at 23 even after analysts at jpmorgan cut price target to 20 a share. Questioning the stability of the dividend. A fancy way of saying get ready, ge may cut the dividend. Its the biggest loser on the dow at this hour. The maker of everything from power plants to jet engines lost a quarter of its value, roughly 70, as in 70 billion this year. As the fourth round of nafta. The north American Free trade agreement trade talk take place at the white house with canadian Prime Minister Justin Trudeau, another round of pitching is about to take place. Except this time tax reform. 2 1 2 hours away from President Trump speaking specifically about that. Right now hes gearing up to leave this hour sometime within the next 56 minutes where he will be pushing tax reform agenda in pennsylvania, barnstorming. Really trying to sell it. Reportedly only 31 legislative days remaining this year to get it done. So the question lingers. Whats holding it up. The clock is running out in 2017, and we got to find out what might be the sticking point, the red line or the open gate. Fair and balanced. We bring in democratic congressman joe crowley, the chairman of the Democratic Caucus and a member of the house ways and Means Committee. Welcome, sir . Thank you, liz, great to be with you. Liz all right. We hear that you and republicans at least on this committee are actually playing well together in the sandbox. Can you give us clarity on how well . Well, i dont want to go too far here in suggesting were in the sandbox together. We did have a meeting today, joint meeting of democrats and republicans on the house ways and Means Committee with Prime Minister trudeau. When he was laying out where he wanted to see the nafta 2 go and recognizing that as you said earlier the fourth stage of negotiation said right now in the d. C. Area here in virginia to negotiate those right now. Liz hold on, one second. Im absolutely going to talk about nafta and Justin Trudeau. My question was how long are you getting with the house ways and Means Committee and republicans and whether you see ability to cross lines and link arms on at least certain parts of this tax reform plan . This is actually the first time weve met this year quite frankly in a bipartisan way outside of the committee itself. We did have a brief meeting with kevin brady, the chair of the committee, of the Democratic Caucus to discuss tax reform. In the brief meeting, kevin let us know that they are going to use reconciliation, which is a tool to limit the power of the minority in the senate, reconciliation requires a 50 plus one vote in the senate. They dont need democratic votes to pass it, and theres been no, very little intercourse between house, democrats and republicans on the issue. There was a meeting on some members of the Democratic House ways and Means Committee, i was not one of them. With the president. Liz heres with all due respect. All i heard leading up to this going back six months was Chuck Schumer, Senate Leadership for the democrats, saying the red line, before we even sit at the table will be there are no tax cuts for the wealthy. So far, when various bipartisan economic outfits look at this, it appears that there will be a tax hike probably that many wealthy, depending what you score as wealthy, will pay more in taxes. Shouldnt that clear the runway for discussion . That was the democrats red line . It depends who you listen to. Liz Chuck Schumer, multiple times. The red line was Chuck Schumer said, many economists are saying 80 of the cuts in the tax proposal by the white house would benefit the wealthiest 1 in our country. So reducing the marginal rate from 39. 6 to 5 is a tax cut for the wealthiest in the United States. And i think it is really not distributionally sound, the white house last week could not guarantee that the middle class would not see an increase in taxes. Liz we are about to speak in i want to say, 42 minutes with house ways and means chair kevin brady. If you could say one thing, one thing to him right now across our airwaves, what would it be, about this . I would say, kevin, cant we have a tax bill that would actually reduce the tax burden to the middle class and to those who are trying to make it in this country . What were worried about here, liz, is that we have this increased pressure on our nations deficit, and folks are going to come along and say what do we do about it . And start cutting things like Social Security and medicare and medicaid, thats what democrats are vehemently opposed to. Liz to nafta quickly, i was at an event during the United Nations week about two weeks ago where Justin Trudeau did speak at the Atlantic Council dinner and talking about nafta. Heres a picture from it, it was on the intrepid, on the coast of the hudson here. I was interested when he immediately said we cant deal with our grandparents or our parents nafta. It does have to be tweeked. Whats the number one tweek you would like to see of modernization of nafta as these two discuss it . I agree. I think that nafta, as was proposed and passed prior to my coming to congress, wasnt a good bill, a good trade agreement. We need to see forcing increasing of wages in places like mexico. Mexico pays penny on the dollars when it comes to automakers in comparison to the United States. Puts the United States at a very unfair competitive disadvantage, and i think that the Prime Minister trudeau understands that. What hes talking about is increasing pressure on the United States righttowork states, on the environment and really stay within the framework of the paris accords. Thats what Prime Minister trudeau is also pushing. Liz well, we will watch and see. Congressman crowley, thank you very much. Thank you. Liz we appreciate it. As we mentioned, now its about, what would you say, brad . Half hour away from a oneonone with adam shapiro and myself and representative kevin brady, chairman of the house ways and Means Committee. So stay tuned for that very soon. Back to the markets. The dow hitting another alltime high today. The blue chip index on pace for second Straight Record close and puts the dow closer to the 23,000 milestone. It is stunning how quickly weve gotten there from 19 late last year to 20, 21, 22 and now were just within points of dow 23,000. The dow is set to close at a record 65th record close since election day. Morgan stanley declared the bull market reached epic proportions, not hyperbole and not in a negative way. According to the research note, dispersions in valuations and growth rates are among the lowest in the last 40 years and Equity Hedge Fund beta, well, that means people are not going into hedge funds too much, but its still the highest since march 2008. So is the market run as epic as Morgan Stanley saying in right to the floor show. Traders at the New York Stock Exchange and the cme group. Teddy, that sounds a little like gobbledygook, translate it for us, lots more room to run here . Unfortunately, they dont give us a crystal ball. I would remind all our viewers, perhaps some arent old enough to remember, but after reagan got elected from 1982 to 2000, the market went from dow 1,000 to dow 10,000, so it went up the crash of 87, we celebrated the 30th anniversary, but they dont tell us where the tops are, liz, and dont tell us where the bottoms are and saying this for months now, the lines of least resistance are on the upside not on the downside, and even a broken clock is going to be right twice a day, well get the big selloff, but so far we havent seen it. Liz teddy, write a book, put all of your little sayings in, well buy it, promote it, youll get on amazons list. Ira, what do you think about this . Morgan stanley is extremely bullish. Other notes from Merrill Lynch, bank of america say we are at the highest level of fullon Equity Investment meaning everybody whos got the money is invested in stocks right now. Sometimes thats a worrisome sign that there are too many bulls and were all going to get stampeded . Im not seeing what Merrill Lynch is saying, unfortunately. I keep running into people on the street and they wish they were still in the markets, they get out. We ran into clients that got frustrated because we havent had a break in the market and they cant get in. I dont know what theyre saying. I will tell you something thats scaring me, im worngd how much of the tax that youre talking about, the tax reform is in the market, and when we get, it probably sometime in 2018, if that doesnt cause a break in the market because it will be inflationary as we put more money into peoples pocket. I think now is the sweet time, and i question when we get the tax reform done, hoping it gets done, if that doesnt cause something of a tack. Liz cubbies are still in it, the yankees are still in it, but go tribe. No, no, no, no. Liz what do you mean, no . Yes no go yankees. Liz byebye yankees. And by the way, im surrounded by the enemy in new york. Go, yankees thanks, guys, great to see you. All right, closing bell, enough of that. 47 minutes away. The Dow Jones Industrials up 42 points. Thats a record. One of californias biggest exports we told you is literally turning to ashes. Wine country covered in soot. The grapes torched. Under assault from more than 20 Deadly Wildfires that are still out of control. Its posing a 65 billion threat to the region. Were going to take you live to napa for the latest. There is a new number of fatalities. We saw what happened when hurricanes knock out electricity. What happens if kim jongun flips the switch off permanently . Here in america. David crane has been warning for years of a shockingly, quote, stupid electric system and grid based on 120 million wooden poles. As in poles. What he thinks American Power producers need to do right now to protect businesses and customer safety. Were coming right back. 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We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. And ask about saving 1,000 on your walkin bath, or visit kohlerwalkinbath. Com for more info. Liz disturbing report. North koreas techno soldiers are targeting the u. S. Power grid. We can see them knocking defined entry points. CyberSecurity Firm saying hackers likely affiliated with north koreas Supreme Leader kim jongun sent these phishing emails to u. S. Electric companies for, quote, reconnaissance. Meaning they send the emails, people click on them, they try and get in. The Security Firm was able to stop them before disruptions occurred in the power supply for now. Joining us in a fox business exclusive is the former ceo of one of the largest utilities in the nation, nrg ceo, david crane, you saw this coming years ago, did you not . I was around the electric industry for a long time. I saw the switch from antlog digital. Thats going to happen. So the fact that the grid system in the United States is one of the great engineering achievements of the time but vulnerable, vulnerable to both cyberattack and physical attack as weve seen in the past, and obviously, all of modern Society Depends upon it. So it has to be protected in every way we can. Liz ive always thought about this, the complaint is that our grid, National Grid isnt really national, its a bunch of pieces strung together almost with, well, im not being obnoxious, spitting sealing wax for a term we could use here, if we linked together and modernized it, wouldnt it make it easier for any successful hacker to take us all down. Theres an argument, i dont know if its true because im not a cybersecurity expert. The Nuclear Plans are still based on analog, so by being older they are safer than if theyre cni systems were completely upgraded, but it is a quite well integrated,most people in the industry say the u. S. Is in three parts, east of the mississippi, west of the mississippi and texas. Very big footprints. If you can disable part of it, you would disable a wide swath of america. Liz is it just a matter of time before the russians or the north koreans or the chinese are able to find a way to trip the wire and shut off all the electricity . I dont mean to be a pessimist i think the industry is doing everything it can. It is a matter of time. The time has occurred in terms of physical disruption to the grid as opposed to to exposed storms, you said in the intro about me talking about the 120 million poles that we depend upon. Liz as in utility poles. Utility poles. Yes. The big implication for business is just like after 9 11, it became imprudent for any ceo to have all servers in one location. I think right now business have to realize they need a certain amount of Grid Resilience at all important places of business, and thats probably solar on the roofs, storage behind the building. Liz well, speaking of power and all of that. The power supply. Epa chief scott pruitt signed the proposed rule to basically withdraw the obama administrations socalled clean power plan. Ostensibly the business and regulations were too onerous. Were they . You having led nrg, were they . They werent too onerous, the truth is and i know that administrator prewitt said the war on coal ends today. It wasnt won by the epa. It was won by the Natural Gas Industry in houston. The demise of coal in the United States has everything to to do with fracking and the price of natural gas, not anything the epa has done or will do in the future. Are you saying its all in the Rearview Mirror for big utilities and small . I have put on the, a the team put on the air the Reuters Survey that was basically an interview with all republicanled states that had big utility operations and pole operations, and two every single one that was asked, they said no matter what is relaxed, were Going Forward with the scrubers and the cleaner and works better for us to go natural gas. Its market based for us . Totally market base. Just because one four Year Administration is trying to do something, the pace of retirement of coalfired power plants in the United States has not slowed down in the year since President Trump took office. Liz lets show, the Stock Performance was dismal for Coal Companies and producers certainly. Look at them since the president took office here, and were talking now about donald trump. Peabody energy down 99 . Consolenergy down 10 . Is that the free market working or politics . The free market working. Liz tough to turn around. Unless you put tax on natural gas, and its hard to see the Trump Administration doing that. Liz well see. David, thank you so much. Thanks for having me. Liz he was calling it years ago, david crane, former nrg ceo and now with pegasus capital advisers. Closing bell 36 minutes away. Walmart and Johnson Johnson leading the dow 30 here. Caterpillar up there, too. J j getting a boost after jefferies raised it to a buy with a price target. We have j j now at 133. Call j j eps growth and dividend machine. Credit suisse thinks the puffy place ins and flower crowns are a cash cow. Thats right. Snap getting an upgrade to outperform with a price target of 20. Up 7. 66 . The company says oodz doing the right thing to attract advertisers and getting a younger demo, as in demographics. Snap down 16 since ipo back in march but snapping to attention today. Up a buck. Up next, californias Wine Industry up in smoke as Deadly Wildfires play havoc in the golden states wine region covering the grapes in dust and smoke. Hillary vaughn on the ground in Napa California to detail the devastation, and shell tell us whether smoke paint as its being called will sour this years remaining crops. Were coming right back. You know who likes to be in control . This guy. Check it out selfappendectomy oh, thats really attached. Thats why i rent from national. Where i get the control to choose any car in the aisle i want, not some car they choose for me. Which makes me one smooth operator. Ah still a little tender. vo go national. Go like a pro. Is everything ok . Adt, i could hear crackling in the walls, and my mind went totally blank. All i remember saying was, my boyfriends beating me and she took it from there. When a fire is going on, youre running around, youre not thinking clearly, so they called the Fire Department for us. And all of this occurred in four minutes or less. Within five minutes. I am absolutely grateful we all made it out safely. Its kind of one of those things you cant even. You cant even thank somebody. People you dont know actually care about you. To protect what you love, call 1800adtcares think has exposure to energyfund infrastructure mlps . Think again. Its time to shake up your lineup. The alerian mlp etf can diversify your equity portfolio and add potential income. Bring amlp into the game. Before investing, consider the Funds Investment objectives, risks, charges, and expenses. Read the prospectus carefully at alpsfunds. Com amlp. Liz breaking news californias top wildfire chief has just informed the media that the death toll from what are now some 24 wildfires raging in california has now risen to 21. Thousands of structures have been destroyed. Wineries in the region are experiencing the grapes of wrath, as fire scorched vineyards all up and down the napa valley area. Napa valley vintners estimate 90 of the regions grapes were already picked. Thats the good news, but extremely concerned about what you see on your screen here, whats called smoke taint. When grapes on the vine are exposed to smoke and ash, they develop an ashy taste and that means no wine for those particular growers. Hillary vaughn has been all over the story, there in napa. Engulfed in smoke yourself, hillary. Crazy. Reporter the smoke is actually building up here, liz, theres been flakes of ash in the air. But 3500 homes and buildings destroyed. 50 people had to be rescued from mountain top communities by helicopter and hundreds of people are still missing and unaccounted for. We did talk to residents who had to be evacuated from their homes. They had just minutes to escape before the wall of firestormed their neighborhoods. Nothing like this. You know, yesterday i woke up and i looked outside and it looked other worldly, it didnt seem like this world. All the smoke and you couldnt breathe and it just seemed like something post apocalyptic, you know . It was just horrible. But you know, i grabbed the right thing, i grabbed my dog. The scariest thing is trying drive out, flames on either side, and the Fire Department is so overwhelmed that they cant even tell to you get out of the area and everybody was just trying to get out however they could. That was definitely the scariest part. She got out with bathrobe and hearing aid. Reporter smoke is rolling in and getting thicker, liz, you can tell from the visibility over this vineyard that white haze is all smoke. Tasting room that you see behind me is rubble, to give you a sense how valuable the tasting rooms are for vineyards. Its a big tourist pull. The neighboring vineyard was spared structical damage but did work to put out landscape fires that kept popping up. The president told me they bring in 20,000 a day from wine tasting. Every day spent under mandatory evacuation cuts into business. From my neighbors and strangers that have shown up and literally grabbing buckets and filling it up from the ponds and fighting landscape fires. Really good shape, only landscape. But the community has a lot of unity. Literally there was a couple of people driving down the street with a little water tanker and i stopped them and said do you have the time . Come over for 15 minutes. I have a couple things i need to put out. They were like, fine, it was fantastic. Reporter they have 30 of grapes to harvest and theyre going to start doing that tonight. Liz hillary, be careful, and keep us posted. Thank you very much. Get ready for campaignstyle speech, and maybe new details on President Trumps tax reform plan. With the closing bell ringing in 27 minutes now. The dow, s p 500 and nasdaq all three on track for new record closes. Please stay with us to see that. President trumps expected to arrive at joint base andrews. There, of course, is air force one, any moment now, and he will head to harrisburg, pennsylvania where we too will take you live next. Kevin corke has a preview. This woman is laughing because shes listening to audible. And this woman is pretending her bosss terrible story is funny. Experience the comedy, not your commute. Dial starstaraudible on your smartphone to start listening today. The bathroom. When things go wrong here, you remember. Quilted northern is designed to work so well, you can forget your bathroom trips. But sir froggy can never forget. I used to be a prince. But no princess would kiss me now. Looking from a fresh perspective can make all the difference. I used to be a prince. It can provide what we call an unlock a realization that often reveals a better path forward. At wells fargo, its our expertise in finding this kind of insight that has lead us to become one of the largest investment and Wealth Management firms in the country. Discover how we can help find your unlock. Liz breaking news President Trump via marine one has just landed you see. As soon as it stops, the president will jump on air force one. Hes on his way of course to harrisburg, pennsylvania to make his latest appeal in the 5 00 p. M. Eastern hour for tax reform. You could call it an appeal, you could call it a barn stormer of a speech. Who knows what the tone will be when he takes it. Maybe we can get ideas here from fox news kevin corke live in middletown pennsylvania at the airport in harrisburg. Kevin, what can we expect from the president s speech this evening . Reporter well, it wont be quite as raucous, the last time we were in the keystone state, he had been in office for 100 days, a huge rally. This time invitation only, and the president wants to get down to brass tacks, you see what i did there . Let me tell you what we should expect as the president does try to talk taxes and truckers here in pennsylvania. Okay, first of all, try to explain the need for tax reform. We talked about impact on the economy. Next, hes expected to share a lot of personal stories. Talk about the real people that are impacted by real tax reform, and then of course talk about how the truckers would benefit. Let me share a couple of nuggets were expecting the president to say during his speech. This is directly from the speech. Nothing gets done in america without the hardworking men and women of the trucking industry, america depends on you for the fuel that powers our cars, the produce that nourishes our communities and the beautiful steel that sends up our tallest skyscrapers. Sounds trumpian, doesnt it . When trucks are moving, america is growing, thats why my administration has taken historic steps to remove the barriers that slow you down. America first means putting american truckers first. Now the president didnt talk much about taxes during time in oval office today. He spent time with the Prime Minister of canada, Justin Trudeau on, did talk about nafta and ill punt to you for more on that. As far as tax reform is concerned, hes going to try to hammer home two key points tonight. One, it will save you, the average american, money. It will allow you to take home more of what you earn. Thats a win for everybody. The second thing hes expected to do is once again talk about the need for Republican Leadership to do the right thing. They were sent to washington for a reason. Hes expecting them to partner with him and get this over the finish line which didnt happen already with health care reform. I have to be honest, hes got to deal with headwinds, the bob corker situation, rand paul and others, that seemed to be difficult to pull along but hes hopeful that if hes clear and specific, he can get this one done before year one. Liz, well be watching tonight. For now, back to you. Liz kevin, thats what we promised before the end of the year, maybe we will find out more when he gives the speech. Thank you so much. Developments on the breaking news about facebook that we gave ought the top of the hour. Here is the update, the very latest. Facebook coo Sheryl Sandberg met with lawmakers on capitol hill. Facebook apparently agreed to hand over the russian advertisements in question to congressional investigators. The company also saying that russian entities paid 150,000 u. S. Dollars to run 5200 ads on facebooks platform during the president ial campaign. Perhaps well get clarity as to whether there was any kind of ability by the russians through facebook to affect the outcome of the election. Now the president can ask, but its kevin brady who must deliver. Kevin brady the chairman of the house ways and Means Committee. Here comes the president exiting marine one and getting on air force one to head to harrisburg, pennsylvania where he will speak before, yes, as we heard from kevin, the trucking members of americas trucking industry. Now thats the platform, but the real message will be tax reform. That is what we have been told by the administration. Now remember, it is the treasury secretary Steven Mnuchin and the National Economic adviser to the president , gary cohn, who crafted the tax reform plan, and then of course President Trump signed off on it, but very important right now to understand that it is kevin brady who is actually going to present the bill for the house. Congressman brady, chairman of the house ways and Means Committee is getting right in front of our cameras. Adam shapiro and i, two on one, were going to get the scoop from congressman brady, what to expect from the tax reform bill and how close we are . You see them there. Standing by. Today were going to talk about trucks. 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Apparently, we are hearing that the president will make a promise to the middle class, that the typical American Family would get a 4,000 pay raise under the trump tax plan, is that accurate . And where are we on getting detailed framework on this . At the center of the ambitious republican tax reform plan is house ways and means chairman and republican texas congressman kevin brady. With the congressman in his office at this very moment, adam shapiro. Adam, take it. Liz, thank you very much. Were going to dive right in with chairman brady. Thank you for joining us. Lets talk timing, the senate is not in session, they have to pass the 2018 budget resolution possibly next week, we have to have Conference Committee and both chambers pass, when is this going to happen . You are not going to release details of the bill until after that. Thats right. The pivot is win the conference, congress has agreed on a budget and given us the firm baseline for tax reform. We will go immediately after that, lay out the chairmans mark. What it means is the ways and Means Committee comprehensive tax reform plan with all the details. Then well begin the markup of the committee and house acts. It could be last week of october, first week of november . I learned not to plot out the timing in how these things go, that would be the Perfect Timing Going Forward. I want to get to something that liz just mentioned. President s promise, he mentioned it, is going to say in his speech that when we repatriate the trillions of dollars that companies have overseas back into the United States, however the mechanism is, that the average family from that repatriation of tax profits would see an increase of about 4,000. Where does the figure come from . Is that accurate figure . Heres what i know, so if we lower tax rates so people can keep more of what they earn, if we make america competitive, lower the rates for local businesses to compete and win anywhere in the world. If we allow companies to bring the earnings when they compete and win back to being reinvested in the United States, if you do all those things, increase productivity, wages will go up, and we have seen the economic studies that show a family of four can achieve those types of pay raises if we get the economy going. Glad you brought up family of four. Gary cohn, adviser to the president said tax reform as unveiled to us would put a thousand dollars into the pocket of an average family of four. Far be it to me to say thats not a lot of money, works out to 19 bucks a week for the average family. Is that enough . 19 a week to deliver comprehensive tax reform to the average american . Heres what i know, we have a couple big goals. Want people to keep more of what they earn, thats the tax cut side. Dramatically simplify the code. No more special breaks for some and headaches for the others. We want to get the economy going, raising your paycheck, awfully helpful to the middleclass family and by making america competitive, getting unlocking local businesses more job opportunities. So what i know is done right as weve seen in the kennedy cuts, reagan reforms, you can create a lot more on the Family Budget than there is today. When you talk about the family of four, a Tax Policy Center said people who earn 150,000 to 300,000 a year could be caught here with the repeal of the deduction for state and local taxes. Now representative collins, a republican from new york, said leadership has promised him that a fullout total repeal wont be included. What is he talking about . What are you negotiateing . Well, heres what i know. That if we lower the tax rates and redesign this code, we can deliver text relief for families whether theyre in a hightax state or lowtax state. That is what we are driven toward. We are delivering lawmakers from the hightax states to making sure we achieve that goal, bottom line today, this mess of a tax code, double taxes most americans for that deduction, taxes them once at the local level. Taxes them with the higher federal tax rate so some can write it off. In the current code, double taxation at its worst. What i hear you saying then is argument to keep deduction for state and local taxes, even Susan Collins from maine, not a wealthy state said repealing the deduction, she has constituents who would lose the ability to write off auto tax, the excise tax and shes worried about that . She hasnt seen the final deals of the tax plan, how it hits middle income families and more. Why dont we Work Together on the details, lay out the plan, and be able to go to the calculator, work through the numbers and see that, we have a choice, we can keep tax rates for families high and keep those deductions. We can do exactly what we do today or lower the tax rates for everybody and they just pay their own. I want to come to salt and the state and local tax deduction. We know the rates that have been proposed. Where would the cutoff be for the income brackets. That is Something Else that hasnt been announced . Thats the key. Announcements by Tax Policy Centers and others just have no credibility because they dont know yet of the size of the child tax credit, where other factors hit middleclass famileechlts those are the factors were working through right now as we finalize the brackets. You know what the brackets are. As you lower as a citizen of the United States the tax rate and increase the amount of income subject to the tax, its essentially a wash. Where is my break . It would be standard deductions, we protect the first dollars you earn. We lower the rates at every level, increase the child tax credit, make it more available to more americans, all of which drive the rates down, and dont forget, that those people who are in the hightax states, at every level when we take the 10 bracket to zero. The 15 bracket down to 12, they get a tax cut at every one of those levels. At the end of the day, look at final design, apply it to your family, i think youre going to see we get tax relief. Thats before the wages in that growth. I know liz claman is dying to get in on this. Im going to turn it over and let her ask a couple questions, liz . Liz congressman, thank you for joining us. Im listening to the conversation about brackets. Im dying to know what do republicans consider wealthy, as in the socalled fourth tax bracket where they would maybe have to pay more . Is that one million . Five million . Ive heard all kinds of numbers. I dont want to get ahead of the committee. Liz, heres the whole go. We want to deliver very strong middleclass tax cuts. We also want to make sure that people get a tax relief regardless where they live. So no decision has been made on, in effect, a fifth bracket, zero is the first one, and notice its been made where that would apply. Thats the work the committee continues to do, thats what well lay out for the world to see and weigh after the budget is done. Liz congressman kevin brady and adam shapiro, thank you very much. More news straight ahead. Our recent online sales success seems a little. Strange . Nk na. Ever since we switched to fedex ground business has been great. Theyre affordable and fast. Maybe too affordable and fast. What if. People arent buying these books online, but they are buying them to protect their secrets . . hi bill. If that is your real name. Its william actually. My business was going nowhere. So i built this kickin new website with godaddy. Building a website in under an hour is easy 68 of people. Who have built their website using gocentral, did it in. Under an hour, and you can too. Type in your business or idea. Pick your favourite design. Personalize it with beautiful images. And. Youre done and now business is booming. Harriet, its a double stitch not a cross stitch build a better website in under an hour. Free to try. No credit card required. Gocentral from godaddy. Something we all think about as we head into retirement. Its why Brighthouse Financial is committed to help protect what youve earned and ensure it lasts. Introducing shield annuities, a line of products that allow you to take advantage of growth opportunities. While maintaining a level of protection in down markets. So you can head into retirement with confidence. Talk with your advisor about shield annuities from Brighthouse Financial established by metlife. Liz all three indices right now bumping up to record close levels, with two minutes left. Countdown closer zeroing in on a metric she says will get you most bang for your buck. We have Portfolio Manager marianne mon taken. 1. 7 billion in assets. What is the metric, marianne . That is the pe ratio and we like to look at it in growth also. Liz where do you put the limit . When you look to buy a stock, what area must it be in . Which range for you to pick up the stock . We want to see it in the range of maybe 13 to 20. I would be buying up to 20 times earnings. Liz isnt that rich . Re with about 19 right you in. Were 18 forward numbers, were getting up there. Tax legislation is coming through, boost the e side of the pe ratio. We would be comfortable buying 18 times forward. Liz we only hope something gets through on tax level. Give us names the companies you feel fit into your parameters here . Roche holdings. Swiss company. Been around 120 years. Liz pharma. 4 billion in sales. Got genentech, long ago acquisition. Biotech at its heart. Strong pipeline of new products. See international expanding for them. China is more open to new products from the west now. And then liz go. General mills. Liz third, quickly. Coming up on the closing bell . Valley national bank. Regional bank. [closing bell rings] starting to see a turn in momentum. Liz marianne, thank you so much. Thanks so much for watching the claman countdown. Go indians. David new day, record high for all indices. The stocks charging ahead, closing up 40 points, inching closer to 23,000. Today the s p and nasdaq joining in the party. Im david asman. Melissa im Melissa Francis this is after the bell. More what is behind these new record highs. Here is what else were covering in the very busy hour ahead. President trump landing any moment in pennsylvania after meeting with canadian Prime Minister earlier. He is taking his tax reform message on the road. Speaking to an audience that will conclude a big crowd of truckers, a group he calls the backbone of america. More on what to expect. Th