Transcripts For FBC Varney Company 20171106

Among them, print alaweed and western businesses including the Parent Company of this network. Saudi arabia is a bulwark against the iranian power in the oil patch and they are cracking down. The tax package, good for business, good for middle america. How much help to the economy get when the 1 end up paying much more than how much help for the Housing Market when the mortgage deduction is cut . Still very much a work in progress. One less headline. Vin scully has had it. So disgusted the up and protest he wont watch any more. Stay right there, please. A whole lot more coming right after you. Varney company a route to begin. About to begin. I think that Mental Health is your problem here. This is based on preliminary reports, very deranged individual, a lot of a lot of problems over a long period of time. A lot of mental help albums in our country as do other countries. If this isnt a done situation. This is a Mental Health problem at the highest level. A very, very sad event. These are great people in a very sad event. Thats the way i view it. Stuart that was President Trump obviously commenting on the Church Shooting in southerland springs, texas the result of Mental Health problems, not thomas. Give me the latest drinkers 26 road than patrick kelly. 26 dead yesterday morning when he walked into the church. 20 wounded. Eight members of one family also a woman five months pregnant and three of her children killed in all of this. Question now cause does always what could have created this . What is the motivation . Frustrating that we dont know yet. The 556 rifle in april. There are suggestions that perhaps he was denied a carry permit and had it anyway. He was ultimately chased in the church by local residents firing on him. He was found dead of a gunshot wound now believe he shot himself. Yet to be confirmed. Stuart got it from ashley. Well move on. The stock market this monday morning. How are we going to open a good 20 to 30 points. Opening up 23,500. The wall street journal reports amazon is cutting prices on other sellers items in the holidays. Transfer the thirdparty sellers so that thousands of Small Businesses will see their goods cut, discount on amazon this Holiday Season that to nine. This is again a pricecutting war with walmart. By discounting. They will not be discounted, but its the path to resist the Small Businesses. The difference in pay to the thirdparty. Stuart seems like amazon is one of those vehicle which depresses any level of inflation. The price deflator on a gigantic scale. Train for summer so the Federal Reserve is talked about it like that. Stuart the stock at 1100. A big story hard to get a grip on. Saudi arabia arresting businesspeople as part of what they call a sweeping anticorrecting pro. Fox news strategic analyst. Im not sure i can get to grips with this other than to say that saudi arabia is the main ball work against iran. They are involved in a war in yemen. The lebanese Prime Minister has just resigned because of threats and pressure from iran. Saudi arabia has a deal going with an argument with qatar because of iran. How is this shaping up . Whats the implications of all this . Very dangerous. The key figure is the new prints, mohammed bin salman, known simply as an bs. A and very bold power grab or an attempt at reform or let us hope, both. Mohammed bin salman, 32 years old, and 81 or 82, not in the best of shape, so use the real power in saudi arabia, the 32yearold prince. Hes been living to modernize society, to give women more rights are less promising them. He wants to open a vast new city economic selling a much different roles would apply. Its extraordinarily ambitious but as the notice, he is also seen as being behind the not very successful and very worrisome conflict saudi intervention in yemen. Hes picked a fight with qatar over iran. Now if mohammed bin salman, if he succeeds in modernizing saudi arabia, that is good news for all of us. If he succeeds in cracking down, and that is good news for business, good news for investors and good news for strategic situation. But if this falls apart and it could, you are in another version of the 1979 iranian revolution. Remember, the shot didnt fall because he was so oppressive. He fell because he was trying to liberalize too fast for the society. A lot of moving parts. Watch this space. Stuart we certainly will with your help. President trump heading to south korea in just a couple of hours. Very close to the rocket man at this point. What do you want to hear our president say about north korea on the strip . Im wanting to say cogently and soberly. What we need now with south korea because president and doesnt see eye to eye with us on everything. We need a show of unity, unity and more unity. They have a riff on other strategies. North korea is the big issue. We have always been protect in south korea. Now south korea needs to realize that we have to protect ourselves as well. The other issue of course is trade. While south korea does have to open its markets. We also have to face the cold hard facts that south korea has become a brilliant innovator in the electronics, automobile design and they are now winning. They are not selling lg and samsung tvs here because they are cheating. They are selling them because they really good products in mexico but that reality. Stuart ralph peters, always a pleasure. Maria bartiromo talking tax reform with Vice President pence. Roll tape. We are going to make sure that we have tax relief across the board for working families and Small Businesses, family farmers and ranchers. And we are going to make sure that while it is not going to necessarily lower taxes on upper Income Americans, we are going to make sure deals with upper Income Americans. Stuart let me say that again. Not going to give tax relief to upper Income Americans. The wall street journal editorial page. What are the republicans afraid of . Democrats . Yes come in a word. They dont want to be portrayed in certainly folks in the administration, some of them are quite wealthy do want to be portrayed as helping themselves. They do need to remember that the point of this is not to raise taxes or lower taxes for a particular group. It is to grow the economy. Look at that top 1 . Having 20 of the money in this country, but they pay 40 of federal income taxes. You can go down the line. Top 1 paid more than the bottom 90. Top 10 is 20 of all federal income taxes. If you want to move the needle giving people more of incentives, and you need to cut some taxes at the highend. Stuart i think what you are saying that this does not stimulate the economy as much as they flat out tax cut for the top 1 would. The bottom line if youd like to see everybodys rates cut. There is a big economic plus on the corporate side. Youve talked a lot about getting the highest rate in the industrialized world down to 20 . Its a huge game changer. You just wish they had the same progrowth mentality when they were rewriting the individual side. Stuart i think i am right in saying the top 1 of income earners under this tax plan being presented last week, and they will pay a overall they more. The rate doesnt go down. The local taxes, and that is gone. The mortgage interest eduction is tapped. The property Tax Deduction is capped. It hurts the 1 . They still wont believe you, but that is true. They will get no sympathy whatsoever. My problem if it doesnt stimulate the economy. Some of them are good. You dont want to create incentives for people to drive money into housing versus other sectors of the economy. You dont want to incentivize dates like the one we are in right now to have high tax rates. Those reforms are good to the extent you stop rewording that kind of activity. Also, the alternative minimum tax. Stuart is that the best youve got to offer, friedman . Senator rand paul recovering from pretty severe injuries after being assaulted by his neighbor. He was mowing his lawn. The neighbor assaulted him from behind. Rand paul has broken ribs and bruised lungs. Donna brazile, former head of dnc consider replacing after clinton fainted at the 9 11 event. With the new poll about 2018 house race just a year away, it shows democrats have a big leg up over republicans. Democrat trump supporter harlan hill on that next. I accept i dont conquer the mountain like i used to. I even accept i have a higher risk of stroke due to afib, a type of irregular heartbeat not caused by a heart valve problem. But whatever trail i take, i go for my best. So if theres Something Better than warfarin, ill go for that too. Eliquis. Eliquis reduced the risk of stroke better than warfarin, plus had less major bleeding than warfarin. Eliquis had both. Dont stop taking eliquis unless your doctor tells you to, as stopping increases your risk of having a stroke. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. While taking eliquis, you may bruise more easily. And it may take longer than usual for any bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Im still going for my best. And for eliquis ask your doctor about eliquis. Stuart had that republicans. Voters say they preferred Democratic Candidates for house of representatives over republicans by the widest margin over a decade. That is according to a new poll from the Washington Post and abc knows. I harlan hill is with us. He started a site that is embraced and her supporter. Hes now a strong guy. Very much so. Stuart what do you make of this poll . For one, lets set the baseline. Hes not been very accurate. The Washington Post abc polls. You go back in 2016 tracking performance. They have not been in mind with what actually happened. Too early to make a definitive determination about whether they reflect any meaningful exchange. When you look at the poll designed to deliberately cause conversations like this, and they want to say that democrat are collapsing. But when you actually look at the tables, the numbers they are floating dont reflect likely voters. It doesnt matter if you are a democrat and you dont want to vote for republican if youre not going to show up on election day. This poll includes people who will not show up on election day by their own admission. Stuart thats good. Didnt realize that. Weve been provoked by people. Well done, young man. He straightened up already. However, in the runup to the election 2016, Donna Brazile was considering replacing hillary with joe biden. Roll tape. You did not have power on your home. As you well know the dnc zoo shared the leadership in congress and others. So i had to put it on the table, george because i was under tremendous pressure after secretary clinton fainted to have a quote, unquote plan b. I didnt want to plan b. Plan a was great. I supported her. I wanted to win. Stuart well, well, well. Theres the democrats in total disarray. Vicious Donna Brazile the only democrat who is lucky the dnc didnt commit this because she took into account the fact mental Mozilla Clinton the subject of federal investigation of the time but she looked like her health was in poor shape and she said we need a backup plan. We need a contingency. The ticket she floated was biden booker. Those who couldve won the election. I think they couldve won. Corey booker joe biden is the next spur retail politician. Hes the best right now in this country. It would have been a powerful ticket for the frontrunner for the gop. I would say you certainly wouldve been tougher in the midwest that hillary was as a matchup for term. I do kind of wonder. But if they go to plan c. After you could say against Bernie Sanders and then its hillary and a player named later in the fall, test to see how turnout works. Stuart seems to me like the democrats because of this split are actually pushing further and further to the left. Absolutely. No reform effort of the Democratic National committee. Same old actors there appeared same old consultant getting a paycheck every month. Nothing is changing. Stuart who are you hearing who might be a candidate for the democrats in 2020 . The only person who could make meaningful reform and change, as someone like Elizabeth Warren. She is owing to go in there like a bull in a china shop in red stuff up and thats what democrats need right now. Liz its astonishing what Donna Brazile and heritage. Hollowed out by obama and clinton then Debbie Wasserman schultz. The dnc was in such disarray that we didnt know how terrible what terrible straits it was then. Before she was even the nominee, by may 2016 she had wandered 63 million through the gsa. Its astonishing. Im looking at the three main newspapers. The new york times, Financial Times out of london. I cant find a word out of Donna Brazile, but i can find words about russia in the kremlin ties to key u. S. Business. That tells you a lot. Hold on, everyone. Moments from now we will take you to the New York Stock Exchange of the nasdaq where im afraid im all too frequent event will be taking place and that will be a moment of silence after the Church Shootings on saturday. Here we go. [moment of silence] stuart as he sat at the top of the show, ben sculley, former manager of the dodgers have tied it. Hes not going to watch the nfl anymore. James freeman, looks like football is really losing big time. I guess some of the nfl would argue that some of the arusha ness from making their product too available, too much exposure. Obviously a lot of fans have been very tight knowledge by this. Owner jerry jones looks like he wants to potentially hold up an extension for commissioner goodall. Stuart that was flat out really ugly violence on the field yesterday as the jaguars and the bengals got into it. That is not going to do football in a good ever. Transfer the nfl has hurt us by not resolving this anthem debate. Stuart thank you, lizzie. What weve got here is a small move to the upside in the opening bell rings. Of about 20 points. S p, nasdaq unchanged ever so slightly lower. We will be back with the opening bell and just a moment. Today were out here to test peoples knowledge about type 2 diabetes. So you have type 2 diabetes . Yes i do. True or false. Type 2 diabetes more than doubles your chance of dying from a cardiovascular event, like a heart attack or a stroke. That cant be true, can it . Actually, it is true. And with Heart Disease, your risk is even higher. In fact, cardiovascular disease is the 1 cause of death for adults with type 2 diabetes and Heart Disease. But there is good news. Jardiance is the only type 2 diabetes pill with a lifesaving cardiovascular benefit. Jardiance is proven to both significantly reduce the chance of dying from a cardiovascular event in adults who have type 2 diabetes and Heart Disease and lower your a1c. Thats good to know. Jardiance can cause serious side effects including dehydration. This may cause you to feel dizzy, faint, or lightheaded, or weak upon standing. Ketoacidosis is a serious side effect that may be fatal. Symptoms include nausea, vomiting, stomach pain, tiredness, and trouble breathing. Stop taking jardiance and call your doctor right away if you have symptoms of ketoacidosis or an allergic reaction. Symptoms of an allergic reaction include rash, swelling, and difficulty breathing or swallowing. Do not take jardiance if you are on dialysis or have severe kidney problems. Other side effects are sudden kidney problems, genital yeast infections, increased bad cholesterol, and urinary tract infections, which may be serious. Taking jardiance with a sulfonylurea or insulin may cause low blood sugar. Tell your doctor about all the medicines you take and if you have any medical conditions. Isnt it time to talk to your doctor about jardiance . Absolutely. Ask your doctor about jardiance. And get to the heart of what matters. Stuart closeout on friday. 23,539. Probably going to open 10, 15, 30 points ahead of that. Up from there as we open up monday morning. Here we go. We are out running down five. Not all opened out. Now we are down seven. Lets move on. It is a mixed opening. Can i say that. The s p 500. If that mixed as well . Down two points. The nasdaq where the technology companies. The tiniest fraction down. 01 . Im going to call this a dead flat opening. Communications chipmakers for mobile phones. Same story with qualcomm both in the same line of business trying to get together. 103 billion will be the Largest Technology acquisition never. More about that in a moment. Amazon, the wall street journal says they are cutting prices on other sellers items ahead of the holidays. We will try to explain that in just a moment from now. Down six great joining us from ashley webster, elizabeth mcdonald, James Freeman can the dr barton. Tax reform. This is the way i see it. No help for the 1 . They will end up playing paying more. I think if we get a disincentive for people to employ their capitals properly at the top, we do have problems throughout the rest of the tax structure. We can get a quick bounce by helping people another tax brackets. Youve got to help people deploy a property to work. Stuart i dont think this helps the economy because they are going to pay even more than they pay now. The argument they will do okay as on the corporate side. Pushing money out of the United States telling businesses to invest somewhere else. Now we start telling them to invest in the United States. I wish the individual code is better but this is a plus for everybody. Liz if im a Small Business worsened in the upper bracket in a few the local Tax Deduction, you Better Believe im pulling in moving to texas. Im going to a tax rate stay. Stuart those that can will move. Jersey, connecticut, massachusetts, illinois, california. Babel continued. Drive some reform. Stuart youve got her way for that. Meanwhile, an election in jersey. The democrat likely will land and will impose a tax on the 1 . But have been too the Democrat Party. What is going on. Sorry. Stuart welcome back. Emotions running high. Stuart i want to get to the amazon story because i dont frankly understand it. They are cutting the prices on other sellers items ahead of the holiday. Liz thousands of Small Businesses sell their items, 40 Million Units on prime day on amazon. Amazon is like a passthrough. Amazon is saying you little guy of going to cut your good, the price of them as deep as 9 . Usually Michael Cores or north face, amazon will not cut the prices because the big guys control their prices. Now amazon is saying we are going to push a discount, even the little guy selling stuff. Stuart why are they doing that . They are doing it to compete with target and walmart and other people trying to compete with them on price. We will compete on price using our huge balance sheets. We are not going to make our salaries whats going to happen on that is now the Commerce Department will have a reason to using anticompetitive pricing strategy, 70 of the thing sold on amazon are not sold by amazon. Stuart this is an opening for the Justice Department to go after amazon. This is great news for consumers. This is what you want is a consumer. At the christmas price war, but a way for amazon to grab even more markets. Stuart such an argument here. Jeff bezos is sold a billion dollars. A billion shares of amazon. 1. 1 billion. That represents 1. 3 of his holdings. He actually has a stake in, 16. 4 , but he said before he would sell a billion dollars a year and where is he going to put it . His other company, blue origin. He has his visions of taking people the space. 20 years ago he was worth 1. 4 billion. Now hes worth 80 billion plus. Stuart i have no objection to these guys taking their wealth and putting it into other industries. Microsoft putting money into cancer research. I have no problem with that whatsoever. People are thinking this is giving a a stock drop because hes pulling out now. I think its just smart. Cell now like he said he would. Moving on, up four bucks. 1115. President trumps asia tour going on of course. Goldman sachs is helping china bring billions to the United States. Details announced on thursday when President Trump arrives in beijing. 5 trillion to invest in manufacturing and other endeavors with the China Investment corp. , 5 billion bucks to be headed the u. S. Hello, mr. President. Lets not talk about the 30 billion trade deficit hit check the big board the big board because returned how your, up four points. 23,543. Better profit at cbs as they process more claims in its pharmacy benefits management business. The stock down 2. 5 . Michael cores held by lower taxes and better revenue because they have been some new stores. Look at back, up 10 . Thats a pretty good game. Weaker profits, weaker revenue and myelin hurt a lower sales of vfp 10. So what, up nearly 3 . The merger between sprint and tmobile off. Theyve been talking for years. They were unable to find a mutually agreeable turn. Target announcing it will pay more to hourly employees working on thanksgiving, black friday, we can does the work ive been target of 59 bucks. Quick check of gun stocks, please. They arrive. Investors believe more people will get out there and buy guns in the wake of the texas Church Shooting. Netflix officially cut ties with kevin spacey, all kaizen house of cards. Stuart he was working to produce it as well. This was a big deal because house of cards really was the landmark two on the streaming wars. It was nominated for numerous emmy. Kevin spacey, golden globe, heres the other thing. New allegations from Richard Dreyfuss on harry who now says kevin spacey grove tennis ball coming meeting 18 years old and kevin spacey was doing a script with Richard Dreyfuss sitting there. Scotland yard now investigating. His talent agents cut him off in so its pretty dire situations. Stuart papa johns. Back to that story. Rethinking their nfl sponsorship. This is because of the climbing tv revenues. As thats whats going on . They are blaming it on the low were ratings, the lower viewership of the nfl games. One of the huge sponsors were papa johns puts most of their advertising money. Sure in three Roger Goodell that i understand both sides of the story they are continuing to pay for it. There is over saturation. Theres very few compelling stories in the nfl this year as well. Trade for heres the answer you shouldve said that he stand for that national anthem. You stand up for the flag and if you want to do a protest come you do it outside the stadium. We will give you a microphone and a podium to do it. Stuart the game between the bengals fan who was there, the jaguars. That doesnt help. That really doesnt help at all. That is what it going on. The dow industrials now up two points. Monday morning, just coming off a record high and the dow last week and virtually dead flat. Thank you to James Freeman. Both of you come in thank you joining us. We appreciate it. Dead flat market as we head into 10 minutes worth of business and i mean dead flat. Congressman lee zeldin, Republican House member from new york. His voters could take a big hit on the tax plan. Can he bring himself to vote for her . I will ask him directly i suspect. He will say no, i cant. Hackers releasing documents listing offshore account for some of the world leads. Everyone from members of President Trumps inner circle to the queen of england. Judge napolitano coming up on that in just a moment. Nah. Not gonna happen. Thats it. Im calling kohler about their walkin bath. 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 ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. Stuart dead flat monday morning. Two points higher. We have that story for you. Rivals teaming up to battle. Tell me all about it, nicole. Look at advanced micro. Part of the story with stocks of over 6 . Chip makers, intel and advanced micro teaming up to gather because they have to. This is the first collaboration between these two companies than spending teen 80s. They have to take on nvidia. About 80 of the market share by revenue. Working on graphics chips. So there is the collaboration between intel so they can take it on which has been unbelievable. The stock is up 95 this year. That has been on a tear. We saw it only recently. Thank you very much indeed. Senator rand paul was attacked in his home in kentucky. What happened . An absolute mystery. Attacked while mowing his lawn in bowling green, kentucky by his neighbor, 59yearold renee boucher, a doctor as well. What was the motive here . What we can tell you is mr. Paul suffered five broken ribs. Three of those suffered displaced fractures. Recovery time could be a little while. Hes in a lot of discomfort. Rousseau lonza salus five fractured ribs. Having trouble getting around. When he comes back to work is one of the big questions. The bigger question is what on earth prompted this. Boucher himself been released on 75 bonds charged with assault, what is he charged with . Worst degree assault. Stuart you just dont want to hear attacks on politicians. Ashley we know he was a devout liberal. Theres no indication this was politically motivated. The charges way too low. Fourth degree misdemeanor by six months in jail. I dont know what the law in kentucky, but in most states when you have rope and bones, thats a felony. You are talking three to five years in jail. Must have more than a screw loose. Stuart i just dont want to hear this thing. Very exciting. Judge, another question for you. Something called the paradise papers. They were hacked and it came illegally. Documents about the money dealings around the world. Big names involved on your screen. Wilbur ross commentary amongst others. I dont think theres anything illegal. For example, nothing illegally each. There may be political problems but if the president himself has ranted and raved against the con to, you have been pounding this into a very long time. There is privacy left. These are the worlds most richest full of people paying a premium for privacy and secrecy in the banks lawyer allowed this to get out. No more privacy or secrecy. Do you pay taxes on the interest earned on Bank Accounts are not sure places. If you report them. The bank will not report and the bank while not hold back anything for capital gains. All the interest to which youre entitled. Whether its an opportunity for shenanigans. Suppose you park a Million Dollars in there and its produced a billion dollars producing very nice interest in you consider the interest alone to you rather than income, which is what a lot of folks do. As the government ever going to learn about the loan. You dont have to report it. So theres opportunities for a lot of shenanigans. Weve seen that with respect to these folks. Stuart forgive me for interrupting. If i bought a Million Dollars in the caymans island, what i have to report to the irs or somebody i got a Million Dollars to repair. You do, but theres no way for the iris to verify what you say because the Bank Secrecy Laws that place. You could open up an account under an assumed name, judge napolitano. Eddie windsor. Already an account under that name. Stuart i have the account until the irs says that the account. If i say theres no income and no interest on it, they can surely ask me really, mr. Varney . A Million Dollars and it doesnt pay you anything . Shes like it would a red flag, but there would be no way lawfully for the iris to verify whether or not you receive income and in fact what you had received because you pay for anonymity and secrecy and privacy. Stuart this is part of a Global Movement to closing down the Cayman Islands back in operation, and anywhere else. The islands of her which she rules. Stuart if america wanted to really mess them up, we could. Stuart america destroyed the secrecy and privacy. The iris sutton elbowed. Stuart there could very well be a political problem, but not illegal at least not at least not from what weve seen so far. Check the big board again. Big gains last week down six. What are your 3 of the dow as we speak. As we start to find out what is in and out of the tax deal. The founder of hobby lobby, a christian run faithbased business. His reaction to the shooting and how to respond to it. We will be back in a moment. 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 retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Stuart i do have to get back to the Church Shooting in texas. I want to bring in Stephen Jackie greene, the owners of hobby lobby. They are devout christians we devout christians we believe the gentleman, welcome to the show. How do we react to this . Well, you know, we are reminded almost every day that theres evil in the world. There always has been in there always will be. The bible gives us guidelines and tells us that. In many cases it a source of evil. Do you feel shock that this is happening in the church, not the first time this year or the last few years . An absolute sense of shock it has come to this . We are absolutely shocked. There are no words. We hope that the bible will offer them some sort of comfort. Stuart you are a piece titled this dangerous book. Not your book. The bible. The bible itself is an can be very dangerous. Are people losing their life just for owning it in some countries. We talk about how this book has impacted our lives, calling a to make decisions that we may not have been made were not for the guidelines within the bible. Then we tell a little bit about the starting of the museum that we are opening in a few days, november 18th intel about the bible itself had what is its story. The bible is challenging for us to live by and those challenges are some of the discussions we have in our book. Stuart can i ask in a personal question in what way did it change your life and what decision did you make that change your life because of what was in the bible . There is been many changes the bible has redirected my life in different ways when we share the personal stories in the book. One of them wisely adopted, and we share our adoption story for one of our children and we thought prompted by god in the bible is very clear about helping the widowed or send and so we felt called to that. Even more personal, did a voice come to you . You prayed about this . Not an audible voice, but in my heart, my spirit, yes. I felt this urging, mismanaging and obviously there are principles in the bible that talk about that. Thank you very much for coming on the show. I shall read the book and that is a promise. We appreciate you being here. We hope you do well. Thank you very much. Next case. Totally different. The tax plan. How about this. One side of the new plan looks like it was written by democrats. The other side of it by republicans. Heavy dose i will detail it moments away. Lets get started. Show of hands. Who wants customizable options chains . Ones that make it fast and easy to analyze and take action . How about some of the lowest options fees . Are you raising your hand . Good then its time for power e trade the platform, price and service that gives you the edge you need. Alright one quick game of rock, paper, scissors. 1, 2, 3, go. E trade. The original place to invest online. Stuart we had a weekend to digest the tax plan from house republicans. Here is what i think. Looks like republicans wrote the business side but sure seems like democrats wrote new rules for individuals. First of all business. Overall business will pay less this is classic republican policy. Let capitalism work bring back trillions from overseas and let business make more profit. The economy will get help. The stock market gets another boost. This is the kind of thing we were expecting from the gop but we were also expecting tax relief for the people who pay most of the tax that we didnt get. Right now the top 1 of income earners pays what, 40 of all income taxes collected. If this tax plan goes through, the 1 will actually be paying a lot more. Think about it. Their top rate, 39. 6 it, stays right there, 39. 6, no cut. They will no longer be able to deduct local income taxes. They will lose at least some of their mortgage and property Tax Deductions too. The amount they pay to the treasury will go up. Now the 1 doesnt get much sympathy these days. They have been demonized for a generation but unless this plan is changed, extra money flows to the government, not to the i dont know creators. The economy misses out. Of course there is a heavy dose of politics in all this. The republicans seem to have bought the democrat line about taxing the rich and they bought the line that only tax increases can help the deficit. Nonsense. As the wall street journal suggests, Hillary Clinton could have written this plan. Sum it up this is middle class tax cut, yes it is. It is business tax cut. Yes it is. Increase for the 1 . That means the gop promise surge to 4 Economic Growth looks unlikely. The second hour of Varney Company is about to begin. Stuart breaking news and it is from awed saud. Theyre reporting, reuters reporting actually, saudi banks have frozen detained suspects accounts. If you remember over the weekend the government of saudi arabia swept up, i think it was ashley 11 princes and four sitting ministers and dozens of earth exministers. Including prince alwaleed bin talal. Major holder of shares in companies, including this network. Liz nofly list. Stuart reportedly in the Ritzcarlton Hotel in riyadh. This is breaking. Saudi banks have been freezing assets of those detained. This is a very big deal. Check the big board. Were points. Dow industrials, 23,500. A fresh high for the Standard Poors 500 and fresh for the dow. Stocks up this morning, not much but up. Look at big tech names. Facebook up, amazon, microsoft, apple all up, alphabet down, a tiny fraction, 89 cents. The wall street journal reports that amazon is cutting the price on other sellers items, this ahead of holidays. We have a communications Chipmaker Broadcom offering to buy the mobile chipmaker qualcomm for 103 billion. Both stocks are up. This would be the biggest Technology Acquisition ever if it foes through. Sprint downgrade. Merger talks with tmobile completely fall apart. Sprint down 13 . Where is the price of oil this morning . Look at that were going closer to 56 a barrel. That is quite a rally for oil recently. I want to get back to the tax plan. The Tax Writing Committee will mark it up couple hours from now. Joining us congressman lee zeldin from new york. Congressman, good to have you on the show. Great to be with you. Stuart i dont see how a congressman from wealthy district of long island could possibly agree to this tax plan because your constituents will lose deduction for state and local taxes. You will say no to the bill, arent you . I will say no to the bill in the current form. I even have middle income taxpayers that will pay more than if we kept the current law as it is. President trump won moye district 14 1 2 points. When we were telling voters, middle income tax payers in district like mine, we would fight for tax cuts for them. This isnt what they had in mind. Stuart the gop, youre one of the few republicans in congress from new york state or certainly from long island and they dropped you. They dropped you like a ton of bricks. I view the proposal to eliminate the state and local Tax Deduction as being somewhat of a geographic call redistribution of wealth. Taking money from a place like new york to pay for deeper tax cuts elsewhere. You know it is important for me, i understand im not fighting for my home state, if im not fighting for my home district i cant expect someone else to do that for me. Stuart your fighting voters, they will not vote you back in again if you say they to remember where you come from. I will never lose sight of that. Stuart i dont see how they can make a fundamental change in this because if they make it so the 1 does not have to pay more, then you have to take that extra fromomeplace els because yo have t hav 1 1 2 trillion dollars fortimulus er 10 years. Youre boxed in. They cant make kind of changes you want. There are some really good changes on the corporate side, even on the corporate side, and as it relates to the overlap with the passthroughs, there is something that needs to get worked out there. There are people who complain youre providing pass through rate for widget maker what about me . Im an attorney . I have a law firm. So, nfib, came out in opposition to the bill. I think that is great, to hear them out, what their concerns are, to improve the final product but on the personal side, money has to come from somewhere and it just, it cant come from a hardworking middle income long islander. But also there are other people, maybe theyre upper middle income, maybe theyre wealthier of that. I put up with eight years of barack obama. Helped elect a pub house, republican senate, we have unified republican government now theyre delivering a tax increase. Im hearing from new yorkers all different stripes. I need to fight for them. Stuart as i see it, there will be quite an exodus of reasonably wealthy people and businesses from new york, new jersey, connecticut, massachusetts, illinois, california. They will go to states like texas and florida because there is no state local taxes there. They will win by doing that. That is why it is important for all levels of government to work on tax relief. This shouldnt just be exercise and debate and policy change coming from washington. We see it from albany. Need to see it from city hall in new york city. For those saying theyre subsidizing new york, new york is net contributor as it relates to tax policy and spending policy. I dont want to see a max he can does from my state. We need to bring down sales tax rates, property tax rates, we do have so do that, but at same time im not voting to raise taxes on my constituents from any of them. Stuart as you read it, do you think it passes house . Possibly. I dont know where the whip count is. There seems to be a lot of unity and momentum. I would love to vote yes on the bill but have to change for the current form in order to do that. Stuart are you going to run as a democrat . No. Stuart i had to ask. Lee zeldin, republican long island in new york. Thanks, stuart. Stuart joining us keith fitzgerald, chief investment strategist with money map press. I got it, business tax cuts will help stimulate the economy, i got it. Taking more money from the 1 , that is the way it will work, more money comes from them and treasury instead of private sector, i dont think that stimulates economy much at all. What say you . Im in complete agreement with you, stuart. Not only not people from the economy and real risk, i can not for the life of me politicians dont get this, if you treat money badly it leaves. Any place with high taxation district where you try to impose additional taxes on folks making decent amount of money. They leave. First thing they do hit it rich in california they go to nevada. First time in new york, they go to texas. This is documented since end of time. Here we go again. Stuart seems like personal income tax side was written by democrats. I can see how republicans wrote the business side of it. What do you say . It looks like the democrats wrote this on individual side . You know the way i read this, stuart, i agree with you, by the way, the way i aread this is absolute political hijinks at its highest level. This is bunch of people who do not have vested interests of citizens they serve in mind. Written by a bunch people, strikes me, that want to get reelected. Something is wrong with that. They should go to washington to serve the American People. Stuart they bought the argument you bring deficit down by taxes people more, bringing in more revenue to the federal government. Therefore you lower the deficit. I dont think it works like that. I think you put more money into the private sector, which grows the economy, which eventually bring as whole lot more money into the treasury. That is my way of thinking. They bought the opposite. Oh, i agree with you. Dont forget, in the middle ages they thought they could heal you taking blood out of your left arm, putting it in your right arm. That is what theyre doing here. Stuart im moving on. Amazon lowering prices on items sold by third pares on amazon website. Is this going to hurt other retailers . Oh, i think this is only the beginning of the battle. Everybody who said there is amazonproof company out there, boy this will be a knife game at end of it, this takes the game to a whole new level. They are discounting products they dont even deal with, amazon has so much money they will make up difference to accelerate the price change. This will is being sell rate the retail ice age. For any company that doesnt have a defense against the amazon price strategy. Stuart it is at 1116 right now. Does keith fits have. They have yet to unlock big data. They have yet to unlock artificial intelligence. They have yet to unlock the truth nature what theyre building which is even bigger ecosphere. Amazon everywhere, in your house . Your life, in your devices that to me is worth double the stock price where it is today. Stuart well take that little sound bite. Well run it for next 10 years. Keith, thank you very much for joining us. Lets hope youre right. Thank you. Absolutely. Stuart here is what is coming up for you, Donna Brazile airing democrats dirty laundry, that she seriously considered replacing Hillary Clinton with joe biden as the nominee. Why is she doing all of this . Why is she splitting the party . Were asking the question. Big saudi banks freezing accounts of princes and dismen detained over the weekend of the more details as they come in. Big story. The gop tax plan getting marked up in a couple of hours. The 1 poised to pay more. Youre watching second hour of Varney Company. Stuart big tech doing well this morning but the overall market is slouching along to a mere 8point gain. Nonetheless, record high for the dow, s. M. And for the nasdaq well take did zap. Michael kors purchase jimmy chu. Michael kors up 13 . That is gain and a 1 2. Victor a secret, beth bad bodyworks, up. Ups raised target price for the stock, 4dollars a share. Ashley guess what . Stuart 47. They made the call, then the, lets be decent about this. Ashley all right. Liz were decent people. Stuart now that youre back we are. Former dnc chair, Donna Brazile split the Democratic Party about revelations in the campaign. Some are telling her to shut up. Listen to what she said on abc news. Roll tape. I can not control the purse string of the Democratic Party. For those telling me to shut up, they told hillary to shut up couple months ago, i tell them to go to hell. I will tell my story. Go to hell, why am i supposed to be the only person that is unable to tell mier to . The high command of brooklyn, the people who are making decisions even for the dnc, they doesnt come and work with us. They told us to shut up and basically let them win the election. Stuart well, whoa, Mike Huckabee is with us, former arkansas governor. I have got a simple question, governor, why is Donna Brazile doing this . She was a great friend of hillary. She head per questions during one of the debates. Why is she doing this. Cynic would say she is selling her book. I have known donna a long time but ive known the clintons longer. Here is what i think is happening. Donna brazile, like a lot of democrats fed up with the clintons owning dnc. When she got into the position it realize hillary bought the dnc, wrote a check and bought the darn place, all the democrats got out of it was a brooklyn warehouse full of balloons they never got to blow up and drop, she decided time for us to separate from the clintons. They still want to go out there to pretend theyre leaders of party. Theyre the past. Theyre not the future. Donna decided she would take the point, walk through the minefield and well stand back and get away from her a little bit because it could be a dangerous walk through that minefield. Stuart politically, do you think that bill and Hillary Clinton are indeed done . In their minds, absolutely not, but i think in the minds of most democrats, including people like Elizabeth Warren and many others jockeying for positions in the party, i think most certainly. Look, they were embarrassed they lost the election. They never thought it was possible to lose the election period, much less to donald trump. They are humiliated that all of their attacks that, it was russia, russia, turned out so far not to be true. And then to find out that election was rigged and bernie got hosed. I think all of these things have combined to make them say, it is tile for to us move on. We have to let go of the clintons and our infatuation with them. I truly think that happened. Stuart quick word on the tax plan. The way i see it, is the 1 is going to be paying more. Seems to me like that part of the tax plan was written by democrats. What say you . Stupid thing for them to do. I know they dont want to be accused of faving the rich, but they bill be accused of favoring the rich if they gave everyone who doesnt pay tax as big fat check and everybody who does pay taxes gets to pay more. They would still be saying they were favoring the rich. They need to come up with a plan that stimulates the economy. The purpose of taxes is to provide for the government needs and to do it in a way that helps grow the economy. The republicans need to start selling their message that way, and quick pretending democrats are ever going to like anything they ever propose because theyre not. Stuart hold on a second, governor. I want an update on the virginia Gubernatorial Election which is tomorrow. A new fox news poll, it shows 4843 in favor of the democrat. Liz thats right. Ralph northam leads, five percentage point edge, well within the margin of error, 2 1 2 . Leading ed gillespie. Swing voters, 7 of independents are still undecided. Look at issues, when you ask them about health care, the democrat is big win on health reform, 6920. When just the economy, ed gillespie comes out 533. Liz just on economy. Stuart i suspect that poll. Im not sure it will work out right. Governor huckabee, what are your thoughts on this. Im not sure that that is accurate because a lot of polls have always undersampled or underestimated what the republican vote turns out to be, most notably a year ago when trump won but if in fact northam wins, he can say thank you, republican congress. If he wins, it is because people have just gotten where theyre angry at republicans in congress. I dont think its a referendum on the president so much as it is a referendum on a donothing republican who cant repeal and replace obamacare and so far havent delivered on taxes. Stuart i think youre right, 100 , governor huckabee, as usual, i might say. Of course i am. Of course i am. Stuart ive been hoist on my own pitard as i recall. Thank you for joining us, sir. Always good stuff, thank you. Question what do the queen, bono, wilbur ross, what do they all have in common . A whole lot of cash. Well explain it fully, believe me after this. 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. Stuart newly hacked financial documents reveal the hidden wealth of pretty highprofile people including the queen of england and commerce secretary wilbur ross. They are called, the paradise papers. Deirdre bolton has it all. Reporter thats right, stuart. Biggest leak ever, 13 1 2 million documents. A german newspaper, obtained documents, ran wild with it. Also turned them over to a international journalistic organization which felt free to share as well. You spoke with the judge as well. There is a difference between tax evasion and tax avoidance. Underlining this, triple, triple, nothing done illegally here. May not be the best pr for these people but not illegal. One thing to note affecting people on both sides of the political spectrum, all sides, all shades, all colors. You have nike, apple. You have the queen of england. Commerce secretary wilbur ross, i want to underline there, a spokesperson for the department put out a statement this morning, not only has he disclosed every single investment he has ever made but the company that he did have money in was actually never sanctioned, not in the past and is not currently on any sanction list. So just to clear that up. Bono. I mean you can to down stuart long list. Reporter singers, entertainers. Everyone. Stuart youre not on the list. Ashley im not on the list. Stuart i may be born in a foreign country but i dont have any money overthere, any money period. Theyre aiming to get rid of all Bank Secrecy Laws, Cayman Islands. That is what theyre going for. Deirdre bolton, good report. Thank you very much. Former chair of the dnc, interim chair, i should say, telling people that tell her to stay quiet, go to hell, is what she is saying. Excuse the language. Were all over this. Hi, im mindy kearns. Its great to finally meet you. Nice to meet you too. Your parents have been talking about you for years. Sorry about that. Theyre all about me saving for a house, or starting a college fund for my son. Actually, i want to know what youre thinking. Have a seat. Knowing that the most important goals are yours. Multiplied by 14,000 financial advisors, its a big deal. And its how edward jones makes sense of investing. Stuart were up, 16, 17 points on dow industrials. That puts them at record alltime high, along with similar alltime high for the s p and nasdaq. Stocks up this morning, not much. Big techs are making a running actually. Facebook, amazon, microsoft, apple, all of them on the upside. Nicely so. Alphabet is down couple bucks. The rest are on the upside. That is where the money is going this morning. Target says its stores will open 6 00 p. M. To i had midnight on thanksgiving day. Will pay all employees who pick up holiday shifts additional money. No impact. Intel and amd taking on nvidia. It is making a running this year, up 95 in price, that is the stock. Look at it now, 209 a share, amd teaming up with another chipmaker against nvidia today. Lets see now, long time this is a story 1 2. Longtime l. A. Dodgers announcer, baseball guy, vin scully, slamming the nfl, football for the anthem protests. Listen to what he had to say at an event over the weekend. Roll it. I have overwhelming respect and admiration for anyone who puts on a uniform and goes to war. The only thing i can do my little way, not to preach, i will never watch another nfl game. [applause] stuart vin scully. The man is a legend. Howard kurtz with us, host of mediabuzz on fox news channel. This is a media story, actually, it has been played out in the media, and i think it is all of it is bad news for the nfl and football, what say you . Well i love vin scully. He is 11 5 years old, he can say whatever the hell he wants. It is really striking. He says im no great patriot. I served in the a year in the navy. He is is so offended by anthem protest, he will turn off the nfl which he says he always loved. That taps into the public sentiment at anger at protesters. At same time it is unfair to all the Football Players who show up every sunday and dont protest. Stuart football is suffering, would you agree with that . No question about it. The brand has taken a huge hit. Roger goodell, the commissioner, mismanaged this whole thing. The ratings are down, for a while. This is crisis for National Football league, this is giant of professional sports. To have a guy from baseball, beloved, saying he will not watch it anymore, i think is another blow. Stuart yeah. Okay. I dont see any way out of this, actually. Certainly not in the short term. Howard, former dnc chair Donna Brazile, slamming Hillary Clinton in her new book. Now she is talking about it on national tv. My question to you, howard, why is Donna Brazile doing this . She is splitting the party. She was a good friend of Hillary Clinton. And fed her questions during a debate with Bernie Sanders during the campaign. So why is she now coming out and really splitting the party like this . Right. Donna Donna Brazile lost her consider contributor gigs at abc and ncc because of just that. This is designed to be her swan song in politics. She foes after everyone. She napalms every bridge. Not only said replacing Hillary Clinton with joe biden after the fainting spell. That hillarys Brooklyn Office was a morgue. Goes after individual people that the whole dnc system was rigged in Hillary Clintons favor. Goes after robby mook, campaign manager. Jennifer palmieri, former Communications Manager the b word. Like she is trying to rebuild her own image at expense of her own friends. Stuart there are is comments she is selling books. I think the book will sell big time. I am going to buy it and read it because i am intrigued by it. I cant believe that is the motivation to sell books so you trash your former friends. Seems more to it than that. I think Donna Brazile took a lot of heat for the fact that the democrats lost what seemed to be a very winnable race. So there is a very little bit of butt covering here. It was hillary campaign. Debbie Wasserman Schultzs fault. The fact there was no enthusiasm. She said at one point felt like a slave, injecting racial aspect here the way Hillary Clinton folks treated her. From the way she looks at it trying to vindicate her own position. She had a thankless job and wasnt given the tools to help, still for all of that, she has been in Democratic Politics for some decades, so Close Relationships with all these people its a head spinner. Democrats are angry about this the way it exploded in the news, stuart. Stuart one last quick one, howard, do you think there is any end in the immediate future, end in sight, the sinking reputation of the media in general . I think not and the reason for that is simply there is this huge Cultural Divide President Trump and Mainstream Media which have been relentlessly or largely negative toward him. As long as that continues i dont see it turning around. I wish i could give you more optimistic answer. I believe in journalism but i dont see any improvement. Stuart i wish i was you. I wish i could do your show because such terrific position when you look at what is happening in the media with this country with donald trump. Maybe i could anchor your show one time. Probably not. You would have your hands full. Stuart come do the financial stuff, howard. I will try that. Stuart howard kurtz. Appreciate you being with us. I want to get to saudi arabia this is a big story a big shakeup there. Reuters are reporting that saudi banks are freezing hundreds of Bank Accounts of those people detained over the weekend. Joining us general jack keane, fox news military analyst. General, that is the financial side of this. There is more important side going on in saudi arabia. They are the principle bulwark against expansion of iranian power. Now this looks like a power grab, almost total area system within saudi arabia. This is disturbing, is it not . Reminder to us, to our viewers, saudi arabia is authoritarian regime. This is not the way democracies behave. They rounded up at least 60 prominent people, princes, cabinet officials, head of naval forces, the guy who runs the royal guards, protects the royal family, put them in luxury hotel where they have confined them, all under the auspice of an Anticorruption Campaign but likely, while there may be some corruption, involved, stuart, more likely than not what is happening here consolidation of power. This is authorized by the king who is very ill, kind of an open secret that he will probably within a year turn over the thrown to his son, muhammad bin salman, who is 32 years of age. This clears any political obstacle for that to happen. Mbs as salman is referred to, he is reformer. He wants to diversify the economy. He wants to transform some cultural social issues very far right and very conservatively held by the mullahses. He wants to stand up against the iranians. He is doing that obviously in yemen. He is taking issue with qatar. He is very different leader than what weve ever had in saudi arabia. Stuart that is a sign of trouble though, isnt it . When you have to crack down and arrest princes, business people, you have a war going on in yemen, you have this fight with qatar and the lebanese Prime Minister resigned because of pressure from iran, it makes you wonder, doesnt it . The saudis are under a great deal of pressure and the regime by turning more authoritarian becomes a little more brittle. Are you concerned . Yeah, certainly. When we take the view from a democracy and watch Something Like this happen, you know, just foreign to us. Something that can never happen in our country. But you put your finger on it. There is huge pressure that the saudis feel. Certainly external pressure from radical islam. Particularly from iranians internally. They can not, they can not just continue to be a one commodity country. That, they got serious problems. They have to diversify their economy. They also want to put people to work and get them off the dole, which so many of them are, because entitled state as well. So, these kind of changes are huge inside of saudi arabia. And this is, this is a move by the people in power to help make that transformation to this new design that they have, to help clear a path for reformation. When we want to do that, we have an election. We just went through Something Like that. We brought in a president who had, wants to reform the way america is doing business. But the American People decided that outcome. In saudi arabia, the peel in charge decided how to do that. Stuart so it seems. General jack keane, always a pleasure. Good to see you sir. Thank you, stuart. Stuart senator rand paul is recovering after he was assaulted in his home in kentucky. Liz, the senator was pretty badly hurt. Liz rand paul was on the baseball field when five were injured back in june at the baseball practice. He was mowing his lawn 3 00 p. M. On friday. This is in bowling green, kentucky. Rene boucher came up from behind him, blindsided him, tackled him, fractured five of his ribs. He is having difficulty breathing. Rene boucher is a physician as well. He is charged as ashley reported fourth degree assault. There could be further charges brought against him. Out on 7500 bond. Stuart was it political, some kind of a political attack . Liz he is known to go on social media, appears to be liberal and very antirepublican. We dont know what started the fight. Ashley its a next door neighbor. Who knows what is brewing. No indication of a motivation to lizs point. Stuart the last thing we want to hear a political violent attack on american politician. You do not want to hear that. Ashley broken ribs are incredibly painful. Five . It will take him a while to recover. Liz no timetable for his return to the senate. Stuart that is important. Noon today, republicans marking up, making changes i should say to the tax bill. Up next, jim renacci, member of the Tax Writing Committee in the house. I will ask him which changes will be on the table and what will be possible. Ashley the 1 could end up paying more under the new republican tax plan. James freeman says giving wealthy americans a tax cut would be a boost for the economy. Roll tape. Folks in the administration, some of whom are quite wealthy, dont want to be portrayed helping themselves but they do need to remember the point of this is not to raise taxes or lower taxes for a particular group. It is to grow the economy. Stuart exactly. You look at that top 1 , they make 20 of the money this country but they already pay 40 of the federal income taxes. You can go down the line. The top 1 pay more than the bottom 90. The top 10 , pay 70 of all federal next taxes. Income taxes. Move the needle for people to create, invest, save in this country, you need to cut taxes at the highend. Brighthouse financial established by metlife. From godaddy in fact, 68 of people who have built their. Website using gocentral, did it in under an hour, and you can too. Build a better website in under an hour. With gocentral from godaddy. Stuart this monday morning, not a huge runup in stocks prices but its a runup. Enough to put all three averages, dow, s p and nasdaq in new record high territory. Then there is this. The taxwaiting committee starts marking up the tax plan in a hour. Jim renacci with us, member of the Tax Writing Committee. Something that is going at me over the weekend, the 1 will pay more, i am right, arent i . Well, stuart, look, and i heard one of the intros earlier on your show, when 90 this goal is really to lower taxes on middle income. But when you do that there are going to be people in the higher income bracket that actually get a lower tax as well. So no matter how you run the numbers, the goal is, and were going to make sure that middle income taxpayers lower, get dollars back to grow the economy. That is what this is about, growing the economy. But in the end, higher income people are probably going to get some tax cut as well. Stuart but you dont grow the economy as much if you dont give higher income people some of their own money back. Exactly. They will get some of their money back. If you lay out the tax plan is it is a very complicated system. I have been a businessman and tax practitioner for years. I can tell you it is complicated. Because they pay so much of the tax base they will get a tax cut as well. Stuart how will they get a tax cut . Well, look, there is plenty of things. When you come up the bracket, there is reduction in the bracket. So they get that reduction. Well eliminate the amt. So they will get that reduction. There will be a number of places. There is a reduction as we all know in the passthrough income which a lot of high income owners have. At that they will get that Tax Deduction. When you calculate their tax return, calculate middle income, people will get tax cuts. But were trying to make sure that middle income gets a tax cut as well. That is the goal. You will see when people start to release some of these tax returns, this is going to happen. Well have good growth because all americans are going to get a tax cut. Stuart when you start marking up the bill in the next hour, there are probably not many significant changes you can actually make because you have got to shoehorn yourselves into a 1 1 2 trillion dollar cut over 10 years so you only need 50, 51 votes in the gnat to get this thing passed. So theres a limit how much you can actually change. One thing i tell you the chairman is still listening. He is is listening to members. He is listening to outside groups. I think goal between today and minute it passes on the floor well continue to work towards making sure we get the majority not only in the house but in the senate to pass a progrowth tax bill. You might not see any movement today, what i heard and what i know the chairman is working toward and what i know leadership is working toward, making sure we continue to move toward a path where we continue look what is going on, looking to issues and potentially modify something, as long as we stay in the 1. 5 trillions area. Stuart why do you guys believe that you lower the deficit by taxing the rich . Why do you believe that . Well, no, i dont think were taxing the rich. I think again stuart yeah, you are. Look i think in the end, when you start to look at this model, you will see the wealthy do get a tax cut as well but middle income earners as well. Stuart im running math for a lot of people here, i dont see it. For high income people, the mortgage Interest Deduction is virtually cut in half. The property Tax Exemption is now cut down to 10,000. They dont get a cut in the top rate. It is still 39. 6 . The biggest thing of all is, you can no longer deduct your state and local income taxes which is huge. Well, again, sir, we double the standard deduction. We lower the tax brackets as it moves up. Were eliminating amt i hate to say it, i run it on my numbers and my taxes, i think they come down a little bit as well. No way around it, no matter what you do because were, when you start lowering brackets, but in the end, this package is really based on middle Income America and growth. That is where we have to make sure were looking toward, middle income, america, growth, sustained growth and allowing corporations to be competitive here in the United States. Stuart you got to sell it better, congressman. When i was out and about in the tristate area over the weekend, i had people coming up to me complaining bitterly they were going to end up paying more tax when they voted republican. Theyre not happy. Im afraid im out of time. Congressman. Look, i do appreciate it. You have always been on the program. Standup guy, straight arrow. We appreciate that. Well keep doing that thank you, stuart. Stuart jim renacci. Coming up not everybody is happy with the gops grand tax plan. That includes Small Businesses as well by the way. Well explain why they are not going to get quite the break that they thought. Well be back. You cant predict the market. But through good times and bad. At t. Rowe price. Weve helped our investors stay confident for over 75 years. Call us or your advisor. T. Rowe price. Invest with confidence. Ashley we are learning new details about the man who shot and killed two dozen people at a Baptist Church in texas, but the motive still unknown. Adam housley is live outside of the church with the very latest this morning adam . Reporter ashley, better idea what motive may be. Another press conference scheduled 20 minutes from now with authorities in texas to talk about the latest information they gathered in this horrific shooting that happened nearly 24 hours ago. Locals say this, think about this for a second, only a handful of people were not shot in that church yesterday. Nearly 60 were inside, were told. 26 dead, 20 injured. You do the math. Numbers are just horrific. As long as children as old as grandparents. The shooter we believe, according to authorities, walked in, dressed in tactical gear, went to front of the church, turned around, started sprays the crowd. At some point shot people pointblank in the head. Two heroes, johnny, opened fire, chased the man down, essentially confronted him, we believe he took his own life. Take a listen how they explained the last moments. He hit the ditch. The jent machine gentleman with me, got out, rested his rifle on my head and kept it aimed at him. Telling him to get out. Get out there. Was no movement. There was none of that. Reporter Authorities Say he was dead inside of the truck in a nearby county. The latest information expected to come in here little less than 20 minutes with the most recent press Conference Held in texas. Back to you. Ashley adam housley, thank you very much with the latest from the church in texas. More varney right after this. Stuart the battle within the Democrat Party has turned brutal. It is a total split, and its the book from Donna Brazile thats done it. More excerpts have been released, and she revealed even more. To those telling her to shut up, she says, go to tell. Im going to tell my story. As the Democratic Party machinery, she didnt like taking orders from hillarys brooklyn headquarters. The brooklyn hq, by the way, looked like a hospital ward where someone had died. The book comes out tomorrow, but the damage has been done already. The growing Bernie Sanders wing of the party is hopping mad. It was all true. The nomination process was rigged. And hillary is now involved in a third big scandal. First, the russian uranium deal, the russian dossier deal, number two, and new, number three, rigging the nomination. Its hard to figure out why Donna Brazile did this. Shes a lifelong friend of hillary and actually helped her cheat in a debate with bernie by feeding her the questions in advance. And by telling all, she is dividing her own party. Maybe shes selling books with dramatic headlines. Maybe. But perhaps shes also fed up with all the excuses hillary and the democrats are using for their loss to donald trump. Either way, the clintons are done in politics, and the democrats are going to struggle to unify behind a winning message and a winning candidate, if they can find one. The third hour of Varney Company is about to begin. Stuart you know, all of a sudden weve gone from a plus 22 to the plus 3, marginally on the upside there. Earlier wed had the dow, the nasdaq and the s p, all of them hitting record highs. Okay, now were up five points, 23,543. Look whos here, zane tankel, is the name. Hes the ceo of apple metro. This man runs a few dozen applebees in the new york metro area, frequent guest on the program. I dont know why, but youre always coming back to us, isnt that right . [laughter] i cant figure it out myself. [laughter] stuart this tax plan, youve seen it. Yes. Stuart if it were passed today as is, is it good for applebees . Is it . Stuart, whats good for the country is good for applebees. Our tagline is americas favorite neighbor, so were the largest casual dining concept in america. So if, you know, incoming tide rises all boats, correct . Stuart are you saying its good for you . Yes, sir. Stuart institute because it is stuart because it is a middle class tax cut, not a 1 tax cut. I make a point on the macro of it . Our tax rates, as you well know, are the highest in the world. Capital tends to find its most efficient usages. Multinationals dont build here, as a rule, because they have to pay a huge premium to build here. If we reduce our taxes to incentivize multinationals to Start Building industries here, thats the middle class that gets those jobs, is it not . We always look at ourselves creating those middle class jobs. They could be created by foreign nationals, they could be created by other Industrial Complexes. And if we reduce our taxes, we become more competitive on the world stage. If were more competitive on the world stuart so you dont care that the 1 will probably end up e paying more overall in taxes. Thats got nothing to do with your business, nothing to do with your customers and your restaurant chain. Theyre not taking the money from anybody. I didnt grow up rich, i grew up relatively poor. Stuart yep. I always used to think that that guy that lived in the big house on the hill, god bless him. I want a house just like his, and im going to work real hard to get it. Im not going to take it from him to get it, im going to build it myself. Stuart this tax bill takes it off him. They will end up paying more in tax. Yes. But at the same time, i dont resent that the 1 get more or dont get more. I care about what i do. Stuart okay. I have to ask you about oil because i know youre an oil and gas guy. Youve invested heavily. Yes, sir. I am a director on oil stuart why is oil at 56, as of right now, 56 a barrel. I thought american frakers would make sure the prices stay down in the 40s, but whats going on . Oils very fungible all over the world, correct . And the geopolitical issue in the world today is a little upside down in the middle east where most of our oil does come from. Stuart [inaudible] well, the missile that came from the houthis in yemen into saudi Arabia Stuart let me stop you for a second. There was a missile launched over the weekend from yemen. You say it was the houthi tribe that did it. Correct. Stuart didnt get much coverage, but you think thats one of the reasons why oils going up . Well, the prince said that is an act of war, quoteunquote, when that missile landed. So if thats an act of war and the houthis and the yemens, which is one of the poorest countries in the world, dont have the Technical Capability to launch that missile. Where would that missile come from . Stuart iran. Probably. Houthis are a surrogate army force, correct . So if iran was behind that and the saudis say this is an act of war, theyre not talking the houthi tribe in yemen when they say that, number one. Number two, there is a lot now, this is speculation, but there is a lot of speculation that the israelis are kind of advising the young prince, salman, in terms of the consolidation of power. You also know they just arrested stuart yep. So the big arrest wasnt walid who is the flashy, bigtime businessman. The big arrest there is the head of the National Guard who is the son of the king. Stuart ah. So theres a con slation of power. And if somebodys advising a 32yearold crown prince at how he can put his country together to consolidate this power to respond to the missile, it gets all very complex, but then the gulf states are involved as well, right . Stuart and the price of oil goes up, bottom line. Okay. Zane, stay there for a second because i want to bring in Stephen Schork with the sloshing report. This guy the schork report. Im sure you heard this, stephen, the price of oil going up, 56 a barrel right now. Zane tankel says its got something to do with that missile that was fired into saudi arabia and the consolation of power by the crown prince. What say you in. Well, certainly today there is going to be a move to err on the side of Higher Oil Prices with regard to the uncertainty coming out of all of the news coming from saudi arabia. Lets keep in mind this consolidation started at the beginning of the summer with the frayed relationships between the other sunni power, qatar, in the region. And this just goes ahead and puts it on another higher level. So uncertainty is going to lead traders the err towards the higher side. We also have to keep in mind, stuart, that oil prices particularly gasoline prices have been moving steadily higher since all of the disruptions in the gulf of mexico from, lets say, the busiest Hurricane Season since 2005. So we have logistics, we have infrastructure plays that are being supportive of prices. So its a combination of some fundamental events that demand for gasoline is very high at a time when refinery throughput is very low. Thats a very seasonal impact, and thats certainly supportive of prices. Now stuart wait a second, steven, you make your money by forecasting prices. So youve got to forecast them for us. Is the price of oil going to hit 60 a barrel . Is gasoline in america, regular, going to hit 2. 75 a gallon . In the short term, certainly 60 a is a potential. We could potentially hit it. I dont see us staying there. The caveats here, stuart, are that speculators, wall street have never been more bullish, so theyve taken a huge gamble. They have cleared the decks, and theyve gone all in on Higher Oil Prices. So if they begin to bail, well see a retrend the. Ment. More retrenchment. Its going to allow u. S. Producers to reset their hedges and sell their production forward, so we could look forward to more u. S. Production coming on in the new year. And also, more importantly, the elasticity of demand. Oil is demand and elastic as it was before. Consumers, thanks to substitutes think electric vehicles do not respond the way they have in the past. So that said, stuart, i think that 60, to answer your question is it potentially possible, in the short term, absolutely, if we get the right kind of headline. Can we stay there . No, i dont see us staying there. I see us retrenching back to the range weve been for the past two and a half years. Thats right where we are, on the low, high 40s, low 40s. Stuart okay, well take that. Steven schork, thank you very much, indeed. Zane tankel, its good news for american frackers, isnt it . Sure, it is. Were right up there in east texas stuart youre drilling in texas. Were drooling. [laughter] but i still think that being said and everything is exactly right, but theres also a demand increase. Because as we build its not just automobiles. Hes exactly right, but industry. As industry starts churning stuart growing again. Exactly, growing. Were still an oilbased Industrial Complex as most of the world is. Stuart well, zane, im very happy you were born on the poor side of the tracks, and im very happy youve made it to the other side of the tracks and a guesten on our program. Youre obviously doing well. Thank you, stuart, appreciate it. Stuart i bet you too. Youre all right. [laughter] thank you, sir. Stuart later this hour, well take a look at that republican tax plan with former mcdons chief ed mcdonalds chief ed renzi. He wants them to get this one done. And you heard my editorial top of the hour, Donna Brazile considered replacing Hillary Clinton on the democrat ticket after clinton fainted at that 9 11 event. More on that coming up for you in a moment. A new poll on the 2018 house race. Democrats have a big leg up over republicans. Well discuss that in a moment. More varney after this. Did your senator or congressman get elected by talking tough on the National Debt . Will they stay true to their words . Or did they promise you one thing. Only to do another . Right now, congress is talking about tax cuts that will add trillions to our National Debt and hurt our economy. Its time to tell congress. Dont borrow more money from china. And leave more debt to our kids. Keep your word. Tax cuts shouldnt add to the National Debt. Stuart well, well, look at this. Voters say they prefer democrat candidates for the house of representatives next year over republicans and by the widest margining in over a decade. This is a Washington Post abc news poll. Fred barnes is with us, Weekly Standard executive editor and fox news contributor. All right, fred, that was for the house election next year. I want to talk about democrats in 2020. We hear, and this is whispering away here, senators cory booker, new jersey, kamala harris, california, and hawaii congresswoman tulsi gabbard, are these the rising stars of the party who will be, one of them will be the candidate in 2020 . What do you think . Well, they are the rising stars. In fact, with the Democratic Party its the [audio difficulty] theyre a bunch of old folks. And the good thing about booker and gabbard and harris is that they are not geezers. [laughter] and this is what democrats need. They need some younger candidates. Are those people, those three ready to become strong Democratic Candidates for president . Its possible. Look, a year before the election which was barack obama . He was a pretty obscure senator from illinois. So maybe one of these will emerge, but theres no, theres no guarantee of that. Well have to see if any of these older folks are running. Stuart fred barnes i have to interrupt here, and i have to tell you, you cannot say President Trump is a geezer. Granted, hes 71 years old, but he certainly doesnt act like it. He doesnt. I wasnt referring to him. [laughter] but the democrats act like geezers a lot of the time. [laughter] look at nancy pelosi whos been, a pretty strong leader in the house. But look at her press conferences, you know . She cant remember things. She doesnt look like shes ready to run the house of representatives again. Look, its a year away. A lot can happen. Stuart we like to speculate about these things. I want to talk Donna Brazile. Shes been talking about she actually talked about replacing hillary on the democrat ticket in the election. Yeah. Stuart hold on a second, fred. Listen to this. You didnt have the power on your own to replace hillary on the ticket. No. But as you well know, the charter of the dnc say that the chairperson shall in consultation with the leadership in congress and others. So i had to put it on the table, george, because i was under tremendous pressure after secretary clinton fainted to have a, quoteunquote, plan b. I didnt want a plan b. Plan a was great for me. I supported hillary, and i wanted her to win. But we were under pressure. Stuart you know, ive been thinking, why is she doing this . Shes splitting the party. My answer is its not to sell books, its because she sees the middle of the road Democrat Party being trashed, just being run out of town by the leftists, and she wants to do something about it. Get rid of the clintons and bring new moderate people. What do you say . I say thats good analysis. You dont need me here. [laughter] in fact, the party has just run away. You know, the joe biden thing, putting him in, sounds nice, but it would have split the party. Last year stuart a lot of people say he could have won. He could have won if he had run and won the nomination and was the only candidate to come along. But to stick him in after hillary was already running or had won the nomination, that would have split the party. The feminists would have gone crazy, and there are a lot of them in the Democratic Party. Stuart i say that the democrats are just as split as the republicans and its going to get worse. I mean, look, this thing has just started about the, about what was done where the Clinton Campaign just took over the whole Democratic National committee, questions about whether its legal or not. Were just starting to hear about it. And then theres the whole fusion thing and that dossier, and theres so much stuff out there that is going to split the Democratic Party more. And stuart and youre loving every minute of it, fred barnes, i know you are. [laughter] were both of us geezers, and we both love it. [laughter] all right, fred, well see you later. Good luck, sir. Okay. Stuart now this. Special investigator Robert Mueller reportedly has enough evidence to charge Michael Flynn. Judge napolitano has details on this one. The judge will also give us the latest on the newlyreleased paradise papers. Hackers releasing details on where the elites keep money overseas in those secret Bank Accounts. Some big names mentioned. The queen of england, commerce secretary wilbur ross, u2s bono. A lot more ahead in this hour. Stay right there, please. [lance] monica, it is absolute chaos out here gale force winds, accumulations up to 8 inches. Dont know if you can hear me, but [monica] whats he doing . [lance] can we get a shot of this cold front, right here. Winter has arrived. Whooo hahaha [vo] progress is an unstoppable force. Brace yourself for the season of audi sales event. Audi will cover your first months lease payment on select models during the season of audi sales event. Stuart the authorities are holding that News Conference on the texas Church Shooting. Were listening in. Well bring you updates and headlines as they occur. Separate entirely now, ive got three retail items for you. Can we get rid of that, please . Toys r us gearing up for those holiday shoppers. The stores will be open for 30 straight hours starting on thanksgiving, continuing all the way through black friday. Theyre hoping for the best. Toys r us still in a lot of trouble. Amazon has started slashing prices on all kinds of items sold by third party sellers. Youll see items marked as discount provided by amazon. That means amazon will sell you the product at the discount lower price, but theyll still give the full price to the seller. You, the buyer, gets the benefit. Target announcing itll pay more hourly employees, theyll pay them more money to hourly employees working thanksgiving, black friday and weekends leading up to christmas. Its not helping the stock, its down a fraction. Theres system other individual stocks some other individual stocks in the news. Cvs, their profits better. Theyre processing more claims at the pharmacy benefits management business. The stock is down, though, 2. 7 . Better profit at michael kors. Theyre opening more stores. Thats helping them pull in a lot more money. The market likes that, a 13 gain on michael kors at 53. Weaker profits, weaker revenue at mylan but remember, please, they are the people who sell the epipen. Sales of the epipen down. Nonetheless, mylan still up 2. 5 . Very hard to figure out the stock market sometimes. The merger between sprint and tmobile, well, its called off. Done, finished, not going to happen. The companies were unable to find mutuallyagreeable terms. Quick check of gun stocks, theyre up. Investors believe that people will buy more guns in the wake of the texas Church Shooting. This happens when theres been a shooting almost all the time, happening again today although we only have just all incorporations, only gunmaker thats still up. Back to the gop tax plan. On one side, it looks like it was written by the democrats, on the other, by the republicans. Well be joined by the former mcdonalds ceo, ed renzi, on that. He says a great bill is one where no one gets everything they want. Quick check of the big board, were up five points. More varney after this. Stuart oh, yes. If you can make sense of that. [laughter] were not going to delve into it now. Kind of like the tax bill. [laughter] stuart were going to check the big board and show you its up 14 points on the dow industrials. Its an even split, 50 50, winners and losers among the dow 30. United continental says it is considering replacing older widebody planes with in new boeings 767s. That things been on a tear recently. Ed renzi is with us, he was the ceo of mcdonalds. I want to know we just had on the air on our program zane tankel who runs 40toed applebees in the 40 odd applebees in the area. He says this tax plan is very good for applebees and very good for customers of that restaurant chain. How about for mcdonalds and customers of mcdonalds . Well, all franchise restaurants are Small Business people, and theyve got to keep more of their own money. The federal government, the house and the senate, never have any trouble spending their money. The problem is they shouldnt have confiscated it in the first place. Lets let Small Business people reinvest in their businesses, create new opportunities and grow. And also think about this Multinational Companies wont come to the United States to build because the tax rates are so onerous on large corporations. Thats why all the money in many of these corporations resides offshore. Its the reason why bono and cats like that leave their money in the Cayman Islands, because its so crossly over grossly overtaxed here in the United States. Reducing taxes will stimulate the economy, and it grow and help pay down the damn deficit. Stuart we do not reduce taxes on the 1 . The top income earners who already pay, what, 40 of all the income taxes collected by the federal government, they that 1 theyre almost certainly going to pay more. That doesnt stimulate the economy, does it, ed . Well, it depends on your perspective. Are you talking about individual income, or are you talking about large corporations, or are you talking about bonds that are taxfree stuart individual income. Hold on a second, individual income taxpayers. The top 1 , especially if they live in hightax states, new york, new jersey, connecticut, etc. , etc. , etc. , those people because theyll have some deductions, big ones, taken away and they get no cut in their rate those people will pay more. And im questioning, does that stimulate the economy . In my opinion, yes. And im one with of those cats that happens the. We can afford to pay those taxes a lot better than the Small Businessman can or the shareholder that has stock thats trying to rely on that stock as a pension opportunity. Stuart but why do we have to [inaudible conversations] why to we have to tax anybody any more . Why . Thats because thats the nature of government. Its in their dna. Theyre going to do it no matter what. Thats the reason why i say nobodys going to be happy with this tax plan, but weve got to reduce it because the lobbyists are going to want the housing benefit and right down the line. Everybodys got an ox to gore one way or another, and the politicians have got to have courage and say we need to stimulate growth in this country. Stuart yes. Bring money from offshore back here. Lets go stuart but why [laughter] look, if you cut look, im not grinding an axe here, but the top 1 , wealthy people, high income earners, theyre going to pay more. That does not stimulate the economy. This is a large group of people who earn a great deal of money, and theyre going to be paying even more money. Wouldnt you stimulate the economy a lot better if you give them some of their money back . Its their money, give some of it back to em . Well, of course. Thats on idealistic world. You know thats not going to happen and so do i. Lets go to a flat tax rate, get rid of all deductions of all kinds. Get rid of the irs and turn those people into other occupations. That aint gonna happen, stuart. You know it and i know it. Were going to have to compromise. All of us are going to hate some part of this thing, but weve got to follow the lead of reagan and jack kennedy. Get the government out of our wallet and spend that money to grow the economy. Stuart i agree with you, but this does not follow president reagan. No. Stuart president reagan cut taxes for everybody. This tax deal does not. Its unfortunate that everybody doesnt have the courage of ronald reagan. Stuart i will agree with that. But bottom line, ed renzi thinks this is a middle class tax cut, its great for business, its good for the economy, and you say pass it, correct . You bet. Right now. Stuart okay, you got it. Ed, thank you very much, indeed. Well see you again later. I want to bring in tony sague, Public Relations guy at the treasury department. Stuart stuart you know what im going to say. Great to be with you. [laughter] stuart look, im not grinding an axe on behalf of the 1 . Im simply saying if you dont if you make them pay more in tax, more than theyre paying already, and that will happen, you dont stimulate the economy like you could stimulate the economy. Stuart, i think we have to expand this conversation. Not to suggest where youre focusing isnt something were sensitive to, but remember, were keeping the top rate at 39. 6 for those at least in the houses plan earning a Million Dollars and more. We are dramatically cutting rates across the board, broadening the base. This is very reaganesque in that regard. But when you look at the business side, reducing the rate from 35 to 20, taking the Small Business tax rate, making it the lowest its been at the topside in 80 years, stimulating productivity, wage growth and Economic Growth, thats where everybody wins, and thats what you going to get youre going to get with this tax reform. Stuart address the housing industry. Youre going to lose the mortgage Interest Deduction on mortgages greater than 500,000. Thats a big cut in the mortgage Interest Deduction. And do you know how many mortgages are above 500,000 . 6 . This whole kind of sky is falling idea, i think, is incorrect, and its not necessarily something that the American People should worry about. What youve seen is we have preserved the mortgage interest at 500,000, which i think is very important, and were doing things to make sure middle income families have meaningful, stimulative tax relief. This was always the priority of the president on the individual side. And on the business side, what youve seen is creating a progrowth environment by which we get an economy that has a sustained level of growth of over 3 . We feel we could achieve that. Our own council of economic advisers has shown we could reach up to 5 . When you look at workers, theyve not had a pay raise in ten years while corporate profits are up 10 offshore. We have a system that disincentivizes reinvesting into this country. Were changing that to where an American Worker could get a 49,000 increase in their check alone. Stuart okay. I dont think were going to get 4 growth rate even if it was passed as is. I want you to come back at some point in the future, and you tell me, yeah, were still going to get 4 look, its our goal. We have two consecutive quarters at 3 . Thats the right trajectory. Stuart okay, tony. [laughter] you come on back now. Okay, new details coming to us on the texas Church Shooting. Officials say there was a domestic situation going on with the family of the shooter. That may have been the motive. The shooters motherinlaw was a member of the church. Officials also say there was a video recording from inside the church. Law enforcement has seen that video. All right. Jeff flock is with us, and were going to talk gas prices and the price of oil. Jeff, where look, the price of oil is going up. Its 56 a barrel today. Where are the frackers . I thought weve got all these american frackers desperate to chuck out more oil so the price stayed stable, about 50. Tell me what happened. Reporter oh [laughter] i dont know what youre going to like. By the way, im at the most expensive gasoline in chicago, 3. 69 a gallon here. The frackerses you say, well, it turns out the First Company to obtain a fracking permit in the state of illinois which back when it passed its fracking regulations were the most strict in the nation, the First Company to get, successfully get a permit says now, forget it. The cost, the problem with getting that permit was burdensome, time consuming and costly, and and they say now that weve got it, we dont want it. Its not worth it. They missed the boat here in illinois when it comes to fracking, stuart. The price now, as you point out, is inching up. But to start a new operation going through a tough regulation process, it just doesnt make dollars and cents. Stuart well, thats an answer to my question, where are the frackers. The answer is reporter we could have used that money, that tax money would have been real nice from all that oil. Would have been fun. Stuart 3. 69 a gallon right behind you there in illinois. Reporter you wouldnt buy it here, i tell you that. [laughter] stuart no, i would not. Well be back to you later, jeff. Moments away from a man whos going to join us. He represents Small Businesses. Now heres a twist, he says he doesnt like the new tax plan even though Small Business gets a big tax cut. Well be joining him momentarily. Then we have vin scully, legendary sports broadcaster, so fed up with the nfl profrom tests, he says hell never watch another pro Football Game again. Youll hear him after this. And get this, the queen of england, commerce secretary wilbur ross, madonna even, just a few of the big names mentioned in newlyreleased financial documents called the paradise papers. They reveal the money stashed away by the elites in those offshore Bank Accounts. Napolitano has details in a moment. I dont want to sound paranoid, but dya think our recent online sales success seems a little. Strange . 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. Hmph affordable, fast fedex ground. Im Nicole Petallides with your fox business brief. Netflix today as we follow the story of house of cards and actor kevin spacey. The stock is at 201. 48, higher by 1. 43ed today, but netflix and the producer have cut ties with kevin spacey, and now what will happen to his character, frank underwood, of the show . Theyve suspended the show indefinitely, they could scrap some efforts and rewrite an entire plot to explain his absence. But again, suspended indefinitely. Of course, we know netflix to be a real winner with many of its other shows that have had a lot of popularity including ozark, stranger things, marvels the defenders. But overall the stock is up about 64 for the last year. Hi, im the internet you know whats difficult . Armless bowling. Ahhhhhhhh you know whats easy . Building your website with godaddy. Get your domain today and get a free trial of gocentral. Build a better website in under an hour. Stuart longtime l. A. Dodgers announcern scully slammed the nfl for those anthem protests. Listen to what he said at an event over the weekend. Roll it. I have overwhelming respect and admiration for anyone who puts on a uniform and goes to war. So the only thing i can do in my little way is not to preach, i never watch another nfl game. [applause] stuart whoa, never watch another nfl game, a sports icon like that says things like that, you know that nfl football is in trouble. No doubt there. I want to get back to the tax plan. Our next guest does not like the new tax plan even though it lowers the tax rate for Small Businesses. John aaronsmeyer, Small Business majority founder and ceo thereof. Sir, welcome to the program. Its good to have you with us. Good to be here, stuart. Stuart youve got to explain this because a lot of Small Business people will pay a maximum tax rate of 25 , and that is the lowest rate since world war ii. Whats wrong with that . Well, stuart, actually right now only 13 of Small Businesses pay higher than 25 . And now when you combine that with the changes in the rate structure thats being proposed, only 2 of Small Businesses are going to benefit from this lowering of the passthrough rate. So its not a benefit to Small Business, and this whole bill is being done as a 1. 5 trillion hit on the deficit at a time of relative Economic Prosperity. So it just doesnt add up for the average Small Business owner in america. Stuart i just want to summarize this. Youre saying, okay, they get a lower tax rate, but very, very few Small Businesses actually pay a higher rate. In other words correct. Stuart very, very few Small Businesses actually get a cut. Thats your argument, basically . Thats absolutely correct. And the sort of passthrough entities that get a cut are, you know, hedge fund managers, investment bankers, lobbyists, not your, you know, pizza shop in utah or body shop in south carolina. These are the not main street Small Businesses. And we would love to see a tax bill that actually the addresses actually addresses the needs of those businesses. Giving all businesses an opportunity to deduct the first 25,000 of income would really hit the vast majority of main street businesses and not just a small sliver of very wealthy passthrough entities. Stuart the trouble is that theyve got to fit this tax cut deal inside a format where this 1. 5 trillion cut over ten years, theyve got to shoe horn it into that little corner, and if they dont do that, itll take 60 votes in the senate to get any type of tax reform, and they havent got them. So theyre being pushed into a corner basically by senate rules. Thats the situation, isnt it . Well, the hit to the deficit on what theyre proposing on passthroughs is 448 billion over ten years, and that doesnt even, by the way, cover all businesses paying over 25 because theyre eliminating Certain Service businesses. So youre not even hitting everybody. There are ways to give a tax cut from the bottom. And by the way, we think all these tax cuts should be paid for. Theres not given the fact that we have relative Economic Prosperity now, theres no reason to increase the deficit. Now is the time to lower the deficit. In fact, our polling shows that by a 7030 margin, this is polling of plurality of republican Small Business owners, by a 7030 margin they would prefer to have a tax bill that does not hit the deficit even if it means not getting a tax cut. Stuart but is that accurate . I mean, you dont do you cut the deficit by taxing rich people more . Historically, thats not what has happened. And this tax deal would tax richer people more. Well, i dont i mean, right now, you know, its a 1. 5 trillion hit to the deficit, and most of those cuts are happening to wealthy people and big corporations and not to the average, main street Small Business other than, so im not sure what youre saying about raising the taxes on wealthy or people at the upper bracket. Stuart well, the top 1 will end up paying more in tax because theyve got deductions that are going to go away, and they get no cut in their top rate, 39. 6. Theres a lot of constituencies lining up against this tax deal. The housing industry doesnt like it, you represent Small Businesses, theyre not real happy about it. Theres lots of constituencies ganging up against it. You going to kill it . Well, i mean, as you said, Small Businesses are not in favor of this. There isnt a single Small Business organization in the country, right, left or certain, that actually supports this bill. So our interest is in looking at what is being done with the tax code to benefit the average, main street Small Business. And we just dont see it here. Stuart okay. We think if you want to do tax reform, there are other ways to do it. And by the way, we dont think anything should be done right now thats going to grow the deficit. Stuart okay, understood. John, thanks very much for joining us. One more opponent of this tax plan. Thanks for being here, sir. Thank you very much. Thanks for having me. Stuart special investigator Robert Mueller reportedly has enough evidence to charge Michael Flynn and his son. Judge napolitano on that next. Who knew that phones would start doing everything . Entertaining us, getting us back on track, and finding us dates. Phones really have changed. So why hasnt the way we pay for them . Introducing Xfinity Mobile. You only pay for data and can easily switch between pay per gig and unlimited. No one else lets you do that. See how much you can save. Choose by the gig or unlimited. Xfinity mobile. A new kind of network designed to save you money. Call, visit or go to xfinitymobile. Com. Or a little internet machine . It makes you wonder shouldnt we get our phones and internet from the same company . Thats why Xfinity Mobile comes with your internet. You get up to 5 lines of talk and text at no extra cost. So all you pay for is data. See how much you can save. Choose by the gig or unlimited. Xfinity mobile. A new kind of network designed to save you money. Call, visit, or go to xfinitymobile. Com. Stuart Robert Mueller reportedly has eh evidence to charge Michael Flynn. All rise, judge Andrew Napolitano is here. More detail . Well, when i first saw this story i thought, oh, my goodness, are muellers people leaking again . This does not appear to be a leak from them, it appears to be Common Knowledge of what is already out there, that there is evidence that general flynn was working for the government of turkey while he was the National Security adviser to the president of the United States. Before he was president , wheel he was president elect and as while he was the president elect and as he was president of the United States. Apparently, didnt report that or the income he earned from it. He was, apparently, lobbying to have a lawful, permanent residence but not an american citizen of pennsylvania deported to turkey so he could be charged with being behind the coup against erdogan. Stuart you cant do that. No. So its veried bad stuff. And then theyre going to say, the allegations are that therell be an indictment of his son for also being an unreported Foreign Agent and not reporting all income. Does any of this have anything to do with the russians . No. Did any of the indictments of manafort or gates have anything to do with the russians . No. But its the federal prosecutors paradigm, squeeze the guys on the bottom and the middle of the totem pole to get them to talk about the person at the top who is the president. Stuart so itll never go away. Russia, russia, russia, itll be years here. I dont think itll go away, but i dont think its good news for the president. Somebodys going to cave. These guys will be facing 20 years stuart got to assume theyve got something to cave with, with the president yes. That is the dangerous. The prosecutor wants them to sing. Sometimes they create their own song. That is, they will make up what theyre saying because they will say like a person under torture what they think the torturer wants to hear, what they think the prosecutor wants to hear, and these are irrespective of the truth, and it makes its way to a public courtroom. Stuart youve got to tell me about the paradise papers, a series of revelations about wealthy elites putting money include you know who, her majesty. Stuart her majesty, the queen. Wilbur ross, more to the point. Yes. Stuart wilbur has said he fully disclosed everything. He did nothing wrong. Okay. So he and gary cohn are in a different position than the others because they had to file Financial Disclosures with the government. We start with the proposition that these offshore tax havens are not illegal. They are perfectly lawful. But the depositor has the obligation to report their existence, to report the interest, to calculate the tax and to pay the tax because the bank which gives the interest in return for parking your money there is not going to tell the irs. Thats just the way they operate, you have to do it on your own. So there is an opportunity for shenanigans, but there is no evidence. In wilbur ross case, expect the democrats and expect our colleagues in the media outside of fox to say, oh, hes hopelessly conflicted. He violated Donald Trumps argument during the campaign for having this offshore account and not reporting it. And he had an investment in a shipping company that had a client controlled by the kremlin. I mean, how far do these reporting requirements go . They dont require that you report the clients of the company in which you invest. Stuart ah, but the media can say its a connection to russia, russia, russia yes. Stuart if he had a connection to a russian dog very good, stuart. [laughter] its a connection sloppily to paint the russian brush on the secretary of commerce and hope that some of the paint spills over onto the president. Stuart one more time, youre right. Thank you. Stuart not bad, judge. Youll be back here tomorrow morning. Keep me back here if im right . [laughter] stuart all right. There will be more varney after this. Alerts wouldnt you like one from the market when it might be time to buy or sell . With fidelitys realtime analytics, youll get clear, actionable alerts about potential Investment Opportunities in real time. Fidelity. Open an account today. Stuart 30 seconds. I say vin scully is the most intriguing story of the day. He will never see another nf game liz . Liz papa johns and others looking at tv spending alling the anthem protest a debacle. That is wakeup call. Go seagulls. Stuart our viewers dont know you were almost a professional soccer player. Almost. Im Connell Mcshane here for neil cavuto on cavuto coast to coast. Were following a number of breaking stories. Negotiations are underway, as a matter of fact right now the house ways and Means Committee begins markup. Speaker paul ryan came out and said lawmakers planning a whole host of changes to their tax reform bill. That is where we start. On capitol hill. See what the changes may be. Adam shapiro is covering throughout. Joins us now. What is the latest, adam . Reporter well, theyre starting markup of the tax cuts and jobs act and kevin