Deduction. And other special interest loopholes. That have been so good for wall street investors. Trish why are the loopholes still in there in the senates plan . Whatever happened to draining the swamp . We are asking new york republican congressman Chris Collins. Look at empty seats at nfl games yesterday. Mr. Roger good dell, the commissioner is asking for a new contract. Wait until you hear how much money he is demanding on capitol hill. Adam, you know, i have said, there are some elements to this, that are very good, very positive. There are other things that are not so good, things they ignored. Where do they stand now . Reporter a lot of fighting and debating in the Senate Finance committee. They pass something the senate will vote for, almost soon as possible right after thanksgiving. That is what were being told on capitol hill. Then the house and senate will fight over reconciling their two bills. Get where we stand, especially the president. He did tweet not to long ago where we stand. Saying i am proud of the Republican House and Senate Working so hard to cut taxes and reform. Were getting close. Now how about ending unfair and highly unpopular individual mandate and ocare and reducing tax even further . Cut top rate to 35 with all the rest going to individual income tax cuts . Repealing Obamacare Mandate would save 338 billion over 10 years. So the president has basis what he is saying there. Talk about what the senate will be dealing with in just an hour. Orrin hatch, chairman of the Senate Finance committee, proposing in his amendments to eliminate the 401 k pretax catchup. This applies to people 50 and older t would become 9,000dollar catchup but you have to pay packses on that immediately when you contribute. Taxes. Eliminate the ability to convert a interest additional ira into a roth ira and create a new corporate deduction would allow corporations to deduct from their taxes up to 12. 5 of the total Dividend Payment they to shareholders that is a big issue that is going to come up right at beginning of all of this. Omb director Mick Mulvaney said the other issue is dealing with the state and local Tax Deductions. You know it is going to be a fight. Here is what he said. The house proposal and senate proposal. The house proposal because of some of the politics involved, went ahead and put back in a deduction for some property taxes, as part of state and local Tax Deductions. The senate doesnt seem to do that. At least it didnt do what it rolled out last week. That is one of the differences between the two. It is an important difference. Something that will need to be worked out. Reporter trish, just to wrap up, the timing is aggressive but republicans think they can do it. The goal is to have it finished the senate by december 8th. Trish my daughters birthday. Well see. Adam, thank you so. Joining us Fox News Contributor founder of 32 advisors robert wolf. We have director of the policy at independent womens forum, hadley heath manning. Robert, start with you, there is good stuff and there is bad stuff too. One of the concerns theyre penalizing people paying tax. This is just a Corporate Tax cut. This whole plan is to get Corporate Tax rates to 20 to. Get it within reconciliation and people are losing especially middle class. I dont think it will look where we are at end of the day. Neil when you say individuals are losing out here why are they losing outs here . The state and local exemption is not just good for new york and california. It is good for wisconsin, an minnesota. It is good for hardworking individuals. You have things for medical devices and medical treatment. Things buying supplies. It is hitting middle class. That is who it is hitting. Not what we would have expected. It benefits some of us at higher end on estate taxes or alternative minimum tax. Its a Corporate Tax cut. Say what it is. Trish its a Corporate Tax cut. Forget about the individual. That is what they should do. Trish okay well do corporate first and maybe the next round or the next round we get to individuals, but it is what it is . I have to correct the record. That is simply not true. Middle class people will get a tax cut. Average family of four makes 60,000, will get 1000dollar tax cut on this proposal. Trish that would be great, 1000 bucks. Hiring gets over 50,000. And a lot of wealthy people, particularly live in high taxed states may see taxes go up in this proposal. Im not in favor of that. Lets not mischaracterize it. Trish high income people. Right. That is good point. Trish people out there earning a living theyre not necessarily wealthy you make a great point. You make a great point, somebody making 250,000 in los angeles, with two kids in college probably doesnt feel wealthy even though that is high income compared to rest of the country. That is very valid point. My biggest problem, there is a lot to like, my biggest problem by the senate is being punted entire year. Toe my that is asinine. What is the point of republicans winning control of federal government if we cant deliver Immediate Tax cut. I pay you wednesday for a hamburg today. No, the tax cut needs to be now and immediate i cant think. I am really upset about that i i hope they hold to their ground and i agree with him on that one. Trish if you put a tax cut, put it through. It should be effective immediately. You have a president , miss hadley heath manning, who wants to see the economy grow in the neighborhood of 4 a year. He thinks we have that opportunity by onshoring so many overseas profit, repatriation. There are lots of ways to get things going. One of the critical components is the corporate level, so why would you wait . Exactly. Putting this in big picture, recognizing that american corporations pay a higher tax rate than almost anywhere else in the world, we have to get to it competitive rate. The rest of the world looks at 23 on average Corporate Tax rate. It will allow our businesses to be much more competitive on a global scale. That is not just good for ceos and stockholders but that is good for american workers. American workers directly pay lions share of Corporate Taxes. Increase in wages, that this is something so many people need. Trish you will see increase in wages but they will take it. Who they are not takes it from in this deal, this really irritates me, private Equity Investors milking the system by only paying Capital Gains investment tax rate, instead of income tax rate on their income. Bob, this is something the president said over and over again was just bad. He promised he would go after it. We used to say, Hillary Clinton didnt go after it. And barack obama didnt go after it. Maybe they didnt go after it for political reasons. Now you see, this swamp at work. They didnt bother to go after it either. It would be hitting Donor Community and something should be done, this is not bold. A bold plan have up and down vote on every loophole. See which senators support what. We could easily get the 20 and not go through reconciliation. The truth at end of the day were trying to get through this he can reconciliation with 1 1 2 trillion as opposed to good tax plan. I agree what you said. Corporate tax plan. By partisan. Many up democrats up reelection have to approve a business tax. And then on personal you can define it. Trish be aggressive on personal side. One of the disturbing things, steve cortes, basically opinion liesing anyone to be an employee. Right. Trish we should start our own companies. If you do you only pay 25 and you get to deduct state and local, but in this situation you could be paying, upwards of 35. 6 . Yep. Trish you dont get to deduct state and local. Why work for anyone . Listen. Good point. As much as we love entrepreneur ship america and encourage it we shouldnt penalize those who get a w2. If you tick ally live in hightaxed state that plan is problematic. That is part i dont like. I love repatriation of cap tale from overseas fantastic. Corporate tax cut if immediate is fantastic. We shouldnt raise taxes on anybody, that is happening to certain people under this plan. Trish hadley what are odds getting this thing through . I think it is likely. I think we see something by end of the year on President Trumps deck. We have to judge the final tax package that make it on details that make it to the end. Trish i dont like a lot of details. Your thoughts on whether it happens . I dont think it happens anywhere near today. I look at book ends. Gary cohns says ceos love it. Peter king the republican congressman says the middle class are getting screwed. Those are two tough book end to figure out where to go. Trish robert, steve, hadley, thanks for your perspective. President trump in the philippines nearing the edge of the asia trip. He will quote have a major announcement on trade to make on wednesday. Blake burman is here with the latest preview. Later on, nfl commissioner Roger Goodell is asking for 50 million a year and lifetime private jet all in contract negotiations with the league. He is worth it . Really, does he deserve that, given all the controversy and fallout over the anthem protests and declining ratings . Stay with me. See you here. The United States remains committed to asean central role as Regional Forum for total cooperation. This diplomatic partnership transfers the prosperity of American People and the people of all indough pacific nations. Trish President Trump hoping to strengthen security and economic partnerships across the the indopacific with his peach. Here is blake best of your memory. Reporter this is the fifth trip to the indopacific region throughout this the president made or put trade at top of the agenda for him. He continued with that on this day, teasing a rather big announcement he says will happen here at the white house on wednesday. The president saying that is when he will unveil the results involving his overseas trade discussions. We made some very big steps with respect to trade, far bigger than anything we know. In addition to 300 billion in sales to various companies, including china. We have deficits with almost everybody. Those deficits will be cut substantially. Reporter he talked about his brief encounter with Vladmir Putin while they were in vietnam, telling reporters on air force one that putin denied any involvement in 2016 election meddling this drew a bunch headlines when president told reporters, he said of putin, every time he sees me says i didnt do that i really believe when he tells me that, he means it. But the president further clarified on sunday who he believes. As to whether i believe it or not, im with our agencies, especially as currently constituted with their leadership. I believe in our intel agencies, our intelligence agencies. I worked with them very strongly. Reporter in the philippines, trump met with the philippines leaders rodrigo duterte. They briefly spoke about human rights abuses but the spokesperson for duterte says that conversation was not brought up. Trish. Trish blake burman thank you very much the main street media is blasting the president that believing that russian Vladmir Putins claim that he believes it that he did not meddle in the 2016 election. Former cia john brennan did not minutes any words how he feels about the whole thing. Mr. Putin is very clever to playing to mr. Trumps interest in being flattered, and also i think, mr. Trump is for, what whatever reason, either intimidated by mr. Putin, afraid of what he could do or what might come out as as a result of these investigations. Trish intimidated . Joining me to discuss, the medias russia problem, former cia officer, syndicated radio host buck sexton. That is something to say, intimidated . He is afraid of what might come out . Was he trying to reference the dossier or is something along that lines . I mean, those are kind of loaded statements. Brennan is very partisan guy. This is known for a long time. He is an obama guy. When you look at the previous administrations record, specifically with russia, the notion that somehow trump is being either intimidated or putin is running circles around trump, too early to gauge anything really about trumps Foreign Policy other than tone and his approach, right . We havent seen fruits of it yet. We saw the fruits of eight years of an Obama Administration how it dealt with, including former director was in his post and how it dealt with russia, russia put on a Foreign Policy clinic for the Obama Administration. They took crimea. They had the Eastern Ukraine insurgency. They propped up assad and continued and greatly inflamed the war in syria. It is astonishing to hear these former obama officials coming out saying well, putin has trumps measure. He has got leverage on him or so much smarter than him. You can not point to one area of Foreign Policy where putin under the eight years of Obama Administration had differing interests from the United States where he did not push, get his way, have very little push back other than sanctions i should note affected such a small segment of the russian population that putins popularity is estimated to be 70, 80, 90 depending who you ask. He is overwhelmingly popular despite the sanctions. Trish he is returning russia to its quote, unquote, historic greatness. That is part of his appeal to the russian people. You make the point, it was our president , president obama enabled him to do all that, to gain in popularity. Lets go back to see what some other folks are saying, not entirely Obama Administration people. But also john kasich out there sounding off as well. Oh, gosh. Trish roll the tape. Putin is committed to undermining our system, our democracy and our whole process. And to to try to paint it in any other way i think is astounding and in fact, pose as peril to this country. I would just tell you, that putin is a former kbg kgb agent. This is not afy you can trust or really have any confidence in. It is ridiculous. Putin is the last person you would ask did you do it or not, under the rules of this game. Sort of astonishing that the president doesnt see that in this world, denials mean absolutely nothing. Trish but, lets elevate this for a moment. Were talking about International Stage craft. And if youre negotiating or if youre trying to figure out exactly where your opponent is, do you really want to go in there with sharp elbows and right off the bat i know youre lying, Vladmir Putin. And then, announce it to the world . Isnt there a certain gamesmanship that has to go into all of this, buck. Of course. Trump needs to see, and this is his approach, i think it is preposterous people that, mocking this in the media and former Obama Administration officials, he saying look, well find areas of common ground. See where we can work with the russians. Because on the other side of this, this isnt the question that was asked what do clapper, brennan, others want trump to do about the meddling in the last election . What do they think the proper response is . Were not going to war with russia. There are already sanctions in place to deal with russian aggression in crimea and ukraine. Those havent done anything. They havent stopped it. In many ways they have been counterproductive to the u. S. Russia relationship. So when you look now at all these claims about how he doesnt believe the intelligence, trump doesnt believe the intelligence community. He is playing to putins hands, what do they think he is supposed to do . Challenge putin to arm wrestling match, whoever wins is the champion . This is crazy, they complain about meddling over and over again. Yeah, they wanted to meddle. They have been met link in u. S. Politics since after the second world war, but before, different political entity. That is crazy. They have lost their minds. Trish i wouldnt be surprised if we do a little meddling of our own as well . Im asking a former cia guy. There is no meddling. Democracy promotion. We love democracy. Trish buck sexton,. Thank you. Trish damned if he does, damned if he doesnt as far as Mainstream Media is concerned, the president. The president picked a former top pharmaceutical executive to be his health and Human Services secretary. Alex azar is 50yearold lawyer who spent the past decade with pharma giant eli lilly before leaving in january to start his own consulting firm. This is unusual. They are usually elected officials not from industries that the department regulates. If confirmed by the senate, he replaces tom price, who resigned over criticism of his use of taxpayerfunded private jets. Shares of ge trading lower after the Company Announced it will cut its dividend in half for the First Time Since the financial crisis. As the Company Meets with investors today. We are on it for you. I will see you right here next. Our recent online sales success seems a little. Strange . Nk na. Ever since we switched to fedex ground business has been great. Theyre affordable and fast. Maybe too affordable and fast. What if. People arent buying these books online, but they are buying them to protect their secrets . . hi bill. If that is your real name. Its william actually. Hmph affordable, fast fedex ground. [vo] progress is an unstoppable force. The season of audi sales event is here. Audi will cover your first months lease payment on select models during the season of audi sales event. Copdso to breathe better,athe. I go with anoro. 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Do you want 4. 95 commissions for stocks, 0. 50 options contracts . 1. 50 futures contracts . What about a dedicated service team of trading specialists . Did you say yes . Good, then its time for power e trade. The platform, price and service that gives you the edge you need. Looks like we have a couple seconds left. Lets do some card twirling twirling cards e trade. The original place to invest online. Trish take a look at markets, were in the green. Up 33 points on the dow. S p 500 trading at 2585. Nasdaq trading down just a touch. Were moving to session highs despite some uncertainties about tax reform. Go to lori rothman at New York Stock Exchange for us. Lori what are people saying . Uncertainty about tax reform caused previous two sessions of losses. Perhaps they are coming back to buy on the dips. Dow, s p and nasdaq up after the opening. See what is driving the Dow Jones Industrial average this hour. Companies like mcdonalds up one and 1 3 . Proctor gamble and home depot better than 1 . Story of day is ge, announces plans to slash the dividend by 50 amid a restructuring plan. Ge, ibm, utx weighing on the dow there today. If you look at dividend payers on the dow. Ge was the second highest. Ge behind verizon. Verizon, 5. 25 . These stocks have struggled as of late as well. Interesting with the strategy and what is going on with ge, how it is setting the tone. Keep an eye on that. Small cap stocks are struggling on uncertainty of the tax reform going forward. Russell with smaller cap stocks, it remains very low although slightly. Look at regional banks. These are directly affect what may be with tax reform. I pull names to look at. They have reversed course. They were much lower. We saw a reversal of fortune. Financials, regionals are taking advantage of that, citizens, zions theyre all in the green. Back to you. Trish thank you, lori, very much. Ge announced it will cut its dividend in half for the First Time Since the financial crisis. Reports say the new ceo, John Flannery is moving to streamline the company by putting more focus on its core businesses. Lets go straight to Deirdre Bolton live in new york city with more on all of that. Hi, deirdre. Reporter hi, trish that was very much the message you talked about, simplicity. That is what the relatively new ceo of ge, John Flannery spoke about all morning to investors. He took over from jack i am moment or jeff immelt rather august of this year and he doesnt have that much time to put the turn around plan in place. There are investors and analysts outright called for a breakup. So as far as the plan that was outlined today, i think in his way, this is the idea to preemptively answer some of those concerns. Some of the changes that ge is making as of now, they are cutting the members of the board. So that is to say, instead of 18 directors, there will now be 12. The idea to streamline and simplify. For all Senior Management the way they are going to get paid changes. So the idea here is accountability. So all senior executives, instead of having 50 of a cash salary, 50 of stocks, theyre actually going to be paid, trish, 80 in stocks. So its a result oriented kind of structure. The ceo himself, John Flannery, going to take 100 of his compensation in stocks. Again, this message coming forward where he has said really that complexity has hurt this business. And it is really one of the toughest moments would i say in the 125 year history. You were talking with lori rothman about the dividend cut. It is only the third time in this companys history that it has had to do that. So a lot of investors here were pretty edgy, no other word for it. Trish, the ceo took a question, why should anybody buy your stock right now . He pointed to the three areas where theyre really focused. That is in health care and in aviation. And also in power. He was saying, listen, this is a bet on these core franchises. We know were competitive in these areas. We can continue to execute in those ways some some changes coming. They did allude to job cuts. They did not actually give any details which divisions, the amounts or anything like that. But they have made it clear, the ceo and cfo, who also spoke on the record, that these changes are just going to be coming over the next 12 to 18 months. Again, 2018, they are labeling as a reset year. Trish, back to you. Trish thanks, deirdre. Nfl commissioner Roger Goodell asking for 50 million a year and a lifetime private jet and healthcare for his family all forever, all in contract negotiations with the league. Is he worth it given all that we have seen in this huge fallout over the anthem protests . Our own jim gray is here with the very latest next. And at 4. 95, you can trade with a clear advantage. Fidelity, where smarter investors will always be. And at 4. 95, you can trade with a clear advantage. Did yon the National Debt . Ssman get elected by talking tough 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. Trish 400 people have died after a 7. 3magnitude earthquake struck the northern border between iran and iraq on sunday, making it the deadliest earthquake this year. Nearly 7,000 more people are injured. The eu planning to hit google with another antitrust settlement. The ad sense, commissioner alleges that google prone competition rules to require them to used a sense on their website. Google has been labbed with a record fine in june. The decision is expected in two weeks. Johnson Associates Say wall street bonuses may climb as much as 10 this year. Investment bankers could see bonuses hike up 20 . President trumps policy reducing Financial Regulation and lowering taxes helped boost markets to record highs. Nfl commissioner Roger Goodell is entering contract negotiations as the league faces all the backlash over the Seasons National anthem protests. Team owners expressing disi may after reports that goodell is requesting a salary of 49. 5 million per year and the lifetime use of a private jet. But as ratings decline and seats become harder to fill is Roger Goodell worth all that money . We have fox news sportscast tore and contributor jim gray. Let me preface it, good for roger. He should be able to ask whatever he think he is worth. He clearly has a high opinion of himself of 49. 5 million, despite all the challenges that the league has seen. He is doing what is right. He is asking for what he can possibly get. My question to you, jim, is he going to get it . Well, like you say, he can ask for whatever he wants but good for owners who are stepping in front of this, saying lets slow down this process. This contract isnt up for another yearandahalf. Why is this issue being pressed right now . They want to slow down this process t was barack obama, certainly, somebody who was not antagonized with Roger Goodell two years ago said on november 17th, of 2015, he cant understand for the life of him why Roger Goodell would make 44 million a year. And donald trump obviously has taken on the National Football league as president. Then you have the Pr Department of the nfl inexplicably going after the president and even retweeting stuff today that espn, who broke this story is full of crap. These are seasoned reporters, Chris Morton Adam chefter, they make mistakes. These guys are good reporters and i would i would believe they have a lot of this right. It is not a good strategy to take on these people on this front. Now he will have to take on some of his owners, including jerry jones, who is wiley and very smart. He didnt want to give back to the nfl. The nfl was requested to give money back. Art modell was head of the committee. He said absolutely not. Trish, we wouldnt be on this network had jerry said no, were not giving them money that was advent of fox tv and rupert murdoch. That meant billions of dollars. He took on nfl properties got pepsi. Jer is very wiley and smart. Do not underestimate or discount him. Think it was poor planning on Roger Goodells part asking for this much money at this particular time . He could have waited six months or 12 months . , he might have had a better, a better scenario of story to tell because, you know, if he is lucky, this may have blown over 12 months from now . Well, he wasnt, the committee to do the compensation to negotiate the contract was emboldened by a 320 vote a few months ago at owners meeting to negotiate a contract. It wasnt to negotiate a contract to not let the other members know exactly what the contents of that contract are. So it takes 24 owners to move an extra point from the two yard line to the 15yard line. You think that six owners should be able to decide the compensation of the commissioner up to 50 million a year when it takes an extra point 3 4 of the league . So no. It has to be done transparently and open doors. Roger goodell may very well survive this there are probably half the owners who would like to see him stay and other half are on the fence. They will fight it out but certainly at these rates, at these rates it is going to be a very difficult climb for roger to get that kind of mon city. Trish already his rates are steep enough. Now it is getting worse. You think about all the domestic scandals, all the challenges a couple years back. Think about the concussion scandal nfl had to deal with. Now this scandal, really has just taken headlines by storm here, in part as you say by President Trump, by the way, i should point out Roger Goodell has pr background. Doesnt seem he is able to negotiate any of this very well from a pr standpoint because it just keeps publicking up and bubbling over . Well just look at all of the scandals that have gone on, from tom brady to Ezekiel Elliot to the national anthem, to the National Failure of judgment on Domestic Violence that circumstance. Relocation of franchises. Some of this sort pa of the process of being in the position of commissioner but a lot of it has been poorly handled. Now it mushrooms. In this day and age of social media, everybody having a voice and everybody talking on all of these networks 24 7 it gets highlighted. Roger is at the forefront of all of this. Now you have head trauma and concussions. It is a real steep climb for nfl to garner revenues and audience it has had in the past. Now as they look to their future, they have got a really big decision who will lead that future. Should that be the guy who has been with the league for 35 years and who has seen it grow and has overseen a lot of this . Or do they need a fresh set of eyes . That is what the owners are now grappling with. You know, it has spilled into the public and it is not going away anytime soon. Trish if i were, if i were them, would i be looking at that fresh set of eyes and hopefully a little less than 50 million. Jim, thank you so much. Good to see you. New york senator chuck schumer, no fan of the gop tax bill, calling it a dagger in the heart of new york. Well ask new york republican congressman Chris Collins exact by that and why it is he supports the plan of the that is next. Trish Senate Begins debating tax plan 15 minutes from now. While there are some things in the plan that are very, very good, it doesnt go far enough. It doesnt close loopholes. It benefits fat cats. They were supposed to close loopholes. They never bothered to do it. Law i can makers in the house vote on their bill this week. We have republican congressman of new york Chris Collins. Good to see you, congressman. Thank you, trish. Trish state and locals, given that we pay so much in income tax in terms of state and municipalities for example, like new york city. Youre also paying an additional 4 . Do they need to rework this one . Is there any wiggle room there . Are you telling me new yorkers and californians anyone else with income tax will not be helped . It appears the senate will eliminate all salt deductions, for my distribution, trish, it is nonissue. 98 of my taxpayers, my constituents will not be itemizing regardless. The average home in my district is 152,000. Average income, 59,000. About 25 to 30 itemize today, but by doubling the standard deduction from 12, to 24,000, even if they were itemizing, taking 14 or 16,000 of salt, the new standard deduction of 24,000, 2 at most of my constituents will even itemize. So frankly its a nonissue. That i applies to almost all of up state, outside the five boroughs an long island. Trish so, here we are, in an environment where, almost Atlas Shrugged like. It doesnt matter because 98 of people will not be affected. Congressman, i would ask you this. Remember, new york and california equate for 22 of in total of u. S. Gdp. So new york and california, we mean something. We matter. Were a big deal, and a lot of that productivity is coming from right here in none other than new york city. If you want to grow the u. S. Economy, dont you need places like new york city, san francisco, los angeles, to grow as well . Well, we do, but the main thing we need is a governor who has never seen a tax that he doesnt like or want to hike. He has got to get rid of that millionaires tax that has been here for his entire term. It was supposed to sunset two or three times. Initially started by then governor david patterson. Every time it gets ready to sunset, Governor Cuomo extends another two years, now through 2019. That is gouging literally gouging successful on manhattan and long island. You throw in bill de blasios egregious tax on top of that. You look at elimination of salt it doesnt hit as hard as people say. These upper incomers already lose 80 of salt the way itemized Tax Deductions are today. Successful Hedge Fund Guy with 800,000, of salt deductions today, he could only get credit of 160,000 of that. He take as it 4,000dollar standard deduction. Difference of 135 million, that he would be 55,000 more on his income, the brackets shifted believe it or not, he saves 58,500 by shifting of the bracket. Trish i am glad you brought up Hedge Fund Guys, sir. That is another issue in all of this. Im calling this the fat cat loophole. Actually doesnt apply so much to hedge funds as does private Equity Investors. These are investors basically take your money or my money, they say okay, well make this work for you guys. Were going to put this into a fund. Well invest in these different companies, these different fund for three years, maybe five years, and then, well take 2 of that money that were investing for you, that will be my income so they pay income tax on that. Then they say, hey, if you guys do well, if you have upside in the fund, they take 20 of the upside and they decide to tax themselves on investment instead of income. President promised to close this loophole and you guys didnt. How come . That is what we call the carried interest loophole. It should be gone. You cant defend it. It is unconscionable. It appears that it is still in there. I cant defend it. Wont try to defend it. I wish it was gone. They could have given us more money to do something else. But, trish, no plan is perfect. Cant let perfect be enemy of the good. But what we have is very good for 95, 98 of new yorkers, certainly in my district, if not 100 in my district. I cant defend the carried interest, that is bad policy. It shouldnt be there. Trish it is very good for the top 1 ers those in that private equity field, not necessarily the top one percenters, but there is no question it shouldnt be there and it is. Trish why . After everything the president said, did it not come up . I have spoken to other folks in congress, oh, we need to keep it there. It is investment, to which i like to correct them tell them it is not investment. It is actually income. But i just dont understand why it is still there . I dont either. Im on energy and commerce committee. Great committee. Im not on ways and means. And so i have not, although i have been, certainly our conference is weighing in on everything i certainly did weigh in, that we should eliminate the carried interest loophole. And at the end of the day it didnt come through the senate or the house. Cant explain why. Cant justify it. This tax refm we have will save money for 95, to 98 of my constituents. 95 if 98 of all new yorkers there, is always outlyer, somebody for whatever reason might pay a few cents more. This will jumpstart our economy with lower Corporate Taxes. As people have more money they will spend it. Trish i dont know that they will havep more money in their pocket. Congressman this is where i think they start to differ. I dont think 1000 bucks will mean much to people to have a opportunity to do a whole lot more. Youre not doing that. I disagree. Trish i would like to see the Corporate Tax rate lower. I think that is great, but there were lots of other opportunities to make it better to individuals. But, trish the average tax payer in my district pays 4,000. To get that cut, by 1200, that is really big number. These are folks if you look what the statistics have said, a third of americans dont have 400 in the bank to fix a flat tire. You cant poopoo 1200 to say it doesnt matter. They are going to spend it. Trish i want more congressman. I want more for people paying taxes. I dont like things like bubble taxes that hit people, costing them 12 on a 200,000 doll unfortunately my producers telling me, got to go. Got to go. We can keep the conversation going. Anytime. Anytime. Trish i appreciate what you say on private equity side. Good to see someone stand up against that. Okay. Trish keep it up. Congressman collins. Trish, good to be with you. Well be right back. Approaching medicare eligibility . You may think you can put off checking out your Medicare Options until youre sixtyfive, but now is a good time to get the ball rolling. 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It doesnt necessarily bold so well to people that are living in any of the states where they are not able to deduct their property taxes or their income taxes. That is obviously creating a lot of concern. Why not just call it what it is. You could actually probably see bipartisan support for Corporate Tax cut. But why are we trying to do something on the individual side that is not the best thing we can do the president is saying we can do more than that. Anyways they have their work cut out for them. Whether they are ever going to be able to come to the agreements they need to on this one. The work is about to begin. It is poised to come down any moment now. You are looking live pictures about to begin the markup plan of the gop tax plan. He is the senator who is have of the Senate Finance committee and he is in charge of this show at least for now. Its not news that the senate plan will be different from the house gop plan. They have exclusive details of how different it could be. Adam shapiro is live inside that rotunda. He is one that broke the news about the 401k catch up program that now might be facing that