Now adam has more for you. Steve forbes also there. 400 of the nations who were wealthy speaking out. Steve is not one of them but he is here to tell you if any of their arguments had merit. And the man entrusted by the treasury secretary. Tony is life from the north north lawn of the white house. They squeeze in under the deadline. Plus President Trump in the philippines at this hour. Hobnobbing with world leaders. A major trade announcement when he returns to dc on wednesday. With someone who might know what that surprise involves. General electric with the reins. No blue ribbon awarded for the Just Announced ge makeover. Investors dont like it to the loss of 8 on the stock right now. All of you that got in last week. They are now below 19. Less than an hour to the closing bell. Lets start the countdown. I am just looking at msg stock. The new York Entertainment behemoth. The stock is seen accelerating losses in the final hour of trade. This is the stock of the company that owns the garden where the next play and the rangers play radio city and the los angeles for him. It was down slightly when news hit around 1 30 p. M. Eastern that David Oconnor was stepping down Effective Immediately they are assuming the additional role. Between todd smith. They had had two ceos in a relatively short amount of time. Investigators investors are getting a little concerned at the moment. They are hiding at this hour. They wait on details of two major makeovers that do have potential to move the markets. They are both getting styled if you will one by the senate and the other by the newcomer Ceo John Flannery. He disagreed on the screen right now. We do have it up 26 points. It is looking at its biggest loss since the financial crisis investors getting used to the companys new slender look but it doesnt mean they like it. Down 8 at the moment standing at 18 and 84 cents Trading Volume of 203 million shares. And most of us would be absolutely thrilled to have a hundred 3 billion in her pocket but qualcomm not so much. Its just pocket change. Thanks but no thanks to a broad, 70 per share take over offer. You guys have nerve. It undervalues the company. They are up 3 at the moment. But broad, which of course is a division you can see that one is down just fractionally. We will call it flat at the moment. Let us jump to capitol hill. It begins officially the markup of its own tax reform bill. This is a new nonpartisan report finds that the senates version would apparently raise taxes by 100 to 500 for about 10 of tax payers. We are expecting them to take up full vote. As a house. They are following it all. Before this all started. Go to the video of the senate markup. Three of the members of that committee i spoke to them about an hour ago. Asked them what was the likelihood that you men and women on the senate will actually deliver a bill that will go to Conference Committee they have to pass a continued resolution. We could very will do that. And then i spoke with maria and i said what could democrats do it because they are opposed to all of this. She did not really have a response. There was not much of that they could do. We want to do this and bipartisan as weve done in 1986. But theres really not much other procedurally that they can slow down. The deal here is can be about compromising on state and local Tax Deductions with the house. Lets get into what is about to happen in the senate. They are going to propose eliminating the 4o1k pre tax catch up. They can add it to their 4o1k contribution. He wants to replace it with a 9,000dollar catch up. If the pay the taxes when you make the contribution. He is also going to propose an amendment to eliminate the ability to convert an additional ira. And then he will do something that he has always wanted to do. Creating a measure by which corporations could deduct their Dividend Payments up to 12. 5 from their tax obligation. That is what is can happen in the finance committee. He is going to be along with mister scullys. Scalise. They will take about accountancy who is standing behind them this evening. The tax cuts in jobs act cut taxes for individuals. This week we will vote on it. The republican from new york. Let me just listen to what you have to say. The repeal of the deductions for state and local taxes thats a big issue for republicans in the house. Take a listen. There is going to be a whip count done on the house floor. We will know for sure on thursday when there is a scheduled vote on the floor of the house. There are a lot of good components to this bill. I would love to be able to get this bill as close to perfect and be able to vote yes. Here is the problem they face. He is against repealing i had spoken to republicans in the house. Would you vote against this bill even if the senate were to repeal totally the deductions and that is what the house has to deal with. Two of them said yes i would still vote for it. Back to you. What is interesting about him. Doesnt like the hospital. Not a lot of these are going along with him. Good stuff. There are a lot of questions about both of these bills. And one of them is whether the wealthy will or well not get a tax cut. What about the super wealthy. Hundreds of billionaires had put pen to paper altogether 400 of them ben jerrys ice cream founder. The fashion designer. George soros. And stephen rockefeller. They all got together and put this letter together as a group of wealthy individuals and they sent it to congress. They told the gop hey you are making a mistake dont cut our taxes particularly during the time when its at an alltime high. Here to weigh in isnt bert wealthy guy. He is the chairman of forbes media. Let me guess you were are not on that letter list. People should not feel guilty about the fact that they have a resources because those re forces are how they get hired standard of living. And what Ronald Reagan understood was when you lower tax rates on people who invest that helps the economy when you lower tax rates on people that consume it helps. Instead of placing the class warfare. One of the people who signed the letter the former big executive of course American Airlines wrote quite simply this is the dumbest thing in the world to give wealthy people a tax cut with such a huge deficit. You completely disagree with this. If you want to deal with washington and the financial problems you need a vigorous growing economy. Otherwise you are never going to make changes on entitlements and things like that. Because washington is irresponsible or we can have tens of millions of americans have a lower standard of living because washington cant get its act together help them. And we will deal with washington. We saw that in the last election. People are not happy with them. They have joint issues. Two issues. One is quite simple. The house has way fewer brackets. And with the senate they slightly lower the tax rates for the top rates in the senate plan but they also want to delay the Corporate Tax cut by one year. Where do you see that. Delaying a tax cut is foolish. Are we going to get it. What about the medical expense deduction the House Republicans must be secretly trying to make nancy pelosi the next speaker. When you do away with the medical deduction do away with the orphan deduction people who want to adopt children. All those good things you are against all of those. It is crazy. The senate preserves it. And the house gets rid of it. Carried interest. This is something that we had been hitting hard. The very small slice of taxpayer world and the private equity billionaires they get to pay taxes at a 20 rate through a loophole that has been there for a long time. Steve if you are going to eliminate the state and local Tax Deduction for the middle class should you not bring these guys in line and put them in a High Net Worth bracket of 38 or 39 versus giving them in such such an incredible break. That hurts capital tax formation. If you have drastic rate cuts. You the rates. So everyone ends up with a tax cut. That way you can make big changes. When you try to slice and dice you are going to get a break and lose. Just make it simple. The 20 or 25 percent for passthroughs. On the individual site do an acrosstheboard rate cut. Do what we did a few years ago. You are going to get an extra three or 400 a year. We did that for two years several years ago. Why dont we do that again. If they have to pass today and you are a voter over all of this. Would you pics pick the house plan im with you on that. That is not an answer. Which one right now are you leaning towards. They will have to meld the two. Both at least get the Corporate Tax rate. On the rest of it i will call incomplete can it get him to choose one or the other. I tried. We are getting closer to the posing bell. It is now up 32. But they are increasing the loss. We know a lot of you people on in your portfolio. It was down just about 8 when we started the show 30 minutes ago. Remember how we told you on friday how much money building homes for heroes has raised to give mortgage free custom homes you will not believe what happened since that the segment aired right here on the show back on friday. It stunned even me. This has got to be the story of the day when it comes to stock. It is holding back the dow horses. Is the only remaining original component the real reason they are treading lightly. 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Common side effects of harvoni include tiredness, headache and weakness. Ready to let go of hep c . Ask your hep c specialist about harvoni. I need to tell you that the bulls are bowls are really trying to break free of two ankle shack goals we are watching this very closely. Ge the new Ceo John Flannery this morning explored the news out onto the markets. Announcing one of the most epic shakeups in corporate history. For just the third time in the 125 year long history of General Electric the dividend has been slashed by 50 . So goodbye half of the dividend. There can sell up ge did not like this. Right now maybe not the kind of tough love that investors are hoping for. The stock is down eight and a third . Not so right now. And then of course the tax reform we just. Dot we just talked to steve forbes about it. Just began about 13 minutes ago. To huddle together and mark up the latest version of the bill. And then uncertainty. Which one really has the potential for the long one to slow down the market. As i go to the traders a lot of people are giving ge the not very welcome credit for what is happening today. Its not really having much of an impact. We are still up with this horrendous news. Its definitely tax reform. Its not gonna pass as it was first instituted but its certainly going to have the biggest impact on the market. I always look at the whole landscape of the markets. That is not really that. You have all the chatter about oil and is it too high right now. As we start to see some of it come down. You can sure tell that you have the factors who will start pumping shale again. And then the price will go down again. At the moment is it too high and is that affecting the markets. Its a really important catch 22 that you mentioned. They are trying to raise prices. In the problems with iran. As you said if oil starts to go towards 60 year get a see all of the marginal producers of the has stopped producing because they cannot produce or break even. They want to get back into market. And a lot of the fort hedges expect them to come down. Its right here right now. I think it is on political tension. I dont know how long i can hold it. Lets not forget. There is so much news of flow. They dont go away. Todd also going away is all the chatter about this. I dont want people to get all glazed over in their eyes. Ive been hearing a lot of people worried about what they see in treasury land. Talk to me like im a 12yearold and explain why this matters. If the tenure is at 2. 39. And you have some of the other issues a little bit closer to that. Why should i be concerned. Because there is two reasons. The front end of the yield curve is for a rate hike. The back end of the curve continues to see some and certainty whether uncertainty whether its revolving around the bed or the equity or the alltime high. As they nudge up the shield and does it with the bond market. Dont cut our taxes. They can add up were many and if they want too. Find me a 12yearold who understands that. I will see you next time. About 37 minutes. We are at or near record levels. Does that mean people have a lot of money heading into the holidays. There could be a toy making competitor of Epic Proportions if that deal i mentioned hasbro in mid they are leading the s p 500. After it kind of slithered out. Theyve had talks about the mining i deal that could be worth 16 billion. Regulatory pass. They are both jumping but look at mattel up 20 . The commander in chief commanderinchief half a world away. Promising a major trade announcement later this week. Its only monday. It doesnt matter. Were going to shine the light and at least the 250 billion in deal of the president announced. And in some way its a harsh spotlight. Right now the president is asleep in the philippines but market watchers and economists are already looking to wednesday in dc. Early this morning President Trump kicked off the summit by promising that upon return to the u. S. He will be making a trade announcement bigger than anything you know. Will it be big or will it be signed and sealed but not by deed. Take a look at the companies on the screen. They were all part of this tune of 50 billiondollar deal announcement that the president announced between the u. S. And china during his inaugural visit to the country last week. Some of the new deals are actually nonbinding. Parts were already announced maybe in some cases and in other cases just to give you an example here. They are nonbinding orders which mean they could dump out. They are pretty much in line. The agreement that they made it to supply china with 300 aircraft. That appears to have been in line according to the wall street journal with the 20 year forecast. While the headline of 250 billion in deals sounds like a win for the president what is he get a say on wednesday. Will it be actually brandnew successful in deep in our trade ties with china. For international trade. Give me a guess on what he will announce on wednesday. Who knows liz. I dont there will be more corporate deals. They were a bit of a yawn. They werent breaking any new ground. With the president they will address the fundamental issues about the ability for American Companies to compete. In china. And so hopefully it will be much more expansive. It wont be something that will fundamentally address the deficit. That is not what can be addressed by trade remedies. It is going to be a function of savings and investment of the country. That china would invest in the liquid natural gas and a whole host of power opportunities. That one turned out to be again nonbinding. For people that are not really sure what it means. Giving the sense of the definition. It is not a contract. Its not even a promise. A leather a letter of intent which basically means we will study it. In the common parliaments. We are not getting married. In fact there has been a lot of discussion currently about restrictions. We will see how far that goes. When it comes to deals with all of these asian nations. In fact all trade ultimately bounces as we are buying a lot from china but they are buying our bonds. As long as ive been covering the Business News weve have a huge trade deficit and getting worse. By the time it bounces out i do applaud the president for trying to make it fair in some way shape or form. We should be doing is not focusing on the trade deficit but we should be doing is focusing on making freetrade fair trade. In allowing American Companies to invest in china and having rules of the road. As opposed to fixating on this one number. You say so must less tangible. Its about protecting our intellectual property. He isnt went to is not went to be able to address it unilaterally. For u. S. Companies to exist. Did he make a mistake but getting out there. It is 25 percent. I was one of the Fastest Growing regions of the world. I would rather had tpt for the implications are much broader than just for american business. Good to see. Twentysix minutes away so if you are watching on friday i hope you are we introduced you to these three american heroes. They live in mortgage free homes thanks to the mortgage free. You will not believe it. Your generosity nine minutes after the segment aired it was an list. What happened over the course of just those nine minutes and then beyond veterans day weekend. Now john about seven into third. It will have ge holds its investor day event. They been talking to investors. Now is there a real buying opportunity. Countdown is coming right back. Dont go away. I know i will i and you really 100yearold boy while brings to portfolio along with the private storage price will i market find i know i will [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. If you have medicare parts a and b and want more coverage, guess what . You could apply for a Medicare SupplementInsurance Plan whenever you want. No enrollment window. No waiting to apply. That means now may be a great time to shop for an aarp Medicare SupplementInsurance Plan, insured by unitedhealthcare insurance company. Medicare doesnt cover everything. And like all standardized Medicare SupplementInsurance Plans, these help cover some of what medicare doesnt pay. So dont wait. Call now to request your free decision guide. 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The stock is hitting a five and half year low in this hour. Deirdre bolton. What was the tone there and are they considering selling their stock and buying more because its so cheap supposedly. It is so cheap. And you are just covering it. The stock is down. Its lost about 35 so far this year. We were inside listening. For a closed session. Everything on the record. For about 20 minutes of followup questions. In additional things i learned from being in that room in a minute you asked about the investor reaction. I spoke with the jacket gone up harbor advisory he still does on some stock but based on what he has today that investor said he is disappointed. This year has to be show me year. He said quite frankly there were not enough details its no compelling reason to buy more the stock is down. Something like a hundred 30 in the past decade. We havent seen in a long time. Often in Television News we do our job. We never really get a sense of whether you guys out there were touched or improved. We actually got a hard metric today. We talked about helping our wounded veterans. We brought in hugo gonzalez. All of them for the injuries and that they sustained and serving. I will tell you something you guys really stepped up. You know now how much you guys gave of our hearts and from our wallets for building homes for heroes. For the wus worst wounded. It turns out and i havent even gotten the latest number but in about nine to 14 minutes after we interview them you guys gave 55 thousand dollars 10 here up to 2,500. We did not even care and you guys came together and did it just from seeing their story. We are absolutely thrilled. In just a couple of days we showed that we can get back to our wonderful military. It is not too late. Anything can make a huge difference. If they have problems with their site. Suddenly they are losing steam. We had been up about 37. We are going to look at it and tell you in just a moment. We are coming right back. The messaging from the white house on what tax reform should eventually look like is getting a little tangled here. That is capitol hill life. The senate marking up its plan but this carried interest in the socalled offer they kind of gave us a tale of two admonitions went to solutions when two separate business shows ask. When they brought up the issues of carried interest that allows billionaires to be in 20 tax bracket. The announcement of that 20 Corporate Tax delay. But secretary munition flip the script with a different answer. Here they both are. This is a highly interesting issue to a very small part of the population. This is can be an issue that still discuss. It actually goes to real estate and not private equity in a lot of those are very small transactions that help the economy but we will continue to head discussions with house in the and the senate on this issue. In one case it is just timing and a rounding error. We are gonna talk on it with the senate. Who better to weigh in and then assistant treasury circuitry for Political Affairs i guess the message maker here for the Administration Thanks for the promotion. I will give you anyone. Its free. We are speaking exclusively about this we havent got one on this loophole. President trump was so clear on this thats gotta go. They were tonguetied about it. On the one hand it is true. They discussed the way to deal with it. This is a legislative process. In our framework that came in april. This is all going to be part of a process with secretary munition and they know where we stand. As you pointed out. When you run to the hill. How many times back and forth are you. It happens often. With a great legislative affairs. We came to consensus on a lot of things. That is why you see things moving very quickly. Between the house ways and Means Committee and not having it be on the house floor this week. They will have a vote a week after it thanks giving. We will then go to conference and then probably get a bill short sooner after. I know it is not in your hands. The president today felt i cannot tell if it was really how he feels or if it was the nudging. He said im proud of the house in the senate for working so hard on cutting taxes and that he puts in parentheses and reform. The markets started to go up on that. But then at the bottom he wrote cut top rate to 35 with all of the rest going to middle income cuts. The ceo of the company said we are going to make the deadline right. Its what i envisioned six months ago. This is what i wanted. There is a lot in there that needs to be said set as well. He messaged mentioned the savings. Everybody knows it was a completely egregious tax on the middle class. That something he would like to see considered. We feel very good about where we are. Dont forget the president has made it very clear the bills need to make sure that we have significant middle income tax cuts and we make at the business competitive by lowering the Corporate Tax rate. That is achieved in both of these bills and thats why we feel so good about it. I have to ask you is carried interest going to be used as a bargaining tip. We have made our position clear. I repeat as President Trump saying on the campaign trail get rid of it. It is gone. Tony, come back again. He is running right now to capitol hill to continue that message. When we come back will find out why it just dipped toel up ten points now is up 22 points. A little bit of movement here. Stay tuned. Ad t 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. 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. Liberty mutual stood with me when this guy got a flat tire in the middle of the night. Hold on dad. Liberty did what . Yeah, Liberty Mutual 24hour roadside assistance helped him to fix his flat so he could get home safely. My dad says our insurance doesnt have that. Dont worry i know what a lug wrench is, dad. Is this a lug wrench . Maybe . You can leave worry behind when liberty stands with youâ„¢. Liberty stands with youâ„¢. Liberty mutual insurance. Liz closing bell, well hear it in two minutes. One quick look at ge, down six and nearly 7 at the moment, 19. 06. At least it made it above 19 at the moment with all the news about the makeover that investors dont like on ge, today is definitely gray monday for that stock. Lets go to a different monday, black, as in black friday. It is just around the corner. How will retailers do . That retail ice age is hitting some, but our 7 billiondollar woman, Marianne Montagne is with us from gradient invests. Are you specificking Simon Properties, a maulbased company, for a stock you love right now . 25 of their sales come from the outlet malls which are very strong. It is even a larger percentage of their earnings. I happen to do a little Retail Research myself in the middle of the country, a couple weekends in a row. There was hunters widow weekend and veterans weekend. This cold has brought people out. So i think were off to a strong start for the who say deason. Liz im listening to you, i cant believe stores will go away all together but dont they have to offer something that is a richer experience at this point . They do but a deal is a deal and this is a deal right now. The stock has been down 9 yeartodate and pays 4 1 2 dividend yield. With rising employment, and rising wages, we think Simon Properties is in a good place. If you look at the chart, it is ready for a golden cross where the 50 day average will cross the 200 pretty soon here. Liz one of our guests here, steven cell lick is on your board. Tell her i said hello. Marianne montagne of gradient. [closing bell rings] we see green on the screen. As we speak, the senate is mulling, at least the finance committee, their tax plan. That will do it for the claman countdown. See you tomorrow. David looks likes well be solidly in the green, when you think about ge we are in the green across the board. We had been up 40 points a little earlier today. The s p, and nasdaq still teetering on the main line there. But looks like all three indexes are good, as Senate Begins to take up tax reform. Hi, everybody, im david asman. Melissa im Melissa Francis this is after the bell. More on the big Market Movers but here is what else were covering during this very busy hour. The senate tackling tax reform. The finance committee marking up their plan right now. The house expected to vote later this week. A live update from capitol hill on what we can