Is one of the powerful democrats of new jersey working with the incoming liberal democratic governor, they will have the run of the table here and theyre saying maybe go on this so what to make of this is Charles Payne , charlie gasparino, deirdre b and ben stein and adam lashinsky. What do you make of that . Charles the newlyelected governor this is a guy who ran on higher taxes and millionaires tax and also making the entire state a sanctuary state. How much is that going to cost people, how many jobs will it cost so maybe this neil i had a feeling this guy the Senate President was speaking on be half of the governor as well. You think so . Neil i do. Absolutely as did the Senate President were going to go back to that because it made sense he voted for it. Charles i hope youre right the fact of the matter is these guys boxed themselves in theyve gone past the rubicon if you will and only thing they know are higher taxes. Neil i wonder if that spreads though, the concerned spread and what theyre worried about is republicans go through on this measure charlie to get rid of the deduction for state and local taxes high tax states will be affected and they will rethink their higher taxes. You sound like you just read the wall street journal editorial page or listen to cavuto on business. Neil maybe cavuto on business first and then read the wall street. Sorry i worked at the wall street journal for many years. Neil absolutely. It slipped out of my mouth but you know, he sounded like it was a breath of fresh air in the Democratic Party. I will say this and i agree with charles. The Democratic Party in these states like new york, new jersey , california, are so locked into their welfare state. They have massive unfunded liabilities. They have a lot of stuff they have to keep their certain tax levels where they are or else the state is going to go essentially go into in solvency so they are screwed so bad if this thing happens because people that can will leave. They cannot stop it. They are leaving already and they cant stop it. Neil do you know whats interesting deirdre about it is one of the things is this is one of the things the republicans have been pushing this to remove the deduction and the secret is these states give a lot more to washington than they give back but it will change behavior in these states. This might be the first time theyre right. It may be the first time theyre right but do you see charlie honestly people get up and saying okay my kids are in this School District . I think people just come clean and be angry. Mass exodus out of new york. California and new jersey too i know new york, california businessmen moving to texas. Neil but you need a lot of them to do that though. Lets say they work on wall street. I mean, the tristate new york and new jersey have all high tax base. Theyre not go to the south. I got family well not only that but so many new yorkers in these places that are escaping this. Neil i think that deirdre raises a good point. They cant all leave in mass. Thats the problem those who cant are the ones that will work as hard enough and get taxed enough but so many people. I dont agree right away. Neil maybe so. All right, adam, you were saying well but charles, youre sitting there as the perfect example. Youre one of these people. Ive got the earpiece and i cant go. Neil yeah. Thats my point and youre not alone my friend. Youre not alone. I mean nobody likes truly neil nobody likes paying higher taxes neil i think liberals do. I do. I think they actually enjoy it if they can inflict pain. [laughter] but the fact is these rich people youre talking about they are just as tethered to this. Some are, some arent look at it. Theres an exodus out of new jersey, out of california partly because its cold. No. To states that have less taxes, less taxes. But Chris Christie wanted to do something very simple if he made more than a million it was Chris Christie, people complained it didnt happen but now i guess neil well he reversed that high tax and it got to the 8. 97 which was a Bargain Basement top rating one of the nations highest but ben stein in the end , its attempting try to tap to get from the rich because the incoming governor said that he certainly isnt going to get it from anyone else so where do you see this going . Ben i dont see it going anywhere good and im with my friend adam. Its not that easy to move. Its not easy to move at all. I live una very super high tax state, i have a lot of property in the state if i may respectful ly say so. Neil but you live in like 28 different states. Ben no, and i cant move because i have to be near the fox studio and i cant go anywhere. I would love to north idaho where theres essentially no tax but i have to be near the fox studio and by the way it is not easy to i think some said that its not easy to move your children. In modern america children are the dictators and they dictate what we do. I agree. I think that you could be very angry about it, but i live in new jersey and ive got kids. I mean theyre very needy and they want food, clothing and constantly ask. Constantly asking for drinks of water. Neil but i do say that they get older a lot of people will start rethinking it. The bottom line is this is well documented, look at Census Bureau data and in a place like california neil now youre actually making up the data. Charles well, its a lot of children and a lot of immigrants coming in but im talking about peoples work skills leaving. Theres reports out there already which cities inherit all the people that leave new jersey neil you guys are right about this. The low tax states, you know, what are the ones booming, florida, texas, that isnt accidental. Even North Carolina people move to. But theres austin so if youre talking about Skilled Labor okay already austin is setup so then its do you know how easy it is though . Sometimes charlotte became the banking capitol of america now. Neil wall street is thriving doesnt matter i can trade from any place. Neil i know you can but its not all being done by computers. But a lot of it is. Neil i understand all im telling you is that no doubt the math favors eventually a lot of people are saying thats it. You get to a certain high rate where you say on top of what theyre doing at the federal level and now the tax for obamacare and all of this and now im over 50 youre quite right. I think the math neil, do you imagine what its going to be like when a guy or a family of four that makes 300,000 a year in new york cannot deduct the state and local taxes . Okay, i get it youre stuck with the kids for a few years but youre out of there as soon as you can. Youll just get crushed, crushed on this. But thats not the millionaires tax were talking about at least in new jersey. No, were talking about what the federal tax code with the changes in it what its going to do in high tax states the counter argument to that unfortunately charlie is someone making 70,000 in mississippi is saying why should this person have these benefits at my expense . Neil and youre right. Adam one of the thins that was interesting in this for, against , or believe the numbers or different sets of numbers one thing thats very clear is this is the first indication of a state at least that is considering changing its plan to tax to its richest residents because of whats being considered in washington which is exactly the argument those in favor of dumping this deduction had been making. What do you think of that . I think thats exactly right. I think this will put pressure on these states to lower their taxes or at least to change the way theyre taxing way more. That will happen way more than people leaving. Alex give me a break. Adam, california . California cannot lower. Neil its physics. Say that again ben stein . Ben a body and rest will tend to remain at rest. A body in motion will tend to remain in motion and most of us modest modestly well to do people are bodies at rest. Most of us are not going to move but there is just something sickening about how much money the state of california spends. Its just sickening. By the way they cant change. They cant lower their taxes ben no they cant. Theyre stuck. Youre right. Theyre screwed adam. California, new york and new jersey if this passes youre screwed. Neil this might be the first opening we shall see. In the meantime millennials are making a move at helping their parents and our economy. Charlie gasparino, well look forward to that. Today on forbes on fox inside the beltway the focus is on russia probes outside the beltway its on Holiday Shopping the economy, so which one do americans really care about . Also former irs employee says her deposition about targeting conservatives should remain sealed forever, but the taxpayer s deserve to know what real dad we walk inside. And its raining. Our home was ruined. We couldnt live there. Mom our first concern was the kids. This was going to be hard on them. Chubb got us a place to stay in the same School District. Otherwise it could have been a nightmare. Dad. Chubb turned a disaster into an adventure for our kids. Mom. And no one missed a day of school. You may be at increased risk for pneumococcal pneumonia, that can take you out of the game for weeks, even if youre healthy. Pneumococcal pneumonia is a potentially serious bacterial lung disease that in severe cases can lead to hospitalization. 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Neil so much like my child. Anyway, if that reminds you of your own kid or kids, good news. They may finally be singing yes because home sales are up again last month and get this it turns out a lot of millennials, thats right a lot of these buyers are Millennials Young adults make up the Largest Group of new home buyers. Charlie gasparino this generation that you have ripped is now on fire. Listen its a doubleedged sword with the millennials. The ones that go into the military i meet a lot of kids that are really smart and engaged. They do stuff, they dont sit on the couch all the time. Neil charlie many in our age bracket sit on the couch so sitting on the couch is hardly the domain. Well sit on their easy chair . Neil stop it. Whatever they sit on but you know, the ones that go to college a lot of them are snowflakes and financially illiterate and i will say if theyre buying houses now the markets hot because this is the most financially illiterate generation ive seen in my life. Neil adam youd agree with that . No, i dont. I mean i have my issues with the generation coming up too but this was inevitable that this was going to happen. The next exciting thing that will happen with millennials is they will pay for getting the news. That will be a really big development. Neil someones jaded. Ben stein what do you make of all of this . Ben i bought my son a house and hes happily living there. So that made it really really simple and he loves his house and of course he cant be bothered to cut the lawn but otherwise its great. But id like, i have too many houses so the millennials just look me up online if youd like to buy some of my houses. [laughter] im not a millennial but maybe ill apply with my family ben stein youll be hosting. Ben well they are the Largest Group. Neil theyre also the latest group to get into this market. Now to charlies earlier point it might be a late sign. Well theres 35 of home buyers 13 of the population. They are at least the same size if not a little bit bigger than the baby boomers so its worth paying attention to and another trend thats interesting is theyre not going to starter homes or looking to buy a home for like 90,000 and fix it up. Theyre skewing the Prices Higher they waited longer and have been at home longer scott average prices neil a lot of them are like aided by very wealthy parents like ben right . Yeah. Honestly, the range of prices is 160,000 to 200,000. How much are they putting down do we know . Neil ill give you the Broad Strokes here. I dont have time for details. This is whats happening. My guess is theyre buying this mainly on margin as most people do but most smart people in my generation would put 2030 down. Neil how do you know theyre not . Because ive done my research a lot of them dont. Neil but youre very anti young people. Charles payne what do you say . Real estate brokers its good though. But 200,000 and register your sales . They want to live in the city and they want to live in urban areas thats why also if you look at household formation its mostly condos but we want household formation. That is the ultimate long Term Economic thing when people get married have children, put down roots thats what they want. Neil but theyre doing it. They are. I applaud it. The bottom end of the millennial s is 20 years old and just wants to invest in the market. Hes like dont give me anything for my birthday or christmas. I just want to invest in the market. I think one thing the financial crisis taught us is a house is a part of a financial future is not a necessity that if you are going into massive debt just to buy a house, youre depriving the rest of your financials. Neil well certainly, its giving a lot of people, i think there is a change in the way people look particularly how people look at the value of owning it. Youre actually smarter to rent. Although renting in new york city id rather own something than rent in new york city. But theyre growing up. Neil adam . Final word on that . Im just saying theyre growing up as was to be expected they are getting homes, getting mortgages and spending money they will vote. This is a good thing. Neil absolutely. Its a pity we started pointing out the good things after and the result our demo is now moved up to somewhere in the mid 80s. When we come back the department of justice saying it is not okay with at t and timewarner mega merger, if it ever comes to pass so many here say thats not okay for consumers and future d zar one of our investors was in his late 50s right in the heart of the financial crisis, and saw his portfolio drop by double digits. It really scared him out of the markets. His advisor ran the numbers and showed that he wouldnt be able to retire until he was 68. The client realized, i need to get back into the markets i need to get back on track with my plan. 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I think your pricing is going to go up i dont think its a good deal for the country. Neil once again making it clear the president saying hes not a fan of the at t and timewarner deal and now the Justice Department is suing to block it. Charles you say blocking it would be a bad move . Absolutely. I dont like the antitrust laws in this country anyway. I believe capitalism competition create a disruption. Think about this 10 years ago, at t was on top of the world and there was a Company Selling plastic discs all of a sudden theyre crushing at t and crying they have a hundred Million Consumers so you go out and find a way to get them too. I would think its a deal of desperation both these companies need. Neil well the timing is curious, ben stein, i mean, whatever the b. H. Meth is at the moment its really for the moment right . Ben exactly for the moment and by the way, im not worried about the antitrust division. I work for the government and part of the government that handled antitrust. I think the lawyers for at t and timewarner will beat the snot out of them when it comes to court court and the merger will go through. Neil with all of the key parts cnn, directv . Ben they will figure out some way of dealing with that but this merger will go through. You can not have people with that kind of power and that kind of legal fire power who cant get this thing done. Neil the Justice Department is a long history of trying to turn itself in these mergers but ultimately, they prevail on just the wisdom of the parent. And republican judge who was appointed by george w. Bush, so it seems as if neil during the Reagan Administration we had the breakup of at t, so you dont know. You dont know but this republican judge the one whose going to hear this was actually replaced for some reason thats not particularly clear to anyone in obama appointee, so i think thats interesting. Neil where do you see this going . Listen, i agree with everybody here. This is a stupid stupid move on the part of the trump doj and lets be real clear why this is happening. It has no real sort of intellectual or legal basis. Its happening because donald trump, the president , hates cnn and wants to basically screw them over and by the way if the Justice Department prevails on this, or if the at t walks away and sets a precedent this will screw timewarner and cnn big time because it will basically limit the number of buyers that will bid on the property. It could help us because guess what . If you cant sell to a distribution like at t you might have to sell back to us. Remember neil well do you see that happening adam . I mean, im kind of with ben on this, if this deal goes through. I agree with the deal will go through the Justice Department will lose, at t timewarner will win because theres plenty of competition here so stopping this deal would actually not be good for consumers which is the point of all this. But its so, i just worry that you get before a court you never know what a judge is going to say. Neil thats true. But the president did tweet on all your critical comments, sad. Ben [laughter] neil charlie i want to thank deirdre today by the way is ben s birthday. [applause] neil isnt that great . Happy birthday. Neil to celebrate charles and adam bought him some stock [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. 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. Happy birthday ben stein. Ben, since you own so many homes, dr horton, one of the biggest in the country, youll love it. What do you think of that, ben. And charles, i will honor and treasure it and keep it until the day i die and pass it onto my granddaughter. Thats good. Adam, what do you have for him . Ben, a great one for you, a vanguard large cap etf, the same holdings as your beloved spdrs. And that means a 3 saving on a 10,000 investment. Ben, quick. Any dollar helps, ill take it and thank you for thinking of me. Many, many more years, thank you, ben stein. Here is dave. Thank you very much. David from russia to the rush on stores, which one do you think matters most to Everyday Americans . Hi, everybody, im david asman, welcome to forbes on fox. While washington continues the endless rush of probes inside the beltway, life is going on outside the beltway. A record Holiday Spending this year and with those tax cuts, Goldman Sachs now predicting a boom for the economy next year, is that the news that really matters most to americans right now . Lets go in focus to find out with steve forbes, rich, mike, elizabeth mcdonald, john tamny and david mercer