Transcripts For FBC Varney Company 20171221

Benefits of tax cuts of bonuses, higher wages, more hiring in more investment. Its the great corporate pass through. More announcements are likely. Tax cuts showing positive economic results. Democrats are still making some very dubious claims. For example, nancy pelosi says raises taxes on 86 million middleclass families. That is factually wrong. It is dishonest political spin. The left plans a yearlong allout attack like about when you just saw. Investors clearly approve however the tax cuts and what theyll do for economy for wages jobs and investments. Stocks going up this morning. We dont know how the market closes this afternoon, the president and his top economic adviser both talking up the market today. It will open high gear. Later this morning, Congress Holds a tax plan signing ceremony and you will see it. Varney company is about to begin. We will start with this. A white suv plowed into a crowd of pedestrians in melbourne, australia. We want to know who did it and are the authorities calling it terror . It has all the at this point they do not believe it was a terror attack 3322yearold man of afghan descent, understood citizen driving by himself in the white suv. You can see in the video just plow through group of mr. And at the busy intersection. It was packed with christmas shoppers. 14 people injured, suffered critically including a very young boy. Another arrested who were seen filming it all and when they arrested him they found three nights on him, but now they say they do not think he was flanked at all. At this point they are saying there is no known terrorism links. Hes a known drug dealer, nonperson with Mental Health issues. Stuart we got it. Thank you. Weve got the tax bill of course. It passed and the president cheered. Watch this. This is going to Mean Companies coming back and campaign the fact we are not going to does her companies anymore. We are going to bring up these 4 trillion back into this country. Money that was frozen overseas and parts of the rows that dont like us. We havent heard this expression. We are making America Great again. Its always a lot of fun when you win. Those speak with the fiscal time. The democrats keep saying this will not grow the economy. What do you say . The tax increases because in 2025 it expires. In february when the withholding began to change. People will see people will do their takehome pay increase. Wait a minute, democrats have been blind to me. I have less taxes coming out of my paycheck. Also, nothing says winning the cold hard cash. We have at t, comcast, fifth thursday putting 3000 per employee bonuses right now or raising employees to minimum wage. Raising their wage to 15 per hour. These are extraordinary algorithms. Businesses are. They campaign for this. They want this to happen. They will make sure the country knows this is also good for the people of the United States. Stuart does the stock market keep going up badly cut the tax deal in place . Is a very crowded agenda in congress. We have to pass a spending resolution, budgets coming up have to raise the spending limit, et cetera. Its complicated, but we have for Many Industries above the earnings of 10 to 15 at least and we will see that the market respond to that. We will go up this morning. 50 odd points which is precisely 24 minutes away. You got that name . Now wait a minute. Effusive praise for the tax bill and the president from the chairman of the Senate Finance committee are intact. Watch this. I have to say youre living up to everything i thought you would. You are one heck of a leader and this is just the beginning. If you think about it, this president hasnt even been in office for a year. Look at all the things hes been able to get done. By sheer will in many ways. Tragedy went on to say he could be the greatest president ever. The gentleman right there may be rubbing his eyes that he may be in disbelief. The great senator from louisiana, john kennedy. Would you second that effusive praise of the top in some respects for president . Yes, i would. Let me just say this. I told you we were going to cut your taxes than we did it. To all of our democratic friends with the tax cuts, i say, send them to me. Senate Office Building and i will distribute them to the people of louisiana. Stuart did you practice that . You did, sir. And i know what Speaker Pelosi are former Speaker Pelosi is saying. Into her i would say look, you shouldnt be fabian at christmas. This bill is going to cut taxes for just about every american. When you double the standard deduction, when you double the child tax credit, when you lower the marginal rate, people are going to have died and they deserve it because they can spend the money they youre better than government can and are going to see tax cuts and their employees are going to notice it right away because they are going to have more coemployees and has new things Like Software to machinery and equipment, those employees, new and old will be made more productive and their wages will go up there for no other reason but wage pressure. This is a great bill. Ive got to ask you about the grilling that you gave to want gave to one of President Trumps judicial nominees earlier this week. I know you were there for the benefit of our viewers. Roll tape, please. To jury trial . I have not. Trial . No. Bench . No. Of the trial judge, you will have witnesses. Can you tell me what the daubert standard is . Senator kennedy, i dont have that at my disposal. Senator, you destroyed him and his nomination was withdrawn. The media seized on this and that is typical of President Trumps nominees. What is your response to that . It is not typical. The president has sent to us in the senate and we have confirmed some extraordinarily able lawyers and judges. Mr. Peterson, who did withdraw his nomination is a smart man. Hes honest, capable, but is not ready to be a trial judge. President trump called me the day after the year he and he kennedy, im not upset. Im not mad. Your job. I appreciate you doing your job. What he think we have to do . Mr. President , you ought to withdraw mr. Petersons nomination. I dont want to seem embarrassed anymore. The president that i think thats what we ought to do and thats really what happened. My job is to catch any mistakes that might have been made in the bidding process and thats what they did in the president said just keep doing your job. So i yam. Mr. Senator, great pleasure having you on the show. We will see you again real soon. Lets get to your money. Looking good again. We are going to open higher on that market. By the way coming gdp growth came in slightly lower. That was the Third Quarter of the year is 3. 2 annualized growth as opposed to 3. 3 growth. Making a difference on the market will open up about 60 points. The tax bill preserves the thing that carried interest provision. Battle as Hedge Fund Managers to pay a much lower tax rate. They criticize the welfare for the rich. Fox business has learned big private equity giants like blackstone, carlyle, and they need donations to lawmakers who voted for the tax bill. This stinks to high heaven. Im sorry. That carried entry should be gone and its not. I caught the cockroach of tax reduction. When we were all wrong and god, he can be killed apparently. It survives everything. The only change they made was the carried interest will only impact and traced how do these three years instead of one year. That does actually impact Hedge Fund Managers. The private Equity Managers basically are in the same boat they always were. They benefit from it gigantically. This is a huge money issue. Money talks and basically a lot of people in the industry wanted to be continued because its made them very, very wealthy. I think its terrible that matter why. Its not considered if i was in 109 points six. Charlie gasparino great reporting, they gave tripled the political donations to republicans and democrats. Im sorry, but thats the way it seems to me at least. Scary new threat from north korea. Fox is reporting that the reporting that begin testing longrange missiles with anthrax carrying warheads. How can President Trump respond to that . Apple admitting it has been slowing down the software, but they say they are doing it for your benefit. The democrats are apoplectic about the passage of the tax bill, planning a yearlong allout attack against it. Are they on the wrong side of history . We will ask that question. More transcendent after this. More varney after this. Stuart the Washington Post says democrats are preparing a yearlong assault against the tax package. They will use it against republicans in the elections next year. Fox news contributor is with us now. Do you think that works . Lets suppose the economy keeps on growing 3 unemployment way down there and everybodys paychecks to go up starting in february. Does that work to say this is just a terrible thing . First of all, democrats are focused on 23 or 24 seats, particularly those Hillary Clinton won last year. A lot of those are in blue states where taxes will go up on enough people that there will be an argument to make. The other point i would make is that the corporate rate 37, personally 37, corporate rate 21. There is the argument that it favors the rich, corporate interests. You made the case about carried interest you always do far better than i could never do posted on the deficit 1. 5 trillion the question about Economic Growth is based, not winning. Stuart i think youre hanging your case on a movie theater. Some middleclass people in high tax states will pay more. Swing suburban districts precisely people have been moving away from trauma. Stuart also true to say the Corporate Tax rate comes way down and carried interest remains outrageous late coming as it does remain and the other one. Stuart coming from democrats, that will be really, really rich. I worked for bill clinton to balance the budget, cut the debt and deficit. Trying to does a generation ago. Current democrats have to remember it was there a guy with a huge hole in the deficit, not the deficit, but the debt from 10 trillion to 20 trillion. I think its got a firmer foundation, but that proved is when i come back here, hopefully youll have me on november 2018 to crow about the democratic figures. I will give you an argument if you like. Democrats hate donald trump. Donald trump is unpopular. Theyre going to use trump as a weapon against the republicans in the elections next year. The very thin reed. 33 , 34 approved of a Strong Enough you can run a Good Campaign on it. By november next year with the economy growing very nicely, unemployment at record lows, wages rising, dynamism coming back, a whole generation of people realize how good it is when the economy grows. When democrats with the house and Senate Monday the first one on your doorstep collecting the steakhouse of my choice. Im not taking not that. Inside, matching point. Stuart gamble on live television. Friendly wager. Stuart i understand youre leaving for florida saturday afternoon. My question is are you going to come back and pay an arm and leg in taxes . If they have any brains at all and im not sure they do, i will stay in miami and i hope youll have me on. Stuart we shall see. Doug, you are all right. A lot of bad pr for bitcoin. North korean hackers allegedly stole some of them. Number two, Major Exchange accused of insider trading. Three, british guy loses 127 million am not sure its going to get it back. For, if you have a bitcoin wallet, double as your password because if you do utilize. Well wrap it all up after this. The stuart have i got bitcoin news for you. Suspected of involvement of a cyberattack that stole some of them. Coin base cash transactions after accusations of insider trading. Three, the british guy lost 127 million when he lost his hard drive and officials wont let them go to the landfill to get it back. Number four, carolina has recently begun offering help to people trying to record their passwords because they blasted their bitcoin. One last one. The New York Stock Exchange has filed the latest last two bitcoin dts. The crews here. Charles payne. Give us the example of. The company would change its name yesterday we opened for trading yesterday. Yesterday long island or ice tea with the company. This morning the long block Chain Company in right now have 280 , up even more than that at one point, 300 free market. All theyve done is change their name. Im not sure they done anything fundamentally. What this harkens back to his. Com craze. Back in the day when the company became. Com in the stock was up 500 . Thats exactly whats happening. Stuart Long Island Iced Tea with their name yesterday. Now they are going to open out. Get the bling on training block chain. Maybe yesterday. I can tell you earlier this week that it up 2000 . This is why people are very nervous about all of this. The market is about to open in well be up 50, 60 points right there at the opening bell. I will tell you now come the you now, green arrow suddenly up in. Stay right there, please. I used to have more hair. I used to have more color. And. I used to have cancer. I beat it. I did. Not alone. I used to have no idea what the American Cancer Society did. Research . Yeah. But also free rides to chemo and free lodging near hospitals. I used to maybe give a little. Then i got so much back. I used to have cancer. Call 18004944357 today. Your contributions to the American Cancer Society fund valuable research. But thats just the beginning. A cancer diagnosis can kick off years of challenge. And thats where your donation truly shines. You help us fund free rides to treatment. A live 24 7 help line, free lodging near treatment centers. And even efforts to expand access to insurance. So, please donate today at cancer. Org and help attack cancer from every angle. Stuart weve got 35 seconds to go this thursday morning up and running. We are confidently expecting another gain as the opening bell. On the market closes, we dont know. The last couple days ago been very strong and close somewhat weak. 15 seconds ago, the backdrop of courses that the tax cut deal is a done deal. Some big corporations already passing on their savings to their own workers but donna says, wages. Here we go. It is three seconds, two seconds at 9 30 eastern time. We are up and running 46 points, 48 points. We are up 50, 52 points, 53 points. Going through this. 63 points. 65 points. We arrived in a sea of green on the left hand side of our screen. The dow is up a quarter of a percent. Show me the essence p. Please. 2 . Though we arrive. The Nasdaq Technology stocks grew right there and we are point when a percent. I can say this. Acrosstheboard stocks are moving higher. Amongst the Big Technology stocks, only amazon is down. Facebook, microsoft, apple. The financials as in banks or whatever have been going up recently and they are up again this morning the significant gains for jpmorgan chase, morgan danley and wells fargo. Who is with me on this historic day to deliver tax cut in place. Ashley webster, Liz Macdonald and charles payne. Repeating what i said at the top of the hour. Big businesses already passing along the benefits of tax cuts. Well put them up on the screen shortly. All kinds of companies doing this. All the Companies Offering bonuses, higher wages, more higher income et cetera, et cetera. Stuart cutting the minimum wage wage sorry, raise the minimum wage. David dietz, while more Companies Follow suit . Absolutely. This is a huge benefit for corporations and they will share that largess. Great pr is the reflexive that the tax was for the market. It works. Ashley apparently it is fantasyland because thats whats happening. Tuesday night when fedex reported the most telling thing is they would have an extra 5 a share for their pensions. People talk about when im not active i dont have a 401 k . They cut their funding their pensions. Thats for so many people that may not hate your paycheck you may be able to work for. Thats another amazing benefit. Stuart we are up 86 points now expecting such a sharp gain. 24,811. To be the media sales report that the u. S. Statutory corporate rate is higher than italy, higher than france, higher than the u. K. And higher than ireland, higher than spain, higher than germany. Our corporate rate is higher than those companies. Stuart dont ever forget if you lower that rate, you are giving it away to the rich and wealthy nasty corporations. Gary kahn, President Trumps economic guy says these tax cuts are not yet fully priced into the market. President trump has said something somewhat similar. Charles, should the president be talking up the market . Aristocracy over country. It is great to have someone actually talking positive, optimistic and realistic about what we can do is no longer a four letter word. I think its okay. Stuart will it work . Absolutely. Nearly every, could provide a nice boost to the economy the next couple years will obviously add onto earningspershare. I would refer that the white house focus on the fundamentals, let the market speak for itself. Stuart the latest read on the third order Economic Growth with an annualized rate. What is your prediction for growth next year. The will be pushing to 4 gain in tax cut and where we were ending up 2017. Bodes extremely well. Ashley already caterpillar for highs. What does that say about the economy . Stuart fair point. Absolutely. We are right now in the midst of the third consecutive quarter 3 gdp growth. Since 1999. Stuart bed bath and beyond down 12 . They reported that night, and they actually crashed it on sales. Thats the retailer. Check big towards stabilizing with the gain in between 70 and 80 points. Thats always done in the recent past. Up in the opening bell, stabilize at a given level. We have come down. Lets see what happens today. As you said, caterpillar and home depot, again hitting alltime highs. Caterpillar 152. Home depot 188. Time for the big coin bitcoin check. 16,380. Here is the reason. Bed bath and beyond profit down 52 . Five sales higher overhead, stocks down 11th. Sales growth at [applause] s down 3 . Higher sales and better sales all kinds of brands including cooking spray, Peanut Butter peter pan Peanut Butter. And a thousand others. Higher sales of the shoe retailer finish line good for 9 gain. Attention procrastinators. Tomorrows the last day to get two day shipping free with prime of course. This is amazon we are talking about here. Last day for two day shipping for christmas. Long island corporations changed their name overnight too long block chain. That is why there are 233 . Ashley there are Beverage Company in the preliminary stages of exploring block chain technology. Stuart it got long block chains. Make select recurring fee. Put that behind the name in the day you remember the stocks. But there is some legitimate opportunities in this imbecile muddy the waters. Stuart that is a stunner. Change her name to bob chain in europe 200 . Apple admits to slowing down of older iphones. Liz people were driven crazy by this story. Dropping into a dead faith, apple is trying to make us upgrade the better, newer phones. Iphone was basically running slowly come up when you swap the battery out, people thought apple is trying to pull a fast one. Apple shouldve just said youve got an old phone, you get 30 battery come your phone will shut down because the battery is deteriorating. Basically slow down Certain Software to preserve the battery strength. Stuart was in a conspiracy. Apple stock at 175. The big power outage at the airport in atlanta at cost out maybe 50 million. The ceo wants the airport or Georgia Power to pay up, given that 50 million they lost. Will they get the money . Its unlikely. Most of them do not guarantee service in any event. Even if they do, this causes. We dont know enough about what caused it to really think delta will prevail. Stuart i just wouldnt have been in want to abandon that airport. Busiest airport in the world. Stuart big deal and streaming. Netflix orders a sequel to the will smith fantasy. That movie hasnt even started streaming on netflix yet. They planned a sequel already. Netflix already took on tv. Nowadays going after hollywood by the looks of it. Train for the first time a movie franchise. The guys that created the suicide squad at the 90 million budget about lapd cops. This is fantasy Science Fiction stuff. You would love it. Stuart netflix up 190 per share. The week before christmas, here we go. She does flavored popcorn mixed with crunchy cheetahs is coming to a regal cinema near you. By the way, we have the handsome on the fact. Your staff now. Liz its been on my docket list for years to eat this. Stuart from one to 10 you love it. You cant eat it. You cant eat just one. Stuart charles, show me your hands. Look in five minutes. Stuart like the queen of england. I do not eat on camera. David, thank you very much indeed. We will see you tonight, by the way. Check the big award. We come down to a gain of 51 points. We were up 80, now we are up 49. Walmart working on a cashier list or taking a direct shot at amazon. The stock is at 98 good financial fallout from the California Wildfires. Suspending its dividend. He says it is worried that it may be found liable for some of the damage caused to those buyers. The news is not sitting well with investors paid full details coming up for you. Yeah, we will be back. Traders theyre always looking for advantages. The smart ones look to fidelity to find them. We give you research and datavisualization tools to help identify potential opportunities. So, you can do it this way. Or get everything you need to help capture investment ideas and make smarter trading decisions with fidelity for just 4. 95 per online u. S. Equity trade. Fidelity. Open an account today. Open an account today. 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. So much uncertainty as they move to a threeyear low, downgrading, for example they see the potential settlement to exceed 10 billion if pg e is found to have caused the october buyers, noted the Insurance Coverage with 800 million. They could be on the hook for a whole lot of money and as a result you see the stock dropping big times. Good one. Thank you indeed. Utility half the time. Thanks, nicole. Walmart developing a personal Shopper Service for rich moms in a store with no cashiers. Train everything and anything. This is not a traditional wire mark. They hired the cofounder of rent to the runway. Its a really, really Popular Service with women. You can rent really highend fashion that lowend prices. Overseeing this initiative with others that walmart for rich moms in new york city or urban areas. You can text your purchase. Basically a cashier lisp store and you can get free delivery within 24 hours. Pushing to get the highend shopper to take on amazon. Stuart lets see if it works. The Washington Post reports democrats are preparing a yearlong assault against the tax package. House Minority Leader Nancy Pelosi treated this. Republicans about to take a victory lap to celebrate pillaging the future of americas children gop tax scam. Tim ryan democrat from ohio. You opposed, he challenged the list to you for leadership in the house. Do you really think that this tax bill pillage his children . One more for you if i may. Nancy pelosi says that raises taxes on 86 million middleclass households. Do you believe that . Well, as the tax is phased out, yes. Thats what will happen. Stuart really . Raises taxes on 86 million middleclass americans. You say yes it does because the tax cuts are phased out after five years, and therefore it is a tax increase after five years. Is that it . Thats exactly it. Stuart, please let me talk. You asked me a question. Please let me talk. Thank you. Those tax cuts phaseout. They are not going to mean a whole lot. Some people will get found, but heres what we are doing. The Corporate Tax cut in tax cuts for the highend people, the wealthiest people are made permanent. Okay, heres the deal that every american needs to be concerned with, including those people getting the tax cut. We will fire when its all said and done to point to where to . 3 billion primarily from china and i will run up huge deficits. Ive been here a long time and ive listen to republicans and conservative talk about deficits at nausea. Here we are blowing a huge hole into our budget in china, lets think about what they will do with their money. We will pay interest on 1. 5 trillion, about to point to where to. 3 trillion. They are building islands in the south china sea, submarines, increasing fiber capacity, Building Bases in africa, highspeed rail, batterypowered cars to renewable energy. The wealthiest people in the country okay with getting a tax cut, paid it back to china with interest and modernizing and investing in their economy and military, then they have a different opinion about what we should be doing here in the United States. Stuart do you think the economy will grow next year with the tax cuts . Its growing now. 3 growth now the last eight or nine years. What i think is going to happen is well have a sugar high for the mac six months to a year. The stock market will continue to go up, but at the end of the day, theres going to be a crash like your kid crashes when he sneaks a candy bar. Stuart you are forecasting a stock market crash . I think is going to be recession in the future in the next couple years. Yes, you do. We can continue to bar this amount of money. Stuart with god on our screens just a moment ago we had six major corporations, all of whom are going to pass along their tax savings from this tax bill, passing along directly to their workers. They will invest more, pay higher wages, train more people, hire more people. Its not a benefit . Corporate profits are the highest theyve ever been. I dont think this tax cut will lead to any kind of significant investment that wasnt already going to happen. Everyone knows how to play the president of the united days. Mr. President , the tax cut is so great we will reinvest their money. At t was planning a corporate bonus or a bonus for workers will be for the tax cut had even reached the house floor. They dont decide that at the last minute here this tax cut just pass will give give our employees a bonus. They decide that a couple days of course they tell the president thats what he wants to hear. Stuart the Conference Call in their earnings came out. We are going to invest this. Of course they said that. When you watch the white house ceremony, everyone toes the president how great he is and how much this will help. Corporate profits are the highest theyve ever been and if youre going to invest in a factory, give your employees a bonus, you have the cash to do it right now. To your audience, i would say look, are you okay getting this tax cut and aspiring to point to trillion in china to give it to you . Let me be very clear here. The tax code needs reform. It needs simplified. Stuart i wish we had more time because id love to ask you about the 10 trillion that a Democrat Administration ran up in the last eight years. Im terribly sorry. I dont mean to be rude. 800,000 jobs lost. The first Fund President obama would send. Responsibility stuart and you are worried about two worried about to trillion what you think they be added to the debt in the next 10 years. Congressman ryan, come back again. Up 72 points of the doubt. Plenty of great on the lefthand side. North korea could be testing a longrange missile capable of delivering anthrax carrying warheads right to your doorstep. More varney after this. Stuart scary stuff. Fox and support north korea testing missiles with anthrax carrying warheads. Ambassador john bolton joins us now. How should america, President Trump respond to this . Weve known for some time north korea has extensive stockpiles of chemical weapons. We long believed they had a biological Weapons Program as well. These are weapons particularly that threatens south korea in the near term. You know, the thing to worry about missiles capable of hitting targets in the United States is that theyll carry Nuclear Warheads. It has always been a problem for chemical and biological weapons not to destroy the chemical or biological agent by the force of the blast that occurs when the warhead or artillery shell lands its target. Thats why modern Technology Drones are cops prayers are building airconditioning systems to spread chemical or biological weapons. Continued north korean emphasis on hitting united dates at listed missiles is a big problem and they are getting close the capability. Stuart at what point do they shoot one down . If they continue a test launchers, when did they shoot one down . The president should be waiting for that. They are close to a binary decision here. Either we leave north korea with this Ballistic Missile capability with a Nuclear Warhead or we take preemptive military action. Neither of these alternatives is very tracked it. Nobody wants to see this. The question is do you want the American People to be held hostage by this bizarre regime in north korea or the one in iran on the subject. The question will be answered fairly soon. Mr. Ambassador, thank you for joining us. Democrats are planning a yearlong assault on the republicans and their tax cut plan. Are they on the wrong side of his rate . They are saying no to Economic Growth. My take, my opinion on not coming next. Stuart a young woman contacted me this morning and said, she was worried that she would have to pay more in taxes. Now shes middle income. She is middle class. Why would she think she would be paying more . Because she had heard democrats like nancy pelosi tell her that the tax bill raises taxes on 86 million middle class households, end quote. To say miss pelosi was economical with the truth is an understatement. The democrats dishonest spin, endlessly repeated in the media clearly had effect. Because of constant reputation some people believe this economic nonsense. There is a lot more to come. According to the Washington Post the democrats are planning a yearlong assault on the tax plan. They are pouring millions of dollars into ad campaigns that will portray tax cuts as a corporate giveaway, rigging the economy in favor of the wealthy. Well lets see how it works out. Paychecks will go up, you know. Several Big Companies announced bonuses, more jobs, higher wages because of the tax plan and tens of millions have already benefited from the stock rally which has fattened their pension plans. Democrats are in lockstep against it all. They are saying no to growth. I wonder as prosperity returns and i believe it will, can the left maintain its united opposition . I think not. Barring the door to economic wellbeing is surely not a good election strategy. The second hour of Varney Company is about to begin. Stuart thursday morning, 10 00 eastern, mortgage rates. They have gone shooting up. Stuart no. Dont do that. Thought i would add a little extra. 3. 94 , actually up from last week which was 3. 93 . There there you go. Not exactly shooting up. Amazingly low. Stuart anything under 4 i would take, big time. The dow is up 82 points. In other words, were 111 points away from dow 25,000. How about the big tech stocks . They had a mixed picture earlier this morning. Same thing is true now. Facebook, amazon, alphabet down. Microsoft, apple are up. None are moving that much. I got to show you this again. Home depot, caterpillar, theyre both dow stocks. Both of them hit alltime record highs earlier on this morning. Caterpillar come back a bit to 151. Home depot, still 188. Look at that, bed, bath beyond, profit dropped 52 . Meeting higher overhead costs as well. The stock is down almost 12 . That is bed, bath beyond. Back to my take, my opinion at the top of the hour, the democrats launching a yearlong fight against the tax plan. Apoplectic statements from nancy pelosi, Chuck Schumer, Bernie Sanders and elizabeth warren. Brian wesbury, chief economist, first trust advisors. Brian, are they right . I think this tax plan gives us growth they say it takes money away from the middle class. Who is right here . Yeah, you are right, stuart. This tax cut, the facts, once we get into 2018 will outweigh the rhetoric, demagoguery were hearing. What is amazing about this is, people that work in Nancy Pelosis office will have more takehome pay in 2018. In fact, well, she has a wealthy family and owns i think a lot of real estate, but her staff will have more takehome pay. So i am wondering why her staff would even listen to her about this. The final point i want to make here, stuart, this idea that the rich are getting tax, comes down to say corporations get tax cuts and people dont. That is first of all that is not true. But second of all, a corporation is just a piece of paper. It is a legal entity. It is customers of the corporation, the employees of the corporation, the inventors, entrepreneurs, the owners, people that have a 401 k and own stock in that corporation, that actually get the benefits of the tax cut. People get tax cuts. Not pieces of paper. Stuart i dont want to go off on a tangent but i probably am doing that i want to bring this to your attention, brian, our viewers. The todays show Savannah Guthrie told paul ryan, hey, youre living in a fantasy land because paul ryan said the tax bill would produce jobs. For benefit of our viewers roll tape. I will ask you plainly, are you living in a fantasy world . I would compare the anecdote to surveys of businesses Like National association of manufacturers surveys which show the vast majority of businesses will do just what we say, reinvest in their workers, reinvest in their factory, pay people more money, higher wages. Stuart to be fair, ms. Guthrie was quoting Michael Lugar what he said earlier. Companies on the screen, they will invest and give more money to their employees. Brian, i expect more of this, do you . Yes, absolutely. Its the customers and employees and the owners, people that have, that own stock in a company in their 401 k , in their ira, that actually benefit from these Corporate Tax rate cuts. And, by the way, also individual income tax rate cuts. But heres the, i think the bigger point, the real fantasy land, if you want to get to it, is this idea of John Maynard Keynes that Government Spending creates wealth. All we have done over the past 25 years is spend more and more and more and more and what happened is the economy got slower around slower and slower. And you dont have to look any further than france. France tried what the democrats want to do. And that is spend a lot of money, have a lot of redistribution and for the last 40 years france, the economy has grown less than 2 a year, and their Unemployment Rate averaged 8 . So this, the fantasy land is that government can spend us into some kind of wealth creation. Its not government that creates wealth. Its entrepreneurship, it is innovation, it is create tivity. That is what creates wealth and the only way to get that is to get the government out of the way and let people benefit from their hard work. Stuart we heard it right from you, brian. Youre responsible for this. Brian wesbury, everyone. Thank you very much. Good stuff. Thank you, stuart. Great to be with you. Stuart yes, sir. Congress, well they got less than two days to avert a Government Shutdown. Congressman diane black joins us now. Maam, you chair, welcome back, diane. Always good to see you. Great to be with you, stuart. Stuart great seeing you in the background yesterday at the celebration on the steps there. We saw you. We heard you. It was all good. You chair the Budget Committee. Youre not going to shut the government down, are you . My goodness know. The democrats want doom and gloom. They want the same thing, status quo. Brian told what you happens with the status quo. You grow government, rather than growing what American People have in their pockets. Were doing a good thing. Theyre scared to death. They love big government. Stuart issues surrounding keeping government going are chip, fisa. Stuart paygo. Will we have a short term resolution that carries us for next couple weeks and rehash it all in january. Everybody wants to throw everything in this measure. Im afraid not enough time on the big measures to get where we need to be. One of those is of course funding the department of defense and we all want to do that. We understand what the military needs and how they have been cut so badly in the past. But we want to make sure we do it in a way that is going to be productive. Were taking the lead from secretary mattis, general mattis. And i think that is really what will end up in this continuing resolution. Well come back after the first of the year. Well hit some of these big problems but in the meantime we dont want to stop the excitement right now what is happening in the markets, in peoples individual homes where were actually giving the people their money back again. Stuart that is very good outcue if i may say so, giving people their money back again. Diane black, always a pleasure to have you with us. Wish you a merry christmas. Same to you. Merry christmas to you and all the listeners. Stuart thank you very much, indeed, maam. What amazon calls its procrastination today. Order an item today, for sameday, one hour delivery. Hmmm. Deirdre bolton is at amazons prime hub in manhattan. Deirdre, youre going to order something. Surely am, stuart. Procrastinators, you can just rejoice. You have until 10 p. M. On Christmas Eve to place an item order, if you need wrapping paper or eggnog or batteries or extension cords, and you can get a delivery up to 11 59 on the 24th. Stuart, take you through a little bit how this works. You basically put in zip code, get a list of all Items Available to you. Say right now, lets imagine the varney family, Christmas Eve, were out of eggnog. You would put in an order. If im working here at the kiosk here at hub, i would get the order in this little gun. I would get it, find it on the shelves, eggnog for the varney family. Would i put it in the bag. I would take the bag over to the elevator. You can see stuart, im doing my best for your family, and you would get the eggnog right before midnight on the 24th. What is remarkable about this whole set up amazon here, if you are a procrastinator you still have a little bit more time. For example, walmart, already, if you havent ordered on walmart. Com, you will not get anything by the 24th. That is what amazon wants to answer. These hubs, about 30 to 50,000 square feet, there are about 50 cities, nine different country, within an hour or two if youre a prime member. Stuart, coming to you that your team healey recommended. A little bit of a early gift. Check in an hour. See if you got it. Back to you. Whats that . Stuart you have ordered something just a moment ago . Yes. Stuart for delivery to me in this studio before the show end at 12 noon . You have done that . Well test the system. Im going to put out a disclaimer here, your team said this is a gift that you would particularly appreciate. Stuart i know what it is. It is christmas music. Ashley christmas music. You will find out in an hour. Stuart thank you, deirdre. Very much indeed. Ashley jingle bells stuart chip colt tee, health issues. Chipolte. Liz l. A. , peco boulevard chipotle. Dozen people sick from foodborne illnesses. Workers fell ill as well. This company went five months reprieve from foodborne illness, whamo, another one to deal with. According to watchdog groups follow chipotle, nine times likely than other similar restaurants to get a food boone i boone foodborne illness problem at chipotle is not going away. Give away free menu items, spruce up the menu. Doesnt build trust like having clean food. Stuart we hear you, lizzie, we do hear you. Now check this out, Kensington Palace releases engagement portrait of prince harry and meghan markle. They were taken at a royal residence on grounds of Windsor Castle where they plan to be married may 19th. Were watching for all royal things here on Varney Company. Coming up, elon musk, the tesla guy, is also trying to revolutionize Public Transportation, but one transit expert got into a twitter fight with him. Musk called him, an idiot. That transit person is here to tell us his story. Apple now admits to slowing down your phone but saying it is for your benefit. Apple expert gene munster with us later this hour. Youre watching the second hour of Varney Company. I just finished months of chemo. But i dont want to talk about months. I want to talk about years. Treatments have gotten better, so. Im hoping for good years ahead. Thats thanks to Research Funded by the American Cancer Society. The same folks giving me free rides to treatments, insurance advice,and a place to stay during chemo. I need that stuff like you dont know. And now that you do, please give. Call 18004164357 today. Your contributions to the American Cancer Society fund valuable research but thats just the beginning. A cancer diagnosis can kick off years of challenge. And thats where your donation truly shines. You help us fund free rides to treatment. A live 24 7 help line, free lodging near treatment centers, and even efforts to expand access to insurance. So, please donate today at cancer. Org and help attack cancer from every angle. Stuart the news is, a solid gain is holding on wall street. 80 points up for the dow industrials. The dow is above 24,800. The price of oil Still Holding at 57 per barrel, and the price of gold is still right around 12, actually it is 1267 per ounce. Now this. Elon musk in a twitter battle over Public Transportation. He told wired magazine this, an im quoting, its a pain in the blank. That is why everyone doesnt like it. Talking about Public Transportation here. There is bunch of random strangers. One might be serial killer. That is why people like individualized transportation that goes where you want, when you want. That is what he says. Jarrett walker is Public Transit policy consultant and he responded with this in cities elon musk of hatred sharing space with strangers is luxury only the rich can afford, letting him design cities is the essence of elite projection. Well, musk, responded to that. He says to walker, you are an idiot. Jarrett walker joins us. Welcome to the program. Why dont you respond to the idiot statement. Go. Well, thank you, stuart. It is great to be here. Listen whats going on with elon musk statement there, the reason it has caused such an enormous backlash is that he is describing a set of values that just dont work in the density. I think Many Americans probably agree with the quotation you just read from mr. Musk. Many americans live in suburban areas. They drive cars almost everywhere. In that kind of life you dont encounter random strangers as much as you do in the big city but this is a conversation about the big city and in the big city there just isnt room for everyones car. It is not a cultural thing. It is simply a geometric thing. There isnt room. So every big city in the country is trying to make it easy for people to get around without cars. Now, the problem with elon musks comment then it is an attitude that doesnt make sense in urban life, in big city life. The big city is the presence of random strangers. That is what a city is. And stuart but surely Public Transportation depends on density of population. It just doesnt work financially if you have got one little car to every Single Person who wants to get around a big and denselypacked city. It doesnt work economically. You have to have the presence of total strangers next to you. There is no way around it, i dont think. Exactly. This goes, this isnt really about the boring company, which elon musks project to build a new kind of subway in density. His idea of a subway, that have pod cars with eight to 10 people but a way to put your own car to the subway, take your car where youre going. It is lovely idea but makes no geometric sense, but the amount of space a car takes in subway is 50 times what a person takes. You will run out of capacity very quickly. So, again, the comment about random strangers is so interesting, because not just because cities are the company of random strangers. Most people who choose to live in cities like the company of random strangers. If you didnt, you wouldnt live there. The other thing we have to remember if youre coming at this from a suburban perspective, is that you may not like manhattan, you may not like walking down the street in manhattan dealing with random strangers if manhattan were such a terrible place it wouldnt be so expensive to live there. The market is absolutely screaming to us to build more densities because the desire to live in densities is just insatiable right now. Stuart you know, for a man who has been called an idiot, you make a great deal sense, mr. Walker. I have to tell you that. Welcome to the show. Great to have you on board. Sir, i wish i had more time because i would love to discuss the idea of private Enterprise Running Public Transportation in cities. Look, as an aside i used to live in hong kong, which is the most denselypacked city on the planet and they have the best Public Transportation i have ever seen think where. That is for another day. Thanks for joining us. Very interesting conversation. You will be back sir. Thank you very much. Thanks. Stuart happening now on capitol hill . Bruce ohr, demoted doj official, Andrew Mccabe, deputy fbi direct to, both are testifying behind closed doors, two separate committees here. Were talking about this cabal within the government that may or may not have affected the election. Well be back. Cannot live without it. So if you cant live without it. Why arent you using this guy . It makes your wifi awesomely fast. No. Still nope. Now were talking it gets you wifi here, here, and here. It even lets you take a time out. No no yes yes, indeed. Amazing speed, coverage and control. All with an xfi gateway. Find your awesome, and change the way you wifi. Stuart well, well, the dow industrials are up about 100 points. Bitcoin is at the 15,000dollar level. How about that . Bed, bath beyond, whoa, that is a retailer taking it on the chin. Their profits are down. Theyre paying high overhead costs. The stock is off 11 . Another retailwer a bad day. Drama at the fbi. Demoted doj official bruce ohr testifying before the Senate Intel Committee today. The fbi number two guy, Andrew Mccabe talking to the Judiciary Committee the behind closed doors. What were talking about may be a cabal operating within the government to change the course of history. But we dont know, were not going to be told what these two people are telling these two committees. Have i got that right . Reporter that is part of the claim for many Congressional Republicans up on capitol hill. Andrew mccabe, the deputy fbi director this is second time this week for him on capitol hill. You remember he was speaking with folks on House Intelligence Committee for two hours. Today he goes before the house Judiciary Committee. Republicans want to know about this text sent in august 2016 by the fbi investigator peter strzok to another fbi employee which strzok wrote, i quote, i want to believe the path you threw out for consideration in andys office that there is no way he, meaning to believe, President Trump gets elected but im afraid we cant take that risk. Also on the hill today, bruce ohr, he is the department of justice official who was demoted after it was found out, revealed that he had conversations oar at least meetings with officials from fusion gps ohr will meet with the members of the Senate Intelligence committee. Listen here, to senator rand paul, he made this claim earlier this morning. Weve had this investigation about russian collusion. Maybe we need an investigation about highranking obama officials colluding to try to prevent trump from being president. That is more serious than even water feat. Reporter not public hearings today, stuart. Both mccabe and ohr are behind closed doors. Stuart were talking serious stuff, blake burman. Good stuff. Every day there is a new bitcoin story. Makes me a little weary. A couple of them today. Coinbase halting Bitcoin Transactions because their employees may have engaged in insider trading. There is a lot more bad stuff about bitcoin coming up. Well individual shortly. Traders theyre always looking for advantages. The smart ones look to fidelity to find them. We give you research and datavisualization tools to help identify potential opportunities. So, you can do it this way. Or get everything you need to help capture investment ideas and make smarter trading decisions with fidelity for just 4. 95 per online u. S. Equity trade. Fidelity. Open an account today. Stuart well, were close to the high of the day. The dow is up about 90 points. 24,815. Big tech names still a mixed bag. Most are down. Only microsoft and apple up among the big five at this moment. Look at this from pg e, the california utility. Theyre not paying a dividend. Why . They face some liability over those California Wildfires and it could be huge. The stock is down 16 . An hour from now gop leadership will sign the tax bill so they can send it to the president. Were going to take that ceremony live. In meantime the democrats are promising a yearlong fight against the tax plan. Nancy pelosi tweeting this. Republicans are about to take a victory lap to celebrate pillaging the future of americas children, gop tax scam. Tony sayegh with us now, assistant secretary of the treasury joining us from the white house. Miss pelosi also said that the tax plan raises taxes on 86 million middle class households. Will you deal with that, please . That is totally false, stuart. By the way great to be with you and your panel today. It is unfortunate the democrats missed a major opportunity to deliver tax reform and tax cuts that significantly help the middle class. We even know from the joint committee on tax that the majority of beneficiaries of this tax cut will make between 20,000 and 200,000. If we were able to get democrats to support it, we could have made this permanent. But they did not. They obstructed. Therefore were at position now where we continue to fight to make sure we do make all the tax cuts permanent in the future because we know that middle income families pay too much and need to have simpler, fairer taxes. That is what we accomplish with this tax bill. Stuart tony, i will put up on the screen some logos of major corporations all of which right at the moment the tax deal going through, all of them said they will either raise wage, hire more people, or give special bonuses to their employees, or invest in building new plant and equipment. All of the seven on the screen are going to do that. Do you think there will be more companies passing through the benefits of tax cuts . Absolutely, stuart. That is exactly what we knew would happen. The fact it is coming out immediately after we got this historic tax reform bill passed through congress and supported and led by the president all year, it goes to show you there is this idea, if you give American Companies more opportunity, they will then invest more in their workers. They will invest more like comcast in infrastructure. They will invest more in things important growing our domestic economy. That is exactly why we did it. The council of economic advisors at the white house proved that in a study recently that showed if we do what we said we would do, lower corporate rate by 40 , go from worldwide to, territorial system, get rid of all the deferral incentives that make American Companies keep profits offshore, American Workers benefit, get a pay raise, anywhere between 4,000 and 9,000. That is absolute hypocrisy and falsehood for democrats to assail this as anything other than helping middleclass families and workers and business owners. I understand the partisan politics and obstruction piece but they should not be intellectually dishonest and mislead the American People on tax reform. Stuart one thing in this tax deal has got a lot of people very upset. That is carried interest. You know what im talking about here. That is where a Hedge Fund Manager pay as much lower tax rate than anybody else with a very high income. Why is it still in . So, stuart, a you know the president wanted that out. He campaigned on eliminating carried interest. We tried several times obviously to get it out of the bill. Went through a conference process that ultimately had it in there but that conference process also produced a terrific tax bill. So were very happy with the product. Stuart tony, i hate to interrupt you, we are reporting on fox business that some big private equity firms, kkr, blackrock, et cetera, they made big donations to some of the people in that conference committee. In other words, they bought their way in to keep carried interest provision. That doesnt sound real good, tony. They make big donations to Chuck Schumer and Hillary Clinton, a lot of democrats too, stuart. I will remind you president obama was against carried interest. Democrats were against carried interest loophole, never did it, not when they had the presidency, the senate or the house. Obviously something we wanted to see out but we feel very good about the ultimate product. I will remind people as well, congressman earlier on your show, democrat from youngstown, ohio, if you think about why he did it tax reform, did it for people of youngstown, ohio, people in saginaw, michigan and people he met on the cam train trail. Forgotten men and women. Average family of four making 70,000, getting a 2,000 tax cut. That is not crumbs as the congressman tried to suggest. People will not pay income taxes because of expanded standard deduction we made sure went to middle income families of america. Ask people, the proof will be in the pudding. Wait until you see your paychecks come february. See the situation a year from now when tax reform is fully implemented. Stuart tony, thanks for joining us again. It is a big day today. Appreciate your presence. Great to be with you, thanks. Stuart want to get back to apple. Bottom righthand corner of your screen, were up over 100 points for the dow industrials. All right, apple, it admits it slows down iphones that use old batteries. I want to get to the bottom of this. Gene munster, come on in. On internet this is portrayed a conspiracy apple send gauged in to make us all up grade to a better iphone. What is your reading on this . Well it sounds bad but apple is in a tight spot here, the reasons, my simple takeaway, this is not a conspiracy and i just want to give some explanation. Even though it is not a conspiracy it sounds really bad and bad pr for apple. Here is the problem that theyre in. They have seven different phones that theyre manufacturing right now. Some of those phones are older, that have processors and batteries arent equipped to handle the horsepower of new software systems, new Software Updates they have. So as older phones run, new more powerful software, they konk out and crack up and batteries break down and it causes a bad experience. So what apple wanted to do find a way to manage that so what you have to do is turn the clock back on the phone so it can handle those older phones can handle the new software. This is the only way around it but it does play into the Conspiracy Theory been around forever that apple is essentially tricking people to buy newer version of their phones. Stuart have to ask you about apples cash. They have what, a quarter of a trillion dollars in cash sitting overseas. They are going to bring a lot of that stuff back to america. Do you think they will use that money to build, say a computer factory in couper cupertino, they will do that, do you think. Unlikely. They have 269 billion in cash. This repatriation, after they pay the tax bill on the repatriation, they will bring back about 222 billion, big numbers, but the majority of that will go into two things, number one, buying shares back to investors and increased dividend. Well hear more about that in the march quarter in april. Only i think a small piece will be used for investing. They have this fund, a billion dollar fund. The reason why i laugh is because a billion dollar fund sounds like a lot but in apples context its not. So the simple takeaway i wouldnt expect much changes from apple based on repatriation. Stuart i have to agree with you on that one. Talk about bitcoin with you. A lot of issues with bitcoin from theft to hacking. New York Stock Exchange is talking about launching a bitcoin etf which would give it a little bit more legitimacy. Where do you stand on bitcoin . I think were . A near term bubble but i believe in the theme of crypto currencies and importance how they change value transaction in the future. That is longwinded way of saying theyre here to stay. As far as what weve seen here from these etfs and some exchanges endorsing it, you hit the nail right on the head. It is all about endorsing, and shows legitimacy of some of the platforms. So well see someed changes. Bitcoin is down 17 this week from its high. Basically it is flat over the last week. It will be volatile but i think it is here to stay. Stuart i dont want to ask you deliberately a financial question but is there a point where bitcoin could come down to where gene munster would buy one . You know i havent thought of the valuation of bitcoin is kind of a little bit of a theory around it. So there is a point. I can tell you this. In our office im a believer that this is nearterm bubble. There is people that i work with are buying bitcoin today, that believe it is going higher. So stuart okay. You should be a diplomat, gene, because that was a good answer there. Like an economist. On the one hand, but then on the other hand but we love you and you can come back soon, okay, gene . Thank you, stuart. Stuart see you again soon, thanks. Now weve got netflix. The stock is at 188 but it is making some headlines. Liz yeah. Actor will smith with joel edgerton, the first movie franchise at netflix called bright. Its a buddy conflict, fantasy. The critics are making fun of it right now, not very well rendered or characters are illconceived but this is hallmark point for big water shed moment for netflix as it takes on the franchise movie giants, star wars and marvel series in hollywood. Netflix is going toetotoe. 90 million budget for this one. That is a big budget. Stuart considering number of people with a netflix subscription. About the same as number of people who get cable tv. Liz all of cable. Stuart that is a big deal. By the way were still waiting for that gift to arrive from amazon. Well tell you the moment that it gets here. Should be the next hour or so. Deirdre sent it. Senator jim scott, tim scott, im sorry, highlighted there, Arianna Huffington post writer called him a prop for President Trump. Senator scott responded. Well tell you what he said. Stuart the tax bill will be signed in just about an hour from now, earlier we spoke with senator john kennedy who calls it a win for every one. Roll tape. This bill is going to cut taxes for just about every american. When you double the standard deduction, when you double the child tax credit, when you lower the marginal rates, people are going to have more takehome pay. They deserve it because they can spend the money they earn better than government can and businesses are going to see tax cuts. And, their employees are going to notice it right away because theyre going to have more coemployees as new people are hired. And as new things Like Software are purchased and new plants and machinery and equipment, those employees, new and old will be made more productive and their wages will go up. Shorten colds with a snap, and reduce symptom severity by 45 . Shorten your cold with a snap, with zicam. 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 you know, we are gaining some momentum on the market right now. Were up 120 points. We are 154 points away from dow 25,000. Weve been rising steadily for the past half hour. I think it is signing of the tax deal that is doing it. Individual stocks that are moving, look at carmax. Sales growth falling short. It is a used car retailer. They sell a lot of cars but theyre down 3 . Higher profit and sales at conagra. Walk into any supermarket contest and half the shelves are loaded with conagras products. The stock is down 1 . Higher sales at the shoe retailer sharks would be finish line, and they are up 5 . One Huffington Post writer, andy ostrow took a shot at senator tim scott on twitter. Oh, what a shocker, one black person there, sure enough they have him standing right in next to the mic like a manipulated prop. Way to go senator tim scott, taxscambill. Listen to this, senator scott responded. Probably because i helped write the bill for the past year. Had multiple provisions included. Got multiple senators on board over the last week. Have worked on tax reform my entire time in congress. But if you rather just see my skin color, please feel free. I call that a good response, i really would. Joining us now, burr guess owens, author of the great book with the title, which is terrific, starts with liberalism, goes on from there. Burgess, welcome to the program. How are you doing, stuart. Stuart i have to tell you i am incensed seeing a fine man like senator tim scott picked on. This is racism. What say you . This is what democrats have done for a long time. It is bigotry. Starts back from the rise of the nation, kkk days, betrayed blacks a certain way. Unintelligent, sexual predators, unkempt, cant think. That is what they have done. Go back to Martin Luther king days, look at leadership during those days, you see white shirts, dark ties, hats and dress shoes, middle of summer during demonstrations because blacks at that time, leadership, visionaries seeing not only fighting racism of jim crow but also racial stereotypes of jim crow and democrats which i explained to you. We are at a point, these are the same people, talk about electing politicians, why white liberal votes, never, never, vote for a black representative for them . Blacks are rella gated, poor neighborhoods and slave masters keep them that way. Dealing with a racism this way, that is always democrats. That is the nature of what they are. Stuart what is it like if youre a black person of the United States and you stand up and publicly support President Trump . You must get all kind of stuff thrown at you . It was a time it was very, very difficult. More blacks now, 30 of us, very core conservative, weve been trained and taught to think democrats is our answer. That is changing. And as we started continue get more jobs, 17year low for black unemployment. Stuart yep. These are, these socalled fake black leaders, elijah cummings, john lewises, cant get away with the lies to keep us down last two decades. At this point blacks will start to see results of increased economy and more opportunities, more jobs, more education. At that point well stop votes for democrats. Stuart want to talk to you about charles barkley. He has a message for democrats after doug jones beat roy moore in the Alabama Senate race earlier this month. Roll tape, please. This is a wakeup call for democrats. Your democrats, i told mr. Jones this, and i love doug, they have taken the black vote and the poor vote for granted for a long time. It is time for them to get off their ass and start making life better for black folks and people who are poor. They have always had our votes and they have abused our votes. Stuart he is saying what youre saying, actually, actually, he is. Absolutely. I respect people like charles. We might be on different side in terms of parties. Im suggesting we independent turns out political vote. Think about this. Were expecting democrats to changes. It is like farmer who comes across a frozen snake, rattlesnake, thinks if he puts him inside and warms him up it will be okay and be nice to him. The snake bites him. Why do you do that . Bro this is what i do, im a snake. Democrats what they do. They have been segregationists, socialists that is what theyre b. They will not change colors. Stuart youre exactly like the title of your book, you dont back off at all. You used to play football, didnt you . A little bit with the raiders. When it was fun to watch. Stuart burgess, we think youre all right. Stuart, appreciate it, buddy, march more varney after this. [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. 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. 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. Ashley press secretary Sarah Huckabee sanders just spoke to reporters outside of the white house. Take a listen. Im sorry . [inaudible] like we said all along, we certainly hope that is not the case. Were looking for a clean spending bill. That is what we hope we get. Support the house bill . Do you support the house bill . We support a clean act page right now. That is what were focused on. Give reaction to attorney general Jeff Sessions [inaudible] look i think if the attorney general feels that there is a need for that investigation he should absolutely look into that, and obviously he sees cause for it. I would refer you to him on the details what that is. If there is a reason, which obviously he feels like there is, certainly he should move forward and look at that. Did he speak to the president about that. Im not sure if they have spoken today. About that . Did he encourage him in any way . The president wouldnt have directed him so do that. That im sure of. Whether or not they talked about it, im not sure. Going back to the Government Shutdown, sarah im in the sun. How does the president see his role right now . Obviously we saw the tweet. It was aimed at democrats, indirectly aimed at Freedom Caucus saying vote today. We have maintained our position all along. We want a clean bill and that is what we hope happens. We hope it happens soon because we know all of you guys and all of congress and everybody else is ready to make sure that the government is fully funded and functional and go home and celebrate christmas. He is making calls . President has been on the phone. As i said he talked to speaker ryan earlier this morning. He will continue to make number of calls. Thanks, guys. Paygo done on the cr . Ashley there you have it. A lot of that dealing with the spending bill. Of course the government runs out of money midnight tomorrow night. Sarah Huckabee Sanders saying all we want is a clean spending bill. Well get into more of that. But in the next hour the latest step in the tax reform process. Gop leadership will sign the bill and send it to the president s desk. Well carry that live. Stuart has his take on the next step in the tax reform fight. The states. Big hour ahead. Stay right there. I just finished months of chemo. But i dont want to talk about months. I want to talk about years. Treatments have gotten better, so. Im hoping for good years ahead. Thats thanks to Research Funded by the American Cancer Society. The same folks giving me free rides to treatment, insurance advice,and a place to stay during chemo. I need that stuff like you dont know. And now that you do, please give at cancer. Org a half hour from now there will be a signing ceremony in congress. It will be another celebration that tax cuts are a done deal. I will call around one. Round two may be at the state level. Specifically in those high tax states which will be slammed by round one. Look at illinois. Thats a tax state. One person moves out every four minutes. But it can get worse spread theres been a steady exodus from new york and new jersey. Theyre leaving for florida and texas am californians are fleeing to nevada. Just wait. It gets worse. Point number one, these states are in deep financial trouble but they can no longer raise taxes. If they do, the exodus of money speeds up. Point number two, new york and new jersey and california are already desperately searching for a way out. Replace income taxes with deductible payroll taxes, thats a long shot. Or turning school taxes into charitable donations again to preserve the deduction, again, a very long shot. Point number three, none of them are yet to talk about local tax cuts, but thats exactly what they have to do. More than that, democrat run state have to learn an economic lesson. You grow the economy by letting people keep more of their money. You keep wealthy people in your state and they pay most of the taxes by letting them keep more of their own money. Dont expect these states to start cutting taxes anytime soon, but sooner or later, thats what they have to do. If they dont they are bused. The third hour of bernie and company is about to begin. Lets get right at it. Gop leaders set to sign the tax bill this hour and will be showing it to live. This is the first step before it hits the president s desk. History unfolding right here. Look at this. Earlier in the show, the amazon package, we ordered it at ten past ten this morning. It has arrived at 1053, ordered at 10 10 a. M. , arrived at 1053. At the present for you. Okay. You probably cant see it but the grinch who stole christmas. That is funny. That little secular stop. Thank you everyone who ever paid for this, i appreciate it. Lets check the big board. Weve got good stuff going on there. Were up 100 points. 24829. Now look at this. On your screen, these are the businesses that plan to invest more money that they received from the tax cut deal. There are seven on your screen. We think there might be more still to come very soon. All right. The next tax site in my opinion will be in those high tax blue states. Lets bring in ceo todd hits. Youre a fan of the tax plan despite the effect on these dates. Is that correct. I am store. I think competition is good and competition between states for taxation is also good for us. But it will really hit the states. California, new jersey, new york, they really have to change their ideas about economics. Yes, they will have to get creative about how they tax and will have to be deductible. They will keep wealthy residents because it wont be a major impact on them but middleclass, obviously its huge and they have to tax, they have to change their tax system in order to keep those system in their states or the competition will take them. Its Pretty Simple economic. Yes it is. Exactly right. With the deal with this in the private sector every single day. I sort of see 360 from construction all way to Venture Capital and youve got to be competitive. The states will have to get competitive. We put on our screens throughout the show several Big Companies which are going to pass immediately pass along the benefits of taxcutting going straight to their own workers in the form of higher wages, bonuses, more hiring, et cetera. Is this just the beginning . You think there will be more companies coming out thing yes, we are passing the money directly economy . Think it is. Its important to debunk the talking points that come out on tv. This whole thing about Corporate America sitting on record profits, while its true, there is a reason for it. We went through a financial crisis in seven and eight that made Corporate America leaner, smarter, more efficient, better corporate governance. This is all good news the fact that were sitting on this kind of capital. The fact that were now getting this historic tax reform, that capital is not needed to sit on. You will watch that buppercaseletter invested in higher wages. It will be invested in expansion, you will see everything that Corporate America, when they really get out there and start digging can do. Its gonna show up in growth and expansion and higher wages. The last 30 seconds, what you telling your clients about the growth rate for our economy next year . 4 and above. Wow. Really . You will see something, out in the American Economy, it is bubbling. I sort of see a 360. It has been bubbling for a year now. Its ready to breakout. This is fascinating stuff. And all the old economic models are going to have to be rolled up and thrown in the trash because when the tax reform like this comes eight years into what the economist would call a cycle, it sort of debunks the cycle arguments. I think youll see a whole different cycle come out of this tax reform package. And by the way, its not the end. We need more things to happen out of washington. We need more leadership. There is a number of things i have to come. I shouldve asked you that first instead of last. All come back and will go through that another day. Thanks for joining us. Happy holidays to all of you. The chair of the Senate Finance committee is on hatch. Boy did he praised President Trump after passing that tax bill. Just watch this. Mr. President , i have to say you are living up to every thing i thought you would could you are one heckuva leader. We are all benefited from it. This is just the beginning. You stop and think about it, this president hasn president hasnt even been in office for a year end look at all the things hes gotten done. By sheer will, in many ways. By the way, he said he might be the best president ever. The senator on your screen, republican from ohio. That was pretty intrusive praise. Would you go that far . I think Abraham Lincoln might fit in there somewhere stewart, but look, President Trump and his administration worked really well with us on this tax reform bill and they do deserve credit. As you know, we worked on tax reform for many years including trying with the Obama Administration to deal with the huge problems in our tax code on the International Side and corporate side. We are losing jobs and investment every day, three times as many American Companies were bought by Foreign Companies last year. They indicated interest because its an obvious problem and yet were never able to pull the trigger and get it done. To this administrations credit, they are willing to work with us to actually solve the problem. We now have a more competitive tax code that will help workers in my home state. They deserve to be commended for that. Nancy pelosi says the following, the tax deal raises taxes on 86 million middleclass households. Thats a direct quote from nancy pelosi. Would you deal with that . Even democrats who are opposed to the bill admit that most people are going to get a tax cut. In fact, some of the democrats who of the most against the bill on the floor said two thirds of the people would get a tax cut that is greater than 100. This is middleclass families around ohio. Her numbers just arent accurate in terms of the amount of tax relief going out and acknowledge that. What they do say is that they think the tax cuts in the first eight years while real should be made permanent. We agree with that but we have to live under the constraints of the Senate Budget rules just as what happened in 2001 and 2003. In both of those cases, as you know, the tax cuts were extended for about 95 . I hope that will happen again. We are told there is a possible Government Shutdown tomorrow night at midnight. May i offer a personal opinion, i would imagine there will be some kind of continuing resolution that keeps the government open and we will discuss the major issues in january. Is that accurate about whats going to happen. I think youre absolutely right. Nobody wants a Government Shutdown. It doesnt help the economy or the taxpayer because when we do one of these Government Shutdowns we end up coming back and spending more afterthefact. I think there is a commitment to get it done. Unfortunately, were not dealing with is some of the issues we are to be addressing. The Childrens Health insurance program, bipartisan authority came out of the committee. I think we ought to include that and deal with that issue now. We have bipartisan support and theres some politics playing in here. I think republicans just had a great victory on this tax cut bill and we ought to ensure that we also leave town dealing with the spending issues and do some substantive work in addition on the healthcare front which we can do. Senator, i know you gotta get ready for the big signing ceremony. Ill be there. Im happy to be there and i appreciate the analysis from you because youre right, this is something that will change peoples decision on investment and ultimately you may not see these companies coming out publicly or see them on your big board but having talked to a lot of the ceos, they will make more investments. Its a competitive Global Economy and this will result in higher productivity and that will result in higher wages in a better economic performance. Thats what this is all about. By the way senator,. [inaudible] thank you so much. We appreciate you being with us. Next up, we have the head of a drilling company, one of the biggest in north america. He said President Trumps tax plan has brought them to the cost of an investment boom. How about that. 20 minutes from now you will see the tax elevation again. Paul ryan, Mitch Mcconnell, orin hatch, kevin brady signing the deal. Go get it right here. They wanted me too do this with an american accent. They are not happy with the atlanta shutdown. Delta said it cost them 50 million in the big blackout this week. They want the airport and or the Power Company to reimburse them. Delta stock is up 1 lets get back to tax reform. Its a well hedged servicing company. That is an oil driller. They say they will invest more now that the tax bill has passed. Turning us is the ceo dan everhart. Welcome to the program. Are you hiring more people are opening more drilling rigs . What you doing . Theres two components. One is ordering more Capital Equipment which is what the expensing provision of the tax reform bill allows us to do and the second leg is hiring more people which we are working on right now. So you doing this specifically because we got the tax deal in place. If this was not in place you wouldnt be doing this . A little bit of both sides of that coin. Business always wants to grow and we want to grow in service our customers, but we had a period in the oil and gas business for the last two years weve really underinvest in because the market has been so bad. Its now much better this year end so, what the tax reform package is allowing us to do is really dialup or Capital Spending even more so we are going to try to achieve 50 Revenue Growth next year in 2018 over 2017. Thats huge. I think its a big challenge for all of us, but i think especially with this tax reform package and the expensing provision will help us get ther there. One provision of the tax bill is that allowed drilling in the Arctic National wildlife preserve. I think thats a very big deal and the president did speak about this. Hold on a second. Ive got a plate for our audience. Roll tape. We will start drilling in one of the Largest Oil Reserves in the world. We did that but this is a big big deal. Its not ever mentioned by the press and it was fine until now. Now you can mention it. Is a big deal for you . We be thinking about going up there in drilling . Its deathly something we would think about. I think its a really big deal. This is something alaskans have wanted for a long time and i think theres potentially a Million Barrels a day but production up there that they will do and my understanding is the local folks up there really want to because they want the jobs and they want exposure. The other thing that i think is more complicated is the Alaska Pipeline is really at a critically low volume level. So to keep the whole system, the pipeline system, they really need additional volume. I really think its good for national security, good for our Energy Security and good for alaska. I want to talk to you about the spread this is my last question. Energy dominance. That is the goal of the trump administration. Is america right now the energy dominant power in the world . I think what goes on said is the u. S. Oil production is really on par with saudi arabia. Were just such a big market that we dont export as much but i think that well export story is a great story. We are exporting about twice as many barrels a day than we did a year ago. I think thats great the market economy and i think that this tax cut is going to lift our industry and put more money in our workers paychecks with the reduction of the tax rate and the w2 income and i think we will have an energy dominant america that will continue to store. The dan everhart, thank you for the positive message. Well done. Thank you. Check out what were going to call Cool Pictures from nasas operation ice bridge mission. It shows a blue glowing iceberg. This is antarctica. It comes from a blue light in the water as the water melts the iceberg it brings the blue layers to the surface. Thats what i am told. Very pretty. It is pretty. Global warming is pretty, some of the just said that my year. Listen to this. Nbc anchor Savannah Guthrie asking paul ryan if he is living in that fantasy world to think that the gop plan will help workers. The full story is next. But first, the homes from classic Christmas Movies that are now worth millions of dollars. Can you recognize any of them . One of them actually cost less than what it did when the movie came out. [laughter] i used to have more hair. I used to have more color. And. I used to have cancer. I beat it. I did. Not alone. I used to have no idea what the American Cancer Society did. Research . Yeah. But also free rides to chemo and free lodging near hospitals. I used to maybe give a little. Then i got so much back. I used to have cancer. Please give at cancer. Org. Check this out. The classic Christmas Movie is worth millions but there is one that cost less than when it first became famous. I know that one. The house from home alone cost 2. 1 million when the movie came out in 1990. Now its worth 2,090,000. Its worth less. Okay, whats that one. Any guesses. Diehard. Very good. That is the l. A. Penthouse be treated diehard. It cost a million in 1999. Its now worth 5 million. Whats that . Bridget jones. Yes, the famous flat cost about 302,001. Now its 971000 you were cheating because you read now. Thats holiday. You knew that. Yes. I didnt even know whats in it. 600 30,000 dollars. Can i read the script uninterrupted . That was a 200, now ive lost my place. Thank you. 633,002,006. Now its worth more than 1 million. Are we settled with this . They all went up in price. Merry christmas. [laughter] listen to this. Nbc host savanna guthrie asking paul ryan if hes living in a fantasy world. Roll tape. Ill ask you plainly. Are you being in a fantasy world. I would compare that anecdote to the surveys of businesses like the National Association of manufacturers surveys which show the vast majority of businesses are going to do just what we say, reinvest in their workers, reinvest in their factories, pay people more money and higher wages. Weve got seven big corporations that have already put more money into workers pockets in their hiring more people et cetera et cetera. Speaker ryan is probably not thinking about that now. Hes about to sign the tax bill with other top lawmakers pretty will send it to the president. His celebration of the tax plan will continue. The dow is up 107point spread we will be back. Any moment now gop leaders will be holding that signing ceremony for the new tax bill. Sit back, watch a little history why dont you. We will run alive. Look at the market. Now theres a celebration. The big board, the dow shows a gain of 114point to do the math real fast. We are 149point away from 25000. Plenty of green on the left. That means a majority of the dow are going up. Plus we wait for the signing ceremony, dan is with us. He is a powerful guy. Hes the deputy editor. Dont look so smug. [laughter] have been in this tax fight a long time. Brown one of the tax deal is what they are about to sign. I think brown to will be the states, high tax states, theyve got to cut taxes. I would say so especially since the governors of those states, Governor Cuomo in new york, jerry brown in california are screaming body murder that this tax bill is shafting them. Why . They are under the threat of their wealthiest residents leaving the state. That would be the people who pay 50 of the taxes in those states. By the way, on the lefthand side that is the shafting tax bill. They shoved it into position. Now, do you think these states , do you think theyre actually lower taxes . Surely not. They dont want to lower taxes. Over the past 25 40 years they have gradually jacked up taxes on the people. Theyve increased income taxes on the wealthiest, but property taxes as well. Theyve squeezed almost every turnup that exists in those states. Think the pressure now is in inevitably going to be downward on taxes privileges be rich people asking them to reduce taxes. I think will be normal people as well thing you just cannot squeeze any more out of us. Those legislatures will be under a lot of pressure. In my right in saying these states are in dire financial shape primarily because of their liability for government worker pensions and health costs in those states. Thats certainly the case in states like new jersey or illinois. In california indeed. There is really a reckoning thats being forced by this tax bill and i think that was one of the purposes of eliminating the state and local deduction to push some of the pressure back into the state. The states have been sitting out there saying we want to be, governors of our own futures and so forth, but this will give them the opportunity to actually show whether they can bring their houses under control. What you make of the democrats unanimously saying no to the tax deal, unanimously saying no to growth and they plan on attacking the plan throughout the next year. Its an amazing spectacle. When would the day ever arrive that the average politician would be denouncing tax cuts. I have never seen anything like that. They are surfing on the idea that the opinion polls are negative on the tax cut. The negative on the tax bill because so much of the media reporting has been negative so theres kind of a propaganda effort thats going on. Thats all the democrats are offering. They have no alternative at this point. Thats the thing i would ask some of these people, democrats are commenting on it, what is your alternative to this tax bill. The last significant economic act of the Obama Administration was the 209,800,000,000,000 stimulus. That was it. That didnt stimulate anything. What a wonderful thing that was. Also with us, fox and Friends Weekend host, pete. Whats your take on the democrat universal no one tax cut. You have the movie right there. Its the grinch. They will be a grinch about anything that involves, they are the party of john f. Kennedy is dead. The democrats voted for tax cuts in 1960s and are gone. Not a single one exists. They are beholden to their liberal progressive leaders who are beholden to their donors and special interest in hollywood and throughout. This is not a mainstream party. This is not a party that believes people should have their own money and the responsibility to spend it themselves. That will be litigated at the polls. President trump is saying you can have your money, you get to make choices. Democrat party is saying now we want to keep it and spend it better than you know better. The individual mandate is a big win. I love that were not telling people what they have to buy. Thats been hidden actually. A lot of Big Companies, i think theres seven we found so far, theyve already used their planning to pass through their savings from the tax cut and pass it directly through to their workers, higher wages, bonuses, i would expect more to follow suit. Its very good pr at the very least for these companies. One of those companies is comcast. I think they own nbc and msnbc so youre welcome rachel. The reality is people are going to be better off when companies have more of their own money and businesses want to benefit their employees and hire more people. Isnt that a huge gamble for the democrats to stand against this tax bill, god for bid if the economy is boosted by these companies, what does that do to them in 2018. Gigantic gamble. Even bigger gamble than the russia gamble that they spent the whole year litigating and turned out to be false. The only thing they have is sheer hatred for the president. But stay on in msnbc for a moment. For weeks and weeks mother anchors were railing against this tax cut. Comcast is doing more. They will in best 50 million in infrastructure. Theyre giving out bonus to their own workers when their own workers have been complaining exactly what comcast is doing now. Speaker ryan just entered the chamber along with Mitch Mcconnell. They are lining up. And seeing them line up there. They will have the formal signing ceremony any moment now. American conservative union guy, the chair is with us coming real fast before they start talking. Max, a win for President Trump. What say you. Its the most amazing political win ive seen in a long time and it sure gives us all a Big Christmas present and a great way to end the year. Thank you very much. Lets listening to senator ten scott. This is a fantastic day, christmas coming early for the American People. The house and the Senate Working together putting aside all differences with one clear objective, making sure the American People are heard. Making sure Small Businesses have an opportunity to grow. We have seen a tremendous victory through this process and it is because of committed leaders behind me and trusted with the confidence of their voters to bring forth a tremendous victory. I am thankful we are led in the senate by leader mcconnell who has done a fabulous job is bringing 52 caps all working in Different Directions together for one purpose, to serve the American People. [applause] thank you. This is a happy day indeed for the American People. These middleclass tax cuts are resonating already. Weve used examples of Single Parents making 41000. Year getting a 73 reduction in their taxes, but its not just on the individual side. I was pleased to see americas corporations standing up almost immediately and saying employees are going to benefit from this great tax cut. At t yesterday with the thousand dollar christmas bonus to 200,000 employees, echoing after that other corporations standing up and saying just exactly what speaker lik paul ryan have been predicting for a long time. This will provide great opportunities for the employees of our country. It is a great christmas season. Were happy to be there. With that, the chairman of the ways and Means Committee, a leader on this issue, kevin brady. [applause] s. Thank you again so much for your leadership and speaker ryan as well. When youve seen this bill signed today, this final historic tax bill is one of the biggest highlights for many of us in our time in congress. Maybe even in our adult lives. One of the main reason so many of us iran for congress was to do exactly this, improve americas broken tax code and take away the pain that was causing on our economy. We all want to make it simpler, fairer, rewarding hard work, making america competitive agai again. Thats exactly what we accomplished in this bill. This is an incredible day for the American People. We would have never gotten here but for the leadership of paul ryan, our speaker and without the leadership of the senate, chairman hatch and others, but i do want to take a moment to tell you is proud as i am of this bill, i am equally proud of the 24 members of the house ways and Means Committee who worked long hours, evenings, weekends, came back from holidays to be ready to deliver this tax reform plan. I would really mess as well if i didnt think our team and our Committee Led by David Stewart and our tax counsel who just did marketable work. I cannot wait to see this new life that springs up in our economy in the United States as we deliver more jobs, fairer taxes and bigger paychecks for the American People. Thank you. [applause] i am proud to introduce the chairman of the Energy Committee in the senate, senator murkowski. [applause] i had to come from behind my congressman who has been with us on and more site for 37 years so while i was able to be the architect of title ii in the senate and proud to do so, i think it is only appropriate that i recognize the dean of your house, congressman don young who has done an extraordinary job for us. But as tax reform has been long awaited, so has opening the 1002 area to limited exploration and production, an area of extraordinary resource that can be accessed with a minimal footprint, something that alaskans have been fighting for for 38 years. You dont give up on something when the cause is right, when you know you have so much to contribute. Two colleagues who have stood with the alaska delegation, those who have stood for American Energy production, today is indeed a bright bright day. We thank you for your continued support. Alaska will make you proud. Thank you. [applause] thank you. This is a bright day for the United States because america is rejecting the economics and embracing the economics of opportunity. There is a real buoyancy to that and there is a brightness to that. I think america is longing for brightness in our public life. If you think about the impact of this vote, it has an impact on every american, and if youre having an impact on every american, that means youre having an impact on the globe. The world longs for the United States to be a strong diplomatic power and in order for that to be true, the United States has to be a Strong Military power and in order for that to be true, the United States has to be a strong economic power. At its foundation is the ability now to project American Values around the world. This is much bigger than an economic picture. It is a casting vision for what our future looks like and we are choosing brightness and opportunity. [applause] this is an exciting day for america and for almost every Single Person in it. I had a person say were not going to know whether this tax helped us or not for another year until april 15 of the following year. I said no, companies are going to get the new withholding tables by the first of february and so, the first checks to come out in february, people are going to be able to see the reduction in the amount of withholding they had to do to pay their taxes. They will see a benefit come february and ive been overjoyed with call this morning from Small Businesses and some International Businesses that worked on the International Tax piece, and ive already heard from some companies that will move their business back to the United States, build a couple more manufacturing plants here and one of them was talking about a thousand more employees, but ive heard from Small Business too. One who said this was going to be the biggest investment we ever make. We will put 15 million, thats a big number, 15 million into new plans. I think we will hear a lot of examples of that and of course every new plant needs employees to do it, employees increase the Competition Among workers, increase Competition Among workers raises wages. We will see lower taxes, higher wages and more jobs in the United States which is exactly what we set out to do in this bill. I am glad that the Budget Committee was able to play a role in this to get the reconciliation so we could get through to the final stage and do it. [applause] have told the story a couple times before, but a while back i was Grocery Shopping on a weekend around 11 00 p. M. And a mom came up to me and she had her hands full of coupons in a grocery cart full of generic food and said when is it going to get better. My electricity costs have gone up, healthcare costs have gone up, when is it going to get better. By passing this bill in signing it into law, it just got better for that family. In my home state of south dakota, the average Household Income is 50000. Year. They pay double the National Average in energy cost because of where we are located. For that family, right now they have about an 830 tax liability. With the passing of this bill now they will get a 730 refund. That is a 1600 difference. For that family, that is lifechanging. That is a weekend they can spend with their kids and take a couple days off, put some money in a savings account so, as i came to the table as a ways and means member and a final negotiator on this package, i came to the table as a farmer, as a rancher, but most importantly as a mom who wanted to see those families get some relief. This is a wonderful day for a spread not only did we meet family needs but we also gave tools to farmers and ranchers and Small Businesses across the country. Interest deductibility, expensing a new Small Business low tax rate, those are all things that will pay off and build strong families, but also a strong future for this country. If the bottom line is this, that people have worked hard for their money, its about time that people in washington d. C. Respect that and let them keep more of their money and make their lives and their futures better. Thank you chairman brady for your work on this bill, and was so impressed me throughout this process is that chairman brady let us be legislators. I served in our state legislature, i was a majority leader there and since i came to washington d. C. One of the things that frustrated me the most is that you see very little of the legislative process, but this chairman let us be legislators. He let us negotiate, craft policy, and i absolutely loved the fact that he gave us that opportunity to truly be a part of forming this bill so it worked for our districts in our states in this country. Now i want to introduce the man who gave such an inspirational speech at the white house. I talked to so many people who said it almost brought them to tears but chairman hatch speak next. [applause] what a privilege it is for me too stand here with these wonderful leaders in the house and senate. I am so proud of Paul Ryan Mitch Mcconnell and the chairman at the voice and Means Committee and the other members and the people on the finance committee, this was a landmark day and i can say that if we can keep going we will get this country going like its never been going before. Im grateful to stand here with these great leaders and im grateful for the influence theyve had and im grateful for the influence theyve had country. This is the greatest country in the world, bar none. We dont want to slip and it wont as long as we have top leaders like this. We have a Congress Like this where every member really cares and they care for the right reasons. So god bless the United States of america. Thank you so much. So many of us have been working on this issue for a long time. As a former chairman of the ways and Means Committee, i just have to tell you how so many men and women here have fought for this moment. I also want to echo what kevin brady said. I want to thank the staff for all their hard work. I want to thank George Callis on our staff who came from the ways and Means Committee and so many other people to make this possible. We come to these jobs to try and improve the lives of the people we represent. This bill, more than so many other things weve ever tried to do does that. So we are very thankful and we are very hopeful because when we been working on this issue for so many years, we can see on the horizon this Great Potential for our people and our economy. We know this is the greatest country on earth and we know that america has better days ahead and we know that america has so much more potential. This bill taps that potential. I just look at the state of wisconsin. The average income family of four in wisconsin is going to get in excess of a 2000 tax cut. That is real relief for real People Living paycheck to paycheck. We are heartened that hours after this bill passed we are seeing Companies Across the country giving bonuses to their employees print one company in philadelphia, 50 billion in Capital Improvements and investment over the next five years because of this tax bill. We are encouraged by the fact that this will give the American Economy the jolt of energy it needs to give people the opportunity they deserve we are so excited about this chance and opportunity and we are so thankful to the men and women of this country who were sent here to work on their behalf and that we are able to actually deliver this generational defining reform in this moment. At this time, i would simply want to ask the senat senators to join me in signing this legislation. [applause] you get a pen. You need to be up front. [applause] they sign, seal, it is delivered. We will sit and watch them go through the motions here. What stuck out to me matt was senator murkowski from alaska, her price for saying yes was and water. Open it up to drilling, and my right . You are exactly right. I think Mitch Mcconnell loves being able to give it to her because he has been making that fight for couple decades as well. This is an old fight about whether or not we can responsibly drill for oil in america. We have answered that question long ago. We drove for our Natural Resources and the most environmentally safe way on the planet and america is ready and loving this energy resurgence we are having in this country. Matt, you are conservative guy and i think youve lobbed a couple shots over at Mitch Mcconnell and speaker ryan. Would you say now is the time for a hat tip . There are times when you have to call balls and strikes and i have to say for Mitch Mcconnell and paul ryan i was a staffer with paul ryan and house many years ago and i just think they deserve, you can use big enough and Strong Enough words to thank them basically for their leadership. This was a very tough thing to negotiate, especially in the senate and Mitch Mcconnell kept his eye on it the whole time. We are very proud of what theyve done. Kevin brady has been on the show numerous times. He was under enormous pressure working 247 all the time and he came through. He seems to be the most patient man in washington. There is a model Going Forward. Talk to everybody, listen to their ideas, next year the republicans are going to try to do welfare reform and its tax reform, the success of this tax bill sits between the failure of the healthcare bill before and Going Forward into welfare. Now they have an idea of how to succeed. Lets hope they can do it. Thats exactly what i was going to say. The pressure was just ratcheted up because of the chaos in the absolute failure of the obamacare repeal. If they had gotten to the end of this year with nothing accomplished, that would have been absolutely awful for the republican party. Hes the republicans at that point were fighting, they were acting like cats fighting in a pillowcase but right now whats happening is what of the democrats answer to jobs and growth. They say that in a campaign against jobs and growth. Whats happening right now is the u. S. Economy is growing double the rate of what was under obama. Of American Families across country, Democrat Families are saying we feel abandoned by the Democrat Party. We have a jfk democrats, we have no home anymore in the Democrat Party. So where do they go . We are talking to pennsylvania eight union worker and michigan, wisconsin firemen, teachers and cop seeing their pension go up because of the stock market and the economy is turning around. Matt, the democrats voted know about this. It was a no vote. They voted against growth. Look, i said at the top of the hour, that is a lousy strategy going into the 2018 election when you may have an economic boom on your hands. Go. 1980, reagan got a huge number of democrats. 1986 he got a huge number of democrats. George walker bush in 2001 and 2003 got a big chunk of democrats for this is a very first time with such a big tax cut bill that not a single democrat was willing to put their country over their party to do the right thing for the constituents because they believe in resistance on everything donald trump stands for. I think its going to be terrible politics and i think the politics of 2018 just got a lot better for the republican party. Granted, this was congresspeople doing the signing there. Paul ryan and orin hatch, but unmentioned in the ceremony was President Trump. You give him some credit for this . Oh yes, i think trump participated in this and he pushed it, he leaned on the members of congress to do this but i dont think they wanted to attack him with the defeat because it wouldve been an attack for them as well. He did two things. He said im planting a flag to help the middle class with this tax cut and it does, taxation said its mostly for the middle class, and number to cut that corporate rate. Then trump backed off and he let the republicans sorted out. Right now what we are seeing is a real shift in the body politics of the republicans finally coming together and the democrats grinding their teeth. Although, on the lefthand side your screen, we are showing the stock price of boeing and the headline is wall street journal takeover talks. Are there takeover talks . Okay, there are talks from boeing to take over with the 3. 7 billion, thats what we just saw. We been showing on the bottom of the screen. Boeing is at 297. Share. When assigning ceremony started the dow is up 107 points. It ended with the dow up 110 points. Thats where we are now. Its signed, sealed, delivered. Final word . Its a new day. Some of us have been fighting for these sorts of things since the early 1980s, 1986, we had congressman jack kemp who contributed to this sort of thing, and now the republicans and donald trump do have the wind at their back. The democrats are standing on the side saying the polls are against it. Man, i will tell you, that is really a risky strategy to run for two years and what i feel the best about, stuart, is that donald trump ran on doing certain things, and what hes projecting to the American People that he intends to keep his promises. Thing is great thing for america. Stuart yeah, fair point. Tax cuts in place. Isis has been defeated. And countless bundles of red tape have been swept away. Id call those three significant achievements. Liz. If we see 4 growth at any point in the next quarter, we havent seen that in 15 years. I have to say it because again and again, i come from a family, long family of democrats. They have talked about this at holiday gettogethers all the time. They feel like they dont have a home in the Democrat Party. A lot of them feel like they dont have a home in the Democrat Party anymore. Theyre the jfk, bill bradley, Dick Gephardt and even joe biden democrats. I say those names because they voted for the reagan tax cuts. Ted kennedy voted for the reagan tax cuts. Al gore did, john kerry did, joe biden did and Chuck Schumer did. One thing i hope the gop has learned from the process is how to better get their message out. When you look at the polls, the majority of the people dont like this deal. They should. They need to do a better job. Stuart break the monopoly on the establishment media. That does nothing for you, young man. [laughter] thank you to matt schlapp, dan heninger right here. Liz and ash, as always. I think its yet another historic day in politics and money. It is. Stuart the dow industrials up 108 points, were at 24,834. My time is up. Neil, its yours. Neil you know what i admire about you, stuart . You acknowledge on air the tax package is not going to help you, you will pay more. You and i come from the same hightax state of new jersey. I dont share your enthusiasm. [ laughter ] i thought id say that. I know do you, actually, neil, i think both of us want to see a prosperous america. Big deal. Neil maybe. Stuart yeah. Neil great show as always. Hes such a good guy but for the next couple of hours, going to go about trashing this thing and get into the details. No, were not