when entice ago foreign government to mess with our election a catty wampus booger boo? i rest my case! and the angry tubas. >> is it your position that president trump should not be impeached even if all the evidence and arguments laid out by the house are accepted as fact? >> i'll answer the question. you want answers? i think 'em entitled. you want answers? i want the truth! you can't handle the truth! i rest my case. so sign up today for darius lighthouse's acting school of legal acting, and you can trust me because i'm not only the theater's director, i've also played a pivotal character on "law and order." >> he was killed right here. keys right here. his briefcase. he just got home from work. ( laughter ) ( cheers and applause ) ♪ >> announcer: it's "the late show" with stephen colbert! tonight, stephen welcomes jim axelrod and tom steyer, featuring jon batiste and "stay human." and now, live on tape from the ed sullivan theater in new york city, it's stephen colbert! ( cheers and applause ) ♪ >> stephen: yes! yes! oh, yes! ( cheers and applause ) good evening, everybody, up there, all you heros out there, up there, down there. welcome to "the late show." i'm your host stephen colbert! ( cheers and applause ) ( piano riff ) let's start off the evening on a positive note, john. happy martin luther king jr. day! ( cheers and applause ) beautiful message to remember. both the president and the first lady noted the day on twitter. melania was short and sweet. "together we honor dr. martin luther king jr. #m.l.k. day." she really relates to dr. king's message, especially the part about wanting to be "free at last." ( laughter ) >> jon: oh, oh, my goodness! >> stephen: i think i heard. i don't know. it's what i heard. >> jon: thank god almighty. >> stephen:ed toest thing about that tweet was the graphic she chose, which just said, "m.l.k. day." timely and factual. ( laughter ) and i'm being told we have a preview of the first lady's tweet for tomorrow, "together we honor tuesday january 21." again, so truthful. >> jon: direct. direct. ( cheers and applause ) >> stephen: in addition to this being m.l.k. day, it's also the third anniversary of trump's inauguration. january 20, 2017. i think we all remember where we were when we weren't there. ( laughter ) ( cheers and applause ) but we're also exactly one year away from the inauguration of our next president. ( cheers and applause ) ( piano riff ) so it will either be a massive, historic celebration in dc, or the white house will tell us it was a massive, historic celebration in dc. ( laughter ) but inauguration day may come early because tomorrow is the beginning of trump's senate impeachment trial. ( cheers and applause ) i'll give you the latest in tonight's don and the giant impeach. >> i'm gonna bomb the (bleep) out of them. >> stephen: over the weekend, house impeachment managers filed a 111 page brief outlining the president's abuse of power and obstruction of congress. they conclude that "president trump's conduct is the framers' worst nightmare." yes, the framers' worst nightmare, next to the one where they're addressing the continental congress without pantaloons. ( laughter ) in response, the president's lawyers say that abuse of power is not impeachable. yes, it is. it's the most powerful job in the world. that's why abuse of power is the thing a president is not supposed to do. it's like lord acton's famous saying, "power corrupts, is donald trump corrupt? absolutely." ( laughter ) ( cheers and applause ) but they're saying "technically, it's not a crime." well, you don't have to break the law to get fired. it may not be against the law for you to dunk your junk in my cappuccino, but i still want you fired. america does not run on junk dunking. ( cheers and applause ) >> jon: worth it. >> stephen: warm this time of year. >> jon: i don't mess with that. >> stephen: constitutional law scholar laurence tribe says, the argument that only criminal offenses are impeachable has died a thousand deaths in the writings of all the experts on the subject, but it staggers on like a vengeful zombie. look, larry, you may not agree with the president's allies, but i think the term "vengeful zombies" is a little-- oh. ( laughter ) oh. on the nose. on the nose. >> jon: oh, that thing right there. >> opt nose. on the nose. >> jon: whoo! ( piano riff ) ( cheers and applause ) ( piano riff ) >> stephen: i object! ( laughter ) but the ultimate insult against trump's defense brief is the allegation that it is "so weak he likely dictated parts himself." there's a hint of that in this section which reads: "the articles of impeachment now before the senate are an affront to the constitution. hello, i'll take a large meat lover's pizza. extra meat. extra lover. good bye. damn! i forgot the garlic knots!" ( laughter ) >> jon: you don't never get 'em. >> stephen: and here's the thing -- donald trump is taking none of this lightly. with his presidency on the line, trump is turning to his favorite legal scholar: television. ( laughter ) according to a source, trump has been telling people that "he wanted a high profile legal team that can perform on television," and "trump loves having people who are on television working for him." (as trump) "get me matlock, perry mason, law and order, dharma and greg." ( laughter ) team trump includes harvard law professor and man who just googled "alan dershowitz underwear", alan dershowitz, who famously defended o.j. simpson and jeffrey epstein. (as trump) "get me dershowitz, i'm exactly as innocent as epstein and o.j. jared, just in case, gas up the bronco." ( laughter ) dershowitz was on the sunday shows pushing the whole abuse of power is no biggie: >> you needed proof of an actual crime. it needn't be a statutory crime, but it has to be criminal behavior, criminal in nature. >> stephen: but during the clinton impeachment, one prominent legal scholar disagreed: >> it certainly doesn't have to be a crime if you have somebody who completely corrupts the office of president and who abuses trust and who poses great danger to our liberty, you don't need a technical crime. >> stephen: okay, but look, we've all -- wait -- ( cheers and applause ) back in 1974 dershowitz said this about richard nixon and watergate: "i'm not happy seeing nixon's gang being tried by blacks and liberals in the district of columbia." wow. that statement didn't age well, but neither did alan dershowitz. ( laughter ) ( applause ) ( piano riff ) as i said, the senate trial starts tomorrow, but we're still a little fuzzy on the details thanks to senate majority leader -- ( audience booing ) -- and crowd favorite mitch mcconnell. ( laughter ) here's how it's supposed to work: as majority leader, mcconnell writes up the rules for the trial, then the entire senate votes on those rules. simple. thing is: mcconnell has so far refused to reveal any of the details about his resolution. the trial starts tomorrow! that would be like a wedding invite going out that says "ceremony at 1 pm, st. matthew's episcopal church. b-y-o bride." ( laughter ) mitch has been hush-hush about the rules of engagement, but it doesn't seem like he's confident trump is innocent, because reportedly, mcconnell is preparing a resolution that would leave room for president trump's lawyers to move immediately to dismiss the impeachment charges, in what's being called "a break-glass option." "break-glass." a sure sign that everything's a-okay. that's why public buildings have -- ( applause ) that's why public buildings have axes on the wall with signs that say break glass in case everything's hunky dory. ( laughter ) while mcconnell is busy rigging the trial, some of the jurors have already started their defense of the president, like alabama senator and frankenstein noticing fire, richard shelby. shelby was on "this curious week with george," who asked him this question: >> do you think it was proper for the president to solicit foreign interference in our election? we've seen the president in public ask the ukrainians to get involved, ask the chinese to get involved. >> well, those are just statements political. they make them all the time. >> so it's ok? >> i didn't say it was ok. i said people make them-- people do things. things happen. ( laughter ) >> stephen: an ironclad defense. it's like a defense attorney saying, "your honor, did my client commit murder? sure, but things happen. sometimes sharp things happen 22 times to the torso. ( laughter ) ( cheers and applause ) ( piano riff ) you must declare him innocent by reason of "whatcha gonna do? kids will be kids ." ( laughter ) with impeachment heating up in washington, trump escaped to texas for the annual convention of the american farm bureau. he began by telling them that they all loved him: >> a poll just came out-- "wall street journal." it just came out. look at this: "farmer approval of trump hits record, poll shows 83% of the farmers and ranchers approve of the president's job performance." 83%! ( cheers and applause ) but, i want to know, really: who are the 17%? who are they? who the hell are the 17%? ( laughter ) anybody in here from the 17%? don't raise your hand; it may be dangerous. ( audience reacts ) >> stephen: wow, that's a little disconcerting from the most powerful person in the world. (as trump) "seriously, who in this room doesn't approve of me? i'm throwing a special party for you guys. just follow the cows up that ramp." ( laughter ) just ignore the whirling party blades. ( laughter ) trump also spent a good amount of time talking about agriculture commissioner sid miller, seen here a'wranglin' a cupcake. laugh and you'll never guess which detail about miller he focused in on! >> he had the big, beautiful cowboy hat on. i love that hat. i wish we could wear them in washington or new york because i would be the biggest buyer of that hat. ( laughter ) >> stephen: actually, you "can" wear them in new york. my drummer, joe saylor, is wearing one right now. ( laughter ) ( cheers and applause ) ( rim shot ) not a joke, joe. ( rim shot ) ( laughter ) one issue affecting farmers is the estate tax. and if there's anybody worried about who inherits their fortune, it's donald trump. >> is there anybody here that does not love their children and does not want to leave their beautiful farm to their children? you mean there's not one person that dislikes your children because they're brats-- because they're spoiled rotten brats? >> stephen: (as trump) "c'mon, admit it. everyone hates their kids, right? especially the blonde one, giant gums. we've got a great show for you tonight. ( cheers and applause ) jim gaffigan is here. when we return, there are vacancies in the royal family. stick around. ( cheers and applause ) ( band playing ) ( cheers and applause ) ( band playing ) >> stephen: hey, everybody! give it up for the band jon batiste and "stay human"! right there! ( cheers and applause ) jon, nice to see you. >> jon: what's happening? >> stephen: happy m.l.k., jr. day! >> jon: absolutely! ( cheers and applause ) >> stephen: did you do anything to celebrate? >> jon: yeah, i read a lot of his writings. >> stephen: have you really? >> jon: yes. >> stephen: that's lovely. >> jon: "a pilgrimage to amazing. ( applause ) >> stephen: well, the world can't stop talking about everyone's favorite troubled royal twosome. brad pitt and jennifer aniston. ( laughter ) but also meghan and harry, who have dragged britain into "megxit." or as i call it "harr-abdication." it's going to catch on. give it time! i say good on them for leaving. the british press is doing to this family exactly what they did to harry's mother, plus racism. the world was riveted yesterday when harry gave a speech in london, and spoke publicly for the first time about harr-abdication-- see? it's already catching on. ( laughter ) and made it clear that the treatment of his family by the tabloids had become too much. >> it brings me great sadness that it has come to this. the decision that i have made for my wife and i to step back is not one i made lightly. there really was no other option. i hope that helps you understand what it had come to that i would step my family back from all i've ever known, to take a step forward into what i hope can be a more peaceful life. >> stephen: peaceful life? harry, you have a four-month -- eight-month-old baby. you won't have a peaceful life again for the next 18 years. right now, just shoot for a "less puked-on" life. although meghan is already in canada with their son archie, harry insists they are not breaking entirely with buckingham palace. >> what i want to make clear is that we're not walking away. >> stephen: "we're flying away on an airplane. ( laughter ) turns out if you walk from england to canada, you drown or get eaten by sharks." ( laughter ) harry and meghan will also repay the $3.1 million in public money used to refurbish frogmore cottage."s an called fgmore cottage? ( laughter ) that sounds made-up like hogwarts, humpty dumpty, or benedict cumberbatch. ( laughter ) and despite giving up his h.r.h. title, harry remains sixth in line for the crown, which puts him just behind prince williams' children and just ahead of john goodman. ( laughter ) and to make the whole thing even more official, on saturday, queen elizabeth herself announced that harry and meghan "will no longer be working members of britain's monarchy." so there's a job opening in the royal family. maybe a megxit means a colbentrance. ( laughter ) hi! how are you? mrs. queen -- can i call you queeny? my name is stephen colbert. i'm interested in the position of royal highness. i have no formal training in being a prince, but i have been told i'm a royal pain in the ass. ywer, i'er ) highly motivated, i can wave backwards, and i've never met jeffrey epstein. ( laughter ) we'll be right back with jim gaffigan. ( cheers and applause ) ( band playing ) ♪ ♪ ♪ everything your trip needs for everyone you love. expedia. for everyone you(whistling) find your breaking point, then break it. every emergen-c gives you a potent blend of nutrients. so, you can emerge your best, with emergen-c. it's important to have a reliable network. we all use it in different ways. (vo) everyone in your family is different. someone is streaming sports, someone is video chatting her friend. hi, gianna! (vo) so verizon has plans to mix and match starting at $35. and up to $700 toward our best phones. the network more people rely on, gives you more. i'm christina stembel and i chose the spark cash card from capital one with unlimited 2% cash back on everything i buy why wouldn't i get this card?! i redeemed $115,000 in cash back, which doubled our marketing budget last summer. what's in your wallet? coyou fifteen percentico or more on car insurance? do woodchucks chuck wood? hey you dang woodchucks, quit chucking my wood! geico. fifteen minutes could save you fifteen percent or more on car insurance. ( cheers and applause ) ( band playing ) >> stephen: hey, everybody, welcome back! folks, my first guest tonight is an actor, author, and one of the most popular stand-up comedians in the world. please welcome jim gaffigan! ( cheers and applause ) ( band playing ) >> stephen: welcome back, professor gaffigan. >> i am a very autistic person. >> stephen: very -- ( speaking foreign language ) ed. >> thank you, but i don't know what that means. >> stephen: very distinguished. >> i had a reporter ask me are all standup comedians slobs? ( laughter ) i was, like, i think that's an insult, but now i'm dressed up for your show. thank you for having me. >> stephen: we're happy to get you. always glad to snag a few minutes with mr. gaffigan because you're a busy man, always on tour. any unusual venues? >> i pretty much perform everywhere and anywhere. i'm going international. last year i performed at a rodeo. >> stephen: wow! because i have a good agent. ( laughter ) >> stephen: obviously, i have to ask the question -- >> it was my first rodeo, it was. ( laughter ) ( applause ) it was. it was. and i love that saying, you know, not my first rodeo, as if the second rodeo is when it makes sense. you know, it's, like, oh, now i get it! people are riding animals that want to be left alone. ( laughter ) at first, i thought it was an aggressive petting zoo, but it was fascinating. >> stephen: may i ask where this was? >> it was at the san antonio rodeo. >> stephen: that's a good one. a big to-do. >> stephen: yeah. and it was so impressive, and there's different events, some of them more dangerous than others, some of them different skills, you know, like there's the caf calf roping where a guy chases down a calf. you know, like cows are super fast. ( laughter ) well, in this event, a guy chases down a baby cow, but he's riding a horse, so it's an even race. ( laughter ) and then he lassos the calf and ties it up and whoever does it the fastest is most likely to be a serial killer. ( laughter ) but it was amazing, and it's just like these performers or these cowboys are so intense. at one point, one of them came up to me and goes, you do standup comedy? i could never do that. and then he proceeded to climb on a bull. ( laughter ) and the world never made sense again. ( laughter ) >> stephen: do you have a favorite event you like to watch? >> i mean, the bull riding was -- it's insane. >> stephen: it's terrifying. it's 1500 pounds of angry pot roast. ( laughter ) >> yeah, we live in such a risk-averse society, kids are wearing helmets walking down the street. at the rodeo, there's no safety meeting. there's no one going, all right, fellows, i don't to see you get hurt -- well, except for everyone in the stadium. ( laughter ) the bull riding is so impressive. i was surprised, they only ride the bull up to eight seconds. that's the whole time. >> stephen: you hit eight seconds, you just jump off? >> or someone rescues you. >> stephen: what? omeone rides past in a horse and grabs them off. you've never seen a rodeo and call yourself an american? >> stephen: i've never seen someone riding a horse up next to you and pulls you off, up next to an angry bull is this. >> i think the eight seconds is their whole workday, that has to change your perspective. riding an elevator, oh, i could have ridden three bulls. >> stephen: are there guys who do the full eight?>> y >> stephene they good g the wea? >> i don't know. ing aseconds is impressive but not that long, when you consider a dead body could ride a bull for two seconds. there's one guy who says, you did good, good, not as good as the corpse but you did all right. ( laughter ) >> stephen: have you ever been on a mechanical bull? >> i have not. >> stephen: i have. it's very painful even for short periods of time. >> that seems unnecessary. >> stephen: the chafing on the thighs you don't expect. ( laughter ) >> i was watching this bull riding and just the core strength to do that, that's unnecessary. you know? i mean, i barely have the core strength to ride a bike at this point. >> stephen: were there are rodeo clowns? because they look fantastic, good job. >> those are the best. soone toa rod clown.ke, ehrow bt furiou seone to distract and maybe antagonize that 400-pound animal. and me and the fellows, you would be good at that. and the other guys are, like, me? do i have protection? you mean like makeup? no, something to protect me from the bull! you wouldn't be out there naked, you would be dressed like a clown! opiate whey they're dressed like clowns. >> stephen: it's when they day, it's humiliating. >> do they think, like, a bull's going to throw a rider and be like -- ( gasps ) -- was that a clown? is that my birthday? did you guys get me a clown for my birthday? ( applause ) >> stephen: now, rodeo is -- and i think this might be late to even say this -- that is not where i would picture your act, like in the sand pit out there. >> last year i performed at a zoo. ( laughter ) >> stephen: at a zoo? i don't know what's going on with my career. >> stephen: at a zoo? it was the toledo zoo. i don't know why they picked me. gaffigan show, do it at the animal jail, you know. ( laughter ) obviously, zoos are not animal jails. i mean, the animals can't leave, and if they tried to leave, they'd shoot them, but -- ( laughter ) but it was outside the toledo zoo, it's beautiful. you could see some of the animals. i don't know what they were thinking. they were probably, like, who's the new guy? well, that polar bear really let himself go. ( laughter ) but some animals do performt at the zoo and they're rewarded with food. and i was, like, you know what? i have a pretty similar arrangement, that's what i get. >> stephen: your kids travel with you sometimes? >> unfortunately, yeah. >> stephen: is that a good arrangement? >> i took my family to europe last summer, and i brought my kids, which is great because they're always there to point out every insecurity you have, right? they're, like, you know you look fat. i do know that. you know you look like a tourist. yes, i do know that. it's weird because we never want to look like tourists. >> stephen: you want to look native. >> we want to mix in. it's, like, what are the locals doing? people are, like, they're at work. can i do that? i want to do that. we behave strangely as tourists. when we're in europe, we visit a bunch of churches. you never do that at home. you never wake up on saturday, hey, you want to look at churches? no, never. but it was fun. >> you've got the new movie and it's called troop zero. >> yes. on amazon prime. it's a movie for kids. it's good for kids. everybody would like it. >> it's definitely a movie about misfits and it's a girl's adventure story. it's for everyone, though. >> stephen: because the last time you were on, you were playing a murderer, right? this is better. have your kids seen this one? >> you know, it came out on friday. i was gone, but, no, they didn't see it. you know what i mean? >> stephen: do they ever watch your stuff? >> i mean, i don't really -- i don't force them. i'm not trying to watch daddy, you know what i mean? and, so, it's -- but it's weird. like, they might stumble upon something, but they're not interested, you know. there's no interest whatsoever. >> stephen: are they actively disinterested? >> i would say they're actively disinterested. >> stephen: i don't know if i want my son watching john oliver. like, what are you doing? why are you hurt meg like this? ( laughter ) >> they watch a lot of youtube so they might stumble upon a clip and they're, like, hey, i saw that thing you did, it's all right. >> stephen: that's nice. like i'm in a trial period, you know. ( laughter ) like you might still be my dad. >> stephen: we have a clip from the movie. due tell me what's happening? >> this is viola davis, the most amazing actress in the world -- ( cheers and applause ) i play a single father, i'm a lawyer and my assistant or partner in this business is viola davis, and my daughter comes in, and she's kind of a victim of the bullying. this is set in the '70s. i guess the rest kind of says what it is. >> what the hell happened to your hair? >> fell off, i guess. you look ferocious, boss. nothing more important than that. >> so who did this? no one! the u.s. tell her she looks nice! what's wrong with y'all? >> why is she letting people cut on her hair? >> she ain't letting nobody do nothing. >> clarification, boss. overruled. ( phone ringing ) >> that will be the judge. you tell him i'm on my way, all right? can you make sure she gets something to eat? >> stephen: good father. thank you. >> stephen: blessings to everybody. >> there's the dog. >> stephen: jim, good to see you. thank you so much for stopping by. >> thank you. >> stephen: "troop zero" is on amazon prime now. jim gaffigan, everybody! we'll be right back with billionaire and presidential candidate tom steyer. ( cheers and applause ) ( band playing ) ♪ oh, oh, oh, ozempic®! ♪ (announcer) once-weekly ozempic® is helping many people with type 2 diabetes like james lower their blood sugar. a majority of adults who took ozempic® reached an a1c under 7 and maintained it. here's your a1c. oh! my a1c is under 7! (announcer) and you may lose weight. adults who took ozempic® lost on average up to 12 pounds. i lost almost 12 pounds! oh! 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[woman in crowd] we love you, big orange! ...and of course the salaries. mainly the salaries. try investing with e*trade. they make it easy to get started, without all the typical finance jargon. that's the spirit, keep on smiling! don't get mad. start investing with e*trade. we bet youth..et mad. have you flown the fastest hunk of junk in the galaxy? or channeled your inner jedi? you gotta love that... have you raced through radiator springs? or struck a power pose with them? now is the perfect time to feel like this... and this... and definitely that. kids enjoy the magic for just $67 per child per day, with a 3-day 1-park per day ticket. ( cheers and applause ) ( band playing ) >> stephen: hey, everybody!e ba" already in progress. folks, my next guest is a billionaire who founded the advocacy group, "need to impeach." now, he's running for president. please welcome, tom steyer! ( cheers and applause ) ( band playing ) >> stephen: nice to have you on. >> fun. >> stephen: thanks for being here. well, i hope it's fun for you and for me. because i'm talking to a politician, now. you've never been a politician before, right? >> right. >> stephen: because you're a politician, i keep my pen and i check my notes, okay, because i've got to make sure i hold your feet to whatever fire happens to be burning tonight oi and you're part of this, too.e r jim? ( applause ) >> i think you called me a liar on national tv? >> what? i think you called me a liar on national tv. >> let's not do it right now. you want to have that discussion. >> anytime. you told me -- all right, let's not do it now. >> i don't want to get in the middle. i just want to say hi, bernie. >> okay, good. ( laughter ) ( cheers and applause ) >> stephen: did you not -- i know you're no part of that argument, but, obviously, i've never been a waiter because -- ( laughter ) -- you've got to read the room. how are you going to negotiate middle east peace if you can't tell when two people are fighting? >> oh, i knew they were fighting. >> stephen: you were going over there to break it up? >> no, i was going over there to say hi. it was the end of the evening, we spent two hours on the debate stage, and i just wanted to say, so nice to see you both, see you later, and that's exactly what i did. >> stephen: you almost didn't make that debate because there's fundraising. what's the standard? >> 225,000 individual donors. >> stephen: and what is the standard for following snolg. >> you needed some combination, either four polls or two polls at some level. >> stephen: and the last two polls that came in, nevada and south carolina, is what got you over the top, right, for polling? >> yes. >> stephen: you have spent more money there than anyone on ads, $24 million. tom steyer, is money speech? >> well, let me say this -- in this race, every single person is going to be judged on their message. >> stephen: mm-hmm. and there is money matters. i'm not trying to say it doesn't matter. but if you don't have something to say that resonates, then money doesn't matter. >> stephen: what if two people have similar messages or messages that resonate similarly but one person gets it out at the tune of $24 million because money is a problem with our politics now. should you be allowed to do it, in tom steyer's opinion? >> look, i am for public financing of elections so everybody gets a chance. i actually have a plan of how everybody can get a chance to get money enough to get their message out. but i'm running -- stephen, i'm running for a very specific reason. as you know, i didn't think i was going to run -- >> stephen: no, last january, you said no. >> right. >> stephen: then this summer you said yes. what changed your mind? >> i think, a, i believe i was listening to the debates and people were talking about different progressive policies, the difference between medicare for all and a public option, different green new deals, but no one was talking about what i think the two most important things are in the way i thought they should. one is we aren't get anything of those progressive policies until we break the corporate stranglehold that they have on our government. ( applause ) basically, this government works for corporations, it's been bought -- look, if we break the corruption of our government, if we take back the government from the corporations, we're going to get healthcare as a right, affordable healthcare as a right, public education starting with pre-school, clean air and water as a right for every american. ( applause ) but i'm running because i think, americans need to know the issue is can we break this corporate stranglehold and are we going to solve climate change, those two things. dwoa those two things -- we do those two things, if you stop for a second and imagine that were true, we would be in the best position of anybody in the history of the planet. >> stephen: let's talk about the economy. you've said that democrats have to beat trump on the economy. what's your response to the president and supporters who say, you know, good economy, good job numbers, the how has so many dow points now. what's your response to that? >> i would say good for whom? if you look at the g.d.p. numbers, which he also talks about, it isn't a successful economy or country if the economy grows but all of the extra income only goes to a small, small percentage of people who are very rich, already. that is not a success. ( applause ) >> stephen: okay. the dow, the dow -- 10% of americans own 85% of the stock. >> stephen: okay. mr. trump passed a tax bill that, in my mind, is the worst piece of economic legislation in american history, and if you look at what it meant for corporations, the biggest giveaway ever for people in big corporations. top 400 corporations now have an effective tax rate of 11%. if you don't pay any taxes, your company becomes a lot more valuable, and it really is still only hitting that top few people in the united states. and let's talk about jobs for a second, unemployment. >> stephen: how have you done under trump's tax code, just curious. >> just to be clear, mr. trump's tax code actually targets people in blue states like california by not allowing people in blue states to deduct their state income taxes. so in effect, my effective tax rate went up, just to be clear. >> stephen: that's good to know. >> he did that, clearly, true in new york, also. >> stephen: because he knows he's not going to win those states. >> yes. >> stephen: so in the most legislative way possible, screw you. >> yes. and how is it for him? you should check out how it does for real estate developers? >> stephen: so he's feathering his own nest. >> i know it comes as a shock to you. >> stephen: i'm shocked at all the different ways it happens. >> egregiously. >> stephen: egregiously. let me talk about unemployment, because i thinketh real important. we have a really low unemployment rate, but people can't lives on the jobs they have. ( applause ) is it really a successful economy -- >> stephen: if you need two jobs. >> no, it isn't. honestly, one of the things i say because i look it up myself is we have a $7.25 national minimum wage. if you took the minimum wage in 1980, when ronald reagan was elected, and just inflation invested it so there's no increase in buying power, it's the same, it's just in $2,020, it would be 11 bucks. but that isn't really the way wages are supposed to go because people get a lot more productive over time. american workers get a lot more done in their work hours. it's normally split between working people and employers. if you include the increase in productivity for the workers, their share, it would be a $22 minimum wage today, not $7.25. >> stephen: we have to take a brief break for commercials. please don't go away, and we'll be right back with more mr. tom steyer. he's running for president of the united states! 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( cheers and applause ) you spent $24 million advocating impeachment. the impeachment trial starts tomorrow. can you take any credit for that? >> look, my opinion on who deserves credit for impeachment, i started the movement, but 8.5 million people signed the petition and didn't just sign the petition. they e-mailed their congress people, called congressongress people and they agitated. i give them the credit. ( applause ) 8.5 million americans basically said this is a matter of right and wrong, this is a matter of everybody being held to one law, one standard. we have the most corrupt president in american history, and it's not a matter of political convenience or the next midterm, it's the matter of what does america stand for? are we a value-driven country anymore or not? 8.5 million americans stepped up and pushed for the idea we stand for something. >> stephen: i give the credit to donald trump. i think he did this all himself. ( laughter ) ( applause ) you're a billionaire, but in every event and debate you're wearing the same tie. what is going on? ( laughter ) and here again tonight, you have the same tie on. ( laughter ) no one gives you ties? why? >> you could give me a tie or a couple of bucks. >> stephen: i will not give you any money. ( laughter ) but why the one tie? again, why -- >> i have been wearing this tie, not this specific one, but this one or one very much like it for 25 years. i wore it long before -- >> stephen: does it mean something to you? >> yes, it does. to me, i'm wearing a bright, loud, fun tie, and i get up in morning and i think, let's go! let's have a great day! ( cheers and applause ) let's have some fun! ( piano riff ) >> stephen: thank you so much for being here. >> teefn, thank you so much. >> stephen: tom steyer, everybody. he's running for president of the united states! thank you so much for being here! we'll see you looking to get your business off to a fast start in the new year? you it's go time! switch to comcast business and get fast internet on the nation's largest gig-speed network. plus, complete reliability with 4g lte backup. and, cloud-based security to help protect the devices on your network. greenlight your business in 2020 with fast internet and voice for $64.90 per month. switch now and get a $100 prepaid card when you add comcast business securityedge. call today. comcast business. beyond fast. did you know this is where you can harness your inner jedi? and tear around radiator springs? or get your flex on with the incredibles. kids enjoy the magic for just $67 per child per day, with a 3-day 1-park per day ticket. ( cheers and applause ) >> stephen: that's it for "the late show." tune in tomorrow when my guests will be patrick stewart and dick cavett. good night! ( cheers and applause ) ( theme song playing ) captioning sponsored by cbs captioned by media access group at wgbh access.wgbh.org ♪ are you ready y'all to have some fun ♪ feel the gloves tonight don't you worry ♪ about which controller you're using ♪ it will be just fine it's the "late late show" ♪ >> reggie: ladies and gentlemen, all the way from inside a fresh packet of rice, give it up for