Transcripts For FBC Mornings With Maria Bartiromo 20170501

The wheels of tax reform have been in motion for quite some time. Weve been working on tax since the president was selected. I worked on the plane with him during the campaign but we have been working weekly but the house and senate on the tax plan. This would be a cooperative effort by the administration is taking the leadership. My exclusive interview this morning with secretary Stephen Mnuchin. Well talk sanctions as well as the text of farm package. 250 billion in cash. Most of it overseas. The Technology Giant shedding new light on President Trumps tax proposals are the latest coming up this morning. Features indicating a higher open interest that prices. Dow industrial of 26 points. Nasdaq up better than 12. Take a look at the european indices and here is what was the live this morning across the board. Down almost one half of 1 . The other major averages down fractionally. Japan was the top performer as you will see this up about one half of 1 on asian markets. Tragedy in detroit. A Police Officer in Critical Condition after being shot in the head while on duty. Detas coming out this morning. Tests are ready to hit the open ad. Elon musk with the sneak peek of the new semitruck. They plans coming up this morning. Plus hackers targeting hollywood. Netflix reeling after unseen episodes of this show, oranges and new black or released online at the new cybersecurity thread is facing now. Joining us to talk this morning, Stephen Mnuchin. Stay with us as he walks through the tax reform package text of a sanctions deregulation as well. Tucker tullius here and chief economic and wiser plus guggenheim partners. Comes to you live from los angeles. A big week in washington as lawmakers prepare to vote on a 1 trillion to fund through september after bipartisan negotiators seal the deal in the latenight session. The Trump Administration pushes for a boat as soon as midweek this week. Here is part of what treasury secretary Stephen Mnuchin told me about what the white house economic docket looks like in the days ahead. We are confident the bill will be passed. Health care is on the agenda and looks like that will come through as well. I think we were on the tax and economic plan during the campaign. Literally we have been working weekly with the house and the senate on the tax man. This is about simplifying personal taxes. Its about creating a middle incomeaxcut. We have one of the highest corporate business grade in the world. We have a concept of worldwide taxing and deferrals and well change all that. We will make u. S. Business competitors. Maria will receive reciprocal tax or import tax to raise revenue of 1. 2 trillion loss . Let me just say theres lots of different ways we can make up the revenue. He believes in free and fair trade. If we dont charge you in a terrace, you shouldnt charge a sydney terrace. As i too think we can do this on a bipartisan basis and i hope there are democrats across the aisle and support this about middle income taxcut. So i would hope so. If they dont, we will consider using reconciliation because we need to create this economic plan. Joining us now to weigh in on columbus ohio. Congressman, thank you for joining us. Good morning, maria. Good to be with you. Maria do you think you would get bipartisan support on this tax package . Both of tax reform bill needing 60 votes or would he do it through reconciliation where you only need fit in one. We certainly have the option to go through reconciliation. The preferred way would to be in a bipartisan fashion. Both republicans and democrats have agreed with over the years. John f. Kennedy cut taxes, Ronald Reagan cut taxes. They understood when you let the American People and businesses keep more of what they earn, americas economy grows. Im hopeful we can do it in a bipartisan way. Maria i want to get back to this in a moment because the debate is raising revenue and weather should be revenue neutral. Let me ask you about the spending bill. Would you be voting to approve this spending bill even though it does not include the border wall for example . Ill be supporting the bill because i dont think its in anyones best interest that we see a delay or government shutdown. Thats never on the agenda for House Republicans to do that. Im confident the bill will pass. We havent seen what has been agreed upon here in the late hours. Getting that behind us is a very, very important thing to do. We can get on to the Health Care Debate coming get onto the tax reform and look at some of the bigger issues as well. Is certainly sounds like you all are close. We do expect that in the next couple days . They work on the better part of the last seven years. Ive heard some of the National Media say why are we trying to rush this through . This is not something thats been rushed through. This is something weve been working on for the better part of seven years. We have voted in the house over 50 times to do this. I am hopeful that we are going to get there because its the right thing to do to give more choices to get Affordable Quality Health care for everybody. Is it the right thing to do to eliminate all of these deductions . I assume thats where the debate will be. We just came off of this battle over health care, but there are certain members that are uncomfortable with eliminating state and local deductions or eliminating a property deduction. What is your take on this . Look at tax reform in the broader context. 75,000 page. I am one of those that i dont think you can nibble around the edges of the tax code and make a whole lot of difference. He had to go bold and go big. That is what the house tax reform plan proposed is when you eliminate the exemptions with the wealthy and new strength and to keep more of what they earn. Thats very good for americas economy when we have a strong middle class, america is stronger. Thats what the president is trying to achieve and that so we are shooting for the house as well. Maria when would you correct this to the tax reform bill . I dont sit on this committee so i cant tell you when. High on the priority list sooner than later. Maria good to have you on the program. Thanks for waiting and. Good to be here. Maria bill johnson joining us. More of my special interview with secretary steve mnuchin. Well take a short break. A Police Officer rushed to the hospital after being shot in the head. The latest on his Critical Condition coming up next. Apple stock enough. The giant city not 250 billion in cash. Drawing new attention from president trounced tax proposals. Back in a moment. Whether its connecting one of the worlds most innovative campuses. Or bringing wifi to 65,000 fans. Businesses count on communication, and communication counts on centurylink. Ostriches dont really stick their heads in the sand. A peanut is not a nut. And a real john deere is actually real affordable. You learn something new everyday. The surprisingly affordable john deere e series tractors. Now you can own americas tractor for just 99 a month. Learn more at your john deere dealer. Maria welcome back here at a detroit Police Officer was shot in the head late last night. Cheryl casone with the details and headlines right now. Reporter well, good morning, maria. The officer in serious condition after a Domestic Violence call. The suspect opened fire at the officers when they arrived. The officer then shot and killed the suspect described as a 40 to 45yearold man. The officer were shot in the back of his head. He has swelling in the brain. Some devastating weather over the weekend killing at least 13 people in the south. Tornadoes and flooding thrdwestf the country. Chernin has had several small towns killing four with greg abbott surveyed the damage. It looks like an area and theyve been tinkertoy is, completely knocked down. He saw homes and other buildings completely flattened as well as others that were nothing more than rubble. Reporter on these two people died including a woman who drowned after Rushing Water swept away. Meanwhile, u. S. Property insurers getting hit that said worst quarter in 20 years thanks to widespread weather events have brought hail, tornadoes and an ice storm. According to the wall street journal, one Company Estimates the loss of 7 billion. Lets stay on money here. How much cash does apple have on hand . The master is going to be looking for an update. A stunning 250 billion according to the journal. Expected to report their street porter of Revenue Growth or the iphone seven in seven plus. 90 of the money on hand overseas. If its brought back to the u. S. Under president trounced proposed tax plan they would get a 37 billion windfall oblong with 188 billion go to work in the u. S. Economy. The stock on your screen up 50 over the past year, maria. A huge report. Trains to a huge number and this is exactly, Dagen Mcdowell, the issues President Trump has been talking about. Good morning to you. I want your thoughts on this because youre talking about and expect their great of 10 . He wouldnt specify whether its a percent, 10 or 12 , but this is a good number. Dagen low enough to get apple and its ilk back into the u. S. Think about how that could supercharge the economy if apple put the money to work. Talk about a special dividend payout. Warren buffett dublin stake in apple. Looking at the potential for that to happen. Acquisitions will be in the companys future. Snl on apple should buy netflix. 65 billion thereabouts, a little bit more. Pay a premium and it would add a huge content generator for apple or apple has just struggled to get into the business. The sky is the limit. Maria i wonder if they would sell. Its a great idea. Apple has been trying to go it alone. They dont have the original content. Dagen no come of age or not. Even better by a complete Distribution Platform like netflix. Again, congress got to do the tax reform, got to get the onetime repatriation rate down. Maybe not single digits, but low enough to make them move. The Trump Administration announced Trump Administration announcing a sweeping plan to overhaul the tax code. They will talk to us about this but the changes afoot. A hacker releasing episodes from episodes of orange is the new black and claiming it will release more from other networks of his ransom request is not met. What a story. That is next. Their experience is coveted. Their leadership is instinctive. Theyre experts in things you havent heard of researchers of technologies that one day, you will. Some call them the best of the best. Some call them veterans. We call them our team. I am totally blind. I lost my sight in afghanistan. If youre totally blind, you may also be struggling with non24. Calling 8448442424. Or visit my24info. Com. Maria welcome back of the Trump Administration looking to pass if the attacks are on. Id sat down with Stephen Mnuchin who described the extent of these changes. The largest tax cuts in the history of the country and the biggest tax reform ever been done. The president has been taking about this for a long time, working on it since the campaign and is determined to move forward on this program which will create Economic Growth for this country. Maria will have the entire interview at the treasury secretary in the next hour. Join now by the ceo. Thanks for joining us. Of course, you have to allocate capital. You are running a very successful asset manager. You are really impacted by this tax reform plan. Everybodys impacted by the tax reform. The markets are sitting there choose the one thats going to get implemented. Now they are catching up with itself. A lot of people are saying have they gotten ahead of themselves. The president is ceo as good people and when he says things they can execute right away. He is realizing theres a lot of people that have separate agendas and not everybody is going the same way. I applaud him for pushing. Hes doing what he said he was going to do. I think that he will persevere. It may not be as quickly as he had hoped for as we had hoped, but the markets are showing thats very positive and thats going to be the indication for the rest of the year for a lot of the equity market will go. Maria what do you hear from clients at this point . What would you be doing. Do you see a cautiousness because market are up since election day . I think a lot of people we are always too for corrections 5 , 10 . The reality is the trend is up. If the president gets any of these things whether its Obamacare Tax reform passed, we will have some very healthy. True to tell us what youre doing. How is it growing at this point . I think its both. When i got there, we had restructured to do in terms of a corporate restructuring. We got rid of our debt. We took the Company Private which is a part of our growth strategy. Maria why is that so important to you. Its hard to run a company when you have to answer in a quarterly basis. So when you go private, you implement the Long Term Strategy without them as scrutinizing. Maria some people say why would i go public in this environment when the Regulatory Burden theres such that its making it harder. You can regulatory changes the president is putting in place had much success and executive orders to roll back regulation. Hold that move the needle on growth in your view . Energy has. Whatever has been done already has moved the needle and will continue to move the needle. For the markets to become healthy. We are all excited. They are cautiously optimistic because they are watching how much can get done. So calamos is maria 20 billion you got to put to work at a lot of Technology Names in socalled growth names have run off so much. Is absolutely always opportunities everywhere. Not just in the United States, but globa creating private is we are doing just country different assets which is private equity, real estate. Outperforming bonds. Reforms, private equity group and we are looking at extremist companies, rolling them out in europe. Our first acquisition with aig greece are we partnered with another family in greece and we are also looking at another bigger acquisition there and also in the u. K. , spain and other parts of europe. Maria im glad you mentioned grease. What is happening in europe is stunning. Right now ive got the french in the middle of their president ial election. That is one issue. Calling for their Euro Currency debt. You agree . Can you look at the euro and say its been a failure . Theres always two sides to that story. In some ways it has been a failure, in some ways it hasnt. Obviously certain countries have benefited more from the era like germany because the tax board, that other countries it hasnt done that well. Maria does this election change the way you investigated in europe . This particular election in france . Nope. If its not if it happens to win come i dont think there will be a major correction there. Only talking about coming back undertatents. Maria but you are seeing opportunity europe. You think that is cheaper. Some of the countries in greece have bought on their way out. Maria we will leave it there. Great to see you. John koudounis, ceo at calamos this morning. President trump warning of a major, major conflict to raise nuclear program. The rising tensions next. Teslas take on a big rig. Elon musk teasing and automakers next. Introducing brighthouse financial. A new company established by metlife to specialize in annuities life insurance. Talk to your advisor about a brighter financial future. When youre close to the people you love, does psoriasis ever get in the way of a touching moment . If you have moderate to severe psoriasis, you can embrace the chance of completely clear skin with taltz. Taltz is proven to give you a chance at completely clear skin. With taltz, up to 90 of patients had a significant improvement of their psoriasis plaques. In fact, 4 out of 10 even achieved completely clear skin. Do not use if you are allergic to taltz. Before starting you should be checked for tuberculosis. Taltz may increase your risk of infections and lower your ability to fight them. Tell your doctor if you are being treated for an infection or have symptoms. Or if you have received a vaccine or plan to. Inflammatory bowel disease can happen with taltz. Including worsening of symptoms. Just ask your doctor about taltz. Maria good monday morning everyone. Welcome back. Thank you so much for joining us this monday morning. It is monday may 1. More trouble from north korea to report. Amid escalating tensions is in trouble is not taking military action off the table. I will not be happy if he does a nuclear test. I dont believe that the president of china was a very respected will be happy either. The very latest as the hermit kingdom looks at more. More sanctions for north korea. We came out with hundred 50 new sanctions on syria. These are very important programs that we work very hard at. When you want to impact something. More from the secretarys interview coming up this morning. My full interview coming up in the next hour. How the big rig could revolutionize this shipping industry. The futures indicating a higher open for the broader at fridges this way. Its up this one about 30 points. We are looking at the european indices. Finishing lower. They were closed overnight. Orange is the new black market. With the digital heist means for hollywood coming up this morning. The nation ramping up the threats of another nuclear test this morning. The Trump Administration refused to rule out the possibility of military action against the regime. He weighed in against her options against north korea. He is dealing with obviously very tough people. Who was was able to assume power. They try to take the per away. He was able to do it. Obviously, hes a pretty smart cookie. Youd had to dissent and again again with partners. It may mean renting up these sanctions. Good to see you. Great to be here. Its probably closer than we had been for long time. I think he was generally humiliated over the past few months. But now the fundamental drivers that is the proximity of north Korean Forces to soul and the lack of political well. Around the globe particularly in the mideast. What should the u. S. Do at this point . Even if he was embarrassed by the failures of this test he is continuing to test these missiles what do you believe the u. S. And their response should be. I think the number one they should relist north korea as a spades states sponsor of terrorism. Earlier last month. Which would also impact its nuclear program. It would cause significant problems in the north korean regime to move funding around. I think it should also uses opportunity to sell more advanced military hardware to japan and south korea particularly f22 fighters. The Court National security priority is preventing the rise of a peer competitor in asia. The stronger japan and south korea get the more incentive they have to take action. Maria Steven Mnuchin sat down with me this morning. Watch this. I want to get your reaction. What i would say as we had put sanctions on north korea we will continue to look at this im not get a comment about what we would do in the future. But the sanction programs are very important to our National Security. So he said that the sanctions are very effective. They bent effective in curtailing the threat. I dont know if the threat has been curtailed. I think it has an impact on the regimes activities at times over the past few years theyve struggled to get hard cash in. Its important to codify some of the steps that china has taken over the last two months to restrict north korean imports into china. Its a key source of hard currency. If there is another nuclear test i think it would be an important step to put some of those import export restrictions into writing perhaps similar to the iraq oil for food program that the you and un implemented two decades ago. At some point its either china is helping to reign in north korea or not. Do you think that what weve seen so far has been promising from china and what would you like to see china do next in order to truly align itself with the u. S. Against this threat. Lets be realistic. North korea is one of the few allies in the region. They like to have us going to them and asking for things. I think the chinese goal is essentially the same as it has been for the past decade which is peaceful deep nuclear station. I think we should sideline the goal of enacting political reform or Foreign Policy reform of the north korean regime and just focus on this key goal. I do think the chinese will take steps towards us. Youve seen articles crop up in the state media kind of criticizing him to an unprecedented degree that weve seen so far. I think you make a great point about china. China wants to be there in terms of helping and appearing to help but at the same time china does not want massive disruption in the region. Didnt want that regime changes in a push towards democracy obviously. They dont want tons of people refugees coming intona there are two sides to this as far as what china well and wont do. Thats why when people see that division is a relic of the cold war in an unnatural state of being is actually really natural it is often divided for particularly this reason this reason. Each of which has powerful interests in korea and each of which wants korea as a political ally against the other. Is this going towards a collision course. Do you expect under the term that we could see and i want to say were but a bigger conflict . Much of this is the great negotiator which you really had to give him a great credit for. It really has been there and it sufficiently beforehand. And yet we are a little bit in uncharted waters. I think he doesnt have the frames of reference. His father and grandfather did. He is a little more casual with the technology and i think the Trump Administration generally has a lower risk tolerance. Thank you so much for weighing in this morning. Coming up next. Netflix getsgeted in a big way. They are releasing episodes from the news episodes of the next season. Then the big rig. We are live from los angeles this morning. E hospital. My symptoms were devastating. The doctor said, pam if youd have waited two more days, you wouldve died. If id have known that a vaccine could have helped prevent this, i would have asked my doctor or pharmacist about it. Maria welcome back we are looking at a higher opening for markets this morning. A gain of about 30 points on the Dow Jones Industrial average this morning. We are watching any Economic Data to change the story today. Facebook shares this morning watch the stock ahead of the First Quarter results on wednesday. Analyst are predicting earnings of a dollar 12 per share. The social media site is also expected to announce it is closing in on 2 million active monthly users. The Advanced Micro Devices set to report after the bell tonight. They released a new set of processors recently. Thats expected to help sales in margins as well. Its up to three quarters of a this morning. A San Diego Pool Party turned deadly. Share with the details. Please say a gunman fired off at least 30 shots at a San Diego Pool Party last night killing one person and wounding seven others. Residents nearby recorded the moments before the shooting. The gunman was fatally shot and identified as a 49yearold. He shot for black women to black men and one latino man. One of the woman later died. Three officers say the apartment complex open fire after the helicopter sought the shooter reload his weapon. The solar roof for tesla is being delayed. Two of the options will be made available until early next year. They originally planned to sell the solar roof this spring. Meanwhile, elon musk unveiling a new image of the tesla truck. I could drive around like a sports car. A hacker calling himself the dark or overload has released efforts of the Upcoming Season as it orange is the new black. Its just like the hamptons. Pretty horrible for netflix. They fuck for posted the first ten episodes on the pirate bay. The heckert was trying to extort money from netflix but netbooks didnt pay it and the fbi is now investigating. They were stolen from a post Production Company late last year and the hacker is also threatened to post unreleased shows from fox. You can see the tweets here. The netflix shares trading lower in the premarket today. Obviously the company worried about another hack for the networks as well. Maria that is pretty incredible. This is like a 21st century problem. Ransom for shows at that theyre stealing and putting online. Incredible. Whats next. You would think that that would be fairly easy for netflix to do since its value is in this original content the upside is that people are going to cancel their subscription or not subscribe because of the league of a few episodes. House of cards is coming out. The bloodline of the new season is coming out as well in maine. There can have to crackdown to make sure they are not having links ahead of that. All americans can fight this by not watching stolen content. Dont watch it. Then youre pushing back against the criminals. Maria and dont buy it on the street. Anyway. Im looking for to house of cards. You know that. We will take a break when we come back. How a new Shopping Experience could save retail. My exclusive interview with Steven Mnuchin is ahead. [music] safety isnt a list of boxes to check. Its taking the best technologies out there and adapting them to work for you. The ultrasound that can see inside patients, can also detect early signs of corrosion at our refineries. Hightech military cameras that see through walls, can inspect our pipelines to prevent leaks. Remotecontrolled aircraft, can help us identify potential problems and stop them in their tracks. At bp, safety is never being satisfied. And always working to be better. Maria the Shopping Mall 2. 0. Lynn chapman has led to the closure of hundreds of miles across the country in recent years for my next guess is that its all a part of the new retail experience. Good to see you. Thank you so much for joining us. Its true the mall up to date has changed quite a bit. Tell us about that. Its more about square foot for interaction. Used to be all about merchandise. And now its about experience. Now its about entertainment and convenience the retailers that have really struggled with the most had failed to reinvent themselves. They stuck with a certain merchandising strategy that didnt go beyond just the product and they also failed to bring in value. Value retail has an extremely well and convenience real retail has done extremely well. But the old fashion oldfashioned malls that didnt really adjust all of this and its beyond ecommerce. Is not the only force. Its really the Consumer Habits that have changed over the years and is what is bringing the change. It creates warehouse is just to hold product not necessarily stores that just part of it. Ironically as oldfashioned retail struggles a lot of Tech Companies like amazon are Opening Stores they are expanding their brick and mortar retail. Theyre they are able to bring in customers. Which stores you think are changing with the times. The great example is nordstrom. If you look at the component of sales for nordstroms for one highlight the value component is doing great. Anything that has a discount or a value flavor to it. Like outlet malls for example. I have done well. Nordstrom is online. In the ecommerce segment are doing much better than the traditional store. That is one example. I know the president s tax plan is one of the Critical Issues for commercial real estate is in it. I would say the economy is in some ways in a weighty mode right now. If you take a look at the enthusiasm for the overall growth orientation its been off the charts. Sentiment is up. If you look at the First Quarter results in Consumer Spending was very weak. Gdp was very weak. Theyre waiting to see what the details of the tax plan are. And that has really shown up in the commercial Real Estate Sentiment as well. The institutions are waiting to see what all of this means. Fundamentals are great. Occupancies are very strong. But sales had slowed pretty dramatically in anticipation of what all the details are. Would he want to see under this tax plan. What is most important. What are you waiting for. The president has been so outspoken about saving a specific kind but pennies and industries. Its gotta go beyond that. It has to go far beyond the actual pockets of markets where weve seen struggling job environment. In a broader way to sustain this expansion cycle. And you think lower taxes will lead to lower jobs. We need to spur this. Beyond the shortterm price. In terms of the deductions we are talking about dealing away with carrot interest. Many of the industry had used all the time. What you think of the impact there would be. That is the biggest concern because if we on the surface benefit from lower tax rate. It allows an investor to defer gains by investing in that property. If that is removed or reduced substantially its going to burden a lot of the local municipalities both in terms of the immediate effect on taxes and the slower rate of exchanges and transactions. You still think this is a jobs creator. That is where the uncertainty comes in. One time you hear that they may be going away another time they are not going away. Overall it is the key deductions if theyre not affected in the tax rate is lower and there is some Infrastructure Spending to follow with it. Those are extremely positive for the markets. It is about supply and demand. It is an extremely good shape. With the deregulation may be some maybe some easy on the banks. Can we get the more Construction Activity going. We are now short on supply believe it or not. Its obviously critical there. Tackling tax reform. More of my first on fox interview. The interview will take place back in a moment. And see what we can do. Ok, so weve got. Well listen. Well talk. Well plan. Baird. Gave us the power to turn this enemy into an ally . Microsoft and its partners are using smart traps to capture mosquitoes and sequence their dna to fight disease. There are over 100 million pieces of dna in every sample. With the microsoft cloud, we can analyze the data faster than ever before. 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Steven mnuchin system with me in his First Business interview since announcing the tax reform plan. He told me he expects to do this with support from both sides of the. I would like to think that we could do this on a bipartisan basis and i hope the democrats across the aisle and support this. So this is about a middle income tax cut. My interview with secretary Steven Mnuchin coming up this hour this morning. The markets will open higher. We have fractional moves on the upside this morning. It is expected to be open about dirty points. There are major holidays throughout europe and as well as asia calling for the holidays this morning. An average was up two thirds of 1 the other markets were closed. For a holiday overnight. Terrifying moments in the air to tell you about. Severe turbulence leaves about 30 people injured. The shocking ordeal this morning. The line just got a little longer. They add metal detectors at these team parks. Another 80,000 baby carriers have been recalled. They had fallen through the leg openings. What you need to know coming up. About those carriages. Was it magical enough. More flavors are on the way. The premise that has social media rejoicing this morning. Joining me to break it all down as Dagen Mcdowell in my in new york this morning. He gave me the lay of the land on many of the big ticket items on present trumps agenda. We begin with tax reform. It will make its way through congress and into law and how healthcare in the federal blood federal budget plays into that. The government got funded for the additional week and we are confident the bill will be passed. That is the most important order of business. In healthcare is on the agenda and it looks like thats good to come through as well. And then once that happens. How does the discussion around tax reform takes place. The good house ways and means and then your plan. Toss what happens. I think as you know i worked on the tax plan and economic plan during the campaign. Literally we havent working weekly with the house and the senate on the tax plan. The facts that we announce the outline that was important. It was to be a very cooperative effort. The ministration is taking the leadership but we been working closely every week. We are all committed to get this done this is all about creating growth and creating jobs. You talk about lowered rates. Simple vacation. Walk us through what weve seen. Truly changing behavior on the part of business and the part of individuals. Taxes and tax reform it is a largest business tax cut. The second aspect of this is regulation. I think you should know we are working hard on both the Financial Regulation but a regulation across the board in the third component is trade. Those three pieces are what we see creating Economic Growth. On the tax side what we said all along is about simple fine personal taxes its about creating a middle income tax cut. And its about making business tax cuts there. We had one of one of the highest corporate Business Rates in the world. We are gonna going to change all that. They make sure that people dont figure out the system. I am a business. Im an individual but im an llc and they gain the system. How do you make sure that doesnt happen. We said all along this is about lowering business taxes and ive said its about the business rate not the corporate rate. Is not just about creating savings for large corporations is about creating savings for small and mediumsize businesses that are really the earnings of this country. There are many studies that show that more than 70 of the burden of business tax is passed on to the workers. This is about creating jobs and creating Earnings Growth and we will have rules to make sure that people that should be sane pain in that. A large risk is that Business Owners will transform their wages to avoid income. Medicare and Social Security taxes because they wanted that 15 tax rate. We are gonna make sure that a lawyer and accountant in Hedge Fund Operator that makes a Million Dollars or more does not uses for tax avoidance. Have you have any scoring that gives us a sense of what kind of hit this is to that deficit. Weve over a hundred people at the Tax Department and treasury. We are comfortable that when we come out with the full plan working with congress that this will pay for itself with both growth as well as an deduction. A lot of what this is about is eliminating special interest deductions and other things and simple fine the tax code. The countless men from new york. They are not liking the fact that youre talking about eliminating the deduction on state income as well as property income. So what about that. How are you going to look for some wiggle room or is there wiggle room if in fact you get real pushback in congress. Let me just say for most americans they will be able to fill out their taxes on a large postcard and will use the standard deductions. The special deductions and all of these things are really for rich people and we will cut a lot of that back. And as it relates to the states we dont think that the federal government should be in the business of subsidizing the states. They should be able to decide what they want to charge income taxes. Part of it is getting rid of lots of deductions. Why should one estate subsidize another state. Its not the federal governments role to do that. It makes a lot of sense. It was obviously in the house plan is not in your plan. Does this need to be budget neutral in other words maybe its not revenue neutral in the tax plan but will we see another border adjustment type tax in the tra economic policy. Will we see reciprocal tax. Theres a lot of different ways that we can make up that revenue in doing that. The president made it very clear that he believes in free and fair trade. And what that means is if we dont charge you any tariffs then y suldnt chargus any tariffs. The president has talked about a reciprocal tax and that is one of the many things were looking at. Again its about fair trade. Is border adjustment tax off the table. What was said to the chairman brady and the current format doesnt work. With a lot of concerns about it. There is aspects that we like. We will continue to have those discussions when we come out with a plan and were working very close with house and senate is something that the three of us agree on the can get past and can get to the president s desk as quick as we can design. Are you expecting this package to move through reconciliation or through getting 60 votes . I would like to think that we could do this on a bipartisan basis and i hope there are democrats across the aisle and support this so its about a middle income tax cut about making business is competitive and those are things that they believe in. If they dont, we will consider using reconciliation because we need to create this economic plan to create the growth that we need. The gdp numbers came out last week way too low. We cant continue with the economic policies of the last administration we need to create jobs and Economic Growth. And you think of the tax plan will move the needle on growth. I think the tax regulation and trade we believe we can get to 3 sustained Economic Growth that will take us some time but that is our objective. And that is what we believe we can get to. That creates a lot of opportunities for americans. Stephen if some senators pushback on no border adjustment tax a planet built all over the committee. This could cost between three and 7 trillion does that sound right to you. We have not come out with all of the details in the Text Foundation and others they have specifically not escorted because they said they dont have the details. Again when we come out with the details which were working on we expect this. It was both Economic Growth and cutbacks of loss and special interest. In terms of the 60 votes that you will need where is the regal wiggle room. Again, there is a lot of things we are looking at we are looking closely on this. Were confident that we will get it done. What are the income levels. We have it set the income levels yet. But weve working on it. And weve scored a lot of different scenarios. We will make sure that we fear we are fair. That we have a middle income tax cut. Youve talked a lot about the need for these two. Where is that inour priority list. What i have said is im committed to housing reform and we are committed to not leave them as is for the next four years. So we want to make sure that there is ample credit for housing it is a very important part of the economy but we want to make sure that we dont put the taxpayers at risk. Right now those two companies only exist because we have a giant line from the treasury that support them. Right now those two companies only exist because we have a giant line from the treasury that support them. Theres a there is a conversation on twitter that has been for a long time about how president obama needed money from obama care. They used the profits to pay for other parts of the government while they kept taxpayers at risk. And also i understand that they were not there. They were exempt from the freedom of information act. The bill that kevin brady was pushing through was taking them out of being exempt from the freedom of information act. People didnt even know that it was being taken be taken from fannie and freddie. We are committed to having housing reform that is one of the many things that i will be working on. Is it the business tax or the individual . Etiquettes both. I think it will be very impactful to the economy but i think the biggest the business tax cut will be huge. That they will bring trillions of dollars back on shore to reinvest. As a surprise that u. S. Companies have left money offshore given how uncompetitive the rates are. The president told me a couple of weeks ago hes thinking is 5 trillion. It sitting overseas. Is it a 10 tax. What is the number. Im not to say the exact number. As something that we will look at that will be competitive the companies will pay is a onetime tax to change to a territorial system. And were comfortable that that will bring back trillions of dollars offshore. People feel like they are getting taxed twice. Thats why they dont bring it back. Much more ahead with my interview with Steven Mnuchin. Including a discussion on sanctions we wont be right back. We will be back welcome back. More than two dozen people hospitalized this morning after aeroflot jet hits it. Details. They are confirming that 25 people were taken to the hospital after their plane hit what is known as clear air turbulence. Fourteen of the 300 passengers still being treated while 11 others were discharged. Passengers had no warning because this particular kind of turbulence cannot be picked up by weather radar. According to one report passenger said they had broken bones and note noses. We are looking to get more confirmed details. Cedar fair adding its adding metal detectors. The metal detectors are only going to add a few extra seconds to wait time to enter into one of its parks. A child carrier that doesnt do a good job of holding in children. 80,000 of these carriers had not been recalled. They had been deemed effective as children have been falling through the carriers like opening. The Safety Commission said at least four children had fallen out. And one of those children did suffer a fraction fractured skull. The end is near for the circus after 146 years the final two performances for the circus comes this month. The last show ever scheduled at the veteran Memorial Coliseum on may 21. The Parent Company announcing in january it is folded the circus tent due to high cost and declining ticket sales. Those are your headlines sending it back out to you. Troubling times in the sky. A recent incident putting Major Airlines in the spotlight. In sharing the road. Aaa getting behind the wheel of a new service that could have drivers ditching their cars. Details on that move coming up. I can a moment. I am life from los angeles. [music] who needs a heart when a heart can be broken. Maria welcome back. We are coming to you live from the global conference here in los angeles. Delta the latest carrier to come under some fire in recent weeks after pilate was seen on video hitting a brawling female passenger in the face. Telling tmc that he did he escalated an altercation between passengers on the floor during deplaning. This comes as United Airlines ceo will testify tomorrow before congressional committees following that story they will have a forceful removal of the passenger. One of the great entrepreneurs tony fernandez. Tony, its good to see. I sadly want to get into what you had been able to do. You acquired an airline completely turned around. What he think is you think is going on. When you take out the pr incidents. The demand is strong. Even though its kind of hitting a rocky patch. Were actually in a good position but it shows all of us that social media is there you make one slip up and you see what happens. You just think this has nothing to do with the overall industry whereas industry is going well. Profits are up. Demand is good. Oil is fairly stable. Its a good time to be in the industry. Explain that. If one like that is just domestic. You start the first flights in the summer. We had two public companies. And then we have those. Were very excited about that. Its a pretty low prices. I hope this will be the start of that into america. In potentially via europe into america which will be great. You are not an airline guy. You are in the music business. You completely turned around. Here i am talking to airlines. It is a big change. You saw an opportunity and you said this could be a moneymaker. I just quit from time warner. I did not believe in that vision. It was a headquarters in new york. And then i flew to london which is my second home. I saw that on tv. I took a bus up there. At that moment i said im in a do this in asia. There is a fine line between brilliance and stupidity. But i went for it. Everyone says. And having a good balance sheet. We were good with people. Well have a single union. We are the lowest cost airliner in the world. Aboard the airline with two planes. Three days before 911 september 11. This year we will carry 63 million passengers and we have that. Congratulations. This is a wonderful story. We really want to kinda be is my dream is that you can go around the world with air asia. We are talking with airbus. Its important for our kind of business and have the right type of aircraft. And we are looking. This is really the lowcost carrier in the world. We are. That has been recognized. So your going see her good for that specific target audience. We are all about reducing fears allowing people in asia to fly. We have made asia smaller. 60 of our routes are ones we have never done before. Six citing time. And never getting to to india as well. Will be watching air asia. Protection or intrusion. They are raising more questions over privacy. What you need to know next. They announce that unicorn frappuccino was just beginning. What it is whipping up now. Were on to you, diabetes. Times up, insufficient prenatal care. And administrative paperwork. Your days of drowning people are numbered. Same goes for you, budget overruns. And rising costs, wipe that smile off your face. Were coming for you, too. For those who wont rest until the world is healthier, neither will we. Optum. How well gets done. Did you know slow internet can actually hold your business back . Say goodbye to slow downloads, slow backups, slow everything. Comcast business offers blazing fast and reliable internet thats over 6 times faster than slow internet from the phone company. Say hello to internet speeds up to 250 mbps. And add phone and tv for only 34. 90 more a month. Call today. Comcast business. Built for business. Bp engineered a fleet of 32 brand new ships with advanced technology, so we can make sure oil and gas get where they need to go safely. Because safety is never being satisfied. And always working to be better. The special edition of mornings with maria live from the mill Couple Institute global conference in los angeles. Maria welcome back. Good monday morning thanks so much being with us. Im Maria Bartiromo, it is monday,may 1, happy 345i day top stories right now, 7 30 a. M. On the east coast,a for President Trump first 100 days in the books a push for health care, we are breaking down week abe headed it could happen this week. The economic gin treasury secretary Steven Mnuchin tells me Administration Key to Economic Impact growth tax reform First Business interview insannouncing to say plantation. I think tax regulation and trade we believe we can get 3 sustained Economic Growth, that is going to take us sometime, but that is our objective that is what we believe we can get to that creates lots of opportunities, for americans. Maria much more coming from my interview with secretary Steen Mnuchin this morning markets expected to oven higher futures indicating a higher opens for dow industrials, up about 30 points on the dow, fractiona moveut, nonetheless, plus columbia nasdaq up a quarter of a percent 1 points higher in europe i major around these closed nikkei average in japan was up twothirds of 1 , and turning a blind eye to terrorism or win for privacy advocates National Security agency will no longer correct some of americans Internet Communications, we will tell you why aaa wants to give you a ride its carry sharing program with a twist sets it apart from competition. And taking down a host on wildly o properly Home Improvement show sued by former Business Associates, afraid claims he is facing this morning coming up, chasing unicorn starbucks looks for another taste of success after wildly popular unicorn frappuccino promise from chain driving social media wild this morning we bring all of that coming up first National Security agency, announcing that it will stop using warrantless surveillance that collects American Communications without those were those based outside United States, according to statement by nsa the agency said decision came after evaluation of compliance elapses the statement. Nsa will no longer collect certain Internet Communications that merely mention a foreigner intelligence target, instead nsa will limit collection to Internet Communications that are sent directly to or from a foreign target, previously intercepted communications under this nsa program will also reportedly be deleted joining us us fox news senior judicial analyst judge Andrew Napolitano judge good to see you thanks for weighing in a head scratcher particularly after the Michael Flynn story privacy advocates argue this process oversteps 4th amendment do you agree. I do agree, and we need a little bit of background here. The sections 702 of the foreign Intelligence Security act under wisconsin nsa said it will take a step back the step back is if a Foreign Agent is talking to an american, and they mention a third person, the nsa will no longer use that mention as a basis to begin surveilling the third person, the reason this is happening, is because section 702 is set to expire the end of this year. And because of a variety of of events, starting with Edward Snowden and recently general flynn the nsa expects a debate about reenacting section 702, to give the false impression they are likely back their surveillance of americans they issued this Statement Last week falls impression is it knew they are no longer going to surveil the phone calls, of a person who is mention in a conversation between a foreign and american under section 702 . Yes, but it is also true, that they are going to surveil that persons phone calls under another section, that does not another authority that does not expire the end of this year. So the nsa is playing politics with members of congress who it fears may try to clip its wings by not reenacting section 702. How has the situation with Michael Flynn affected this the first thing i thought of judge because Michael Flynn was surveilled and that became so political, and now still under investigation obviously. Yes. But did they go a step too far, on on general flynn. The short answer to your last question is yes. But i have to tell you it is a great question maria, it is a real headed stratcher for tos who monitor with Intelligence Community does the reason a head scratcher big picturing general flynns last s job before President Trump named him National Security advisory was the director of the dia, that is the Defense Intelligence agency that is all the spies in the military reported to one person, mike flynn he was fully away of native and spent of both lawful and Unlawful Spying on americans big picture, i think former colleagues did not want him in a position in the white house where he could stop them from doing what they had been doing. But to focus on your question, yes, somebody broke the law, when they unmasked him when they revealed selected portions of his conversation with the Russian Ambassador from trump tower not full portions but selected portions in order to embarrass him, and from us at any rate president it succeed in costing him his job. Exactly. So i think that was probably one major situation, that moved their hand on this; right . Yes, you know when the himself learned he had been a target of spying by american and british surveillance agencies, i think it caused him to look at the concept of surveillance in a different way, and i think what he learned about mike flynn from what other intelligence agencies had revealed about him led to him believe he didnt want the general to work for him. But it also caused the president of the United States for the first tieme modern history to look at Intelligence Community say these people need to have wings clipped they know too much about too many i know members of the Intelligence Committee believe other members of the Intelligence Community are selectively concealing selectively revealing information to the president to maneuver him politically in the direction about those in which they want him to i go that is not good he needs to know everything out there to make his own choices. Right, sure. And the last disclosure of that section 702 data you mentioned shows that 2015 more than 94,000 foreign people who are outside u. S. Were tarnltd do you think the policy is effective way to collect information regarding terror threats when you do have a target about. I dont, i will tell you why i dont the policy select all you can about everyone, right now the nsa has access, to the digital versions of every keystroke on every computer, desk top mobile every conversation every phone land line and cell in the United States far more data than 60,000 agents 60,000 have Time Resources to analyze if they the constitution concentrating on people as to whom there is a reason for suspicion they have less data, they have more time to analyze it, it would be more accurate and would it be about bad people it wouldnt be about everybody. Makes a lot of sense thank you for weighing in on this important story we will keep following. It enjoy yourself in california. Maria i love it, i will do that. Judges orders judge Andrew Napolitano joining us there we take a break when we come back fixerupper star fired back this morning against the lawsuit, why his former Business Associates claiming from a you had. What the coffee giant is brewing up now, coming up. Someone told me he to go out there onger. And markets continue to rise and fall. Predictable is one thing you need in retirement to help protect what youve earned and ensure it lasts. Introducing brighthouse financial. A new company established by metlife to specialize in annuities life insurance. Talk to your advisor about a brighter financial future. Maria welcome back, the star of the home renovation show sued for fraud Cheryl Casone with details now. Cheryl that is right maria. He is and he fired back against that lawsuit filed by former partnering a dispute is over the Magnolia Real Estate Company over the weekend, the star we had the this fyi i had the same song 15 years, same email 20 years, no one emailed or called four years later friends reach out lawsuits last week magnolia cofounders lewis and richard cork filed one Million Dollars lawsuit gepz him alleging he boughted them out of the Company Without telling them hdstri. Set to air home renovation shows that features magnolia brand. Well, aaa launching its Car Sharing Service in berkeley oakland, california, similar to zip car gig allows to you drop car off my meteorite parking space public park aring lot in those two cities, you can rent a car using the app 250 per a mile 15 bucks per hour aaa members 10 cut on. For all that didnt get a chance to try that starbucks unicorn frappuccino dont worry there is more funky flavors planned starbucks not saying much former ceo chairman says yun korm frap, most stung example of understanding of ding and santa monica and Instagram People just didnt post images of drinks they matched nails to drinks hairstyles one many woman told her husband she was pregnant with the unicorn frap it happened star bbs shares up nearly 7 past year we may get another big drink announcement from starbucks later this year, according to those reports. Well, finally, visitors to Walt Disney World in florida my ride in Driverless Cars disney trying to go to future resort in talks to test a fleet of is drizzly shuttels sources say disney late stage negotiates with two mfshz what you see on screen, disney pointing a poilt program to transport employees in electricity drive robot vehicles shuttels driving visitors around the park maybe sometime next year big moves for disney frappuccino coming back headlines from new york back to you. There is big headlines, i think cheryl talk about this move by disney dagen, i dont know, i know weve been down the road of whether or not we are getting a driverless car, but driverless shut personnel what do you think. When people go to Walt Disney World or disneyland riding roller coaster so if shuttle going 5 or 10 Miles Per Hour doesnt have a driver kind of driverless vehicle i dont think it is prepared for going to be especially worried about that. Losing their children in the park potentially eating too much food getting sick to stomach yes, vehicles do all do you think that when you are talking about Driverless Cars driverless shuttle do you think everything on road needs to be driverless in order to feel safe . I mean cuff some driverless then some people humans driving cars next to you . What do you think. Dagen you could in major cities where the speeds are limited, and where it would be easy to navigating open road speed limit 70 Miles Per Hour but 58 to 90 Miles Per Hour, may be not in that situation but i had to i would have contain a driverless taxi last night over one i was in i had to scream at driver multitimes slow down. Maria a taxi or uber. Dagen it was a taxi, i am a taxi gal. You are a taxi girl, all right. We will levy there it we will take a break we have a lot to talk about this morning, stay with dagen and i as we continue live coverage this morning coming up still leading the pack state of the furious drives behalf of the a milestone tops box office third week in a row what is next for the big screen when we come right back. Ohh yeah, yeah, yeah yeah, yeah louie louie, oh, baby at angies list, we believe there are certain things you can count on, like what goes down doesnt always come back up. [ toilet flushes ] so when you need a plumber, you can count on us to help you find the right person for the job. Discover all the ways we can help at angies list. Wont replace the full value of your totaled new car. The guy says you picked the wrong insurance plan. No, i picked the wrong Insurance Company. With Liberty Mutual new car replacement™, you wont have to worry about replacing your car because youll get the full value back including depreciation. Switch and you could save 509 on auto insurance. Call for a free qte today. Liberty stands with you™. Liberty Mutual Insurance. Hit the wheel. What . This is crazy so fine you get points for that one. Maria that was a scene from state of the furious the 8th installment of the fast and furious franchise tops box office again Third Straight week with 19. 4 billion dollars Million Dollars, in movie passedbilliondollar mark this weekend the latest success for hollywood in last five years alone, the movie industry has grown better than 10 worldwide, bringing in a with whopping 38. 6 billion dollars in 2016. Joining us a leader in the business, to talk about the Film Industry ceo, his films including were the millers dear john the fire have grossed more than 1. 2 billion dollars at box office, good to have you on the program. Thanks for having. That you so much for joining us i love the millers a great film a great. What are the main issues right now in the movie industry why do you think things have really begun to turn around in last couple years. Look, i think internationally box office is growing china last year 6. 6 billion dollars in box of course number two in the world, you know, the u. S. Box office growing up 2 last year, i think people want content, and as they get used to having content on all of their devices, there is more of a hunger for it. Maria what about blockbuster versus lower costs, i mean for a long time, we were talking about the blockbusters, expensive films work a long time werent working so what is working now . Both, while you have all the blockbusters in summer period, christmas time, there are opportunities to Program Smaller films you see with especially with female audience bad moms, you before me the shallows all films last summer worked very well in the summer territory. You mentioned fortune i want to talk about this because china one of the great exports of the u. S. Has been movie business, the box Office Moving in recent years some say could overtake u. S. You expecting that. I expect 201292020 over tick u. S. Position office. The fact sheer amount of people. Sure. Yeah. So much bigger than u. S. Audience a billion. 300 million in u. S. A billion two in china does that affect your Decision Making in terms of what to make. You are making movies for International Audience not only china but rest of the world you think about making a film. How does it dictating what is out there today do you think . I think, i think certainly, there have been more, four quadrant blockbusters sort of summer films made appeal to wide audience all four quadrants a lot more made. Blockbuster more expensive as well. Certainly. You are getting the money because you are you are expect alizing on china audience and the airn audience or just internationally. Certainly, you are all things to all people with the four quad drabt. As executive you have to do that you are not getting the growth just in u. S. The big studios are focused primarily in that zone. I think there are opportunities for producers you know like miles to focus on counter programming sort of play against that. What you have been doing working in atlanta on new film den of thieves talk about it congratulations action thriller. Curtis 50 cent jackson, starred in Straight Outta Compton a couple summers ago a movie about heist of the Federal Reserve bank. Looking at pictures this is exclusive sneak peek tribe what we are seeing. Good guys and bad guys, we have a group of n elite unit in Los Angeles Sheriffs Department hunt down bad guys that is Bank Robbery Scene from film. Go intoure Federal Reserve. The purpose to make sure bad currency is out of circulation the good in slgz if they rob bad currency before destroyed no won is looking for it. In some cases corners would be seen as i dont know dry businessy you made it surf the websy. Look, i think it is sexy any time you come up with an institution that is highly protected almost impossible to rob and then you can rob it in a film it is fun entertaining. Maria sure is, great to have you we will be watching good luck with deny of thieves next year in january we look forward to that next hour more on my first on fox Business Interview with treasury secretary Steen Mnuchin will weigh in on regulations and sanctions coming up the treasury secretary sits down with me for more of that k with me for more of that k exclusive back in a but who you invest with. I am totally blind. I lost my sight in afghanistan. If youre totally blind, you may also be struggling with non24. Calling 8448442424. Or visit my24info. Com. Live from the milliken Institute Global conference in los angeles here is Maria Bartiromo with a special edition of mornings with maria. Maria welcome back. Good monday morning, everybody thanks so much joining is today i am Maria Bartiromo, it is monday, may 1 your top stories right now, 8 00 a. M. On the east coast. Tackle tax reform Stephen Mnuchin sited done with me since announcing plans next week discussed major impacts reforms could have on businesses and individuals. This is about simplifying personal taxes, it is about creating a middle income about tax cut making bids competitive we have one of the highest corporate bess rates in the world we have a concept of worldwide taxing and deferrals we are going to change that you will were going to make u. S. Business competitive. Maria tax reform part of the agenda in capital this morning republicans could vote on Health Care Plan as early as this week, we are expecting it to happen soon, this comes after Law Enforcement aborted a shutdown yesterday reaching a deal last night on massive new spending bill, to keep the government running through the end of sept. Not included in that one trillion dollars bill funding for President Trumps border wall or funding cuts to sanctuary cities, tragic in detroit a Police Officer in Critical Condition this morning being shot in head on duty details live coming right here. At least 11 People Killed strong weather slams south latest on the destructive path this morning, market, looking higher today we are about an hair 1 2 away from the opening bell expecting a gain of about 35 points, on the dow industrials, 16 points quarter of a percent higher on nasdaq, in europe, the markets are closed, major averages closed nor holiday across europe in asia holiday well overnight only japan open overnight other am i corrects closed for a holiday, as you see there the nikkei average up twothirds of 1 . Tesla to hit the open road cceo a peek at new semitruck plans for big rig coming up, to break bra it down Fox Business Network Dagen Mcdowell in new york dagen looks like could be a big week on the legislative front. Dagen it needs to be quite frankly, i just want to point out on this very program Stephanie Pomboy talking repeatedly every time on about the consumer we found out in the First Reading on Economic Growth in the First Quarter, what do we need to avoid a recession we need tax reform and we need a Health Care Overhaul i hope they are listening in washington listen to interview with second mnuchin clearly understands the importance of that. One of the things that i know Stephanie Pomboy brought up was tax receipts talking about tax day, april 15, and that she said when you look at actual numbers it is telling that you Americans Inc are not there things slowed down nailed it on gdp number 7 10 of a percent growth First Quarter. Dagen of that 7 10 only 0. 23 was a contribution from the consumer a consumer that has been pulling this economy all long that is exceedingly weak, but if people watch this program, regularly they would have known that. Maria that is right she is going to join us i believe next week on the schedule. Stephanie comes back we talk more about that this morning the Trump Administration is looking to pass sweeping tax reform for that very reason. In a special first on fox Business Interview i sat down with treasury secretary Steven Mnuchin who broke down the tax code, watch. This is about simplifying personal taxes, it is about creating a middle income tax cut making business taxes competitive. We have one of the highest corporate Business Rates in the world concept of worldwide taxing deferrals we are going a to talk more about that tennessee congresswoman Marsha Blackburn thanks for joining us. Thank you. So lets talk about this tax plan. Do you think this can move through the regularly process get with 60 votes getting democrats involved voting on tax reform or do you think youo. Maria i tell you if you and other members your colleagues can get this done, this would be an extraordinary moment for the country. I know. It would. On the docket yeah this week i go want to ask about that let me stay on tax reform for a moment is it a debate wont the conversation battle be around deductions whether or not this plan needs to be revenue neutral or not. Congresswoman would you vote without having some kind of a revenue raise within tax plan or do you think that look, the American People want tax cuts lets give them tax cuts, take away deductions, at. Then the revenues will come. Do you expect the gop Health Care Plan on the docket this week we are hearing increasely you are close have votes in the house President Trump telling cbs he hopes deal will happen will preexisting conditions. Preexisting conditions are in the bill i mandated it, it has to be lower premiums before you start there lette let me tell you obamacare right now all you Insurance Companies are fleeing places like tennessee have already lost half of their state to Insurance Companies all gone obamacare is dead. If president mentioned your state tennessee specifically. Support to do it, so that it is longterm and lasting. Quick werent happy with spending vote. I would love more emphasis on border wall i think that is going to wait till 2018 budget when we nail that down now get a cr get through end of the year begin work on next years budget, and incorporate more of what President Trump wants to see done. Maria all right. We will be watching, of course, that is exactly what you have done with this continuing resolution Marsha Blackburn also a a pleasure thanks so much for weighing in this morning. Stay with us for more of my interview with treasury secretary Steven Mnuchin later this hour more to come on mornings with maria. The Company New Plan to sure packages get you to on time making retailers pay up for it, then youve got a deal with o a spot on a team he Denver Broncos gives michigan tight end a seat on roster as nfl draft draws to an end weve got the details next. California california, cal congresswoman. Maria welcome back, a detroit Police Officer surgery overnight being shot in the head Cheryl Casone with details in new york. Cheryl that is right maria. The officer is in very serious condition, this morning, after he and his partner, came under siege responding to a Domestic Violence call, Detroit Police chief said the suspect opened fire on the savers when he answer it had door. The officers shot and killed that suspect, described as 40 to 45yearold man. Chief says the officer was shot in the back of his head has swelling in his brain, he is a 14year veteran, of the police department. Well, ups is making a change to its pricing policy the wall street journal reporting the Company Going to ask retailers to help pay for costs when they fail to ship as many packages as planned during peek periods ups looking to recoup billions investing in network to handle increased demands from popularity of only shopping shares ups up about 2 so far, for the year. Well, denver bronco manager john elway happy to have jake, the broncos used the first pike in 5th round to select him jake was named the john award win top tight end suffered a torn acl in orange bowl elway saying quote jake not even close to fist round if not hurt you remember this story from last week, jake received a present in ohio from Procter Gamble a truck loaded of toilet paper from charmin because well you know his last name is butt. One fan tweeting draft prospect jake butt got a special delivery a lot of fun with that last week headlines. Maria we did, still laughing over that one, thank you. Cheryl you bet. Maria we will take a break when we come back Economic Growth Trump Administrations plan to jumpstart the economy, unleash big business after the weakest quarter of growth in three years then stressing importance of sanctions on global stage treasury secretary Steven Mnuchin sheds light on lesser known role of treasury in first interview since announcing tax reform with me, that is next. Your Insurance Company wont replace the full value of your totaled new car. The guy says you picked the wrong insurance plan. No, i picked the wrong Insurance Company. With Liberty Mutual new car replacement™, you wont have to worry about replacing your car because youll get the full value back including depreciation. Switch and you could save 509 on auto insurance. Call for a free quote today. Liberty stands with you™. Liberty Mutual Insurance. Maria welcome back, some of President Trumps biggest victories first 100 days in office including to roll back business, the Regulatory Environment a focus for him sustaining sanctions against rogue nations like iran north korea first on fox Business Interview treasury secretary Steven Mnuchin pinpointed what administration considers most crucial parts of the washington bureaucracy to rein in. President signed four different yodz on memorandums we are, wooing on first of all on taxes, we are looking at every major tax regulations since 2016, making sure that it is impactful there for the right reasons and not the wrong reasons we need to simplify tax code on financial side as you know we have been working on, since the early days, a report will be coming out with our first report the beginning of june it will be a combination of recommendations it is looking at doddfrank looking much broader than doddfrank. And there are certain things that we will be able to change make recommendations for regulators certain things recommendations for president with executive orders certain things recommendations for legislation of i dont think we are hard at work on that we have met literally with hundreds and hundreds of business leaders, from Small Community banks to large Financial Institutions were taking in a lot of input. Some feel the regulatorily environment was more burdensome than tax rate. Not a question about that when i was on the pain trail with the president , we met with business leaders, the number one thing they complained about hold back growth was regulation, even more so than taxes. Maria yeah, they dont know what is around the corner because of the Regulatory Environment and so they are that is what has been happening companies sitting on cash unwilling to put new money to work. Absolutely, that is what is hurt productivity, and we want to make sure that banks are lending to small and medium sized businesses that are the engine of Economic Growth in this country. Maria is that what happened First Quarter with weak gdp how did you characterize things right now . Part of it was seasonally adjusted number lower part of it is weve seen for the last eight years very, very low Economic Growth we expect we can rebound putting in neconomi and jobs for american public. Maria over the nearterm, it is okay. If a tax cut adds to the deficit . Over nearterm you are not worried if in fact we see little pressure on the country, because he longer term you believe the growth generated from lower taxes will actually be quite substantial. Right maria i want to make two comments on that first of all, as you know debt from 10 to 20 trpdz under last administration and President Trump is very concerned about that. Having said that we fundamentally believe in dynamic storing dynamic effects so when we put in tax cuts that will stimulate the economy, as you said, there may be some deficits short permanent that will be paid for with Economic Growth. Maria i am not concerned about timeline i know he everyone focused when this gets done but in terms of getting it done this year, i think if we were not to see tax reform sort of at least the beginning of it this year markets would react negatively people would be disappointed, could you have confidence in 2017. I am not commenting on markets as you know markets go up markets go down i this i the fact the markets up a sign of the confidence the Trump Administration economic policies my focus and my job is to do everything i can, to get this deen this year, and we are going to look at making sure see if we can one of the things we are going to try to do is make it retroactive we will have to work on that, but we want to create Economic Growth, as soon as we can. That would be very powerful obviously retroactive let me ask you on subject of markets you have to go the to walk this balance you are coming out with policies, that will stimulate growth when you have a growing economy people buy the stock market there, and they buy the dollar, and the dollar will move up, so while you are coming out with stimulus policies, the dollar moving higher, is not helpful more expensive overseas how do you deal with that again, the dollar seems favorite thing for people to ask me about. And i have been consistent in my response. Which is in the short term, the dollar will move and different directions, okay, obviously in increase in dollar has certain short term impacts but the long term growth of the dollar is a reflection of peoples belief in the u. S. Economy, the u. S. Being the reserve currency of the world an being best place to invest u. S. Markets have been for a very, very long periods of time a very safe and healthy place for people to invest and we continue to see that. Maria even president said it is too strong. Let me move to sanctions secretary mnuchin because the power of the treasury is pretty incredible should actual be part of Defense Department in ways the president changed framework of the world from economic sanctions you have the spent a lot of time on this talk to us about what you are doing in terms of sanctions regarding syria elsewhere in the world. It is interesting theres lots to do with treasure but three fundamental parts one is domestic finance the Second International finance what most people think of u. S. Treasury there is a third part what we of Terror Financing intelligence i probably spend 50 of time on that sanctions programs are very important, they are very important tool, in our National Security, that is why i work very closely with the rest of the National Security council as you know we came out with 250 new sanctions on syrian entities we have come out with sanctions on north korre administering iran sanctions russia sanctions where important programs we work very hard at treasury very closely with Intelligence Community. When you want to impact something you account off funding. Absolutely it works. Is that what the sanctions are about . Explain sanctions what specifically are we doing. The sanctions are about making sure that where people are supporting terrorist activities, weapons of mass destruction that we are cutting them off from the u. S. Financial system, and we are encouraging our partners around the world to do the same thing, primary sanctions are where the accountoff from u. S. System and where on occasion we put out secondary sanctions when are very, very powerful, what secondary sanctions say is that instowingss must honor oem theirout can have from system a major part of the economy very, very important tools at treasury we will use to maximum amount we can under the law, to make sure that entities do not support terrorism. That would be as relates to syria. Is there anything that you can tell us about north korea given the fact that this morning, weve got some pretty scary comments coming out, basically saying were ready if if north korea has any more provocations attempts of an attack. I am not making specific comments about that said i would say we have put sanctions on north korea we will continue to look at this i am not going to comment about what we would do in the future but sanctions programs are very important to our National Security. Maria and you think they are effective . Absolutely. Of the. Maria because we had a guest on couple weeks ago said sans against russia for example do not work. Again i am not going to comment on the specific sanctions but i can tell you sanctions programs do work, and they are powerful tools and we will continue to use them. Maria okay, as you wrap up secretary let me go back to the tax plan for a moment, of course, that was a white may be you came out with last week policies principles what you would like to see in a tax reform package, are you more interested in tax reform or you want to get tax cuts done. Again this is tax reform this will be the largest tax cuts in history of the country biggest tax reform ever done the president has been thinking about this a long time working on thins sense campaign determined we will move forward on programs which will create Economic Growth for this country. How come tax reform has been so difficult to get done. Were going to get it done. Secretary good to have you on the program. Thank you, maria pleasure to be here. Maria and tomorrow we continue the conversation with our nations leaders we are getting into from your dont miss my interview with secretary of transportation elaine chau as we walk through elements what President Trump is hoping big infrastructure package also taking place this year, elaine chau special guest tomorrow right here from milliken conference. Chasing promise 3 Economic Growth what will that mean for markets in your money we are breaking down Trump Administration plan to make a reality with two giants in the investing world and then the vacation industry when it comes to keeping clients happy how resorts are taking Customer Service to all new level back in a moment california dreamin, i thought you california dreamin if you have afib not caused by a heart valve problem, and youre taking warfarin, you have the choice of a different kind of blood thinner. Pradaxa helps stop blood cells from pooling in the heart, forming a clot which can cause a stroke in the brain. In a clinical study, pradaxa was better than warfarin at reducing stroke risk. And in the rare case of an emergency situation, when seconds matter, theres the only fdaapproved reversal treatment made for people taking pradaxa that helps you clot normally again. Dont take pradaxa if youve had a heart valve replacement or have abnormal bleeding. 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Not included in the bill, the president s border wall or cuts to sanctuary cities. The bill looks like it has to be voted on, but it looks like it will be momentarily. Steven mnuchin sat down with me in the first interview and talks about tax reformments we cant continue with the economic policies of the last administration. We need to create jobs and Economic Growth. Maria markets are looking higher this morning, were about an hour away from the opening bell and were at the highs of the morning. The Dow Jones Industrial average expected to be up a quarter of a percent higher and nasdaq higher in the premarket right now. Holidays across europe and asia. The average is closed for holiday and japan was the only one open overnight and the nikkei average up almost 2 3 of 1 . And teslas plan to charge your home, why youll want for the solar root. And making sure your dream reali vacation is a reality cleaning under the beds. And in the First Quarter. Despite trumps ambitious plans for dramatically boosting growth. Here is what treasury secretary mnuchin told me as to the gdp growth. As you know, the gdp numbers came out last week, way too low. We cant continue with the economic policies of the last administration. We need to create jobs and Economic Growth. Maria 7 10 growth was underwhelming and you think that the tax plan will move the needle . I do. Tax and trade. We believe we can get 3 sustained Economic Growth. Webl it will take time and thats what we believe we can get to. Maria joining me right now to talk more about that is the chief Economic Advisor to alliance, and chief Global Investor at guggenheim partners, scott miner. Thank you for joining us. 3, 3 1 2, 4 growth. What did you make of that mohammad . I think 3 in the Second Quarter because part of the bad performance in the First Quarter is reversible. However, to get 3 for the year as a whole, we need a lot more policy programs. I agree with mohammad. I think that 3 for 2017 is virtually unreachable, but i think that some of the president s tax changes, especially increasing the standard deduction will give us a shortterm lift. In 2018 if we can pass the tax plan, 3 is a realist take number. Maria a couple married, filing jointly, 20,000. Thats a big deal. The lift to the middle class is big. Of course for the tax cuts at the high end of the spectrum, im not so sure those will be stimulati stimulative. Maria 39. 6 to 36 on the high end. And wealthy people dont tend to spend every marginal dollar, they send to save. And that will be in the future a lifting of productivity. Maria thats critical, lifting of productivity. And mohammad, the plan, tax plan, infrastructure plan and talking something on health care probably this week, actually. Your reaction to what the president has been putting forth. I think its important that we have policies that are aimed at Economic Growth and thats the focus of the administration. Maria that seems that that is the priority. Thats the priority and its important to repeat it over and over again. The first thing, weve got to see details. Weve seen lots of announcements, but the detail design is lacking. Once that comes, then the market will make adjustment will implementation. Important to remember, this economy is capable of growing faster. If were capable of unleashing high productive and inclusive growth, as long as the politicians focus on that goal. Maria and the Federal Reserve has started to raise Interest Rates. You have to wonder, given the gdp report we saw last week, 7 10 of a percent. If the fed is embarking on this rate increasing Campaign Just while the economy hasnt even begun getting traction, just the beginning of getting traction, does the fed stomp away growth with the rate hikes . I dont think they will. Its not just the weak gdp. The fed has to look through weak retail sales, weak inflation and i think they will, because first, were starting from very low rates. Second, they realize that normalizing Interest Rates is part of the solution and third, the rest of the economy remains strong. So, i think well see three hikes in total this year and we will start seeing plans for normallizing the balance sheet. Maria yet, scott, the markets are up still since election day, but youre not worried, you would put new money to work in stocks . I think so. Where we have underlying economy doing well and weve had seasonal distortions. In europe, levels we havent seen since 2007. Risk on is the place to be, but later on if the tax plan isnt and youve been worried about the markets, mohammad . Yes, theres contradictions. Soft data off the shorts,hard data sluggish. Theres lots of contradictions and i think that investors have to be careful. These contradictions can be reconciled and they can be reconciled by good economic policies and thats why the politics matters as much as economics right now. Maria it almost feels to me like the markets are giving, you know, giving the Trump Administration some wiggle room. Because, you know, they just theres a bit under this market and unless it goes horribly wrong and no, guess what . Theres no tax reform coming this year, its been under the markets. Absolutely, and the markets have been rewarded for betting on that. Maria right. Weve had a significant rally and the sorry story of the last few years, dont bet against this market, theres a lot of liquidity on the side line. I agree with you that were in the seventh Inning Stretch of expansion. Late stages of expansion, a friendly set of fiscal policies coming. Whether, you know, the market is up 5 this year or its off later in the year i think is almost irrelevant for investors. If you look out over the course of the next two to three years, i think that stocks are going to continue to perform and we might have to take some noise, especially with geopolitical risk. Who knows whats going to happen with north korea. Who knows what will happen in syria so at any moment we could have a setback because of a shock thats extraneous to the Economic Data, but still, the longer run, maria, the policies are favorable and we should be positive. Maria what do you make of what mohammad points out, yields a 10 year, 1. 7 . 2. 30. Maria still, its ticked up from the lows of two weeks ago at 1. 7, but what is that telling us . Well, its basically telling us, that, one, were not in a reflationry environment, that this idea that we have this fear inflation was going to take off is fading once again. Two, that were still living in an era of financial repression. Monetary policy, even after the fed has raised rates three times is still highly accommodative and its not in the interest of Central Banks arounded world to see Interest Rates go up dramatically. As long as the ecb continues its qe program. As long as japan continues its qe program, were going to have a lot of downward pressure on rates, which weve learned the lessons from the last five to seven years that quantitative easing is good for risk assets and risk assets go up in price. Maria what did we hear from the ecb last week . We were waiting to hear mario draghi to say were done. What do you think . We have a contradiction, the first part of the statement, how the economy is improving and how Downside Risks are coming down so he got you ready for you saying, now were ready, but it didnt come. And thats, in a way, what the markets have been conditioned to. Is that the ecb, as scott said, will be supportive and i think it puts the ecb in a difficult position. I think they are too hesitant. You have to take advantage of windows to normallize and europe has a window right now, but theyre too hesitant. Maria how do you position yourself for Global Markets . When youre looking at europe versus the u. S. Its different. Tell us how you would position yourself or recommend to clients . Well, i think its a good time to be long european equities, long Japanese Equities and weve remained positive on emerging markets, even after the election. So, you know, as the Commodity Prices start to rise with the expansion in europe and the United States and in china, emerging markets will probably do well. So, i think a lot of the markets, people have tried to avoid, is where you really should be putting your money for the longer term. Maria i dont think ive ever seen you this bullish, am i wrong . No, ive been pretty bullish since 2008, 2009. Maria no, its today, you know, from 2009 until youve stayed the same. Thats right. Maria bullish, okay. What about you, mohammad . So i would say put fewer dollars at risk, but continue to allocate them to sectors that have lagged and i agree that opportunities in american markets, but fewer dollars at risk at this point. I think we will have some bumps along the way and youll have more attractive students come in, but continue with the rotation trade. Maria so the easy money has been made, if your view . If you look at the trump rally, we had three phases, the heyday, the big move. Maria right after the election. In the third week and then the third week of december until election day, wait and see, and then since then, weve seen volatility go up, but we havent seen a very dramatic move and i think its important to realize there are different phases to this impressive trump rally. Maria because now were waiting on policy. Now we need to get the goods. Thats right, weve been on a sugar high, a lot of promise, we havent really seen the delivery yet, but im hopeful, hopeful with the announcement of the tax plan last week that were starting the first steps, its going to take a while. Maria pardon me, are there opportunities for infrastructure, around an infrastructure plan, i mean, infrastructure type investing . What do you think . Oh, yes, in bold letters, italics, absolutely. Maria thats going to be a big opportunity . A big opportunity because i think the Trump Administration realizes you cant do it all or most of it through the public sector, youre going to need publicprivate partnerships and there are massive students for publicprivate partnerships. There are going to the only opportunities, but massive appetite for exposure and thats going to be an area of focus. Maria do you agree . I agree. I think that the private sector is going to benefit from the of infrastructure build and a number of etcs out there that investors can take advantage of. Theyve performed well. Maria somebodys got to pay for this, so the banks could be in a good position to actually get this business in terms of privatepublic partnerships. What do you want to avoid, its either too expensive, not worth of risk or whatever . In general, were finding out corporate debt is getting expensive. Investment grade bonds are as expensive as any cycle relative to u. S. Treasuries. High yield, below Investment Grade debt is starting to get expensive. Those are the places where risk reward youre not being paid. Maria your thoughts . I agree with scott. Maria thank you, gentlemen, we will be right back. Stay right here on mornings with maria. [wife] hi [dad] hey buddy [son] hey dad [wife] i think we can do this. [chancellor] adam baily. [chancellor] adam baily. At angies list, we believe there are certain things you can count on, like what goes down doesnt always come back up. [ toilet flushes ] so when you need a plumber, you can count on us to help you find the right person for the job. Discover all the ways we can help at angies list. Because your home is where our heart is. Welcome back, were about 45 minutes away from the opening bell for a monday. Were expecting a higher opening for the broader averages. Futures indicating 20 points on the nasdaq, the high of the day on nasdaq right here. Dow right around high. Tesla shares this morning one to watch. The company delayed the rollout of its solar roof panels. Tesla planned to begin selling that product in april, but now theyll go on sale in summer and the other two next year. And elon must musk talks about a semi. A company is losing 4 cents a share, amd released new processor expecting to boost sales and margins in the coming months. Shares of amd up this morning. Silicon valley building a huge cash mountain, but is it create are more american jobs . The host of Varney Company, stuart varney, good morning to you. Stuart maria, good morning to you. I dont think its creating more american jobs. I think its creating a political problem for all concerned. If you look at it, ive counted the cash on hand of just three Silicon Valley companies. Theyve got almost a half trillion dollars in cash. This week were going to find out that apple has more than a quarter trillion dollars in cash, just that one company. Well, what are they going to do with all of that money . The politicians would love to get their hands on some of it. What are they going to do to get some of that money . I think its emerging as a significant political problem. I dont think ever before in history private Enterprise Companies have amassed so much money in cash at the same time. Ive never seen it before. I think theres going to be political repercussions. I dont know what they are, by the way. Maria and by the way, one of the reasons theyre amassed all of that money is the tax policy. They felt, stu, they were getting taxed twice. Stuart thats right, and they were. If hed brought that money back and paid a 35 tax rate, i mean their shareholders would cry foul on that one and so would everybody else, but the fact what are they going to do with it . A half trillion dollars, three companies. Maria this is a big issue. This is a big issue. The president has to figure out how to ensure once they bring that money back here they dont use it to buy their own stock back, thats one of the easy things to do. Stuart that would be attaching strings to the movement of cash back here. Its, after all, their money. Should the government put strings on the money if he comes back here. Maria no, i dont think so. Stuart youre right. If you lower the Corporate Tax rate to such a level a lot of that money goes back and goes to the shareholders and goes to the company, goes in stock buybacks and extra dividends, thats a political problem, you kno know . Youre right it opens up a can of worms how theyre going to spend it and i totally dont think the government should Tell Companies how to spend that money. If its 5 trillion dollars, as the president says it is, some of that goes to jobs. You make an ooh great point. Stuart i think there would be compromise from the democrats who will want to impose some strings. I think thats the way its going to go. Maria great point, stu. See you in ten minutes. Stuart thanks. Maria Varney Company begins the top of the hour. Join stuart after mornings with maria. Well be right back. Why pause a spontaneous moment . Cialis for daily use treats ed and the urinary symptoms of bph. Tell your doctor about your medicines, and ask if your heart is healthy enough for sex. 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In 2015, combined 55 americans left them. And michael. Thanks, maria, thanks for having me. Maria one of the great things about your company, its a different model than the average hotel. Its a time share, eplain how it works. Folks say instead of renting they want to own their vacation. If they want to pay it upfront. They get appoints allotment and travel on a per day basis anywhere in the world, staying in condos versus a small 3 or 400 square foot hotel and end the product versus renting. Maria my sister does this all the time, im telling you. The only way she vacations. You go above and beyond with regard to Customer Service and placing a note underneath the bed saying, yes, were clean underhere, too. And Customer Service is that more important when you own the vacation as you put it. We have team members across the globe na wake up every day and take care of our guests, they do it at a level thats unprecedented. When i became the ceo of the company to take it even to the next level, i put my personal Business Card at every one of our front desks across all of our owned and managed resorts. I want to hear from the customer, its important. Maria how do bookings look for the summer and 2018 . Travel is incredibly strong, our bookings are great. Maria diamond resorts was once publicly traded and now private equity. How did the transition impact the way you do business . How is that going . Natural for us, we acquired nine different businesses over a period of six years and we understood when we bought a company how to get economies of scale. We went on the reverse side when private equity bought us. We focused on our gna and cut out of the run rate now that were owned by apollo and ramped up m and a. Growth is a huge part of our focus, organically and through acquisitions. Maria and the private Equity Ownership helps you do that. Quick, whats the best destination right now . I would say that hawaii is on fire, las vegas is great, orlando, the mid atlantic, virginia beach. Maria great opportunities for time share in those destinations . These are places our owners love fto go and theyre there enjoying their vacations. Maria thank you. Appreciate it. Maria well be right back. Button to join. Its like im in the office with you, even though im here. Its almost like the Virtual Reality of business communications. No, its reality. Intuitive one touch Video Conferencing is a reality. And now its included at no additional cost with vonage business. Call now and see why 3,000 companies a month are switching to vonage. Business grade. People friendly. Thithis is the new new york. E . Think again. We are building new airports all across the state. New roads and bridges. New mass transit. New business friendly environment. New lower taxes. And new University Partnerships to grow the businesses of tomorrow today. Learn more at esd. Ny. Gov welcome back, its been a great show. Lets go back to new york and dagen, back to you. Dagen in your Steven Mnuchin interview hes working hard to get together at that tax reform proposal. Lets get it done. Maria yeah, lets get it done because taxes and what people think moves the economy. Dagen, ill see you in new york. Dagen mcdowell there. Tomorrow, dont miss my interview with secretary of transportation elaine chao. Stuart, over to you. Stuart ill take it. Now, americas Technology Giants are peeling piling up a cash mountain. Apple will reveal it has a quarter trillion dollars in crash, maybe more. And microsoft more than 100 billion in cash. Now, almost all of this money is stashed away overseas. Never before have private companies controlled such vast amounts of money. The politicians want it brought back home. This week, we should find out how theyre going to do it. Over 2 trillion