They just need tax relief and this is taking a tax burden off their backs but the stimulating nature is well designed so for example, i was at a Manufacturing Company not long ago and my constituents in suburban chicago. The company said this. Peter, were going to invest 30 million in our plant next year if that Tax Bill Plans with full expensing as we proposed, were not going to spend 30 million. Were going to spend 50 million its that type of approach that were trying to create here which is why there was so much enthusiasm about it among republicans in the house. You havent seen this in a long long time. Maria well you have enthusiasm sure but not so much from those 13 republicans who voted no against the house bill. God bless them and if youre chasing everybody all the time in terms of a Roll Call Vote youll be waiting a long time. To get 227 House Republicans to agree on something as big as this is i think incredibly
significant and a good milestone but we still have good work to do. Maria so youve got the state and local Tax Deduction eliminated in the plan except for the tax break on Property Taxes, we know that but were going to seek with darryl isa in awe few minutes and he was one of the no votes because he says california is the big loser here even Southern California representative says california will be the biggest loser from the house bill, since under this plan californians will shoulder the largest net tax increase at 12. 1 billion in 2027. Do you worry that voters are going to turn against you guys in 2018 because some people are paying higher taxes because of the elimination of that deduction . Whats the impact of that elimination in your view . Your question is do i worry and the answer is no, should i worry about getting tax reform done. I think thats the first point. I represent constituency in a high tax state, illinois, new jersey, new york and california all are high Tax Jurisdictions
and what weve tried to do in this bill is come up with a compromise and that as you pointed out earlier theres two current deductions in the tax code as it relates to state and local taxes. One is presumably income tax and sales taxes and others and the other is Property Taxes, so what i fought for and we were successful in including is to separate out, keep the property Tax Deduction, cap it at 10,000 , but Property Taxes are different in that theyre not related in your capacity to pay. You get a Property Tax Bill whether or not you can pay that bill or not. Theres no relationship to pay and if someone were to evaluate this tax plan and say that is the only thing thats happening, that is the elimination of a state and local deduction then the criticism would be right, but look, youve got to look at this in totality. These rates are coming down, the brackets are being extended, its the elimination of the alternative minimum tax and i know in my constituency that hits 30,000 households, were increasing a Child Tax Credit,
final Conference Committee report. Let me go back back to one of the facts that you just asserted and thats the notion of how much the current state and local Tax Deduction is. Yeah thats that amount of money but within the current tax code, so for example, its basically a trueism to assert that its currently this valuable but what were saying is lets shed this whole tax code. Its a loser. It is not helping us, its Holding Back Growth and if we do that and you change these deductions within the context of overall tax reform, that is what were proposing and look, when it all comes down to it 90 of american taxpayers when were done would be able to fill their return out on something as simple as a postcard. Thats whats celebrating thats worth chasing and thats worth pursuing and what were doing. Maria so do you think the local state and City Lawmakers are going to reevaluate what theyre doing . This morning weve got this quote. Were going to have to re
evaluate everything if a federal bill repealing the state and local Tax Deduction becomes law from new Jersey Senate president , mayor deblasio wants his millionaires tax, california has high taxes already the state of california and theyre saying were re evaluating everything because im just saying that whats happening in washington is concerning the hell out of me, mr. Sweeney said, do you expect were going to see an exodus out of these high tax states and pressure the governors and the local politicians to lower taxes or pull in spending . Congressman thats up to them. Im in a state thats a fiscal basket case right now. My home state jammed through a massive tax hike on middle class folks, both up and down the whole spectrum last summer and it hasnt ended well because they havent dealt with the underlying spending problems. Look, when you take on something as big as the federal tax code, youre not just, for example, if
healthcare deals with 1 6 of the economy, which it does, Tax Policy Deals with the entire economy and if youre dealing with the entire u. S. Economy, youre having an impact on a global basis. So i think what weve got to do is look at a bigger, look at ultimately what were trying to do. We want to make the u. S. The most competitive Tax Jurisdiction in the world and i think that happens. One quick point. The best way to track local revenues and State Revenues and you want to see them grow . Grow the economy. Continue to have underperforming growth and theyre going to have underperforming revenue. Maria congressman i dont understand why you didnt do anything with carried interest. Ive got a quote here from one of the most Successful Hedge Fund managers out there and here is what he says. Im very disappointed incidental ly about the shape of this tax cut being proposed. I am just appalled that we are going to continue to have a carried interest scheme for hedge funds and we know what the president said during the election. He said that he would change carried interest which allows
certain Fund Managers and private equity guys to treat income as capital gains. Enabling them to have a 20 rate rather than 39. 6 rate. How come no change in carried interest other than just having people have a longer timeframe to hold that security . Congressman well a longer timeframe to hold the security is important its all about the alignment of interest. I get the criticism and the back and forth and it could be that the United States senate comes up with a different plan on carried interest thats their perogative and if they do well take a look at it. Here is what we dont want to do we dont want to make it so that some suburban developer in my constituency trying to put together some real estate deal where there is capital thats involved and an active owner thats involved somehow we blow up the finances of that deal so weve got to be careful about it what we proposed is a longer Holding Duration if the senate comes up with another plan of course well evaluate that and give that a reconsider asian. Maria all right, we will leave it there be watching sir thanks so much for joining us. Thanks maria. Maria peter roskam. Former Secretary Of StateHillary Clinton firing back at republicans as they call for Special Council to investigate the uranium one deal. Is there enough evidence to launch a full investigation . Well talk about it coming up next, follow me on twitter at Maria Bartiromo at Sunday Futures let us know what youd like to hear coming up in the program as we look ahead now on Sunday Morning Futures. What started as a passion. Has grown into an enterprise. Thats why i switched to the spark cash card from capital one. Now, im earning unlimited 2 cash back on every purchase i make. Everything. Whats in your wallet . And it goes right at the rule of law. Maria well thats former Isnt Of StateHillary Clinton firing back at calls for Special Council to investigate the obama era uranium one deal. Some republicans including President Trump argue that she engaged in pay to play, and a partner at Avenue Strategies and former u. S. Attorney for the Eastern District of arkansas. Good to see you sir thanks so much for joining us this morning thanks maria. Maria should there be a Special Council to look at uranium one . I think theres two questions here, maria. I think the first question is should there be an investigation of that transaction . The Second Question is who should investigate it . So when you ask me should there be a Special Council appointed i think it presumes thats the only way to investigate it. Im not sure thats right and frankly i dont like these Special Councils at all. Im not aware of one thats gone well. They become runaway trains, but it should be uranium one transactions be investigated . You know, Tens Of Millions of
dollars traded hands at least one witness said the people that gave the money were trying to buy influence. I think thats worth a look. The question is does it merit the sensational process of appointing a Special Council and does that bring in a level of politics that have not in play when just the u. S. Attorney office or main justice does their job and quietly and goes and takes a look at something and exercises discretion about how far the investigation should go and whether charges should be brought. Maria so what should be looked at specifically . We know the Clinton Foundation received the 145 million from a kremlinbacked company. We know that she approved a sale of 20 of the uranium of the u. S. stockpile and we know that around that time bill clinton was giving speeches in moscow getting half a million dollars, 500,000 price tag there. Are these some of the things youre referring to or are there
other things you think are more important to be looked at . Well and i believe ive read in the reporting theres at least one witness that it was connected to an employee of the russians that believe that they heard conversations that indicated that those contributions were attempts to buy influence. I think the debunking or hillary s supporters want to say this has all been debunked because of the process, the Committee Process and thats true. It would have been hard for hillary to drive this through on our own as Secretary Of State but i think theres still a fair question why was this money being given . Was there other influence that was being sought and i think a look into that is merited 145 million in my neighborhood is a lot of money and thats wonderful if they were trying to give it to a charitable cause and then it wasnt transparently disclosed so those i think raise enough questions that a fair and
nonpolitical prosecutor would want to take a look. Maria i mean, people really just want to make sure theres fairness and theres accountability. I spoke with trey goudy from the Oversight Committee last week and Congressman Gowdy said look we immediate to make sure the doj is doing their job very similar to what you just said actually. Not sure if its a Special Prosecutor or just the doj doing their job but we need the doj to do their job. Is the doj doing their job . How come were just hearing about this look at this now . Weve known about this for some time. Well when i became United States attorney general john ash croft sat me down in a room with deputy general Larry Thompson and he explained to me he had studied the history of the department of justice and every time they lost sight of the need to keep the politics out of these decisions, they had gotten in trouble so what i think the department of Justice Needs to do and i think they are doing very effectively is really not pay a lot of attention to
what the congressman or senators are saying not paying a lot of attention to what the white house is saying and they need to do their job. Thats to quietly evaluate these facts, make determinations about what merits an investigation and conducting that investigation as discretely as they can until they get to a point where they can make a decision. Maria because so much conversation about conflicts youve got Robert Mueller obviously formerly head of the fbi now being questioned about conflict with the fbi. Can he actually, you know, honestly investigate his former colleagues . Do you know what these Special Councils, i think Robert Mueller has a great reputation and im going to suggest to you that we can assume hes doing as good a job as professionally as can be done but its a runaway train. We dont want to launch people and 30 fbi agents and 14 prosecutors on the sole mission of investigating any Single Person until they find something that sounds more like stallin
happy to put their support behind their parties tax plans. Up next ill talk to one of the no votes so far, california Congressman Darryl isa is with me live as we look ahead on Sunday Morning Futures well be right back. Example, they didnt attack carried interest which is clearly a loophole and then they went on to spend another many trillion, trillion and a half dollars on a personal side that really isnt an overhaul. Its in fact simply a change. Maria yeah, and you know, i know that this is a big deal for california. In 2014 alone, the Salt Deductions slashed californians taxable income by a total of 101 billion more than twice that of second place new york so new york and california are upset about this. Do you think that there is room for movement here in the senate plan . I know you voted no largely because of the Salt Deduction being eliminated and your constituents seeing taxes go higher. Do you think that the senate makes a change on that . Well if the senate asks the basic question of why are we raising taxes on anyone other than those caught up in loophole closing, then they can get past this. One of the things in this bill
and its not popular to talk about is doubling the standard deduction, but maria, you know from your years in economics and so on that if you in fact double the deduction, meaning you give you allow people to not pay taxes on more money even if they dont have a group of itemizable offsets, then what youre really doing is lowering taxes on them beyond what they actually were spending. In other words the standard deduction for many californians will cover their State Income Tax so to speak and what ends up happening is youre giving it away in a various areas, doubling the Child Tax Credit all these others and then coming back to other people and saying well you can afford to pay more. Im a republican. I do not vote for tax increases to shift money around. Ive never done it and i dont plan to do it, so unless theyre willing to have a new alternative maximum tax that
says no california an will pay more on this system than the old , then theyre not going to get my support and thats what they need to do for all three of us in california that voted no and quite frankly, for some of those who voted yes. You probably are aware the speaker came to california directly from that vote. He sat up in Orange County with 35 or 38 major done ors and told them he was going to do a california fix in the senate. Well i wish he had told us that as part of the house project so we could have done it. Maria yeah, its a good point. Well look, let me pushback on this and say look, some thing has got to give here. Youve got a 1. 5 trillion plan to lower taxes . How do you pay for it. I recognize leadership is saying growth will pay for it, the revenue goes up but you know the committee for responsible budget is saying this is a Budget Buster that in fact were going to see additions to debt and theres no focus on actually paying for this, so what do you
say to that and then youve got people like Mick Mulvaney from the omb saying its not the federal governments fault that new yorkers and california taxes are so high that theyre driving people out of the states. I dont think its up to the federal government to save new york from its bad decisions so somethings got to give, right . Well you know the interesting thing is that they threw in in the house bill 10,000 for Property Taxes which means that if youre Mick Mulvaney and you own a house in the carolinas, youve got a tax breakout of it but if youre a renter in new york you didnt get it so the reality is theyre picking winners and losers and in some cases picking on be half of other states but here is the short answer and i no one of your degrees is in economics. The reduction in and the changes in Business Operations for both scorps and ccorps is about 1. 3 trillion. In other words, the things which will get America Investing again
are less than that 1. 5 trillion. What happened was they did two bills. One that was about getting changing how business paid their taxes both foreign and domestic and then they separately did a whole other one for individuals. The problem was the only pay for you really get is Economic Growth and the Economic Growth almost all of it would come from those changes in how businesses invest. If youre able to peter roskam said in the last segment invest more in america youre going to start growing the economy and creating jobs. So one of the challenges is they did something that was pretty good. I wont call it perfect and then they turned around and said but we cant do that unless we do something for sort of the masses to buy votes. Doing the right thing for the economy and buying votes are two separate things and this bill got into trouble with me when they decided to buy votes by
having californians and new yorkers pay higher taxes in many many cases to help support, if you will, an agenda of telling people they were going to get a tax cut. Maria youre right there are winners and losers spending 650 billion on a Family Tax Credit and if you dont have kids, you dont get that benefit and yet theyre not doing anything on carried interest, so youre willing to go to the matt here even if it means your party loses seats in 2018 . Well, look if we dont do the right thing were going to lose seats in 2018. Years ago when we didnt pay for Medicare Part d, when we didnt come to grips with the fact that that was going to add to the deficit, the former speaker, then speaker Dennis Hastert told a group of us if we voted for this we would be a permanent majority. Well im not going to be fooled twice. We have to ask if were going to , if you will, have a deficit of 1. 5 trillion in a bill, it better have a reasonable chance of actually creating economic
growth and you hit it right on the head. That family credit, its fine, maria, if your children are not yet in college but the odd thing is just when you need it most when youre trying to put two kids through college thats when it goes away and so your 20 year old if you want to help them you do it without the tax credit just when you often have the greatest expenses. Maria right and also, if you have kids, no matter if youre incredibly wealthy or not, you still get the Family Tax Credit because you have kids. Its worth looking at for sure. Congressman good to see you again please dont be a stranger thanks for joining us. Thanks maria. Maria congressman darrel issa. Up next one on one with eric trump his thoughts on year one of his fathers presidency, the russia investigation, efforts to pass tax reform and a lot more as we look ahead right now on Sunday Morning Futures. I cant wait for her to have that College Experience that i had. The classes, the friends, the independence. And since we planned for it, that student debt is the one experience, im glad shell miss when you have the right financial advisor, life can be brilliant. Ameriprise maria it has been just over a year now since donald trump was elected the 45th president of the United States. And as we get ready to settle in for the thanksgiving holiday its good times a look back and reflect how just much changed and happened since november 8, 2016 who better than to do that with one of his sons eric trump joins me now. Great to be here maria. Maria wow what a year its been. Tell me how your father has changed look back for us. Its incredible the amount has done. Feels like its gone by in just a flash in the same time the amount accomplished is incredible and im here in new york but im proud of him. I watch every day what hes done to our economy is incredible what hes done to 401 k is amazing and in terms of Small Business and deregulation getting this economy going again jobs in this country, unemployment is at an alltime low added close to 6 trillion to our nations economy and done so much. Hes rebuilt our military, taken care of our veterans. The guys just done an unbelievable job and i am so proud of him. Maria meanwhile the left is continuing up the attacks. The Special Council, Robert Mueller, now talking about your brother and first of all have you met with Robert Mueller . I havent and ive said this a million times the russia thing is a total sham. Its total nonsense. There is zero collusion with
russia and at the same time you look at uranium one, are people really naive enough to believe that somebody gave Hillary Clinton, secretary of the state at the time 145 million for her foundation for nothing . Do people really believe that and to me its yup a travesty that thats not being investigated because there is something there and it smells and it looks horrible and personally i dont believe somebody would give 145 million for nothing to Hillary Clinton to a Government Official at the time. Its horrible what happened and you see all of the other bad facts and the 33,000 emails and everything else. The facts that they will look into nonsense something that didnt happen that they will go on tangents for weeks and weeks and weeks about nonsense emails and other things but they wont look into hard core facts its really a travesty and unfair to this nation. Maria and Hillary Clinton this past week said that its an abuse of power for the president to be asking for a Special Council and i said to one of my guests wow thats rich and abuse
of power and he said why . And i said well i mentioned the uranium one story because administration after administration the russians wanted to buy the uranium for a long time and every administration said no but under Hillary Clintons leadership she allowed it. Were selling our uranium the best uranium in the world to a country that is a Massive Nuclear power that is probably our greatest enemy in that regard meaning in terms of the Nuclear Scale and i mean, who does that . Who comes up with this judgment that allows that to happen . Maria do you think there will be a Special Prosecutor on this looking at Hillary Clinton . I think as an american citizen i certainly hope there would be at this point, you just dont know with our government. You just dont know and the corruption and its very very sad and the scales of equilibrium arent necessarily always even. Maria listen the president obviously has gotten high marks
in terms of regulatory all of his International Trips seem to have gone very well but the tax reform is there and it has to happen. Otherwise people are saying look the Congress Needs to get fired. The president will get impacted what is your take on where tax reform stands . The house obviously passed its bill but do you think this gets over the finish line and on to the president s desk . This Country First of all is literally dying for tax reform. Weve become uncompetitive and lost industry because of it, wages over so many years under obama have been stagnant because of it. We have to get tax reform done. Maria now there is some congressmen who are saying look my constituents will see higher taxes but your taxes will probably go up eric trump. My taxes other people in new york might go up so how do you sell a plan whereas you are raising taxes for a portion of the people because youre eliminating this deduction as a way to pay for the Corporate Tax cut . Im glad you said that you and me and so many other people because the democratic Talking Point every single time, youre
only lowering taxes for theism and its such garbage. Somebody comes out, you have schumer comes out well, you know it means that the wealthy are going to pay less in many cases the wealthy are actually getting paid much more the middle class will pay much less and by the way thats all Small Business, right . Thats how you grow this economy you want the masses to pay less. You want them to be able to invest their money where they want in their companies and in Capital Expenditures for higher wages for their employees and more employees. You want them to be able to invest that money. Maria so you dont mind in a meaningful way which is much more efficient than our government investing. Maria you dont mind individually pay a higher tax yourself because it means a 20 Corporate Tax rate is going to have an impact on the economy move us up in terms of growth . Its good to grow the economy it will add trillions of dollars and not just the tax rate. Not just kind of the trickle down of that but if were able to repatriate all that money the trillions of dollars overseas that havent come to the u. S. Because they would have been taxed, think what that will do. Think if you had two, three, four, 5 trillion, fond even knows what the number is. All of a sudden get repatriated back to the u. S. Think about what that would do to the investments the new factories built, the roads, the amount of money that would go into stocks and bonds and other investments. Think about how good that would be for our nation right now were sitting in ireland and here and there and bermuda and countries that have a lot of great tax shelters and by the way theyre smart to do that but is that best of the American People . Maria thats right. What has your father said about the asia trip . Seeing with the president of china, south korea, japan, it looks that it was a good reform to actually get something done trying to send an en view to north korea. Listen hes done more to mend relationships over in asia than has been done the last three
decades by all other previous administrations and i think having three or four Aircraft Carriers on the peninsula really shows the might of a nation and makes it very very clear were not playing. My father is not playing. Believe me these arent people who play games. Theyre deadly serious about protecting this nation and protecting the free world against lunacy, and they will see to it that all of us are very very safe and im proud of that. Maria eric youre a new father how is baby luke doing . Baby luke totally changed my life in so many ways i would have never realized but father hood is the greatest thing in the world. Maria thank you for joining us eric trump is the executive vice President Trump organization. Up next, House Republicans celebrating a Tax Reform Victory after passing their plan thursday, but their counterparts in the senate have work ahead of them as the battle moves there. Were looking ahead with the panel next. Stay with us. Hi. So i just got off the phone with our allstate agent,
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unfortunately john mccain is ill and wont be around a whole lot longer but the other two do you want your last vote to be killing taxes . This is our shot. We arent going to get another shot in the foreseeable future so my sense today is its a lot of work done and i think that they will Mitch Mcconnell is a master of this kind of legislative process and to a certain extent unlike healthcare were giving people something were basically appeasing a lot of different groups we now have 73,000 pages plus of tax policy. Maria wow. And this will be a better bill for the vast majority of americans. Maria youre right and they dont get this done, mary they should all be fired. Mary i agree and many will be fired next year if they dont get it done but maria look. Maria by the way the president should have made relationships, so i mean if he cant get this done, maybe he too. Theyre all to blame. Well i think they had the fear of god put into them after the Election Results earlier this month, so i think theres an urgency here that there
wasnt with healthcare reform earlier in the year but look maria. The three major objections just dont hold water, if you care about deficits well you arent going to pass the Entitlement Reform so you have to get growth you care about healthcare reform fine. Repeal the individual mandate, lets start down that path. You care about Small Businesses, fine. Take that healthcare money, use it to lower rates on the individual side. None of these objections hold water and i think eds right. I think look, it will be a tough slog, but theres deals to be done. The critical thing is this is the president s priority he has to get this through. All the rest of the stuff hes done so when he comes back to thanksgiving he has to get up on the details, know what hes selling, go to the country not just places that were favorable to him go to the country and convince people that this is beneficial. This has been a president whose been as good to business as anybody in the history of this country modern history and hes going to stimulate this economy dramatically as he already has and its very important hes the salesman. Go into salesman mode sell this
baby. Maria going to be a busy december. Stay with us we want to check more with you the panel continues as we look ahead on Sunday Morning Futures quick break right now stay with us. How do you chase what you love with moderate to severe Rheumatoid Arthritis . Do what i did. Ask your doctor about humira. Its proven to help relieve pain and protect joints from further irreversible damage in many adults. Humira works by targeting and helping to block a specific source of inflammation that contributes to ra symptoms. Humira has been clinically studied for over 20 years. Humira can lower your ability to fight infections, including tuberculosis. Serious, sometimes fatal infections and cancers, including lymphoma, have happened; as have blood, liver, and nervous system problems, serious allergic reactions, and new or worsening heart failure. Before treatment, get tested for tb. Tell your doctor if youve been to areas
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moore to step down are getting louder. Ed hes not stepping down. The governor made it clear hes not postponing this election. Bottom line is the voters in alabama have a choice. Do you want to elect a liberal for the next four years or basically offset everything and the Senior Center in shelby does were down to one or two votes making a big difference in the senate so they end of the day theres nothing different that comes out at the end of the day its a very competitive race. Mary republicans are in a terrible position. Many Senior Republicans came out and said if roy moore gets elected they want him expelled from the senate and they could very well do that. On the other hand its a Very Deep Red Conservative state and you have voters that would say well hes prolife and the other is for lateterm abortions. Ed started going back trying to hold hearings on what people did 30 or 40 years ago without taking sides whose right or whose wrong. Mary i dont know about that ed. I have to say i think whats been reported is appalling. Its very very sophisticated and solid reporting there. It looks like theres a pattern and look, if he gets elected he could be thrown out. Maria by the way speaking of liberals coming in the incoming governor of new jersey, mr. Murphy, is said that hes going to redo this millionaires taxes and raise taxes but now because of the elimination of that deduction theyre needing to rethink that. So eliminating that deduction may very well change behavior over time. Doesnt happen overnight. Ed well the big spending states are the ones with the big taxes and obviously the ones that reduce some spending otherwise they basically drive everybody out of the state. Maria exactly a lot of people expect an exodus. Good to see you both. Thank you so much mary kissel, ed rollins always a pleasure. That does it for us. Thanks for joining us ill see youll tomorrow on mornings with maria 6 009 00 eastern on the Fox Business Network hope youll join me tomorrow, Media Business with howie kurtz is up next. Stay with fox news, howie kurtz
is next. What started as a passion. Has grown into an enterprise