One of the provisions seen to be in violation of the senate rules. One is the title of the bill. Other is to use the College Savings plan for home schooling, and the criteria of whether endowments for universities are subject to the excise tax. The House Speaker nancy pelosi putting a statement out saying the house revote is the latest evidence of how shot how shoddily written the gop tax scam really is. The public is going to catch on. They will see this as a con job and it will catch on it will give the middle class the shaft. Accusing the republicans of hating the poor and loving the rich has nothing to do with reality. But they are getting more desperate and vicious in their attacks. Reporter all that being said, this bill will likely pass in the senate this evening. With arizona senator john mccain home in arizona and the republicans would have their tax bill passed. Then because of those rules violations, tomorrow morning it would likely be passed again, then and only then on to
Just a drift now. This is not unusual, going into the end of the year, to see more sideways movement. When we are looking at heist tech stocks or low tech stocks, heres a look at the high tax and low tax index. You do see a gaffe a gap between them. It began this week when it was clear that the bill was going to pass. Again, the lift and then the sideways movement, more or less, even for both of those divisions that we have been watching. Wanted to look at some individual groups as well. Fedex came out with earnings after the close and the company said that they would soon record deliveries this holiday season. They also talked about taxes and in a key fashion they raised their forecast but said that the earnings would be even higher as a result of tax cuts. Not just the overall corporate but other measures to benefit the company. We are seeing a strengthening of other companies as well. This group pays the highest effective tax rate. Particularly the railroads and domestically oriente
Democrats said no. The house will have to vote on the deal again. Its a formality. Biggest tax shakeup in generation. The winners, in my opinion, business, lowtaxed states. Wall street journal says it is a return of the politics of growth. Democrats hate it, senator schumer says its a disgrace, absolute disgrace. Elizabeth warren calls it a tax heist and Bernie Sanders says it plays to the billionaire class, but it is a win for President Trump, maybe thats what the left just cant stand and the president tweeting that he wants to hold a News Conference this afternoon. Today december 20th, 2017 historic, Merry Christmas, everyone. Varney company is about to begin. With further amendment, the tax cuts and jobs act is passed. Stuart bit more applause confetti, why not . We added that. Not that much applause and cheers from exhausted senate last night that. Was the scene on capitol hill when the bill passed the senate. For technical reasons the house has to vote again, as we said, thats a f
For a temporary spending bill. The crucial vote could come within the hour. Well bring that to you live. Meanwhile, more companies are announcing plans for how they will be spending their tax savings. Trillions in tax savings but does it all translate into more jobs and growing wages for you . If you thought traffic was bad at thanksgiving, wait until you hear the latest what to expect this holiday weekend. Melissa oh, no. David yes. Melissa you need cocktail. No, im kidding, not if youre driving obviously. The dow surging to a new record high after two days of losses getting a big boost from the highest Third Quarter gdp reading more than two years, three years. Up 3. 2 . This is the first tame weve seen backtoback quarters with more than 3 growth since 2014. Lets go straight to Nicole Petallides on floor of new york stock exchange. Nicole, where the major afterring as, theyre back in the green. There you go. As we look at record closes for the dow, it had to be above 24,792. Oh, no,
What happened in your christmas household . It was wonderful. At with my sister. And best gifts . You know, the usual what is the best gift that we could get, you know sf what is t best we could do at this point is that appropriate for Morning Television i got socks socks are good. I got some very thoughtful sweatpants i got some sweatpants how thoughtful could sweat pants be they were very comfortable. Did you get new yoga wear lululemon, yeah see, i knew that i was going to get you that, but i knew someone else would. We cant just all keep repeating. Okay. Anyway, im Andrew Ross Sorkin joe kernen is here, melissa lee is here. Becky happily has the day off. A quick look at futures. We have the dow looking like it would open down. A few days where we talk about things opening or at least looking like they will open in the red. Right now dow would be down about 32 points. Nasdaq off about 7 1 2 s p 500 off or rather up margma marginally bitcoin is rising, recovering from a selloff last