They are narrowing down what will be still a very substantial, across the board tax cut, not just the same for everyone across the board. Here is what we now know. On the corporate side, were taking that rate from 35 to 15 . This is the goal. Then a 15 tax on passthroughs, s corpse, hedge funds, real estate entities, a lot of lot of donald trump interests would benefit from the lower rate. Standard deduction doubles for individuals and families to roughly 12,600. If that is the case, that sticks, an additional 12 to 15 million americans, who presently go through, detail all their deductions would take the standard deduction. Would make their filing a lot simpler. It would not rule out deductions across the board. Three rates now. That top rate at 35 . As stuart pointed out here. Bottom rate of about 10 . Were going to getting into all of this with kevin brady, man who runs the house ways and means committee. He was for bigger tax cuts the o looking for a border tax to pay for a lot of
Thank you tour, talking at rallies that. He spoke at a carrier plant in indianapolis announcing the details of that deal that he struck with the company to keep hundreds of manufacturing jobs from leaving the United States. We have more on all of this coming up. Connell back to the record day on wall street first. It is a brand new record high, for the dow just below 19,200. The 9th since donald trump was elected. The other thing were watching of course is oil. It is continuing the tear as well. Price futures, fox business contributor out in chicago at cme. Ashley webster, meantime joins us first from the New York Stock Exchange. Lets go through some big winners on pretty big day, ashley . Pretty big day. The 18th, hohum, record close of 2016 for the dow. As you mentioned nine since donald trump won the election. Take a look at financial sector. They were a huge winner in november. Certainly after Trump Victory and starting off the new year in the same vain, new month, december 1st. Go
Dramatically expanding their hours, walmart on Christmas Eve is open until 8 00 p. M. Target until 11 00 p. M. Coles has been open aroundtheclock, macys as well and that was end on Christmas Eve so if you are in a rush to get what you have and what you need and no time to deliver it these guys are telling you the rush and we are here. Connell mcshane is in the middle of all this in the ring. This is what i love, we have Connell Mcshane in the rain in the middle of all this. You are a soldier of shopping. Connell yesterday we talked about the effect the weather would have on retailers this Holiday Season and we did that report if i might remind you from the comfort of our own studio, today we are doing a record that has nothing to do with the weather and doing it in the middle of the pouring rain, n. Y. City, times square. I love being a out here with the people they you ran through the numbers and these people a finishing up their Christmas Shopping like the rest of us, 36 million is a
Economy is picking up steam maybe a little too much steam and that prompted more interest right now in folks who were worried about Interest Rates and parking their securities in something where they can get the full backing up uncle sam. Deidra bolton has been following this. We go to her now. I did a search to zoom the good old days. Yeah. Im not the only one thinking about this. Its a little bit extreme. Just the background. You know this. Long team wall street strategists coined this term in the 80s. It was describing investor demand for high yields to compensate for two things were seeing now. Perceived risks of inflation and budget deficits. So were there now with some of those pressures. Were going to show you the tenure. You just flashed it. Were looking at the levels. 2. 85 . Still a fouryear high. This isnt the end of the world, a fouryear high is not a 14year high. With the pressures of inflation and budget deficits, this term, bond market vigilantes is back in circulation.