Prosperity. And you heard alvin just say over and over again, consumption based tax. My job on the panel is to try to explain why thats important. Its important because the current tax system treats income that you sai and invest much much worse than the income you can consume. Think about it in this very simple fashion. You make some money. You pay tax on that money. Whats left . Disposable income. Aftertax income. You have two choices of what to do tw the aftertax income. You can consume it right away, or you can consume it in the future. Whats consuming in the future . Its saving and investing. Now, lets think about how the federal tax system theets though two choices. If you consume your aftertax income right away, the federal government, by and large leaves you alone. Yeah we have a federal excise tax on gasoline. We have a federal excise tax on bows and arkansas rowrows, but theres really no federal tax on your income. What happens if you save and invest your income instead . Bet
Government run health care on the march. Media reaction to this. Trump was on the ballot and he lost. Okay, the president is making headlines of his own in asia, hes issued a strong warning to north korea. Dont underestimate us he says because that would be a fatal miscalculation. The president is now in china, a red carpet welcome and public ceremonies, privately meeting with xi jinping. No retreat for the market this morning even though theres a report that the senate will consider delaying the tax cut for businesses. Modest declines for stocks, thats it. Yes, lets not forget, please, it is one year since donald trump won that stunning election victory. In 12 months the market is at 5. 4 trillion to the value of oil stocks and the dow has hit 58 records. The New York Times paul, remember, dead wrong, Varney Company going to got it righe oneyear Anniversary Show is about to begin. Stuart june 16, 2016 donald trump staged president ial announcement descending after escalator in trump t
We heard about the tax reform from steny hoyer. Well hear about the president s tax plan, well look at it but if it gives a huge tax break to the very wealthy democrats, that wont pass muster with democrats. The treasury secretary talked about the tax policy this morning in an event hosted by the hill newspaper. [applause] thanks. Well, we timed this event quite well, i think. Well, mr. Secretary, thanks for doing this. You met with Republican Leaders on capitol hill about tax reform yesterday. Is the administration and Republican Leaders, are you on the same page and how confident are you this can get done this year . Secretary mnuchin well, first of all, thank you for having me here this morning. Its a pleasure. Weve been meeting weekly with chairman brady and people at the senate on tax reform. So since the president has been in office, this is something weve been working on very closely. I think as you know we have over 100 people in the Tax Department at treasury who have been cru
President trump and cbs news over the weekend. Pegged to his 100day anniversary in office. The president raising a number of important issues but particularly talking about north korea and trade. A comment that might indicate some shift in the president s thinking. Heres what he had to say. North korea is maybe more important than trade. Trade is very important. But massive warfare with millions potentially millions of people being killed, that as we would say trumps trade. Reporter other president s have viewed trade very much that way as sort of a poker chip in a larger geopolitical game. I had an opportunity to ask wilbur ross about that here at the white house last week. He said ultimately this white house looks at trade in a different way than other white houses have looked at it. That comment would suggest that the president is changing his mind and coming around to a more traditional way of thinking about trade. I know you guys just spoke to wilbur ross about that this morning a
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 detroi