Details of President Trumps tax reform plan. The Negotiation Team includes Top Republicans in both houses including speaker paul ryan, brady andnnell, kevin orrin hatch. Hillnnouncement on capitol we will bring you that live. Have mnuchin and gary cohn represented the trump in crafting the framework. They are accompanying President Trump in indianapolis today where he will make remarks centered around that tax plan. For more on what we are going to see, plenty of leaks already at least speculation furious on this. Start with what we are expecting on the corporate side. Longawaited. This is the moment Republican Leaders have been waiting for all year. Their best chance to secure a major piece of legislation and an option and by the end of the year especially after failing for the third time earlier this week on the effort to repeal and replace obamacare. We know the framework that the leaders are about to unveil is going to call for a 20 which manyax rate including in the white house ha
The left still thinks they can take money from hardworking citizens. Tax cuts dont need to be a partisan issue. We had tax cuts in the 1960s. Economy grew 6 . Ronald reagan did it in the 80s. Guessc what happened . The economy grew 4 . The numbers do not lie. In just a few minutes, Freedom Caucus member ron desantis and cke former ceo, andy puzder will join us. First we have a blake burman. Reporter he defended his plan, it does very well benefit of people of wealth. First on individual side. There will be according to thisc proposal three different tax brackets, that, 12, 25, 35 . Calls for standard deduction to be doubled while ending the death tax and the amt. On the corporate side, two different rates there. One for smaller businesses, a top end rate on Small Business side of up to 25 . For corporations, a rate of 20 . Now as you know, President Trump campaigned on a 15 corporate rate. Now that number has crept up to 20. One thing is very clear around this white house, and in hear
I need a hero welcome to power lunch. Im Morgan Brennan the stocks are holding steady. We have a mixed session. Two more trading days to go in september, the dow and s p 500 are on pate for an eighth straight quarterly gain. Mcdonalds giving the biggest boost to the dow today the transports hitting another error intraday high well drill down on some of the big movers roku, stock of the day, this is up 50 on its ipo debut. Also keep an eye on mccormaiccck we begin with washington, President Trump unveiling the longawaed tax pla promising tax cuts today House Speaker paul ryan and the top economic adviser came to squawk box to push the plan ylan mui joins us with the latest. Reporter it will have to go through the sausage grinder before it can be legislation, gary cohn was very clear on cnbc the 20 corporate rate is nonnegotiable. Speaker ryan was equally clear that the house is committed to hitting that number. Look, when we polled the border adjustment from our build back in the middle
Were seeing a battle between red and blue states. Lawmakers from blue states like california and new york, that they are furious that the plan eliminates local and state Tax Deductions. I am from new york. Here is the thing. It is not fair places like new york, california, and others effectively getting a free pass. They are subsidized by money from every other state in the america. We need a level Playing Field, to make it fair for all states. Texas republican congressman brian babin, sounding off on that in just a few minutes. First were going to adam shapiro. He has very latest on path forward for the tax plan. Adam, is it going to happen . Reporter if i could answer that question i would be a millionaire and not in this job. Whether tax reform happens this year or next year, that is up to mitch mcconnell, who keeps saying this congress. Talk about issue you brought up, repeal of state and local Tax Deductions. Democrats would say to you, that you point out other states subsidizing
Steady at 7 as expected. They have seen a lot of the inflation pressures ease in the eeks of september. A lot of economists do not expect to raise rates next year. Theyre holding with their Interest Rates at 7 . Let us look at dollar peso. Dollarooking at a weaker story. That has been a trend since the beginning of this year. The bank of Mexico Holding in. Let us circle back and look at the u. S. Scarlet was talking about tax reform. The euphoria is here. All of this was right on the screen. We are finally seeing some of the euphoria come back into the get thiserhaps we will done. Im sure there will be a lot of lobbying efforts. I will note that the dow is posting the biggest gains. Up 0. 2 . Highseaching record coming up 0. 4 . A lot of this has to do with the strong gdp number we saw. The second revision was 3 , up atm the first front we saw 2 . When the economy does better, we are shipping goods all over. For fedex, i will give a shout out to my producer who pointed out a cool story