Transcripts For CNBC Closing Bell 20170913 : comparemela.com

Transcripts For CNBC Closing Bell 20170913

Would you spend 1,000 bucks on a phone apples iphone 10 has facial recognition, and well discuss whether the high price tag is worth it and sorry doesnt always cut it shares of ek we fax sinking again today. Sinking again toq todau sinking again todai sinking again todaf sinking again todaa sinking again todax sinking again toda sinking again today something we will ponder coming up later here. But we begin today in washington and the latest push for tax reform kayla touche has a timeline coming from House Speaker paul ryan today bill, well get that in just about ten days thats what texas congressman kevin brady who chairs one of the key committees writing the plan told his colleagues earlier this morning House Speaker paul ryan said that that framework will reflect the broad areas of agreement where the white house, the senate, and the house have all come together, but that any efforts to reach a broader consensus among all republican lawmakers would happen after that this is really the consensus of the tax writers themselves. So that were working on the same page. The whole point of all of this is, the house, the senate, and the white house, are starting from the same page and the same outline, and then the tax writers will take it from there on the details for health care though youll remember the devil was in the details. Plan a is still to use a vehicle for tax reform that only requires republican votes, but i asked whether they would need a bipartisan effort, if those republican votes fall through. Will there be democratic votes needed in the house . I would love to have the democrats supporting and working with us in a constructive way on tax reform were going to do it no matter what despite the insistence that itll be a gopled effort, the white house continues its reach across the aisle, perhaps best case, guys, supplemental votes on top of republicans. Worst case, backup scenario, an insurance policy should those votes fall through kelly. Bill all right kayla, thank you for now for more on the tax reform timetab timetable, were joined by terry haines good to have you back. Thanks, kelly, good to be here, thank you very much. How significant are todays developments the flurry of meetings, this talk of maybe some bipartisanship i mean, what do you think this is all pointing towards . Well, you know, this is, in many ways, kelly, this is a throwback. This is politics 101 you reach across the aisle, you try to gain as much bipartisanship as you possibly can as the president , and if you cant get that bipartisanship, well then the Minority Party is responsible for pulling back youre not responsible for it. Youre trying to be as inclusive as possible. So yeah, this is, this is a very old playbook thats being used by the current president so, this will go on for quite a while. The administration is clearly decided that what its interested in doing is reaching across the aisle as much as possible on as many issues as possible and where they can get bipartisan agreement which they mostly need by the way on just about every issue, except tax reform because they can do that on budget pros, they maybe can get that they maybe have a better chance of getting it. So, you know, good for them. But terry, how, how willing do you think republican leaders, especially in the house, will be to welcome democrats into this deliberation process and tax reform when to this point, they havent included them to any great degree bill, the way i would answer that is that it is simply this, the white house and Congressional Republican leaders are all on the same page in wanting aggressive tax reform with a much lower corporate top rate and changes to the individual rate as well, and retroactivity to january 1, 2017, i think thats weve been calling that a long time and something secretary mnuchins been talking about recently if democrats want to join in that effort, republicans will certainly welcome that if they dont, they can still use budget process to pass it. I think thats how theyll look at it. I still wonder, terry, you know, where youd put the odds of this happening. As others have pointed out, regardless what have they say, there still is no plan, and weve seen them go down this road before, yes, its going to happen altogether on this, making a big push, and then buckis. I would disagree that theres not a plan or that at least the broad parameters of what theyre agreeing to is not known what theyre talking about is an aggressively lower top rate. President always said he wants 15 as was pointed out on air a few minutes ago. Secretary mnuchin is really talking about 20 . Certainly if you do the math, youre looking at 20 or the low 20s. Youre looking at the individual changes along the lines i suggest, and youre looking at retroactivity. You know, beyond that, the details as was said by speaking ryan this morning, will be up to the tax writers. Those details being, you know, how do you pay for it and exactly, you know, whats the legislative language but bottom line, if youve got a situation where there is political will to do something and there is the legislative process available to do something, youre likely to have something happen and thats where weve been and where we continue to be. Were less than 30 seconds to this video tape of the president in his meeting with the bipartisan members of the house there, but are you hopeful that we get something as a result of the bipartisanship or is it just going to be left to the republicans to get this done very quickly, kerry . Hope is beyond me certainly the republicans have the ability to do it, and if not, i think therell be some democrats too. Well, lets listen in, heres the president. Group of democrats and republican lawmakers for the white house more and more were trying to work things out together, thats a positive thing. And its good for the republicans and good for the democrats. And this group knows that very well whether we can do the incredible things that were doing and working in a bipartisan faction, obviously would be a positive and i think something, tom, that we all feel good about i want to thank tom reid, hes been a friend of mine for a long time, and he was there right at the beginning when it wasnt very fashionable, right . And i really appreciate it and josh gothymer for helping to organize this very important gathering. I think its really, the whole concept of what were trying to do is very, very important inspired by the example of our own citizens, we should be able to come together to make government work for the people thats why i was elected, thats why i ran. And to provide jobs and opportunity to millions of struggling families. This includes tax reform that is pro jobs, pro growth, pro family, and pro americans. Very simple. Its all pro american. We are four principles for tax reform, make the tax code simple and fair cut taxes substantially. Itll be the largest tax decrease in the history of our country. For the middle class encourage companies to hire and grow in america and by doing that, were going to have to reduce the taxes for companies right now were at 35 , and really much higher when you weigh the state taxes in, and china is at 15 . Then we wonder why are we not competing well against china so theyre at 15 and were at 35 plus. And that doesnt work. And bring back trillions of dollars. We have trillions of dollars overseas that well bring back and well bring them back quickly. So this is money that josh and tom and everybody in this room can tell you, everybodys agreed to bring it back for years, but it never gets done were putting it down as part of our tax proposal another bipartisan project that is urgently needed is infrastructure, and infrastructure investment. For decades now, washington has allowed our infrastructure to fall into a state of total decay and disrepair. And its time now to build new roads, new bridges, airports, tunnels, highways, and railways all across our great land. When we set aside our differences, and its amazing sometimes how little our differences are. We put our country and we put the citizens of our country first. And thats what this is all about. So we want to have a great new tax cut and tax reform simplify kags and massive cuts and we want to get our country working again and competing again worldwide, and therell be nothing that can stop us on top of that, well billion discussing probably a little bit of health care because i know some informations come to light. So well be discussing because ultimately, when we have some democrats, i will speak, i think i can speak for the republicans generally, but we do want to do something very, very beforefully with respect to obamacare. It has not worked. The rates are going through the roof the numbers that you look at, no matter where you go, no matter where you look, health care is failing in our country and were going to get a change and were going to get a change fast infrastructure well be talking about, and well probably also be talking about daca. Because we dont want to forget daca and its already been a week and a half, and people dont talk about it as much we want to see if we can do something with regard to immigration, with regard to the 800,000 people that are now young people, theyre not children anymore, they were children, now theyre young people we to want see if we can do something in a bipartisan fashion so that we can solve the daca problem and other immigration problems so well be discussing that today. And then tonight, i am having dinner with senator schumer and nancy pelosi and well continue some discussions we have a lot of things in the fire, but i think right now, first and foremost so that we can compete again, and especially in light of the fact that we had two massive hurricanes the likes of which i guess our country has never seen i dont think theyve ever seen one was the biggest ever in if water and the other biggest ever in wind, and you put them together, and we have devastation in texas and in florida. And other parts of our country, by the way and i think weve gotten very high marks for the way weve handled them thus far and we continue to handle them well they were very big and very powerful and it was very unfortunate, but because of that, more than ever, we now need great tax reform and great tax cuts so we are here as a group, bipartisan, to try and see what we can come up with. Thank you all very much. I appreciate it. Thank you. What would you tell them, why have leader pelosi and senator schumer over tonight im a conservative, and im not skeptical, and i think that if we can do things in a bipartisan matter, thatll be great. Now it might not work out, in which case well try and do it without, i think if we can do in a bipartisan matter if you look at some of the greatest legislation ever passed, it was done on a bipartisan manner. And so thats what were going to give it a shot, right tom see what we can do and if it works out, great, and if it doesnt work out, great, hopefully well be able to do it anyway as republicans. Thank you. Thank you very much. Were looking at a 15 rate. And we want a 15 rate because that would bring us low, not by any means the lowest, but it would bring us to a level where china and other countries are. And we will be able to compete with anybody, nobody will be able to touch us so, we would like to see 15 okay thank you very much, everybody and by the way, lower for individuals. Much lower than that for individuals. And the rich will not be gaining at all with this plan. Were not were looking for the middle class and were looking for jobs jobs meaning companies so were looking at, for the middle class and were looking at jobs. I think the wealthy will be pretty much where they are pretty much where they are if we can do that, wed like it. If they have to go higher, theyll go higher, frankly were looking at the middle class and were looking at jobs. Okay thank you very much. Thank you, everybody okay. So that was about 30 minutes ago as the president began his meeting there with those 13 members of the house, as i mentioned earlier, eight are democrats and five are republicans as they try and hash things out over tax reform, health care reform, and other issues, infrastructure among others but in true clum bow fashion, the most interesting thing was at the very end there when he said that the rate for individuals might be much lower than that for corporations, if hes talking about 15 middle class. But if youre talking about significantly below that level, thats interesting he also said the wealthy would not only have to stay where they are, they may have to go higher. Not brand new, we heard steve bannon make similar remarks and back away from that there. Lets bring in emonjevers. I think you lashed on to the right point there, with the outreach by the white house to democrats which is this past week hack the first time in the Trump Presidency that weve seen this sort of porting of democrats and the idea of getting democratic votes for a trump initiative, now the subtext is does this make conservatives on capitol hill a little nervous that the president s preparing to give away the store in the conservative view . So, watch what the president says fwop things there i think that the president said that might give some conservatives on the hill some pause. One of them was the point that you just made which is he says that he thinks taxes on the rich might have to actually go up under this plan, not down. So thats something conservatives will want to watch and then the other thing, is that he said he wants a bipartisan deal on daca. Thats the proposal that affects young immigrants who were brought into the country by their parents and have lived there their entire lives whether or not they should be deported or not. The president decided to end the waiver there for daca. Ultimately theres still a negotiating period of time, he says he wants to get a bipartisan deal. That could give heartburn to some conservatives up on capitol hill too the president seems to be signaling hes willing to work with the democrats here. Well see if they can come up with some specific agenda items in this meeting, and then in tonights dinner with schumer and pelosi here at the white house as well. Where they can finally find some areas to Work Together on. Back over to you, kelly. Im going to ask you the question i asked terry how willing do you think the Republican Leadership will be to work with these democrats that the president is reaching out to in reaching some sort of a consensus on these critical pieces of legislation . Well, thats the interesting question, isnt it i dont think they would normally be all that interested in bringing in democratic ideas. They feel like theyre the republican leaders, they have the majorities on capitol hill, in the house, in the senate, they have the votes to do what they want to do. I dont see them feeling a whole lot of need to bring in a lot of democratic ideas into the proposal except for the idea that you could have a bill that you could present to the country as something bipartisan even if you get just a small handful of democrats in the senate and maybe larger than a handful in the house, thats not that many democrats, but you could say hey look, democrats and republicans are voting for it, its not a strictly party line thing thats sort of appealing to leadership, but ultimately, its at what cost the devil is in the details here its what specific legislative items will they have to eat in order to make that happen . They dont want to eat a lot all right emon, thanks well be hearing back from you as well. Lets goat our closing bell exchange, the dow is higher. I think the nasdaq is as well. Which would keep both of them in record territory, but the s p and russell, now the russ sl higher as well, but not record territory. Hank smith is with us today. Part of our closing bell exchange, steve grasso and Rick Santelli checks in from chicago. Steve, watching the sausage being made in washington, and its a day when the stock market after two decent rallies, days of rallies, is resting here. Its resting right on alltime highs i dont think this is, this is a losing day, you cant say that this is a bearish day. Even the whole movement in the stock market today was driven by what we just discussed, which was tax policy or the idea that tax reform will take place, but i think this is now from a point of strength. Talking about the upper income levels, i dont think thats going to sell with republicans i think thats going to cause more fractures within the Republican Party and its not going to be overcome by a handful of democrats going on board with it. If you look at where this is coming from, kevin brady, paul ryan, they introduced border adjustment tax that didnt go over well mortgage interest, that didnt go over well when they floated that balloon, and what about the 401k to kellys point, there are a lot of things that are out there that arent a plan at all, i am not hopeful for it hank, are you not for real tax reform look, tax reform cant take several months, itll take several years. The biggest Sticking Point is dealing with c corp. , and s corp. , the flow through companies, thats the majority of the United States is Small Business so are you going to treat those two differently and if you bring s corporates way down, are you going to treat Business Owners differently than wage earners . This is very complicated stuff thats for sure hey rick gee, i could point out that a ten years at two and a half week high, dollar bouncing off a year low here. I suspect youve got Something Else on your mind right now. What do you make of whats going on in washington you know, i really dont think were going to see tax reform, but i think well see some tax changes and ive somewhat thought that all along, shank exactly right to get real reform, dont think it could be done the one caveat and i agree in a big way with senator cruz and he had more recent comments on this topic today. That if revenue neutral is the guiding light, then they might as well do nothing because it really is just shifting who pays the taxes. Doesnt really have a lot of economic benefit this revenue neutral kind of trap conundrum, and i understand why, because weve had a lot of false starts to do things in the economy that have price tags, that turned into deficit price tags, and we didnt get what we paid for, we didnt get Sustainable Growth over 3 but that doesnt mean trying again is going to end up the same way but thats the political conundrum associated with it, and its going to be a tough game as far as rates, youre right, as a matter of fact, five and ten year rates are both going to close at the highest yield since the 24th of august, but the winner actually, two year note yields at 135, that could be the best close since the 8th of august, and i think rates, floating up, is probably, is good reason for stocks to be holding, probably more son so t

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