London, we will go to london shortly to report on that terrorism attack. The nikkei average overnight up a half of a percent but the others mostly lower. The push per tax reform is continuing. The commander in chief insisting his plan will not benefit the wealthiest americans once again. This is not the benefit the wealthy. This is to benefit the middle class and to benefit companies where theyre going to be producing jobs. We want to produce jobs in this country. Maria more on the administrations tax reform plans coming up this morning and could the Equifax Breach keep you from getting an iphone. The new concerns surrounding your credit score, equifax once again down 2 . All the stories coming up this morning and joining me to talk about Dagen Mcdowell, Jason Chaffetz with us and fox news contributor, former economic adviser to president Obama Robert Wolf is here. Great to see you. Good morning, thanks for having us. Maria we have breaking news right now. We are following breaking news out of london. A number of injuries being reported following the explosion aboard a subject train in londons train during rush hour this morning. The incident being declared a terrorist attack, passengers reported seeing a device on a train and hearing a bang at the Parsons Green station in west london. Photos taken inside the train show a white plastic bucket inside a shopping bag flames and wires can be seen as well. British police pr now on the scene investigating this incident. Your initial reaction congressman chaffetz . You never want to see Something Like this, i have been on those lines before and pretty recently actually they go to great measures to doing a lot of counterintelligence and surveillance there that most people dont realize. You get Something Like this, its a little bit scary. Maria what will they be looking at in particular right now . They are scanning those faces against databases and trying to see where that network is and dive back into the communications to see who they might be talking with and who would they put up, is it lone wolf or something broader and hopefully you dont see a series of these doing on across the city. Dagen people return the tax in 2005 on the London Underground, Great Britain has been hit time and again this year, we cant forget the westminster attack, the London Bridge attack with a van and then the manchester bombing, so and youve seen this play out politically in that nation of how people do not feel safe in Great Britain because they cant as much as they try to do, they cant prevent lone wolf attacks in that country. And this mayor really calls it a terrorist attack incredibly. Their Response Time seems to at the moment. Fortunately its not as big as it could have been. It looks like a smaller type of device. People actually got injured and heart goes out to them, but this is not a major, major explosive device. Maria meanwhile north korea is our other big story rach iting up geopolitical tensions. Once again the country firing another Ballistic Missile over japan this morning. The missile flew over the country, laned in the pacific about 1200 miles east of ojoido. Far enough to reach the u. S. Pacific territory of guam. What do you think about this, congressman . Secretary of state tillerson is calling for new measures against North Carolina next, we talked about possibly increased sanctions against chinese banks. Why did they put the number of sanctions the first time, i dont think sanctions have any effect because i dont think kim jong un gives a toot about the people of north korea. It is about china and russia, but i think donald trump has the ateam on this, but still youve got to do more now that they are demonstrating that they are able to hit the United States. You know, i would agree with the congressman, first, un didnt go as far as they wanted because they wanted a complete end of oil exports. That didnt happen, so china is really the all eyes are on china because itll be interesting what japan and south korea and the u. S. Do in their own way but when it comes to really calling it a halt, you know, to any type of diplomatic relations, this is going to be all eyes on china. Im a little nervous when you Start Talking about a sanctioning a sovereign country like china. That being said, i have no issue with those who are doing trading and exporting whether its banks funneling money, no problem with cutting them off cold. Maria but the hrb is if you are going to cut chinese banks, is that going to affect the u. S. Economy, show the u. S. Getting impacted from the sanctions . No, i think what china is worried about the influx of people moving from north korea into their country but they are also worried about increased military presence and i do think theres probably going to have to be something more than sanctions and they are signaling there may be military response to make them pay a price. Dagen so far it has not gone in chinas favor in the sense that it has made japan and south korea take a more aggressive military stance. Japan has called for an additional 1. 6 billion for new Missile Defense technology in the budget and south korea bolsters capability. China wants us out of asia, frankly. They could cut off import and could go after kim jong uns finances as well, freeze assets and the like, like travel and other assets which new sanctions from the un did not do as well. The nikkei is up. Maria and the japanese yen. Just to respond to your economic question about the impact of the u. S. , one, although china is more or less one of the biggest foreign direct investors in the u. S. Maria hold debt. We have just turned them down on the latest semiconduct ordeal. With the dollar the way its been this weak, weak as in weak. We are back to number one, i think that china has recently discovered, as we limit treasury flow, if they have a reduction in the amount, i think thats okay as well. Maria youre not word about the impact to the u. S. Should the sanctions go against chinese banks . No. Maria lets turn to politics. Wasnt of the president s top legislative priorities is tax reform. The president insists tax plan will not benefit the wealthiest americans. Listen. Wealthy americans are not my priority. Its about the middle class and its about jobs and its about bringing jobs back to the country, bringing back the companies back, right now we are paying the highest tax rate in the world, we want to bring that to around 15 . Maria Goldman Sachs puts the odds that meaningful economic tax will be approved at 40 . That would fall short of anybodys expectations. The president has done a good job of not taking the bait, no breaks for anybody at the highest income levels, it drives me nuts when they try to pit, one class of people against another class of people. Kevin brady of ways and means committee, hes very careful of making sure that we are talking about tax reform for everybody. Maria when you hear the president say we are not going to benefit the wealthiest americans, the next question is whats wealthy, what is the cutoff point in terms of cutting taxes . We were with mitch rochelle, yesterday, 131,000, the last dollar of income in terms of rich. Dagen top 10 in the United States that the income split point as a little more than 133,000 for the top 25 its close to 78,000. I dont want to drive the congressman nuts this early being the democrat [laughter] im surprised its taken this long. I do think quickly, i know we have to wrap, we shouldnt confuse individual tax reform and Business Tax Reform and so the comment by the president , middle tax and getting Business Tax Reform to 15 , i dont think we will get comprehensive tax reform both individual and business by year end. I think we should focus on business and we can get that done in a very bipartisan way. Everyone wants that. Maria one congressman he disagreed almost. Maria one congressman yesterday who said he wont support 15 Corporate Tax rate. Some agreement but theres a lot of division. Dagen with nearly half this country paying no net federal income taxes as individuals, who is funding all of this spending . Are you going to put the burden as wealthiest americans as if they dont spend money. Maria how about the fact that they pay all the tax. If youre going to not announce tax cuts on highest earners, the rich pay the taxes. How about conservatives arent asking for revenue neutral, i just parodontax, the toothpaste that helps prevent bleeding gums. If you spit blood when you brush or floss you may have gum problems and could be on the journey to much worse. Help stop the journey of gum disease. Try parodontax toothpaste. Has gotten to know our business so well that is feels like hes a part of our team. With one phone call, he sets me up with tailored products and services. And when my advisor is focused on my tech, i can focus on my Small Business. A dell advisor can help you choose the right products with powerful intel® core™ processors. baby crying slow jazz music fly me to the moon and let me play bell ringing audience cheering maria welcome back, we are following breaking news from london, Cheryl Casone with the latest, cheryl. Cheryl we are getting new reports but theres conflicting report that is police are on the scene of a second bomb at the same tube station, the Parsons Green tube station. According to reports bomb squad experts are there. What youre seeing is the earlier was picture of first device, of course, thats been recovered. Right now they are looking at reports of a second device, also we are getting as you mentioned moments ago, Prime Minister theresa may, she, of course, is tweeting out to residents, not just of london but, of course, british people in general making sure they understand that this is a fluid situation but to be safe. Again, british Prime Minister theresa my on twitter people remain calm and intelligence officials Scotland Yard is investigating this as terrorist incident we should add. Back here at home we are watching whats happening with our u. S. Military, u. S. Army special operations one soldier killed yesterday, 7 others were injured during a Training Exercise which involved demolitions at fort bragg in North Carolina, this incident at fort bragg coming a day after a vehicle in california, 15 marines injured and another soldier died wednesday in fort hood training. We have new developments in the massive Security Breach at equifax, hackers exploiting a Software Flaw that was detected back in march, equifax says it could have been fixed before the breach occurred in may. That stock has clinched 31 . The stock dropping 21 just in the last week, we should say that the ftc is looking how hackers gained access to personal information of 143 million americans. The victims of the equifax hack who freeze their credit reports may face delays, this is the iphone 10, google parent alphabet reportedly theres alphabet. One more story, alphabet, google parent about possible investment report, discussion about a billion dollar deal, not known when talks take place and which unit will make investment but soft bank is nearing a deal to take stake in uber only if they could persuade shareholders to sell stocks. A lot of breaking news to get you caught up on, maria. Maria robert wolf was talking about it. Everyone wants the money from soft bank. 10 billion would be huge. Theres rumors they want 30 discount, huge discount. If you are some original holders and you want liquidity before a year or two ipo, 0 is not too far off market. Dagen it was 15 markdown, that happened several weeks ago. Maria this is about 12 to 18 months, they are staying ahead of potential ipo. This will be a exit strategy of soft bank or others. We have breaking news this morning. The president offers hope and help to florida residents as he visits areas devastated by hurricane irma. In addition to homes and businesses being destroyed, nearly half a million cars were totaled during the storms. How to avoid getting sunk by somebody trying to sell you a damaged vehicle, they will be coming down the market soon. Back in a minute. Hey, hows it going . Um. Who are you . Im val. The orange money retirement squirrel from voya. I represent the money you save for the future. See . Were putting away acorns to show the importance of being organized. Thats smart. Whos he . Hes the green money you can spend now. Whats up . Oh you know, gonna pay some bills, maybe buy a new tennis racket. Tennis racket for a squirrel . Hes got a killer backhand. When its time to get organized for retirement, its time to get voya. So we need tablets installed. With the menu app ready to roll. In 12 weeks. Yeah. The world of fast food is being changed by faster networks. Data, applications, customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Fast connections everywhere. Thats how you outmaneuver. Maria welcome back, breaking news. Markets across the world taking north Korean Missile launch in stride. Major indices on track for third weekly gain in the last four weeks. Joining us jeff, jeff, good to see you. The market is on fire. Yeah, yeah. Maria it keeps going. Yeah, we are a little cautious in the short term but we are looking for a good big yearend rally as markets transition from Interest Rate secular market to earnest driven secular market. Maria does it surprise that we have more provocations from north korea and markets seemed unfazed by it . Yeah. You had inflation hotter than expected the other day. Maria cpi. You have the fat kid with the funny haircut shooting missiles over japan and the markets dont seem to care. Jeff, i love listening to you during the break about facts, but the question i wanted to ask you is if tax reform did not get passed at year end, would your fundamentals continued to be viewed the same way or do you think legislative mishaps would overtake it . Well, you dont know this about me i ran Capital Markets in brokerage firm, i still have contacts on capitol hill and tax reform is coming. And for every one point reduction in Corporate Taxes, hypothetically adds a dollar 1. 31 to s p earnings, theoretically if tax reform goes through, you could have 150 plus dollars in earnings. If it doesnt its going to come through. [laughter] maria youre counting on it. I love your optimism. Thats sweet that you have but whats the time frame in your mind. We had the treasury secretary say it was going to happen before august, i served in congress and im still pessimistic about it, i want to be internal optimistic about. 2018 event. Maria First Quarter . Yeah, probably. What about health care . Who knows about health care. We didnt get anything done, people are going to start to have to sign up for new plans here coming into fourth quarter, how do you view that . Put money into the exchange because new health care is not coming. I agree with that. Maria wow. Theres not a new vote thats going to pass by the expiration date, the end of the month. You have so many people that dont have exchange. Maria what about those exchange, what about the Insurance Companies that have left the exchange . How do you deal with that . New Insurance Companies are starting to come in but not an easy im over my skis on this one. I spent a week on capitol hill, four or five weeks ago before going to africa. We were in africa for weeks, its a mess. Health care is a mess. Maria you dont think any of this impacts your bullish stance on the stock market . I do not. Secular bull markets, you hear people say this is the second secular bull markets, 1949 to 1966, 1982 to 2000, 17 years and theres not many of us left around, ron barron said that to me, theres not that many of us left around that have seen a secular market. Longer than 82 to 2000,. Maria to be fair a lot of people are looking tax cuts as gravy. Thats what we are talking about every day. Dagen to your point and the headline there is congress does not get this done this year. Theres an article in the wall street journal saying that the tax Rate Committee and house and senate want to make their own mark on tax reform, tax cut bill, whatever you want to call it which basically says that theyre going to be struggling get it done. This again, if it happens in 2018 thats bad news for the markets, the only thing going to stock at this point, treasuries are so unattractive under 2. 2 on the tenyear yield. I do think the president surprised people because he put a marker and date and surprised a lot of people on capitol hill. Maria september 25th. We will see what happens on that day. Dagen you have to get everybody on the house and senate. Maria thats the thing. That was a sheet of principles. How is that going to be different that was one page. Maria exactly. Would you agree if they did Business Tax Reform first and maybe split it audiotape youll be more bullish on the timetable . I cant be much more bullish than i am. [laughter] maria all right, good. There you go. Maria jeff, thank you, jeff from Raymond James. We will have more news after explosion at train station, officials are calling this a terrorist attack. Google hit with massive lawsuit again, former employees accusing of gender bias in pay and promotion. You have to see this. Okay, find out why this price of this fashion statement might leave your pockets immaterially too. Oh, my god, b