Uranium deal the one approved by Hillary Clintons state department while her foundation wassing 100s of millions of dollars from the from the russians. Washington post says there is to grounds for a special counsel to investigate mrs. Clinton. Gregg jarrett disagrees with that he says there are plenty of implications. Outlining them all. North korea says trump President Trump deserves to die because President Trump called kim jongun short and fat. I think i did too. Didnt he call the president old first . Were bringing that to you just as soon as it happens. First go to capitol hill. Adam shapiro is looking at this big fight on tax reform that has just gotten a little uglier. Adam. Reporter the words are going back and forth. We could have a vote late thursday night in the Senate Finance committee and possibly friday. Here is what the republicans in the new form of the bill they say they want to do. These are middle class tax cuts that would expire in 10 years. For instance, this isnt so much middle class, the amt which a lot of people complain about, it would come back. Repealing amt would only go for 10 years and come back in 2025. New tax brackets republicans proposing they revert back in 10 years unless Congress Extends that. Standard deduction, that would expire and go back to the deduction development. 2000dollar Child Tax Credit and 17. 4 qualified individual business owners, all of that would revert back where we are today, in 10 years without some kind of extension. So you have democrats not only pointing out that issue, but ron wydennen, who is the Ranking Member on the Senate Finance committee, i dont want to use the word ballistic, but i will. He was charged when they started markup this morning saying what the republicans are doing is wrong. Take a listen. Early yesterday afternoon the republicans apparently couldnt get through lunch without hatching another plot to go after Americans Health care. Apparently sometime between the salad course and the entree, it was decided that permanent Corporate Tax cuts should be paid for in part by kicking 13 million americans off their health care, and raising premiums for millions more. Reporter so tax reform most likely will be voted upon by this committee by end of friday lets say. Senators using the term jet fuel fumes. That means they want to get out of here for the thanksgiving holiday. This is Going Forward. When i asked different democrats how you slow this down, how do you stop i, they dont have much of an answer but they keep a attacking it expiration of some income tax cuts which will expire. Back to you. Trish thank you very much, adam. Tell you another way they are trying to attack it. Look at this quote i found in todays New York Times, which read, quote, republicans want to cut taxes on wealthy and cut them deeply. It goes on to explain how trickle down doesnt really work. I take issue with republicans wanting to cut taxes on wealthy and cut them deeply, because if anything, taxes on high income earners are going up, clearly because theyre not going to be able to deduct state and local taxes, nor their property tax, et cetera to the same disagree they used to. Higher earners will see higher taxes. I wish democrats could get their talking points right on this one. For them to to back to the well, oh this, will only benefit the rich is just wrong. Joining me right now, president of the tax foundation, scott hodge. Hoover Institute Research fellow, lanhee chen. Lanhee, for goodness sakes, they dont bother to read this stuff clearly because they are going back to the ageold argument this is helping the rich. This isnt helping the rich unless youre a private equity investor. That is a conversation for another day, but in general it is not helping anyone that makes a lot of money. Trish, they have a playbook. Theyre going back to it. This is something we see over and over again. Anytime republicans propose tax reform that includes great benefits to grow the economy on business tax side, simplification on personal side. They will say youre helping the rich. The challenge, trish, a lot of these tax reforms are things democrats have been in favor of in past years. As recently as two years ago, Chuck Schumer was in favor of many of the same Corporate Tax reforms that are contained contn this package. They even go so far to distort what impact would be of adding individual mandate repeal. The notion that just because you dont have an individual mandate youre kicking people off health insurance, that is just nuts. Trish that is the new wrinkle that has come out today, scott, now they could save upwards of 300 million of billion dollars. Trish billion dollars, thank you. Three more zeros. Trish i know. You have to do a whole lot more than that when you have 20 trillion in debt, thank you very much. Nonetheless, this is opportunity for a little bit of savings. This is what theyre talking about doing right now. Theoretically it could pass the house, because they have done it before but isnt the senate the real Sticking Point on this . No i think what were seeing is a lot of internal woman promize in order to compromise in order to get more and more senators on board. In particular expanding the Child Tax Credit important for getting people like marco rubio and mike lee on board. Theyre doing other things with those savings from the mandate in order to expand the individual tax brackets, giving more tax relief to the middle class. All of these things are part of a compromise that has to go into putting comprehensive tax reform. Also getting it ready to send it back to the house so it is more compatible where the house is going. I want to go back to the New York Times oped, this just to me is such an example of why, why washington is so broken. When people on the left just want to go back to the same old argument, over and over and over again, regardless of whether its applicable, the idea that somehow the wealthy are only ones that benefit from this, is actually ridiculous. But i do want to point Something Else out which is important. You know that nearly 71 of all the taxes that are collected from individuals in the United States of america, 71 comes from the top 10 of earners. So if you want to actually cut taxes, you know, i have a news bulletin for you, you have got to actually cut it for people that are paying. Then the flip side of that one here, i have another good graphic for you, the bottom 50 , how do you like this . 2. 75 , they are not even paying 3 of the share. So you have got an upside down system right now where, frankly i think that this plan, while there are many food parts to it, certain on the corporate side, this does not go far enough for cutting the individual, lanhee chen. Is there a way to break it up, and just do corporate and do individual separately . That was always a thought, trish in terms of what they might do. At one point they would do corporate reform separate from the individual reform. You make a very good point. We have in the u. S. A progressive tax system. Where the more you make, the more you pay in taxes. That is the nature of our system. Perhaps democrats want a flip system. Maybe they want a flip system where people that dont do as well pay more tax, that is only way they accomplish kind of goals they want, have tax cuts on one hand but not enure to people who do better. This rationale you hear from the left is actually backwards. Trish distribution of wealth. They have been running the same playbook over and over again. Trish over and over again. I have something innovative for them to think about, not that they will, but if you really want to stick it to the wealthy, come up with a luxury tax, right . Tax the new boat. Tax a fancy foreign car. There are many ways you could figure out how to do this where youre not penalizing people going out to earn an honest living. Somehow the way the democrats think about this, frankly judging from this plan, given onerous penalties on high earners in state has tax a lot. There are a lot of people in washington somehow want to penalize success and penalize people for working. That doesnt seem very american to me, scott. We already tried some taxes you just mentioned. We had a luxury tax in the 1993 tax bill under bill clinton. It was in particular aimed at luxury boats. Guess what happened . Killed the northeast boat or yacht industry. So all the rich people went to bahamas and bermudas to buy their boats. Millions or thousand of boat workers got put out of work. Trish i dont know if you necessarily need to do the boat. I throw that out as one example. We need to think about other ways to do this. Steve forbes has it best, talks about a flat tax, flat tax, so everyone is encouraged to go out there and earn as much as they can. Then maybe think about a consumption tax. I dont care if it is boats or cars, or what it is. At some point you say okay enough is enough. Well tax something beyond a certain level. No easy answers. For the democrats to go back to the well on this, complain helping the wealthy theyre just flatout wrong. Scott, lanhee. Thank you guys. Thank you. Trish republican infighting over tax reform is getting pretty bad. New york congressman peter king, he is blasting Mick Mulvaney in a tweet saying here we go, from sandy aid, to tax reform, Mick Mulvaney tries to screw new york, excuse my french. Probably feels interior because new york subsidizes his state of south carolina. Wow. So with all this infighting, what does it mean . Are republicans getting anything done here . Joining me House Republican conference vicechair, congressman doug collins. Good to see you here. Good to see you, trish as well. Trish what is the prognosis . Will this happen here . Well get it done tomorrow. Well start debates tonight. Go to the floor tomorrow. Well pass it out of the house. Senate finishes up their work by next week. Then well be able to put it to the floor to begin the Conference Committee and it will come to an end. That is the good things. Stories are going on everywhere but we can get something accomplished. Trish youre optimistic. I like hearing your optimism. The market could use a little optimism. I hear you, trish. Trish the dow off 136 points. The one of the problems repeal of this individual mandate, do you think this goes through in the senate when theyre talking about repealing that individual mandate . I hope so. We talk about it for many years. The senate couldnt get it done during health care reform. We did it in house. This is an owner us tax, firsting people to do something, when you look at obamacare system, look at the insurance system, the people are willing to pay a tax not to have to go into this awful insurance that is not helping, health care. It is health insurance. For us saying lets continue to do this. It frees up room to do more in tax reform. The biggest thing here the senators can do that were all supportive of that. They need to pass their bill. They will pass our bill. Conference. Then well work it out. Trish seems like you guys have more after consensus on all this, because when it comes to the senator collins in maine and or senator murkowski, senator paul, you will have Sticking Points along the way. It is not necessarily fait accompli but im not ruling it out either. Let me ask you this. Salt, state and local tax deductions, that is something clearly is on peter kings mind right now, the congressman from new york. He knows how much his people pay, up to 9 in state taxes. Up to 4 in new york city. Not being able to deduct 13 , congressman, that is going to hurt new yorkers. And i think if you look at the two bills, the house built into that. There is some consideration for the folks in new york and for the folks in illinois and california. My question is this, especially for the folks in these highertaxed states, why dont you elect people on the state level that understand you cant tax your way it freedom. You cant tax your way to better jobs. You cant tax your way to people having a better opportunity to climb the ladder of success . I think when you look across the country, states that are growing, the states building jobs and Building Wealth creation, those understood you cant tax your people to death. If this is a highlight or this is magnifying glass needs to be shown on hightaxed states, so be it. Let them begin to go out to their state and local legislators. Say quit taxing us to death. The federal is cutting my taxes. We have it in the house plan, they can deduct part of their state and property on the salt. Trish you know what . I agree with you, in my heart completely. I do not like the idea that new york and bill de blasio can spend money the way they want. It is really coming off the heels of other federal taxpayers. I dont like it one bit, congressman. I also dont like the idea of the economy in new york or in new jersey, or in california, or many other states, i dont like the idea, these economies suffering. Take a look here. Nice little graphic. New york, california, combined, make up almost a quarter of this countrys gdp. If they start to drop off, we will have bigger ramifications for that nationally. I dont think you will see that i think you will see, again, listen, easy to take a tax plan. This is the part of like. This is the part i dont like. I dont want to do this. I dont want to do that. We look into totality, you look inside illinois and new yorks and californias, look at median taxpayers, look at average families that benefit from this, were talking about individuals. Go back to the real job creation point. For many who are on the upper end, pass through corporations, Small Business generators. Trish you guys are doing good work there. Final question, have you thought saying, save individual stuff for later, just dot corporate piece of this . You have been talking about tired old points of democrats. If we do corporate and Small Business, they would go crazy talking how this is benefiting the wealthy. They wouldnt get off the talking points. They believe government fundamentally spends your money better than you can. This is not a matter of tax policy were better at it than you are. We are better in d. C. We dont like tax reform because it loses our power. Be honest about it. Trish that is exactly what it is. Congressman, you and i agree on one thing. Each one of us in this country does a better job than the government allocating our own funds, the individual. Because at end of the day it is about dreams. About families sitting around the table, lets make something money cant buy. Lets have time together. Take a vacation. Buy stuff we need. Have the stuff we choose in our families that make memories that last forever. When you ending peoples homes and dreams and ambitions for their kids and futures that is where we win tax reform. That is the message we have to continue on. Jo congressman collins. Thank you very much. Take care. Trish markets are down about 130 here. 23,279. Off the lows of the session. We are off more earlier in the day. It is all about tax reform there. Is concern, if this thing doesnt get done, can you justify valuations in the market . Well address exactly that. Growing number of republicans demand Senate Candidate roy moore step aside, more allegations of inappropriate behavior with teenagers. Our own sean hannity is giving him 24 hours to explain himself or else. Well explain. Back in two. [lance] monica, it is absolute chaos out here gale force winds, accumulations up to 8 inches. Dont know if you can hear me, but [monica] whats he doing . [lance] can we get a shot of this cold front, right here. Winter has arrived. Whooo hahaha [vo] progress is an unstoppable force. Brace yourself for the season of audi sales event. Audi will cover your first months lease payment on select models during the season of audi sales event. Trish stocks are falling for the second straight day amid concerns about this republican tax plan. We have robert luna. Robert, good to see you. What should investors be thinking about all this right now . Well i think it is pretty simple, trish. Theyre trying to figure out right now what is the multiple to put on stocks and that is going to be dependent on the Corporate Tax cut. Are we paying 22 times earnings or are we paying 18 times ins. If were paying 22 times earnings and growth is not stellar that may be too expensive. Trish on this weekend, that is what im doing on my sundays, were trading 26 times earnings on the s p right now. If this tax cut goes through, we would be trading 21 times earnings, robert, it is still kind of high, historically speaking. Usually at pe multiple of about 17. Is this market due for crossexamination correction. That is trailing earnings. Forward earnings look a little better. Forward earnings are always a biggest out there. What is the riskfree rate, 10year bond, which is 2. 3 . Historically that is really low also. I think this market can justify a little bit of a higher multiple, especially if you consider tax issues, especially if you look at regulatory environment, which is a lot more businessfriendly right now, i think we can justify a higher multiple. Trish that is encouraging. This is friendlier environment. Weve seen repeal of many regulations. That is contributing to the up side. Assume tax reform happens, robert. As a Christmas Present to the American People what does that do to earnings in your view if were looking at market 22,300 right now. Can we hit 24 . Can we hit 25 . I think so. If we get tax reform, i think projections normal type return from the s p 500, probably eight to 10 . Idea continuing at 15 or 16 , if we dont get it, i think we have tread water, you drift down five or 10 . Trish very important to get it. Robert, thank you very much. Good to see you, robert luna. Thanks, trish. Trish growing number of republicans are demanding Senate Candidate roy moore step aside as more allegations of inappropriate behavior with teena