This hour a day after digesting that tax plan. T all are up higher. In asia, a bit of a mixed picture. In europe, a look at european equities, still open in many parts of the world. A bit of a red picture. Finally a quick take on crude prices. Wti trading at 49. 19. I dont know. I did see 49. 20 or 30, i did see some stuff yesterday that if they dont if opec does not go along with the cuts, you could see it back to levels of around 40 if they dont continue with the cuts. Both of these guys getting nervous. Dont try that at home. The white house says President Trump its when johnny deposition is moving like this in alice in wonderland. Its a weird dance he does, but it means things are out of whack. As far as nafta, President Trump has agreed not to terminate the nafta agreement and will try renegotiating it. The white house said they agreed to proceed with negotiations swiftly. There had been reports earlier that the Trump Administration intended to begin the process of withdrawing from the trade agreement. It was a weird story. Like there was supposedly an executive order drawn up, one source said that. I dont even know if it was two sources. Multiple sources say that steve bannon and Peter Navarro they may have gotten it ready but it may never be enacted. We shall see. And pushback from the capitol. The Canadian Dollar rising now after falling, as you can see there. Commerce secretary wilbur ross announcing that the Trump Administration is launching a new investigation, this time into aluminum imported. The probe is similar inersr initiated by ross last wk into steel. This could result on tariffs and other taxes on aluminum imports. The white house rolling out details of President Trumps tax plan. Treasury secretary Steven Mnuchin calling the proposal the biggest tax cut in u. S. History. The plan seeks to cut the Corporate Tax rate to 15 and reduce the repatriation tax on offshore earnings. It will double the standard deduction on individuals and reduce the plans to 3 from 7. We have had very productive meetings with the house and Senate Working weekly to get this done. We will continue to do that. Were determined to move this as fast as we can and get this done this year. Well have much more on trumps tax plan throughout the morning. Congress is looking for a deal to fund the government through september and avoid a government shutdown, but theyre preparing for a oneweek extension. Two sticking points have already been cleared. The Trump Administration dropping demands that the spending bill include money to begin construction of a border wall a wall. United airlines overhauling passenger policies after that incident earlier this month in which a passenger was violently dragged from a plane. Phil lebeau has details on that. Reporter these are the change, is that united has been forecasting over the past couple of weeks since that incident where a passenger was dragged off of a plane. Let me give you the highlights. The one that will get a fair amount of attention is that united is off authorizing 10,0 for people to voluntarily give up their seats on overbooked flights. If a person is seated on the flight, united said they cannot be bumped unless theres a security or safety issue. And a question on whether or not united says they will stop overbooking, no, they will still do it but will reduce the amounts of overbooking. United admit theres were mistakes in bumping david dao. They said the crew lacked authority to offer more compensation at that time. Crews have had had insufficient training when it comes to bumping passengers. United also announced its review of whats happened on the flight from chicago to louisville. Most of the facts that were released were its perspective. The company is creating a customer Solution Team or teams that will be at gates so in the future if theres an overbooked flight, in theory those teams can work with passengers. But these are policy changes. Some have already been implemented. Others will be implemented over the next couple of days or weeks. Then well see training for united teams, gate agents, flight attendants over the next couple of months. Back to you. Phil, some of those solutions that were rolled out, like offering more money which is the market system at work, allowing people to say, sure, ill get off voluntarily for more money. Things like that make sense but its something that delta rolled out over a week ago. Exactly. Why did it take this long . They say theyve been doing a review of the entire process. Lets be honest, theyre in a bit of crisis mode right now in terms of controlling what information they can release, how theyll handle this. They said when this first happened, well have it in our final policies by april 30th. Were a couple days ahead of that. This is what delta announced a week and a half ago. We have not heard anything from american yet. I would not be surprised if we dont see american match them as well. What stands out is that even though its up to 10,000 being offered that doesnt mean theyll offer it on flight. Thats a free market system. Somebody will get the money. We were talking about if you if groups people are grouped together. Ive been on People United flies sometimes with only 25 people on the plane. There was 25 people on a plane, we were all talking to each other the whole time when they were trying to offer people money to get off the plane the first time around. Those are few and far between. I can think of a land. Of flights almost daily. You were talking to strangers on a plane . Guys, remember this you saw other people talking. You heard them talking. Guys, not just with united but with other airlines, there are typically certain flights that are well known for being overbooked and they have to offer people incentives to give up seats. And thats the other thing, i think united had a higher percentage of overbooks than some other carriers, am i correct in that . Yes. A higher percentage of people who were overbooked and then voluntarily gave up their seats. Its going to be tough. If youre going to try to game it. There will always be someone ready. Somebody cheaper than you are. Exactly. Its a free market. And someone not as cheep. Ill take it for 2,000. Thank you, phil. We want to talk politics. We are here in washington, d. C. , theres a lot on the agenda. Healthcare reform, tax reform, negotiations to prevent a government shutdown. Thats just to name a few things that everybody is talking about. Lets bring in congressman david schweikert, republican from arizona and a member of the weighs and Means Committee and the Freedom Caucus who has a seat on the joint economic committee, and congressman joe crowley who also sits on the weighs and means group. Congressmen, thank you for joining us. Let me start with you on the tax plan. Okay. You heard the tax plan yesterday. The proposal, the guidelines. I dont know what we want to call it. Would back it . Look, in many ways its very helpful, in many ways its partially aspirational. For most of us on the republican side we want a tax plan that will be permanent. For it to be permanent t has to hit certain scorie ing numbers. Look, we only really receive top lines. But just on the back of an envelope, it wont hit the scoring numbers that we need to make it permanent. The powerful thing is that it starts to drive the conversation. All of a sudden yesterday every member im running into, all they want to talk about is tax reform. Its begun. Youre thinking more of an anchoring technique, in terms of the beginning of a negotiation than actual numbers. That seems to be something this white house does. Heres our aspirational goals, heres our opening bid. Heres why were doing this. Start the conversation. Let it begin. We needed to get republicans needed to get it back down. You had it even in your column at 28, no better than 28. 28. We started now were back, people are talk 15 at least. Now maybe theyll talk 22. With you, we would have been at 32, down 3 points max. Congressman, does this have any chance of happening . Im glad the president showed the courage to release his tax proposal. But not his taxes. Unfortunately. Because i think we need to know exactly how he will benefit from his proposal. Thats one of the reasons were asking for those to be released. I notice the hesitation on daves part in terms of whether he would support it or not. It undermines the chair of the committee who came to see democrats two weeks ago to offer his proposal, the House Republican proposal which was 20 which is a reach. Kevin brady . Kevin brady, good friend, good guy. But under duress these days. Now the president undermined him. Either undermined him or made him look reasonable to you. We always felt 20 was not reasonable because of how do you how do you pay for it . You cant pay for a 4 trillion hit. We dont know yet, hasnt been scored whatsoever. We dont know what impact will be. The difficulty youll see this between our right and our left, is this dance of legislation, is it political absolutism . This is the dance of legislation, but also the battle of math. We have access to dynamic scoring. What will that dynamic scoring look like . Whats the multipliers that well agree to . Once again, under the set of rules f it hits certain windows, its permanent. If it falls short, its not permanent. That has different effects in the economy. Can we talk about the math and your view about increasing the deficits in this country or not . Even with dynamic scoring, you threw out a number of 4 trillion. Theres some scores that will put you at 7 trillion with dynamic scoring. One last night saying the president was 1 trillion short. So you see the differences in the scores out there now on the numbers. But youre making certain assumptions of whats the multiplier, what does it do to gdp and what does it do to Economic Growth and u. S. Production . But thats our job. Thats why you get a seat on the weighs and Means Committee is to try to do hard math. I think he plopped it out there also and said you guys figure out how to pay for it. What happened to healthcare yesterday . Did you agree . Is the free caucus together now . I was already an outlyer. I was already supporting the bill. But is everybody supporting it now . Not everyone. But at least enough on the more conservative libertarian side. What does it do to ive not done a whip count of more moderate members, but everyone is working through what do the mechanics mean. This still has to get to the senate and go through the mm. This sounds like it will make people with preexisting conditions have to pay potentially more for their healthcare. Yeah. I dont see where you can find that in the language. Because the mechanisms basically say if you if a state lets say my state decides to do a statewide prenatal program. In that case that coverage does not have to be part of a set of benefits because its now being done statewide. Weve had waivers in our medicaid systems for years. If you read it, in many ways it reads similar to a request for a waiver. Can we go back to taxes for a second. Theres so many pieces of the tax proposal im trying to understand. I want to understand whether you think there will be support for it one issue is the passthrough. You will have the highest income tax rate would be at 35 . However donald trump including donald trump, anyone who has an llc would be at 15 . Does that make sense to you . The whole world, professional liability corporations, llcs, how do you make those work in a world where heres our new ccorporation, tax, passthrough and individuals. I knows there ways to draft it. But now were coming back and adding complexity when one of the great goals was trying to find a more simple path to understand taxes. So you could cordon off some of those so they would get to 15 . Yeah. You dont want to create a big gaping loophole where i decide im no longer taking my income as an individual, im taking it as a personal corporation. Some encourage the movement from passthrough to a corporate rate. And kind of incentivizing that. Having said that, this is a gaping loophole for the wealthy. As you mentioned, donald trump has used the partnerships, the passthroughs as a means of personal income. Were not sure to what extent he does. It just means the wealthiest people in america all are running their lives through an llc already. Before you even start the game. But so is almost every plumber, every drywall hanger, every other Small Business. Donald trump paid 31 million back then, he didnt like that tax, i think he makes adjustments so it doesnt hurt the burgeoning individual but the person as well. This is a giveaway to people. This is a wonderful example of the conversation we have to go through in the weighs and Means Committee. I appreciate the fixation on the president s taxes, but we would also love to have a conversation about the polliicy for the country. It sounds like you would be in favor of more complexity if it closes that loophole. This is that artistry of drafting and how do you make sure its not a gaping hole. And border adjustment will still be in bradys plan, nowhere to be seen here. Look, we have to find a way to deal with sort of the rest of the worlds tax arbitrage they have on american products. Estate taxes, get rid of them does that help create jobs . Growth in america . I believe it does, but you have to work through the breadth, the cost and the categories. Its an entire giveaway to the healthiest people of the country. This is a nonstarter. The left always wants fairness. I dont know how you can be taxed your entire life, finally a certain crew and then taxed again when you die. How do you pay for it. Youre always talking about fairness, how you can be taxed twice on the same money . It seems inherently were not great britain. I dont i think we dont have a futile system either. It doesnt get thrown back into the pot the minute you die and you sell your farm, you cant keep your business. Its not about farmers and ranchers. Rich people dont pay estate taxes any way. A lot of buffetts businesses are based on avoiding state taxes. At the moment, 11 million is the limit. Quite enough. Thats a lot. It just your entire life youre paying 50 prgs to accr 11 million. We have to go to commercial. Fairness. Thank you for coming in. We appreciate it. Double taxation. Coming up, a closer look at infrastructure and President Trumps first 100 days in office. We will talk about rebuilding america after the break. And then at 7 30, we will speak to Brian Roberts. The power of a low volatility investing approach. The power of smart beta. Power your clients portfolio with powershares. Before investing, consider the Funds Investment objectives, risks, charges and expenses. Call 8009830903 for the prospectus containing this information. Read it carefully. Distributed by invesco distributors inc. President trump promised a 1 1 billion infrastructure package. Some projects have taken a back seat to issues like healthcare and taxes. Joining us for a look at infrastructure in terms of the first 100 days is Michael Sculley and Sean Mcgarvey who met with the president days after his inauguration. I guess, michael, at this point, you would like a lot more money you already need money with your business to get it off the ground in the first place. Oil prices didnt help, right . We actually dont need money. What we need is project approvals. We are building Long Distance transmission lines to move around the country. For wind, though, right . For wind. And also when you build projects for wind, and with infrastructure in general, you start for one thing, build for one thing and it does other things. Could you exist purely without subsidies . We dont get subsidies for transmission lines. The wind industry itself. The wind industry does get something called the production tax credit. We sort of tax reformed ourselves in the wind industry. Those incentives fade out beginning in 2020. So the main thing is you need to move the move it to a grid somewhere. Our job at clean line is to put together projects to move the Energy Around the country. Is there a bigger infrastructure need for moving all kinds of power around the country . There is. Were heartened by President Trumps choice of secretary perry to run the department of energy. What he did in texas was he oversaw a dramatic expansion of the grid. Thats enabled a lot more renewables, more oil and gas production, and its been a 7 billing onshot in the arm to the economy of texas. So infrastructure means a lot of things to a lot of people. Is that part of it . Certainly part of it. Theres private sector infrastructure, and theres public sector. And we like building them both. And we had a guy on the other day, a consultant who said 50 of the most important projects are ready to go, and a lot of those are funded and cant get through regulatory. We have a good list of a couple hundred billion of projects that are public and private and almost completely theres three phases. The finance phase, a permitting phase and engineering phase. So there are two out of three complete and substantially complete in one of the other phases. So there are the shovelready projects that with some more push on permitting or finishing up the financing or other getting the engineering done, theyre ready to go theyre big, major projects. Some of those shovelready projects were shovelready the first time we tried to have shovelready projects. The shovel just hasnt been on the transmission side of the equation, there are about a dozen projects that began the development about ten years ago. It takes that long to get through the regulatory and permitting projects, and those projects are ready to go. If we want to, we can push go on a fairly significant expansion of the grid. Were talking around this. This wla what is the problem . Is an approval process that is completely unworkable in the United States today, whether at the state and federal level. So many agencies have oversight. They dont do the work concurrent. If we could skinny down the approval process to 24, 36 months, we could move so much more you can trim it down to three years . Yeah. Right now it