Outright elimination of the state tax plus, adding a long time in the seat tax for big American American companies. At the exact same time senators from both sides of the aisle arrived at the white house filed inside for a special security briefing by Intelligence Officers on the north Korean Nuclear threat. It is happening right now. With the commander in chief with a b ready to end the threat. As the mother of all bombs going for a new target. They aim at new record poses. The facts Business Reporters have some breaking details on all the stories. Rising star of the Republican Party covers woman Jackie Gorski whether any of this will pass. She will reveal where we stand right now. A possible Government Shutdown is just dirty three hours away. On the threat analysis. In the nuclear ambition. Less than an hour to the closing bell. Lets join in the countdown. Liz breaking news we have a record setting week for stocks and it is powering on right now why the gains are not huge today you can call it a tax reform rally. They are only adding icing onto the cake from the last two sessions. 216 points on monday. As we head into the final hour we are once again hovering above 21,000. This is a oneweek picture. Now we see a move of 33 points to the upside. Were it not for a few blemishes today on what has been a big week for earnings. They are actually beat nearly the expectations but the devil was in the details. On the soft numbers out of the aerospace. And then for Procter Gamble which is now down to the Consumer Products company and sales could slide in the coming year. Up 6,035. Its got to end above 23. 96. To log a new alltime high. Team foxbusiness and place it to cover all the latest developments. Connell mcshane watching the Senate Briefing on the north Korea Nuclear threat and lori life from the floor of the new whitetock exchange. House. President trumps top economic advisor. They just unveiled what weve been waiting for and we know you had two. The highly anticipated tax plan. The reveal includes three tax brackets instead of seven. And they are as follows. 10 , top individual rates would be 25 percent. The president also proposing to Corporate Taxes from 35 to 15 and in addition to that it would be a onetime tax and trillions of dollars held overseas by the americans americans biggest corporations like these companies. The Biggest Tech Companies with cash on hand but we are looking at what we have overseas. Twitter 46 billion in cash. Its not the value of their factories or real estate. That is cash that they dont want to bring back. It would help stimulate growth re in the s. And they put it to work. Some disagree with that assessment but let me get to adam shapiro you got the first question in when the plan was unveiled but it was really interesting to see gary was trying not to smile but americans are smiling but should they be and we know not all of this can get through congress. And you even heard mister cohen as well as a secretary of the treasury say that they are involved in intense negotiations we will get to all that. But what was not said and what they laid out today. These are not the details. We will have three perhaps tax brackets but at what income level do you pay 10 or 20 . Were 35 percent. They also didnt specify when they said in this outline that they would eliminate targeted tax breaks which tax breaks. They also for local and state taxes. In real estate taxes. So all of that is still unknown and in the mix. But what is clear is what treatment you should set about protecting the middleclass and growing this economy and is one of the things that he talked about when he said that its important to also let Small Business owners had that 15 tax rate that they are trying to get to corporate businesses. Listen to what he said. For small and mediumsize businesses. We will make sure that there are rules in place so that wealthy people cant create passthroughs and use that as a mechanism to avoid paying the tax rate that they should be on the personal side. I would just say on the 20 tax rate. Its critical to investment in this country. There was also a statement that came out right after the administration outlined its plan and it comes from House Speaker paul ryan. But also the Senate Finance committee. A key in all of this as well. This is what they said. An inviting place to do business. Nothing details that they even ask of the question this morning in regards to that 15 tax rate for businesses and Small Business owners he actually said is that a good idea. I did not hear anything about it. It is a loophole for hedgehog fund. U do hear the cretary of the treasury talk abou not only the loopholes but the ability for its hedge fund owners. One would assume the negotiating those things. You dont get the details on it not yet. We did get some. We do have a member of congress who is going to be joining us. They send signed an executive order regarding education. He was asked about his tax reform. Headed straight to the intelligence briefing to participate. They are building up the presents. One hundred of them to talk about it here about the intense situation that is going on there. Its interesting to have all of those senators involved. Building where the auditorium there. Its just so that it can be shared. In addition to all of the senators with members of the cabinet running the meeting. The secretary of Defense James Mattis on hand as well. Before all this. This meeting was his topic. The president has made clear in north korea that is armed with the nuclear arms missile and the capability they have yet to test is unacceptable to us. In order to allow the senate to better understand this i ask that ministration to brief all senators on the issue. You have to keep in mind for context we dont know. Its classified as a protest. With the United States moving parts. To a site today in south korea. That kind of raises tensions. With so much going on. All 100 senators heading over to the white house. And when they do it apart from that meeting. I did want to stress to our viewers. We will take their comments. This is a serious situation. So guess who likes todays big tax announcement. The little guys. The small and midcap russell 2000 has hit intraday record highs two days in a row. Lori rothman is down on the floor talking to traders about the impact of the really big announcement and what its doing for the stocks. It is so important that you mentioned the russell. The one aspect of the tax plan is that repatriation tax plan. Over 3 trillion of profits. With u. S. Companies based again here in our country this is a true incentive to get those companies to bring those profits back to the u. S. And reinvested. As the direct tiein. With a small index. Hitting the record levels for the last couple of days. Some traders here are also very optimistic and the lack of it will also help things. About 20 . Thats also getting some here. The tax plan is towards the middle class in democrats. That is light we are seeing a tempered but not a negative response to these unveiling. It is now 21,041. The s p is just straddling the tiny points below that alltime high. Looking at 2395. And needs to be. 96 if are going to see another record. You may love the new tax bracket. 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Lease the c300 sedan for 389 a month at your local mercedesbenz dealer. Mercedesbenz. The best or nothing. Liz it has been a White Knuckle roller coaster journey. More thrills are in store for americans. The market seems to. Joining us now is the ceo of six flags. It has to be great for you guys. It is great to be here. It really is great for us. 2016 was a great year for us. It was a seventh consecutive year. The record revenue. As we come at it 2017. It Just Announced our First Quarter earnings. And they were fantastic. Lets just say this. We are looking at a loss. The restructuring its been in place for a couple of years now. How do you perceive really benefiting if not to do the the Corporate Tax rate cut right now. They are able to maintain. Several years ago. We had been generating a lot of income since then. Utilizing those lost carryforwards. Seventeen is turn out to be fantastic. The potential gas guest visitor. Would have more money in their pocket. Now, with the lower tax rates we have more disposable income. What guarantee do you have that they will do that. When george w. Bush cut taxes they head over ten years. They did not spend it. Instead of spending money on goods. They want to spend money on spewed food. And its having a is having a great time with friends and family. If so, because again it is sort of like asking that. I think it is a little too early to tell but everything is shaping up great. With spending in the park. And we have other opportunities on our International Growth strategies you have parks in both mexico and canada if the president were to really do something about nafta without hurt you in some shape or form. We love our two parks. Ballparks are doing extremely well. We really dont see any of that. Does that not apply to you guys. We are just starting this new strategy. We bring all of that cash back to the u. S. Today. And we will do that in the future. The most popular roller coaster. Which one is it and where. I love every single one of those. Im asking you to pick one. Right in our own backyard. Great adventures. I have to go. Does it ve a lipsis what does a. You talked about our stock been at a record high today. We are the ultimate growth and yield stock. Its more than twice that of a fnp s p. Our stock continues to grow. The stock is hitting an alltime high. Thank you very much. United technologies is a lead on the dow 30 heat map here. And by the way if you been watching this man right here then you are days ahead on not one but two headline stories. Leaving office. Teaming up and swinging for the fences. He has him first. Hes coming up with the inside info. Right now. Look closely. Hidden in every swing, every chip, and every putt, is data that can make the difference between winning and losing. The microsoft cloud helps the pga tour turn countless points of data into insights that transform their business and will enhance the game for players and fans. The microsoft cloud turns information into insight. Liz National Economic Council Director gary cohn, yes, he was the guy who got up started speaking first about tax plans and tax reform. He has been leading the way for the white house on that tax plan but there is a chance he could be making his way over to the Federal Reserve for a already . He got into this one, charlie. Lets be real clear here, there is certain Business Network in new jersey that regularly gets stuff wrong been touting this idea that gary cohn is almost regurgitating speaking about gary cohn, that gary cohn will be fed chair replacing yellen. I want to explain a couple things about cnbc. They are very closely tied to Goldman Sachs where gary cohn used to work. Goldman sachs, ceo of Goldman Sachs, lloyd blankfein, regularly dines with mark hoffman the head of cnbc. So theyre attached at hip. They would like nothing more than blankfeins former number two as fed chair for sourcing. This is what they do. You but lets be real clear here. The speculation is not coming from any source that told cnbc. There is people own trading desks and there was a note put out by a research firm, Small Research firmed that raised this. Raised that Reince Priebus will be out. Lets be real clear, trump holds cohn in high regard. Trump refers to him as genius, my genius. Cohn was known as the al haig of the transition team. Liz that is not a compliment. Take charge. Im in charge. Then he got fired. Liz no doubt, gary cohn did take the bull by the horns and inspear as lot of confidence. Janet yellen i believe went to brown university. Got a phd in economics from yale. You know,. Liz the skillset. Gary cohn was a commodities trader who got his bachelors degree from American University school of business. Listen, i went to harvard of westchester county, pace university. Im not, im not saying anything wrong with going to American University. Im just telling you the skillset you know what . Listen, i think if trump really wants to go for commodities trader as his fed chair, should appoint eric bolling. Liz eric bolling for fed chair. Eric, i dont know where he went to school obviously for trump. Eric and gary cohn, they were both commodities traders. Liz i think gary is enjoying this moment and this job. He has, he seized it. You saw today as he walked up to the podium, before he walked up to the podium, i dont know if we he video, he was suppressing a smile. He knows what he has done. He just ate two pounds of raw meat before he went out there. Gary cohn is vicious inside fighter. What do the hedge funds think about the plan . The tax cut . Yeah. Carried interest was not mentioned, elimination of carried interest. It wasnt specifically mentioned but if you listen to what cohn and mnuchin said today, they said every deduction will be, is not going to be agreed to. Every deduction is out except two. Mortgage and charitable. So that, im assuming is out. So gary cohn, by the way, a lot of liz then they get to participate, maybe, in a lower Capital Gains rate which they wanted to bring back down to 20 . Yes, that is what theyre going to do. Listen, this is a great tax plan. It is odd that, that Steve Mnuchin and gary cohn, who is liberal democrat, trying to sell a supply something that was written by larry kudlow and art laffer. Liz pure supply side. Gary cohn is a big keynesian dude, big dude period, but keynesian as well. You know what he looks like . Cavuto keeps saying this. Let him get the credit. Who is guy from an any. Daddy warbucks. That is not a negative, right . Liz daddy warbucks is 40 years older. Maybe younger daddy warbucks. Gary cohn wants to kill me. Liz i understand his motion about that. I know. You have threatened me many times. Liz yeah, me. Closing bell ringing in 28 minutes, a rising star in the Republican Party gives her take whether the president s tax plan will receive a warm welcome in congress. You have to hear what she is saying. Oh, yeah, Government Shutdown, friday night . Liz got breaking news regarding the looming budget deadline this is just moving on reuters. Sources telling reuters that the white house has assured democrats in talks over government funding, it will continue to pay obamacare subsidies for low income americans. We just happened to have, to give us her take on that, but actually on the tax reform flap too, republican representative Jackie Walorski of indiana. Sits on house ways and Means Committee. We had other things to talk about but let me get your response on that. You have to tell me what you think about that . I think as many things happening today, as you know, i think these these negotiations keeping government open, negotiations on health care, negotiations on all talk about tax reform, all this stuff is fluid. You know what . The president is out there as well as our leadership making sure we have a deal. We can vote the deal and keep the government open, keep it moving. Continue to do what the American People sent us here to do which is our job. Liz were 32 hours and about 22 minutes away from midnight friday. So is the government going to stay open . You know, i absolutely believe it will. I think the negotiations youre hearing right now are part of that reason. There is a lot of work going on behind the scenes. Im optimistic. I believe we absolutely get through this in bipartisan way. I think American People will be pleased when they see bipartisan movement in this house. They deserve to see that. Liz will we see bipartisan movement and agreement on the tax reform plan . I ask because we have breaking news in, senator Chuck Schumer in new york, democrat is responding to the tax reform plan. Here is what he says, quote, at a time when Income Distribution is getting even worse in america, the president s outline clearly makes life easier for the wealthy, and special interests and makes life harder for middle class and lowerincome americans. It couldnt come at a worse time. I believe what he sees the top individual rate is going to come down. There will be repeal of estate tax. What is your response to that . I couldnt disagree with mr. Schumer more. He will tell you why. We promised the American People in the blueprint that laid out on year ago house side, im on ways and Means Committee like you said. Weve been working this 24 7. We promised the American People for years, for decadeslong before i ever came here, progrowth, projobs tax reform. This is exactly what this is. This isnt just cutting here and cutting there. The house blueprint plan, which lines up so well with what the president said today, is good news for our fellow americans. This is great news for the American People. We have a house and a senate and a president that are trying to get in zing right now. In sync. Were 75 with the blueprint. This is how you create jobs and lift all ships. That is the commitment. I completely disagree with mr. Schumers account. Liz except maybe the accountants. I dont think the accountants love this. If it is simplified, people wont need accountants as often as we do to pull through the weeds here, right. Right. Liz the question though, put democrats aside for a moment. There arerepublicans who are deficit hawks and they are concerned that this does not have sort of a paygo where it would be deficit neutral. Steven mnuchin was very clear,f. That is dynamic scoring with the belief behavior will change. People take the newfound money and spend it, hence well see 3 growth. I wonder where you stand on that . We were looking at your bio, you very clearly you were quite clear you care a lot about deficit spending and youve, i think we even have it there, you say on, that the, we have, 19 trilliondollars debt. Gone higher since you put that on. Congress has to become more reasonable on that. Well, heres the good news about this the reason this is good news to the American People, and im optimistic about it, with the president s announcement today, this is just a starting point. It is a starting point that the American People know all three entities are engaged in a progrowth, projobs tax reform where all ships rise. Individuals have a tax cut as well. Where we finally level the Playing Field for our american companies, Small Businesses, which make up so much of the backbone of this country. One of my concerns, you know im going to be here, making sure we get permanence in this. The only way we give certainty to job creators and innovators and foals actually do hiring make a permanent tax reform that works for and toward america, leveraging american companies, putting our people back to work. When we look at long term, were absolutely going to get in sync here together this is starting point. Not an ending point. I will tell you this, those regulations were repealing as fast as we can are doing their part in the short term to spark job growth. This is short term and a longterm plan. Im very optimistic to stand here today well deliver to the American People as we said we would. This is a process. Well go through hearings. Well look at this piece by piece, step by step a and transparent for American People to get on board. I this is good news today. I think this is the what the American People wanted to see, were keeping our promises, moving forward, progrowth, more jobs. Liz congresswoman Jackie Walorski of indiana, thank you very much. Thank you so much. Liz we may be bothering you at midnight on friday night, representative, were waiting on that news that we will not have a Government Shutdown. What happened to the Dow Jones Industrials gains here . We were up 40 point. Now were up only five. It briefly turned negative. Lori were at 21,000 one point. What can you tell us is erasing these gains. Reporter first thing someone said, dont forget the last two trading sessions 1 gain, the fact we havent lost that, now that people are reading fine print or lack thereof, the lack of concrete detail with the tax plan, we got as you put it, Broad Strokes of trumps plan, theyre coming in a little bit, theyre doing a little bit of selling. Reality is, wall street, folks down here, liz, they are know better than me, theyre no dummies, the plan is geared to help the middle class, appease democrats to make trumps sweeping tax overhaul reality. Liz well, i dont know. Were watching and you just heard the congresswoman from indiana say it is absolutely terrific, it is a starting point, not ending point t will look different. Lori, thank you, interrupt us if we see more losses. Were up aboutpoints for the dow. The 7 points. S p is near alltime record close. Tension with the hermit kingdom may be putting cap on gains. Kim jongun and north korea remain defiant on their nuclear program. Past secretary of defense, larry korb, if were on the verge not of war but military engagement that could spark a war, nuclear war. Countdown coming right back. Liz senior white house official look at north korea a at statesponsored of terrorism. Both sides of the aisle are meeting with a briefing on north korea that should be breaking up momentarily. Are we on the engagement with north korea and could it lead to all out nuclear war . Former undersecretary of defense under Ronald Reagan and retired u. S. Naval captain larry korb. Larry, all it takes to spark a wildfire, is one tiny thin match in military terms that could be errant sound, who knows what. Are you looking at Something Like that, sparking allout war with a capital w . I think we have to be careful of the rhetoric. I think the Trump Administration finally getting its act together. You remember the fiasco with the Aircraft Carrier and armada and president talking about you know, Nuclear Submarines off the coast. Admiral are harris testified before congress this morning and sanctions china is putting on them are beginning to have an effect. The president is willing to negotiate and at some point if you freeze your nuclear development, not getting rid of it, basically what we will do, we will talk about an armistice to end the korean war. We still havent ended the korean war. The North Koreans believe we want to control, you know, control the whole peninsula. We need to do that. And we need to talk about at least temporarily suspending some of the exercises we do with the south koreans, because again that feeds into their narrative. Liz larry, i also have this moving on the tape. Senior white house officials are saying china now sees north korea as a threat to chinese interests and security. Maybe those sanctions arent working well enough . You now it become as real threat from a military standpoint and a global standpoint . That is why the sanctions are working because the chinese will always do it in a halfhearted way. When they say they will get much tougher on them. The chinese are concerned, they dont want american presence on their border, nor would they want to see a nuclear war there. One of the things were doing, which is making sense, started under bam, were putting in an air, what we call a Missile Defense system, the thad system in south korea. Liz antiMissile Defense system. Right. Liz by the way not operational yet but will be in couple days. Thats right. The fact of the matter the chinese dont like that either. They say we could use it against their nuclear deterrent. So i think, were getting the things together. As i say, it took a while with some of these contradictory statements. But i think were finally sending the message that we need to. This thing about putting them on sponsor of terrorism that is not good. That will feed again into their narrative that were out to get them. Liz but this china headline, makes me wonder, people, that will say youre such a war hawk. No, im not. Is china giving verbal green light to the United States to start using some of that heavy artillery they moved over to, well now in the philippine sea, within two hours of striking distance as far as the uss vinson is concerned, maybe to lob something . Absolutely not. Even if you dont go nuclear there, you will have millions of people die because of where the artillery is north of, on seoul, not just the south korean people. There is about 150,000 americans live there. We have 30,000 troops, plus their families. And even without a nuclear war you will have horrible casualties. No, nobody want a conflict there. And you know what this he reminds me of . When china under mao got nuclear weapons, people saying same thing. He is crazy. We eventually were able to work, nixon went to china. Liz larry, great to see you. What youre saying may have had a negative effect on markets. The dow is now negative, down 10 points. Not blaming you, just saying. Sure thing. Liz former assistant secretary of defense. With the closing bell six minutes away, thrusters on, full speed ahead. Three stocks set for a megalaunch on the administrations rocket fuel of a 15 Corporate Tax rate, according to our next countdown closer. Stay i tuned. At angies list, we there are certain things you can count on, like what goes down doesnt always come back up. [ toilet flushes ] so when you need a plumber, you can count on us to help you find the right person for the job. Discover all the ways we can help at angies list. Because your home is where our heart is. Liz markets given up all the gains. Russell on track to hit an alltime record. Dissipation over all the excitement over the president s tax plan. Maybe sell on the news n advance of the news we saw two major days of big gains. Todays closer has three stocks, he thinks, regardless what happens at the final trade here, that they will rally if the white house proposal passes. We have jeff reed, investor place. Com. Dont know what happened. Give me a macropicture why were losing all the gains right now . I dont think you could pin it on one thing necessarily. The market has had this two steps forward, one step back. It could be like you said a little bit of sell on the news. Look where we were in november. Look where we were in january. Were higher. Irrational to think the market moves in a straight line. Liz of course not. The dollar reversed course. It hit fourweek highs on expectation. Now it earn turned negative. I want to get this note. Involves the Government Shutdown looming. House democratic leader nancy pelosi, quote, they have made progress. This is good news in negotiations over the government funding bill. More progress is needed but they made progress. Let me get to these names. If the russell is doing well, you could argue that they would be real beneficiaries of a Corporate Tax rate that is cut down to 15 . What are the names you feel, individual names that could really benefit . I think it is really important to look at where Companies Make their money. We all know that Companies Like apple and microsoft have hundreds of billions overseas. They look a lot of revenue overseas. You need a domestic company. All the Companies Make almost all money here at home. They have a doubleedged play on kind of tax cuts. So the first i would throw out there is paychex. This is Business Service company, Services Payroll departments of american employers, small and large, if you cant a smaller tax rate, a lot of smaller businesses benefit from that. A lot of them use paychex. Paychex does all the revenue here in the United States. That is good example of a company that will succeed on lower tax environment compared to what it is. Gm sells more cars in china than the u. S. You dont want to think about that. Think about paychex, that is a good example. Liz those are great ideas, when you look who might benefit in the long run, might be those three names, it could. We have to see congress embrace this. Meanwhile the dow jones is down eight points. Jeff, give a sense where this goes, will Congress Pass it not in its current form with a little bit of change . The market expects it to. Weve seen that. I dont know if health care was the right place to start because the market really did want to see Corporate Tax reform and regulatory reform. [closing bell rings] voters cant to see that. I have hope it gets done. I really hope it does. Liz jeff reed, thank you. 21,000, slightly below it. This is a alltime record close for the russell 2000. Let me hand it to david and melissa for after the bell. David thank you. Stocks losing steam in the final minute of trading. From a highof 75 points on details we get tax reform and health care and budget. All off the highs of the day. Im melissa francis. David seems highs from the tax cut talk is dissipating a little bit. Well tell you why that is happening. Im david asman. Glad you could join us. Busy day on after the bell. Have you covered on the stocks. Here is what else we have for you in the hour. The moment both wall street and main street have been waiting for. Details of the white houses new tax proposal
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