You. For those that arent, were certainly going to miss all of you and your questions. Its a busy day here at the white house like most days here. As you all saw, the president was excited to announce the Broadcom Limited is coming back to the United States, moving their company back here from singapore. Their ceo celted the president s economic agenda for once again making the United States the best place in the world to grow a business. He also noted that the tax reform plan, which was rolled out this morning, will make it easier for them and other companies to do exactly what the president has promised, bring back our jobs, bring back our wealth, and bring back our Great American dreams. This morning the president aplaulded the house ways and Means Committee for introducing the tax cuts and jobs act, which is another important step toward providing massive tax relief for the American People. Our entire administration is working tirelessly to make good on our promise to the working p
Dow, s p 500 and the nasdaq. Intraday volatility has been significant. Details of the republican tax bill came out. The s p 500 is off their lows. One sector hit is the homebuilding sector index. 2. 4 , on pace for its worst the of the year. This as the tax bill is talking about having a Mortgage Interest Rate deduction on new homes. At 500,000 instead of 1 million. That affects luxury Home Builders the most. Down 6 8 . Vonnie thank you for that. Lets get back to capitol hill wareHouse Republicans just unveiling their longawaited bill. They contained sweeping changes for businesses and individual tax rates, and in general the tax scheme for businesses and individuals. Joining us is kevin, chief washington correspondent. Wasnt anything we were very was there anything we were surprised to hear . Kevin no major surprises. I thought it was interesting in terms of getting a little deeper and how they tried to frame going to gets special interest. The mortgage interest reduction is now cappe
Mean for your money and the future of where stocks go from here john najarian, this is a long way from the finish line but at least now we can begin the race. Yeah. There were winners and losers right away, based on peoples perception perhaps not full understanding, but perception one of those losers right away was Toll Brothers, tol people came scrambling in, they hit that stock more than the other Home Builders. All the Home Builders sagged a little on this about the deductibility of certain things but Toll Brothers because its luxury homes, thats where i focused. They were actively buying puts in big numbers today. Rich, youre number five on the latest list. So people are going to look to you now for advice on what you think all of this is going to mean for where the market goes from here. Lets get some of it here. This is a powerful reform bill for investors because right now we can identify companies that are going to specifically benefit from a lower tax rate and from repatriatio
Spouses, nonchild dependents if your kid is in college. That will phase out over time. Some things will phase out. Next couple hours well get into. Netnet, more tax cuts than tax reform in the classic sense of the word here, but it does move the rates here where the upper income still will be paying 39. 6 , but a chunk of their savings will come between the gap where we have the 39. 6 rate, 400,000 in the new plan. 250,000. They will enjoy a bit of a tax sort of holiday there in that differential. Unfortunately they lose that by losing a lot of local state and Tax Deductions they bottom in hightaxed states. You could keep up to 10,000dollar property Tax Deduction. We get lost in the weeds here. Sufficient fist it to say, for well to do, stuart point out, president telegraphed, republicans telegraphed it, what we look next cowell hours what republicans are saying about this. What people are upset about this marco rubio, were hearing the senator from florida, is concerned that the Child
Time to become more circumspect about this remarkable run. There is so much that is positive, im beginning to rack up a few negatives, too. Weve been whistling past serious grave yards on the way to these new heights. Its worth shining a light on those grave stones as this market continues to break records. The dow made another new alltime high. S p slipped back and nasdaq declined 25. 9 . We recognize the three major tenets of trumps poll circumstance deregulation, lower Corporate Tax rate and tax holiday of repatriation of overseas earnings are terrific for the stock market. Weve run a great deal because of that triad. But you know what . We need to start asking ourselves how far we can go just on those three things when there are beginning to be other issues that just arent going right and weve got to talk about them now. Lets tick them down. First theres oil which was up sharply today. Oil rallying on better demand is one thing we like that. Crude simply climbing on production cutb