loopholes then it s a much lower effective tax rate. that is absolutely the case. i think that is what is frustrating for a lot of people looking at this and they are reading stories about some companies with a net gain in taxes because they have, you know, very smart cat about thes and tax lawyer smart accountants and tax lawyers and they do it legally. reuters did analysis of the annual reports of the 30 companies in the dow jones/industrials average and found, i believe, 13 of them paid a lower effective rate than the 28% that president obama proposed in his budget. it s crazy. tax rate sounds, to most of it, it sounds like insane amount of money to pay in your corporate pocket, if your effective rate is down, one was 2.7%, then that is not fair to other companies as well. if you take the loopholes out of it, you absolutely could lower the rate and not reduce revenue. chris: having said all of that, president obama now proposed reducing the top corporate tax rate from 135%,
i m bret baier in washington. the big story here today a huge market reaction to a plan to help global banks. tonight on special report we ll analyze the reason behind the biggest day for the dow jones/industrials average in two yaf years. also bring up critics concerns about the fed move. dow finished ahead 490 points. the biggest since march. s&p 500 up 52. nasdaq fbied up 105. president obama was in pennsylvania today pushing his plan to make millionaires pay for a payroll tax cut exley tension and expansion. herman cain is on the campaign trail two days after allegation he had a long-term sexual affair with a georgia woman. we hear what he says about reassessing the campaign. we tell you about today s reaction to yesterday s violence in tehran against the british embassy. the grapevine, presidential
burden of proof is on the west to show tehran is trying to build a nuclear bomb. mahmoud ahmadinejad said it s not up to his country to disprove the allegation on the latest report by the nuclear agency. dow jones/industrials average is on track for the worst thanksgiving week since 1973. the dow plunged 236 points. s&p 500 lost 26. nasdaq dropped 61. consumer spending was up by one-tenth of a percept point in october. durable goods fell .7 of a point. durable goods have fall on the 3.98 fixed rate mortgage fell to 3.98%. the matter of another extension of long-term jobless benefit is on hold for thanksgiving. chief congressional correspondent mike emanuel reports that issue and the renewal of a key tax break will be political football. once the holiday is over. after congress returns from thanksgiving, lawmakers will take up the payroll tax cut
burden of proof is on the west to show tehran is trying to build a nuclear bomb. mahmoud ahmadinejad said it s not up to his country to disprove the allegation on the latest report by the nuclear agency. dow jones/industrials average is on track for the worst thanksgiving week since 1973. the dow plunged 236 points. s&p 500 lost 26. nasdaq dropped 61. consumer spending was up by one-tenth of a percept point in october. durable goods fell .7 of a point. durable goods have fall on the 3.98 fixed rate mortgage fell to 3.98%. the matter of another extension of long-term jobless benefit is on hold for thanksgiving. chief congressional correspondent mike emanuel reports that issue and the renewal of a key tax break will be political football. once the holiday is over. after congress returns from thanksgiving, lawmakers will take up the payroll tax cut
top story at the bottom of the hour, brutal day on wall street as investors get the first chance to react to the downgrading of the s&p on friday. the credit rating. the dow jones/industrials average plunged 635 points to fall below 11,000. the s&p 500 lost 80. the nasdaq fell 175. the downgrade is seen as repudiation of partisan fighting in washington. but chief congressional correspondent mike emanuel tells us there are more battles ahead. s&p s decision to downgrade the credit rating sets the stage for bruising political fights over fiscal matters this fall. president obama says he hopes the downgrade leads to greater political will in washington. my hope is friday s news will give us a sense of urgency. i intend to present my recommendations in the coming weeks on how we should procee proceed. paul ryan said house republicans did their part and was not surprised by the s&p