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Average tax penalty comes in at $172. yes. bill: is that considered higher than what we thought? it was thought to be $92 because that was thought to be the standard penalty. in fact, it was $92 or 2% of adjusted gross income whichever is higher. turns out percentage of income was higher. so the average tax penalty was $172 not 92. bill: you re predicting it will be higher than next year? yes it will be, the fine goes up, way up, i think $360. bill: we still don t know what the supreme court will do on subsidies. no we do not. bill: that could change all of this again. how many times past few years we said this is chaos and it is confusion. let s update it is chaos and confusion right now in the future. bill: it is a and b. 11:00 a.m., fox business. start varney. martha, what is next? martha: we re now hearing for the first time the confession of ....
Worried about that. so why is that? start varney, joins me now, host of varney & company. good morning to you, stuart. good morning, martha. martha: on this another day of this whole thing. wall street doesn t seem too concerned what fitch has to say. we have the exact opposite what a lot of people were expecting. this morning, 24 minutes from now the dow jones industrial average will open up, repeat, up, about 100 points. there are several reasons for this. number one, investors think there will be a last-minute deal. number two, investors do not believe that even if we go past the midnight deadline tonight we will default. we will not default. and number three, fitch issued a warning that is different from a downgrade which we got from standard and poors back in 2011. market now showing a gain of 104 points, 24 minutes from now. martha: when we got that back in 2008 when s&p did downgrade america s credit rating for the first time in 70 years the markets tanked. they were down ....
It is getting on a shorter leash here. what s being done right now, stuart, to head off this potential crisis? there is intense criticism of the obama administration because over the last three years they have not come up with a plan to deal with this. and treasury secretary tim geithner was out yesterday criticizing paul ryan who has come up with a plan to deal with entitlements. and secretary geithner was harshly critical of him. he went right after mr. ryan. bill: did he offer a plan? no, the administration does not have a plan to deal structurally with the problems of medicare and social security. bill: we ll see if they come with one soon. start varney, thank you. catch you at fbn, 9:15. start varney with us now. martha: that in itself is pretty surprising. here is a little background on social security. as of right now the age to receive full benefits? 66 years old. the average worker spends 20 years drawing on those social security benefits. ....
Are fading all over again. martha: so obviously the white house looks at that bigger trend and says look, we re heading in the right direction. slower than anybody wanted it be but maybe we are in sort of a different situation this time around? well look the trend line, as far as you know employment benefits is concerned is not going in the right direction for the white house. the trend line has reversed. it is now going up. that is not what the white house wants to see. these are very political numbers and they spell bad political news for president obama. martha: stuart, thank you. we ll see you over at the fox business network shortly. start varney, always a stuart varney, always a pleasure. gregg: just to give you an idea how bad the job situation is in this country, 22.8 million people are unemployed or underemployed. the average duration of that unemployment, nearly ten months long. 42.5% of jobless americans have been out of work for six months or more. 7.7 employed, million ....
Ronald reagan cut out some loopholes. and that s what mitt romney proposes to do. the end result of ronald reagan s policy was to i think double the amount of money coming into the united states treasury in a five-year period. that s what mitt romney think he can do with his proposal. if it is more than a proposal. if it is really is a proposal as opposed to a trial balloon. gregg: that is what i was going to ask. is he floating this out there to see what kind of reaction he is getting? yes. his aides have said this is not at specific proposal. this is something he may do. it s an idea that is being tossed around. gregg: start varney, as always, thanks so much. thanks, gregg. gregg: as stuart and i were talking about is this simply talk or some serious plans for tax policy? we ll be putting that very question to eric finnstrom, senior advisor to the romney campaign a little later on in the program. martha: we ll look forward to that. meantime we re awaiting for the president, he is ....