Skip to main content

tv   MONEY With Melissa Francis  FOX Business  February 18, 2013 5:00pm-6:00pm EST

5:00 pm
protection risk free. that's right, 60 days risk-free. use promo code: gethelp. if you're not completely satisfied, notify lifelock and you won't pay a cent. order now and also get this shredder to keep your documents out of the wrong hands-- a $29 dollar value, free. get protected now. call the number on your screen oro to lifelock.com to try lifelock protection risk free for a full 60 days. use promo code: gethelp. plus get this document shredder free-- but only if you act right now. call the number on your screen now! david: it is time to go off the desk.
5:01 pm
mike tyson and evander holyfield had a reunion at of all places a grocery store where holyfield was making an in-store appearance purporting his barbecue sauce. he had a visitor, mike tyson. you may remember in 1997 they were not so friendly. mike tyson bit off a piece of evander holyfield's right ear in the ring. liz: time for the top two things you have to watch for tomorrow. computer giant dell reported earnings after the bell. trying to execute a $24 billion plan to go private, but some growing resistance, analysts expect the company to post 14.1 billion. sandra: here's what is "money" tonight. 32 days and counting, soaring gas prices show no signs of
5:02 pm
slowing down slightest pressure to kill the keystonepipeline ramping up? and can't get a job? why not sue. jobless workers claim they are not getting hired because they are unemployed. should they be able to sue businesses for discrimination? more cities and states across the u.s. are saying yes, will it bring mayhem to the job market? and can facebook start doing my taxes? it is getting a $429 million tax refund. can the growing outrage finally sparked corporate tax reform in the u.s.? even when they say this not come it is always about "money." ♪ the cost of a gallon of regular unleaded gas surging 32 days
5:03 pm
straight. the average price for a gallon of regular gasoline is $3.73 national average, up from $3.29 back on january 17. so how much more pain and drivers expect on the road ahead? let's ask senior petroleum analyst with gasbuddy.com. everybody seems confused, it is not the summer driving season. reports are demand is down and supplies are up, so why are we paying these skyrocketing gasoline prices right now? >> looking at things, we have seen demand co-op from the data i have seen. a lot of it has to do with positive sentiment surrounding the economy, dow jones has one of the best january in years. if the dow has a great january, oil prices likely will follow. that is what we're seeing.
5:04 pm
gasoline prices following. not only that, refineries haven't necessarily switched over to summer blend of gasoline but are preparing to do so for the all-out production will bring, not only that, a job in that as well. sandra: i want to challenge you one thing. he said gasoline prices will track the price of oil, but let's throw out the price of oil and gasoline this year. oil prices up year-to-date 4.1% while gasoline prices are up three times that, more than 14%. so gasoline prices are way outpacing the price of oil. >> that happens from time to time. gasoline prices didn't necessarily go as low as oil prices. this last november. right now a lot of it is a primary bottleneck why prices haven't followed crude oil so
5:05 pm
closely. we still have that bottleneck in the way causing a spike in gasoline prices, refineries moving production preparing for summer driving season. sandra: the bottom line, oil prices have gone up, we cannot refine all the oil we haven't a gasoline causing the prices with gasoline prices themselves. this is all hitting consumers at the worst time. we all saw our paychecks shrink at the beginning of the year, paying more for the home heating bills because the weather is still very chilly, how much longer will the spyglass? >> there's never a good time for rising gas prices and unfortunately they continue to last for several weeks. dropping a little over a dollar per barrel, is this a sign of a slowdown in this rally? i hope so. the bigger question is will we see the second rally weekend to see the more traditional rally
5:06 pm
in late march and april, that is the biggest concern i have. prices probably will not slow down for a couple of weeks. sandra: it brings about a popular subject right now, one the president of the united states has to face in a big way, that is the approval or not approval of the keystone pipeline. this will bring oil down from canada to the refineries and possibly the midwest and southern united states and oklahoma and would be a great thing for us as far as making it more independent as far as oil production in the world. do you think it will be under more pressure as gas prices are spiking to prove the pipeline? >> i think you're a bit optimistic on the ramifications for opening the pipeline. the number one source of petroleum to the united states, but as we ship the crude oil already destined for the great lakes and the rockies if we ship
5:07 pm
it to houston where it can be exported, will that drive the price of canadian oil higher, thus hurting united states already utilizing canada s. number one source of crude oil? it is in the president under pressure will resort to prove in the pipeline. i don't think he wants to, but there is a lot of bipartisan pressure. a lot of misinformation. my concern is that we'll drive p the price of canadian crude oil, hurting americans who already rely on canadian crude oil for their source of petroleum. sandra: somebody has to use that oil, as well be us. >> thank you for having me. the 1000 protested in washington, d.c., against the keystone@pipeline over the weekend urging the president to reject it with fierce opposition growing in a decision looming, this begs the question will he buckle under the pressure? what is the potential fallout?
5:08 pm
joining us now, the mone "money" panel. a publisher of energy magazine and chief clinical correspondent with the "washington examiner" and fox news contributor. we're obviously talking about it right now. the stakes are very high, the union loves this thing creating thousands of jobs in the country. but environmentalists are fiercely opposing it. putting them in a peculiar situation as best i can put it at this point. >> his duct between the constituents. the democratic party in general. just the other day there was a protest in front of the white house, some top officials were arrested. they're all demanding obama killed the pipeline.
5:09 pm
at the same time the building trades division, powerful unit supporter of the president on a conference call with the american petroleum institute calling on the president to approve the pipeline. you can see how he is stuck between the constituents. sandra: i want to take this out to tyson. i want to use the number from the american petroleum institute, they say the ke keyse type one would create 20,000 u.s. jobs. the labor unions are for it, environmentalists are against it, why are you against it? >> it has nothing to do with approving u.s. national security and nothing to do with lowering energy prices for americans. member, salt process of the pipeline is to divert oil that is currently eating processed in the midwest for domestic consumption to the gulf coast refineries in order to export
5:10 pm
that product. the largest export in the u.s. economy right now is refined petroleum products. business is booming for the gulf coast refineries, but it is increasing energy prices for americans because the more we export, that dilutes the supplies here at end up having upward pressure on prices. second of all, the product of the keystone pipeline is destined for export, how does that improve u.s. national security? it doesn't. particularly you look at the increased levels of chinese national government investment in production, by 2020 under the direct control of the chinese government will be under the control of nearly a million barrels of production every day. sandra: rick, i want you to get in and respond to this. >> i think those are exceptions,
5:11 pm
but based on what he said, let's take down a list. oil is going to go to houston, which will refine the level. some of it could be exported, most of it will be used here. it will take several years to build, five thousands and thousands of jobs positive for the economy, just in pennsylvania and north dakota alone. it is huge. obama has given us sort of a true balloon. he did say he was going to, if the oil pipeline is approved, he would give the olive branch to the environmentalist to get energy research and development dollars out of the texas. the oil and gas industry is the second-largest payer behind the
5:12 pm
federal income tax. sandra: all this being said, we heard from both sides of the argument, does the president approve this? >> the interesting thing to notice the president has never opposed the pipeline on principle, he put it off last year until after the election on the basis the route that was planned and are very sensitive environmental areas. they decided to reroute the pipeline and the cover of nebraska has not given his blessing to it. will he find some other reason to be against it or wil will hee to prove it in exchange for some other thing like evidence of some other environmental progress, but i think at this point the president will have to find a way to prove this and try to make his supporters happy. sandra: nebraska was a big speed
5:13 pm
bump, and the governor for brusque and has signed off on this yet we're still not getting an answer from the white house. >> we still have to conduct a full environmental impact study and the president has to look at the fact the keystone pipeline is going to increase production of the dirtiest form of oil from a climate perspective and climate change is very real. it is compelling, and we need to start taking -- >> that is not true. >> it is absolutely true. >> it is the scandal of the century. it really is. >> you are a complete radical. to deny the science is irresponsible, sir. sandra: wreck now.
5:14 pm
>> the apa has already done the steps, the aquifer that was going to nebraska that the governor has now approved, let's look at this. when we talk about you as a person of interest, talk about the soldiers and the families over in iraq against this. >> this is not going to reduce our reliance on persian gulf oil. the united states in coming. >> that is why we are having this discussion right now. >> this has nothing to do with decreasing -- sandra: there's lot of sound research and evidence that is the approval of the keystone pipeline was put in place, citigroup put out a huge report saying we could become energy independent by the year 2020.
5:15 pm
>> it is not energy independent. >> let's talk about u.s. energy policy in a platform. we haven't had an energy policy for 50 years, it is time all sides of the issue stick to the issue, get an energy policy that we haven't had and let make it work for the future of our country. sandra: it is a fierce debate, healthy debate, the president has a big decision ahead of him. it is a great debate, thank you for joining us tonight. >> thank you. >> thank you. sandra: database market moment. the markets were closed for presidents' day, but they did not stop dealmaking on wall street. officemax and office depot in advanced talks to merge. it is still possible for the talks to fall apart. involving the exchange of stock according to sources, officemax says the value with office depot worth $1.3 billion.
5:16 pm
it has been a dark age for the nuclear power industry but a breakthrough nuclear facility may prove a game-changer for the entire industry. the man behind that joins us next. and michigan is a right-to-work state, just don't tell anybody about it. doing everything they possibly can to hide it from an ad campaign to attract businesses. we will explain. more "money" coming up. [ kitt ] you know what's impressive?
5:17 pm
a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪
5:18 pm
today is gonna be an sometimportant day for us.? you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decatherms. how bout ya, joe? let's go ahead andbring it . attention on site, attention on site. now starting unit nine. some of the world's cleanest gas turbines are now powering some of america's biggest cities. siemens. answers.
5:19 pm
- [laughing] woman: i used to wonder, why would a jew, a christian, and a muslim ever get together? - hello, hello. woman: and then i finally got it. they had a lot more in common than doughnuts. - ♪ love can build a bridge
5:20 pm
- ♪ oh, love and only love - ♪ between your heart and mine ♪ male announcer: a message from the foundation for a better life. sandra: oregon state university installing a new reactor that could revolutionize the nuclear power industry. the new reactor technology uses helium rather than water at the coolant to allow it to use three times hotter than the reactors that we're using now. researchers say this could make nuclear power safer, more efficient and create less harmful ways. is this the future of nuclear energy? joining us, associate professor of nuclear engineering at oregon state and the director of the project. thank you for joining us.
5:21 pm
>> thank you for having me. sandra: currently next generation of power in the united states 54%, natural gas 18%, nuclear power the smallest of 16.2%. not very popular. do you think those could change of the new technology are working on is successful? >> it is hard to say. ultimately whether or not nuclear power is a larger proportion of our energy portfolio depends on a lot of long-term economics. natural gas is just so cheap it is hard to justify building a whole lot of nuclear plants so that question is a question that will probably be answered over the next 10 to 20 years a little difficult to predict. sandra: break this down for us. what makes the technology that you are working on different
5:22 pm
from the nuclear technology we know today? >> big differences that will be cooled by helium as opposed to being cooled by water. that gives a number of advantages, and one is more efficient which officially allows for more efficient and less waste. more importantly, it will open up the industry to a number of different markets that traditionally hasn't seen players with electricity and process steam that can be used for industrial applications like petrochemical plants and also could be used in the future for making hydrogen from water which some people have talked about potentially using as a replacement source for gasoline in the future. sandra: the most important thing is this the technology is safer, cleaner, that is why nuclear energy had such a bad rap. this changes that.
5:23 pm
>> the number of different safety aspects in these gas reactors which makes it very difficult to have a meltdown type accident because they're designed to operate at very high temperatures and because they're designed that way, it is hard to get to a point where they have a meltdown which is the traditional accident people are worried about when it comes to nuclear reactors. there is potential for this to change the game, change the way people look at nuclear power. sandra: they will see helium is a pricier alternative. will this payoff in the end? is there an economic benefit to using helium? >> i don't know the economic benefit to using helium itself because when it comes to nuclear power many costs are locked up in the structure itself, so going forward economically you want to look to see if you can reduce the capital cost. helium will not be as large as
5:24 pm
the capital cost. sandra: does this go mainstream, and if so, when, doctor? >> we still hav started the resr questions to answer. we're doing it at oregon state. we are not building a test reactor, it is just a nonnuclear, nonradioactive community. some other source are looking at these reactors, maybe 20, 25, 2030. that is what i'm looking at the earliest. you could see one of these reactors. the economics aren't there, to be later than that. sandra: something the stock market will be watching. you know how the stocks can move. thank you for joining us. >> thank you for having me, sandra, really appreciate it. sandra: hugo chavez has made an unexpected return to venezuela.
5:25 pm
he stayed in cuba for 10 weeks following his fourth cancer related surgery. no new information on his condition other than that it remains "complex." saudi arabia oil exports hit a seven-year high. exports 5.2% from 2011 rising. shipments to come the state for shortfalls from iran and libya. i'm looking at doubling oil deliveries. making china the largest consumer of russian oil and chinese officials are reportedly in talks about joint development of russian offshore oil and gas. next on "money," making right to work a secret in michigan? getting that pulled from a big, new ad campaign. should i emplo unemployed workee
5:26 pm
allowed to sue? they are ready to fight back in court. will it deal a blow at eight dangerous time? when we come back. can you ever have too much "money"? my mother made the best toffee in the world. it's delicious. so now we've turned her toffee into a business. my goal was to take an idea
5:27 pm
and make it happen. i'm janet long and i formed my toffee company through legalzoom. never really thought i would make money doing what i love. [ robert ] we created legalzoom to help people start their business and launch their dreams. go to legalzoocom today and make your business dream a reality. at legalzoom.com we put the law on your side. and make your business dream a reality. have given way to sleeping. tossing and turning where sleepless nights yield to restful sleep. and lunesta®(eszopiclone) can help you get there. like it has for so many people before. when taking lunesta, don't drive or operate machinery until you feel fully awake. walking, eating, driving, or engaging in other activities while asleep, without remembering it the next day, have been reported. lunesta should not be taken together with alcohol. abnormal behaviors may include aggressiveness, agitation, hallucinations, or confusion. in depressed patients, worsening of depression, including risk of suicide, may occur. alcohol may increase these risks. allergic reactions such as tongue or throat swelling
5:28 pm
occur rarely and may be fatal. side effects may include unpleasant taste, headache, dizziness, and morning drowsiness. ask your doctor if lunesta is right for you. then find out how to get lunesta for as low as fifteen dollars at lunesta.com. there's a land of restful sleep. we can help you go there on the wings of lunesta.
5:29 pm
5:30 pm
♪ sandra: stop the presses, michigan's economic development group is pulling ads touting the right to work laws attracting corporations to relocate their business into michigan. democrats and unions are viciously attacking the ad campaign saying the pure michigan brand should not promote this controversial issue. so should these ads be booted? with me now, peter, former chair of the national labour relations
5:31 pm
bureau. welcome back, peter. >> how are you? sandra: what is the deal? it is state law now, why are we considering this controversial that democrats can get that off the billboard, shouldn't they be touting it if it is agreed this should bring the best workers to the state? >> absolutely, sandra. antidemocratic, censorship in its worst form. the debate has been had, the union should be taking advantage of it. right-to-work states create more jobs, an employment rate 8.9%, detroit alone under 14%. the more workers you have, the more workers the unions will have to organize. sandra: and more businesses you have. not just promoting people to work there, but businesses to
5:32 pm
land there may be coming out of chicago or the surrounding city. >> that is absolutely right. when indiana passes the right-to-work law, his office was ringing off the hook for businesses considering coming to indiana. the same can happen for michigan and they should take advantage of it, not try to hide it. sandra: are looking at the map, michigan is one of the very few midwest states that actually has rights tright-to-work loss. the unemployment rate in the right-to-work state is much, much lower. 7.3% in the 24 right-to-work states versus 8.1% in the non-right-to-work states. this is proving effective but they're getting their way, had to pull this off the ball boards? >> i really think the state and the governor should stand up to
5:33 pm
them, they should run these ads. one of the messages is they don't care about jobs, they only care about union jobs. are they trying to defend it from being the success which it might well be in michigan? sandra: what we're talking about, $144,000. which is pennies when you talk about what this could potentially do for the state. >> sandra, you are absolutely correct. this is typical left-wing censorship. sandra: i should jump in and get the other side of the story. the critics of the right to work suppresses wages, leaves workers at the mercy of employers so once again i go back to the fax, the unemployment numbers are much better. >> there are statistics abound, but the fact of the matter is though they often say this is the right to work for less,
5:34 pm
there is no statistic supporting that. if there was a little bit of differential in salary, wouldn't you want more jobs? once again, they are comparing apples to oranges. you cannot compare the unionized north to the south which is less unionized but has a much lower cost of living. sandra: it is obviously a battle that democrats are winning right now. the state has all the right in the world to run with this, you think they will shy away from it because of the criticism, peter? >> i have no inside information. i think i might add to the ad one statement, the state of michigan not only protects the right to choose, but also not to be a member of the union providing a bit of balance to satisfy the opposition. sandra: thank you for joining us tonight.
5:35 pm
>> thank you very much. sandra: more cities and states allowing jobless workers to sue. will it bring havoc to workers looking to hire? and it has been a turbulent year for facebook but a $429 million tax refund from the irs will probably ease their pain a bit, don't you think? will this be the wake-up for real corporate tax reforms? piles of "money" coming up. ♪ [ male announcer ] how could switchgrass in argentina, change engineering in dubai, aluminum production in south africa,
5:36 pm
and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. more "likes." more tweets. so, beginning today, my son brock and his whole team will be our new senior social media strategists. any questions? since we make radiator valves wouldn't it be better if we just let fedex help us to expand to new markets? hmm gottadmit that's better than a few "likes." i don't have the door code. who's that? he won a contest online to be ceo for the day. how am i supposed to run a business here without an office?!
5:37 pm
[ male announcer ] fast, reliable deliveries worldwide. fedex. [ male announcer ] fast, reliable deliveries worldwide. we replaced people with a machine.r, what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally. ♪ [ male announcer ] it was designed to escape the ordinary. it feels like it can escape gravity. ♪ the 2013 c-class coupe. ♪ starting at $37,800.
5:38 pm
5:39 pm
♪ sandra: can't get hired. should the unemployed be allowed to sue? more jobless orders are alleging discrimination by businesses during the hiring process. new york city may become the latest place to let them take a business to court over it. falling in the footsteps of oregon, new jersey, and washington d.c. morris is looking to adopt similar measures. is this creating a mess for businesses trying to hire? should it allowed to at -- should it be allowed to happen to begin with? with me now, dan mitchell, richard benjamin. welcome back to the show. i think this might be a little bit of a heated conversation. i will start with you. this sounds a bit absurd. to be able to sue because you don't get a job because you have been out of work. isn't that just -- you are just
5:40 pm
out of luck. >> you are out of luck, but what worries me more about this proposal is that if you have been unemployed for a long time, you probably are a little bit radioactive to employers because they wonder, why has this person than that of work. did not have good work habits, show up on time, steal from the company. you're already starting with all the liabilities and it's unfortunate for the people that are honest and hardworking and just one of fair chance. what happens when the government turns that potential employees it wants to get a job into a legal liability? vendor going to have companies, i think, going out of their way trying to make sure that somehow those people don't even come to the door because nobody wants us look employer tecumseh them on the basis that they hired a person day instead of the. sandra: where do you follow this issue? >> i totally disagree. and he is making these people south like -- sandra: you should be allowed to
5:41 pm
sue if you have been out of work in the field of business did not hire you because of that. >> has now we're talking about. he is making these people sublet their criminals. it. sandra: no. tsa not allowing the suit could backfire, the unemployed because doesn't would try not to get these people through their doors in the first place. >> executive mentality that these people are worried about the recall the map radioactive. many people are unemployed because they have been outsourced and downsized. the sole legitimate reasons why they're unemployed in this rough economy. no, when employers say we're not even going to consider you, we're going to toss arrest may have simply because you been employed, they literally say that by you're unemployed. the daughter employed. that's not american. sandra: if you walking with a resin made it shows that you have been out of work for a few years, an employer will look at that and it will be a red flag and say when have you been doing? >> we're talking a protected class of people who businesses
5:42 pm
are saying you need not apply. >> i sort of agree with the other guest. i am not implying that these people a bad. maybe only 5 percent are bad, but employers are looking to hire the best possible people. if your someone has been unemployed for a year and another person who is simply trying to climb the ladder, you probably think it's safer to go with the person is trying to climb the ladder. the thing that really worries me is if you put in some new protective legal class for these unemployed people, then employers are going to, as i said before, do everything they can not to have anything to do with the long-term unemployed. i want to help these people. on a vibrant, growing economy to help these people get back into work. sandra: we can all agree on that. so to his point. the company just wants the best person for the job. that all of lawsuits to get in the way of them picking the best person. and a suing frenzy could be a
5:43 pm
mess. >> no one is talking about a suing frenzy. if you want the best people for the job, fine. what these states are talking about is, don't wholesale say these people are not qualified simply because they have been unemployed. so if they are not discriminating what do they have to be worried about? sandra: dan? >> first of all, we all discriminate every single day when you choose a spouse. you are discriminating. anytime an employer hire someone they're discriminating. what we're really talking about is is there a melissa francis and justify discrimination? is a business deliberately passing over a better qualified person and businesses want to make money. they would only do that by accident. not on purpose. sandra: a holder challenge. helene core would you even proved that you were discriminated against because -- you may not get hired because they did not, you know it -- that did not like your experience, the last job your
5:44 pm
raft of your track record. they don't necessarily tell you. there could be a lot of frivolous lawsuits year. >> that's horrible when you're in that test 22 endo know why you have not got a job. the standard you were talking about, the challenger were talking about his intense. can you find a smoking gun where employers said we have the intent of disqualifying the sober people simply because they have not been employed. on individual cases you don't always know. it's a matter of establishing the intent of the business. sandra: i don't know. i want the best person for the job, whatever company it is, whether it's the one i've invested in, working for. of what the best person for the job. i don't want companies to be fearful they will get sued and hire the wrong person. >> that is my concern. i suspect in many cases the long-term unemployed person is the best option because they're hungry to get back on their feet. the don't want to be a merger in the want to work. if you have the government combined with a bunch of trial lawyers making it so that the
5:45 pm
long-term unemployed are a potential winner less liability for companies that what you going to do? to hire from within. you think the you are going to subcontract. when the government does something they may be doing for the best of reasons because we all care about the long-term unemployed. you have to think about the unintended consequences of government intervention. sandra: let's give the last word to rich. we have really heard both sides of the story. he said what? >> we all want the best people in the job. sometimes the best people in the job are those that have been unemployed, sometimes not. we just want to be sure that in this economy that people are getting a fair shake and a whole groups of people aren't just being tossed out. we have seen evidence of this. by the way, if you are a fancy person, unemployed, you get a business card and call yourself a consultant. when you're a forklift operator, manager restaurant, do these kinds of things, they'll have the options like that.
5:46 pm
so they have been unemployed for a long time. we just want to look out. sandra: all right. thank you and think we heard both sides there. have a good night. >> thanks. sandra: well, it is no secret, facebook ipo flop but the irs is about to make it feel a whole lot better. foreign and $29 million tax refund finally push congress to overall corporate taxes. he tells next. at the end of the day it is all about "money." ♪
5:47 pm
5:48 pm
lead paint poisoning affects one million children today. if you're pregnant or have young children and your home was built before 1978, you could be at risk. learn how to protect your family. to find your home's danger zones, the health effects, or just to find help, log on to leadfreekids.org.
5:49 pm
5:50 pm
♪ sandra: just around the corner. better market calendars. that, of course, means that the tax man is coming, but he is the estimate for everyone. and report shows that despite posting a $1 billion profit last year, facebook is actually getting a tax refund. that's right. it is getting $4,209,000,000 back from the federal government and did not have to dish out a single dime in state or federal taxes. how is that possible? and now many more companies are using
5:51 pm
this same tactic? joining me now is federal tax practitioner. how do you explain this? we are facing the taxman and we are all dreading writing about these tax checks, hell are they getting over $400 million back? >> first of all, they're not really getting away with anything. they're following the law. in this case internal revenue code 162 allows corporations, companies to deduct their expenses, including compensation they did deduct their compensation properly. that created this appearance that there not paying taxes, but remember, all of the people receive these proceeds to pay taxes. now, this exact issue was recently raised by barbara lee, representative from san francisco. she called it the income equity act, saying that corporations should not be allowed to make these deductions, but it was so bad for business that the bill was just -- it died on arrival.
5:52 pm
sandra: they paid taxes throughout the year, like we all do. so they did pay state and federal taxes. >> and keep in mind, they are paying an awful lot more in taxes collected lead directly and indirectly than most people. this is one point that i would really like to make clear to all of your viewing audience. if, in fact, it appears that something improper has happened, the government has recourse through a very unlikely source. sandra: i'm sure there will be checked out of that the story is out. i am looking at over 1 billion pretax profits for facebook last year. 429 million is how much they get back. and we're talking about, they might be able to reduce there tax liability by another $2 billion. i mean, how do you think there will be any backlash? there is a lot of talk about the oil companies.
5:53 pm
so big, but they're making all this money and not going anything in all of the end of the year. sandra: again, that is the divisive argument that sounds good, but the reality is committed to pay a lot of texas. as i was saying, there is a provision in obamacare, admittedly facebook has nothing to do with health insurance, but it is an economic substance rule where it is determined that this corporation has not paid its fair share of taxes, this whole camino code they will have to pay what they owed plus 40% penalty. don't hold to breath because, like us said, what date did was entirely proper and legal. sandra: as the facebook team as a tagger practice of tax practitioners would be willing to defend the? >> that's right. sandra: thank you so much for joining us. a terrifying meteor exposure has to be all that bad. the great leroy rush of 2013 is
5:54 pm
on. how treasure hunters are scrambling to strike it rich in russia. that's coming up. you can never have too much "money." ♪ l stations come over to mission a for a final go.
5:55 pm
this is for real this time. step seven point twone two. rify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers. ♪
5:56 pm
(train horn) vo: wherever our trains go, the economy comes to life. norfolk southern. one line, infinite possibilities.
5:57 pm
5:58 pm
sandra: it is time for a little fun with "spare change." we are joined by a great pair. first up we have nypd cops saying he made off with $160,000 in jewelry. the four seasons hotel display case in midtown manhattan is where they got the jewelry. it's worse than that. most of the surveillance cameras were not even functional. to watches, i diamond chain, and a pendant around 2:00 a.m. $160,000 or the jewelry stolen, it was right next where you check in. >> i am intrigued by this. ever since alfred hitchcock's movie "to catch a theif." you could be too young to remember that. [laughter] the point is, they left this
5:59 pm
stuff out at 2:00 a.m., new york city, you leave it out at two in the morning in a display case? it just does not make sense. sandra: it doesn't make sense to me either. >> people are getting desperate now. these guys went after the low hanging fruit. sandra: if these guys could pull this off, they must be somewhat smart. after the meteorite hit russia last week, scientists and treasure hunters are trying to find fragments. 1 gram of this meteorite could be worth up to $2200. that is more than 40 times the current price of gold. >> who is up for a trip to russia? [laughter] sandra: that's a lot of money. >> it is capitalism at its best. people are looking for this stuff and it's going to bring in a lot of

76 Views

info Stream Only

Uploaded by TV Archive on