case to the american people. all the polls show that i can beat hillary clinton, which is the most important thing. i'm going to stay focused on the prize and i admire scott walker, i was surprised he got out. he's a good, proven leader, i think a governor should be the party's nominee to be honest with you, a governor or former governor, they've made decisions they don't file amendments and call it success. that's what we have to do for our party's nominee. maria: real quick, should the g.o.p. do more to keep hillary's feet to the fire on the e-mail scandal. >> she's doing pretty good herself by not being truthful and forthright. the drip, drip, drip, proves she's not being honest with us. the more it goes on the worse her chances are and she could have violated federal law as well. we'll have to wait and see how it plays out. i think the republican party is doing fine as relates to that. maria: thank you for being on the show and answering the questions that people care about. >> see you soon.

maria: thanks for joining us. "varney & company" is next. stuart, so sorry we went over your show. stuart: worth, thanks very much. what is the plan? donald trump reveals all today. good morning, everybody, 11:00 eastern, he walks up to the podium at trump tower on new york's fifth avenue and tells the word what he would do with your taxes. here is the request key question which we will be asking all day, would that plan grow the economy? watch the tax plan unfold right here. now to the polls, trump is now neck and neck with dr. ben carson. the wall street journal shows carly fiorina and marco rubio narrowing the gap. president obama addresses u.n. heads of state meeting and meets with russia's president and putin went on a charm offensive on 60 minutes. if case you missed it, jordan broke a record today, 22

million. is he up with nicholas, and woods? watch out, "varney & company" the monday edition is about to begin. ♪ all right. where are we going to go this morning in terms of your money? take a look the a the futures, we're down about 80 points in the opening bell. more evidence of a slowdown in china, that's what's pulling us down just a little. but look at this, apple, it says it sold more than 13 million new iphones just over the weekend. that is a new record. the stock turned positive on that news, but only just. virtually unchanged, actually. look at the price of oil, please. hovering around the mid $40 a barrel range, 44 this morning. look at the price of gas, 2.29 is your national average. now this. the latest wall street

journal/nbc news poll has donald trump and dr. ben carson literally neck and neck. trump 21% and carson at 20%. statistically no difference. fiorina, rubio both have 11 support. now other republicans register only in the single digits, including jeb bush who is down at 7%. later on today, as we will tell you throughout the program, donald trump unveils his tax plan. it will be about two hours from now, we'll carry it live and personally, i wonder if it will move the market. probably not, but we'll see. president obama, he sits down with russia's president putin today. their first sit-down meeting in two years. both sides say they called the meeting. [laughter] get out of that. president obama is scheduled to speak at the u.n. at the top of this hour, that will be around 10:00 eastern, that speech expected to be very heavy on climate change, okay? and let me get back to that trump tax plan. it's going to be revealed at 11:00 eastern, got it. and here is the plan, the rough

outline that we have figured out so far. tax hedge fund managers more. zero taxes for the poor. a substantial cut, direct quote, from trump, for the middle class and stock companies migrating overseas for tax purposes. joining us is texas governor rick perry. governor, if that's indeed the very broad outline of the plan, do you think that that plan go i haves-- gives us the growth that it needs. >> i hate to see this class warfare continue to be played out by democrats and now, obviously by one of our republican candidates as well. what we need to have is a simplyfied tax structure and then obviously, cutting spending in washington d.c. over the last 14 years i had the great privilege to manage the 12th largest economy in the world, and that's what we did in texas kept the tax burden low, the regulatory climate fair and predictable and you can grow your economy. stuart: i really want to address the trump plan. i know we don't have details

yet, but if that's the broad outline, tax hedge fund managers, substantial cut for the middle class and zero tax for poor people. i know we don't know the details, i know there's lot to go after obviously, but-- >> poor people don't pay taxes at the moment, stuart, i think that's a very good point to start with. stuart: and maybe he's going to say poor people don't pay social security tax. maybe he'll say that. to the broad outline, would it give us, as you see it, growth in the economy. >> no, you're not going to get 4% growth with that tax plan and the broad view of which we're talking right now. you've got to have a plan that gives confidence to jobs creators, leaving more money in the hands of individuals. you've got to get rid of dodd-frank, so much on the regulatory side that has to be done. i hope he doesn't try to oversimplify this. we have an incredibly complex tax code that the well-connected people in

washington d.c., they may like that, but it is a killer for job creation and in turn, to grow the economy. so you've got to simplify this tax structure if you're going to see the type of growth that we need this this country. stuart: governor, one last one for you. you did nt get along well with trump in the campaign days. do you think he's peaked? >> i don't know, that will be up to the people. you've got to have solutions. i mean, these sound bites and, you know, obviously, this overheated rhetoric that he used, particularly dealing with individuals who didn't like look him or sound like him, is not the way to make friends and influence people. and i think you saw it this last weekend when he was at the value voters summit and the very conservative crowd there literally booed him when he talked about marco rubio and called marco rubio a clown. they want to see an adult as the president of the united states. they want to see somebody who will bring this country together. we've already got a divider in

chief in the white house. we don't need a white house divider in chief. stuart: governor rick perry, texas. we appreciate it. >> thank you. stuart: we'll look for details. back to the markets, where are we going to open? down about 65 points now. bring in keith fitz-gerald, please, from seattle. all right, keith, we've got a report this morning that if you put your money in cash at the beginning of the year, put it into bank notes and cash, stick it under the mattress, you'll be doing better than if you invested in stocks and bonds. kind of makes you guys useless, doesn't it? >> that's too much. [laughter] >> why do we need you guys if we could put it in the mattress. >> that's a fair question. the dangerous thing, do you believe in the long-term vision of vote and here is why, stuart. because growth is the only way you tap into the stock market because you have a lot of brilliant companies out there with brilliant ceo's, vw and

other guys excepted at the moment, but the long-term growth is to investments. >> i'm going to sit on the side lines and put on a sign that says kick me when it's over. there are many key sectors right now. stuart: the point is, surely, this is very much my opinion, you've got to grow over the long-term. most people are saving for retirement or a future event way down the road so you put it into stocks or bonds, but you've got to grow it, you don't put it in cash. >> you've got to win. history is very clear and now is no different. stuart: keith, stay right there. we'll rejoin you in about 20 minutes when the market opens and it will be down about 60 points, you'll join us then. thanks, keith. it was a historic day on the golf course. jordan spieth became the youngest player to capture the

financially lucrative fedex cup. ashley: you could say that. stuart: 10 million. ashley: 10 million. stuart: thank you, ash. chiming in for the first time with a dollar figure. excellent, young man. ashley: yes, 10 million. stuart: he retained or got back his number one ranking and won more money this season than any other golfer in history. ashley: 22 million, stuart. stuart: another good number, thank you very much. stuart: on the phone, golf legend gary player, a good friend of the program. gary, if i would look at the greats of golf i'd say it's palmer, nicholas, you, gary player, tiger woods. do you think it's too soon that spieth is too young to add him to the list of greats? >> i don't know when he'll be added. he'll certainly be added without a question of a doubt. he's refreshing, he's a wonderful young man. he's got great manners and a role model for young people to follow. it's so interesting at the moment with rory, jason day,

and spieth all having their turns to be number one. competition is the essence of sport. and now we've got the president's cup coming up and that's going to be exciting, isn't it? >> i just think it's -- it could be, i hate to be so conditional, but it could be the start of another golden age for golf because we've got these youngsters playing absolutely brilliant, stunning, very attractive golf. >> absolutely wonderful golfers. and this competition is going to raise the bar even more. and you've also got ricky fowler and, you know, henrik in the background, you've go the -- got a lot of people there that can come up and improve and do well. and i come back without being repetitive, to be competitive and to have competition, but we've got to -- this is the greatest example, spieth. all i hear are commentators and

telling about long hitting. jordan spieth is not long hitter, he's the best putter. the best putter is the man that ends up the best. because you only have three drives around, but you have at least 30 putts so twice as many putts and putting is the key from 100 yards in is the best players. not the long hitters. stuart: and jordan spieth at 22 did 1,000 sit-ups a week like you do, he would play for another few decades. gary player, everybody. excellent guy. thanks for joining us again, gary, we appreciate it, sir. >> take care. stuart: now this, let's just listen to this. a man paralyzed from the waist town. doctors and scientists connect wires from his legs to his brain and that man can now walk. one of the scientists behind that project is with us next.

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>> now, you're about to see a

brawl. okay. it's about to break out and you'll see it shortly. it's in the national dugout, we're talking baseball here. pri bryce harper attacked by teammate papelbon. there you see it. they exchanged words and the contention and the fight. apparently, it was just a brotherlyfied. ashley: that's what they say, yes, very brotherly, how about that? tough family. stuart: how about that? now, listen to this, talk about gee-whiz technology, a man who couldn't walk gets electrodes attached to his brain and wired to his legs and now he walks. joining us is one of the scientists behind the project. it sounds too good to be true. spell it out. you literally attach the electrodes from here and wired him to the legs and then he walks. did that happen? >> well, not quiet. what we did, we measured the

signals from the brain, and routed the signals to a computer algorithm that interments the signals in real-time and issues a command to the system later attached to the muscles and commands the legs to walk or not to walk. stuart: so he could walk after the algorithm is being played through, correct? >> that is correct. stuart: can you do this technique with other people? i mean, this man was paralyzed from the waist down. could you do it with people paralyzed in a similar way? >> so far we've only tested this technology with one study. it's a case study in science and you're interested in recruiting other subjects to prove this can be beyond just a single subject. stuart: so far on this program we've seen people attached to a-- not quite sure of the

expression, a muscular skeletal type of device that powers your walk. what you're talking about doing is completely different, that's wiring the brain or rewiring the brain, right? >> yes, there's a little bit of difference as you pointed out. those robotic exoskeletons, they power subjects so they can walk. in this case we decided to power the muscles of this particular individual so he could walk, so to speak, on his own power, so there's some differences there, of course, both techniques can be for the use of subjects. but in this particular case, we decided to go with muscle system later. >> now, down the road, a few years, for example, do you think we'll be seeing more of this? will this be a process, a treatment, if you will, that would work on many, many people, five years down the road? >> it's hard to predict the exact timeline, what can be predicted, these are future

just justified and necessary. i think you're going to see more studies like this and there's already, studies for upper extremities for arms and others who are completely paralyzed and unable to speak, and this is by no means the first study of this kind, but the first showing that a person could walk using their own brain signals. stuart: you're being cautious, and you're not raising hopes for those people, poor people paralyzed at the moment, but you're hopeful. >> we're trying to be realistic, we should disclose that there's a lot of things we don't know about this disease or about the brain, but however, there's multiple or multi-faceted approach to treat the spinal cord center currently at the moment and other types of devices out there and it's really difficult to predict which one of these will be ultimately leading to the cure for this disease, but

it's possible that the convergence of these different technologies and scientific approaches will ultimately get us there in a decade or so. stuart: thank you very much for appearing with us on a monday morning, this is precisely the kind of thing we like to bring to our viewers because it offers some degree of hope. we appreciate it. >> thank you, stuart. stuart: what do you think of that. ashley: fantastic, really is, very exciting. stuart: and the man is obviously cautious. ashley: he didn't want to athis is its, but it's very encouraging. stuart: nor should he say that. ashley: scientists do to that. stuart: it's great to see that. give us some hope, please. inn had, carly fiorina both on "meet the press" this weekend. both were treated very different. we'll play the relevant sound bites in just a moment.

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>> this goes to the character of our nation and it must be stopped. >> well, the footage you described at best is a reenactment. the videos even the people that made the video it's not stock footage, but you went along and-- >> check, chuck, chuck, do you think this is not happening? does hillary clinton think it's not happening. so sad you missed the opportunity to ask mrs. clinton why she said late term abortions were only performed for medical purposes, that's patently false. stuart: yeah, all right, ashley, audience and i did not see the questions or hear the questions for both of them. ashley: you could tell from the tone of what we saw there, that was accurate, he was laughing and joking with hillary clinton and this is chuck todd on meet the press. didn't press her on the e-mails. she complained there's a drip, drip, drip of the e-mail thing, i hope it goes away. as soon as we get into carly fiorina and we get into the

planned parenthood video and he said this is a reenactment, doesn't exist, pushing hard. as carly fiorina pointed out, why didn't you ask her the same question. stuart: as she pointed out, does anybody believe this is not happening? there's very different treatment there. ashley: thats with an a very accurate depiction. stuart: it was. thank you, ash. check the dow futures, we're pointed towards a lower opening today. once again, what happens in china, they are slowing down, tends to hurt us here. they're slowing down in china, we'll be down abouted -- about $90 when the dow opens. we'll take you there.

>> all right. let's see how we're opening up, the first trading day of the week, closed last week at 16,300. if you look at the futures, you're expecting a drop of maybe 90 points for the dow industrials first thing this morning. why is that? the usual explanation, the raisin du jour. >> oui. stuart: that's the only french you'll hear, it's because china is again slowing down.

and the corporate profits down about 8%. ashley: year over year. stuart: that's a bad signal and not doing well and we're going to drop when our dow opens in five seconds from now. look ago the futures, looking at 80 points down. but that would still put the dow at around 16,200. okay, the opening bell has rung and away we go. for our coverage we are joined by ashley webster, mary kissel, scott shellady and keith fitz-gerald. scott-- keith, you're the guy. just relax for a second, scott. just relax, save yourself, okay? we hear that china is slowing down and, keith, you are our asia expert. is that the reason why the dow industrials are dropping as we speak, 60 points? >> i think there's a lot to that, what you've got to

remember is china's industrial capacity or industrial production is one thing, look at companies like nike, look at companies like apple, they continue to sell very well there so i would say there's a disconnect between like what global traders are thinking and big brands are doing. that's an opportunity anytime you find it like that. stuart: what do you say, scott? now you can get in. is it the china slowdown having the huge effect across the markets? >> with he will-- well, just because china is slowing down, i agree that china is slowing down. over the last 20 years, that's going back times, that's a bump not a soft feather, but remember, we've got end of quarter of the month on wednesday and obviously, again, the data dependent fed will have to look at poy reallies and--

>> look at the caterpillar numbers out last week. it doesn't say anything good with china, fiscal, last years did not work and there's not growth here and there isn't growth in japan. remember, you've got the bank of japan,third largest economy in the world, you're talking about more stimulus, there's no serious tax reform there. i don't see where the growth comes from. stuart: worldwide growth slowdown. we're down 103 points now. for the first time in 25 years, if you put your money in the mattress, under the mattress, i should say, you get a better return than if you put it into stocks or bonds. [laughter] this is your chance to shine, scott shellady. what do we need guys like you for if putting it in the mattress is it a better return than stocks or bonds? >> hey, i'm getting beat up by the fed down here just like everybody at home is. so, right now we're getting 0% return on cash which is probably the true rate of return of real assets out there because we have been in an

hopium of fed induced growth, if the fed looks like they're running out of ammo and the assets the last six years, losing value and cash is telling you where it's valued at, zero. that's probably where it is right now. >> i want to move to individual stocks and specifically apple. it's announced it set a sales record just this past weekend for the new iphone 6-s and 6-s plus. okay, $13 million in sales. keith, i'm surprised that apple is not up just a little on that news, because that's a much better selling rate than expected. >> well, yes, but apple is the most highly traded, most liquid stock in the world. and it's pulled down on the concerns about global growth. that's a portfolio mechanism. if you're a long-term investor, today is a great day, or a great example of why. >> you still say $200 a share for apple at some point soon?

>> absolutely. i do. >> you kept it very short and no further explanation. >> no. >> all right, you're off the hoot. -- look. regard winning for jordan spieth and he's got that logo on him everywhere. don't forget about nike, the biggest winner in the dow this year. the stock has been near record territory, down a buck this morning, and keith, do you like under amour or nike? both in the same line of business. >> well, they're both fantastic companies, what i have a problem with is the fed. the fed has not done anything for the middle class and those stocks to me are just a little too risky beau that's just me, they're plenty fine for a lot of other investors. do we all remember alcoa? 30 years ago we talked about that stock every single day. these days not so much. however, alcoa is going to split into two. so, nicole, tell me what's happening with the stock. >> and we care about alcoa, it's an aluminum maker, used to

be a dow component and we see the stocks to the upside, the tune of about 3%, aluminum makers have been crushed. the stock is down 40% this year and they are splitting into two publicly traded companies. that is the big announcement. and this is supposed to go through and happen in the second half of 2016 and what we're going to be doing is separating the aluminum smelting operations, those are struggling, and keep it separate from the production area, faster growing aerospace and automobile materials. that's the news on alcoa, stuart. >> and alcoa is there. and take a look the glenn core, this is a mining behemoth, a global conglomerate, it's way down, 24% down. how about that? this is a gigantic global corporation. ashley: huge. stuart: scott, this is all

about the continuing decline. basic commodity prices, if you dig this stuff out of the ground and there's a very low price for it out of the ground. companies like glencore isn't doing much. >> the prices dramatically drop off and people go out of business and slowly by surely the business turns and it's a natural life cycle. for last last 12 months the stock market has been run around by the commodity markets. we've got oil down a buck today. for the next six months we'll be volatile and that's what the commodities are telling me. ashley: and the investment bank, invest x says that glencore's value could evaporate. >> remember, the fed prediction are premised on the idea that the cheap interest rates are

going to elicit growth. and keep that in mind, guys. stuart: got scott shellady laughing in the background. take a look at the u.n. president obama is going to speak at the top of the hour, i believe that's the podium,that's the u.n., he will he a be speaking at the top of the hour. climate change front and center today. and look at this international guy. >> thank you very much. stuart: i haven't got much time, but your basic point is the world u.n. climate plan absolutely won't work, is that true? >> well, two things. the u.n. is trying to fix global warming, but it's trying to do so by forcing everyone to do stuff they don't want to do. cut carbon emissions which is costly. we should be focusing more on technology. look at the shale revolution, you asked if you can get cheaper gas? everybody shifts. stuart: and the greenies say, oh, oh, you can't do that.

>> it's a much cleaner fossil fuel and it's not the solution and eventually we want to get to a place where we eliminate co 2, but the only way is to switch to greener fuels, which is shale gas. stuart: so you want to put money into technology development. >> exactly. stuart: all the mat fuels or battery storage. >> there's a lot of opportunities and one of the things you haven't heard about with the u.n. they basically decided what should the world be focusing on for the next 15 years. that's why i'm here. the last 15 years we've had simple promises, we promised to try to get people out of poverty and hunger and get kids out into school and stop them from dying. and now the u.n. basically wants to focus on everything. they're basically promising everything to everyone everywhere. stuart: but this is a gigantic

we wealth transfer, isn't it? >> they certainly want to focus on all areas of life. we want to say there's a few places you can do more good. i've brought you one of the books that we've done. a nice plug, right? the reality is, some of the things that we can help the world is phenomenally good. get nutrition to small kids will help a lot. stuart: yes, but we're not going to do any of that. we're not going to do that we're going to take money off us and give it to somebody else to mitigate climate change. >> and that's certainly a part of it. if you look, cameron, the u.k. prime minister was in the u.p. yesterday and promised that he was going to spend a lot more of u.k. aid for climate. and that's depressing because what you're essentially saying is, oh, my gosh, you're sick, you don't have enough food, don't get your kids a good education, here is a solar panel.

stuart: and he's a smart environmentalist and smartest targets for the world. thank you for joining us. shall obliged. thank you. back to individual stocks, specifically facebook, please. mark zuckerberg, the founder, the guy who runs the place, he wants to give free internet to all of those syrian refugees. any comment at all? >> no, i think this is a terrific idea. good for mark zuckerberg. stuart: what's wrong with that. >> let's privatize the housing for these guys and hook them up on facebook with people who want to house them. i've got so taye,s' coming up with helping the world largest problems and this is the same internet that this administration wants to give away to russia and china and brazil. different conversation for another day, just flagging that for your viewers, really, really bad idea. stuart: facebook down at 91. all right, everybody. check the big board and where are we at 9:40 eastern time, at ten minutes to the session, we're down 112. the pope back at the vatican

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>> all right. 14 minutes into the trading session, monday morning we're down 110 points. china is slowing and that's why we're down 110 points. look at royal dutch/shell. it says it will end oil and natural gas exploration in the arctic, maybe it's too expensive to drill for cheap oil, only $44 a barrel a day. shell stock is down nearly 2% today. look at this, curtain falls on carly fiorina. the candidate got a scare, a large curtain fell across the stage. several people were seen rushing to shield carly fiorina from the curtain that collapsed there. no injury.

>> looking at the pope, that will be judge napolitano. how the judge reacted, roll tape. >> good to be with you no matter where i might be, i don't know if he was talking to members of congress as individuals or members of coping as the government. if he was talking to them as the government, he was talk to go them as if they were a general legislature that could right any wrong and right any behavior and tax any event without respects to the limited nature of our government. so i don't know what his goal was. stuart: okay. that was judge napitano addressing the pope's address to congress last week and he's here with us again. judge, if you look across the full spectrum of all the speeches and the presentations that the hope made in his historic visit to america. what's your judgment on it? >> novelty. stuart: novelty? >> novelty not preservation of tradition, what can i change and do that's new and exciting to excite the base and that's not my-- >> politics?

>> very, very highly political. you could argue that john paul ii was political because of the marvellous alliance he formed with margaret thatcher and ronald reagan essentially to defeat communism in eastern europe without firing a shot, but that was to relieve 100 million people from being enslaved. this type of politics wants to use the government to redistribute wealth. now, you very, very astutely pointed out a line that he read and a line that he did not read and the line he referred to business. but the business he's talking about is that corporatism of his youth in argentina. it's a business where the government is in bed with business and which you and i and those of us in the free market have come to condemn because it doesn't lift all boats. it only lifts the government ap the people in the government that-- the people that the government wants to favor.

stuart: i think the pope was right to address the issues of family and all the other issues that he addressed, fair point. i think he went too far in recommending specific policy, fixes for the problems and issues that he raised. >> and the policy fixes he recommends have to do with government. look, you can go to heaven by giving away your wealth and by being generous and charitytable on your own, but it's impossible to be charitable with somebody else's money. he wants the government to be charitable with your money, that's not going to get you to heaven. stuart: in theology, you're wrong, you're flat-out wrong. you do not work your way to heaven by giving away your-- >> here is where protestants and catholics disagree and i don't want to get into an argument with you on air. here is where you will agree with me, it's morally good for you decide to be charitable on your own. it is not morally good for the

government to decide to be charitable with your money. stuart: i think we agree. >> okay. stuart: we could be ecumenical. >> on that we agree. and i have to say i received four e-mails over the weekend from four lawyer friend of mine, none of them know each other all saying the same thing, volunteering to be a part of my defense team for my excommunication trial in rome next year. [laughter] >> will you be a character witness? >> yes, ill. >> an anglican character witness? . i think overall the pope gave christianity a shot in the arm in america, that would be my position. >> oh, i couldn't disagree more. overall he watered down catholocism in the name of novelty. another topic for another time. stuart: you adhere to the latin mass. >> i do adhere to the latin mass. the pope is to preserve the traditions of the church, no doubt that's his job, the

church should resist modernism and not welcome it. stuart: his presentations, the hu humility on air. >> much to my surprise, when i saw him i'm as close as i am now to ashley in the house of representative, unbeknownst to me, my eyes weld up. stuart: i want to know how did you get into the house of representatives? >> i won the lottery. i was invited by a protestant member of congress. stuart: is that right? >> a methodist, from kentucky. a methodist invited this roman catholic to hear this roman pope. stuart: that's ecumenical. >> for better or worse it is. [laughter] . stuart: quickly, let everybody see the big board because we're down 150. first thing monday we're down 150. donald trump will unveil his tax plan later today around

11:00 eastern time. he's going after the hedge funds, managers, that is, wants a zero tax rate for low income americans, they're zero anyway, but the man who he turns to for tax advice. he's with us in one minute. opportunities aren't always obvious.

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>> well, looky here. intel is up on a down day. they may have a way of increasing chip speeds. up she goes, 29 on intel. let's get to trump's tax plan. we'll get the details in about an hour. joining us right now, steve moore, distinguished fellow at heritage. steve, the broad, broad outlines that he's already sort of intimated would be there, tax the rich, the hedge fund managers and zero rate for the poor and substance cut for the middle class. now, i know that's short on detail. if that's enough, if it went through, to give us real growth? >> with he will-- look, we don't know the details. we know three things, number one, he said he's going to zero out a lot of people from paying income tax at all at the bottom and close a lot of loopholes in the system and number three, said he's going to make the rich pay more.

now, what exactly does that mean? we just don't know. we're going to find out in about an hour, you know, you mentioned that a lot of these candidates have been taking my advice on tax reform, i'm not so sure that donald trump is. and raising tax rates on rich people, that's not going to cause the growth that we need. we need to bring the tax rate down. i want to make another point if i may. i'm as anti-tax as anybody as you're going to have on this show, i will say this, i think that everybody should pay some income tax and the idea of zeroing out millions and millions of people. i don't like that, i think everybody should have a skin in the game and pay for the government that they receive. stuart: maybe, at the moment, poor people do not pay federal income tax because they don't certain enough money. >> that's right. stuart: maybe trump is referring to-- >> he talks about adding millions more to those ranks of people who pay no income tax, so, i just find a disturbing.

i like what ben carson is saying, you make a million dollars, stuart, you pay the $100,000 tax. i make 10,000, i pay $1,000. you pay a fixed percentage of income. if he's talking about raising tax rates and talking hedge fund managers, but what about overall income, is he going to bring the corporate rate. the corporate is going to come down, i'm in favor of that. he said that the amount of money coming in to the revenue guys at the treasury will go up. >> yeah. stuart: now, that to me an overall increasing tax revenue and i'm not so sure you get growth if you're increasing tax revenue coming into the government as opposed as into private hands. >> there's two ways to raise revenue, one is to raise on the overall economy and i agree with you, that kind of tax increase actually reduces growth and makes the economy grow more slowly and actually takes jobs away. the other way is the way that

ronald regan did, as the economy grows faster people pay more taxes and that's the kind of tax increase i want. i'm not so sure that's what donald trump is talking about. a month ago he was asked if he want today pay more taxes because he's a rich guy, he said no, i don't want to pay more taxes, if i pay more taxes that means as a businessman, i have less money to pay my workers. that's the donald trump i like. stuart: he said a lot of things. we'll get the details, but it sounds to me like a populous plan and-- >> flat tax, flat tax. stuart: okay, got you, steve. president obama about to address the united nations. climate change right now on the agenda, but the big tagline is this, the president meets with vladimir putin later on today. it looks like the russians have virtually taken over the middle east. and you just heard from steve moore. at 11:00 we hear from the man

himself. the second hour of "varney & company" is about two minutes away. join us as we celebrate eddie's retirement, and start planning your own.

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>> 10:00 eastern time. here are the big stories at this hour. president obama wants to be remembered as the president who brought the world together on climate change. that will feature pay up there. after that, his big meeting with president putin. this, while russia appears to be just taking over in syria. we're also waiting for donald trump, the details of the fax plan revealed in about one hour. oh, yes, big day, and hour two of our show starts now. ♪ well, it's a monday morning, we're 33 minutes into the trading session and we're down quite sharply, off 164 points as we speak. that's almost exactly 1%. more evidence of a slowing in china, that is hurting us here.

how about apple? it sold 13 million new iphones over the weekend and that's a new record, but the stock is down 1.7%, 112 on apple. facebook, mark zuckerberg, the founder, says he wants to give free internet to the syrian refugees in camps in the middle east and flood into europe. free internet, the stock is down 2 points, credit suisse has the price together. look at glencore, it's a mining stock, that's down 23% because commodity prices have gone down so much and stayed down for so long, glencore is a commodity play. we're off 1 is.2% at $45 a barrel. regular gasoline is inching ever so slightly higher, up just a fraction of a cent over

the weekend, 2.29 is the national average for regular now. in just about an hour, donald trump unveils his tax plan in some detail, we are told. it's the tax the rich hedge fund managers, zero income tax for the poor, and lower the tax rate for the middle class. again, details, full details, supposedly from mr. trump himself in about an hour, will that plan, if that were the plan that was enacted, would that give us 4% growth. here is what rick perry, texas governor, said about that last hour. >> no, you're not going to get 4% growth with that tax plan and the broad view of which we're taking right now. you've got to get a plan that gives confidence to job creators leaving more money in the hands of individual. get rid of dodd-frank. so much on the regulatory side that has to be done. stuart: look at this, this is the latest wall street journal/nbc poll and donald

trump and ben carson are literally neck and neck. 21-20%. carly fiorina and marco rubio at 11%. jeb bush at 7%. ashley: in the same poll back in july, bush was 14%. and neck and neck, trump and carson interesting. stuart: would you pass the judgment that donald trump has peaked? >> i would, actually. carson came in with 20% slightly under trump after he made the comment saying he doesn't think a muslim who has not renounced sharreya law should be president. stuart: so that's popular and-- pull him through. >> i thought that would have hurt him. stuart: he's up 20% and trump 21%. neck and neck, significantly no difference between the two. and the democrats, hillary

clinton 42%. bernie sanders, 35%. biden who has not declared one way or the other 17. ashley: go back to june, the results were in june. stuart: same poll. ashley: hillary 75%, bernie sanders, 15%. that was in june. fast forward to now, 42-35. stuart: whoa. >> and without biden comes to 53-35. ashley: that's right. stuart: so that would mean without biden-- >> it hurts hillary. stuart: without him in that poll, most of biden's votes go to bernie sanders or a lot of them? >> looks like it. stuart: hillary out of favor, can we say that? >> based on the numbers. >> and she's talking about her e-mails once again. stuart: any minute now, literally, i mean that, president obama is going to address the united nations. he's going to later on today, he's going to meet with russia's vladimir putin. that should be mid afternoon today. so come on in.

lt. colonel ralph peters joins us now. first of all, i'm intrigued with this meeting this afternoon with vladimir putin. seems to me that the russians have taken over in the middle east. they now run syria policy. am i going too far? >> well, they have their-- certainly going with the iranians to direct syrian policy, but also increasingly the iraqi government's policy. as we've spoke been before, stuart putin is brilliant and the west underestimates him because he didn't go to the right prep school and has bad table manners. and what you're seeing is the virtues of planning, of having a strategy. putin has a strategy and a plan and so we see, suddenly the u.s. is shocked, shocked, but he's moved his military forces into syria and he'll move more in. he's got iraqi government

coordinating with iran and the shia militia and syria and russia on intelligence. he's got headquarters baghdad, and not damascus, but baghdad and our president is a deer caught in the headlights. it's stunning how incompetent this administration remains and haven't learned in seven years. stuart: we will won't be inside that cabinet meeting. will vladimir putin essentially say, hey, we won, get used to? >> no, that's what he'll be thinking and certainly gloating, but he's going before the u.n. today and make the case that russia is here to defend western civilization that we need to be on the same islamic-- >> same team to fight the islamic state and means assad stays in power. and this is stunning because russia is now in the--

against all odds, russia is the asen dent european power in the middle east and we're in retreat everywhere. and benjamin netanyahu are now cozying up to moscow because they can read the writing on the wall. this is a shift. the russian military still sucks, but they have the advantage that putin, putin isn't going to care about civilian casualties or collateral damage. for all the magnificent tools and training we have, the russian military has proved most effective. the last point i must make. you've got people in washington talking belatedly again about a no-fly zone. obama will never impose one now because a no-fly zone would bring us into direct confrontation with the russian aircraft and eventually ground

forces supporting assad. cowardess is never a good strategy. stuart: never seen a retreat like this ever in american foreign policy. >> no. stuart: shifting subjects, president obama is about to address the united nations. we believe that climate change will be right up there for what he's going to say. you're a global warming kind of guy, aren't you? >> no, i'm not exactly. i don't like the buzz word climate change, global warming. i believe in taking sensible sense to preserve our national heritage. i don't know why they're not for-- i'm for clean air, clean water, and soil that's not poisoned and rational steps that doesn't cripple our businesses, but keeps it for the future. stuart: of course, we could get around the national heritage and wonderful in america.

but it seems they're retreating from opposition and counterattack from china and third world countries. it's another case of retreat, isn't it? >> well, china, president xi, he just whipped obama about the head and shoulders, slapping back and forth and obama was smiling thinking he got a good idea on pollution. and the chinese do not keep their promises, mr. president. and stuart, the only thing i can hope for at this point is that in his u.n. remarks our president won't forget ukraine because the rest of the world has. putin is great at shifting at bait and switch and he's always playing a shell game and we don't know which shell the pea is under and he's moved it-- first he moved the discussion from crimea to eastern ukraine and now he's moved it to syria and iraq. this guy, again, he's crude,

he's ugly, he's ruthless, vindictive and he's absolutely brilliant and he has a strategic vision and he and his staff are capable of strategic planning and we have lost that skill entirely. stuart: ralph peterson, thanks for joining us, strong stuff. thank you very much. ashley: a sobering thought and comments there, but i think he's right. stuart: got it. by the way, the dow industrials are now down 182 points so the decline continues this monday morning and we're 40 minutes into the trading session, down 187 as we speak. now, ge, here is a news alert moving jobs-- >> and the last several minutes going to start making gas engines, making them in wisconsin, moving them to canada. it says in order to use that country's export financing regime to pursue new business and kind of wraps into the whole import/export bank issue that congress has right now.

stuart: and ge is talking about moving their headquarters out of connecticut because of hi-lo cal taxes. >> exactly right, they are. stuart: talking about it. how about this, cash under the mattress, on track to beat stocks and bonds for the first time in 25 years. let's bring in market watcher, jason, we don't need guys like you. all you got to do it put it in bank notes, $100 under the mattress and i can do better than you can do. what do you say to that. >> i think when you look at it, stocks go through the periods of dits appointment. you're going to have some periods of losses here, we've looked at this before. on average, in any given year, we find scenarios where we have 5 to 15% declines. and in any given year. oddly enough, in the vast majority of those circumstances, once the year plays out the rest of the way, we end up in positive territory on the year with only a few exceptions.

those few exceptions tend to be associated with recessionly circumstances, which, you know, look, growth is slowing. china had issues, but at the end of the day, we have to have considerably more material issues than we have to date. to have a true global recession and u.s. recession coincide to cause this to be a negative period, longer term for stocks. >> what about people who are very time sensitive? i'm thinking of people who are, very, very, very close to retirement. so they're built up in stocks and bonds over all the years and they're going to retire soon. could you make the case they get out of stocks and bonds and put it in cash and sleep well sitting on their gains. do you make that case? >> i don't think so. because your cash returns are going to be in the ballpark of basically zero or the long-term time horizonen. and even somebody retiring today, they're going to be drawing on that money tomorrow, and next year and the year after that, but they're also going to be drawing on that

money, hopefully, assuming they have some longevity past retirement, drawing on it, 5, 10, 15 years from now. so they need to grow in excess of inflation or at least in the ballpark of inflation through that period in order to able to count on being able to live the same sort of way that they live today on their investments going forward. so investors need to have a nice balance, one that's properly rooted in a look at what their spending pattern is relative to what they have and recognize that their money is not just for today, it's also for future years, and perhaps, in the best of scenarios, also for future generations. stuart: yes, indeed. sir, thank you for joining us. that's good hand holding advice for our future retirees, all good stuff. >> thanks for having me. stuart: yes, sir, okay. we are, we believe, a couple of minutes away from president obama beginning his presentation to the united nations. it's a heads of state meeting. i'm not sure how many heads of state are actually in the chamber, but we're talking scores of heads of state from

around the world and the president begins his remarks, three, four, five minutes from now. we'll bring it to you when he starts. the dow is not falling out of the bed, but down sharply. this is monday morning, 45 minutes almost into the session and we're down 186. ashley: worries about china and global growth, in a bit of a malaise, too, right now. we got the big jobs number on friday and in this uncertainty period with the fed ditherring. stuart: you know what worries me? if america slips to a recessionary, 2% growth, and suppose we slip to 1%. what tools do we have? what do we do? do you think that they would print more money? they can't.

lower the rate, zero, can't do that. is president obama going to give us a tax cut and spend our own money? that's not going to happen. you can't get a tax cut at least until january of 2017. way down there. so what do we do? if we're facing recession, what do we do? >> put your money under the mattress like you said earlier. [laughter] >> and you know, arguably, the u.s. is the strongest economy right now so where else do you go? if it's not in the u.s. stuart: prettyiest horse in the glue factory the expression. ashley: all accurate. stuart: but i just worry about that. what do we do? i mean, what on earth do we do? >> and the fed is in a tight spot. there's tons of fed speakers speaking and we're interpreting what they're saying, it's not that much of an impact, long-term on the stock market because it's going to be-- >> on the left-hand side of your screen a gentleman at the

united nations is speaking and president obama, i see movement, i see movement, when the president, maybe he's off camera. >> it's his seventh speech before the u.n. and 70th anniversary of the united nations. stuart: i remember it well. ashley: you did cover the first one. stuart: no, i didn't. >> he's expected to speak for 25 minutes, we don't know exactly what he'll say, thinking climate change and kind of the relations between the u.s. and cuba and not thawed relations with russia. >> . stuart: again, climate change will the mainstay for this to the united nations. i think all eyes will be on the meeting this afternoon. which no doubt will be behind closed doors. >> and both sides claiming that the other contacted them, to pursue this. >> they can't agree on that.

>> and i think that when, vladimir putin appeared on 60 minutes last night, it was basically a love fest and a charm deal. ashley: it was. stuart: the president is approaching the podium. we will listen to the early part of his speech. >> the general assembly has the honor to welcome to the united nations his excellency barack obama, president of the united states of america, and to invite him to address the assembly. assembly. [applaus [applaus [applause] >> mr. president, mr. secretary-general, fellow delegates, ladies and gentlemen, 70 years after the founding of the united nations it is worth reflecting on what

together the members of this body have helped to achieve. out of the ashes of the second world war, having witnessed the unthinkable power of the atomic age, the united states has worked with many nations in this assembly to prevent a third world war by forging alliances with old adversaries, by supporting the steady emergence of strong democracies, accountable to their people instead of any foreign power. and by building an international system that imposes a cost on those who choose conflict over cooperation. an order that recognizes the dignity and equal work of all people.

that is the work of seven decades. that is the ideal that this body at its best has pursued. of course, there have been too many times when collectively we have fallen short of these idea ideals. over seven decades terrible conflicts have claimed untold victims, but we have pressed forward, slowly, steadily, to make a system of international rules and norms that are better and stronger and more consiste consistent. it is this international order that is unwritten, underwritten, unparalleled advances in human liberty and prosperi prosperity. it is this collective endeavor that's brought about diplomatic cooperation between the world's

major powers and buttressed a global economy that has lifted more than a billion people from poverty. it is these international principles that helped con strain bigger countries from imposing our will on smaller ones and advance the emergence of democracy and development and individual liberty on every continent. this progress is real. and can be documented in lives saved and agreements forged and disagreements conquered and mouths fed. and yet, we come together today knowing that the march of human progress never travels in a straight line, that our work is far from complete, that dangerous currents risk pulling us back into a darker, more disordered world.

today we see the collapse of strong men and fragile states, breeding conflict and driving innocent men, women and children across borders on an epic scale. brutal networks of terror have stepped into the vacuum. technologies that empower individuals are now also exploited by those who disinformation or suppress dissension or radicalize our youth. global capital flows have powered growth and investment, but also increased risk of contagion, weakening the bargaining power of workers and accelerated inequality. how should we respond to these threats?

there are those who argue that the ideals enshrined in the u.n. charter are unachievable or out of date, a legacy of a post war era not suited to our own. effectively they argue for rules that apply for most of human history and that pre-dates this institution. the belief that power is a zero sum game that might makes right, that strong states must impose their will on weaker ones. that the rights of individuals don't matter. that at a time of rapid change, order must be imposed by force. on this basis we see some major powers assert themselves in ways that contravene international law.

we've seen erosion of democratic principles and human rights that are fundamental to this, information is strictly controlled, the space for civil society restricted. we're told that such retrenchment is required to beat back disorder, that it's the only way to stamp out terrorism or prevent foreign meddling. in accordance with this logic, we should support tyrants like bashir al-assad who drops barrel bombs to massacre innocent children because the alternative is surely worse. increasing skepticism of our international order can also be found in the most advanced democraci democracies. we see greater polarization, more frequent gridlock, movements on the far right and

sometimes the left and insist on stopping the trade that binds our fates to other nations, calling for the building of walls to keep out immigran immigrants. most ominously, we see the fears of ordinary people being exploited through appeals to sectarianism or tribalization or racism or anti-semitism, appeals to a glorious past before the body pollitic was infected by those who looked different or worshipped differently, a politics of us versus them. the united states is not immune from this. even as our economy is growing and our troops have largely returned from iraq and afghanistan, we see in our debates about america's role in the world, a notion of strength

that is defined by opposition to old enemies, perceived adversaries, a rising china, a resurgent russia, a revolutionary iran or an islam that is incompatible with pea peace. we see an argument made that the only strength that matters for the united states is bellicose words and shows of military force and cooperation and diplomacy will not work. as president of the united states, i'm mindful of the dangers that we face. they cross my desk every morning. i lead the strongest military

that the world has ever known and i will never hesitate to protect my country or our allies unilaterally and by force where necessary. but i stand before you today believing in my core that we, the nations of the world, cannot return to the old ways of conflict and coercion. we cannot look backwards. we live in an integrated world, one in which we all have a stake in each other's success. we cannot turn back those forces of integration. no nation in this assembly can insulate itself from the threat of terrorism or the risk of financial contagion. the flow of migrants or the danger of a warming planet.

the disorder we see is not driven solely by competition between nations or any single ideology. if we cannot work together more effective effectively, we will all suffer the consequences. and it's true r the united states as well. no matter how powerful our military, how strong our economy, we understand that the united states cannot solve the world's problems alone. and iraq, the united states learned the hard lesson that even hundreds of thousands of brave, effective troops, trillions of dollars from our treasury cannot by itself impose stability on a foreign land.

unless we work with other nations under the mantle of international norms and principles and law that offer legitimate efforts, we will not succeed. and unless we work together to defeat the ideas that drive different communities in a country like iraq into conflict, any order that our militaries can impose will be temporary. and just as force alone cannot impose order internationally, i believe in my core that repression cannot forge the social cohesion for nations to succeed. the history of the last two decades proves that in today's world dictatorships are unstable. the strong men of today become the spark of revolution tomorrow. you can jail your opponents, but you can't imprison ideas.

you can try to control access to information, but you cannot turn a lie into truth. it is not a conspiracy of u.s.-backed ngo's that expose corruption and raise expectations of people around the globe, it's technology, social media, and the irreducible despair of people everywhere to make their own choices about how they are governed. indeed, i believe that in today's world, the measure of strength is no longer combined by territory. lasting prosperity does not come solely from the ability to access and extract raw materials. the strength of nations depends on the success of their people, their knowledge, their innovation, their imagination,

their creativity, their drive. their opportunity, that depends on individual rights and good governance and personal security. internal repression and foreign aggression are both symptoms are the failure to provide this foundati foundation. politi politics, solidarity that depends on demonizing others, depends on narrow tribalism and jingoism, may look like strength in the moment, but over time its weakness will be exposed and history tells us that the dark forces unleashed by this type of politics surely makes all of us less secure. our world has been there before. we gained nothing from going back. instead, i believe that we must

go forward in pursuit of our not abandon them at this critical time. we must give expression to our best hopes, not our deepest fears. this institution was founded because men and women who came before us had the foresight to know that our nations are more secure when we uphold basic laws and basic normals and pursue a path of corporation over conflict. and strong nations above all have a responsibility to uphold this international order. let me give you a concrete example. after i took office, i made clear one of the principle achievements of this body, the nuclear none proliferation regime was in dangered by iran's violation of the npt. on that basis, the security

counsel tightened sanctions on the iranian government and many nations joined us to enforce them. together we showed that laws and agreements mean something. but we also understood that the goal of sanctions was not simply to punish iran, our function was to test whether iran could change course, accept restraints, and allow the world to clarify that its nuclear program will be peaceful. for two years the united states and our partners, including russia, including china stuck together in complex negotiations. the result is a lasting comprehensive deal that prevents iran from obtaining a nuclear weapon while allowing it access to peaceful energy. and if this deal is fully implemented, the prohibition on nuclear weapons is strengt

strengthened. our world is safer. that is the strength of the international system when it works the way it should. that same fidelity to international order guides our responses to other challenges around the world. consider russia's annexation of cr further western and eastern ukraine. america has few economic interests in ukraine. we recognize the deep economic history between russia and ukraine. but we look stand by when the sort of thing and integrity of a nation is flagrantly violated. if that happens to ukraine, it could happen to any nation gathered here today.

that's the basis that it imposes on russia, not a desire to return to a cold war. within russia, controlled media may be an example of a reinsurgent russia. if you shared, by the way, a number of u.s. politicians and commentators who have always been deeply skeptical of russia. and seem to be convinced that a cold war is, in fact, upon us. look at the results. the ukrainian people are wanting to line with europe instead of russia. a contracting economy, a fallen ruble. and the immigration of more educated russians.

imagine instead if russia had engaged in true diplomacy and worked with ukraine and the spark community to ensure its interests were protected. that would be better for ukraine and also better for russia and better for the world, which is why we continue to press for this crisis to be resolved. in a way that allows a sovereign and democratic ukraine to determine its future and control its territory. not because we want to isolate russia, we don't. but because we want a strong russia that's invested in working with us to strengthen the international system as a whole. similarly in the south china sea. the united states makes no claim on territory there. we don't add adjudicate claims.

but like every nation gathered here, we have an interest in upholding the basic principles of freedom of navigation and the free flow of commerce and in resolving disputes through international law, not the law of force. so you can defend these principles to solve their differences peacefully? i say this recognizing that diplomacy is hard. that the outcomes are sometimes unassessing. that it's rarely politically popular. but i believe that leaders of large nations in particular have an obligation to take these risks. precisely because we're strong enough to protect our interests if and when

diplomacy fails. i also believe that to move forward in this new era, we have to be strong enough to acknowledge when what you're doing is not working. for 50 years, the united states pursued a cuban policy that failed to improve like that lives of the cuban people. we changed that. we continue to have differences with the cuban government, we will continue to stand up for human rights, but we address these issues through diplomatic relations and commerce and people to people ties. as these contacts yield progress, i'm confident that our congress will inevitability lift an embargo that shouldn't be in place anymore. [clapping]

>> change won't come overnight to cuba, but i'm confident that openness, not cortion will support the lives that cuba people deserve. just as i find cuba will find its success as it pursues corporation with other nations. now, if it's in the interest of major powers to uphold international standards, it is even more true for the rest the community of nations. look around the world. from singapore to columbia to senegal, the facts show that nations succeed when they pursue an inclusive piece and prosperity within their borders and work cooperatively with countries beyond their borders. that path is now available to

a nation like iran. which as of this moment fails to continue to employ proxies for its interest. these efforts may appear to give iran leverage and disputes with its neighbors but they fuel conflict that endangers the entire and reach isolates iran for the promise of trade and commerce. the iranian people have a proud history and filled with extraordinary potential. but chanting death to america does not create jobs. or make iran more secure. if iran choose a different path, that would be good for the security of the region, good for the iranian people, and good for the world. of course around the globe we will continue to be confronted with nations who reject these lessons of history, places

where civil street and border disputes and sectarian wars bring about terrorist enclaves and humanitarian disasters. where order has completely broken down. we must act. but we will be stronger when we act together. in such efforts, the united states will always do our part. we will do so mindful the lessons of the past. not just the lessons of iraq but also the example of libya where we joined in international coalition under a un mandate to prevent a slaughter. even as we helped the libya people bring an end to a tyrant, our coalition could have and should have done more to fill a vacuum left behind. we're grateful to the united nations for its efforts to

forge a unity government. we will help any legitimate government as it works to bring the country together. but we also have to recognize that we must work more effectively in the future as an international community to build capacity for states that are in distress before they collapse. that's why we should celebrate the fact that later today, the united states will join with more than 50 countries to enlist new capabilities, infantry, intelligence, helicopters, hospitals, and tens of thousands of troops to strengthen united nations peace keeping. [clapping] >> these new capabilities can prevent lass killings and ensure that peace agreements are more than words on paper.

but we have to do it together. together. we must strengthen our collective capacity to establish security where order has broken down and support those who seek adjust and lasting peace. nowhere is our commitment to international order more tested than in syria. when a dictator slaughters tens of thousands of his own people, that is not just a matter of one nation's internal affairs. it brings human suffering on a magnitude that affects us all. likewise when a terrorist group beheads captives, slaughters innocent and women, that's not a single nation's national security problem, that's an assault on all of

our humanity. i've said before, and i will repeat. there is no room for accommodating a an apocket aapocalypsic cult, kel do so to make sure there's never a safe haven for terrorists who carry out these crimes and we have demonstrated over a relentless pursuit by al-qaeda, we will not be outlasted by extremists. but while military power is necessary, it is not sufficient to resolve the situation in syria. lasting stability can only take hold when the people of syria forge an agreement to live together peacefully. the united states is prepared to work with any nation, including russia and torino resolve the conflict.

but we must recognize that after so much bloodshed, after so much carnage, a return to the prewar status quo. let's remember how this started. assad reacted to peaceful protest by escalating repression and killing in turn created the environment for the current street. so assad and his allies can't pacify who have been brutalized, criminal weapons and indiscriminate bombing. yes, the compromise will be required to end the fighting and ultimately stamp out isis. but realism also requires a

managed transition away from assad into a new leader. and an inclusive government recognizes that there must be an end to this chaos so that the syrian people will be able to rebuild. we know that isil that emerged out of the war in iraq and syria, but also because of a poisonous ideology. so part of the our job together is to work to reject such extremism that affects too many of our young people. part of that effort must be a continued rejection by muslims of those who distort islam to preach intolerance and promote violence and also must involve a rejection of nonignorance that equates with islam and

terror. [clapping] >> this work will take time. there are no easy answers to syria and there are no simple answers to the changes that have taken place in which of the middle east& north africa. but so many families need help right now. they don't have time. that's why the as you say increasing the number of refugees who we welcome within our borders. that's why we will continue to be the largest donor of assistants to support those refugees and today we are launching new efforts to ensure that our people and our businesses, our universities can help as well. because in the faces of suffering families, our nation of immigrants sees ourselves.

of course in the old ways in thinking, the; am i right of powerless, the; am i right of refugees, the; am i right of the margin lives did not matter. today our concern for them is driven not just by conscious, but should also be driven by self interest. for helping people who have been pushed to the margins of our world is not mere charity. it is a matter of collective security. and the purpose of this institution is not merely to avoid conflict, it is to galvanize the collective action that makes life better on this planet. the commitments we've made to the sustainable development goal speaks to this truth. i believe capitalism has been the greater creator of wealth and opportunity the world has ever known. but from big cities to rural

villages around the world, that we know prosperity is still truly out of reach for too many. as his holiness pope francis reminds us, we are stronger when we value the least among these. and see them as equal in dignity to ourselves. and our sons and our daughters. we can roll back preventable disease and end hiv aids. we can stand out pe borders. that work may not be on television right now but as we demonstrated the spreading of ebola, it can save more lives than anything else we can do. together we can eradicate extreme poverty and erase areas to opportunity. and this requires commitment of our people so farmers feed more people, so entrepreneurs can start a business without paying a bribe, so young

people have the skills to be able to succeed they need in this modern knowledge-based economy. we can promote growth through trade that meets a higher standard and that's what we're doing through the transpacific partnership. a trade agreement that encompasses nearly 40% of the global economy. an agreement that will open markets while protecting the rights of workers and protecting the environment that enables development to be sustained. we can roll back the pollution that we put in our skies and pep economies lift people out of poverty without condemning our children to the ravages of an ever-warming climate. the same ingenuity that produced the industrial age and the computer age allows us to harness the potential of clean energy. no country can escape the ravages of climate change. there's no stronger sign of leadership than putting future

generations first. the united states will work with every nation that is willing to do its part so that we can come together to decisively confront this challenge. and finally. our vision for the future of this assembly, my belief in moving forward rather than backwards requires us to defend the democratic principles that allows society to succeed. let me start from a simple premise. catastrophes like what we are seeing in syria do not take place in i couldn't even see there's genuine democracy and the values that this institution is supposed to defed [clapping]

>> i recognize the democracy is going to take different forms in different parts of the world. the very idea of a people governing themselves depends upon government giving expression to their unique culture. their unique history, their unique experiences. but some universal are self-evident. no person wants to be i am prisoned for peaceful worship. no woman should ever be abused with impute eeyore a girl pardon from going to school. the freedom of that power without fear of arbitrary laws, these are not ideas of one country or culture. they are fundamental to human progress. they are a corner store of this institution.

i realize in a part of the world there's a different view. i hear it not only from america's advisories but also from some of our friends. i disagree. i believe a government suppresses peaceful dissent is not showing strength, it is showing weakness and fear. [clapping] >> history shows that regimes who fear their own people will eventually crumble. but strong institutions built on the consent of the government endure long after one individual is gone. that's why our strongest

leaders from george washington to nelson mandela have elevated the importance of building strong democratic institutions over a thirst for power. leaders who amend institutions to stay in office acknowledge that they failed to build a successful country for their people because none of us last forever. it tells us that power is something they claim to for its own sake rather than for the betterment of those that they purport to serve. i understand democracy is frustrating. democracy in the united states is certainly imperfect. at times it can be dysfunctional. but democracy, the constant struggle to extend rights to more of our people, to give more people a voice is what

allowed us to become the most powerful nation in the world. [clapping] it's not simply a matter of principle, it's not a distraction, democracy, inclusive democracy makes nations stronger. one can speech peacefully through the ballot. a country draws upon new ideas. media can inform the public, corruption and abuse are exposed and can be rooted out. when civil society thrives, communities can solve problems that governments cannot necessarily solve alone. when immigrants are welcomed, countries are more productive and more vibrant. when girls can go to school and pursue a job and get unlimited opportunity, that's when a country realizes its full potential

[clapping] >> that is what i believe is america's greatest strength. not everybody in america agrees with me. that's part of the democracy. i believe that the fact that you can walk the streets of this city right now and pass churches and synagogues and temples where people worship freedom. the fact that our nation of immigrants meres the diversity of the world, you can find everybody from anywhere right here in new york city. the fact that this country everybody can contribute, everybody can participate no matter who they are or what they look like or who they love. that's what makes us strong. and i believe that what is true for america is true for

virtually all democracies and that is no accident. we can be proud of our nations without defining ourselves an opposition to some other group. we can be patriotic without demonizing someone else, we can cherish our ethnicity without putting others down. our systems are premised on the notion that absolute power will corrupt. but the people, ordinary people are fundamentally good. they value family and friendship, faith, and the dignity of hard work. and with appropriate checks and balances, governments can reflect this goodness. i believe that it is the future we must seek together. to believe in the dignity of every individual. to believe we can bridge our

differences and choose corporation over conflict. that is not weans, that is strength. [clapping] it is a practical necessity in the world. think of the doctor who went door-to-door to search for ebola cases and to tell families what to do if they showed symptoms. think of the iranian shopkeeper who said after the nuclear deal god willing now we'll be able to offer many more goods at better prices. think of the americans who lowered the flag over our embassy in havana in 1961, the year i was born and returned this summer to raise that flag back up. [clapping]

one of these men said of the cuban people, we could do things for them and we can do things for us. we love them. for 50 years, we ignored that fact. think of the families leaving everything they've known behind. risking deserts and stormy waters just to find shelter. just to save their children. mon senior refugee who was greeted in hamberg with warm greetings said we feel there are still people who love other people. the people of our united nations are not as different as they are told. they can be made to fear.

they can be taught to hate. but they can also respond to hope. history is literate with the false empires who believes might always makes right and that won't continue to be the case, you can count on that. but we are called upon to offer a different type of leadership. leadership strong enough to recognize the nations share common interests and people share a common humanity and, yes, there are certain ideas and principles that are universal. that's what those who shaped the united nations 70 years ago understood. let us carry forward that faith into the future for it is the only way we can ensure that feature will be brighter

for my children and for yours. thank you very much. [clapping] stuart: a couple of points as the plaintiff wrapped up his speech there to the united nations. on the left of your screen, you'll see the president leaving the podium, that's the un, on the right of the screen you see the screen gathering to donald trump who is about momentarily to deliver the details on his tax plan. we'll bring you that speech when we get there. briefly wile recap what the president of the united states said. the major theme was inclusive democracy makes all countries stronger. within that overall framework he said capitalism is the greatest provider of wealth but in too many places, the poor are locked out. he went on to say we must not condemn our children to the ravages of climate change and america will work with everyone to confront this challenge in a paris meeting this year. i thought it was a strong speech actually. >> i thought it was strong too.

very strong on russia saying in the case of ukraine the sovereignty was flagrantly violated by russia and he said we cannot forget ukraine in their pursuit why they're looking to the west and not the tees help. stuart: he was strong on syria, he said the dictator, assad launched the attack on his own people. is that right? he said we cannot return to the status quo got to get rid of assad. >> slaughtered tens of thousands of its own, called it an apocalypsic colt, that was a way to describe them and we were expecting him to mention. >> he did have a reference on donald trump too. stuart: he did. the building of walls to keep immigrants out. >> is not the way to go. stuart: does not approve. on the left-hand side of your screen, there's the podium, you can just make out the words on it with two american flags on it. that's the podium in which donald trump detail his tax plan in more detail.

we kind of got a broad outline of what we think might be in that tax plan but never been really specific. we are promised specifics today. literally a couple of minutes from now. maybe donald trump waited for president obama to conclude his un speech before he -- i don't know. i'm not sure donald trump is that kind of guy. >> he's smart enough to know where the cameras are pointed and they weren't pointing him at that point. stuart: this is true. peter is with us, economics professor at a university in the united states, peter, what -- do you think that donald trump will come out with a growth plan today? not a popular attractive, political attractive plan but a growth plan. what are we going to get? >> well, as i see the outlines of his plan, i think it's a growth plan. i do need more details, for example, on the corporate tax lowers to 25%, is it going to be territorial? are we going to continue this nonsense of abroad taxing

income the way we do when it's earned abroad? the other things is houses. and he talks about eliminating some loopholes but it's likely not enough to permit the low rates that he described. now, if he can show us that it works, then i think we've got a growth plan on our hands. stuart: brit, i believe you're there in washington d.c., you're with us watching the donald trump thing that's about to pop on scene. you're the political guy here, i've labeled this that's likely to be a populous tax plan. what do you say? >> i agree with peter. i think it's the outlines of a growth plan, it has some populous in it that there's certain elements of the very rich that he plans to tax at a higher rate, which will make nobody in his -- among his followers cry very loud. and i think, you know, with the lowered tax rates, businesses and most

individuals, it does look like the outreasons of a supply side growth plan, and it may give mr. trump something to talk about beyond the sort of crude and insulting remarks he makes about his rivals that may help to do -- attract more mainstream republicans. this is the kind of tax plan from the look of it that you would look from a mainstream republican. stuart: there are some ideas lead looted in the wall street journal this morning. now here he comes. making his entry, i'm sure you can see this too. making his entry, the crowd is applauding. quite a spectacle, right there in the trump tower, in new york city. at the podium. we'll listen. >> wow. that's some group of people. so we're going to be discussing something so important for our country, for our economy, and for getting this all working again and working well again. it's a tax reform that i think

will make america strong and great again. too few americans are working, too many jobs are being shipped overseas and too many middle income families cannot make ends meet. this plan directly meets these challenges and the challenges also of business. it will provide major tax relief for middle income and for most other americans. there will be a major tax reduction. it will simplify the tax code. it will grow the american economy at a level that it hasn't seen for decades. and all of this does not add to our debt or our deficit but i'll also be discussing some

of that at the end because we have to make much better deals, we have to negotiate much harder, and we've got to make our economy strong. changes for individuals will be at levels that you haven't seen in a long time. we're going to cut the individual rates from seven brackets to four. simplification. 25%, 20%, 10%, and 0. if you're single and earn less than $25,000 per year or married and jointly earn less than 50,000 -- so very important. if you're single and earn less than 25,000 or married and earn less than jointly 50,000, you will not pay any income

tax. nothing. this eliminates very strongly and quickly the marriage penalty. very unfair penalty. it eliminates the amt, which is the alternative minimum tax. it ends the death tax for double taxation, a lot of families go through hell over the death tax. it reduces or eliminates most of the deductions and loopholes available to special interest and to the very rich, in other words, it's going to cost me a fortune, which is actually true. while preserving charitable giving and mortgage interest deductions, very importantly. it ends the current tax treatment of carried interest, those of the hedge fund folks that i've been talking about

for quite a while, they make a lot of money, carried interest. so it he understands the current tax treatment of interest for speculative partnerships that their promote businesses or create jobs and are not risking their own capital. changes for business. now, so important because it's all about business, it's all about jobs. we have 93 million people in this country that are in serious trouble that want to work, they can't work. so for business, no business of any size from a fortune 500 company to a mom and pop shop to a freelancer living from gig to gig will pay more than 15% of their business income in taxes. big reduction. a one-time deemed repatriation of cash held overseas at

significantly discount, that's coming back at a significantly discount 10%. so it comes back discounted at a 10% tax rate and he understands the deferral of taxes on corporate income earned abroad. now, it's called corporate inversion, it's a huge subject. i've been watching politicians now for years. all talk, no action, politicians. i've been watching them for years talking about bringing this money back. the number is probably $2.5 trillion. everybody agrees it should come back. republicans, democrats, everybody. they can't make a deal. they don't know how to make a deal. the reason countries aren't bringing it back is the taxes owners. it doesn't make sense to bring it back. and, in fact, many companies are leaving the united states, they're leaving our shores to

go and collect their money, they're going actually moving out of the united states for two reasons. the taxes are too high and because they have tremendous amounts of money that they can't bring back into this country when everybody wants them to bring it back in. it's called leadership. we will have that money brought back in. as an example, i have millions of dollars overseas, i can't bring it back into this country. we filed papers, we've been doing this for a year and a half. you can't get it back in. so the money stays in other countries and that's what happens. not good for us. the level of leadership that we need to get things like this done is so important. but this is something -- and i've been watching it for a long time -- everybody agrees to. we also reduce or eliminate some business loopholes, many of them actually, and

deductions made necessary or redundant by the new lower tax rate on business income. the tax rate is so low that a lot of these reductions are complicated and don't make sense and unfair are gone. and we phase in a reasonable cap on the deductibility of the business interest expense. so we are going to give you -- we have a very complex set of papers that actually if you know business is not so complex. and we're going to hand them out right now to the press. and i think you'll see. we have a -- an amazing code. it will be simple, it will be easy, it will be fair. it's graduated as you get up in income, you pay a little more. some of the very unfair deductions that certain people have been given who make a lot of money will not be available any longer. but i actually believe they'll do better because i think the

economy will grow. it will grow rapidly, and we'll have something very special. now, with all of that being said and before we take questions, we have to cut the costs of what's going on in this country. if you look at what we're doing and the money we're spending, i read where a washer -- what you know a washer is? nuts, bolts, washer. to send from one state to another, it was a 19-cent washer, and it cost 900 some odd thousand dollars to send it from here to there. and there are other examples, hammers that cost $800 that cost from the is to a tiny amount of money. we will run this country properly. there's so much money to be saved. we're reducing taxes but at the same time if i win, if i become president, we will be able to cut so much money.

and we won't be losing anything other than we'll be balancing budgets and getting them where they should be. so this is a plan that's simple, that's a major reduction, i think people are going to be very happy. we've already had some very good reviews. i did the plan where some of the leading scholars and economists and tax experts that there are in this country, they love it. they say whys has this been done before? and this is my wheelhouse, that's what i do well. the economy is what i do do well. whenever they do polls, i always come out way above everybody else on the economy. and our leadership, by the way, but i won't say that. so if anybody has -- wow. [clapping]

[cheers and applause] >> thank you that's amazing. that's some of the press was actually clapping. i never saw that. i don't think i've ever seen that before. why don't we take some questions from the press. yes, go ahead. no, i'm not going to do that yet. i have to get their approval. but we have some of the top people in the country worked on this. well, we're looking at a 3%, but we think it could be five or even six. we're going to have growth that's going to be tremendous. and, by the way, if we have more than three, these numbers are really spectacular. and one of the things that they don't take into account in any big-league fashion is the cutting. there's so much waste in government that i believe when i get in there, i'll be able to cut -- without losing anything -- to cut tremendous amounts off -- and we're not even showing anything for that. so they're very conservative numbers. yes? sarah. >> [inaudible]

>> yeah, my taxes will -- my taxes will -- first of all, i have a much simpler tax statement. it will be much simpler. when i do my return, it will be -- returns go up to the ceiling beyond. which is ridiculous. and you spend millions of dollars at a high level on lawyers, accountants and everything else, we want to simplify them to a tremendous level. the bracket of 25, the big difference is many of the loopholes and many of the deductions which are old or have been there for years and put there because a lot of people that get these deductions are contributed to hillary, they're contributing to bush, they're contributing for every candidate but trump because i'm not taking any money, i'm self funding. and these people want these deductions. there will be people -- we're reducing taxes, but believe me, there will be people in the very upper echelons that

won't be thrilled with this. we're taking away deductions and that's one of the reasons we're able to lower it so. >> this is actually a tax reduction. a big tax reduction. including for the upper income. i believe that the economy will do so well that even though they won't be getting certain deductions, which aren't fair for them to be getting, that they'll end up doing better. yes? go ahead. [away from microphone] >> i just think this is a common sense approach. we can say supply side, you could say is a different names given out for different kinds of reductions or increases. i don't think it's supply side or anything else. i think this is a common sense well thought out tax proposal that's going to trigger the economy, going to make

everybody go back and really want to work, it's going to create tremendous numbers of jobs. one of the other things that i'm coupling this with is if i become president, i'm going to renegotiate our trade deals. because our trade deals are not sustainable by this country. not sustainable. we cannot continue to let our jobs go to all of the different countries. there's not a country that we negotiate with that doesn't make a better deal. everybody. we lose with everybody everything. i'm also going to renegotiate some of our military cost because we protect south korea. we protect germany. we protect some of the wealthiest countries in the world. saudi arabia. we protect everybody. we protect everybody. and we don't get reimbursement. we lose on everything. we lose on everything. so we're going to negotiate and renegotiate trade deals, military deals, many other deals that's going to get the cost down for running our country very significantly. i'm not showing a big number

in that, but i believe that if i become president, those numbers are going to be massive. as an example, saudi arabia. they make a billion dollars a day. we protect them. so we need help. we're losing a tremendous amount of money on a yearly basis, and we owe $19 trillion. i used to say 18, for the last six, seven, eight, months, and now it's 19. it's only going up. yes, tom? >> well, senator rubio is a lightweight. we understand that. he wouldn't be able to do this. he wouldn't know a trade deal from any other deal and what certain people are trying to do are trying to take -- we just went up two points in the last poll and we continue to go up in bc poll i think we went from 26 to 29. we're going up very strongly in the polls. with it they don't know what to do about it. i built a great company, you'll see that in 60 minutes last night, i built a great

company, it's a phenomenal company with very little debt, tremendous cash flow, i'm funding my own campaign. guys like rubio, he desperately needs money, ask the car dealer in florida, ask the people that support him. and a guy like rubio and others, i don't want to single him out, you're singling him out, but they're largely controlled by their donors, the special interest and frankly more than anybody else the lobbiests. i've turned down millions and millions of dollars from lobbyists. and that seems to be resonating very strongly. yes? [clapping] >> thank you >> negotiate? sure i do i get bills from

people who negotiate. is that a bad thing? the country should do that. yeah, i would. i would pri that same attitude to the white house. she said i have a habit when you get a bill, you call up and negotiate. to me, that's a complement. no, i want to take that thinking to the white house. i bet you we could save 20% of our budget. i could even say more but we have to save a tremendous amount. that has to be the attitude our country has. you can't spend millions and millions of dollars on doing something that you can do for $2,000. you know, when you look at costs -- we just spent a million dollars building a soccer field. okay? a soccer field for our prisoners that happen to be in quain. okay? i don't like that. what do you need a million dollars for? level out the surface. what do you need to spend a million dollars? we just spent -- it's a story today. a million dollars on a soccer field?

how do you spend a million dollars on a soccer field? you have a level piece of land. throw them a ball, let them play soccer if they have to play at all. why are they playing soccer is my question. yes, sir? go ahead. >> no. it's too long. you don't have time. you don't have time. all right. go ahead. why don't you go ahead. >> no, not at all. we're lowering taxes, which republicans love, and i think one of the reasons i am doing so well in the polls and one of the reasons i'm doing so well when it comes to the economy in all polls is that this is the thinking. no, we're lowering taxes very substantially. supply, and getting rid of deductions that are actually obsolete that certain people want to keep for certain reasons.

so, no, that's not true. yes, sir, go ahead. >> [inaudible] >> well, putin was interviewed, and i was interviewed last night. i thought his interview, i thought charlie rose did a great job, scott pelley interviewed me. i thought scott was terrific. it was a tough interview, but i thought he was very fair. and i thought the piece was very good. yeah, go ahead. why is he harder on me than putin? >> yeah. >> i would say because putin is a nicer person than i am. [laughter] okay. go ahead. [clapping] >> right.

>> [inaudible] >> the worst in 36 years. okay. well, it's a good question, and you can connect the dots. but i guess it has been probably since '04, you know, you're talking about 10, 11, 12 years that people have been wanting to bring the money back into the country. and it's called corporate inversion and a lot of times the corporations are moving out and going to other countries. taking jobs. now we have a really big problem because we have serious companies, very large, very prestigious companies as you know, obviously you know something about business. but we have major companies looking to move out of the united states. you know, it used to be they would move from new york to florida, move from new jersey to texas. now they're talking about from moving to the united states to ireland and to england and to other places to spain where they get treated differently and frankly better. and they're doing that for a

number of and reasons one of the biggest reasons is taxes. one of the other reasons is to get all of this cash they've built up and they can't get back into our country. and when this money comes back into our country that everybody wants, it's going to be put to work in our country largely. it can go other places, but largely. and i think it will be an amazing boom. now, here's the other thing. they think it's $2.5 trillion. i think it's much more than that. i actually think it's going to be more money than that and, boy, if it's, we have hit pay dt >> [inaudible] >> well, you know when you win -- when you get the money coming back in beyond tremendous things happen. sarah, go ahead. >> well, i'll be announcing that in the not too distant future, but i will tell you. i've been honest.

i'm not the only one that's been honest about this thing. i watch romney and, oh, i pay so much tax. i watch all politicians and they say i fight like hell to pay as little as possible. can thei fight like hell always because it's an expense and, you know, i field -- i fight, i have the best lawyers and the best accountants, and i fight, and i pay. but it's an expense and frankly i would feel differently if this country were spending the money wisely instead of throwing it out the drain. our country spends our money so stupidly, and i will tell you that i can speak for myself, i pay a lot of tax, but i fight like they make it as low as possible. but i would feel a lot differently if our leadership was such that i respected the decisions. all you have to do is look at a list of the things that our

government is spending money money on right now. and you don't feel so good about our country. yes? well, i tell you what in terms of income inequality. we're going to create a lot of jobs. you know, right now we have a false 5.4, 5.3, 5.6, every month it's different. it is such a phony number because when people look and look and look and then they give up looking for a job, they're taking off the roll. so the number isn't reflective. i've seen numbers of 24%, i actually saw a number of 42% unemployment. 42%. and it could be. because when you're looking for a job, and you go around, and you look and you look and you fight, and you want to work, and you want to take care of your family and then you can't get the job and you know what i'm talking about because you're shaking your head and you can't get the job.

essentially for a statistical purposes, you're considered employed. so then i read every time it comes out, i hear 5.3% unemployment. that is the biggest joke there is in this country. that number is so false. and, you know, people and how come trump is doing so well and carson and others? how come -- you know why they're doing well? because people are tired of political speak. they're tired of that. and the worst example of it, one of the worst examples of it is the phony unemployment rate. the unemployment rate is probably 20% but i will tell you you have some great economists that will tell you it's 30, 32 and the highest i've heard so far is 42%. there's anger out there at the job picture. now, one other thing. with that being said, china, japan, mexico, brazil, these

countries are all taking our jobs like we're a bunch of babies. that will stop. people will treat us fairly if i become president. we are losing our jobs. we're losing our face, we're losing our manufacturing. all of that will stop. yeah, go ahead. well, this is number one in simplification. number two what i'm really doing is the big picture. corporations are going to start to have an incentive to create jobs, they're going to have an incentive also to stay in this country. they're going to -- well, if they provide bigger dividends, people are going to have more minimum money to spend. so that's not so bad either. if a corporation gives out a bigger dividend, that's great. mr. jones gives out a bigger dividend, he's going to have more money to spend in the economy so that's good. yes, ma'am?

should chris christy what? i know nothing about that. yeah, go ahead. >> [inaudible] >> no. i'm not a populous. i'm a man of great common sense, i'm a man that has built a tremendous company with the best locations in real estate, the best everything, you're here at one of them. i have many of these. i've done a great job, i've employed tens of thousands of people. i employ now thousands and thousands of people. i've done a good job. but i wouldn't say populous at all. i would say i'm a man of common sense. i'm cutting taxes, i'm going to create a lot of jobs, i'm going to get rid of a tremendous amount of waste, and i tell you what. the waste that i get rid of, the waste that i get rid of is going to have a huge impact, and i'm not even putting that in my numbers. so i think it's going to be terrific.

all right. how about one more question. go ahead. yes, the motor industry. that's a beautiful way of describing it. the motor industry. where are you from? england. what a beautiful accent. no, i want to get the industry -- we call it the automobile industry, but i want to get the automobile industry to build factories here. as you know ford is building a $2.5 billion factory in mexico, and tennessee thought they were going to get it and they didn't. i want the automobile companies to build their plants in the united states. i don't want them plea of guilty mexico or any place else. i want these companies not to leave chicago, not to leave michigan, not to leave new hampshire and iowa and south carolina and all of these places where they're

leaving and they're going to other countries. i want them to stay here, and they will stay here, and they'll be so happy. ladies and gentlemen, thank you very much. it's been a great honor. thank you. thank you. stuart: and, ladies and gentlemen, i -- we were all watching that all the way through quite a performance. >> yeah. stuart: in 30 minutes, and i've got to say that was reaganesque just in terms of the plan for business and individual tax rates. i'm going to start with -- the individual tax rates proposed by donald trump. first of all, he would have only four -- count them. four tax rates. 25%, 20%, 10%, and 0. in other words, the top tax rate for individuals, no matter what you earn is 25%. currently it's 39% going up to 43% with surtaxes on top pop so the top rate would be 25 than $25,000 a year, if you're a couple earning less than $50,000

a year, you would pay absolutely no income tax whatsoever. that is the zero tax bracket. no more estate tax, death tax, gone. alternative minimum tax, gone. absolutely gone. let's deal with that first. that is the individual tax rates which donald trump proposes. charlie gasparino, that is just like reagan. >> some of it is. a lot of right wing conservative economists will like this. point out facts here. people that make $25,000 a year -- stuart: don't pay anyway. >> that is gimmick. this type of plan, lowering rates, taking in loopholes, including carried interest deduction everyone gets. that sort of gimme to the hedge funds where they pay lower rate on some earnings. that has been called, called out to be zeroed out by everybody. everyone from jeb bush, who is presented same tax plan.

here is where it is different. he sold it. stuart: he sold the plan. >> sold it. stuart: grover nor norodom sihamoni questions is with us. you don't want any tax increases at anytime. you listened to donald trump, individual tax rates that is what you wanted to hear? >> absolutely. individual and corporate rates coming down. net tax cut. no tax increase. stuart: alternative minimum tax, gone, estate tax fon, you must be wildly enthusiastic. we around the table you said that was reaganesque. do you agree with that characterization? >> it is. also exactly in keeping where people like paul ryan are in the house. stuart: yep. >> somebody running for president could come up with an interesting idea that was so often away from congress is thinking. he took a lot of good ideas in congress and moved them down the quite away. the republican house and senate

would pass this bill tomorrow. stuart: grover, stay there. peter morici come back in, professor of economics. as donald trump plan just as you announced it for individual tax rates down like that, would we get four, 5, 6% growth, what do you think? >> 4. stuart: you get 4% growth is. >> if the thing is scored. think about what has happened the last, three, four years, with higher taxes rate of small business formation, young people becoming entrepreneurs has so on has tanked. it is just become too expensive to start a business from the point of taxes. this will take all that away. if you're a schedule c entrepreneur, an llc, this makes a lot of sense. i wish though he had stayed with taxes, not started talking about 40% unemployment rate. liberal press will grab that and run. stuart: you're quite right. dealt with individual stacks rates. what trump said about business taxes here is what he had to say. no business of any size at all,

doesn't matter what size of the business, maximum tax rate will be 15%. currently on major corporations it is around 35% plus state taxes. 15% will be top rate. one-time cut in the corporate tax rate for corporations that bring back money, which is currently parked overseas. it will be a 10% tax rate to bring that money back. he would also eliminate many loopholes and, basically eliminate a lot of deductions as well. that is the corporate tax plan. charlie. >> let's be clear here. i think peter just pointed out, he is speaking to the choir, preaching to the choir when he tells us about lower taxes, about free markets. we all believe in that. he will get eviscerated on couple things. that whole notion of 40% thing, as 40% unemployment as peter said. number two, he did not score it. we do not know who scored it. he did not put forth here are my three experts.

mitt romney had glenn hubbard, many, many others here is how my thing works. jeb bush i'm assuming has the same thing. i haven't read his in detail. donald will have issue with that. that is where the rubber meets the road with this. stuart: grover, i takes it you have no issue lowering corporate tax rate to 15% and special tax rate for bringing money overseas. >> 15% brings us competitive with singapore. this is a great idea. step in the right direction. should have done this 30 years ago. stuart: what about simplification where you eliminate deductions you need army of lawyers to get around them. what about that aspect? >> this simpler code. one piece that trump missed surprised me, other republicans have gone to full expensing, rather than long depreciation skied always. trump didn't do that in this plan. that is both pro-growth, reducing cost of capital investment but takes out hundreds and hundreds of pages

out of the tax code. stuart: back to you, peter. just strictly looking at his business tack proposes. again is that a growth proposals. >> i love it. it is a great proposal. i agree about the expensing but probably to make the plan work in terms of scoring. i just want to see it scored. because i think this is great package. we're finally starting to see the truth about donald trump. he says a lot of ridiculous and politically incorrect things, but let's face it, he is enormously successful at business thinking about these kinds of problems and we're starting to see him play his strengths. he was absolutely right. this is his wheelhouse. this is a wheel of growth. stuart: lauren is with us, lauren simonetti. i was watching your face throughout the trump presentation. >> i loved it. stuart: you liked it. >> i did. stuart: you're a young lady. about to have your first child. >> yes. stuart: you wealth come this? >> getting out of the amt would be very nice. stuart: who is laughing?

>> peter. stuart: why is that so funny getting out of the amt? >> because i have been nailed by it. >> we all have been. stuart: donald trump i think -- >> donald trump said what we've been -- economy what i do well. he get this is stuff. he pays millions of dollars every year for accountants and attorneys. his tax bill through the ceiling just getting it done. look, i come from experience. that is too much. we can't handle that. stuart: does he get more support? i think he does. >> it was well proposed people watched that, liked that. >> if he becomes an evangelist for this instead of a wall? i understand we have a immigration problem, but can you imagine he goes out there how i will make connie better, he can sell it. you can watch jeb bush sell almost identical plan, not totally identical, pretty close. watch ailed do it. he would be evangelical for

capitalism. stuart: grover norquist -- >> pro-growth capitalism. stuart: limited amount of time, grover, come back in please. anything you didn't like? >> no. some of the conversations last night about tariffs are a little bit odd but you don't need tariffs if you have a pro-growth, low-tax, policy domestically. stuart: peter, anything missed out that you would like to have seen in with these tax proposals. >> i'm the opposite of grover when it comes to trade and tariffs. i would like to give donald trump a two-by-four with a nail at the end to go negotiate with the chinese. they're not going to let our stuff in. i don't want to let their stuff in. if they're not going to let us own 100% of gm's invests over there they should be restricted to 49% here just like the gm is over there. it is time for equity in trade. stuart: grover, i just want to get back to you for one second because donald trump also said he would renegotiate trade deals. he would renegotiate military

deals view of cutting some spending there. grover, is that realistic? >> i think since, when you come to our overseas military bases that is completely realistic. those are agreements we did. laws and treaties on taxes are different. i want to take that two by four to go after the trial lawyers. they have been killing more jobs than anybody in japan. >> pretty sure he hates them too. stuart: grover norquist, where have you been all these years? >> forming an army. stuart: briefly, before we moving away from donald trump, look at dow jones industrial average now down 217 points. when trump started to do speak, we were down about 160. now we're down about 280. i really don't think there is connection. >> none at all. stuart: i like there to be connection. >> it is on imf will put out a report later today, again reducing their outlook for global growth. that is what is -- stuart: if we get donald trump in as president with those ideas maybe you get a -- >> got another year of this garbage at least. stuart: that is being technical.

goldman sachs moving lower after credit suisse lowered its price target significantly. look at that, bold man saks down -- goldman sachs down nearly 3%. look at apple. sold more than 13 million new i phones over the weekend. that is record. the stock is down a buck 43. intel is up today. it is a down day overall but it is up. we're told they have a faster chip or way of creating a faster chip, packing more stuff on to your little silicon waiver. -- waver. wafer. botox maker, allergan. cut its target price on the stock, that is down. price of oil. still in the mid 40s. price of $44 a barrel. regular gas up a fraction. 2.29 is your national average.

up next, of course more on trump's tax plan. we'll lay it out for you again after this. y honey. y honey. huh. the good news is my hypertension is gone. so why would you invest without checking brokercheck? check your broker with brokercheck.

the health care law gives us we're cracking down on medicare fraud. powerful tools to fight it. to investigate it. prosecute it. and stop criminals. our senior medicare patrol volunteers are teaching seniors across the country to stop, spot and report fraud. you can help. guard your medicare card. don't give out your card number over the phone. call to report any suspected fraud. we're cracking down on medicare fraud. let's make medicare stronger for all of us. >> i'm nicole petallides with your fox business brief. dow jones industrial average is down 209 points. off the lows. had been down close to 240 points. we're seeing plenty of red on the screen. dow, nasdaq, s&p. s&p down 32. down 1.6%. biotech index in particular.

in bear market territory. under pressure once again today. we're watching also some of the dow losers. it is a lot of losers. not only health care, energy, materials. just to name a view. goldman sachs, nike, weighing on dow jones industrial average. apple with record sales of iphone. alcoa announces it is splitting into two. whole foods cutting jobs. they will resort to strong revenue and past sales. dominoes going to refinance its debt. we want you to start your day on every day on fox business at 5:00 a.m. lauren simonetti and i kick it off.

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stuart: ladies and gentlemen, hope you were watching another remarkable performance from donald trump outlining his tax plan. i will give it to you real briefly. for individuals the top tax bracket would now be 25%. down from there to 20%, 10%s and zero. if you make up to 25,000 a year, single, no tax. up to $50,000 a year, as a couple, no tax. no estimated, i'm sorry no estate tax. no amt. that is for individuals. corporations, maximum tax rate, 15%, down from the current 35%. special one-time 10% tax rate on corporations bringing big money back from overseas back to america. guy benson is with us. i know he was watching that performance. i say, so does everybody else

around me, it was reaganesque. what says guy benson? >> well, stu, i have not been a huge fan of donald trump and critical what he was saying few weeks ago where he was taking potshots at hedge fund managers going after the way obama has. if he will eliminate special loopholes and deductions within a broader plan to lower rates, to flatten rates and put together a pro-growth proposal, then that would be a little more defensible. what we've seen at least very early here in this document that the trump campaign put out, this does seem like a pro-growth, lower tax, overall net tax cut proposal. i think it is actually in many ways quite similar to things and ideas we heard from other conservatives and republicans. stuart: exactly. it is very, very similar what we've heard from some other republican candidates. it was sold in a much more aggressive, dynamic and entertaining fashion. just for a second, guy, i know you heard this. want our viewers to see it

again. here is what he had to say about a million dollar soccer field for gitmo prisoners. watch this. >> we just spent a million dollars building a soccer field, okay, a soccer field, for our prisoners that happen to be in guantanamo, okay? i don't like that. what do you need a million dollars for? level out the surface. let them play, if they have to play at all, okay? what do you need to spend a million dollars? [applause] we just spent, a story today. a million dollars on soccer field? how do you spend million dollars doing soccer field. you have a level piece of land. throw them a ball if they want to play soccer. if they need to play at all. why are they playing soccer is my question? stuart: you have to admit, guy, the plan is selling a plan in better way than most other politicians. he is not a politician. >> what i think is interesting the way he selling this plan at least so far, he pumped prime

for weeks on the hedge funders, right? going after very rich saying they don't pay nearly enough. that gave people like me some heartburn. that is not what conservatives generally believe. but enthis, you look at his overall proposal he put out, it is quite conservative in nature but he has a lot of media focusing on hedge fund managers and carried interest and zeroing out of tax rate for a huge number of americans, towards the bottom of the income range. there are sort of these, he is hitting populist notes where people are focusing on sort of small elements of the plan and missing the bigger fact this is a massive pro-growth, i dare say, reaganesque task plan. stuart: you sound like you changed your mind. you sound like you're coming over a little bit? >> look, stuart, nice try. i'm an even-handed, fair-minded person and i've been fairly critical of donald trump and remain fairly critical on him on

range of issues when he puts something i think laudable talking about, i will come on your show. happy to do it. stuart: as i say, 31 million people who currently pay some federal income tax, would pay no federal income tax at all under the trump plan. now that is a selling point, is? it? last word to you. % >> it might be. i want to dig into those numbers a little bit more because as we already know there is a huge chunk of the american populace pays almost nothing or in fact make as profit so to speak off the irs. whether that 31 million includes new people already paying actual taxes, who will no longer pay any taxes i'm not sure. because for many millions of minutes, their effective tax rate is already zero or quote, unquote better. stuart: last point. i just want to show you, how trump likes british accents. roll tape. [laughter] >> the motor industry, where are you from?

england. i love, what a beautiful accent. no, i want to get the industry, we call it the automobile industry, but i want to get the automobile industry to build factories here. as you know ford is building a 2 1/2 billion dollar factory in mexico. mexico also took a big plant out of tennessee and tennessee thought they were boeing to get it and they didn't. i want the motor companies as you would say or the automobile companies, to build their plants in the united states. stuart: so we just had to get that in about the british accent. guy benson, thanks so much for being with us. >> shameless pander to varney and cap. stuart: we'll take it every day. by the way dow industrials at low of the day. we're down 226 points. the problem there is an imf report -- >> global economy slowing down more than they first estimated. stuart: got it. with that british accent you can say anything you like. more "varney" after this.

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politicians. i don't do that. i'm self-financing. that went down really well, didn't it? >> that is populist. he is saying what people are feeling whether on the right or left. by the way, grover norquist said this, this plan would pass in congress. stuart: it would. assuming you have republican house and republican senate after the november elections 2016. i think it would be pass. remember when ronald reagan walked into the white house, in january of 1981, the first thing he did was cut taxes. >> yep. stuart: it was in place within a few month. this sound like donald trump want to do exactly the same thing. >> making people feel good. that has huge ramifications. stuart: nobody had a bigger ile on his face than ashley webster. >> i thought he sold it and i think he will get more support because of it. stuart: watched it. that was not a dry, dull, dismal presentation of economic plan. >> it was personal for him because this is what he deals

with. stuart: yes. how many times did he say, i'm rich. i pay a fortune in taxes. i employ an army of lawyers and accountants and i still have to pay. i wouldn't mind paying all of it if it was spent properly. that is what everybody is saying. everybody is -- >> amen. stuart: amen to that. >> amen, brother. stuart: i'm getting carried away. dow is down 209, ladies and gentlemen. i have to tell you that. that was quite a presser as we say from donald trump. more "varney" after this.

stuart: i have to tell you the dow jones industrial average is down 219 points. it is quite a three-hour show, has it not? a strong speech from president obama to the night united nations and then the trump press conference which set the world on fire. did it not, ladies and gentlemen? >> it did. we're all smiling. stuart: i thought it was ronald reagan part two, or whatever. >> you should tell him what you told us.

with this tax plan you will work until you're 80. stuart: okay. he is right there. neil cavuto, i did say, i don't think you heard this, but i did say with a tax plan like that, i will work to i'm 80. how about you? neil: that surprises me. i thought you were 80 now. >> oh. stuart: very good. neil: i'm kidding. you set me up. stuart, that trump speech was so great we'll rerun it. it was so phenomenal. it was like tv magic. thank you, my friends. stuart varney is not 80. he is 79. wall and broad a major selloff going on despite donald trump. but he did say if his economic plan came into effect we would be off to the races. down 223 points. china very big reason for that. renewed indications their factory sector is slowing down fast. if you believe the numbers coming out of there. be that as it may they're selling and asking questions later. but it is the donald trump tax plan getting a l