whole foods. the best is haagen-dazs ice cream and cheerios, two things i can't live without. >> i like the food, what do you think about the stock? >> i think there's going to be food deflation going forward that's going to hurt margins. i don't like the idea. >> david asman on next. >> to be a prosperous nation, it's also critical that we lower the crushing tax burden on our workers and on our businesses. the united states has the highest tax rate on business anywhere in the world and we want to bring it down to one of the lowest because we want more growth, more jobs, and higher pay and that's what's going to happ happen. david: president trump making his case this week again for tax reform. this, as senate democrats also this week outlined their

conditions for a bipartisan plan. but someone here says americans are better off if the republicans don't work with democrats on this one. are they right or wrong? i'm david asman. steve forbes, elizabeth macdonald, john tamny and we're proud to welcome jessica. >> thanks for having me. david: the democrats are coming out with the same formulas of taking more money away from the private sector and giving it to the government. is there room in that formula for compromise? >> absolutely not, david. this is a waste of time. the democrats just want the old redistribution, soak the rich, transfer payment philosophy. the only way they're going to compromise when they did 30 years ago after ronald reagan thrashed them in the 1984 elections on the tax issue and democrats came back on the tax bill. right now the republicans have to go on their own and when you lower the burden on people you get more growth, more jobs, more opportunity. david: jessica, we can put up

on the screen the terms that the democrats laid out. the tax reform conditions. among them is don't cut taxes for the wealthiest 1%. it's not that i'm standing up for the 1%, but i just want to point out the top 1% paid 40%, just about 40% of all the income tax. isn't there a limit to how much you can tax these people? >> well, not if you're bernie sanders. if you're a sane democrat there is a limit. david: you're not in favor of the can conditions? >> i'm not in favor and putting out the conditions and say there are no conditions past this. and steve is contract they like the redistribution model. looking ahead and thinking of 2018 and 2020 when we know the american public was promised tax cuts and they want them we need to deal with republicans on this that we need a stamp on the bill. david: john, there's so much talk how much we need bipartisan, but maybe there's

some areas where you shouldn't have bipartisan agreement, where one side is wrong and the other side is right? >> well, to paraphrase our former president in barack obama, elections have consequences. what a grave mistake then for the republicans to embrace the democrats on the way it a bipartisan bill. we can almost be assured that such a bill would do little to nothing to reduce the tax burden on the american people. if there were ever a time for them to assert their majority loudly, it's now to reduce the penalties on working investment as much as possible. that does not involve the democrats. david: e-mack, when you go back to what happened during the reagan era, he had across the board tax cuts, rich and poor. look what happened the poorest 20% did just about as well as the richest 20%, so, it works for both the poor and the rich. >> yeah, look at the numbers, the double digits for the poor, their income going up and federal tax revenue going up by 20%. the democrat party was never like this.

i come from a long line of democrats in my family, reagan-- my mother was a reagan democrat, which the democrats have failed to realize right now, they've gone off the deep end, by the way. 90% of all businesses in this country, according to irs data are regular personal income tax rate. david: that includes a lot of small businesses. >> so that's businesses will get slammed by the likes of bernie sanders and the you didn't build that crowd. why did those numbers go up under reagan? because jobs were created. david: and bill, my dad also has a reagan democrat and he was convinced in the end that the democratic formula didn't work, but reagan's formula did. >> i'm pretty sympathetic to john tamny of shrinking the government, but the democrats on important tax issues. i don't think that millionaires need tax cuts in order to get motivated to get out of the bed in the morning. if you want to stimulate the

economy, give targeted tax breaks to the working poor and to their employers. david: and we haven't convinced that all groups rise with across the board tax cuts. there is a vacuum. what democrats have done is a favor to republicans lie laying out an unworkable manifesto, if you will, of tax cuts. they give room for the president to do what reagan did, which is go directly to the people back in 1981 when he outlined his tax cuts, a lot of people didn't like it the same reason that dems don't like it this time. here is a little sound bite what he said to the american people in a prime time address, take a listen. >> are you entitled to the fruits of your own labor or does government have some presumptive right to spend and spend and spend? >> steve, if trump did that now, doesn't that message still resonate with the american people? >> oh, absolutely, david. the american people know they're overtaxed, everything from estate taxes, sales taxes, social security taxes, income taxes. they've had enough and that's

why the republicans made a huge mistake not leading with big tax cuts. that's what they should do now to get this economy moving. by golly, a lot of the other political problems for trump fade away. david: jessica, we keep going to the past. let's go to the millennial generation. >> here we are. david: you're a part of. the fact is that if you ask young people who could do better with their cash, is it the silicon valley folks? is it mark zuckerberg or government bureaucrats? i think they see things the same way that reagan does in that regard, don't you? >> i'm not sure completely. millennials don't talk that much about ronald reagan. david: hold on a second, wait, wait. specifically, if you were to put money in the hands of the entrepreneurs, the young entrepreneurs, or in the hands of government bureaucrats. >> i think-- >> who do you think would do better with that cash. >> i think they would say they themselves or the entrepreneurs representing our generation are saying. david: that's what reagan was saying. >> there have been democrats

who have done exceptionally as well. and donald trump, voters, his core base think that the millionaires and billionaires get to keep too much of their money, so it's not just-- >> well, john, no, i think it's a republican problem, john, more than democrat. because we know what the democrats stand for, they reiterated that this week. republicans have to come out and clearly say what they are stand for as opposed to the private sector. >> it should be with freedom and i reject the notion that it's not about motivating millionaires. that's not the point. the rich by virtue of being rich have excess funds that they don't consume. that's how businesses are formed. there are no businesses, no jobs without investment and savings. so when you cut the taxes on the rich, you free up capital that lifts up the boats of everyone. david: i understand that bernie got a lot of votes from young

people, he generated votes, but when you put it to young folks that way, we know how bureaucrats spend their money and do things that don't work and we know that how mark zuckerberg and young prunes in the country do tremendous worth and amazing wealth. in whose hands would you prefer to have the money? >> mark zuckerberg. bernie sanders talks about millionaires and billionaires, this week we saw retirement accounts for all political stripes go up. >> ra's are in six figures because of booming capitalism. and the problem right now, the american people are fundamentally honest, they've got integrity, they want to do right and they want to do, i think, good. the income tax codes makes more liars in people than golf. the deduction has more fiction writing, it's immoral what the tax system is doing to the american people. david: i think you've got to point. we'll leave it at that.

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david: more health insurers announcing that more double-digit health premiums hikes are coming, but not for congressman because congress and their staff get an obama subsidy. the federal government is threatening to put an end to this. quote, if obamacare is hurting people, and it is, why shouldn't it hurt the insurance companies and why should congress not be paying what the public pays? john, you say it's another bad example of congress creating rules that it doesn't have to life by. >> it's laws that they foist on the american people. it's a waste of time, as though it legitimizes all the things

that government does. rather than focus on what's small, let's focus on a $4 trillion dollar government, not on something so little. david: it's like whack-a-mole, it benefits one and then it seems impossible to stop, but can we? >> i think that president should make congress eat their own cooking. i disagree with john, it would start a sterno thing. david: keeping the cooking thing going. >> yeah, to go ahead and fix the law. it's astonishing that they write a law that americans lose their coverage, lose their doctors, but they keep their coverage, that's funded by taxpayers, something is not right there. david: steve, what about that, an executive order to try to stop this. >> probably unconstitutional, the executive branch interfering with the legislative branch. what's better is transparency, what they get in salary, the

cost of free gym and sauna, and parking at airport, retirement plan, off 239 days a year and put that online with a dollar cost and have it up on the websites, you'd get a reaction. >> quickly, it was unconstitutional when president obama said opm, you can treat congress like small businesses. they went and did an end run around the procedures there, obama did. david: besides the perks there, pill bill, they violate laws we couldn't get away with. we mentioned the one obamacare, a 72% subsidy and they're able to trade stocks in ways we would be arrested for doing, right? >> the 27th amendment says that pay raises for congress can't take effect until after the next election. following that logic, i would like to add the following words, the aforesaid bums cannot exempt themselves from general legislation. david: that pretty easy. seems to be easy. jessica, we should mention, this

is not just democrats, it's republican and democrats. >> congress. david: congress woman pelosi took advantage, apparently, her family did of inside information led them to-- and. >> tom price, and-- >> there's a picture of him. >> thank you people who put that up. david: it's on both sides. >> it's on both sides. david: can you stop it? >> it absolutely should stop. i'm not sure the procedure to do this, but this is exactly why donald trump won this election. this is the swampy stuff. as everyone knows, i did not vote for donald trump myself, but i understand when you look at those congressional approval ratings and you see the statistics, 86% of americans say congress doesn't understand my needs. they don't understand people like me. it's because they do things like this. and it's got to stop. people want to restore trust in government. if we want a better relationship with our legislators. david: john, i know you think this is going to happen no

matter what laws congress places, and cut government. to go over history, in 2010 when obamacare was signed in that's when they decided congress with, little halos around their head we're going to abide by the same laws as obamacare and they got pushback by the staff and president obama through a fund he controls, okay, i'll give you 72% subsidy. it's egregious, can't we take this one and wipe it out? >> it's completely egregious. it's a symptom of problems with government. we can go after the little things, but distracts us from the big thing, the $4 trillion government. that's the big thing, but this is small. >> again, i think that congress should live under the laws that they write. you're right, that's why the president should do an executive order and wipe away what obama did giving congress exception from obamacare and every democrat and republican, if they never run a business spend a year off running a business under the laws that they write

and see how they survive. david: i love that rule. steve, as i mentioned before, president obama is the one who gave the subsidy out to congress people after they said they weren't going to take it and because it was under his presidential authority, would nt that make it easy for this president to just wipe it out? >> yeah, he could probably say it's unconstitutional and do it and get challenged in the courts. david, no member of congress, i don't think, filed a lawsuit against obama when he did that and run. that tells you all you need to know. david: bill, i would love to see congressmen, if it was taken to court, i'd love to see congressman stand up to their rights to have a 72% subsidy that no other american has. >> it only took 202 years to get the 27th amendment limiting

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>> the shocking video top opposition leaders in venezuela were taken into custody during overnight raids this week. this as new worries that russia is looking to take advantage of the escalating crisis there. you say we here in america should be very worried. explain. >> well, we saw in afghanistan what happened in 2001, david, when terrorists had a haven. venezuela is becoming a haven, a virtual colony of cuba which means russia as well. so for terrorism, for drug trafficking, all the things we want to get rid of, they're going to be a haven for us. we've got to do something now to help the opposition. david: john, what do you think? >> i don't think we should care what the legendaryment, russians

are doing. david: should we worry about their incompetence? >> no for the election and across the world, vladimir putin has a vested interested in being involved in chaos all over the world, north korea, venezuela, syria. anything that we can do to limit his power and reach and influence is important and vladimir putin is a much bigger risk. david: bill, it does appear that russia is making moves down there business-wise. venezuela has cut oil supply to citgo here, they're owned by them and venezuela is making inroads. >> i feel sorry for vladimir putin because he's going to

waste his hard-earned money propping up a basket case. david: the gdp has lost, liz, 35% in the past couple of years. >> russia could own half of citgo via loan collateral. russia style mafioso behavior is what they're worried about. and there's worry that hezbollah and mideast miscreants could be pouring into venezuela because of the vice-president of venezuela. david: right. rubber stamping passports. >> to john's point we don't want nation building. we've seen how that works out, but there's a strong opposition in venezuela. we could provide them with support similar to eastern europe when soviet union was alive. and that could change the cold war. >> back in the days when i was

with radio-free europe, it worked. and the world has a lot of bad people, they're not going to leave us alone. these people want to terrorize the world and control the world and you start undermining latin american nations again, cuba always wanted venezuela for a prop for that. and what we should have done with afghanistan, pay the price, let's not do that again. david: a majority of americans say they've had more success with their finances than their love life.

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>> from your first sunrise to the sunset of life, we are with you through life's journey. social security: securing today and tomorrow. visit socialsecurity.gov >> this video produced at u.s. taxpayer expense. . >> >> we're back with the stocks you're going to fall in love with. applied materials, why e-mack. >> look at the growth, up about 45%, growth margin. wall streeters like this one. >>. david: bill do you like it? >> the only reason i'm not selling this is because i have

to pay taxes. david: you like airline hawaii. >> a good stock and second honeymoon. david: e-mack. >> i would never invest in an airline. david: e monday, good night from new york. >> fox business headquarters new york city, new "wall street journal" week. >> welcome to "wall street week." i am maria bartiromo. coming up, our special guest this weekend, leon panetta, held titles of defense secretary, cia director and white house chief of staff, we have a lot to discuss with mr. panetta. do stay with us. but first what a week on wall street, some big headlines, impacting efs from wall street to main street, dow jones breaking through 22,000 mark on wednesday. dow now up better than 20% since election day, markets overall