points. s&p clinging to slight gains. [closing bell rings]. we're handing it over. getting apple earnings after the bell. that is it for the claman countdown for a busy thursday. join me tomorrow. we may have much more fun. melissa: dow ending the day with a new record close, up 79 points. almost 80 there, 23,514, after republicans revealed tax plan and president's nomination after new fed chair. nasdaq, s&p fighting for gains. doesn't look like the nasdaq will make it. i'm melissa francis. david: nasdaq is in the red. dow is a record. i'm david asman this. is "after the bell." more on major market movers. here is what else we're covering for you. a very busy hour straight ahead. historic day for tax reform. house republicans rolling out the plan to overhaul the nation's tax code, claiming the

bill will energize businesses, giving a average family of four 1200 bucks with a tax cut. not everybody is on board. president trump making his choice, announcing the pick to lead the federal reserve at the white house moments ago. is he just janet yellen with a tie? or is he going to remake the fed? the biggest names in technology continue, to fuel the market rally. apple is reporting profits this hour and it is expected to be another blockbuster quarter. numbers that will move stock prices tomorrow in just moments. among our guests, republican congressman, mike kelly, member of tax writing house ways and means committee. he met with the president a few hours ago. grover norquist, mr. tax cut, americans for tax reform president, is is he for or against? lance ulanoff from mashable who will give us a sneak-peek at the new iphone x before it hits

stores tomorrow. melissa: filing your taxes on single piece of paper. president trump promising to simplify the tax code and give you a huge cut before christmas. adam shapiro with details on the gop plans. break it down for us, adam. reporter: let's jump right into it, melissa, what the average american family can expect. these are rates and income brackets for married couples. up to $90,000, 12%. that is the tax rate. up to $260,000, the tax rate is 25%. up to one million dollars, 35%. and if you're fortunate enough to have combined income over a million dollars, 39.6%. remember the standard deduction for married couple, doubled $24,000. for individual, it will be $12,000. here is what president trump said about moving forward. >> a lot of good things are happening but this is the final element. tax cuts and tax reform. it is an honor to work with my

fellow republicans. i think we'll have democrat support. i think it will be veries, very hard for them not to support it. reporter: so the president is optimistic for some democrats to come on board. democrats were criticizing the plan. minority leader in the senate, chuck schumer, said this is a giveaway to the rich. take a listen. >> republicans know the more the bill is exposed out there, the less people like it. in short the bill is like a fish. if it stays out in the sunlight too long, it stinks. reporter: melissa, david they like to joke, bills that pass in the house to die in the senate. this isn't going to die. the senate understands how important it is to get this done. again president is promising, congress is trying to get this done before the first of next year. melissa: schumer had written his little clip there. david: do you think? do you think? melissa: adam, thank you. david: he is 100% scripted. that guy is always scripted.

back to the markets though. investors were waiting on tax cuts. now that they read the plan they are sell is greating. the dow hitting the 55th record close under president trump. nicole petallides on floor of new york stock exchange. you see hesitation. we're waiting. we're waiting. now we read it, it ain't that bad, right? >> not that bad at all. goes into four brackets. for most people certainly beneficial to them. they will have more money in their pocket. the dow moves to record high as you noted, the 55th under president trump. the 72nd for the dow since election day, today finishing up 81 points. look at some of the move verse. we had a market moving back and forth. we had a lot to digest, new tax plan, new federal reserve chairman, powell. look at at&t, time warner. we saw the names under pressure, at&t hit a new low. time warner was down about 4%. had been halted earlier the off

the earlier lows of the day. this was due to be $85 billion merger. announced last october in 2016. latest news was all about the department of justice and that they were considering antitrust lawsuit against at&t acquisition of time warner. that spooked markets a little. overall decision that its delayed until end of november. it is finished down. a record day on wall street. david. david: a question whether time warner will spin off cnn we'll see about that thank you, nicole. good to see you. melissa. melissa: here is republican pennsylvania congressman mike kelly. he is a member of the tax-writing house ways and means committee. what is your reaction to what chuck schumer had to say about the bill? >> that is pretty much standard for mr. schumer. i would hope our friend on other side would realize we're all the united states of america. not the divided states of america. this rhetoric doesn't help. they should look at it seriously we're talking about same people. i don't care how they're

registered or how they vote they're hard-working american taxpayers. that is where our heart and direction should be making sure they keep more of your own money. melissa: keep your own money. you're shifts one pot from one to the other. making it revenue neutral, means you will correct the tax somewhere and take that productivity out of the economy and give it to the government. why not shrink the size of government? >> you know -- government you have to address spending issue which is big issue. melissa: exactly. >> we're not doing that right now. what we're looking strictly right now is revenue-raising part of the government. i agree with you, because we're chasing a rabbit that will be hard to catch if we don't get spending under control. today effort was to make sure hard-working american tax payers, middle income people and low income people get to keep more of their own money. that is basic. we'll compete globally incredibly important for our corporations. but for individuals, that is what they want to do. they get up to go to work at end of the day they keep more of their own money.

melissa: reality of what you said. low income people don't pay federal tax. the peel that pay tax are wealthiest. you kept the top bracket the same. even if you have no sympathy for whatsoever, it is still money they would spend, versus money that goes to washington and is not productive. it gets lost down that rabbit hole of government? >> look, we have responsibility to address the other side, spending. i agree with you on that. today wasn't about that today was about taxes and -- melissa: seem like it is never about that though. when it be about spending less? >> if it were up to me we would tackled that right away. it is not up to me entirely. 435 in the house, 100 in the senate, most important person sitting in the white house, president of the united states will be a key driver. this guy has high energy and with such is regard for everyday folks. that is the way we go. i expect to see that happen pretty soon again today was not about that today was about a tax code been so complicated for so long. melissa: yeah. >> we waste so much money and so

much time preparing it. we want to make it more simple forever -day taxpayers. but again, we have to be globally competitive. we can not be in a world so competitive with the highest tax rates and think somehow our businesses will stay here and we'll not lose jobs overseas. that is pretty basic. melissa: what are the odds that this gets over the finish line on scale of one to 10? what do you think is likelihood? no you always want a one to 10. melissa: i do. i love numbers. >> here is what i think. so do i. i hope it is 11 because something long overdue and we want to get there. listen if it is up to me, let's go for it. make sure it gets there. we do have in the white house, what energetic and high energy president we have. i have so much confidence that he will lead us through this whole difficult area. you know how complicated this is. it is very difficult. we have strong leadership at top. we'll push that way. my message to everybody in america, this is great day for you, this is three decades since we talked about actually lowering your taxes, cutting

your taxes. just don't hear that too often except in campaign speeches and once the election is over. people forget about it. we didn't forget about it. we put it for front, up front. melissa: does final version look like this or first to go? people from expensive states are crying, throwing themselves on the ground. >> we will try to accommodate people where we can but we can't accommodate everybody. some people will be happy. some people will be very happy. but you will not please everybody all the time with this. it is just impossible. we're trying our best. melissa: congressman, you are very cheerful. we appreciate that. you're a ray of sunshine. >> we have to be upbeat. melissa: an 11, i love that. did you hear that? he gave 11. thanks for coming on. david: he is is ex-car salesman. he knows how to sell things. breaking news, cbs reporting third quarter results. let's go back to nicole with numbers. how does it look? >> it hit a low during trading. this is good news to see up

arrows. a miss on revenues. they had more subscribers at cbs and showtime than a year ago. digital platforms. big picture, eps, flat at moment. hit a low today. that wasn't particularly good. david: of course if time warner cnn, cbs may be buying. melissa: all right. upcoming battle on the gop tax plan, there is no margin for error. all the details are out. there are still a long row ahead. latest response from the white house. david: grover norquist from americans for tax reform is here to try to convince reluctant republicans that this tax bill, while not perfect is enough to put the economy on supercharge.

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melissa: president trump wrapping up a news conference in the rose garden, nominating current fed governor jerome powell to be the next chairman of the central bank. fox business's blake burman at the white house with the latest on a very busy day, blake. reporter: pretty remarkable that the president nominate ad fed chair today, melissa. that may be the second biggest story. on taxes the white house feels very relieved what the house ways and means committee produced today. the president had two red lines on taxes, middle class relief and corporate relief. they think the house ways and

means committee checked both of the boxes. there is the realization this is beginning of a process. there is still much more work to do. speaking earlier sitting alongside kevin brady and paul ryan. president trump says he wants the house to pass a bill within the next few weeks. >> secretary mnuchin, director cohn, and my entire economic team will be remain totally focused on tax reform. we'll continue to work closely with all of you. we'll be with all the way, 100%. i want to also have a bill on my desk, hopefully, kevin by thanksgiving. reporter: the president also rolled out his fed chair nomination, that is of course jerome powell, current fed board governor. senior while house officials say one thick drew this president, businessman by practice, to powell was his private sector experience. powell deviates from his predecessors in the fact that he does not hold a phd. but powell said, in come very brief remarks in rose garden,

that the economy made significant gains since financial crisis and he made this vow right here, listen. >> i will continue to work with my colleagues to make sure the federal reserve remains vigilant and prepared to respond to changes in markets and evolving risks. reporter: the president also commended outgoing fed chair janet yellen today, calling her, quote, a spectacular woman. powell put a statement -- yellen put out a statement. i'm confident of his ability to carry out the vital public mission of the federal reserve. i'm committed to working with him to insure a smooth transition. medical list, back to you. melissa: i'm sure everyone did a deep dive into powell's background and read the tea leaves, everything that came before. what the is impression? how much more hawkish than janet yellen? what are differences? what are they saying?

reporter: president trump said he wanted to make his own mark in comments on a interview on fox business. he makes his own mark by choosing jerome powell. but then again, powell didn't deviate much from janet yellen. a lot of people say this keeps the ship sailing in the same direction. melissa. melissa: i like john taylor. blake, thank you. david: janet yellen with a tie. >> i heard that earlier. david: looking out for american taxpayers. how the gop tax plan impacts you and your very hard-earned cash. we have details coming up also. also a timeline for tax reform. very important, can it get done by this year? the president promises it will. gop lawmakers, can they get it done? texas congressman louie gmert speaks his mind. he haseen relucta about the tax bill. very anxious whether he likes what he sees now. melissa: yeah. david: he's next.

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>> the incredible plan to cut taxes. it is reform and lots of other things but we're cutting taxes it will be the biggest tax cut in our history. david: the big plan has been revealed. the gop releasing much anticipated tax bill today. here is texas congressman louie gohmert, always a rebel. he always does things the way he sees it. not necessarily the way the public wants to be. what do you think, what are your first impressions? >> my first impressions this is a good effort. there is nobody going to pay more tax for the same income. so you know, now we have gotten the brackets and know what's what. i was concerned, asked about the earned income child tax credit. that has been a way of actually paying people welfare. they got back more than they earned, and got it back with just a taxpayer i.d. in the past. well now, you have to have a

social security number, not a tax i.d. your children each have to have legitimate social security numbers so you can get that. that has not been required in the past. david: but, louie, you and i talked in the past how we're fans of the flat tax. >> yes, we are. david: everybody pays the same%. you pay a lot more if you make a lot more. this is fair. this is a long way from that. >> it is, a long way from there. but still improvement. and i will vote for improvement for sure. david: but bottom line, this is a bill you would vote for? >> yeah. unless there is some, poison pill that we haven't found yet. i'm kind of laughing, because my dear friend kevin brady is standing right beside me. i was asking kevin, very serious questions this morning. as i turned around, dave brat, said the truth-seeker, you were asking questions got to the truth. now we know about a number of things and they were all good

answers, answers that i needed to know before i could feel good about it. i think they have done a lot of work. with all of the different pulling they had from different directions, i know its with a thankless effort, but, it will be a tax cut. it will help the middle class. it will create more jobs. and you know. for example, the corporate tax. >> right. >> it is one of the most insidious taxes there is. david: absolutely. we had highest rate in the industrial world. no question. that is coming down. >> steve moore, loves my description. it is highest tariff any country puts on its own goods. >> that's right. >> if you take the 35% all away, imagine how competitive we would be in the global market? at least getting it down to 20, i would love to see the s corp, c-corps at same rate. both are improvements, 20 and 25. david: i saw my budly bill hemmer. he put down a bet. wondering whether we'll see the

thing passed because of all high-taxed states and republican congressman there in new york and california who are against it, because it takes away some of their constituents dedubs. you have kevin right next to you. what do you think? what have you heard about that? will that be a stickler that prevents this thing from getting passed in. >> no, i don't think it will be. you will have product taxes deductible. but i think in the end, because of the help, it is going to be to businesses, for heaven's sake, new york, california, companies have been running from those states. they need to get business back. and if they know the corporate rate is going to be dropped that far, there will be businesses that will stay, businesses that will come there. so i think in the end they will have to rote forfeit they want business to come back to their states. david: so you think that even discounting all of the republicans in new york and connecticut and new jersey and california, you will still pass i, quickly?

>> well, i never make any guarranties around this town. old saying, more cynical you get it is never enough to catch up but i think we should still be able to get votes and get this passed. the country has got to have relief. we didn't give it to them on obamacare. we still hope to do that. but, you know, we got to do it now on tax reform. we really don't have a choice. david: louie gohmert, always a pleasure to see you, sir. thank you for coming in. >> thank you. >> appreciate it. melissa: big tax reform repeal is behind us. now it is time to get it passed. how confident are republicans in congress they can get the job done? don't worry, we're on the case. david: apple reporting earnings any moment. with it we have a sneak-peek of the iphone 10 you heard about. melissa: oh. david: all-star panel is next. how the gop tax plan could affect apple's bottom line big time, we're talking a quarter of a trillion dollars! ♪

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>> literally apple will release earnings for the fourth quarter any second now. five tech stocks are mostly responsible for those gains. apple being one of them, along with facebook, microsoft, amazon and alphabet. here is now kevin kelly, recon capital cio, shanna glazer,

chief scout, and lance ulanoff, favorite mashable editor-at-large. kevin, what are they looking for right now. sometimes they look for breakout numbers before they invest again. >> investors are looking for 50.5 billion in revenue. that is 7.8% up since last reporting of the focus actually will be on their services. that is really the next leg of growth, especially lends support to their margins. so operating margins need to be 37 1/2, 38%. people will focus on i-10, x, read through, and there are key component shortages anticipated but that is not having impact on revenue guidance numbers investors are looking for. david: shanna, we have a sneak-peek in a moment. melissa will share with you the actual phone that will be released but the key iphone x, what should eninvestors look

for? are there other revenue streams we need to look at quickly. >> we need the china market. david: shanna, forgive me interrupting. we have the numbers. nicole, give it to us. >> another beat. they beat eight quarters in a row of the topped earnings per share. revenue 84, 87, let's take a look at that. i'm sorry, 52.6. so that is also a beat. the stock is up 2.3%. so apple a beat on the top and bottom lines. they're also talking about the demand for the iphone. cfo is saying he down know when the iphone x supply and demand will actually meet. they are happy with the ramp up of the iphone x production and it continues to grow every week. big picture we're seeing it to the upside right now. we'll delve into the numbers, what they scale about the 10. it is about forward guidance. we'll get that as well.

david: not bad. melissa, go ahead. melissa: kevin, give me the reaction. that is a beat. >> most important number we focused on so this is really good for them. we'll have to see the read-through on the ipad sales as well as the iwatch. guess what? it has gone cellular. see how sales have gone. melissa: shanna. >> i echo what kevin said. there are other category, which is huge amount of revenue for them, billions and billions of dollars. see how the iwatch has impacted that. and then yes, ipad came out, the pro. is it really replaced. melissa: ipad up 14%. lance, i see you drilling down numbers on your iphone which seems very appropriate. what do you think of ipad sales, up 14%. everything else you're looking at on tiny screen? >> everything looks good. ipad pro, 7.5-inch device is well-received. they don't have breakout for

apple watch. they never do. don't know what is happening. they sold, what is it 41 million units on the iphone. some of that is iphone 8 and plus. that is not fully realized until the next quarter. this is kind of an inbetween time. we're entering a big moment for apple with iphone x. melissa: nicole, you have more details for us? >> melissa, we have to look for forecast going forward for first quarter. that includes holiday. the holiday sales quarter forecast is largely above the estimates. the company forecast first quarter revenue, 84 billion, to 87 billion. the expectations were for 84.18. that is above. talking about demand they're seeing. early demand for iphone x has been very, very strong. that is their quote. again a beat on top and bottom line. stock is up 3.3%. melissa: what do you think, lance, when you hear it is very, very strong? we know it is sold out. how much is each very worth in

your mind? >> this feels like a decade ago, when apple first introduced the iphone. the little of excitement around this device is that high. it was not the same for the iphone 8. you know, and 8 plus. i think because they're very similar. this is not a similar device. this is the future of the iphone and when you're an iphone customer you always want the future. melissa: yeah, absolutely. david? david: mac revenues up 5%. not only iphone doing well. shanna, talk about taxes. apple has huge amount of money overseas, 24billion dollars overseas. we -- $246 billion overseas. we got the tax plans. two levels of taxation we got today. 12% bringing back cash or cash equivalent. 5% for something less liquid like real estate. will that lure apple capital back into the country? >> i think the gop plan is certainly hoping that it will.

there is other good news with the tax plan. cutting corporate tax rates to be down from 35 to 20%. the tax plan itself has opportunity for apple to take advantage of bringing cash back from overseas and lowering the overall tax rate. david: lance, what would apple do with the cash if they had it here? would they go on a buying spree or what? >> don't forget apple is always buying little companies. they don't talk about it. david: what about a big company like disney? if you have $246 billion, you have money to spend? >> we talked about it before. that has to be strategic. apple is interesting getting into content. they tip-toed into it. they have a relationship with disney of they have one for a long time but i don't think they will make that kind of buy. they will look for technology they can integrate. one technology they bought five years ago, shows up in the iphone x. david: kevin, 500 billion adding all the tech companies together,

apple is half that amount, if a small percent comes back into the country, that has to help the economy in a big way, right? >> you would hope they reinvest in plant, properties equipment and people as well but it is important to note that apple and some of these other companies that have billions of dollars overseas, they have issued bonds over in europe, over in asia, brought back the money at cheap basis. not all will come back. say apple has $200 billion. probably 40% of that has to stay over there, they issued bonds and brought the money back. investors need to temper expectations when it comes to the money coming back and where it will be placed. david: shanna, very quickly, something simple. you mentioned lowering of the corporate tax rate down 20%, apple is making profit hand over foot. that alone will give them huge new revenue flow in this country, right? >> yes it will, bottom line. my hopes are, they would use that to continue to show

innovation where some people claimed they lacked it in the past year. david: great stuff, thanks to kevin, shanna, lance. stay right here. melissa. melissa: lance, i was paying attention. there is technology here as a result of something they bought. what are you talking about? give us demo. >> prime sense, bought for 3-d image or depth sensing technology. the notch we're talking so much does quite a bit are to the phone, including face id, i unlock it with my face and portrait mode on selfies, that is all about the technology. apple, they told me that this was prime sense technology, at least started with that. kept working through it. this is very different iphone that you have seen before. what is missing? the home button. melissa: right. >> so you are now going to be using gestures, gestures. that is how you're working with this phone now.

so, siri and apple pay moved to a button on the side. you're unlocking with your face id, which works really we, unless you're a twin. are you a twin? melissa: no. >> we did do the test. two identical tests that was no so good. melissa: wow. >> this is first o led screen. that has richer colors, deeper black, lower energy. so hower power, better viewer angles. with the screen even with the notch. i got used to it, watching movies or playing games. melissa: what is the notch? you mean that. >> if i show you a photo -- melissa: i see. >> you see there? melissa: that thing up on top. >> that doesn't go away. melissa: that is really picky. >> 12 megapixel camera. on the back, you notice orientation is little different.

everyone will notice you carry the phone. but the 12 megapixel has better f stop. more light, image stabilization. that is a first. so better camera on this. the design is gorgeous. glass on back, wireless charging, drop it down on whoever you want. surgical steel on outside. melissa: everyone i know has broken or shattered screen. what is the breakability like? >> well -- melissa: is it more durable? >> it is supposed to be. here is the thing that is interesting. served edge will help. keeping glass away from the edge. melissa: okay. >> nothing is perfect. this glass is made by corning. this is not gorilla glass, but something stronger. they like these folks technology. they did the same thing with the screen built by samsung. they had it built especially for them. by the way, i don't know if you realize this, is 5.8-inch screen but the phone is smaller than

the 5.5-inch screen on iphone 8 plus. that is a trick they did. because there is no button. edge to edge screen top to bottom. a-11 bionic chip, powerful and emog cities animated things. melissa: what everyone needs, animated emoggies. >> they track your face perfectly. the reason it is important, it is available to all companies. see the technology in a true depth cameras change the way you use phones. melissa: people that can't tell the difference. it is gorgeous. it is something to behold. >> $1000. not cheap. melissa: not cheap. lance, thanks for showing it off. that is possible. david: i'm sticking with iphone 6 for a while. melissa: oh, my god. david: republican leaders.

melissa: six. you're a dork. david, much anticipated tax reform plan. grover norquist americans for tax reform president says this bill means growth, big time. that's next. >> most americans will be able to file taxes on a single sheet of paper. what do you think about that? >> this is yours. [laughter] you can leave worry behind when liberty stands with you™. liberty mutual insurance.

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>> it's a long way from there but still an improvement. i will vote for an improvement for sure. david: so bottom line is, this is a bill you would vote for? >> yes, unless there is some poison pill we hadn't found yet. david: congressman louie gohmert, kind of expressing his frustrations about a tax bill that doesn't go far enough in his mind to simplify the code and simulate the economy. another tax cutter calls the bill great news, says long overdue. americans for tax reform president grover norquist.

he joins me now. grover, talk louie into this. there are a lot of reluctant republicans saying jeez, we hope come down on the top rate. we didn't. hope to get a top corporate rate, 15, we didn't get it. >> go run for senate and get it done. americans for tax reform couldn't be happier. bringing the corporate rate down ising obama promised to do for for eight years, never got anywhere. this is coming down to to. would 15 be better? that is what tomorrow is for. before trump leaves office it will be 15. david: that is interesting prediction. >> no, no, trump will get this to 15 before he goes does something else. the full business expensing, immediate expensing of business investment, that is powerful, powerful tool. david: it is. >> only in five years. i bet you a nickel it will be here for the next 25 years.

that is more powerful than research and development tax credit. it will keep coming back. you're looking on individual side, rates coming down, even where the top rate, where it doesn't come down. bracket moves up half a million dollars. david: if you're married, in the top bracket, you have to make, the first million will be at lower rate, 35%. >> yes. david: every dollar above a million will be higher rate. >> at some point i want everybody down to 10%. we'll take this a step at a time. david: louie, that is the thing, louie gohmert and i are flat taxes. we like steve forbes idea of everybody having same tax. at least, reagan in 86 only had two tax rates. but you know, newt gingrich spoke earlier about those with miss giving about this and may vote against it about their misgivings. here is what newt said earlier today before it was released. take a listen. >> i want as big as possible but

i want it to pass. i want as much reform as possible but i want it to pass. they have to manuever some. that is whole point of legislative process of the whole point of legislative process how do you get votes. david: that is what you're saying, this is just the beginning, right? >> look. this is part of getting the next tax cut. once you've done this, this, this bill, that has been put forward will pass the house looking very much like this. something very much like it will pass the senate. so, remember the house and senate have been working together on this for six, seven months here, as well as white house of the this is not like the senate will pop up with some radical different approach to the whole idea. i say 80% of the senate bill, will be 80% of house bill with things they have to talk about it because they have been working together. we pass this, the republicans have just won the house and the senate in november of 2018, and that will allow you more republican senators when we come

back in 2019 to do more aggressive. >> what you're sayings the growth that will result from the tax reforms will be significant enough to give the republicans victories in the midterm elections and, once they have even more republicans in the house and senate than they do now, they will be able to pass even deeper tax reform? >> absolutely. david: okay. grover norquist from your ears. thank you for being here. grover. >> good to join you. melissa: breaking news, apple shares popping after-hours following the release of the fourth quarter results beating top and bottom line. coming ahead of tomorrow's release the iphone x. the tech giant's ceo does not know when supply and demand will meet for the upcoming phone. that is interesting thing. david: it is indeed. there is a lot more information coming in from apple as we get further results from their reporting. meanwhile impact of tax cuts. what the gop's plan means for you and your family. that is the bottom line, isn't it? the numbers you need to know

coming next. i don't know even where to start with that. first, let's take a look at your financial plan and see what we can do. ok, so we've got... we'll listen. we'll talk. we'll plan. baird. betty called me at she thought it was a fire. it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb was there within hours. they helped make sure it was safe. we had everyone we needed to get our museum back up and running,

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call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ melissa: so the gop long way to tax reform plan is finally out in the open. one of the biggest differences, proposing four tax brackets instead of seven. gerri willis, what it means for you and your family. >> that's right, we crunched numbers. we have a few examples of winners under republican tax reform plan. first off, consider couple's earnings, 59,000 a year with two kids. largest standard deduction of 24,000. their bill would drop to 400 bucks from 1582 last year. and new homeowners making a combined 115,000 per year in a

high-taxed state, could see some relief. benefits from the republican tax plan, like lower tax rates, a significantly larger standard deduction. new family flexibility credit, all mean lower tax burden. that couple will see tax relief from both mortgage interest and state and local property taxes, combining all of that, the tax bill will be reduced from 12,180 to, total tax of 11$30. it could provide relief to small business, if you're making $500,000 income a year, look right now the small businesses are taxed at individual rates. they may pay a individual wage rate, with current income tax of $128,000, paying 39.6%. under the republican tax plan the small business income would be taxed at low maximum rate of 25%. with no alternative minimum tax will reduce the tax bill by about $25,000.

melissa. that sounds good, now, doesn't it. melissa: lots of moolah, i love it. david: there is good stuff here. melissa: there is good stuff. the government doesn't need the money. david: that is the bottom line. breaking news on starbucks, shares sinking after hours following release of fourth quarter results. world's largest coffee chain retailer unexpectedly missing big on revenue. due to disappointing sales in america. melissa: apple shares rising after-hours following a big fourth quarter earnings beat. the tech giant saying outlook for holiday shopping quarter is way above wall street expectations. this all coming ahead of tomorrow's release of the highly anticipated iphone x. david is racing to get one. david: i have a galaxy, i had galaxy 3. will take six years. melissa: you sure that is six? looks like a three. david: that a six. melissa: what will it take you

to get an upgrade? david: somebody to give me one, that simple. i'm scotch. melissa: i love it. david: this show has wants more serious tax cuts than anybody in the world if you've been watching us every day. you know that you also probably know that melissa specifically has been asking a whole bunch of lawmakers how likely it is that we can get the job done. their reaction, you don't want to miss, next. >> how about you guys spend a whole lot less? what do you think about that? >> hey, that is a great idea.

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it's very question for weeks question. will they follow through. i'm with newt gingrich here. on the one hand i love more tax cuts than we've ever seen in history which frankly even though they been saying it we see a rate cut from 70% down to 28%. this is nowhere near that. if we can get this cut done we can get other cuts done. the growth and that is what does more. when they sit there and say we have to pay for it. still cut spending. there is two ways to do that.

starve the beast of government. the economy went like that. it went up 7.4 percent. things could happen. thank you for joining us. risk and reward it starts right now. it's time to take care of our country and fight for our families. we must bring back her jobs and revealed america's cities and towns the center of the america first agenda to assure that every child in america has a future of security and hope. we are one of the highest tax nations in the world costing us millions of jobs and trillions and trillions of dollars they will restore america's competitive edge it is going to bring back