british is a fundamental misunderstanding of why we pray for the country of and the people suffering and for the victims are these violent crimes. our higher power is not the government, senator. maria: thank you good things come everybody. stuart varney, "varney & company." trying to pick your financial headline. a power grab in saudi arabia and tax the rich, republicans title. all of that and more this monday morning. good morning from everyone. first off on his asia trip, it is all business. yet the trade gap down with the missile technology to the military. shortly the president leaves shortly the president leaves for south korea whether talk woes lately shipped to rocket man. saudi arabia princes, ministers and business people rounding up and reportedly held in the ritz-carlton hotel in riyadh.

among them, print alaweed and western businesses including the parent company of this network. saudi arabia is a bulwark against the iranian power in the oil patch and they are cracking down. the tax package, good for business, good for middle america. how much help to the economy get when the 1% end up paying much more than how much help for the housing market when the mortgage deduction is cut? still very much a work in progress. one less headline. vin scully has had it. so disgusted the up and protest he won't watch any more. stay right there, please. a whole lot more coming right after you. "varney & company" a route to begin. -- about to begin. ♪

>> i think that mental health is your problem here. this is based on preliminary reports, very deranged individual, a lot of a lot of problems over a long period of time. a lot of mental help albums in our country as do other countries. if this isn't a done situation. this is a mental health problem at the highest level. a very, very sad event. these are great people in a very sad event. that's the way i view it. stuart: that was president trump obviously commenting on the church shooting in southerland springs, texas the result of mental health problems, not thomas. give me the latest drinkers 26 road than patrick kelly. 26 dead yesterday morning when he walked into the church. 20 wounded. eight members of one family also a woman five months pregnant and three of her children killed in

all of this. question now cause does always what could have created this? what is the motivation? frustrating that we don't know yet. the 556 rifle in april. there are suggestions that perhaps he was denied a carry permit and had it anyway. he was ultimately chased in the church by local residents firing on him. he was found dead of a gunshot wound now believe he shot himself. yet to be confirmed. stuart: got it from ashley. we'll move on. the stock market this monday morning. how are we going to open a good 20 to 30 points. opening up 23,500. "the wall street journal" reports amazon is cutting prices on other sellers items in the holidays.

transfer the third-party sellers so that thousands of small businesses will see their goods cut, discount on amazon this holiday season that to nine. this is again a price-cutting war with wal-mart. by discounting. they will not be discounted, but it's the path to resist the small businesses. the difference in pay to the third-party. stuart: seems like amazon is one of those vehicle which depresses any level of inflation. the price deflator on a gigantic scale. train for summer so the federal reserve is talked about it like that. stuart: the stock at $1100. a big story hard to get a grip on. saudi arabia arresting

businesspeople as part of what they call a sweeping anti-correcting pro. fox news strategic analyst. i'm not sure i can get to grips with this other than to say that saudi arabia is the main ball work against iran. they are involved in a war in yemen. the lebanese prime minister has just resigned because of threats and pressure from iran. saudi arabia has a deal going with an argument with qatar because of iran. how is this shaping up? what's the implications of all this? >> very dangerous. the key figure is the new prints, mohammed bin salman, known simply as an bs. a and very bold power grab or an attempt at reform or let us hope, both. mohammed bin salman, 32 years old, and 81 or 82, not in the best of shape, so use the real power in saudi arabia, the

32-year-old prince. he's been living to modernize society, to give women more rights are less promising them. he wants to open a vast new city economic selling a much different roles would apply. it's extraordinarily ambitious but as the notice, he is also seen as being behind the not very successful and very worrisome conflict saudi intervention in yemen. he's picked a fight with qatar over iran. now if mohammed bin salman, if he succeeds in modernizing saudi arabia, that is good news for all of us. if he succeeds in cracking down, and that is good news for business, good news for investors and good news for strategic situation. but if this falls apart and it could, you are in another version of the 1979 iranian revolution. remember, the shot didn't fall because he was so oppressive. he fell because he was trying to

liberalize too fast for the society. a lot of moving parts. watch this space. stuart: we certainly will with your help. president trump heading to south korea in just a couple of hours. very close to the rocket man at this point. what do you want to hear our president say about north korea on the strip? >> i'm wanting to say cogently and soberly. what we need now with south korea because president and doesn't see eye to eye with us on everything. we need a show of unity, unity and more unity. they have a riff on other strategies. north korea is the big issue. we have always been protect in south korea. now south korea needs to realize that we have to protect ourselves as well. the other issue of course is

trade. while south korea does have to open its markets. we also have to face the cold hard facts that south korea has become a brilliant innovator in the electronics, automobile design and they are now winning. they are not selling lg and samsung tvs here because they are cheating. they are selling them because they really good products in mexico but that reality. stuart: ralph peters, always a pleasure. maria bartiromo talking tax reform with vice president pence. roll tape. >> we are going to make sure that we have tax relief across the board for working families and small businesses, family farmers and ranchers. and we are going to make sure that while it is not going to necessarily lower taxes on upper income americans, we are going to make sure deals with upper income americans. stuart: let me say that again. not going to give tax relief to

upper income americans. "the wall street journal" editorial page. what are the republicans afraid of? democrats? >> yes come in a word. they don't want to be portrayed in certainly folks in the administration, some of them are quite wealthy do want to be portrayed as helping themselves. they do need to remember that the point of this is not to raise taxes or lower taxes for a particular group. it is to grow the economy. look at that top 1%. having 20% of the money in this country, but they pay 40% of federal income taxes. you can go down the line. top 1% paid more than the bottom 90. top 10% is 20% of all federal income taxes. if you want to move the needle giving people more of incentives, and you need to cut some taxes at the high-end. stuart: i think what you are saying that this does not stimulate the economy as much as

they flat out tax cut for the top 1% would. >> the bottom line if you'd like to see everybody's rates cut. there is a big economic plus on the corporate side. you've talked a lot about getting the highest rate in the industrialized world down to 20%. it's a huge game changer. you just wish they had the same progrowth mentality when they were rewriting the individual side. stuart: i think i am right in saying the top 1% of income earners under this tax plan being presented last week, and they will pay a overall they more. the rate doesn't go down. the local taxes, and that is gone. the mortgage interest eduction is tapped. the property tax deduction is capped. it hurts the 1%. >> they still won't believe you, but that is true. >> they will get no sympathy whatsoever. my problem if it doesn't stimulate the economy.

>> some of them are good. you don't want to create incentives for people to drive money into housing versus other sectors of the economy. you don't want to incentivize dates like the one we are in right now to have high tax rates. those reforms are good to the extent you stop rewording that kind of activity. also, the alternative minimum tax. stuart: is that the best you've got to offer, friedman? senator rand paul recovering from pretty severe injuries after being assaulted by his neighbor. he was mowing his lawn. the neighbor assaulted him from behind. rand paul has broken ribs and bruised lungs. donna brazile, former head of dnc consider replacing after clinton fainted at the 9/11 event. with the new poll about 2018 house race just a year away, it

shows democrats have a big leg up over republicans. democrat trump supporter harlan hill on that next. i accept i don't conquer the mountain like i used to. i even accept i have a higher risk of stroke due to afib, a type of irregular heartbeat not caused by a heart valve problem.

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stuart: had that republicans. voters say they preferred democratic candidates for house of representatives over republicans by the widest margin over a decade. that is according to a new poll from the "washington post" and abc knows. i harlan hill is with us. he started a site that is embraced and her supporter. he's now a strong guy. >> very much so. stuart: what do you make of this poll? >> for one, let's set the baseline. he's not been very accurate. the "washington post" abc polls. you go back in 2016 tracking performance. they have not been in mind with what actually happened. too early to make a definitive determination about whether they reflect any meaningful exchange.

when you look at the poll designed to deliberately cause conversations like this, and they want to say that democrat are collapsing. but when you actually look at the tables, the numbers they are floating don't reflect likely voters. it doesn't matter if you are a democrat and you don't want to vote for republican if you're not going to show up on election day. this poll includes people who will not show up on election day by their own admission. stuart: that's good. didn't realize that. we've been provoked by people. well done, young man. he straightened up already. however, in the run-up to the election 2016, donna brazile was considering replacing hillary with joe biden. roll tape. >> you did not have power on your home. >> as you well know the dnc zoo

shared the leadership in congress and others. so i had to put it on the table, george because i was under tremendous pressure after secretary clinton fainted to have a quote, unquote plan b. i didn't want to plan b. plan a was great. i supported her. i wanted to win. stuart: well, well, well. there's the democrats in total disarray. >> vicious' donna brazile the only democrat who is lucky the dnc didn't commit this because she took into account the fact mental mozilla clinton the subject of federal investigation of the time but she looked like her health was in poor shape and she said we need a backup plan. we need a contingency. the ticket she floated was biden booker. those who could've won the election.

i think they could've won. >> corey booker -- joe biden is the next spur retail politician. he's the best right now in this country. it would have been a powerful ticket for the front-runner for the gop. >> i would say you certainly would've been tougher in the midwest that hillary was as a matchup for term. i do kind of wonder. but if they go to plan c. after you could say against bernie sanders and then it's hillary and a player named later in the fall, test to see how turnout works. stuart: seems to me like the democrats because of this split are actually pushing further and further to the left. >> absolutely. no reform effort of the democratic national committee. same old actors there appeared same old consultant getting a paycheck every month. nothing is changing. stuart: who are you hearing who might be a candidate for the

democrats in 2020? >> the only person who could make meaningful reform and change, as someone like elizabeth warren. she is owing to go in there like a bull in a china shop in red stuff up and that's what democrats need right now. liz it's astonishing what donna brazile and heritage. hollowed out by obama and clinton then debbie wasserman schultz. the dnc was in such disarray that we didn't know how terrible -- what terrible straits it was then. >> before she was even the nominee, by may 2016 she had wandered $63 million through the gsa. it's astonishing. >> i'm looking at the three main newspapers. "the new york times," financial times out of london. i can't find a word out of donna brazile, but i can find words about russia in the kremlin ties to key u.s. business.

that tells you a lot. hold on, everyone. moments from now we will take you to the new york stock exchange of the nasdaq where i'm afraid i'm all too frequent event will be taking place and that will be a moment of silence after the church shootings on saturday. here we go.

[moment of silence]

stuart: as he sat at the top of the show, ben sculley, former manager of the dodgers have tied it. he's not going to watch the nfl anymore. james freeman, looks like football is really losing big time. >> i guess some of the nfl would argue that some of the arusha ness from making their product too available, too much exposure. obviously a lot of fans have been very tight knowledge by this. owner jerry jones looks like he wants to potentially hold up an extension for commissioner goodall. stuart: that was flat out really ugly violence on the field yesterday as the jaguars and the bengals got into it. that is not going to do football in a good ever. transfer the nfl has hurt us by not resolving this anthem

debate. stuart: thank you, lizzie. what we've got here is a small move to the upside in the opening bell rings. of about 20 points. s&p, nasdaq unchanged ever so slightly lower. we will be back with the opening bell and just a moment. today we're out here to test people's knowledge about type 2 diabetes. so you have type 2 diabetes? yes i do. true or false... type 2 diabetes more than doubles your chance of dying

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stuart: closeout on friday.

23,539. probably going to open 10, 15, 30 points ahead of that. up from there as we open up monday morning. here we go. we are out running down five. not all opened out. now we are down seven. let's move on. it is a mixed opening. can i say that. the s&p 500. if that mixed as well? down two points. the nasdaq where the technology companies. the tiniest fraction down .01%. i'm going to call this a dead flat opening. communications chipmakers for mobile phones. same story with qualcomm both in

the same line of business trying to get together. $103 billion will be the largest technology acquisition never. more about that in a moment. amazon, "the wall street journal" says they are cutting prices on other sellers items ahead of the holidays. we will try to explain that in just a moment from now. down six great joining us from ashley webster, elizabeth mcdonald, james freeman can the dr barton. tax reform. this is the way i see it. no help for the 1%. they will end up playing paying more. >> i think if we get a disincentive for people to employ their capitals properly at the top, we do have problems throughout the rest of the tax structure. we can get a quick bounce by helping people another tax brackets. you've got to help people deploy a property to work.

stuart: i don't think this helps the economy because they are going to pay even more than they pay now. >> the argument they will do okay as on the corporate side. pushing money out of the united states telling businesses to invest somewhere else. now we start telling them to invest in the united states. i wish the individual code is better but this is a plus for everybody. liz if i'm a small business worsened in the upper bracket in a few the local tax deduction, you better believe i'm pulling in moving to texas. i'm going to a tax rate stay. stuart: those that can will move. jersey, connecticut, massachusetts, illinois, california. >> babel continued. >> drive some reform.

stuart: you've got her way for that. meanwhile, an election in jersey. the democrat likely will land and will impose a tax on the 1%. >> but have been too the democrat party. what is going on. sorry. stuart: welcome back. >> emotions running high. stuart: i want to get to the amazon story because i don't frankly understand it. they are cutting the prices on other sellers items ahead of the holiday. liz thousands of small businesses sell their items, 40 million units on prime day on amazon. amazon is like a pass-through. amazon is saying you little guy of going to cut your good, the price of them as deep as 9%. usually michael cores or north face, amazon will not cut the prices because the big guys control their prices.

now amazon is saying we are going to push a discount, even the little guy selling stuff. stuart: why are they doing that? >> they are doing it to compete with target and wal-mart and other people trying to compete with them on price. we will compete on price using our huge balance sheets. we are not going to make our salaries -- what's going to happen on that is now the commerce department will have a reason to using anti-competitive pricing strategy, 70% of the thing sold on amazon are not sold by amazon. stuart: this is an opening for the justice department to go after amazon. >> this is great news for consumers. this is what you want is a

consumer. >> at the christmas price war, but a way for amazon to grab even more markets. stuart: such an argument here. jeff bezos is sold a billion dollars. >> a billion shares of amazon. $1.1 billion. that represents 1.3% of his holdings. he actually has a stake in, 16.4%, but he said before he would sell a billion dollars a year and where is he going to put it? his other company, blue origin. he has his visions of taking people the space. >> 20 years ago he was worth 1.4 billion. now he's worth 80 billion plus. stuart: i have no objection to these guys taking their wealth and putting it into other industries.

microsoft putting money into cancer research. i have no problem with that whatsoever. >> people are thinking this is giving a a stock drop because he's pulling out now. i think it's just smart. cell now like he said he would. moving on, up four bucks. $1115. president trump's asia tour going on of course. goldman sachs is helping china bring billions to the united states. >> details announced on thursday when president trump arrives in beijing. $5 trillion to invest in manufacturing and other endeavors with the china investment corp., 5 billion bucks to be headed the u.s. >> hello, mr. president. let's not talk about the $30 billion trade deficit hit check the big board the big board because returned how your,

up four points. 23,543. better profit at cbs as they process more claims in its pharmacy benefits management business. the stock down 2.5%. michael cores held by lower taxes and better revenue because they have been some new stores. look at back, up 10%. that's a pretty good game. weaker profits, weaker revenue and myelin hurt a lower sales of vfp 10. so what, up nearly 3%. the merger between sprint and t-mobile off. they've been talking for years. they were unable to find a mutually agreeable turn. target announcing it will pay more to hourly employees working on thanksgiving, black friday, we can does the work i've been target of 59 bucks. quick check of gun stocks, please. they arrive. investors believe more people will get out there and buy guns

in the wake of the texas church shooting. netflix officially cut ties with kevin spacey, all kaizen house of cards. stuart: he was working to produce it as well. this was a big deal because house of cards really was the landmark two on the streaming wars. it was nominated for numerous emmy. kevin spacey, golden globe, here's the other thing. new allegations from richard dreyfuss on harry who now says kevin spacey grove tennis ball coming meeting 18 years old and kevin spacey was doing a script with richard dreyfuss sitting there. scotland yard now investigating. his talent agents cut him off in so it's pretty dire situations.

stuart: papa john's. back to that story. rethinking their nfl sponsorship. this is because of the climbing tv revenues. as that's what's going on? >> they are blaming it on the low were ratings, the lower viewership of the nfl games. one of the huge sponsors were papa john's puts most of their advertising money. sure in three roger goodell that i understand both sides of the story they are continuing to pay for it. there is over saturation. there's very few compelling stories in the nfl this year as well. trade for here's the answer you should've said that he stand for that national anthem. you stand up for the flag and if you want to do a protest come you do it outside the stadium. we will give you a microphone and a podium to do it.

stuart: the game between the bengals fan who was there, the jaguars. that doesn't help. that really doesn't help at all. that is what it going on. the dow industrials now up two points. monday morning, just coming off a record high and the dow last week and virtually dead flat. thank you to james freeman. both of you come in thank you joining us. we appreciate it. dead flat market as we head into 10 minutes worth of business and i mean dead flat. congressman lee zeldin, republican house member from new york. his voters could take a big hit on the tax plan. can he bring himself to vote for her? i will ask him directly i suspect. he will say no, i can't. hackers releasing documents listing offshore account for some of the world leads. everyone from members of president trump's inner circle to the queen of england.

judge napolitano coming up on that in just a moment. nah. not gonna happen.

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a kohler walk-in bath provides independence with peace of mind. stuart: dead flat monday morning. two points higher. we have that story for you. rivals teaming up to battle. tell me all about it, nicole. >> look at advanced micro. part of the story with stocks of over 6%. chip makers, intel and advanced micro teaming up to gather because they have to. this is the first collaboration between these two companies than spending teen 80s. they have to take on nvidia. about 80% of the market share by revenue. working on graphics chips.

so there is the collaboration between intel so they can take it on which has been unbelievable. the stock is up 95% this year. >> that has been on a tear. we saw it only recently. thank you very much indeed. senator rand paul was attacked in his home in kentucky. what happened? >> an absolute mystery. attacked while mowing his lawn in bowling green, kentucky by his neighbor, 59-year-old renée boucher, a doctor as well. what was the motive here? what we can tell you is mr. paul suffered five broken ribs. three of those suffered displaced fractures. recovery time could be a little while. he's in a lot of discomfort.

rousseau lonza salus five fractured ribs. having trouble getting around. when he comes back to work is one of the big questions. the bigger question is what on earth prompted this. boucher himself been released on $75 bonds charged with assault, what is he charged with? worst degree assault. stuart: you just don't want to hear attacks on politicians. ashley: we know he was a devout liberal. there's no indication this was politically motivated. >> the charges way too low. fourth degree misdemeanor by six months in jail. i don't know what the law in kentucky, but in most states when you have rope and bones, that's a felony. you are talking three to five years in jail. must have more than a screw

loose. stuart: i just don't want to hear this thing. very exciting. judge, another question for you. something called the paradise papers. they were hacked and it came illegally. documents about the money dealings around the world. big names involved on your screen. wilbur ross commentary: amongst others. i don't think there's anything illegal. for example, nothing illegally each. >> there may be political problems but if the president himself has ranted and raved against the con to, you have been pounding this into a very long time. there is privacy left. these are the worlds most richest full of people paying a

premium for privacy and secrecy in the bank's lawyer allowed this to get out. no more privacy or secrecy. do you pay taxes on the interest earned on bank accounts are not sure places. if you report them. the bank will not report and the bank while not hold back anything for capital gains. all the interest to which you're entitled. whether it's an opportunity for shenanigans. suppose you park a million dollars in there and it's produced a billion dollars producing very nice interest in you consider the interest alone to you rather than income, which is what a lot of folks do. as the government ever going to learn about the loan. you don't have to report it.

so there's opportunities for a lot of shenanigans. we've seen that with respect to these folks. stuart: forgive me for interrupting. if i bought a million dollars in the caymans island, what i have to report to the irs or somebody i got a million dollars to repair. >> you do, but there's no way for the iris to verify what you say because the bank secrecy laws that place. >> you could open up an account under an assumed name, judge napolitano. >> eddie windsor. >> already an account under that name. stuart: i have the account until the irs says that the account. if i say there's no income and no interest on it, they can surely ask me really, mr. varney? a million dollars and it doesn't pay you anything? she's like it would a red flag, but there would be no way lawfully for the iris to verify whether or not you receive

income and in fact what you had received because you pay for anonymity and secrecy and privacy. stuart: this is part of a global movement to closing down the cayman islands back in operation, and anywhere else. >> the islands of her which she rules. stuart: if america wanted to really mess them up, we could. stuart: america destroyed the secrecy and privacy. >> the iris sutton elbowed. stuart: there could very well be a political problem, but not illegal at least not at least not from what we've seen so far. >> check the big board again. big gains last week down six. what are your 3% of the dow as we speak. as we start to find out what is in and out of the tax deal.

the founder of hobby lobby, a christian run faith-based business. his reaction to the shooting and how to respond to it. we will be back in a moment. infrastructure mlps? think again. it's time to shake up your lineup. the alerian mlp etf can diversify your equity portfolio and add potential income. bring amlp into the game. before investing, consider the fund's investment objectives, risks, charges, and expenses. read the prospectus carefully at alpsfunds.com/amlp

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stuart: i do have to get back to

the church shooting in texas. i want to bring in stephen jackie greene, the owners of hobby lobby. they are devout christians we devout christians we believe the gentleman, welcome to the show. how do we react to this? >> well, you know, we are reminded almost every day that there's evil in the world. there always has been in there always will be. the bible gives us guidelines and tells us that. in many cases it a source of evil. >> do you feel shock that this is happening in the church, not the first time this year or the last few years? an absolute sense of shock it has come to this? >> we are absolutely shocked. there are no words. we hope that the bible will offer them some sort of comfort.

stuart: you are a piece titled this dangerous book. not your book. the bible. >> the bible itself is an can be very dangerous. are people losing their life just for owning it in some countries. we talk about how this book has impacted our lives, calling a to make decisions that we may not have been made were not for the guidelines within the bible. then we tell a little bit about the starting of the museum that we are opening in a few days, november 18th intel about the bible itself had what is its story. the bible is challenging for us to live by and those challenges are some of the discussions we have in our book. stuart: can i ask in a personal question in what way did it change your life and what decision did you make that change your life because of what was in the bible?

>> there is been many changes the bible has redirected my life in different ways when we share the personal stories in the book. one of them wisely adopted, and we share our adoption story for one of our children and we thought prompted by god in the bible is very clear about helping the widowed or send and so we felt called to that. >> even more personal, did a voice come to you? you prayed about this? >> not an audible voice, but in my heart, my spirit, yes. i felt this urging, mismanaging and obviously there are principles in the bible that talk about that. >> thank you very much for coming on the show. i shall read the book and that is a promise. we appreciate you being here. we hope you do well. >> thank you very much. next case. totally different. the tax plan. how about this.

one side of the new plan looks like it was written by democrats. the other side of it by republicans. heavy dose i will detail it moments away.

. . . .

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that gives you the edge you need. alright one quick game of rock, paper, scissors. 1, 2, 3, go. e*trade. the original place to invest online. stuart: we had a weekend to digest the tax plan from house republicans. here is what i think. looks like republicans wrote the business side but sure seems like democrats wrote new rules for individuals. first of all business. overall business will pay less this is classic republican policy. let capitalism work! bring back trillions from overseas and let business make more profit. the economy will get help. the stock market gets another boost. this is the kind of thing we were expecting from the gop but we were also expecting tax relief for the people who pay most of the tax that we didn't get. right now the top 1% of income earners pays what, 40% of all

income taxes collected. if this tax plan goes through, the 1% will actually be paying a lot more. think about it. their top rate, 39.6% it, stays right there, 39.6, no cut. they will no longer be able to deduct local income taxes. they will lose at least some of their mortgage and property tax deductions too. the amount they pay to the treasury will go up. now the 1% doesn't get much sympathy these days. they have been demonized for a generation but unless this plan is changed, extra money flows to the government, not to the i don't know creators. the economy misses out. of course there is a heavy dose of politics in all this. the republicans seem to have bought the democrat line about taxing the rich and they bought the line that only tax increases can help the deficit. nonsense. as "the wall street journal" suggests, hillary clinton could

have written this plan. sum it up this is middle class tax cut, yes it is. it is business tax cut. yes it is. increase for the 1%. that means the gop promise surge to 4% economic growth looks unlikely. the second hour of "varney & company" is about to begin. ♪ stuart: breaking news and it is from awed saud. they're reporting, reuters reporting actually, saudi banks have frozen detained suspects accounts. if you remember over the weekend the government of saudi arabia swept up, i think it was -- ashley: 11 princes and four sitting ministers and dozens of earth ex-ministers. >> including prince alwaleed bin talal. major holder of shares in

companies, including this network. liz: no-fly list. stuart: reportedly in the ritz-carlton hotel in riyadh. this is breaking. saudi banks have been freezing assets of those detained. this is a very big deal. check the big board. we're points. dow industrials, 23,500. a fresh high for the standard & poor's 500 and fresh for the dow. stocks up this morning, not much but up. look at big tech names. facebook up, amazon, microsoft, apple all up, alphabet down, a tiny fraction, 89 cents. "the wall street journal" reports that amazon is cutting the price on other sellers items, this ahead of holidays. we have a communications chipmaker broadcom offering to buy the mobile chipmaker qualcomm for $103 billion.

both stocks are up. this would be the biggest technology acquisition ever if it foes through. sprint downgrade. merger talks with t-mobile completely fall apart. sprint down 13%. where is the price of oil this morning? look at that we're going closer to $56 a barrel. that is quite a rally for oil recently. >> i want to get back to the tax plan. the tax writing committee will mark it up couple hours from now. joining us congressman lee zeldin from new york. congressman, good to have you on the show. >> great to be with you. stuart: i don't see how a congressman from wealthy district of long island could possibly agree to this tax plan because your constituents will lose deduction for state and local taxes. you will say no to the bill, aren't you? >> i will say no to the bill in the current form. i even have middle income taxpayers that will pay more than if we kept the current law as it is.

president trump won moye district 14 1/2 points. when we were telling voters, middle income tax payers in district like mine, we would fight for tax cuts for them. this isn't what they had in mind. stuart: the gop, you're one of the few republicans in congress from new york state or certainly from long island and they dropped you. they dropped you like a ton of bricks. >> i view the proposal to eliminate the state and local tax deduction as being somewhat of a geographic call redistribution of wealth. taking money from a place like new york to pay for deeper tax cuts elsewhere. you know it is important for me, i understand i'm not fighting for my home state, if i'm not fighting for my home district i can't expect someone else to do that for me. stuart: your fighting voters, they will not vote you back in again if you say they -- >> to remember where you come from. i will never lose sight of that.

stuart: i don't see how they can make a fundamental change in this because if they make it so the 1% does not have to pay more, then you have to take that extra fromomeplace els because yo have t hav 1 1/2 trillion dollars fortimulus er 10 years. you're boxed in. they can't make kind of changes you want. >> there are some really good changes on the corporate side, even on the corporate side, and as it relates to the overlap with the pass-throughs, there is something that needs to get worked out there. there are people who complain you're providing pass through rate for widget maker what about me? i'm an attorney? i have a law firm. so, nfib, came out in opposition to the bill. i think that is great, to hear them out, what their concerns are, to improve the final product but on the personal side, money has to come from somewhere and it just, it can't come from a hard-working middle income long islander. but also there are other people,

maybe they're upper middle income, maybe they're wealthier of that. i put up with eight years of barack obama. helped elect a pub house, republican senate, we have unified republican government now they're delivering a tax increase. i'm hearing from new yorkers all different stripes. i need to fight for them. stuart: as i see it, there will be quite an exodus of reasonably wealthy people and businesses from new york, new jersey, connecticut, massachusetts, illinois, california. they will go to states like texas and florida because there is no state local taxes there. they will win by doing that. >> that is why it is important for all levels of government to work on tax relief. this shouldn't just be exercise and debate and policy change coming from washington. we see it from albany. need to see it from city hall in new york city. for those saying they're subsidizing new york, new york is net contributor as it relates

to tax policy and spending policy. i don't want to see a max he can does from my state. we need to bring down sales tax rates, property tax rates, we do have so do that, but at same time i'm not voting to raise taxes on my constituents from any of them. stuart: as you read it, do you think it passes house? >> possibly. i don't know where the whip count is. there seems to be a lot of unity and momentum. i would love to vote yes on the bill but have to change for the current form in order to do that. stuart: are you going to run as a democrat? >> no. stuart: i had to ask. lee zeldin, republican long island in new york. >> thanks, stuart. stuart: joining us keith fitz-gerald, chief investment strategist with money map press. i got it, business tax cuts will help stimulate the economy, i got it. taking more money from the 1%, that is the way it will work, more money comes from them and treasury instead of private

sector, i don't think that stimulates economy much at all. what say you? >> i'm in complete agreement with you, stuart. not only not people from the economy and real risk, i can not for the life of me politicians don't get this, if you treat money badly it leaves. any place with high taxation district where you try to impose additional taxes on folks making decent amount of money. they leave. first thing they do hit it rich in california they go to nevada. first time in new york, they go to texas. this is documented since end of time. here we go again. stuart: seems like personal income tax side was written by democrats. i can see how republicans wrote the business side of it. what do you say? it looks like the democrats wrote this on individual side? >> you know the way i read this, stuart, i agree with you, by the way, the way i aread this is absolute political hijinks at

its highest level. this is bunch of people who do not have vested interests of citizens they serve in mind. written by a bunch people, strikes me, that want to get reelected. something is wrong with that. they should go to washington to serve the american people. stuart: they bought the argument you bring deficit down by taxes people more, bringing in more revenue to the federal government. therefore you lower the deficit. i don't think it works like that. i think you put more money into the private sector, which grows the economy, which eventually bring as whole lot more money into the treasury. that is my way of thinking. they bought the opposite. >> oh, i agree with you. don't forget, in the middle ages they thought they could heal you taking blood out of your left arm, putting it in your right arm. that is what they're doing here. stuart: i'm moving on. amazon lowering prices on items sold by third pares on amazon website. is this going to hurt other retailers? >> oh, i think this is only the beginning of the battle.

everybody who said there is amazon-proof company out there, boy this will be a knife game at end of it, this takes the game to a whole new level. they are discounting products they don't even deal with, amazon has so much money they will make up difference to accelerate the price change. this will is being sell rate the retail ice age. for any company that doesn't have a defense against the amazon price strategy. stuart: it is at 1116 right now. does keith fits have. >> they have yet to unlock big data. they have yet to unlock artificial intelligence. they have yet to unlock the truth nature what they're building which is even bigger eco-sphere. amazon everywhere, in your house? your life, in your devices that to me is worth double the stock price where it is today. stuart: we'll take that little sound bite. we'll run it for next 10 years.

keith, thank you very much for joining us. let's hope you're right. thank you. >> absolutely. stuart: here is what is coming up for you, donna brazile airing democrats dirty laundry, that she seriously considered replacing hillary clinton with joe biden as the nominee. why is she doing all of this? why is she splitting the party? we're asking the question. big saudi banks freezing accounts of princes and dismen detained over the weekend of the more details as they come in. big story. the gop tax plan getting marked up in a couple of hours. the 1% poised to pay more. you're watching second hour of "varney & company." ♪

stuart: big tech doing well this morning but the overall market is slouching along to a mere

8-point gain. nonetheless, record high for the dow, s.m. and for the nasdaq we'll take did -- zap. michael kors purchase jimmy chu. michael kors up 13%. that is gain and a 1/2. >> victor a secret, beth bad bodyworks, up. ups raised target price for the stock, 4dollars a share. ashley: guess what? stuart: 47. they made the call, then the, let's be decent about this. ashley: all right. liz: we're decent people. stuart: now that you're back we are. former dnc chair, donna brazile split the democratic party about revelations in the campaign. some are telling her to shut up. listen to what she said on abc news. roll tape. >> i can not control the purse

string of the democratic party. for those telling me to shut up, they told hillary to shut up couple months ago, i tell them to go to hell. i will tell my story. go to hell, why am i supposed to be the only person that is unable to tell mier to? the high command of brooklyn, the people who are making decisions even for the dnc, they doesn't come and work with us. they told us to shut up and basically let them win the election. stuart: well, whoa, mike huckabee is with us, former arkansas governor. i have got a simple question, governor, why is donna brazile doing this? she was a great friend of hillary. she head per questions during one of the debates. why is she doing this. >> cynic would say she is selling her book. i have known donna a long time but i've known the clintons longer. here is what i think is happening. donna brazile, like a lot of democrats fed up with the clintons owning dnc.

when she got into the position it realize hillary bought the dnc, wrote a check and bought the darn place, all the democrats got out of it was a brooklyn warehouse full of balloons they never got to blow up and drop, she decided time for us to separate from the clintons. they still want to go out there to pretend they're leaders of party. they're the past. they're not the future. donna decided she would take the point, walk through the minefield and we'll stand back and get away from her a little bit because it could be a dangerous walk through that minefield. stuart: politically, do you think that bill and hillary clinton are indeed done? >> in their minds, absolutely not, but i think in the minds of most democrats, including people like elizabeth warren and many others jockeying for positions in the party, i think most certainly. look, they were embarrassed they lost the election. they never thought it was possible to lose the election period, much less to donald trump. they are humiliated that all of their attacks that, it was russia, russia, turned out so

far not to be true. and then to find out that election was rigged and bernie got hosed. i think all of these things have combined to make them say, it is tile for to us move on. we have to let go of the clintons and our infatuation with them. i truly think that happened. stuart: quick word on the tax plan. the way i see it, is the 1% is going to be paying more. seems to me like that part of the tax plan was written by democrats. what say you? >> stupid thing for them to do. i know they don't want to be accused of faving the rich, but they bill be accused of favoring the rich if they gave everyone who doesn't pay tax as big fat check and everybody who does pay taxes gets to pay more. they would still be saying they were favoring the rich. they need to come up with a plan that stimulates the economy. the purpose of taxes is to provide for the government needs and to do it in a way that helps grow the economy. the republicans need to start

selling their message that way, and quick pretending democrats are ever going to like anything they ever propose because they're not. stuart: hold on a second, governor. i want an update on the virginia gubernatorial election which is tomorrow. a new "fox news poll," it shows 48-43 in favor of the democrat. liz: that's right. ralph northam leads, five percentage point edge, well within the margin of error, 2 1/2%. leading ed gillespie. swing voters, 7% of independents are still undecided. look at issues, when you ask them about health care, the democrat is big win on health reform, 69-20. when just the economy, ed gillespie comes out 5-33. liz: just on economy. stuart: i suspect that poll. i'm not sure it will work out right. governor huckabee, what are your thoughts on this. >> i'm not sure that that is

accurate because a lot of polls have always undersampled or underestimated what the republican vote turns out to be, most notably a year ago when trump won but if in fact northam wins, he can say thank you, republican congress. if he wins, it is because people have just gotten where they're angry at republicans in congress. i don't think it's a referendum on the president so much as it is a referendum on a do-nothing republican who can't repeal and replace obamacare and so far haven't delivered on taxes. stuart: i think you're right, 100%, governor huckabee, as usual, i might say. >> of course i am. of course i am. stuart: i've been hoist on my own pitard as i recall. thank you for joining us, sir. always good stuff, thank you. question what do the queen, bono, wilbur ross, what do they all have in common? a whole lot of cash. we'll explain it fully, believe me after this. ♪

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stuart: newly hacked financial documents reveal the hidden wealth of pretty high-profile people including the queen of england and commerce secretary wilbur ross. they are called, the paradise papers. deirdre bolton has it all. reporter: that's right, stuart. biggest leak ever, 13 1/2 million documents. a german newspaper, obtained documents, ran wild with it. also turned them over to a international journalistic organization which felt free to share as well. you spoke with the judge as well. there is a difference between tax evasion and tax avoidance. underlining this, triple, triple, nothing done illegally

here. may not be the best pr for these people but not illegal. one thing to note affecting people on both sides of the political spectrum, all sides, all shades, all colors. you have nike, apple. you have the queen of england. commerce secretary wilbur ross, i want to underline there, a spokesperson for the department put out a statement this morning, not only has he disclosed every single investment he has ever made but the company that he did have money in was actually never sanctioned, not in the past and is not currently on any sanction list. so just to clear that up. bono. i mean you can to down -- stuart: long list. reporter: singers, entertainers. everyone. stuart: you're not on the list. ashley: i'm not on the list. stuart: i may be born in a foreign country but i don't have any money overthere, any money period. they're aiming to get rid of all bank secrecy laws, cayman islands. that is what they're going for. deirdre bolton, good report. thank you very much.

>> former chair of the dnc, interim chair, i should say, telling people that tell her to stay quiet, go to hell, is what she is saying. excuse the language. we're all over this. hi, i'm mindy kearns. it's great to finally meet you. nice to meet you too. your parents have been talking about you for years. sorry about that. they're all about me saving for a house, or starting a college fund for my son. actually, i want to know what you're thinking. have a seat. knowing that the most important goals are yours. multiplied by 14,000 financial advisors, it's a big deal. and it's how edward jones makes sense of investing.

stuart: we're up, 16, 17 points on dow industrials. that puts them at record all-time high, along with similar all-time high for the s&p and nasdaq. stocks up this morning, not much. >> big techs are making a running actually. facebook, amazon, microsoft, apple, all of them on the upside. nicely so. alphabet is down couple bucks. the rest are on the upside. that is where the money is going this morning. target says its stores will open 6:00 p.m. to i had midnight

on thanksgiving day. will pay all employees who pick up holiday shifts additional money. no impact. intel and amd taking on nvidia. it is making a running this year, up 95% in price, that is the stock. look at it now, $209 a share, amd teaming up with another chipmaker against nvidia today. let's see now, long time -- this is a story 1/2. long-time l.a. dodgers announcer, baseball guy, vin scully, slamming the nfl, football for the anthem protests. listen to what he had to say at an event over the weekend. roll it. >> i have overwhelming respect and admiration for anyone who puts on a uniform and goes to war. the only thing i can do my little way, not to preach, i will never watch another nfl game. [applause] stuart: vin scully. the man is a legend.

howard kurtz with us, host of "mediabuzz" on fox news channel. this is a media story, actually, it has been played out in the media, and i think it is all of it is bad news for the nfl and football, what say you? >> well i love vin scully. he is 11 5 years old, he can say whatever the hell he wants. it is really striking. he says i'm no great patriot. i served in the a year in the navy. he is is so offended by anthem protest, he will turn off the nfl which he says he always loved. that taps into the public sentiment at anger at protesters. at same time it is unfair to all the football players who show up every sunday and don't protest. stuart: football is suffering, would you agree with that? >> no question about it. the brand has taken a huge hit. roger goodell, the commissioner, mismanaged this whole thing. the ratings are down, for a

while. this is crisis for national football league, this is giant of professional sports. to have a guy from baseball, beloved, saying he will not watch it anymore, i think is another blow. stuart: yeah. okay. i don't see any way out of this, actually. certainly not in the short term. howard, former dnc chair donna brazile, slamming hillary clinton in her new book. now she is talking about it on national tv. my question to you, howard, why is donna brazile doing this? she is splitting the party. she was a good friend of hillary clinton. and fed her questions during a debate with bernie sanders during the campaign. so why is she now coming out and really splitting the party like this? >> right. donna donna brazile lost her consider contributor gigs at abc and ncc because of just that. this is designed to be her swan song in politics. she foes after everyone.

she napalms every bridge. not only said replacing hillary clinton with joe biden after the fainting spell. that hillary's brooklyn office was a morgue. goes after individual people that the whole dnc system was rigged in hillary clinton's favor. goes after robby mook, campaign manager. jennifer palmieri, former communications manager the "b" word. like she is trying to rebuild her own image at expense of her own friends. stuart: there are is comments she is selling books. i think the book will sell big time. i am going to buy it and read it because i am intrigued by it. i can't believe that is the motivation to sell books so you trash your former friends. seems more to it than that. >> i think donna brazile took a lot of heat for the fact that the democrats lost what seemed to be a very winnable race. so there is a very little bit of butt covering here. it was hillary campaign. debbie wasserman schultz's

fault. the fact there was no enthusiasm. she said at one point felt like a slave, injecting racial aspect here the way hillary clinton folks treated her. from the way she looks at it trying to vindicate her own position. she had a thankless job and wasn't given the tools to help, still for all of that, she has been in democratic politics for some decades, so close relationships with all these people it's a head spinner. democrats are angry about this the way it exploded in the news, stuart. stuart: one last quick one, howard, do you think there is any end in the immediate future, end in sight, the sinking reputation of the media in general? >> i think not and the reason for that is simply there is this huge cultural divide president trump and mainstream media which have been relentlessly or largely negative toward him. as long as that continues i don't see it turning around. i wish i could give you more optimistic answer. i believe in journalism but i don't see any improvement.

stuart: i wish i was you. i wish i could do your show because such terrific position when you look at what is happening in the media with this country with donald trump. maybe i could anchor your show one time. probably not. >> you would have your hands full. stuart: come do the financial stuff, howard. >> i will try that. stuart: howard kurtz. appreciate you being with us. i want to get to saudi arabia this is a big story a big shake-up there. reuters are reporting that saudi banks are freezing hundreds of bank accounts of those people detained over the weekend. joining us general jack keane, fox news military analyst. general, that is the financial side of this. there is more important side going on in saudi arabia. they are the principle bulwark against expansion of iranian power. now this looks like a power grab, almost total area system within saudi arabia. this is disturbing, is it not?

>> reminder to us, to our viewers, saudi arabia is authoritarian regime. this is not the way democracies behave. they rounded up at least 60 prominent people, princes, cabinet officials, head of naval forces, the guy who runs the royal guards, protects the royal family, put them in luxury hotel where they have confined them, all under the auspice of an anti-corruption campaign but likely, while there may be some corruption, involved, stuart, more likely than not what is happening here consolidation of power. this is authorized by the king who is very ill, kind of an open secret that he will probably within a year turn over the thrown to his son, muhammad bin salman, who is 32 years of age. this clears any political obstacle for that to happen. mbs as salman is referred to, he

is reformer. he wants to diversify the economy. he wants to transform some cultural social issues very far right and very conservatively held by the mullahses. he wants to stand up against the iranians. he is doing that obviously in yemen. he is taking issue with qatar. he is very different leader than what we've ever had in saudi arabia. stuart: that is a sign of trouble though, isn't it? when you have to crack down and arrest princes, business people, you have a war going on in yemen, you have this fight with qatar and the lebanese prime minister resigned because of pressure from iran, it makes you wonder, doesn't it? the saudis are under a great deal of pressure and the regime by turning more authoritarian becomes a little more brittle. are you concerned? >> yeah, certainly. when we take the view from a democracy and watch something like this happen, you know, just foreign to us. something that can never happen in our country. but you put your finger on it. there is huge pressure that the saudis feel.

certainly external pressure from radical islam. particularly from iranians internally. they can not, they can not just continue to be a one commodity country. that, they got serious problems. they have to diversify their economy. they also want to put people to work and get them off the dole, which so many of them are, because entitled state as well. so, these kind of changes are huge inside of saudi arabia. and this is, this is a move by the people in power to help make that transformation to this new design that they have, to help clear a path for reformation. when we want to do that, we have an election. we just went through something like that. we brought in a president who had, wants to reform the way america is doing business. but the american people decided that outcome. in saudi arabia, the peel in charge decided how to do that. stuart: so it seems. general jack keane, always a

pleasure. good to see you sir. >> thank you, stuart. stuart: senator rand paul is recovering after he was assaulted in his home in kentucky. liz, the senator was pretty badly hurt. liz: rand paul was on the baseball field when five were injured back in june at the baseball practice. he was mowing his lawn 3:00 p.m. on friday. this is in bowling green, kentucky. rene boucher came up from behind him, blindsided him, tackled him, fractured five of his ribs. he is having difficulty breathing. rene boucher is a physician as well. he is charged as ashley reported fourth degree assault. there could be further charges brought against him. out on $7500 bond. stuart: was it political, some kind of a political attack? liz: he is known to go on social media, appears to be liberal and

very anti-republican. we don't know what started the fight. ashley: it's a next door neighbor. who knows what is brewing. no indication of a motivation to liz's point. stuart: the last thing we want to hear a political violent attack on american politician. you do not want to hear that. ashley: broken ribs are incredibly painful. five? it will take him a while to recover. liz: no timetable for his return to the senate. stuart: that is important. noon today, republicans marking up, making changes i should say to the tax bill. up next, jim renacci, member of the tax writing committee in the house. i will ask him which changes will be on the table and what will be possible. ♪

♪ ashley: the 1% could end up paying more under the new republican tax plan. james freeman says giving wealthy americans a tax cut would be a boost for the economy. roll tape. >> folks in the administration, some of whom are quite wealthy, don't want to be portrayed helping themselves but they do need to remember the point of this is not to raise taxes or lower taxes for a particular group. it is to grow the economy. stuart: exactly. >> you look at that top 1%, they make 20% of the money this country but they already pay 40% of the federal income taxes.

you can go down the line. the top 1% pay more than the bottom 90. the top 10%, pay 70% of all federal next taxes. income taxes. move the needle for people to create, invest, save in this country, you need to cut taxes at the high-end. brighthouse financial established by metlife.

...from godaddy! in fact, 68% of people who have built their... ...website using gocentral, did it in under an hour, and you can too. build a better website - in under an hour. with gocentral from godaddy. stuart: this monday morning, not a huge run-up in stocks prices but it's a run-up.

enough to put all three averages, dow, s&p and nasdaq in new record high territory. then there is this. the tax-waiting committee starts marking up the tax plan in a hour. jim renacci with us, member of the tax writing committee. something that is going at me over the weekend, the 1% will pay more, i am right, aren't i? >> well, stuart, look, and i heard one of the intros earlier on your show, when 90% -- this goal is really to lower taxes on middle income. but when you do that there are going to be people in the higher income bracket that actually get a lower tax as well. so no matter how you run the numbers, the goal is, and we're going to make sure that middle income taxpayers lower, get dollars back to grow the economy. that is what this is about, growing the economy. but in the end, higher income people are probably going to get some tax cut as well. stuart: but you don't grow the

economy as much if you don't give higher income people some of their own money back. >> exactly. they will get some of their money back. if you lay out the tax plan is it is a very complicated system. i have been a businessman and tax practitioner for years. i can tell you it is complicated. because they pay so much of the tax base they will get a tax cut as well. stuart: how will they get a tax cut? >> well, look, there is plenty of things. when you come up the bracket, there is reduction in the bracket. so they get that reduction. we'll eliminate the amt. so they will get that reduction. there will be a number of places. there is a reduction as we all know in the pass-through income which a lot of high income owners have. at that they will get that tax deduction. when you calculate their tax return, calculate middle income, people will get tax cuts. but we're trying to make sure that middle income gets a tax cut as well. that is the goal. you will see when people start

to release some of these tax returns, this is going to happen. we'll have good growth because all americans are going to get a tax cut. stuart: when you start marking up the bill in the next hour, there are probably not many significant changes you can actually make because you have got to shoehorn yourselves into a 1 1/2 trillion dollar cut over 10 years so you only need 50, 51 votes in the gnat to get this thing passed. so there's a limit how much you can actually change. >> one thing i tell you the chairman is still listening. he is is listening to members. he is listening to outside groups. i think goal between today and minute it passes on the floor we'll continue to work towards making sure we get the majority not only in the house but in the senate to pass a pro-growth tax bill. you might not see any movement today, what i heard and what i know the chairman is working toward and what i know leadership is working toward, making sure we continue to move toward a path where we continue

look what is going on, looking to issues and potentially modify something, as long as we stay in the $1.5 trillions area. stuart: why do you guys believe that you lower the deficit by taxing the rich? why do you believe that? >> well, no, i don't think we're taxing the rich. i think again -- stuart: yeah, you are. look -- >> i think in the end, when you start to look at this model, you will see the wealthy do get a tax cut as well but middle income earners as well. stuart: i'm running math for a lot of people here, i don't see it. for high income people, the mortgage interest deduction is virtually cut in half. the property tax exemption is now cut down to $10,000. they don't get a cut in the top rate. it is still 39.6%. the biggest thing of all is, you can no longer deduct your state and local income taxes which is huge. >> well, again, sir, we double the standard deduction. we lower the tax brackets as it

moves up. we're eliminating amt i hate to say it, i run it on my numbers and my taxes, i think they come down a little bit as well. no way around it, no matter what you do because we're, when you start lowering brackets, but in the end, this package is really based on middle income america and growth. that is where we have to make sure we're looking toward, middle income, america, growth, sustained growth and allowing corporations to be competitive here in the united states. stuart: you got to sell it better, congressman. when i was out and about in the tri-state area over the weekend, i had people coming up to me complaining bitterly they were going to end up paying more tax when they voted republican. they're not happy. i'm afraid i'm out of time. congressman. look, i do appreciate it. you have always been on the program. stand-up guy, straight arrow. we appreciate that. >> we'll keep doing that thank you, stuart. stuart: jim renacci. coming up not everybody is happy with the gop's grand tax plan. that includes small businesses as well by the way.

we'll explain why they are not going to get quite the break that they thought. we'll be back. ♪ you can't predict the market. but through good times and bad... ...at t. rowe price... ...we've helped our investors stay confident for over 75 years. call us or your advisor. t. rowe price. invest with confidence.

ashley: we are learning new details about the man who shot and killed two dozen people at a baptist church in texas, but the motive still unknown. adam housley is live outside of the church with the very latest this morning adam? reporter: ashley, better idea what motive may be. another press conference scheduled 20 minutes from now with authorities in texas to talk about the latest information they gathered in this horrific shooting that happened nearly 24 hours ago. locals say this, think about this for a second, only a handful of people were not shot in that church yesterday. nearly 60 were inside, we're told. 26 dead, 20 injured. you do the math. numbers are just horrific. as long as children as old as grandparents. the shooter we believe, according to authorities, walked in, dressed in tactical gear, went to front of the church, turned around, started sprays the crowd. at some point shot people

point-blank in the head. two heroes, johnny, opened fire, chased the man down, essentially confronted him, we believe he took his own life. take a listen how they explained the last moments. >> he hit the ditch. the jent machine -- gentleman with me, got out, rested his rifle on my head and kept it aimed at him. telling him to get out. get out there. was no movement. there was none of that. reporter: authorities say he was dead inside of the truck in a nearby county. the latest information expected to come in here little less than 20 minutes with the most recent press conference held in texas. back to you. ashley: adam housley, thank you very much with the latest from the church in texas. more "varney" right after this.

stuart: the battle within the democrat party has turned brutal. it is a total split, and it's the book from donna brazile

that's done it. more excerpts have been released, and she revealed even more. to those telling her to shut up, she says, go to tell. i'm going to tell my story. as the democratic party machinery, she didn't like taking orders from hillary's brooklyn headquarters. the brooklyn hq, by the way, looked like a hospital ward where someone had died. the book comes out tomorrow, but the damage has been done already. the growing bernie sanders' wing of the party is hopping mad. it was all true. the nomination process was rigged. and hillary is now involved in a third big scandal. first, the russian uranium deal, the russian dossier deal, number two, and new, number three, rigging the nomination. it's hard to figure out why donna brazile did this. she's a life-long friend of hillary and actually helped her cheat in a debate with bernie by feeding her the questions in advance. and by telling all, she is dividing her own party.

maybe she's selling books with dramatic headlines. maybe. but perhaps she's also fed up with all the excuses hillary and the democrats are using for their loss to donald trump. either way, the clintons are done in politics, and the democrats are going to struggle to unify behind a winning message and a winning candidate, if they can find one. the third hour of "varney & company" is about to begin. ♪ ♪ stuart: you know, all of a sudden we've gone from a plus 22 to the plus 3, marginally on the upside there. earlier we'd had the dow, the nasdaq and the s&p, all of them hitting record highs. okay, now we're up five points, 23,543. look who's here, zane tankel, is

the name. he's the ceo of apple metro. this man runs a few dozen applebee's in the new york metro area, frequent guest on the program. i don't know why, but you're always coming back to us, isn't that right? [laughter] >> i can't figure it out myself. [laughter] stuart: this tax plan, you've seen it. >> yes. stuart: if it were passed today as is, is it good for applebee's? is it? >> stuart, what's good for the country is good for applebee's. our tagline is america's favorite neighbor, so we're the largest casual dining concept in america. so if, you know, incoming tide rises all boats, correct? stuart: are you saying it's good for you? >> yes, sir. stuart institute because it is -- stuart: because it is a middle class tax cut, not a 1% tax cut. >> i make a point on the macro of it? our tax rates, as you well know, are the highest in the world. capital tends to find its most efficient usages.

multi-nationals don't build here, as a rule, because they have to pay a huge premium to build here. if we reduce our taxes to incentivize multi-nationals to start building industries here, that's the middle class that gets those jobs, is it not? we always look at ourselves creating those middle class jobs. they could be created by foreign nationals, they could be created by other industrial complexes. and if we reduce our taxes, we become more competitive on the world stage. if we're more competitive on the world -- stuart: so you don't care that the 1% will probably end up e paying more overall in taxes. that's got nothing to do with your business, nothing to do with your customers and your restaurant chain. >> they're not taking the money from anybody. i didn't grow up rich, i grew up relatively poor. stuart: yep. >> i always used to think that that guy that lived in the big house on the hill, god bless him. i want a house just like his, and i'm going to work real hard to get it. i'm not going to take it from him to get it, i'm going to

build it myself. stuart: this tax bill takes it off him. they will end up paying more in tax. >> yes. but at the same time, i don't resent that the 1% get more or don't get more. i care about what i do. stuart: okay. i have to ask you about oil because i know you're an oil and gas guy. you've invested heavily. >> yes, sir. i am a director on oil -- stuart: why is oil at 56, as of right now, $56 a barrel. i thought american frakers would make sure the prices stay down in the 40s, but what's going on? >> oil's very fungible all over the world, correct? and the geopolitical issue in the world today is a little upside down in the middle east where most of our oil does come from. stuart: [inaudible] >> well, the missile that came from the houthis in yemen into saudi arabia -- stuart: let me stop you for a second. there was a missile launched over the weekend from yemen. you say it was the houthi tribe

that did it. >> correct. stuart: didn't get much coverage, but you think that's one of the reasons why oil's going up? >> well, the prince said that is an act of war, quote-unquote, when that missile landed. so if that's an act of war and the houthis and the yemens, which is one of the poorest countries in the world, don't have the technical capability to launch that missile. where would that missile come from? stuart: iran. >> probably. houthis are a surrogate army force, correct? so if iran was behind that and the saudis say this is an act of war, they're not talking the houthi tribe in yemen when they say that, number one. number two, there is a lot -- now, this is speculation, but there is a lot of speculation that the israelis are kind of advising the young prince, salman, in terms of the consolidation of power. you also know they just arrested -- stuart: yep. >> so the big arrest wasn't walid who is the flashy, bigtime

businessman. the big arrest there is the head of the national guard who is the son of the king. stuart: ah. >> so there's a con slation of power. and if somebody's advising a 32-year-old crown prince at how he can put his country together to consolidate this power to respond to the missile, it gets all very complex, but then the gulf states are involved as well, right? stuart: and the price of oil goes up, bottom line. okay. zane, stay there for a second because i want to bring in stephen schork with "the sloshing report." this guy -- the schork report. i'm sure you heard this, stephen, the price of oil going up, $56 a barrel right now. zane tankel says it's got something to do with that missile that was fired into saudi arabia and the consolation of power by the crown prince. what say you in. >> well, certainly today there is going to be a move to err on the side of higher oil prices with regard to the uncertainty coming out of all of the news coming from saudi arabia.

let's keep in mind this consolidation started at the beginning of the summer with the frayed relationships between the other sunni power, qatar, in the region. and this just goes ahead and puts it on another higher level. so uncertainty is going to lead traders the err towards the higher side. we also have to keep in mind, stuart, that oil prices -- particularly gasoline prices -- have been moving steadily higher since all of the disruptions in the gulf of mexico from, let's say, the busiest hurricane season since 2005. so we have logistics, we have infrastructure plays that are being supportive of prices. so it's a combination of some fundamental events that demand for gasoline is very high at a time when refinery throughput is very low. that's a very seasonal impact, and that's certainly supportive of prices. now -- stuart: wait a second, steven, you make your money by forecasting prices. so you've got to forecast them for us. is the price of oil going to hit

$60 a barrel? is gasoline in america, regular, going to hit $2.75 a gallon? >> in the short term, certainly $60 a is a potential. we could potentially hit it. i don't see us staying there. the caveats here, stuart, are that speculators, wall street have never been more bullish, so they've taken a huge gamble. they have cleared the decks, and they've gone all in on higher oil prices. so if they begin to bail, we'll see a retrend the. ment. more -- retrenchment. it's going to allow u.s. producers to reset their hedges and sell their production forward, so we could look forward to more u.s. production coming on in the new year. and also, more importantly, the elasticity of demand. oil is demand and elastic as it was before. consumers, thanks to substitutes -- think electric vehicles -- do not respond the way they have in the past. so that said, stuart, i think that $60, to answer your

question is it potentially possible, in the short term, absolutely, if we get the right kind of headline. can we stay there? no, i don't see us staying there. i see us retrenching back to the range we've been for the past two and a half years. that's right where we are, on the low, high 40s, low 40s. stuart: okay, we'll take that. steven schork, thank you very much, indeed. zane tankel, it's good news for american frackers, isn't it? >> sure, it is. we're right up there in east texas -- stuart: you're drilling in texas. >> we're drooling. [laughter] but i still think that being said and everything is exactly right, but there's also a demand increase. because as we build -- it's not just automobiles. he's exactly right, but industry. as industry starts churning -- stuart: growing again. >> exactly, growing. we're still an oil-based industrial complex as most of

the world is. stuart: well, zane, i'm very happy you were born on the poor side of the tracks, and i'm very happy you've made it to the other side of the tracks and a guesten on our program. you're obviously doing well. >> thank you, stuart, appreciate it. stuart: i bet you too. you're all right. [laughter] >> thank you, sir. stuart: later this hour, we'll take a look at that republican tax plan with former mcdon's chief ed -- mcdonald's chief ed renzi. he wants them to get this one done. and you heard my editorial top of the hour, donna brazile considered replacing hillary clinton on the democrat ticket after clinton fainted at that 9/11 event. more on that coming up for you in a moment. a new poll on the 2018 house race. democrats have a big leg up over republicans. we'll discuss that in a moment. more "varney" after this. ♪ did your senator or congressman get elected by talking tough

on the national debt? will they stay true to their words? or did they promise you one thing... only to do another? right now, congress is talking about tax cuts that will add trillions to our national debt and hurt our economy. it's time to tell congress... don't borrow more money from china. and leave more debt to our kids. keep your word. tax cuts shouldn't add to the national debt.

stuart: well, well, look at this. voters say they prefer democrat candidates for the house of representatives next year over republicans and by the widest margining in over a decade. this is a washington post/abc news poll. fred barnes is with us, weekly standard executive editor and fox news contributor. all right, fred, that was for the house election next year. i want to talk about democrats in 2020. we hear, and this is whispering away here, senators cory booker, new jersey, kamala harris, california, and hawaii congresswoman tulsi gabbard, are these the rising stars of the party who will be, one of them will be the candidate in 2020? what do you think? >> well, they are the rising stars. in fact, with the democratic party it's the -- [audio difficulty] they're a bunch of old folks. and the good thing about booker and gabbard and harris is that they are not geezers.

[laughter] and this is what democrats need. they need some younger candidates. are those people, those three ready to become strong democratic candidates for president? it's possible. look, a year before the election which was barack obama? he was a pretty obscure senator from illinois. so maybe one of these will emerge, but there's no, there's no guarantee of that. we'll have to see if any of these older folks are running. stuart: fred barnes i have to interrupt here, and i have to tell you, you cannot say president trump is a geezer. granted, he's 71 years old, but he certainly doesn't act like it. >> he doesn't. i wasn't referring to him. [laughter] but the democrats act like geezers a lot of the time. [laughter] look at nancy pelosi who's been, a pretty strong leader in the house. but look at her press conferences, you know? she can't remember things. she doesn't look like she's ready to run the house of

representatives again. look, it's a year away. a lot can happen. stuart: we like to speculate about these things. i want to talk donna brazile. she's been talking about -- she actually talked about replacing hillary on the democrat ticket in the election. >> yeah. stuart: hold on a second, fred. listen to this. >> you didn't have the power on your own to replace hillary on the ticket. >> no. but as you well know, the charter of the dnc say that the chairperson shall in consultation with the leadership in congress and others. so i had to put it on the table, george, because i was under tremendous pressure after secretary clinton fainted to have a, quote-unquote, plan b. i didn't want a plan b. plan a was great for me. i supported hillary, and i wanted her to win. but we were under pressure. stuart: you know, i've been thinking, why is she doing this? she's splitting the party. my answer is it's not to sell books, it's because she sees the middle of the road democrat party being trashed, just being

run out of town by the leftists, and she wants to do something about it. get rid of the clintons and bring new moderate people. what do you say? >> i say that's good analysis. you don't need me here. [laughter] in fact, the party has just run away. you know, the joe biden thing, putting him in, sounds nice, but it would have split the party. last year -- stuart: a lot of people say he could have won. >> he could have won if he had run and won the nomination and was the only candidate to come along. but to stick him in after hillary was already running or had won the nomination, that would have split the party. the feminists would have gone crazy, and there are a lot of them in the democratic party. stuart: i say that the democrats are just as split as the republicans -- >> and it's going to get worse. i mean, look, this thing has just started about the, about what was done where the clinton campaign just took over the

whole democratic national committee, questions about whether it's legal or not. we're just starting to hear about it. and then there's the whole fusion thing and that dossier, and there's so much stuff out there that is going to split the democratic party more. and -- stuart: and you're loving every minute of it, fred barnes, i know you are. [laughter] we're both of us geezers, and we both love it. [laughter] all right, fred, we'll see you later. good luck, sir. >> okay. stuart: now this. special investigator robert mueller reportedly has enough evidence to charge michael flynn. judge napolitano has details on this one. the judge will also give us the latest on the newly-released paradise papers. hackers releasing details on where the elites keep money overseas in those secret bank accounts. some big names mentioned. the queen of england, commerce secretary wilbur ross, u2's bono. a lot more ahead in this hour. stay right there, please.

♪ ♪ [lance] monica, it is absolute chaos out here! gale force winds, accumulations up to 8 inches... ...don't know if you can hear me, but [monica] what's he doing? [lance] can we get a shot of this cold front, right here. winter has arrived. whooo! hahaha [vo] progress is an unstoppable force. brace yourself for the season of audi sales event. audi will cover your first month's lease payment on select models during the season of audi sales event.

stuart: the authorities are holding that news conference on the texas church shooting. we're listening in. we'll bring you updates and headlines as they occur.

separate entirely now, i've got three retail items for you. can we get rid of that, please? toys r us gearing up for those holiday shoppers. the stores will be open for 30 straight hours starting on thanksgiving, continuing all the way through black friday. they're hoping for the best. toys r us still in a lot of trouble. amazon has started slashing prices on all kinds of items sold by third party sellers. you'll see items marked as discount provided by amazon. that means amazon will sell you the product at the discount lower price, but they'll still give the full price to the seller. you, the buyer, gets the benefit. target announcing it'll pay more hourly employees, they'll pay them more money to hourly employees working thanksgiving, black friday and weekends leading up to christmas. it's not helping the stock, it's down a fraction. there's system other individual stocks -- some other individual stocks in the news. cvs, their profits better.

they're processing more claims at the pharmacy benefits management business. the stock is down, though, 2.7%. better profit at michael kors. they're opening more stores. that's helping them pull in a lot more money. the market likes that, a 13% gain on michael kors at 53. weaker profits, weaker revenue at mylan but remember, please, they are the people who sell the epipen. sales of the epipen down. nonetheless, mylan still up 2.5%. very hard to figure out the stock market sometimes. the merger between sprint and t-mobile, well, it's called off. done, finished, not going to happen. the companies were unable to find mutually-agreeable terms. quick check of gun stocks, they're up. investors believe that people will buy more guns in the wake of the texas church shooting. this happens when there's been a shooting almost all the time, happening again today although we only have just all

incorporations, only gunmaker that's still up. back to the gop tax plan. on one side, it looks like it was written by the democrats, on the other, by the republicans. we'll be joined by the former mcdonald's ceo, ed renzi, on that. he says a great bill is one where no one gets everything they want. quick check of the big board, we're up five points. more "varney" after this. ♪ ♪

♪ ♪ stuart: oh, yes. if you can make sense of that. [laughter] we're not going to delve into it now. >> kind of like the tax bill. [laughter] stuart: we're going to check the big board and show you it's up 14 points on the dow industrials. it's an even split, 50/50, winners and losers among the dow 30. united continental says it is considering replacing older wide-body planes with in new boeings 767s. that thing's been on a tear recently. ed renzi is with us, he was the

ceo of mcdonald's. i want to know -- we just had on the air on our program zane tankel who runs 40-toed applebee's in the -- 40 odd applebee's in the area. he says this tax plan is very good for applebee's and very good for customers of that restaurant chain. how about for mcdonald's and customers of mcdonald's? >> well, all franchise restaurants are small business people, and they've got to keep more of their own money. the federal government, the house and the senate, never have any trouble spending their money. the problem is they shouldn't have confiscated it in the first place. let's let small business people reinvest in their businesses, create new opportunities and grow. and also think about this: multi-national companies won't come to the united states to build because the tax rates are so onerous on large corporations. that's why all the money in many of these corporations resides

offshore. it's the reason why bono and cats like that leave their money in the cayman islands, because it's so crossly over-- grossly overtaxed here in the united states. reducing taxes will stimulate the economy, and it grow and help pay down the damn deficit. stuart: we do not reduce taxes on the 1%. the top income earners who already pay, what, 40% of all the income taxes collected by the federal government, they -- that 1% -- they're almost certainly going to pay more. that doesn't stimulate the economy, does it, ed? >> well, it depends on your perspective. are you talking about individual income, or are you talking about large corporations, or are you talking about bonds that are tax-free -- stuart: individual income. hold on a second, individual income taxpayers. the top 1%, especially if they live in high-tax states, new york, new jersey, connecticut, etc., etc., etc., those people -- because they'll have some deductions, big ones, taken away and they get no cut in their rate -- those people will pay more.

and i'm questioning, does that stimulate the economy? >> in my opinion, yes. and i'm one with of those cats that happens the. we can afford to pay those taxes a lot better than the small businessman can or the shareholder that has stock that's trying to rely on that stock as a pension opportunity. stuart: but why do we have to -- [inaudible conversations] why to we have to tax anybody any more? why? >> that's because that's the nature of government. it's in their dna. they're going to do it no matter what. that's the reason why i say nobody's going to be happy with this tax plan, but we've got to reduce it because the lobbyists are going to want the housing benefit and right down the line. everybody's got an ox to gore one way or another, and the politicians have got to have courage and say we need to stimulate growth in this country. stuart: yes. >> bring money from offshore back here. let's go! stuart: but why -- [laughter] look, if you cut -- look, i'm not grinding an axe here, but

the top 1%, wealthy people, high income earners, they're going to pay more. that does not stimulate the economy. this is a large group of people who earn a great deal of money, and they're going to be paying even more money. wouldn't you stimulate the economy a lot better if you give them some of their money back? it's their money, give some of it back to 'em? >> well, of course. that's on idealistic world. you know that's not going to happen and so do i. let's go to a flat tax rate, get rid of all deductions of all kinds. get rid of the irs and turn those people into other occupations. that ain't gonna happen, stuart. you know it and i know it. we're going to have to compromise. all of us are going to hate some part of this thing, but we've got to follow the lead of reagan and jack kennedy. get the government out of our wallet and spend that money to grow the economy. stuart: i agree with you, but this does not follow president reagan. >> no. stuart: president reagan cut taxes for everybody. this tax deal does not.

>> it's unfortunate that everybody doesn't have the courage of ronald reagan. stuart: i will agree with that. but bottom line, ed renzi thinks this is a middle class tax cut, it's great for business, it's good for the economy, and you say pass it, correct? >> you bet. right now. stuart: okay, you got it. ed, thank you very much, indeed. we'll see you again later. i want to bring in tony sague, public relations guy at the treasury department. >> stuart -- stuart: you know what i'm going to say. >> great to be with you. [laughter] stuart: look, i'm not grinding an axe on behalf of the 1%. i'm simply saying if you don't -- if you make them pay more in tax, more than they're paying already, and that will happen, you don't stimulate the economy like you could stimulate the economy. >> stuart, i think we have to expand this conversation. not to suggest where you're focusing isn't something we're sensitive to, but remember, we're keeping the top rate at 39.6% for those at least in the house's plan earning a million

dollars and more. we are dramatically cutting rates across the board, broadening the base. this is very reagan-esque in that regard. but when you look at the business side, reducing the rate from 35 to 20, taking the small business tax rate, making it the lowest it's been at the topside in 80 years, stimulating productivity, wage growth and economic growth, that's where everybody wins, and that's what you going to get -- you're going to get with this tax reform. stuart: address the housing industry. you're going to lose the mortgage interest deduction on mortgages greater than $500,000. that's a big cut in the mortgage interest deduction. >> and do you know how many mortgages are above 500,000? 6%. this whole kind of sky is falling idea, i think, is incorrect, and it's not necessarily something that the american people should worry about. what you've seen is we have preserved the mortgage interest at 500,000, which i think is very important, and we're doing things to make sure middle income families have meaningful, stimulative tax relief.

this was always the priority of the president on the individual side. and on the business side, what you've seen is creating a pro-growth environment by which we get an economy that has a sustained level of growth of over 3%. we feel we could achieve that. our own council of economic advisers has shown we could reach up to 5%. when you look at workers, they've not had a pay raise in ten years while corporate profits are up 10% offshore. we have a system that disincentivizes reinvesting into this country. we're changing that to where an american worker could get a $4-9,000 increase in their check alone. stuart: okay. i don't think we're going to get 4% growth rate even if it was passed as is. i want you to come back at some point in the future, and you tell me, yeah, we're still going to get 4% -- >> look, it's our goal. we have two consecutive quarters at 3%. that's the right trajectory. stuart: okay, tony. [laughter] you come on back now.

okay, new details coming to us on the texas church shooting. officials say there was a domestic situation going on with the family of the shooter. that may have been the motive. the shooter's mother-in-law was a member of the church. officials also say there was a video recording from inside the church. law enforcement has seen that video. all right. jeff flock is with us, and we're going to talk gas prices and the price of oil. jeff, where -- look, the price of oil is going up. it's $56 a barrel today. where are the frackers? i thought we've got all these american frackers desperate to chuck out more oil so the price stayed stable, about $50. tell me what happened. >> reporter: oh -- [laughter] i don't know what you're going to like. by the way, i'm at the most expensive gasoline in chicago, $3.69 a gallon here. the frackerses you say, well, it turns out the first company to obtain a fracking permit in the

state of illinois which back when it passed its fracking regulations were the most strict in the nation, the first company to get, successfully get a permit says now, forget it. the cost, the problem with getting that permit was burdensome, time consuming and costly, and and they say now that we've got it, we don't want it. it's not worth it. they missed the boat here in illinois when it comes to fracking, stuart. the price now, as you point out, is inching up. but to start a new operation going through a tough regulation process, it just doesn't make dollars and cents. stuart: well, that's an answer to my question, where are the frackers. the answer is -- >> reporter: we could have used that money, that tax money would have been real nice from all that oil. would have been fun. stuart: $3.69 a gallon right behind you there in illinois. >> reporter: you wouldn't buy it here, i tell you that. [laughter] stuart: no, i would not. we'll be back to you later, jeff. moments away from a man who's going to join us.

he represents small businesses. now here's a twist, he says he doesn't like the new tax plan even though small business gets a big tax cut. we'll be joining him momentarily. then we have vin scully, legendary sports broadcaster, so fed up with the nfl profrom tests, he says he'll never watch another pro football game again. you'll hear him after this. and get this, the queen of england, commerce secretary wilbur ross, madonna even, just a few of the big names mentioned in newly-released financial documents called the paradise papers. they reveal the money stashed away by the elites in those offshore bank accounts. napolitano has details in a moment. ♪ ♪ i don't want to sound paranoid, but d'ya think our recent online sales success seems a little... strange?

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♪ ♪ >> i'm nicole petallides with your fox business brief. netflix today as we follow the story of "house of cards" and actor kevin spacey. the stock is at $201.48, higher by $1.43ed today, but netflix and the producer have cut ties with kevin spacey, and now what will happen to his character, frank underwood, of the show? they've suspended the show indefinitely, they could scrap some efforts and rewrite an

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stuart: longtime l.a. dodgers announcern scully slammed the nfl for those anthem protests. listen to what he said at an event over the weekend. roll it. >> i have overwhelming respect and admiration for anyone who puts on a uniform and goes to war. so the only thing i can do in my little way is not to preach, i never watch another nfl game. [applause] stuart: whoa, never watch another nfl game, a sports icon like that says things like that, you know that nfl football is in trouble. no doubt there. i want to get back to the tax plan. our next guest does not like the new tax plan even though it lowers the tax rate for small businesses. john aaronsmeyer, small business majority founder and ceo thereof. sir, welcome to the program. it's good to have you with us. >> good to be here, stuart. stuart: you've got to explain this because a lot of small business people will pay a

maximum tax rate of 25%, and that is the lowest rate since world war ii. what's wrong with that? >> well, stuart, actually right now only 13% of small businesses pay higher than 25%. and now when you combine that with the changes in the rate structure that's being proposed, only 2% of small businesses are going to benefit from this lowering of the pass-through rate. so it's not a benefit to small business, and this whole bill is being done as a $1.5 trillion hit on the deficit at a time of relative economic prosperity. so it just doesn't add up for the average small business owner in america. stuart: i just want to summarize this. you're saying, okay, they get a lower tax rate, but very, very few small businesses actually pay a higher rate. in other words -- >> correct. stuart: -- very, very few small businesses actually get a cut. that's your argument, basically? >> that's absolutely correct. and the sort of pass-through entities that get a cut are, you know, hedge fund managers, investment bankers, lobbyists,

not your, you know, pizza shop in utah or body shop in south carolina. these are the not main street small businesses. and we would love to see a tax bill that actually the addresses -- actually addresses the needs of those businesses. giving all businesses an opportunity to deduct the first $25,000 of income would really hit the vast majority of main street businesses and not just a small sliver of very wealthy pass-through entities. stuart: the trouble is that they've got to fit this tax cut deal inside a format where this $1.5 trillion cut over ten years, they've got to shoe horn it into that little corner, and if they don't do that, it'll take 60 votes in the senate to get any type of tax reform, and they haven't got them. so they're being pushed into a corner basically by senate rules. that's the situation, isn't it? >> well, the hit to the deficit on what they're proposing on

pass-throughs is $448 billion over ten years, and that doesn't even, by the way, cover all businesses paying over 25% because they're eliminating certain service businesses. so you're not even hitting everybody. there are ways to give a tax cut from the bottom. and by the way, we think all these tax cuts should be paid for. there's not -- given the fact that we have relative economic prosperity now, there's no reason to increase the deficit. now is the time to lower the deficit. in fact, our polling shows that by a 70-30 margin, this is polling of plurality of republican small business owners, by a 70-30 margin they would prefer to have a tax bill that does not hit the deficit even if it means not getting a tax cut. stuart: but is that accurate? i mean, you don't -- do you cut the deficit by taxing rich people more? historically, that's not what has happened. and this tax deal would tax richer people more. >> well, i don't -- i mean,

right now, you know, it's a $1.5 trillion hit to the deficit, and most of those cuts are happening to wealthy people and big corporations and not to the average, main street small business other than, so i'm not sure what you're saying about raising the taxes on wealthy or people at the upper bracket. stuart: well, the top 1% will end up paying more in tax because they've got deductions that are going to go away, and they get no cut in their top rate, 39.6. there's a lot of constituencies lining up against this tax deal. the housing industry doesn't like it, you represent small businesses, they're not real happy about it. there's lots of constituencies ganging up against it. you going to kill it? >> well, i mean, as you said, small businesses are not in favor of this. there isn't a single small business organization in the country, right, left or certain, that actually supports this bill. so our interest is in looking at what is being done with the tax code to benefit the average, main street small business. and we just don't see it here.

stuart: okay. >> we think if you want to do tax reform, there are other ways to do it. and by the way, we don't think anything should be done right now that's going to grow the deficit. stuart: okay, understood. john, thanks very much for joining us. one more opponent of this tax plan. thanks for being here, sir. thank you very much. >> thanks for having me. stuart: special investigator robert mueller reportedly has enough evidence to charge michael flynn and his son. judge napolitano on that next. ♪ ♪ who knew that phones would start doing everything?

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stuart: robert mueller reportedly has eh evidence to charge michael flynn. all rise, judge andrew napolitano is here. more detail? >> well, when i first saw this story i thought, oh, my goodness, are mueller's people leaking again? this does not appear to be a leak from them, it appears to be common knowledge of what is already out there, that there is evidence that general flynn was working for the government of turkey while he was the national security adviser to the president of the united states. before he was president, wheel he was president-elect and as -- while he was the president-elect and as he was president of the

united states. apparently, didn't report that or the income he earned from it. he was, apparently, lobbying to have a lawful, permanent residence but not an american citizen of pennsylvania deported to turkey so he could be charged with being behind the coup against erdogan. stuart: you can't do that. >> no. so it's veried bad stuff. and then they're going to say, the allegations are that there'll be an indictment of his son for also being an unreported foreign agent and not reporting all income. does any of this have anything to do with the russians? no. did any of the indictments of manafort or gates have anything to do with the russians? no. but it's the federal prosecutor's paradigm, squeeze the guys on the bottom and the middle of the totem pole to get them to talk about the person at the top who is the president. stuart: so it'll never go away. russia, russia, russia, it'll be years here. >> i don't think it'll go away, but i don't think it's good news for the president. somebody's going to cave.

these guys will be facing 20 years -- stuart: got to assume they've got something to cave with, with the president -- >> yes. that is the dangerous. the prosecutor wants them to sing. sometimes they create their own song. that is, they will make up what they're saying because they will say like a person under torture what they think the torturer wants to hear, what they think the prosecutor wants to hear, and these are irrespective of the truth, and it makes its way to a public courtroom. stuart: you've got to tell me about the paradise papers, a series of revelations about wealthy elites putting money -- >> include you know who, her majesty. stuart: her majesty, the queen. wilbur ross, more to the point. >> yes. stuart: wilbur has said he fully disclosed everything. he did nothing wrong. >> okay. so he and gary cohn are in a different position than the others because they had to file financial disclosures with the

government. we start with the proposition that these offshore tax havens are not illegal. they are perfectly lawful. but the depositor has the obligation to report their existence, to report the interest, to calculate the tax and to pay the tax because the bank which gives the interest in return for parking your money there is not going to tell the irs. that's just the way they operate, you have to do it on your own. so there is an opportunity for shenanigans, but there is no evidence. in wilbur ross' case, expect the democrats and expect our colleagues in the media outside of fox to say, oh, he's hopelessly conflicted. he violated donald trump's argument during the campaign for having this offshore account and not reporting it. and he had an investment in a shipping company that had a client controlled by the kremlin. i mean, how far do these reporting requirements go? they don't require that you report the clients of the company in which you invest. stuart: ah, but the media can

say it's a connection to russia, russia, russia -- >> yes. stuart: if he had a connection to a russian dog -- >> very good, stuart. [laughter] it's a connection sloppily to paint the russian brush on the secretary of commerce and hope that some of the paint spills over onto the president. stuart: one more time, you're right. >> thank you. stuart: not bad, judge. you'll be back here tomorrow morning. >> keep me back here if i'm right? [laughter] stuart: all right. there will be more "varney" after this. ♪ ♪ alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today.

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stuart: 30 seconds. i say vin scully is the most intriguing story of the day. he will never see another nf game liz? liz: papa john's and others

looking at tv spending alling the anthem protest a debacle. that is wake-up call. >> go seagulls. stuart: our viewers don't know you were almost a professional soccer player. >> almost. >> i'm connell mcshane here for neil cavuto on "cavuto: coast to coast." we're following a number of breaking stories. negotiations are underway, as a matter of fact right now the house ways and means committee begins markup. speaker paul ryan came out and said lawmakers planning a whole host of changes to their tax reform bill. that is where we start. on capitol hill. see what the changes may be. adam shapiro is covering throughout. joins us now. what is the latest, adam? reporter: well, they're starting markup of the tax cuts and jobs act and kevin