information t will only affect 6% if it goes down the way he says. [closing bell rings] there we have the fireworks. it's a record close. second day in a row for all three indices. third day in a row for the dow. that will do it for the "claman countdown." melissa: we're still not tired of all this winning. making money today. the dow closing at a new record high for the second straight day, ending the day up a little less than 10 points but we'll take it. s&p and nasdaq joining the dow in record territory. i'm melissa francis. happy monday to you, my friend. david: same to you. same to you. i'm david asman this is "after the bell." glad you could join us. more on the big market news but here is what else we're covering in a very packed news hour. putting more money in your pocket. that is the idea. house republicans red lining their tax bill right now as senate preparing to release their plan by the end of the week. the latest how these reforms will impact your weekly paycheck and your family's bottom line

coming up. plus, an evil killer let's loose on holy ground in texas. officials are now searching for answers after a gunman opened fire in a church killing at least 26 people, one as young as 18 months. eight of the victims from the same family. the commander weighing in on the massacre from abroad, calling it a pure act of evil. the president is about to make his way to south korea after meeting with the prime minister of japan today. melissa: gop effort on tax reform is heating up on capitol hill. our own adam shapiro is live in d.c. with the latest. adam? reporter: the mark-up continues. we expect first votes on amendments to take place in the next few hours. this will go on all week, melissa, the goal finish by thursday, send it to the full house for a vote before thanks giving. once they vote it out by committee, that is when we

expect orrin hatch to release their version of the jobs act. there is little confusion. for instance, the joint committee on taxation was answering questions before the committee and he said 38 million americans will fall into tax brackets, some might see their taxes go up in five years as difficult proposals within the current bill expire. they would have to be renewed. so that is one issue that is in play. democrats are saying look, for instance, representative lewis from georgia, he said this bill isn't the worth it is printed on. just throw it out. john larson from connecticut, said enough is enough. take a listen. >> this is going to be 2416 right down the line. all the way until they can get this, to the floor of the house. and then on the floor of the house, they will continue to perpetuate this great myth that somehow we went through any kind of regular order, or there was any bipartisanship.

reporter: but republicans are saying look the middle class need as tax break now. that lowering corporate tax rate down to 20%, will help employ americans. but also the middle class tax cut will put on average $1200 back in the pocket of average americans. here is what mike lee from pennsylvania had to say. >> this is hell week. you're going to hear about what we're not doing for certain people but i would just submit it my friend, that -- this effort is three-decade effort to change the tide of americatracinda projecttry. reporter: again the key here, melissa? finish this by thursday, send it to the full house for a vote sometime before thanksgiving. back to you. melissa: adam, thank you. david: we have the senate to worry about. melissa: right. david: meanwhile the house ways and means committee continuing to mark up the tax bill. gerri willis has looked at it in detail. she gives us a look at some fine print in that bill that could

directly affect you. there is a lot of it, gerri. >> that's right, david. there is surprise inside kind of like crackerjack prize. a high of 46% not even before ronald reagan's tax reform. here is how it would work. it applies to singles making $1 million and couples making $1.2 million. it is a way for the gop to claw back the 12% rate on first $45,000 for individuals and 90,000 for couples. those in the higher tax bracket have to gift benefit back. it is phased out by six dollars on every one hundred dollars of income until the 12% rate relief is clawed back. once achieved the rate returns to 39.6%. some are calling it a bubble tax rate. here is what vice president pence told our own maria bartiromo. >> that is a part of the house proposal that's been talked about and i know the intention of house leadership there was to

recapture some of the lower brackets savings that upper income americans experience. >> that is a tax increase? >> well, let me say we think the house bill is a great start. reporter: there are more surprises. the adoption tax credit, worth up to 13,750 per child, gone. alone any, no longer deductible. teachers can no longer write off supplies they buy. medical costs exceeding 7.5% of income, no longer deductible. list goes on. even tax prep fees are no longer deductible. david, back to you. david: gerri willis, thank you very much. melissa. melissa: here now is new york republican congressman tom reed. member of the tax writing house ways and means committee. i'm sure you don't like to come after the piece that drilled down on some ugly details but i have to say, you will not feel bad for anyone making so much money that they qualify for that bubble, it is one those tricky, complicated, convoluted hidden

things we were supposed to be getting away from. the whole idea, we thought, of this tax proposal was to lower rates, simplify the system, deliver relief to everyone and get the economy rolling. doesn't seem like the meat of that achieves this? >> bubble rate has been something that has been around not just in this proposal but other proposalses. melissa: that doesn't make it okay. >> but the bottom line is, what we're trying to do is give the targeted relief to hard-working taxpayers. you heard us say repeatedly myself about the 1%. if they have to pay the same amount, maybe not get as much of a reduction going forward that is okay with me if we -- melissa: sounds a like talking points. sound like some will be paying more. when you say give relief to hard-working taxpayers, isn't every taxpayer hard working? doesn't every person deserve to hold on to marchmore of their hard-earned money? >> i totally agree with that. if we're choosing between a billionaire 99% people we

represent, i go to 99% of people we struggling in my backyard. $1600 to my district. $1600, making a billion dollars a year, that is real different. i'm sensitive to the hard-working tax payer voice. melissa: that is not how this bill seems to shake out at this point. not everybody in the middle class will get a cut, especially people if you live in the high income states. just seems like, there is a little gotcha everywhere and there is not enough relief overall. do you think you have enough support to get it through the way it is or does it need more tinkering? >> i think we'll be tinkering through this whole process. that is what is good, making the product better all b so we're going to do that but at the end of the day the pros will outweigh any cons. when we talk about relief targeting main street america, small business america that is the economic engine of america. that is what we're trying to hit into. that is the sweet spot. i think we have done it to the

bill in large degree. we can always improve it but the end of the day we need to move the bill forward for the american people. melissa: room is i cannily what is the scorecard? >> i'm sensing positive energy. everyone is concerned. there is a lot of fear. there is a lot of anxiety. we get that and which understand that we're ready to go and ready time prove the bill where opportunities exist. we're going to deliver this. melissa: what is number one thing that could change or improve bringing more people on board? i'm not asking what you agree with, what would be the thing that would change would make it easier to keep it moving? >> we're hearing a lot of concerns about the interest deductibility, small business pass-through situation. clarifying exactly how that plays out and impacts people this, rest the kind of areas that would move the bill the best. melissa: all right, congressman, good luck to you. we appreciate it. see you again soon. >> take care, thanks, melissa. >> it ain't easy but we should demand a lot from these people. back to the markets, the dow

ending the day with the new record close. this is the 57th record close under president donald trump. phil flynn, price futures, fox business contributor watching action in oil and gold from the cme. nicole petallides on floor of the new york stock exchange. nicole, first to you. we keep getting these records but they keep getting smaller, right? >> you're right. they have been incremental. i think that is a good way to say it. dow moved up nine points. less than .1 of 1% for the dow. nasdaq up less than 1/3 of 1%. bulls will take it bit by bit, record by record. i will let phil flynn hit energy which was a leader. we had names like disney, chevron, apple, among the best on the dow jones industrial average. i also had obviously the news that we watch throughout the day. that was pertaining to fox and disney and there were reports from "the wall street journal" which moved these stocks in the early afternoon. they had been relatively quiet

and thin, jumped up by the end of the day, twenty-first century fox finished up 9.9% at 27.45. that is a big move. disney up 2% on "wall street journal" reports that disney has held talks to buy some part of twenty-first century fox. twenty-first century fox declining to comment. we reached out to disney. waiting on a response. since that time, that there have also been reports by the "wall street journal" and people close to the discussion that the talks are no longer active but it did move the stock. that is the fact. we can talk about the fact, the fact that the stock moved higher. the other story broadcom's proposal to buy qualcomm. both stocks came off earlier highs but finished to the upside. back to you. melissa: thanks, nicole. phil, oil hitting a new two-year high, ending the day up more than 3%. that is a big move. what happened? >> i think what happened of course is unprecedented crackdown in saudi arabia

against a backdrop of tightening oil supplies. what we are seeing here, something with crown, saudi crown prince, consolidating his power in saudi arabia and that's driving prices up. it is also adding to increased geopolitical risk gave gold a bounce as well. this could be a very big deal. it increases risk in saudi arabia. that could increase tensions with iran and this story isn't going away. but at the end of the day it's a strong global demand story driving this oil market for last couple months. we had a huge drop in u.s. rig counts. shale production is going up. all the bearish arguments are going up in smoke. oil prices going to the moon. back to you. melissa: thank you, phil. david: good news for american frackers. congratulations. melissa: good point. not ruling out military action, president trump declaring that u.s. will not stand for north korea menacing

america or its allies. how the commander-in-chief will combat the threat from the rogue regime. melissa: new questions after senator rand paul is assaulted on his own property. the latest on the senator's condition, and the search for a motive. it's a bizarre story. david: he broke bones. plus disturbing details on the horrific church attack in texas. this is the deadliest mass shooting inside of a house of worship in united states history. officials are left to piece together why, and how someone would commit such an evil act. a live report from the scene in sutherland springs texas, coming next.ar out there, it's hard to make sense of it all. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too.

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campaign of the former dnc chair is firing back within critics within her own party, disputing her account, unhappy with her decision to go public. take a look. >> those who are telling me to shut up, they told hillary that a couple months ago, you know what i told them? go to hell. i will tell my story. david: you have to admire her moxie. joining to discuss, dan henninger, "wall street journal" editorial page, fox news contributor. dan, that was on a show with stephanopoulous, george stephanopoulos, that used to be one of the media appointment for the clinton administration. the clinton machine is working against donna brazile full force. here is the clinton machine and here is truth. we've seen this before, right? >> right, right. this is one of the great, not unreported but underreported stories going unreported is civil war in the democratic party. people read about the

republicans, trump, bannon, all of that what is goingwith democrats is fascinating and donna brazile is right at center of it. the clintons are denying all the allegations that the clinton's captured the democratic national committee. david: to put it in a nutshell, she says in her book, before she was the nominee, hillary clinton was, because she gave money to the dnc, she was given authority over staffing, over the way money was spent, to the point where donna brazile, even though she was chairman could not decide things. clinton campaign was deciding even before the clinton was nominee. >> right. disenfranchised and disadvantaged bernie sanders. david: right. >> which brings us up to the civil war between the progressives, the left and clintons represent is which is more centrist wing of party. looks to me like the progressives are winning. they have the troops behind them. they have gotten themselves involved in that virginia campaign between ralph north ham and ed gel listpy. they're saying north ham because he stood back on sanctuary

cities, is now a racist, pulling back support for their own nominee. david: who wins tomorrow for governor in virginia? ed gillespie is the republican. they had the horrible ad with the gillespie sticker on it, trying to mow down immigrants and minority kids which was seen as boost for gillespie, because it was so awful. do you think -- >> i think ed gillespie will pull it off and win, because what north ham's campaign, what happened to him the democratic party getting mired in identity politics. they accused ed gillespie of being a racist. now northham is being accused racist because he is stepped back against sanctuary cities. that is part of the debate in democratic party. should they talk about the economy or talk about racism? david: who weighed in on the governor's race? president trump.

he tweeted out the state of virginia economy under democrat rule has been terrible. if you vote ed gillespie tomorrow it will come roaring back. this is from asia, tweeting from asia on virginia. >> they see an opportunity to win in virginia. i will tell you, david, if the democrats lose in virginia, it will be earthquake across that party. they really need that election. david: let's get to the question of the trump dossier, which again somebody at the dnc paid for. hillary clinton said it wasn't me. debbie wasserman schultz says it wasn't here. it was somebody, investigators are trying to pry loose bank records from fusion gps to figure out in there who actually paid for the trump dossier, which they went out and got a lot of russians to give information, a lot of which apparently was not true. do you think they will get the records? are they going to find out who at the dnc paid for this thing? >> well the questions are so obvious, that somebody has to get to the bottom of this. one way of doing it, going after

fusion gps's bank records. it's a serious thing. this is private company, whatever you might think of them for congress to ask you for your bank records. but nonetheless, as you were just describing, the law firm in washington, that contracted with fusion and with steele, the spy, was perkins coie. david: by the way, here is what tom perez, the current head of the dnc, says about that he says, we hire lawyers all the time who hire 30 pared vendors to do their work. we knew we were paying for opposition research at the dnc but we didn't ask questions who they are hiring in the context of doing their research. do you buy that? >> i don't buy that at all. i talked to washington lawyers. yes, washington law firms who do political work contract with third parties all the time. they don't pay those third parties one penny until their employer, either in this case the dnc, or hillary campaign sign off on the invoices. there have to be emails between

perkins coie, whoever they were dealing with the dnc and hillary campaign. for john podesta and debbie wasserman schultz they have no idea around here. strains credulity. david: tom perez saying same thing. >> i don't believe him. david: melissa. melissa: stay on the story, dan. crown prince ordering arrest of at least 11 other princes and dozens of other officials raising questions about the stability of the saudi kingdom and the real reason for the crackdown. >> >> plus tragedy in texas, more than two dozen people killed including children during a sunday church service. we have the latest on official search for answers. that's next. i accept i don't conquer

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>> breaking news, president trump tweeting about the visit to japan, quote, my visit with japan and my friendship with prime minister abe will yield many benefits for our country,

massive military and energy orders happening. there we go. david: we knew he would be tweeting in asia. new details on the brutal massacre at a small church in texas. investigators currently trying to figure out what if they can, motivated the man behind the deadliest mass shooting in texas history to plan and execute this horrible crime. here is what we do know. devin patrick kelly was discharged from the u.s. air force for bad conduct. had been court-martialed for assaulting his wife and child. fox news's matt finn in sutherland springs, texas, with more about the suspect's background. what more, matt? reporter: david, this afternoon the academy sports store in san antonio released a statement it did sell two guns to the shooter, kelly, one in 2016 and one in 2017 and that kelly passed the national instant criminal background test. that raises questions, as you just mentioned, kelly was discharged from the military for beating his wife and child, and

reportedly he admitted intentionally beating his child. the crime scene is still active, swarming with with all types of law enforcement agencies. there are still large tents on property outside of the church. you can only imagine the grim work going on inside of those tents. a short while ago, we saw a line of fbi agents tediously walking across grassy area of the church, perhaps looking for evidence. there are horrific and heart-breaking stories. people who lost multiple family members of all ages, including pastor and pastor's wife who lost their teenage daughter. here is more what the pastor's wife had to say. >> we lost more than mel yesterday. one thing that gives me a sliver of encouragement is the fact that bell was surrounded yesterday by her church family that she loved fiercely and vice versa. our church was not comprised members or parishioners. we were a very close family.

we ate together, we laughed together, we cried together, around we worshiped together. reporter: senator ted cruz was here today and vice president is scheduled to be here tomorrow. back to you guys. >> matt, thank you very much. melissa. melissa: another politician is faulted. this story is about senator rand paul. he is recovering after being attacked outside of his kentucky home by his neighbor. he was tackled from behind while mowing his lawn. he had headphones on apparently. the senator suffered five broken ribs. a spokesperson said it is not clear how soon he will be able to return to work. the alleged attacker is arrested. he is now out on $7500 bail. the motive is still unclear. they're saying it didn't have anything to do with politics t was about some sort of dispute. everyone is pretty tight-lipped, there is more questions than answers about this story. david: starting with the bail.

500 -- 7500 bucks that's it for sitting u.s. senator. melissa: misdemeanor fourth degree, is what the charge is there. doesn't make sense. david: we'll keep you up-to-date. a lot of conservatives unhappy with the gop tax plan, saying giving in to democrat class warfare rhetoric. can they turn it into the middle class miracle president trump has been promising. tony sayegh from the treasury department here to respond to that. a lot more. melissa: president trump and japanese prime minister discussing the strategy to combat nuclear north korea. here is a sneak-peek what the prime minister told fox news's bret baier. >> north korea had used those talks just to gain time to further develop a nuclear program as well as missiles. so north korean dialogue just for the purpose of dialogue is meaningless. that is our experience.

let's get started.

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is fox news's kevin corke. amazing, had time to find tweeting into his schedule, kevin. reporter: you're right about that, david. pretty interesting. listen, i will say this the president doesn't sleep much. so there you go. now the trip as you pointed out is going to continue in south korea. this five-country, 12-day journey for the president he is expected to leave in japan 3 1/2, four hours, we'll keep you posted on that. as it was here, the topic of discussion will certainly be trade, and of course what to do about the problem with pongyang. clearly north korea continues to be the major storyline as president continues travels here throughout asia. the president said listen, japan could shoot down north korean missiles right out of the sky if they bought u.s. weaponry folded to do so. the truth is, comments like that kind of really stir things up on this peninsula which has frayed nerves. fair to say part of the president's strategy to project

strength in the face of a growing regional threat. >> the united states of america stands in solidarity, with people of japan against, against the north korean menace. history has proven over and over, strong and free nations will always prevail over tyrants who open press their people. reporter: we will prevail over tyrants that open press their people. now the president, by the way, also met with japanese nationals during his time here whose family members were actually kidnapped by the rogue regime. you may recall he mentioned that during his speech at the united nations calling for their safe return. now the president did criticize officials here in japan, talking about the massive trade gap between our two nations. some $51 billion just this year through august. those are latest figures, to say nothing about the trade gap of $69 billion a year ago. suggesting that the president needs to lower trade plant and

build more auto plants in the u.s. that could. you may have read about the social media, a lot of people talking about the president dumped his food out. david: yeah. reporter: listen, yeah the two guys, let's be honest here. he was following the lead of prime minister. so if you hear somebody say the president did something that was untoward, that folks is what we would call, fake news. back to you. david: look, the japanese premier doing exactly the same thing. kevin corke, exactly from japan. 6:35 in the morning. thank you very much. melissa: we have the former u.s. ambassador, national security official in both reagan and both bush administrations. ambassador, thanks so much for joining us. first of all, i want to talk a little bit about the tone of what went on in japan. there are a lot more details beyond the fish as well. they went and played nine holes of golf apparently. there was a fist bump in the

middle there. the prime minister had a hat ready for president trump, making our alliance great again or something similar to that he had a special american hamburger waiting for him. he knows the president is a picky eater. it is a bit of a bromance between these two. what do you think? >> it certainly is, melissa. the u.s. and japan have very full-bodied friendship alliance, interrelationship of trade, military, students, one of the central relationships the united states has in the world. i think prime minister abe was simply reflecting the fact, a he got elected by a very large margin so he is in good ship politically and welcoming the u.s. president to japan. so he did a good job of that. melissa: meanwhile the president saying things that were rattling nerves around the country, talking about the samurai nation, warrior nation. listen to what he had to say. >> he will shoot them out of the sky when he completes the

purchase of lots of additional military equipment from the united states. he will easily shoot them out of the sky. melissa: what do you think about that? combining the sort of the sabre-rattling with the idea that we're going to sell him great weapons? what do you think about that approach? >> well, there is a lot to do keeping military very tight, high technology requires interoperability. i was in japan last week. there is a lot of talk about the technical side of that, but, japan has a passivity constitution. article nine, ever since throughout the postwar era, japan has been peaceful nation only defends itself when attacked. i heard japanese experts tell me, if a missile doesn't hit japan they really aren't under attack. some question who can shoot at a missile flying over japan. there have been two ballistic missiles fired by north korea over akaido. they are very much on edge.

but maybe americans are only ones legally that can fire a missile over japanese airspace. melissa: that is interesting. in saudi arabia, arrests coming as that nation looks to modernize and reform, lead by the 32-year-old crown prince, mohammed bin salman. among the arrests, prince alwaleed bin talal. he is big investor in this country including twitter and twenty-first century fox. i've been to the kingdom many times. i covered the saudi arabia many times. two-ways to look at this. it is modernization and crackdown on any sort of corruption that may be going on or a consolidation of power as there are some princes. this is about who is in charge, who will take over next. what do you read into this? >> well, melissa it it is a little bit of both. i like you stayed in the four seasons in riyadh and i didn't

feel like i was in a high security prison for sure. he signaled change is coming. he is arresting moderate call creatures which is controversial in a religious country like saudi arabia. he has a war in yemen. he has a boycott against accoun, who they believe undermining the royal regimes in the arabian gulf. he has ipo for aramco that opens up the oil sector to international investment. there are some balls in the air that he send as signal to the business community things are changing. women will be allowed to drive and allowed in stadiums. he says, look a new king is coming soon. he will be the first of the third generation king. 54 sons of the founder have all, some have taken turns. king saloman is the one who continues lineage. that is important because nobody

else's son is carrying lineage forward. he is the future king and there is a lot of pressure to show people who is boss and get people ready for a new generation. melissa: interesting. ambassador, great insight. david: imagine how many princely hands are in the aramco ipo? melissa: right. david: secret papers revealing hidden wealth. a trove of leaked documents shedding light on the financial practices of wealthy individuals who milk the perfectly legal practice of tax avoidance recently coming to light. here to explain is fox business's deirdre bolton. deirdre? >> david, the paradise papers, they are the largest collection of leaked documents in history. so a major offshore law firm was hacked. and a german newspaper got ahold of the material. so the paper published and shared how the world's wealthiest individuals and companies moved their money to pay fewer taxes. so everyone on this list, from rock stars to royalty, practices tax avoidance.

so not tax evasion and there is a legal difference. so none of the people listed in the paradise papers have done anything illegal. they have just courted bad pr for themselves. one trump administration official whowhose names appears in the papers is u.s. department of commerce secretary wilbur ross. secretary ross took a stake in a company that does business with a gas producer partly-owned by russia's president's son-in-law, a relative obviously of vladmir putin by marriage. the department spokesperson said that secretary ross was not involved in negotiations to engage with the part-ly-owned russian company which is publicly-traded. the spokesperson says the publicly traded company is not under sanction and secretary ross diddies close his holdings in it. david, nothing illegal going on. maybe just a little bit more people slightly envious of the world's ultrawealthy. back to you. david: loophole is there, you take advantage of it. deirdre, thank you very much. melissa. melissa: pain at the pump.

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melissa: uh-oh, gas prices on the rise. the average price of gas across the country such more than 10% after hurricane harvey shut down oil refineries. jeff flock live at a gas station in chicago. jeff, give us the bad news. reporter: we are doing the exact opposite with h of what you would be doing driving out here, melissa. we are looking for expensive gas. we found the most expensive gas in illinois. this is bp station off the kennedy expressway. a gallon of regular is for $3.69. wait a minute. $3.69? i don't this think zoo.

part of the problem, prices are up 14%. illinois up 26%. this part because refineries here, that, you know, typically do maintenance during, when hurricane harvey was in, well, they had to put off the maintenance to keep the gas closing, so. they're doing it now. and the gas supply is crunched. so consequently, prices are way up. he looks out window again. amazing 3.69 but nobody here doing it. prices in the u.s., 2.53 for average gallon of regular. illinois, 2.78, and indiana, 2.73. maybe we have the national map. that shows you the most expensive gas in the u.s. is in california at least in the lower 48. the cheapest in alabama. with oil prices, as you know, melissa, having closed to the highest level they have been in the last two years today, more high gas prices may be on the

way. melissa: wow. jeff, thank you. david: so are you fed up with the nfl national anthem protests? you're not only one. legendary broadcast ervin scully is vowing never to watch another pro football game again, saying quote, i was in the navy for a year. didn't go anywhere. didn't do anything but i have overwhelming respect and admiration for anyone who puts on a uniform, and goes to war. so the only thing that i can do, in my little way, is to not preach. i will never watch another nfl game. the long-time l.a. dodgers announcer, retired, announced his retirement last year after 67 seasons. no more nfl for him. >> you know i saw that story. i knew you were going to pick up on it. it is such a big issue for you. david: i know so many people, so many people. it is remarkable, eventually it has to affect ratings. melissa: without question. pushing forward tax reform.

tax mash upis underway on capitol hill, the house ways and means committee works to garner support for the gop plan so can lawmakers get it done? tony sayegh, u.s. assistant secretary for public affairs sounds off. that's next. ♪ just like the people who own them, every business is different. but every one of those businesses will need legal help as they age and grow. whether it be with customer contracts, agreements to lease a space or protecting your work.

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maria, to make sure, as he says, this is a middle class miracle. david: we're happy to bring in the assistant secretary for public affairs for the treasury department. familiar face around here, tony sayegh. good to see you, tony. >> david, grade to be with you. david: let's focus on criticism from conservatives. "wall street journal" had lead editorial a lot of people read last friday. it was all about essentially how the people in the trump administration, if we can put it up on the screen were getting sold by the argument from democrats that they needed to get into this class warfare thing and they claim that it is half of tax reform. good on the corporate side but it is lousy on the individual side. how do you respond? >> well, look i would ask they take expanded view what we're doing with tax cuts and tax reform. number one, if you look at the individual side, david, emphasis from the president's point of view is the middle class. what this does do, the house

bill, we anticipate the senate version will as well, guarranty the middle class achieves major meaningful tax cut, doubling tax deduction and tax credit. david: reagan tax cut focused on the highest top marginal rate because a lot of people, of course they're rich, but they spend their money not on cars and boats and stuff but they spend it on investment and when you lower the highest marginal rate, very often you get a tremendous increase in all kinds of new businesses, new technologies. a lot of people credit high-tech revolution to the lowering of the marginal rate. >> there is tremendous opportunity for investment based on what we're doing on the business side, taking top rate of 35% on corporations down to 20. on small and medium sized businesses, pass-through rate, we're making that 25% on the topside. that is the lowest it has been in 80 years. there is tremendous opportunity on investment side, based on what we're doing on the business tax rates. on individual side, it is always about middle class tax cuts. that is what this achieves this

framework emphasizes importance of protecting retirement savings, simplifying code, making it fair. that is achieved by the house. real quick, i know this is big concern i get it. i used to work for jack kemp, don't forget. when we get caught up what we're doing for this one top rate, it really misses the larger point. most americans are going to have very meaningful tax code. the top rate stays same. it does not go up. stays at 39.6%. david: you have seen all the reports it could go well up to 40%. >> we feel a lot of those are flawed, but bottom line we're changing the income that rate is triggered at to a million dollars. david: what worry ad lot of people back in september when the gop first floated a kind of a broad outline of the tax reform, was following phrase this will be a middle class tax cut that is, i'm quoting here, at least as progressive as the current system. a lot of conservatives saw that,

wait a minute this sauce more like something from bernie sanders than donald trump. you don't want a progressive tax code because it is the progressive tax code that has caused a slack in gdp growth, that has caused a widening disparity between the poorest and the rich. are you a progressive or what is that phraseology? >> you're absolutely correct for last eight years have only 2%. that is coming from we don't have competitive business tax system. allows large corporate profits kept offshore, it doesn't allow wage growth. we're changing entire system to make sure businesses have not only competitive rates but has a system does not encourage them to defer the profits offshore, bring this money reinvested into this country, into american jobs, into american wages. we know that 70% of the business taxes are borne by the worker. when we talk about reduces business taxes, david, we're talking about giving workers a pay raise, by the cea, council on economic advisors of -- david: bottom line, relates to the "wall street journal"

editorial. half a tax plan is better than none, right? even if you have a problem with part of the tax plan, the tax collection is going to be less onerous to american businesses than it used to be. >> let's be very clear. you have a major middle class tax cut. you have a very competitive business tax system now, if you base it on with we're trying to do. you have protection of important savings like retirements. you have a fairer, simpler, tax code will be passed this year. david: tony sayegh, thank you very much. melissa, go ahead. melissa: american runner in the record books. one woman's milestone that was 40 years in the making. . so you can head into retirement with confidence. brighthouse financial established by metlife.

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history at the finish line. shalene flanagan breaking the tape becoming the first woman to become the one of the new york city marathon finished at an unofficial time. more importantly there is another winner in our home.

she also finds time to train for marathons. congrats. here is a risk and reward. we would jampacked busy hour for you. on the geopolitical stage that is the record run. this hours away the era of strategic patience is over. president trump shook hands with the japanese prime minister the president instead