that is the senate is indeed talking about delaying the 20% corporate tax rate for one year. he is also implying that the deduction for state and local taxes will go away. not good news for the market. neil, sir, it's yours. neil: not at all, sir. his tone just disasterous. he is horrible marketer for horrific plan unraveling. stuart: you don't like it. neil: it is beyond a joke, beyond incomprehensible taking what is easy run into end zone and turning it into a interception. i can not fat them it. it is unraveling before our ice. we'll explore it in great detail. stuart was right to point out what secretary mnuchin.

it was his dismissive tone to people paying taxes. that is essentially what he said to maria. and many tax cuts are going to people that don't pay taxes. we're not minimizing what they do pay, payroll taxes and like, but when it comes to income tax relief, the folks paying a big part of bill are not getting benefit from the bill, despite what you hear. saying that to that crowd at economic club in new york, already wincing losing very big deductions their way. by the way that roped in a lot of middle class taxpayers as well, people are stepping back, concluding, we've got some problems here. we're on tom for the next two hours. whether you're on left or right, democrat or republican here, there do seem significant differences between a house plan that the's out and senate plan coming out today. a senate plan that we're told keep a lot of overthemes you hear from the house and trying to make sure that we get some tax relief but it might be delayed. it might come in phases. when it comes to that corporate

relief it, might not come next year at all. now that is sort of like a debbie downer for folks. i have to tell you the overall tone relayed to maria said much, much more. this complaining and whining on part of those who don't like what they see, particularly high income groups who don't feel appreciated that he had little tolerance for that. you may be in that crowd, yeah, they are whining a lot but i am telling you this is beginning to unravel on a couple of other key areas. not the least of which people crunching numbers. this what you net, my friend. this is all about whether people get more net paycheck relief. in other words, whatever their take-home pay is now, we would like ideally to see more take-home pay roughly a year from now. some are not going to get that. some are. maybe not nearly as many as you think. when that sinks into a lot of

people, whether you're for or against this, they are going to say this is not really tax reform. this isn't really that big of a tax cut. this is increasingly looking like a big disappointment. now again, that could be an extreme interpretation but i'm telling you, the markets are not down 181 points on talk a tax cut delayed for companies. that was well baked into the cake and well rumored and telegraphed 24 hours ago, when we heard it was kicked around. no, i think what is going on dismissive attitude and disconnect between both ends of pennsylvania avenue and house and senate. bottom line, they don't know. they're not in sync. they're nowhere close. right now, to adam shapiro, what we're looking at. adam. reporter: what we're looking, neil, is getting the details of the senate finance committee's mark, the tax cuts and jobs act, sometimes perhaps after 2:00 p.m. this afternoon although details of it are starting to leak out.

here is the key. we're waiting for the house ways and means committee to vote out the version of tax reform and send it to the house. once that officially happens, then we're going to get officially the details on on on senate side. i want you to hear what paul ryan, what difficult recognizes are exist from the house version and what essentially will be the senate version of tax reform. >> of course they will have different policies inside the framework. that is how legislation work. we write a bill. they write a bill. we pass a bill. they pass a bill. we bo to conference committee. that is how laws are written. this is no different this time. reporter: maria bartiromo had one of her sources teller the top rate would be 37% on individual side. as you reported there would be total repeal of state and local taxes. remember in the house side they're looking at at giving people, letting them maintain a deduction for property taxes with a 10,000-dollar cap. there are republicans in the house trying to push that even

higher. on senate side would be a total repeal. the question for the house republicans who might be against repealing salt deductions would you vote against tax reform with a total salt repeal? some of them, i can't give you names, some indicated to us, yes they would vote for it despite the fact their own constituents might suffer from the loss of salt. back to you. neil: you're right about that. 73 house republican from high-taxed states. if you include california, illinois, massachusetts, new jersey and new york. there would be significant number. if you peeled off anymore than 22, you have some problems. adam, thank you, very, very much. adam, comes down to, i want to try to simplify this because you hear a lot about pass-throughs and what kind of rates you get for corporations versus individuals, how much you're able to write off. i think it really comes down to basic money in, money out. most people, most companies want to see a net saving.

when you get your paycheck, do you know how much you gross every week or every month? most people actually don't. they know annually. but they don't know the net figure that pops up in their paycheck f that net goes up, they are going to be happy. if it doesn't go up, they are not going to be happy. this fuss, put it on index card, which it is not, it is -- all right, so you can fill it out out on an index card, if what you're filling out is more, simplicity doesn't help you. ronald reagan got the notion and sold his tax cuts on the belief that you would see a significant difference in your net. jfk got that when he was pushing. we'll. neil: more this later in the show. if you net more, you gain more, you will like it more. it will translate into big savings for you, whether you're democrat or republican, you will like it. george bush, jr., when he pushed through two different tax cuts through the course of the controversy when it was said to

be a boon to the rich, well, i'm not going to show any favoritism towards one group or another. everybody gets a tax cut. everybody shares in this, in this tax nirvana. now, you could talk all you want about simplicity. you can talk all you want put iting it on a index card. i'm telling you the basic thing lost in this debate, will you look attacks savings? everybody is for tax simplicity, but if you tell them later on it will not be much, net will not move much, there are substantial number of people the treasury secretary of united states wrote off, snickered, well, you will pay more, deal with it. not a wise marketing strategy, whatever your views of one group of taxpayers versus another. but i'm telling you, that is not the makings of a successful passage for tax reform, which by the way this is not. the former bush 43 presidential writer, ned ryun.

ned, i don't mean to be so jaded enough to say though, everything is in marketing and i don't think this is being marketed remotely well and i think the approach is nothing like george bush had. it is nothing like ronald reagan had. it is nothing like even john kennedy had. that worries me. >> worries me greatly and i think you were hitting on the right point, the net gain, but it has to be noticeable, neil. neil: noticeable, is right. this is not going to be noticeable. >> right. if people look at paychecks, i saw a few dollars come in but not much -- neil: forget it. >> forget it. you look at this, and the thing that is staggering right now, neil, in light of elections in new jersey and virginia, especially virginia where i live, republicans can go big and bold on tax reform or understand some of the things that took place in virginia, i was not surprised by gillespie losing, losing all statewide races, but what happened in the house of delegates where democrats, picked up 13 seats, if republicans do not go big and bold on tax reform.

it will not impact economy. will not spur growth. will not spur jobs. will not have noticeable impact on people's paychex, in time for 2018 elections. historically the first midterm election for the party holding the white house are typically not good. they have been promising bold reform. they botched it on health care. now i'm looking at, i've been in d.c. almost with respect years, i -- 20 years, i can see a train wreck starting to form and can see problems with the election prospects in 2018. there are ways to address it seriously cutting spending not afraid to do that, touching even your sacred cows. but of course that idea was passed over in favor of this kibuki math they're using but the big thing they're getting all the more gun-shy. so after the elections this week, and obviously inroads democrats made, not only in

virginia, new jersey, but to your point in maine and in new york and in picking up of minnesota and washington state and george today, -- georgia, te feeling seemed to be the american people like more government. maybe the american people are against big tax cuts. so they're actually getting more cautious. and they're falsely reading this, so -- >> they are. neil: we're down 200 points on the dow, largely because i think the markets are saying, you guys are idiots. you guys are morons. >> lack of courage. neil: this is a moron selloff. that is what this is, a moron selloff. your thoughts? >> it is one of those things, this lack of courage, if they don't do something bold, they're going to bear the consequences for it, because -- >> you don't tinker your way to victory. ronald reagan didn't tinker to victory. john kennedy god bless him afterwards, he didn't tinker to victory. his idea was bold. lbj enacted after his death with

he wanted to do. that was not tinkering tax cut overwhelmingly passed by both sides. you don't tinker to victory. >> you don't phase n you don't go incremental, you go big and bold so it impacts economy and jobs. the thing that concerns, me neil, american people literally dave the republicans everything, white house, senate, legislature, they given them everything. they have no excuses. now you see this you call it interception. i call it a fumble. dear god, you have been given everything, can you pass one piece of reform before the end of the year? here is the thing, neil, congressional calendar as it is, i not think, knowing you have to pass a house bill, a senate, reconciliation, you will not see a bill before the end of the year. you get into 2018, you think they're lacking political courage now. wait until a election year.

any modicum of courage they might have had, minimal, lose it all going into the election year. i am stunned. neil: you hit on a couple key points. i have no horse in this race here. this middling approach, hey we win over this group, this group, get into debate on pass-throughs, i first thought they were talking about gall stones. stop. we lost sight what purpose of a tax cut is. substantial to see it, feel, appreciate it, go out to the stores, buy on it, invest on it this ain't cutting it. >> i would make another point, neil. permanent. you can't tell corporations that you will get a 20% rate, but it might be temporary, might get phased out. how are they supposed to plan for future? no. the tax cuts have to be permanent to see impact on economy. i can't even believe we're having a conversation pushing the corporate tax back a year.

political implications are not good for republicans. neil: ned ryun, thank you very much. >> thank you, neil. neil: i don't have a political axe to grind here. could someone pull a bill clinton? i raise taxes on rich. you know what i do at same time? i will dramatically cut investments rates. this is not all rates going down for all people. this is having them see something substantive, benefit, change behavior, so much so they will be inclined to buy. they will be inclined to invest. they will be inclined to do things they wouldn't have done unless a favorable tax right is provided. this is not that. the tinkering around back and forth about dates and reconciliation and pass-throughs and kidney stones are passing through, whatever they are talking about, people buy what they keep, people buy what they take home. corporations do the same thing, when corpses hear it could be delayed. when individuals hear it might not be as much as they thought, when people see that a rate that is supposed to be dramatically

cut is going to offset by writeoffs, you will no longer have, you know what they conclude? this is vanilla and they wanted rocky road. if you're like me, don't really like vanilla and you wanted rocky road, your mood will be rocky the rest of the day. that is with a heart condition, folks. this is giving me a new one. a little more after this.

neil: i feel vulnerable because i'm hearing from a lot of people that support the president, now, mr. never-trumper, you're making it abundantly clear you're against tax cuts, you're against this president, you're against republicans. >> that was just me. neil: i knew it. gasparino at fox. you old dog. welcome back, everybody. got a little agitated there. i'm agitate what is going on the corner of wall to broad, this has everything to do, this selloff has everything to do with couple things, not the least at which an acknowledgement the senate plan will in fact delay the corporate tax cut but for my money i don't think what is rattling the money folks but the tone an tenor of this, a lot of people trying to come back to get big picture of which our charlie gasparino is very, very good at. charlie, my theory is this.

i think tax cuts are ultimately bought or not bought, and sold or not sold because they will net more for individuals or companies. the way the rollout and exemptions and allowances for companies, it is not even clear, even now. for individuals it is very clear to me. very few will really benefit to the degree they thought. so the net gains they could have gained are not there. i think reality is hitting in. the dismissive tone i heard from treasury secretary steve mnuchin doesn't help. >> this is market puke of trumpian proportions right now. let's be real clear what mnuchin. neil: trumpian proportions, president likes the senate plan, telling people look what the senate comes up with. >> what is their plan? neil: this notion that corporate rate will be delayed, for whatever reason, then, this is a trumpian proportions. >> yeah. neil: this is on him as well. >> yeah, look, market, markets

are purely rational. they like the corporate tax cut. they might have even been able to take an immediate corporate tax cut and you know, people getting hosed on individual side a little bit, and they might have -- neil: maybe that is what they should have done? focus on corporate. we'll come back and -- >> think about what they did what they're putting together. yes this is the house, we can blame them. trump administration essentially free-lanced the whole thing to the house, did opposite what reagan did, came up with consensus plan and give it to the house and senate to work on snowing what they wanted. neil: you know your history so on, but reagan had a drop dead rate he wouldn't negotiate. then he didn't telegraph that to the world. he let it be known, this is my drop dead rate. >> this was not on one sheet of paper like trump had. it was very detailed. we have immediate tax increase on a lot of americans, particular americans that pay most of the tax, rich people,

middle class people, if you live in new york, make 250, you don't get the state and local tax deduction, guess what? you get a tax increase for all intents and purposes. get a big tax increase on the individual side. now what they're saying who knows when the corporate tax rate will be cut being maybe a year from now. if they delay it a year from now and house and senate turns democrat what happens? neil: right. >> couldn't they just say no? president tocould veto it. neil: why investment taxes were not touched? >> they are freaked out about it. here is the thing. the president gave -- neil: that is the brillance of bill clinton, he cut top rate but astutely. >> in his first term, that is when -- >> my point is he got the whole big picture. >> got it after republicans took over congress. neil: the whole big picture.

this isn't casting political aspersions at one party or the other, you have to get the big picture. appeal to the idea net-net, their net improves. everyone's net improves. >> bill clinton i don't believe, you know raised taxes that first term but in later, he was cutting taxes like crazy. as you know john kennedy clearly reformed the tax code and so did reagan. this is a mess. it is a mess primarily because again, when you and i have been talking about this, i'm surprised the market took this long to react to it, you allowed congress without real, without specific parameters to basically handle it. remember what mick mulvaney said to you yesterday. we gave congress, we let it write it. we gave them two parameters. we want a middle class tax cut, or three parameters. middle class tax cut, cut the corporate rate and we want to pay for it. those parameters lead to tax increases on mostly everybody. middle class people don't pay a lot of federal income tax. if you want to cut taxes, cut

payroll tax. if you want to pay for it, raise taxes on people who really do pay taxes to pay for the corporate tax. it's a mess. neil: i think there is bigger thing going on here. by the way, we're hearing the ways and means committee in the house, their tax bill is complete. the amendment, add-on looking at refocus, get it out of committee to show the world and presumably the senate what they're voting on, that is all done. we don't know what they fixed, added on, removed, et cetera. we know the same day the senate is coming up with something. say they pass something through and it is not -- >> house does. neil: and the senate. they get all of this. they have to sort out timing, i'm wondering if it has the desired impact they hope? i mean victory, will claim it's a victory. it's a pathetic victory because it's a pathetic tax measure. what are your thoughts. >> there is political reality, there is the economic reality and the market reality.

markets might act positive only because corporate earnings are good. if you get a tax cut in the future, they may price that in. obviously markets don't like the plan right now. so maybe this is danger. so that is the market reality. the economic reality, when ever you raise taxes on people who pay taxes they will spend less money on productive stuff. it is usually not a good thing, you know what i'm saying? think about it, raising taxes to pay for corporate tax that may or may not come in two years. so i think from economic reality that's bad. political reality is interesting because when you talk to these guys, republicans say, we need a win, trump needs a win even though it's a crappy win. neil: when you're at that stage in the negotiating process, something is better than nothing, we need to put up a w here, when you are that desperate, just to sort of you know, close on something you will get a bad deal. >> here is the other thing. i think if you had steve moore, larry kudlow and art laffer, the

three market-oriented supply side economists came up with the original trump plan, they were being honest with you, do nothing before doing this crap. they would say that i know each one of those guys. neil: i talked to people who are privately wincing at this, and not, they're realizing, we all know how sausage is made, i understand that. we all know limitations, with reconciliation, got to get stuff through. we know what they're dealing with. we're not dismissing hardship of their task. they have 5 trillion worth of tax cuts cramming into a one 1/2 trillion dollar bag but they're doing pathetic job. they're doing awful job. >> they're making it worse. neil: making it worse. >> making the tax code for people more complicated. makes 50 to 75 grand, great to give you a tax cut and you only fill out one sheet. they don't pay, those are people that don't have the complicated tax manuever that -- neil: maria asked a very key question that the treasury

secretary dismissed, germane to this argument. because a lot of tax cuts proposed now are geared to those who don't pay income taxes. >> i know. neil: i take nothing against the payroll tax. i take nothing against those, money going to post, they're paying it. that is understood. it is screwing up the process where half in this country don't pay income tax and overwhelmingly share of those who do, no relief at all. that reality can't be lost on people. >> the other thing is, you have to hold president trump's feet to the fire on this and congress, both of them. because they're both saying enacting a huge tax cut and they're both patting themselves on the back by giving middle class people a tax cut, when in fact middle class people don't pay a lot of federal tax. pure rick victory. neil: phaseout of some benefits they enjoy in couple years. >> that's right. neil: i'm not pro or anti-phaseouts. i'm just telling you that whatever boosts these folks we're going to get, god knows

everyone deserves a boost, it is short-lived. >> that will be little. bottom line if you want to cut taxes for average folk, cut the payroll tax. neil: that is absolutely right. >> that is a joke. neil: here is another joke. this notion and democrats espoused this for years. >> right. neil: republicans have, if you could put, this is a file folder, if you can put your complete tax return, fill it out on index card you will love it. what people love more? paying less in taxes. that is what they love. they wouldn't care if this were 500 page. >> three pages or five-page, get decent amount of money back. neil: much happier with that. >> just saying. neil: i asked young people on my staff on this question today, if you had a choice filling out taxes one page or something thicker, longer, more involved, get bigger tax cut, what do you think they voted for? bigger tax cut because they're selfish. >> they're millenials i thought they wanted to pay more taxes.

you know those millenials. neil: buddy, thank you very much. we ran over time. to put this in perspective, the selloff could end by day's end, and reverse this. we've done that before but inherent in this selloff, my friend, a sense, sort of like you're looking at the car you keep revisiting in the showroom. you fell in love with it when you first saw it. you got in, took it for a test drive. it's a little bumpy, bumpy for than you thought. hard for gasparino because he is usually in the back seat for these things, but you getted idea, it is not worth the drive. and it is getting increasingly difficult now for republicans to sell something that isn't working. for them and they know it. for their constituents and they fear it. and now, for the entire political establishment, now, selling on it. we'll have more after this.

neil: all right, we're at session lows with the dow down 245 points. there are several catalysts for this. i like to call them excuses sometimes, but you peg on events at the moment and at the moment there are concerns that the senate now coming up with its own plan today could delay the corporate tax rate cut, the one that takes it from 35% to 20% by at least another year. other rumors that some numbers might add up. that there are enough differences between the house and senate, getting all this done by the end of the year could prove dicey. this is a widespread selloff, affecting so-called "fang" stocks, facebook, apple, netflix, google, they have been high-flyers and giving up considerable ground today. they are up appreciably from when the president was first elected and inaugurated. a lot of that fueled by improving earnings, better balance sheets and optimism for tax cuts that might or might not materialize or might or might not be worth the paper they're

printed on here. the read from arizona republican congresswoman mortgage that mcsally. she is running to replace senator jeff flak who is retiring. congressman, good to have you. >> not announces yet. i want to clarify that. neil: oh. you let me know if that happens. >> we will. neil: if you do run for the senate. they have a different view of things than the house. some say that that is a bit more after chasm than we thought and could endanger the tax cut thought. what do you think? >> neil, in general, i'm optimistic, this is must-pass legislation through the government working through the sausage-making process in front of everybody. we now how important it is. it hasn't been done 30 years for a reason. it is very complex. thank god for the ways and means committee and chairman brady and herculean work they have done in order to move our house version forward. we're on a path to do that we'll

take a look at the senate version. we're working toward a similar framework. but the founding fathers set it up we have different versions of legislation, we work through our difference, get it across the finish line. i am very optimistic. we've got to get this thing done. it is important to give our middle class a pay raise, give them a tax break, a tax cut to start competing globally again, to bring businesses back home to bring jobs to america. neil: do you think that does this, congresswoman? i wonder. the way the fuss is sold i wonder if that is a big deal? >> absolutely. i hear from people in my community. small businesses, people from large corporations, and there is level of optimism excitement to simplify the code, bring those cuts, those small businesses be able to grow, hire more people, do more training, you know, raise wages for their employees. neil: how do you know they will do that? what if they don't realize the

bang for your buck you're saying, or in the case of corporations that get breaks from money they holdover seas, they don't just invest in buying more stock like they have done before? >> what we need to do is be globally competitive again. back when the reagan tax cuts happened we were the lowest in the world now we're the highest in the world, because the rest of the world moved out and incentivized companies for moving overseas. we have to get back to competing on the world stage. we heard from ceos and other members in the corporate world that, hey, if we get competitive again, we bring those rates down. look i support that happening in 2018. let's be clear, not delaying that. they will start bringing american jobs home. neil: in other words, if the senate says, no, we crunched numbers, if order to make it work we have to push this to 2019 is that a nonstarter for you? >> i think it is so important we do this in 2018. they will have to work their markup. we'll have to work out the differences in conference. neil: what if in the markup and

we're just not able to budge on that? it will have to be 2019, come back to you, congressman, you know what? late is better than never you would say what? >> i support 2018 cut and permanent cut to the corporate tax rate. this is really important for businesses to be able to plan and immediately have us see changes in bringing back of those resources and those investments, creating more jobs at home. we've got to look at this holistically. this is hard but it is important. i'm very optimistic, neil. don't be pessimistic. this is once in a generation opportunity for us to really have game-changing tax cuts and reform. neil: you say they're game changing, i know the goal was to simplify things but i think you have got it backwards. i think in order to get things simplified, which is a worthy goal, congressman, don't get me wrong, i think most americans, whether they're rich, middle class, poorer, whether they're companies, big or small, want to see that their tax burden goes down.

it could get simpler. write on index card, great. >> i agree. neil: but if they discover in the end that they are paying, a negligible amount compared to what they were before, or with writeoffs lost or allowances for state and local taxes some pay moore, that will be a big ol' disappointment that will be a big ol' fox news alert to people, they will be upset. >> neil, this is not just simplifying for simplifying sake. surely people want to deal with a more simplified tax code. it's a headache for most families and small businesses but we also need a tax cut and this is tax cut. it is a tax cut across the board. $24,000 of every family's first dollars earned will be 0% tax rate. the rates go down in brac debts above. that we're simplifying -- neil: you think the cuts will be enough, even getting rid of deduction for state and local taxes, whatever you do on the mortgage front with $10,000, whatever it ultimately is, we're told the senate is not

entertaining that, whatever happens it will be substantial enough, people say net-net, i'm getting all in my net, i'm all for this? >> absolutely, absolutely. on top of that with more jobs being created, more pay raises, more optimism, the ability for people to invest, save for retirement, save -- neil: got to have extra money to do that, congresswoman. >> i agree. this is a cut kneel. it's a cut. neil: you have to make it worth it. i'm beginning to crunch numbers, for a lot of folks i think they will say, i hope i'm wrong, it isn't worth it. >> we're working through it, neil. stay optimistic, thank you very, very much congressman. meantime we're down 213 points. we talk about how markets react one way up or down. you could argue this with catalyst and excuse and justification to sort of take profits here when the markets run up so far, so fast, or you could think about what steve ballmer was telling us yesterday, microsoft cofounder, and zillionaire, sometimes

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bleedy. complete run up on toxins the bet's election. this has been a nine year long market. we have fox business network's deirdre bolton. we should focus today before we get to individual tech names. a lot are selling off today. this latest round of selling, that to do with disappointment coming out of washington. rumors that the senate and house are further apart on this tax cut stuff as we thought, with reports that the corporate rate could be delayed another year or so. then that the numbers, still having tough time adding them up. dave, are you worried about this? >> i don't know if i'm wore whiched. i spent a significant at of my time out in the valley. the valley feels, fully, membranes are getting a little thin to go with your nose bleed analogy. things both in the private side, things that are not public yet,

venture world. they feel very full and kind of starting to grind down a little bit. people are having more trouble raising money. in part that is because of the public market difficulties. you just had, you had disappointments from people like blue apron. lord, we will fall apart. neil: far you fewer disappointments numbers beating expectations. if the tax cut is having troubles with this, delaying it, then what? >> i think there is a concern about process right? for better or worse, you heard from a lot of independent voices saying this tax plan was not properly vetted. there are a lot of people who say who cares. that is the point. president trump is here to shake up the system. to do things differently, but at end of the day it has not gone through the process that president reagan did in 1986. a lot of procedural things that have not been obeyed better or

worse. question mark around the 20% corporate tax rate. this is where president trump talking about before he got elected. this is what investors are hoping for. the market being down, maybe we can't get the 20% done. because everything else, was pretty hazy, is still pretty hazy. but that 20% was okay, here you go. that is the number you can hang your hat on. to me the sentiment is businesses saying, come on, we thought we would get that. even if that is going to be delayed or in question. now there is a problem. neil: take the problem or argument here, that i mentioned this earlier, a lot of people, individuals, companies as well. invest or see life through what they net. there are going to get more money or less money. in many are every instance where we had taxes dramatically cut. even in bill clinton's case, the upper income raise, he offset that with other provisions net-net, would have rich paying a lot less, with the investment

boom, lower capital gains, dividend rates. on to john kennedy, across-the-board cuts. ronald reagan, across-the-board cuts. the tone steve mnuchin had with maria bartiromo struck me as condescending and dismissive, not toward maria, that the rich are upset, they will come out ahead. i thought it was very dismissive. everyone else will do okay. that guaranties problems right there. that attitude, guaranties problems. >> absolutely it does. what it seems like to me. i don't think this moves needles in any direction, then that cut in the corporate tax rate. that is the only piece in the package as proposed. neil: to deirdre's point, isn't 20% or isn't delayed or voted? >> that is only thing that was clear. >> i will give you another thought, combined with tuesday's elections, now if you look like hey, might be a president who

can't get things done, can't even shake things up. i start to get whole questioning, how long is this pro-business climate even going to last. neil: real quick. >> there is issue on the other side which the $1.5 trillion going to be added to the deficit over 10 years, so there is even problems within the republican party. neil: that is what they're fighting back and forge on, for something very, very marginal. a lot of criticizing saying we're heading down a rocky road versus vanilla approach to this. neil, you're more of a mac dame yaw nut version of this. fortunately for you i like macadamia nuts. >> you want a trip to hawaii. neil: there you go. we will have more after this.

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neil: we have our former u.s. ambassador to china, former commerce secretary. so much more. the president is in china securing $9 billion worth of deals. what are your thoughts? what do we get out of this? i know a lot of companies benefit and your neck of the woods in case of boeing, goldman, ford, gm, qualcomm. the question whether any of that will be helpful wedging concessions from the north koreans. what do you think? >> this is good news for our american companies and american

workers but on all the presidential visits whether to europe or parts of asia, it is always traditional to announce all the big trade deals. many of have already been in the works for quite some time. they're kind of packaged together to really provide a lot of good news for the people back home. many of these deals will be over the next several years. some of them are not even firm. i think the bigger question, is, whether or not the president and his administration, and secretary ross can push the chinese to open up many sectors of the chinese economy currently off limits to foreign and u.s. investment. the real challenge is to make sure that the chinese are not discriminating against u.s. companies and foreign companies. not requiring divulging the trade secrets or source codes or intellectual property as a condition of doing business in china. i think that is the bigger challenge, and the biggest concern of american companies. neil: now, this president's position has been, and he campaigned on it, as you know,

sir, saying the chinese need us a lot more than we need them. we kowtowed to them. he criticized president obama constantly kowtowing, bush before him and all that. so he wasn't going to do that. what do you think of that approach? >> actually i think the two countries need each other, quite frankly, with the rising middle class of china and the growing demand of the chinese and hunger of the chinese people for high-quality products, that is a natural fit for u.s. companies with our medical device, our sophisticated machinery, our equipment. even our environmental services to help them deal with the terrible pollution, air and water pollution of china. but china, right now, has gotten, has become so economically strong they're actually venturing out to many parts of the world with one belt, one road initiative. where they will be building hospitals and roads and infrastructure for other countries, and giving business

opportunities to their own chinese companies. they are on a major economic offensive, diplomatic charm offensive around the world, now that china has become so strong, especially president xi amassing so much power, great influence around the world and is elevated to a status akin to chairman mao of many decade ago. neil: yeah. >> i think china is strong position economically, politically, diplomatically all around the world. neil: thank you, ambassador gary lock. former commerce secretary, much, much more. dow down 200 points. what is going on.

.. nah. not gonna happen.

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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. >> on the campaign, the president wanted to have a sick teen% rate. we started at 15% rate. the president got comparable that was the right balance of what we could afford, but we are sticking with the 20%. that's critical. >> to 20% rate is critical, even a year later appear >> again, we brought up in center, but will work with the house and senate after that. dream job right, treasury secretary mnuchin with our maria bartiromo a short time ago. many look at that as a disappointment and they thought it would go into immediate effect with the plan there but the corporate rate of 20% immediately next year.

you have to crunch the numbers and reconciliation stuff. now the indications are that at least one that at least one of the senate might not be so faster that the general tone as i mentioned earlier. as the concerns of some in the very room were likely to pay a lot more in losing provisions, deductions, et cetera. background is a lot bigger than earlier thought to indicate dow down 204 points. we been in another session. arizona republican congressman, andy biggs. congressman, i'm i think this is beginning to look dicey because the more people look at it, the more people get worried about it, frustrated about it, lay their concerns. >> i would like to lay their

concerns, but i believe the senate is wrongheaded they would like to postpone the at all. we promised we'd do three things. the obamacare regulation and we will build a wall and nowadays, tax reform is huge. if you are postponing a portion of a company failed to deliver yet again. we need to be instead of postponing, we need to make these things retroactive to this tax year. that's my position. drinking that is not going to happen, right? >> i don't know if this is some kind of negotiation position coming out of the senate, but many of my colleagues not just in the freedom caucus but around this conference are saying look, we want this retroactive. we have this tremendous savings if you repeal the individual mandate. i can pay for retroactivity. that's what we need to be doing. neil: i understand what you're getting that. you have another health care in your hand and that generally has

not gone well for republicans and even susan collins of maine albright said she is an know if you try to marry the two. >> you are not doing health care repeal or anything. just focusing on the individual mandate and that seems to have a lot of counterbalance to it. neil: it doesn't with her. >> well, you will need 50 comments if you lose susan collins but everybody else the senate can make the boat. neil: no guarantee of that. i notice you and your colleagues were very big on it. it's very admirable so you can put all this down and fill out your taxes on an index card and that's great. but what if you put on your index card means not that big of a difference in your net tax bill. in other words, on that single card is the tax obligation that hasn't changed markedly in for a lot of people, might go up because in high tax states they are not going to get much of a

benefit. so who says simplicity wins. wouldn't lower taxes and may be dramatically lower taxes? >> i would've focused more on tax rates. i think that is where the money is. that is where the savings is come in the best bang for the buck is. you have people in this high tax rates, but the argument many of us from low taxation were subsidizing in the high tax states. i think we could get this done still if we focused on the tax rates and not make it so -- i'm not worried about a simplistically so much. if you are going to postpone anything, i think you should postpone the simplicity, not the tax rates. you should reduce for families and individuals. that the best thing for the buck both politically and policy wise. that is where iem. you are right. some people at the current rate make it an increase. that's bad business.

trade your congressman, thank you for taking the time. it's all about how you spell it. there's a lot of nuances to tax cuts. a lot of things about passwords. when i first heard this with small business and escorts in everything, i thought they were talking about kidney stones. it was numbing me and i'm into this stuff. i'm as boring as they did and it was boring me. the one thing i love about great communicators is they communicate the nuts and bolts and explain things simply. frank luntz harkens back to a time or effective presidents on both sides of the aisle when it came time to pitch tax cuts of their own, and the common theme was clearly communicated, very focused, and extremely consistent. frank, very good to have you. that is not what's happening now. >> no, it's not. the interview you just did an interview of it. i was waiting for the congressman to say very simple

words. we are all about protecting and respecting hard-working taxpayers. the average american is working more, working longer and harder and getting less take-home pay. the advantage of the tax bill is that what you make 25,000, 250,000 or 2.5 million, you will pay less next year, which means you get to keep more of your hard-earned income. i heard none of that from him. all he heard was criticism of the senate. we've got three examples of advertising that is running across the country. all organizations i've worked with. i want to give your full disclosure. one ad is doing worse than the rest because it's only focused for us to focus on the corporate aspect rather than the individual. the higher the lines go, the more favorable to reaction. this one is moderately effective. let's take a look. >> the economic recovery since world war ii. millions drop out of the workforce they take-home pay

flat. americans outdated tax system has produced slow economic growth. we have one of the highest tax rates in the world. american companies are disappearing along with good paying jobs. we need a plan to make america a competitive again. call congress and tell them we can't wait any longer to give american workers the tax reform they deserve. >> the problem with that, he was making too much about corporate. the average american thinking for themselves exactly how much will i save? how much will i be able to keep of my income? let me show the alternative. this one uses a politician that hasn't been around for more than half a century. but even today, his words, his message is effective when it comes to tax policy, referring to president kennedy. let's take a look. >> too high today and tax revenues are too low. the soundest way to raise the revenues in the long run is to

cut the rates down. the reason is that only full employment can balance the budget and tax reduction can pave the way to that employment. the purpose of cutting taxes now is not to incur a budget deficit, but to achieve a more prosperous expanding economy which can bring a budget surplus. >> it's perfect. it's historic. people take it very seriously. kennedy had a different approach than democrats at this time and of course it's very different than nancy pelosi and her colleagues. the american people when they see a democratic president and someone who they love and respect being in favor of tax relief and tax cuts, and helps them follow. one more for you and this one has only stuff written on the screen. there's no dialogue and there's no visuals to go behind it and yet it is perfectly executed because these are truly the words that work. let's see.

♪ ♪ ♪ >> by the way come in the way, neil, i would change one phrase. they talk about progrowth all the time. for the average american, that means wall street. that means someone other than them. americans want a healthy economy. that's what benefit matters.

train to what is so brilliant about the wonders selected and got into is the best arguments are the ones clearly and simply made. when you wade into the lease to the degree that you were always all the time come you are losing votes. i tend to think i did this with my staff earlier today if you had your choice between filling out with an index card, which is admirable, great goal for getting more net in terms of your net paycheck being higher at the end, which would you prefer? of course they prefer the higher net. they prefer more money taken home. it wasn't so much the simplicity to just getting a simple tax cut clear. they get rolled up in all this nonsense and that is where we are now. >> it's reminding people to washington and taking far too much. not taxing. one more thing.

loopholes. bailouts. these are the things they despise the idea lobbyists and lawyers are gaining the tax cut for the rich and powerful. it is greater take-home pay is something you are again switches the lobbyist and those high-priced lawyers. it is a very simple thing and i don't understand why republicans seem to be complicating it. neil: they could learn from the best, ronald reagan, john f. kennedy, even bill clinton raise one tax, if you can make a convincing argument, died in the end they will benefit, everyone will benefit. everyone will get on board. franklin, thank you very much. this is what you are putting it on and the taxes really haven't changed. who cares that it's on an index card. more after this.

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your kids go to college and you start trading. >>yeah, 5 years already. 5 years, hmm. you ever call your broker for help? >>once, when volatility spiked... and? >>by the time they got me an answer, it was too late. td ameritrade's elite service team can handle your toughest questions right away- with volatility, it's all about your risk distribution. good to know. >>thanks, mike. we got your back kate. >>does he do that all the time? oh yeah, sometimes he pops out of the couch. help from real traders. only with td ameritrade. or a little internet machine? it makes you wonder: shouldn't we get our phones and internet from the same company? that's why xfinity mobile comes with your internet. you get up to 5 lines of talk and text at no extra cost. so all you pay for is data. see how much you can save. choose by the gig or unlimited. xfinity mobile.

a new kind of network designed to save you money. call, visit, or go to xfinitymobile.com. on the only bed that adjusts on both sides to your ideal comfort your sleep number setting. and snoring? does your bed do that? right now during our semi-annual sale, our queen c4 mattress with adjustable comfort on both sides is only $1499. save $300. plus 36 month financing. ends monday. visit sleepnumber.com for a store near you. neil: welcome back, everyone. i know i say this a lot. telling you america, get on that treadmill. would you take that from me. nancy pelosi on this tax measure

complaining about clearly they don't want the american people to know time is the enemy. of course, this from the same person he said we have to pass the bar to find out what's in the bill. i'll just leave it at that. really, you can't make this stuff out. america, get on that treadmill. this guy lives on a treadmill. charlie gasparino back and forth with this at&t deal for time warner and all the attention of that, going in at the moment you saw him of horrors the ceo. first, your take on this. what are you hearing that it's all about telling cnn or what is going on here? connell: still trying to get over you and the treadmill. as you know, and we've been reporting, the trump administration has been hesitant to approve this bill come is sending signals as early as january when we first reported that in order to basically give

the go-ahead to the at&t time warner purchase and cnn and hbo would need a spinoff possibly at cnn. here's what we know right now for my doj sources. this is pretty much up to the minute. they either want to do this deal, at&t to sell off turner or hbo or if they don't one or the other, they will file a lawsuit. it's getting down to the brass tacks. listen, we don't like the fact you have distribution and content. so much contest allows hbo is another big cable network for that turn apart which includes cnn and some other properties or we will file a lawsuit. this is a pretty amazing media story. you know, if you talk to antitrust people and ensure your next guest can get into this with you, the notion this violates antitrust law sounds kind of absurd because it's not like they have -- you can watch

cnn and maybe have come you know, it will be in other places, not just at&t or at&t could charge more theoretically. news is so commoditized now. and at&t's distribution to skip cnn. you get on the web. the antitrust arguments here are pretty late. a lot of people say what we reported early on. donald trump does not like cnn wants to stick it to them. neil: there has been no from the white house. neil: liar liar, pants on fire. trade for what at&t is saying is we have not offered to sell. no one denied the fact doj in

the trump administration is saying we want some divestitures. neil: you could make the argument that you have to divest or get rid of that, but directv was thrown out there. charlie: i don't think that's enough. directv is a crummy distribution thing that they have. it is content that they are worried about that. talk to your next guest about this. the antitrust concerns are pretty lame. this is nothing more than truncating cnn. just prove me wrong. neil: thank you very, very much. the former big cheese, do you think this deal goes through? >> i think the deal goes through. neil: with all aspects intact? >> my guess is there will be some limitations, some restrictions, some side agreements reached. it is what charlie said. it's inconceivable to me that the deal doesn't go through.

drain do you think getting rid of cnn getting ready for the president? >> i do not. i clearly understand what charlie said here, but the people they bring these things up within the doj i have worked with on over 100 acquisition and i will tell you that there must be something that really concerns them and they are career people at the doj. neil: it was the justice department when ronald reagan was president that was there with at&t. we forget that it was signed political motives to things that might not be there. >> i'm not saying that there is no political motives there. i understand regardless of what was said, and there was some influence from the administration, but the people that raise these issues, doj are career people, so there's something real that are

concerned. neil: in other words, career people are saying at the time of the obama administration, a lot of the insurance guys like aetna, humana, cigna they all want to merge and there's this real wheeled coincidental wage. we don't like these insurance companies and they're going to make life very difficult. it was disproportionately beef with the administration. does that translate into the worker bees saying no? not going to happen. we're not going to allow it. >> it could. i don't know. in this particular instance, though, i look at the approval given to comcast to buy nbc universal not that many years ago. the comparison between that and at&t time warner is a very closely related in my mind. the comcast deal got approved.

neil: didn't comcast have to do certain things? >> yes, there was some restrictions placed on comcast. neil: they did not do did not to sell any assets. >> as far as i know they did not to sell assets. the competitors of nbc universal that the content that flows through comcast would be treated in the same way. they were going to slow down speeds. they were going to restrict things. that's the agreement they reached. neil: everyone would be treated fairly and nbc are comcast would be favoring products over competitors. i've read where there is question about that. i don't know. neil: real quickly on the tax-cut stuff going back and forth now. what do you think about it? >> well, and if it is not across the board as we are now hearing for personal income tax, i think it a mistake.

in order to really stimulate the economy, winning across the board cuts. i like the business side of this. that makes a lot of sense. that will stimulate spending, capital investment. it means good. >> of its delayed one year and we are hearing texas senator koren is hoping to avoid the one-year delay, would that make a big difference? >> i think he makes a big difference. we've been counting on this for some time. the president campaigned on this. what is on the table now needs to be tweaked. i have no idea -- i shouldn't say that. i think it is crazy not to extend across the board. we are afraid of the political rhetoric that fly back and forth between democrats and republicans. get over it. let's cut taxes for everyone.

and don't delay. let's get it done. neil: again, i was quoting texas republican senator john koren and who was among those they must avoid this delay in the corporate tax rate to bring it down to 20% or 35% but it's all about crunching the numbers with this reconciliation thing. right now they are in the crunch. the math doesn't add up as if that would be the first time in washington that is happening. a little more after this. is committed to help protect what you've earned and ensure it lasts. introducing shield annuities, a line of products that allow you to take advantage of growth opportunities. while maintaining a level of protection in down markets. so you can head into retirement with confidence. talk with your advisor about shield annuities from brighthouse financial established by metlife.

>> we want the american people to know clearly they don't want the american people to know. that's why so much secrecy, such a short fuse. >> we have to pass the bill. to find out what is the net. in the controversy. neil: see, i'm not a producer

here, but i had a better idea for my staff. they thought that was a bad idea. welcome back, everybody. over secrecy, hearing the one-party in the shoes on the other foot very different. that was then. this was now. an uphill battle is so much to talk about. judge andrew napolitano. the back and forth in the secrecy thing. each party can do what it wants whether it helps them or hurt them we'll see. but i just get a sense from the back and forth en masse that republicans are just flummoxed. >> the republicans are so desperate to deliver the president even a small portion of what he promised the electorate after failing to deliver any change whatsoever in obamacare that they will take one of the worst tax packages in

modern times, klayman is a major tax cut, argue that its tax simplification and pass it even though it raises more taxes then it cuts and it makes the whole process far more complex. neil: they say the system requires it. you can do reconciliation. >> they are captives of a bizarre role in the senate which will not permit them to give true tax reform, cutting all the rates of the former chair of verizon wireless just so nicely argued unless they get 60 votes and they can't get 60 votes. work with the democrats. give them something. make this more of the country's tax-cut rather than just republicans shoving some down everybody's throat like mrs. pelosi did with obamacare. it's such a weird system. there's nothing bold about it and to work within the constraints as it is now.

>> they see a simpler. could you imagine you're a middle-class taxpayer and you pay a mortgage and part of the interest you pay this to.the bold and part is not and how you figure out which party is in which partisan. i tried to read 450 pages. i'm a slightly above average reader. this is as complex as the 70,000 pages it purports to supplement. >> either way, when you say you've got 450 plus pages, you can push her taxes on a single index card you have a problem. >> don't believe it. neil: while we are talking, the whole dustup with at&t and what it can and cannot do to close the time warner deal and the pressure that supposedly was out there, do you believe that? >> as charlie explained, there are disputed stories about the

origin of this. one person in the midst of negotiating with the doj, a lawyer for time warner said hypothetically what he wants to do, sell cnn and the doj jumped on it. another version is the doj from some source in the government said to at&t are not going to get tough with cnn as part of the bargain. time warner -- time warner carpet is cnn. that's very dangerous. the government is now locked in. neil: is coming out to the president of the united states. >> a decision based on the content of what cnn says. whatever you think of the content from the free under the first amendment to poke whatever content they want entry under the first amendment -- under the first amendment in the interim government pressure. if that decision is likely motivated, the government will lose in the merger will happen. >> there was an argument and this is a huge conglomerate and something has to go, maybe

direct tv, cnn. you could extensively argue if you're concerned about too big and all that. it is in a leap to say pressure would be coming from the white house. >> here is something i've never seen before in all the years watching this. this morning the deputy attorney general charges antitrust. four or five in the department issued a statement saying i've never spoken to the president about this close quote. why would he issued that statement and does one have to speak to the president to know that he hates cnn? can use the power of the government to get back at cnn? >> play that out. let's say it was not direct or subtle, it assumes that cnn is finished. there's a host of players who would pick it up in a new york minute. >> the problem is this.

when they threaten its called chilling and i made caused her more outspoken people to hold back from expressing their more controversial views as to be the case here is somebody in the government threatened fox and schilling is unconstitutional and the courts have prohibited it. >> they would stick to its position and if the justice department would slap it down. >> my advice would be do nothing. but the justice department suit you. they will lose that suit if you stick to your guns. train to the judge just lost his wireless service. judge, thank you, my friend. that is what we called wiki scary. in the meantime, contained a little bit here now, the dow down. they are talking about trying to avoid this delay in the corporate tax cut more from the likes of texas senator cornyn

comes out and says we've got to stop this, the more at ease his fears of the treasury secretary steve mnuchin talking to maria bartiromo earlier today on something both sides have to work out. far more of a problem for me and not exchange was the dismissive attitude that he had about those whining about paying more in taxes. they are whining because they are going to be paying i don't know, more in taxes. "forbes" managing editor, mike husseini. i'm sure the treasury secretary is a wonderful human being, but that approach was yeah, maybe in this room you're going to lose your right, pay more and it all balances out because you get other allowances, but you lose sight of the fact many middle-class folks losing deductions, a lot of people are going to pay more, not less than they do now. >> neil, this reminds me of the old pogo cartoon, remember? we have met the enemy and he is

us. this is what mnuchin seems to be driving towards here. but what is happening to stock prices as we speak. they need to get this tax cut on corporate tax rates done. it's final. the market has been counting on it and it simply just a pass-through tax as you know. corporate tax impacts wages and corporate investment. neil: let's say they settle bad. i think what's been lost to make this page is how much people met. in other words comment if you had to quit someone right now and ask them what you grows every week, every two weeks, however often you get your check, they'd be hard-pressed to think about it. they know what they met in their bank account and they will have a very different reaction if they see that net significantly different. in other words, more take-home pay hopefully in their eyes a lot more take-home pay than

marginal or god forbid for some more. what you make of that? that is a pitch other presidents have made of both parties would have had the tax cuts. jfk comes to mind. you know, ronald reagan, george bush with his two tax cuts. that was the real selling point. you are going to not better result. >> neil, you've hit it right on the head. what was one of the driving talking points during the past two elections when you go to the late 1990s and fast-forward to the past elections was the real take-home pay that was adjusted for inflation had not gone. that was the key issue. when you start getting into minutia such as writing off capital expenditures in that kind of stuff, and makes people's head spin. when you say you know what, you will go home with an extra $1000, somebody says i can get

back on about is money i can use. i can buy stuff for christmas, pay down my mortgage faster time to give my kid more for college. absolutely, 100% right. trendier can have a slower rate, julie about the possibility saying you cannot lose your medical expenses, lose your educational expensing, for valid reasons they realized i'm not saving. it's not that big of a deal. in an angry. >> array. people want to have more control of their lives and what they can do for their families. so when you put it in those terms, i think it would be successful to go to the failed health care reform. the problem there were similar. they got too much into the weeds instead of pointing out exactly how people would have more control over their own health care, which people want. a very personal expenditure. neil: thank you, my friend.

in the end, it boils down not just to simplicity, beginning the simple point. it is that filling out on the index card. the simplicity in it, beauty of it should be paying less in taxes. done, over. americans and businesses alike are joined alike. they want to pay less taxes. that's it. they don't care if it's an index card or the magna carta. does anyone get that? no. we give you research and data-visualization tools to help identify potential opportunities. so, you can do it this way... or get everything you need to help capture investment ideas and make smarter trading decisions with fidelity for just $4.95 per online u.s. equity trade. fidelity. open an account today. ♪

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talk they will keep upwards will keep upwards of seven rates including a top grade that would be down from 39.6% to 3825%, but they are keeping the deduction the house had for state and local taxes. now, how they're going to work in the mortgage interest deduction, remember a $10,000 level that was meant to offset losing those deductions, state and local tax seductions in the house measure, how the senate reconcile god, i don't know. early reports on the "washington post" that this is watered down significantly here. to read of all of this and into all of this, congressman trent franks. what you think of what you are hearing? >> well, you know, takes a little while for the senate to catch up with the house most of the time. i don't know what will ultimately happen here, neil. i do hope in terms of the locals date tax reduction that they

take the house version because it is unfathomable that they will think somehow the 18 states that are more fiscally sounded more fiscally wise, force them to subsidize those things that are not. this is something that, you know, our opportunity to put pressure on state that are high tax, big government states to lower burden on the people. i hope desperately we hope i'm too doing away with the deduction for the state and local taxes. i understand mr. brady has retained up to $10,000 on the property tax reduction that i suppose would be probably trying to find the balance. if the senate really is talking about putting the deduction back in, and that is an embarrassingly inapt thing to do. neil: one of the other things they are raising, they are hamstrung, according to "washington post," the

$1.5 trillion level at which they allowed for tax cut over the next revenue from those that would presumably be lost. but they are still trying to find ways that fit $5 trillion worth of cuts into those one point i trillion dollars back. i guess part of that explains why you push off that corporate rate. how would you make up for that if they go through with that or keep arguing now? >> well, there were two considerations. one would be the raid itself that we would have to adjust for the mathematical reality. i think right now the corporate rate is so high in comparison to the rest of the world that we should try to do that as a last resort. number two, we should really try to emphasize the dynamic aspect of this tax bill, this tax reduction bill. this is not just reducing taxes. this is about catalyzing the greatest economy in human civilization and if we are able

to do that come and that takes care of an awful lot of problems. all economy is about productivity and if this catalyzes, that will shore up a lot of the other challenges. neil: congressman, thank you for taking the time. we are getting these markets here, don't know what to make of them. still down about 150. people are coming to find they are getting tax cuts, but there might not be that much to write home about. coming up next.

>> welcome back to cavuto coast to coast. i'm gerri willis. opened gerri willis. open them roam it for about a kerry second week dude early fender replicas down with 600,000 people signing up to the website. health care.gov. 137,000 are new customers. the popularity surprise some folks who thought the trump administration slashed the budget for promoting obamacare policies would lead to fewer enrollments. republican efforts fails to end obamacare may actually have had the effect of raising the profile of the program with the public and reminding folks to sign that. even a short enrollment. down to six weeks from three months last year may have encouraged people to sign up earlier. plus the president's decision to

end car sharing reduction payment about $7 billion in payments would go to insurers this year may have inadvertently caused the program to be more popular than ever. trump's decision to run those payments in turn caused insurers to raise prices dramatically for private policies and as a result under the terms of the affordable care act, the federal government was forced to step in with larger subsidies. in some cases, nearly every county in the country has at least one free health care insurance plan. being popular, no surprise folks are jumping in with both feet. back to you. neil: no surprise at all. thank you very much. the grand question now across the country, high schoolers into construction and jobs and it's noteworthy in this case it's going on in detroit. jeff flock is there with more.

>> meal, but it's all your something i don't think a lot of people understand. downtown detroit in the midst of the room to do likes of which has never seen since has been invented. town halls, old mansions being rehabbed. this is all downtown detroit. off to the right camille martin as a project engineer for construction. you today put on an incredible event. 500 students from detroit public schools and you want to get them interested in the construction trades. you want to go to college? in construction. that's right. we are lacking so many skilled workers. this is what we are trying to do. >> i'm standing on the roof right now of a project called city modern. an apartment building under construction. refers out here doing the work and they literally do not have enough people to do what this got to do. i'll tell you, getting the kids

that live in detroit to build detroit, this is what you did when you were a kid. you got interested in construction at >> exactly. that's where he learned about the skilled trades. in vocational school they went to during high school in the city of detroit sponsored by detroit public schools or that i learned about the skilled trade. >> for a while we got away from it. you've got to go to college. you don't want to work in construction trades. these jobs will be around forever. >> we will build be around forever. man builds everything. >> like you say can you love this because you this because you picture an hands on it. >> when i drive past these buildings everyday kind of smile and say hey, i was a part of building a building. reporter: cool again. we are in the edge of downtown detroit. that is the new little caesar's arena, just enough over here on the right were construction going on. detroit is in a boom right now. there's work here, folks.

neil: you know it is nice about that, you and i probably could remember they encourage that. we don't do that anymore. that's a sad thing. neil: that is what they are trying to do here. don't pigeonhole. if you want to go to college for 16th century art, go for it. if you like this, it's a real job that pays real money in real good money. >> how i know is my plumber has people when it comes over to the house and is doing quite well, thank you. jeff, great job. there is hope i'm not. just encourage people. we don't do that anymore. maybe that's changing. in germany when it comes to mechanics, that whole trade, that whole deal. i'll be worrying about a tax cut.

maybe. a little more after 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. ♪ neil: love this video. you're looking at steve scalise. he is racing his 87-year-old, texas congressman colleague, sam johnson today. he will be my second guest. 4:00 p.m. on "your world.." break down the differences, that time we know the house and senate tax package.

we'll ask him as well. not just who won that race but which taxpayers will get the goodies from this tax cut. they're not all that clear. right now the markets are not owl that happy. hello, trish regan. trish: we have breaking details on the senate's tax bill. if you live in a blue state, guess what your taxes are going up. they are eliminating the state and local tax deduction. this is the housewares and means committee makes its final tweaks to the republican tax bill. once this is done, the committee will vote on the plan. this could all happen within the next 60 minutes. so do not go anywhere. i'm trish regan, welcome, to the intelligence report. we're watching the street. we have a market selling off, off the lows of the session. nonetheless, a lot of jitters out there after treasury secretary steve mnuchin steve mnuchin