there. liz: we would rather you be right and uncreative then wrong and sexy. >> right. connell: liz: jeff sica, circle square. great to see you. the dow snap as tax reform win streak with all the drama. melissa: stocks coming well off the lows. look at this chart. down 253 points at the low. right now closing down 99 points. the s&p and nasdaq recovering a bit. i'm a very disappointed melissa francis david disappointed tax code is down. i'm david asman. glad you join us. a lot of news this hour. stay with us. meanwhile stocks initially plunging on news that the white house may give in to senate demands to water down tax reform. what we're hearing about the complex tax plan. this plan is looking more like it was mugged a by a band of

beltway lobbyists than anything else. melissa: yes disany out with the quarterly report. will the political correctness of espn way on the company's dot lines. we'll give you the headlines. melissa: i want to know the thinking in the senate. dow closing down 101 points, united mcdonald's, american express as the biggest losers. we were down 250 points, that happened after treasury secretary steve mnuchin made these comments to maria bartiromo around 11:26 this morning.

>> we're sticking with the 20%. that is critical. >> okay, the 20% rate is critical, even if it's a year later? >> again we would rather it sooner but we'll work with the house and senate on the rollout of that. melissa: oh. david: work with. work with. melissa: seriously! now the senate plan has since been released and the one year corporate tax delay is in it to 2019 by the way. let's bring in nicole petallides on the floor of the new york stock exchange. i mean, nicole, i ripped out all my hair. i had to glue it back on. what happened down there? reporter: you're starting to hear more about delays for tax reform, particularly for corporate tax reform. we kept a keen eye on the small caps, the russell. they benefit most from the tax cuts. some traders telling me we did see the russell under pressure. as it moves along in the tax bill, passed in the house ways and means committee, we saw it has come off the lows, and the big picture is traders still

believe fundamentally, that markets and stocks and companies are better, and that is why the market has run up, not just on tax reform. the other thing to keep in mind, that we have run up thousands of points. and a little bit of a pullback of 100 points, sounds like a lot. it is triple digits. we haven't seen that much. traders take this one in stride. still think the path of least resistance is to the upside. melissa: nicole, thank you. david: essentially, there are two separate visions for american taxpayers. house ways and means committee, passing the latest markup of the gop tax bill. this coming as senate republicans are getting prepared to unveil the details of their version of the plan. fox business's adam shapiro is live in d.c. with the latest. adam, we've been talking about the delay in the corporate tax rate cut. but there are also seven brackets. we went from three to four and now the senate has seven, right? melissa: that's a big postcard. reporter: the senate wants seven.

everyone through where we are. none of it is a done deal yet. first as you reported the house ways and means committee within the last hour did vote and pass the proposal. now the house will vote for it. house ways and means promising this will put $1200 back into the pocket of a family of four. let's take a look at what kevin brady has been saying. now this moves all attention to the senate. here is what braid sy said after passing the version of tax reform that the house is going to vote on. >> i'm proud of the work that the ways and means committee has delivered today for the american people. we know we have more work yet to be done, but this is a historic step and we look forward to sending this bill to the house, ultimately to the president's desk this year. reporter: but that road leads through the senate. the senate is proposing through senate finance and orrin hatch. seven brackets, 10%, 12%, 22.5%.

25%, 32.5%. 35%, and highest at 38.5%. got to cut it short. back to you. david: we are to hear steve mnuchin, the treasury secretary. they are about to meet with senate leaders. let's listen in. [shouting questions] david: just want to explain what is going on. now the press is being escorted out. what is happening steve mnuchin, gary cone, who is the national economic counsel cleave -- gary cohn, and senate majority leader mitch mcconnell and other big leaders of the senate are meeting now to discuss whether the senate plan, had all the cuts, all the simplification, was boiled down into the house plan which it was a lot less simple and a lot less supply side oriented, now goes to the senate where we're hearing it is being watered down to all kinds of ridiculous levels.

that is where melissa picks it up for us. melissa: the swamp just completely taken hold of this plan, and turned it into something is it wasn't. what kind of postcard can you put seven brackets on. simplifying from seven to seven. thank you. david: no simplification. the delay in the corporate tax cut. usually a delay in any kind of tax -- melissa: look at that! david: this is the new plan, by the way what you're looking at right now. but it doesn't look much difficult from what we have right now. pause we have seven brackets right now. so go from seven to seven. the numbers changed a little bit smaller but not much. top gone from 39 point 6 to 38.5. but it will remain. a lot is watered down. melissa: let's bring in doug holtz-eakin. american action forum president. former cbo director, pardon me,

under president george w. bush. do you see anything good in what we have seen so far of the senate plan? what about the delay of the corporate tax break? how will that spur the economy. >> i think if you step back and look at house and senate as a whole, there are key pieces in both is encouraging. get the corporate rate down to 20%, appear to make it permanent. both have investment incentives in againsting. both move to territorial system. both recognize that over half of business income is taxed as pass-throughs and make provisions to lighten that tax so it is comparable. and so, you know, i think that is the good news. we have to see some of details evolve. in terms of the corporate delay, there is actually some thinking that is a good thing. that means if you invest in 2018 you get deducted at 35% and proceeds get taxed at 20. that impetus for front end loading investment in the plan that would be a good thing for the economy.

melissa: you're very glass half-full. we certainly need that right now looking at this. how did we go from seven brackets to seven? >> we bought ourselves a much bigger postcard i guess. melissa: gigantic. it is like a poster board now. there is no way, when my mail carrier comes there will be no chance he takes it from me. i need extra postage, go to fedex. it is not going to happen. how can they possibly pass this and have folks go back to the district? now if you look at the senate plan, there are lots of people will end up with a tax increase all over the board. how are they going back to their district and say that we have passed historic tax reform, by the way as republicans we raised your taxes? peter king said no way in the house he can go home to his district, they will say you're nuts. can you pass it like this because they will not pick up anyway. >> they have to do it with republican votes. you're exactly right.

i have to see the details. i presume they're doing some of the things they're doing so they don't have to phase things out to satisfy so-called byrd rule in the senate, inability to create deficits in the year 11 and beyond. that is key constraint that the house didn't face. there must be a way of the logic this was put together. i need to see that. the most important things are the growth provisions. that is where middle class benefit. things not in the tax code and your paycheck is what matter this economy is not delivering for those folks. getting pro-growth reforms and making them permanent is he coo. melissa: i don't see a lot of pro-growth. they're delaying the corporate tax cut. barely giving people a break. keeping it complicated. seven brackets. feels like the growth is sucked into the ground by the swamp! last word to you. >> well i think, the pro-growth will come out of the business tax reforms in the big picture.

right things are in there. they have to be permanent. have to hit the economy quickly. the other provisions will matter a lot less. melissa: thank you, sir, appreciate your time. breaking news right now. disney reporting fourth quarter results. back to nicole for the numbers. reporter: stock looking to the downside. a miss on earnings. 107 versus 112. revenue 12.78 billion. that was also a miss. the one brought spot was theme parks. there was advertising weakness, subscriber losses. told but the top and bottom line miss. also saying results of hurricanes irma that the resort was closed for a couple of days. they also had to cancel three cruises and other itineraries, that also weighed. thiel parks were up 6%. revenue was a bright spot. operating income dropped. studio entertainment revenues dropped. so those were a couple of weak spots. big picture, disney which was a leader today, going into the close, down 3% right now. back to you twice.

melissa: thank you. david: let's bring in panel on this. scott martin from kingsview asset management. fox news contributor. john king a analyst at stoneybrook university. john, talk about the first thing that jumps out at you here. the media networks revenue decreased 3%. a lot of people look at espn, say the politicalization of espn, the political correctness of espn, has turned off a lot of viewers. to which you would say what? >> i say it is true but the secondary point is that the main point again is viewership. their strategy needs to be rethought here. their strategy of favoring live action tv at espn is not working right now as we can see. numbers keep going down. espn needs to rethink the entire strategy from live action television, something more substantial, more current and more hot right now. david: scott i've seen it happen before. when you have the companies think they are the golden child,

that they can do no wrong, that there are no competitors and they get lazy. they think they can do things that freeze themselves, rather than what pleases audience. i have seen it happen. seems like what has been happening at espn. >> you describe them perfectly, david. they fall asleep at the wheel. john is right, he is right about live action tv. amazon, facebook, twitter, have taken on that role as well. if you have the choice to say go on facebook, watch an mlb game, for example, you will versus on turning on espn, you get the game and none of the political rhetoric you talked about. that is a big deal. we own disney, unfortunately, david. gosh are my patience getting tried here. i thought they would spin off the theme parks an spin off pixar, that would be a great move. continue to hang around and espn and network programing which is not working. david: john, i have to say, these folks i have to mention are cousins of ours, owned by

same parent cop. fox sports 1 and two is providing some competition for espn that they're not accustomed to. >> no question about it. espn as scott said has been complacent and now they're paying the price for complacency. competitors with fox come with new ideas, new approaches and new people, new spokespeople, new people on the air as well making impact. people like to have fun in sports. espn is very serious with the politics. nfl, its main property is declining in a lot of ways including viewers and including its relevance. espn has a relbig problem here. david: john, you're relevant to this next subject. at&t ceo randall stephenson insisting he has never been told the price of getting the deal done with time warner was to sell cnn period. is the merger between at&t and time warner still alive? john, how much of this, of the comments from the federal government, from the justice department, have to do specifically with cnn? >> well, he said/she said kind

of a thing. nobody really knows who is right and who is wrong. so said it first or who said it second. the government holds the power right know. the government can say this deal is dead if it wants to. up to at&t to compromise with the government to do what it wants whether it wants to or not. it can talk very boldly and very tough but until the government is happy, at&t is at a nowhere place right now. david: scott, stephenson claims that cnn has nothing to do with the deal which you say what? >> i would say, like john said. doesn't matter if it does or doesn't. you're up against the government in this case who has final approval, david. tough play gays with them or have to play the ballgame. reality, look at at&t stock over the labs six months as the deal potentially closing, the stock has fallen week after week, month after month, in anticipation of this impasse. david: the market doesn't lie. appreciate it. melissa? melissa: we're continuing to

digest the senate's watering down to be kind the president's tax plan. it has seven brackets instead of four. totally removing deductions for state and local taxes. what is going on inside the swamp? has the beltway swamp hacked the president's once radical plan? i think so. we'll ask the third highest ranking republican of the senate, john thune of south dakota. david: new bombshell allegations breaking this afternoon. why republican lawmakers could call for candidate roy moore to drop out of the race for senator of alabama. interesting story. melissa: president wrapping up a critical visit to china, sitting down with the chinese president. why he now says china isn't to blame for unfair trade deals with the u.s. >> both the united states and china will have a more prosperous future if we can achieve a level economic playing field.

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xfinity mobile. a new kind of network designed to save you money. call, visit or go to xfinitymobile.com. melissa: breaking news right now. treasury secretary steve mnuchin along with senate leaders commenting on the senate tax plan moments ago. hmmm. let's listen in. >> this is a very, very important thing. we have not changed the code in over 30 years and it is apparent this country is lagging behind a lot of other countries. and our foreign economics are a disaster in comparison to what they can be. we're about to change that. we hope we can do this on a bipartisan basis. we hope we can get our democrat colleagues to come with us. whether they do or not we'll go ahead and change this and get this country moving again. with that i will turn to the majority leader. >> let me again congratulate chairman hatch and members of

the finance committee and administration as we, represented here today. we worked together closely to get to this point n 30 years america's ready for tax reform again, to get growing again, like we know this code will do to get new jobs and opportunity, and a significant tax relief for the middle class. >> if i could add one other thing, i'm very happy to have this administration to work with. they're doing a great job. secretary mnuchin is doing a great job of and mr. cohn has been a tremendous asset to us, and, they're willing to dive in and work on a bipartisan basis to get this done. the president is willing to as well. we'll turn this over to you, steve. >> thank you. congratulations to the committee. we very much appreciate the opportunity to work with you all this year. great way to move in right direction of middle income tax cuts and businesses.

i like to acknowledge the house today. we look forward to getting it to the president and signed in december. >> mr. leader, mr. chairman, thank you very much for your great leadership getting to us this great point today. another really important step of progress bringing real tax reform to the american people. thank you. we still have a lot more work but we're really excited. >> thank you, everyone. >> leader mcconnell, do you believe the women who made accusations against roy moore? [shouting questions. ♪. >> leader, mcconnell do you believe the women who made on the record accusations against roy moore, sir? leader mcconnell? >> thank you. >> on taxes can you guarranty no one in the middle class will see the rates go up? david: mum is the word. melissa: waving away reporters as all important questions are asked. david: president trump usually answer as couple of questions at

the end of a presser like this, but these guys are not going to do it. they will usher everybody out. by the way, another thing that changes in the senate bill, so-called millionaires tax which highest of the seven new brackets would kick in. goes from millionaires to half of that the, $500,000 for married couple. melissa: really? david: millionaire's tax is half a millionaire's tax. that will eventually be brought down further as it was during the obama administration. that is the problem when you give in on tax cuts and water it down, it just gets worse and worse. melissa: the only thing this horrible plan is missing is a vat tax. we shut slap a bat tax on it. david: they wanted the tax. president trump striking a very different tone during his trip to china with president xi. what does that mean in the effort against north korea? details are coming up next.

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david: president trump issuing a compliment of sorts to china. not issuing a compliment, instead laying the blame on past u.s. administrations. here with more is blake burman. blake, he said a lot of this on the campaign trail. it is not that new, right? reporter: he also took pretty direct aim at china on the campaign trail as well for over a year? the comment getting a lot of attention, president said hey look, china is not to blame. past u.s. administrations. president made the comment earlier today in china, which he also said that trade with china right now is reciprocal nor is it fair. singled out three specific aspects, forced technology transfer of u.s. companies and it theft. this comment right here drawn the headlines on this day. listen. >> i don't blame china.

[laughter] [laughter] after you will, who can blame a country for taking advantage of another country for the benefit of its citizens? i give china great credit. reporter: top democrat in the senate, chuck schumer took issue with that he put out a statement which said the follow, and i quote, after campaigning like a lion against china's trade practices the president is governing like a lam. the president should be much tougher with china as he promised he would be on the campaign trail. president trump and president xi called for denuclear nukization for china. they. after the meeting afterwards, i told reporters that the u.s. and china have no space between their objectives when it comes

to north korea but he also said that the u.s. has its own view on tactics and how far to go with certain pressure. david, back to you. david: blake burman at the white house. melissa: here to react, a senior fellow for korea chair, from the center for strategic and international studies. first of all that comment is saying it is not your fault you're ugly, your mother was ugly. so you had no control over it. how could anyone interpret that as a compliment, right? >> but they still laughed. melissa: they laughed because it was meant to be a slam on someone else for the treatment. anyway, i still think that the main show what is going on there, not actually about trade. has more to do with north korea. we know the president put tons of pressure on see xinping to stop the coal shipments there. is the oil pipeline. they are not even abiding by u.n. sanctions. what is the likelihood that the president is able to squeeze china further in your opinion? >> there is still some space here, china is doing more than

it has ever done before. you're right, china strategies with north korea not fundamentally changed until it believes there is going to be something big coming. melissa: yes. >> perhaps a conflict on the horizon if china does not rein in north korea. i think this is the pressure. we're going after sanctions. we're going after secondary sanctions of chinese entities that do business with north korea. we're trying to squeeze china as much as we can so they finally do something with authority cree. melissa: you hear people say he is going soft on china. doesn't seem like we have seen that i don't think the language means anything at this point. it is action. >> yeah. melissa: he tried the carrot out of the gate. now tried to be friendly, but at this point the stick is like you said, the threat of something big is going to happen. does that have to be physical threat from north korea? or could it be the idea of this trade policy? could the other stick be if you don't lean on them we'll really have a trade war with you?

would that work or is that not scary enough. >> china, it has to be credible. potential for conflict has to be credible, trade threat has to be credible but even on the sanctions front, the trump administration has done more going after secondary sanctions against chinese entities than all the previous administrations. there are multiple sticks we can apply to china to get more. >> chinese government cares about that, if you go after other entities? >> absolutely chinese banks and chinese entities that will be hurt by the process. melissa: yeah. >> this is how we got iran back to the table after going after secondary sanctions of other entities. it took about three years of enforcement for iran to come back to the negotiating table. melissa: interesting. thank you for coming on. we appreciate your answers. >> thank you for having me on. melissa: david? >> disney shares are dropping after-hours following a miss on revenue for the fourth quarter. this was triggered by a lack of major box office hits and those hurricanes causing problems with the parks and a drop in its

cable tv division including espn. falling disney shares could shave 20 points off the dow at the open tomorrow so watch for that. melissa. melissa: inside the senate newly-released and could controversial tax plan. a fair and balanced discussion what it could mean for you and your wallet. that is next. ♪ life happens.

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david: markets, plain ol' stacks payers like us, are getting worry what was once the biggest tax cut in is turning into some kind of a monster. some complaining that the new tax code could end up worse than it was before. so what is happening? joining me capri cafaro, "washington examiner" contributor and former ohio state senate minority leader, charlie hurt, "washington times" opinion editor and fox news contributor. charlie, what it looks like to us, this tax bill has been dragged through the beltway mud of that swamp there, and has been diluted to the point where it is significance is now about this big, right? >> yeah. and of course the notion that they're going to delay some of the tax benefits -- david: that is ridiculous. >> that will undermine the whole purpose. david: lit me stop you right there. it has been tried so often in the past. famous in back in 1981 where they delayed reagan tax cuts by two years. that is the new brackets which is the same number as the old

brackets. but delaying just, delays business decisions. businesses don't invest until those new tax rates come into effect. >> argument for blowing a hole in the deficit, this will be a shock to, a boost to the economy that will be so great that it will overtake, it will close the hole with the new income, then, this completely defeats that purpose entirely. what we're seeing here, david, this is the problem with conserve is, with republicans. they get, they get in this mind-set. they want to nibble at things. they want to do things slowly. what would be great for them to do, is to go huge, go big, do something like, you know, abolish the income tax. stop the war on work. whole new way of collecting revenue. david: let me get capri in here. you know how legislation is put into effect. you were part of that whole process. >> for a decade.

david: what do you think happened? do you think the lobbyists were pounding down the doors in washington, made sure they got two cents on every single line of this new tax bill? >> maybe specifically the mortgage deduction. i assume realtors and builders were all over that. there is senate version, and a house version. what i think is happening right now, fuel ryan references this earlier. we'll go through regular order. the thing will come together in conference. what i think is happening, i think both chambers are trying to come up with a product they can actually pass, so they can individually have a victory before the end of the year to say look, we passed our package. there will be different concessions for example in the senate, than there are in the house comes to everything from the "salt" deduction to the child tax credit, or the medical expense deduction.

see a more moderate the approach in the senate, because that will take for it to get it out of there, to point to something. they need to point to something right now. david: for the 2018 elections coming out. capri pointed out paul ryan's role in all this i feel like paul ryan was played again. he was played insisting before tax cuts we had to have obamacare reform. we didn't get six months, essentially wasted time trying to work obamacare overhaul. that is wasted six months of a huge victory by the republican party on all fronts. now, he seems to be getting played again in terms of creating all these new -- we had a new tax bracket added. we had all kind of delays put into effect. now the senate is making it worse. the again the republican leadership that is to blame, is not? >> i think it is and anytime you start out with an effort to simplify the tax code and wind up making it vastly more

complicated you have not succeeded but i do think capri is right, they will come up with something that allows them to at least try to save favs and claim that they did some good here. but again, you know, this is the lesson that they're failing to learn from donald trump, and that is, keep it simple, make it big. if they did that, they could succeed. and you know what? some of them might lose their jobs. you know what? who cares. that is what they're here for. david: donald trump is not here. he is in asia. do you think that is coincidental all the swamp stuff is done when he is out of town? >> i don't think while the proverbial cat's away the mice will play so to speak inside of the swamp. a lot of this probably been going on behind closed doors for a long time. they know that they're up against the clock but we also need to remember, as we all say, we're talking about the you know, the maneuvering between the parties and between the chambers and we're forgetting about the fact this is about the american people, the american

tax pay and american employer and business climate. >> right. >> everybody is trying to posture to electoral victory we can not lose, and have the american people pay for political victory. david: i have one final question, charlie, and this concerns trillion trump's future. do you think it is possible they could come with such a watered down version so different from his radical plan, when it was rolled out in april, he might not sign this thing even if the house and senate votes it through? >> i kind of doubt that. i think that, at that point it will be such a disaster, that, he too is going to be looking for some cover. and they will give him that cover, but it's a lost opportunity. david: i'll say. >> if they learned the lessons from donald trump we could be looking at massive victory for americans today. david: charlie, capri, good to see you both. >> thank you. melissa: breaking news, equifax has received subpoenas from the sec and u.s. attorney's office

in georgia following their major data breach. we're finding out wow, 240 class action lawsuits filed fence the company, related to that cyber breach. shares are down more than 2% after hours. so right. the trump lesson, keep it simple, make it big. david: it is not simple now. that is the point. melissa: and it is not big. david: i read verbiage from the new bill, it is just as complex. you need a team of lawyers to understand what they're trying to say. bombshell report against a republican nominee for the alabama senate seat. allegations against roy moore, and what that could mean for the senate race. melissa: new details on the assault on rand paul. prosecutors suspect the attacks with politically motivated. e als about potential investment opportunities in real time.

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melissa: people close to kentucky senator rand paul tell fox news the man accused of the attacking the senator should

expect to be federally charged. our judge andrews napolitano says this indicates the prosecutors believe the attack was politically motivated. police say the senator's neighbor attacked him while mowing his lawn last week. the senator suffers from six broken ribs and fluid in his lungs. david: well the alabama senate race just got a little more complicated. "the washington post" reported that a woman accusing republican nominee roy moore sexually assaulting her when she -- he was 32 years old. gerri willis has the story. >> this is unbelievable. senate majority leader mitch mcconnell saying alabama candidate roy moore much step aside that he initiate ad sexual encounter with a 14-year-old when he was 32 are true. those allegations were contained in a report in the "washington post" today, the woman, now 53 works as customer service representative at payday

loan business. she says moore met her with her mother in a courtroom in alabama where he was serving as an assistant district attorney. he later called the girl and initiated contact that included touching her inappropriately and taking off her clothes. three other women have also come forward with similar stories about moore. all of them pursued by moore when they were between the ages of 16 and 18. moore adamantly denied these accusations. the story quickly brought calls for write-in candidates in the race. unclear moore's opponent senator luther strange can do this. alabama has what is called a sore loser law every candidate only one opportunity to run in elected position. strange could run as write h. in his name would not appear on the ballot because it would not be on the ballot and people would scribble his name. a question there.

amazing story this afternoon, that could really change what is going on in the house and senate. david: wow. >> taxes because of that vote. david: extraordinary, gerri, thank you very. melissa. melissa: senate releasing its own version of tax reform. senate is one of key architects of the bill. it will pass they predict by deace 1st. what powers the digital world. communication. that's why a cutting edge university counts on centurylink

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melissa: breaking news. news corp reporting first quarter results. let's go to nicole petallides with the numbers. nicole. reporter: both beatings on top and bottom line here. earnings adjusted for 7 cents. revenue 2.06 billion. that beats 1.98 billion. it is up 2 1/2%.

they said they see reason for optimism, media businesses in light of profound changes agreed by google in the ranking of news content. and their continuing discussions with google and facebook facilitating subscriptions. we have fox sports australia deal and fox-tel. that deal likely to close first half of 2018. the digital real estate revenue, 271 million. advertising revenue, 670 million. quarterly you book publishing revenue -- stock hit 52-week high during today's trading. up again. likely hit another one tomorrow. back to you. >> nicole, thank you. david: will they or won't they? earlier this week vice president mike pence talking to our own bartiromo was insist sent that caughting the corporate tax rate down to 20% should be implemented right away. take a listen. >> i think we believe it has to happen immediately. and we're going to drive and

drive hard. david: earlier today treasury secretary steve mnuchin was giving ground to those senators who wanted a delay. listen. >> again we rather it sooner but we'll work with the house and senate on the rollout of that. david: where do we assistant right now? we have south dakota senator john thune, senate gop conference chair, straight out of a meeting with people in charge of this thing. senator thune, thank you for joining us. will it be delayed or not the corporate tax cut? >> it is in the senate version of the bill being rolled out today. it is not in the house version of the bill, but as i point out all the time, this is the beginning of the process. we'll have a full markup next week in senate finance committee and open amendment process. when we get to the floor, it will be wide open amendment process. david: senator, i'm sure you know your tax history as well as i do, but better than i do but back in 1981 when we delayed entry of the reagan tax cuts we went through a recession, a very big recession.

and part of that was because we didn't have the stimulation from the tax cuts kick in until 1983. that is what concern as lot of us about delaying a corporate tax cut. when tax cuts are delayed, businesses delay startups. >> well, couple of observations about that, david. one is, the pass-through tax cuts would happen january 1 of '18 and immediate expensing. i think you will see explosion of cap-ex spending next year pause you will have immediate expenses and still for the first year a 35% rate which make that deduction enormously valuable. david: i know a lot of businesses, senator, forgive me for interrupting, i know a lot of businesses that tell me they are going to delay their plans if there is a delay, they had plans to start new divisions in 2017. they will delay those divisions until after the tax cuts kicks in. it makes common sense. >> well look, as i said before, we'll see as process moves forward if we can move the date up. this was function of math

obviously. we had to fit all the stuff within a certain box. but, what i'm telling you is, we also hear from a lot of businesses who believe that the immediate expensing is what will drive a lot of spending next year. i think you will see a lot of businesses making that investment. they know the rate reduction is coming following year. david: it hasn't happened, in the past, senator. if history is any precedent it doesn't look good. i hope you change your mind on that one. meanwhile brackets, a lot of us were very pleased to see the number of brackets go from currently seven, down to three. then they ticked up to four in the house plan. is it true that you're going back to seven brackets? >> we do have seven brackets, that is correct. david: why? why don't you make it more simple. >> simplification is doubling standard deduction. david. doubling brackets, that is not simpler. we can count. >> cut deductions from a third to 10%. david, you look it up, this is what my tax liability is.

the rates were a way of bringing some progressivity to the code. we're trying to maintain distribution of the benefits of the tax code, or the tax cuts in a way that would preserve the tax burden that exists today. so, one way you can do that is through the rates structure. the other way we did it, through expanding per-child tax credit. those are two ways. david: seven is still more than four. very simple senator. we can count. the final thing is millionaires tax on highest rate. we heard it was millionaires tax. now somebody told me the top rate would kick in at 500,000. half a millionaire. is that true. >> kicks in for singles at half a million and joint filers at a million, that's correct. david: so half, the millionaires tax becomes half a mill if you're single but if you're married it's a million. >> gets rid of marriage penalty. david: okay. >> bear in mind. it does raise that amount significantly either way. david: very quickly, you understand why a lot of us are

disappointed. we saw very clear, clean, simple tax plan rolled out in april by mr. cohn and mr. mnuchin. now we see something far more complex and frankly looks like more of the same. >> well, look at it this way, david. this is a $1.5 trillion net tax cut. yes, there are base broadenners in there. $5.5 trillion tax cut. 4 trillion paid for with bays broadenners. middle income families get benefit. pass-through businesses, c corporations. c corp. rate from 35 down to 20. give them immediate expensing. this will be good for economy. i hope you get on board, you will miss the train. david: so far it doesn't look all that good. wish you the very best, senator. appreciate it. we'll be right back. >> thanks, david.

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he's told that joke a million times. and you always laugh like you're hearing it for the first time. at lincoln financial, we get there are some responsibilities of love you gotta do on your own. and some you shouldn't have to shoulder alone. like ensuring he's well taken care of. even as you build your own plans for retirement. see how lincoln can help protect your savings from the impact of long-term care expenses at lincolnfinancial.com. melissa: it is funny.

david: it is we love this racing through halls of congress. we don't know where they are going. melissa: i'm sure they are going to their next tax meetings, here is risk "risk & reward." >> president wanted a 15% rate, we started 15% rate, president got comfortable, 20% was right balance of what we could afford. but we're sticking with 20% that is critical. >> 20% rate is critical even if it is say year later. >> we would rather it is sooner, but we'll work with house and senate on roll out. >> triple digit dow drop, after. mnuchin told maria bartiromo corporate tax cuts could be delayed by as much as a year, this is the dc swamp in