Skip to main content

tv   Bulls Bears  FOX Business  September 30, 2019 5:00pm-6:00pm EDT

5:00 pm
first quarter 2019 really rough for luxury homes, there was a decrease 1.7%. your two visa 1% jump. we love it. >> that does it for us. oh's embarrassed start right now. >> 2020 presidential hopeful bernie sanders firing off a new attack on wall street. this time taking aim at ceo pay and demanding more from ceo pay off with another wealth tax. this is bull's embarrassed, i'm christina joining us on the panel john, trish mary and more. bernie sanders, new plan calling calls for increasing the corporate tax rate by half of chief executives to 50 times more than the median employees. it hikes up corporate tax rate, the bigger the wage gap.
5:01 pm
he is coming on the tax on extreme wealth, he just unveiled last week. all of this is happening as marco rubio pending new foxbusiness.com office saying socialism is entirely incompatible and america and the unique entrepreneurial spirit. is rubio right with his offside and is sanders new plan taken away from america's new entrepreneurial spirit and the freedom to pay employees and executives what they want. >> it seems every week there's a new wealth tax by one of the candidates. this is about the third or fourth that bernie sanders has proposed. this is contrary to the whole idea of the american dream if you succeed, you pay your taxes. why should you have to pay a second, third, fourth tax. my feeling is, there are a lot of ceos that are way overpaid especially when the stock does not perform in the company does not perform.
5:02 pm
though ceos should not be paid the high amount of overpaid. you know who should be policing that, not government, the shareholders of these companies. >> it is not happening, steve, i'm with you on that but i look at capitalism right now and by far is the best way, let's get that out in the open but there is a challenge of the middle class right now, i talk about it engine as an hourglass economy. the middle class keeps getting squeezed and i don't think the answer is to legislate your way into something different, but the market economy has not worked for all those people in the middle. what are the solutions that you can think about. what could we do that would result in meaningful wage growth for those people stuck in the middle? >> i will tell you what what work, he was in the debate and
5:03 pm
said something to the effect of my socialism is not the same as venezuela's but everyone proposal is. entire income tax, higher wealth tax, wealth compensation, it is never ending. basically the bottom line, he wants more control of everything that goes on. it is never worked, it has destroyed not only the economy and the people but all hope, 2700 miles south of where i'm sitting right now and something our economy could not stand if we went that way. >> i think you're right, one thing we can do, education, we keep dropping in the rankings and education and were losing a lot of companies overseas, not necessarily because of cheaper wages, that's a huge factor, but more educated workforce for advanced mechanism for advanced manufacturing and that the big default we have with america educational system.
5:04 pm
aside from that, what you're talking about is correct, government policy has never fixed wealth and equality. it's happened many times over the years, 1900s it was just as bad as it is now with vanderbilt and rockefeller in morgan. wealth inequality has never been fixed by government policy, italy been fixed by systemic issues, something like salmon, plague, warmth or ricci change. the government needs to stay out of business, that's the best answer for any of the. >> wheel he said that will be put in the trump corporate tax cut, larry kudlow said this all the time, i'm in full agreement with him. when you cut corporate taxes helps american workers. we are seeing that now. it's true until trump was elected, we did not see many gains for middle-class people but look at the wall street journal today where it shows for the last 30 months, the average family has gained about $4000 in income. that's a gigantic increase in income so i'm not talking about george soros, i'm talking middle-class families -- >> i think that's the kind of policies that you want to be putting in place opposed to your
5:05 pm
not allowed to make x number amount of dollars then you lowest paid employee. it is an issue, i think this president has taken on in terms of addressing the middle-class challenge. it persist. i think he has had some success and you are right on that. but these are problems that do not get fully addressed in the shareholder relationship with these companies. >> what are you suggesting? they've always problems, and like tricia said, the hourglass figure, the middle classed is squeezed. a lot of people don't do like they're being paid and incomes are not climbing at the rate that we want to see you then. what is a solution? i'm not saying the government should intervene but clearly we've all identified a problem when it comes to income across the board. and for marco rubio to pin this piece on a website, i don't think we can equate socialism to
5:06 pm
the simple definition of communism. there are different avenues in alexandria causing cortez and bernie sanders say there's communist, social democracy and democratic social but i still think that's something we need to pay attention to break then all the same. >> we are talking wealth right now, the problem with all these policies coming from the socialist they will not affect the wealthy, the wealthy will move. but what these policies do, the prevent others from becoming wealthy because every time you move up in the latter, they're there to attack you. bernie sanders already talked about a 70% tax rate. how would you ever become wealthy when he wants to do that and then wealth compensation after that. it's a sheer impossibility. if you want to go backwards you go with what he wants, forward he let the market bear out.
5:07 pm
a lot of companies are reading wages left and right because they know the demand is there and i think you will continue that rout route as we move forw. >> as we talk about wealth, i'm going to a soundbite, billionaire investor who was on with neil earlier today. here's what he said about the wealth tax bystanders and warn warned. >> i said it many times, i don't gained pay more taxes, it's actually patriotic to pay taxes but i'm more interested in how they will spend it. the reality, bernie, elizabeth warren will max out how much they charge us with our taxes or how much we will pay. but then what will they do with it? with all the proposals they are putting out there, they have not prioritized. >> i want to add that the new foxbusiness.com website is officially live today. we're going to go to war and who is with us today and other strays trending at this moment. >> the foxbusiness.com website
5:08 pm
and app are new in life and clear. you will see the issues that you and your family care about. if you want to know how your money is doing, look at the left side of the stream. it's an awesome day, month and third-quarter for the market. if you look at the header, lifestyle, real estate, tech, sports, the story talks about economist driving tom and his vehicle technology per wheel calibecareabout our jobs, this s at the heart of that. and breaking news, that is donald trump personal attorney rudy giuliani subpoenaed by house democrats for ukraine documents with regard to this impeachment inquiry. >> thank you for the show and tell. i know we have to move on even though the tax is interesting. there is another retailer filing for bankruptcy after failing to
5:09 pm
the pressure from e-commerce giants like amazon. we will tell you which retailer is throwing in the towel next. ♪ mizesyour car insurance, so you only pay for what you need. nice. but, uh... what's up with your... partner? not again. limu that's your reflection. only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ the doctor's office might mejust for a shot.o but why go back there when you can stay home with neulasta® onpro? strong chemo can put you at risk of serious infection. in a key study neulasta® reduced the risk of infection from 17% to 1% a 94% decrease.
5:10 pm
neulasta® onpro is designed to deliver neulasta® the day after chemo and is used by most patients today. neulasta® is for certain cancer patients receiving strong chemotherapy. do not take neulasta® if you're allergic to it or neupogen (filgrastim). an incomplete dose could increase infection risk. ruptured spleen, sometimes fatal as well as serious lung problems allergic reactions, kidney injuries and capillary leak syndrome have occurred. report abdominal or shoulder tip pain, trouble breathing or allergic reactions to your doctor right away. in patients with sickle cell disorders, serious, sometimes fatal crises can occur. the most common side effect is bone and muscle ache. if you'd rather be home ask your doctor about neulasta® onpro. pay no more than $5 per dose with copay card. look around. see what our kids see. before they get to the safety of home. futures vanish. (dog barking) there is a cure, if you will help. boys and girls clubs of america don't just shape lives, they do whatever it takes to save lives. sensitive young
5:11 pm
lives with nowhere else to go, find a safe haven. consistency, stability, food, mentors, technology, athletics, laughter. the cost to our kids stays tiny, because you help. even just a few dollars each month can save lives. boys and girls clubs of america. the clubs helped save us. please, go to givebgca.org now if you can, or call us at (855) 445-1955 save a life. to bring all of these stories thatity i've heard to life. i wanted to keep digging, keep learning... this journey has just begun. bring your family history to life like never before. get started for free at ancestry.com ...or trips to mars. $4.95.
5:12 pm
delivery drones or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade. >> forever 21 filing for bankruptcy. joining a growing list of brick-and-mortar players showing u.s. retailers have closed over 8000 stores over the share. christina you have been following the story all day. >> i was at time square in front of the massive 90 square-foot forever 21, i reached out to the company because i wanted to know when they would close the location, they said they're
5:13 pm
closing up to 178 stores in the united states, more globally in canada they are closing all the locations. they said they are not completely leaving the country, this is a company that is privately operated, loses on average, the u.s., canadian and european stores are losing $10 million per month, $90 million of cash on hand, they cannot pay all of their bills or the expense of rent. that is why they have to downsize, it is just a showing of how the retail landscape has changed. not only them coming of gymboree, charlotte russe, diesel, barneys, all those companies file bankruptcy just in 2019 alone. there is a bunch more closing their stores. >> how much is china plain into this? do they have to pay more for the goods they imported? >> they have not talked about tariffs. they said because they grew too quickly and they blame the balls. they said they were in malls, the anchor tenant and foot truck
5:14 pm
traffic is down. the people are not shopping in malls anymore. >> who shops and malls anymore. when the last time you went to a mall? >> let's see, what year is this. unfortunately, this is been going on for a very long time. tens of thousands of stores have shut whether they kmart, sears circuit city years ago, and unfortunately it will continue. that is the landscape, online is gargantuan, it has taken away business, all the malls were on that now, they are turning a bunch of stories into jams and schools and anything else but stores at this point. and more stores keep closing as they keep bringing other things on. it's unfortunate for the jobs lost. if you look at the retail sector, it is not doing poorly, consumers are spending money like crazy, and the consumers canyon, a lot of the retailers companies like home depot and
5:15 pm
companies like lowe's and walgreens and walmart are doing well. i don't think -- i'm not quite as dire as the rest of you on this industry. in terms of malls, i was just in seattle, bellevue, washington has one of the most successful mall areas in the country. it is unconventional retail stores that are being developed there in a high return on very expensive office space and retail space -- >> what did you mean by unconventional store. >> places redo things not buy things. like exercise, movie theaters, all sorts of places that have games and things like that whery do those things online. >> you no where malls are doing well, airports. because people have extra time
5:16 pm
and you have to do something while you're waiting for the flight. you see malls -- in general, i think people are judicious with their time. they are judicious with their money and so they say, i could go online and find on amazon and get the cheapest price. why would i go out spend the time and walked her stores. >> do you think it's best because the online world is taken away and cannibalizing brick-and-mortar stores? >> that's a huge part. to put this in perspective, we will lose more stores and retail this year during the height of the recession in 2008. a lot is to factors, retail over bill, retail sales are still going where they're buying this. that has been moving around, you are having innovative retail stories that are doing a lot of good business out there and the ones that are not innovated are the store right now shutting down. and it has a lot to do with amazon and with walmart, let's
5:17 pm
talk about that external process of what's going on in china. also now talking about what's going on with impeachment. coming up next, we have the impeachment push moving forward. but couldn't inquiry why thought all the gains in this trump economy that is doing so much to hurt retail. we will debate all of this next. ♪ each day our planet awakens with signs of opportunity. but with opportunity comes risk. and to manage this risk, the world turns to cme group. we help farmers lock in future prices, banks manage interest rate changes and airlines hedge fuel costs. all so they can manage their risks and move forward. it's simply a matter of following the signs. they all lead here. cme group - how the world advances.
5:18 pm
5:19 pm
5:20 pm
>> the whistleblower at the center of the impeachment probe expected to testify very soon as a new poll shows voters are pretty split on the issue. major average indian positive for the month. despite the probe. the commerce secretary wilbur ross is warning the democrats, they just want to turn the
5:21 pm
economy around and not for the better. >> the market knows this president has delivered in very strong economy all the reason indicators right to this have been very good. democrats are desperate to derail the economy because they know if they don't their toast in november. >> steve, i know you recently wrote about the middle class and economic progress. do you think that these impeachment proceedings could actually do some real damage to the economy perhaps raising some of the economic gains we have made? >> i certainly agree what he said on the interview, democrats are trying to torpedo the economy. they talked the last couple months about recession being right around the corner. they were clearly wrong about that another turning to impeachment after two years of the russia probe which is diverting attention from anything but talking about the
5:22 pm
economy. i did get a lot of calls over the weekend, trish, and today from nervous investors of how serious is this impeachment. impeachment would be bad for the economy, bad for the stock market. my interest, i don't think this is going anywhere. there's no smoking gun. i think investors are figuring that out that it looks -- >> judging by the market today. investors shrugged it off and they don't seem to care. perhaps they know what we all know too, it would be very unlikely that the senate would actually move in a way that the house would. so this might wind up being a whole lot of political theater, maybe make some people nervous but the market try to figure out what the outcome is, if you judge by today's market, it looks like they don't think it'll be that big of deal. >> don't blink, it's only one day.
5:23 pm
let's be clear, the market knows, the economy also knows. this is politics, i'm pretty sure that we will be in impeachment but i think the economy in the market will just move on. i hate saying this but i think the market and the economy is a lot bigger than what the democrats are about to do to the president and over the next few months there is no chance, even though i hear rumblings, i don't think there's any chance the senate convicts them on it and then we end up next november and that's where the rubber will meet the road. i'm not worry, it will derail the economy and the massive deficits that keep going up every day and hopefully we get this china thing done because the tariffs do not help. >> if you look historically, nixon, johnson even clayton, use all the markets short-term volatility but overall, especially quick, use all the markets continued to climb higher, i think it's economic factors that will affect the market. what is concerning the bipartisan support that we make it for the infrastructure bill. usmca, the trade deal with canada and mexico which needs to
5:24 pm
get done. it has been sitting there for so long. and drug prices, this is on the daca to keep the prices lower, when you don't have the bipartisan support. i think that's very concerning. and to add element, there was a letter sent to rudy giuliani so he has been subpoenaed as well. he's asked to give them by october 15 because he admitted on national television that he had the possession of evidence and text messages, phone records and other communication. >> if you go back further to the teapot dome scandal in the first impeachment on andrew johnson, you see the five big presidential scandals had very little to do with the market, what changes markets are policies, policies going forward. a new election would, but as far as impeachment, if gary is right, i think he probably is,
5:25 pm
he probably gets impeached and i don't think there's a chance he gets convicted in the senate. as far as passing any legislation, i don't think the democrats opacity they going into election toy don't think that is a factor. >> if the market has the threat of a socialist, in the oval office, what does that do? >> that is the big danger. that sends the market into a tailspin. you asked the question, will impeachment torpedo the economy, i will flip that around and say the economy is what is going to torpedo impeachment. i don't believe -- i said this many times on the show, if it had not been for a really terrible economy in 1974, i think richard nixon would not have been impeached. i think they felt horrible about the direction of the economy and nixon was out of there. bill clinton, there is no way he was going to be impeached in the strong economy. the stock market was soaring. i think that's a problem with democrats are facing. they do not want to do this when
5:26 pm
have a booming economy and stock market. and i think some dems do want to get rid of them. moving on, i gases gas station might not come possible, one state and that maryland is ditching oil. we will explain next. ♪
5:27 pm
5:28 pm
5:29 pm
5:30 pm
>> well goodbye get something, that's when gas station is saying, they convert to the all electric vehicle charges. hillary is in takoma park with the latest. >> this is the very first all electric no gas gas station you are paying to plug in your car. therefore charging stations at this electric gas station where you plug in your car and it charges your battery up to 80% and takes about 20 - 30 minutes and you pay about five, $10 to fill up your battery. we have a customer here filling up his car, taken advantage of the electric station, this is the first in the country and the owner decided to make the switch because he wanted to do something for the environment. >> i'm not looking how much money will make, i'm happy with what we are doing right now. we get a little source of income based on the wages and will all be happy.
5:31 pm
>> there is a demand, maryland has over 20000 electric cars and taxi service in local police had to electric vehicles. and they started this all electric station with help from a grant from the city in the electric vehicle institute. he is about 60% of what customers spent here. he says he is not too worried about making a ton of money off of these electric charging stations. most of the revenue comes from the mechanic garage attached to this location. back to you. >> thank you hillary. so in a business like this actually survive in business? >> you know the answer to this. yeah, 100%. use all hillary, she mentioned the demand, there is a demand if anything gm is a symbolism of this, the ceo back in november said they're going to cut 14000 jobs, wind down and now you have
5:32 pm
everybody striking because the company is shifting towards our electric vehicles, that is pretty much what's symbolizing this electric vehicle and how that affects auto jobs, yes, i do think it's an option. i think it's only valuable option, look at all the free publicity that we are giving them a now. the show that is very high rated. when you look at buyers of electric cars, they tend to be more fluent, they have 30 minutes while their refueling. they get to go in the store and buy something, a high-margin in a convenience store. this is not an either or, we have to have a bridge to the future, we cannot get rid of fossil fuels tomorrow either. there has to be an either/or, this is brilliant for these guys to get ahead. >> i never invest in a company that says they're not in business to make money. [laughter] >> i picked up the marketing plan. >> good piece of advice. there are people that are maybe trained to make a statement, go there, quite specifically because they want to go there
5:33 pm
and support what they're doing. long-term, it's kind of tough if the company is not interested in trying. >> maybe this is a bigger problem, steve just highlighted, everybody is trying to go green. is it generally going green or is all of this a market employed to thank you growing green but you'll end up making money, just like the sky, not trained to discount his company, he knows how to make money, he's in business and was able to shift completely into another type of business. i don't know, i don't know if i'm casting doubt -- >> you are exactly right, think about this, the guy comes out and says i'm not in this to make money, i just want to save the world, by the way you take 30 minutes to fill up your car go inside and buy a 3-dollar coke that he pays 50 cents four. this is brilliant, this is marketing 101 --
5:34 pm
>> 97% of the cars are not going to provide service for questioning that does not make a lot of sense to me. >> their living off a 20000 car owners in the small state, you cannot make a living, he is way ahead of the curve and one guy everybody is talking about. >> my question as a businessman, why not do both and have the gas and electric. it makes no business sense. when brazil back a couple decades ago wanted to have a bigger push into ethanol, they do not want to be so reliant on oil, they instituted a rule that every gas station in all of brazil had to offer ethanol at the pump even if you just had one so sure enough, eventually they caught on and it was cheaper and better than oil so they became energy independent.
5:35 pm
maybe somewhere down the road there is some kind of ability for more and more gas stations to offer up the service. i don't know if i'm owning the gas station, i'd say electric only and i don't think it's a great business decision. but why not. >> just stick with it so you could say all electric and then you're the only one then you get free marketing just like john mentioned. now we will stop the pre-marketing and move on. the fca warning that it may contain a cancer-causing chemical but it's the same chemical found in common foods. how worried should we be about this. we are going to as ask mark siel after this. ♪ ...or trips to mars. $4.95. delivery drones or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade.
5:36 pm
2,000 fence posts. 900 acres. 48 bales. all before lunch, which we caught last saturday. we earn our scars. we wear our work ethic. we work until the work's done. and when it is, a few hours of shuteye to rest up for tomorrow, the day we'll finally get something done. ( ♪ )
5:37 pm
5:38 pm
>> welcome back. cbs and walgreens announcing bill no longer sell zantac following the fda investigating a possible link to cancer, the chemical in dma and a large quantity can be
5:39 pm
harmful but according to the fda the amount found in zantac is not much more than what can be found in common foods. are these drugstores being too cautious? joining us fox news medical correspondent mik mark siegel. >> is a long-term issue, i don't think anyone after taking it needs to worry if they popped one last night. but it is not clear how much is in there which has been associated with different cancers and animals and listed as a probable carcinogen for humans. we don't know how much, online pharmacy in connecticut found a substantial amount like up to 100 times more than what you would find in foods or vegetables or drinking water, but the fda thinks it's a lot less, their busy investigating and meanwhile a scare going on, there is no need to be afraid of this but there is a reason to talk to your physician about
5:40 pm
whether you need to be on on the first place, not everybody needs to be taking these drugs that are actually taking them. >> i think this brings an outsourcing story full-circle. we talk about the danger of outsourcing and all of our jobs to places like china. when you think about medicine being made overseas in places like china and india, if we don't have control over what is actually going into the stuff and americans are taking it, doesn't that leave us in a more vulnerable spot. i think about my mom, if i want to give my child something i want to know and trust the authenticity in you as a doctor have to feel the same way if you're going to prescribe something or take an over-the-counter medicine. >> i agree 100%, two thirds of drug ingredients in the world, they are made in india or china, not that they're made elsewhere, but two thirds can be found manufactured in india or china in this case, zantac, most is made in india.
5:41 pm
we were talking about blood pressure drugs that are almost exclusively made in china. the point you are making is that you don't have the same quality control. you cannot keep these contaminants operate some of the contaminants are cancer-causing like in this case. >> in this case, it's not exclusive, just last week they recalled a generic version from walgreens, walmart and rite aid, because shouldn't we be concerned, it seems to be happening across the board. >> it limits my choices. as a physician and limits my choices. >> what are you giving them? >> absolutely, again there are other types of medications for reflux and ulcers that i can use that i like just as much, pepcid is one, that's another manufacture, i look to see if zantac was manufactured in the united states or not. i can look on the label. other medications like pride
5:42 pm
looks prilosec that are really quite effective. but i also look at other things like what is your diet, do you need an anti-acid, do you need to lose weight, you need to eat better, this is a good time to rethink that. >> look, steve, you like to think that markets work, so theoretically people should say i am not going to buy zantac, you have cvs and walgreens saying were going to pull it from the store shelves, the companies should take some responsibly in this. if they are not willing to take the responsibility and they don't care enough about it, is that the place where the fda needs to say, we mean business, we need to be able to control where it's coming from and more needs to be made in the good old usa? >> the idea was put the warning out there, and let people decide, this is a very scary warning that this may cause cancer and if people want to take that chance, i think it should be up to consumers very the fact that the fda feels
5:43 pm
there's no problem here, this is an interesting situation. i have not seen one like this. >> do you find it weird that cvs will say something to the effect of, go ahead, keep using it will take it off ourselves. to me a can believe i heard that. >> i think they're waiting for the fda to weigh in a little bit more than they have. i don't think the fda is saying that there's nothing to worry about, what the pharmacies are saying to into your point, we will take it back in a recall, you give it back will give you your money back, were not solely new stuff but if yorty have it you can still go ahead and use it. >> it may be cancer-causing and stuff we put rockets but sure, if you're okay with it, take it. >> as a physician, i'm telling my patients not to take the stuff that was made in india right now. i'm very clear on this, i don't want to find out down the line that a patient ends up getting
5:44 pm
cancer, gone from bed ten years from now. >> why is there not a uniform response. why is it just one pharmacy and not another pharmacy. why is there not an informal response to prevent this when people don't know what to take and what not to take. >> great question. again nervousness about limiting a physician's choice or patient's choice. there is more pharmacies and i believe rite aid is adding, more and more generic manufacturers are involved, the original point, the ingredients comes from overseas, we need more manufacturing here, you will see the fda weighing on this in a more strong way. >> thank you doctor. if you're looking for a big discount on a luxury home he may be in luck. they are dropping fast and we will tell you why. ♪ of doing great work. where an american icon uses the latest hr tools to stay true to the family recipe. where a music studio spends less time on hr and payroll,
5:45 pm
and more time crafting that perfect sound. where the nation's biggest party store can staff up quickly as soon as it's time for fun. this is the world of adp. hr, talent, time, benefits and payroll. designed for people. aewith medicare advantage plans designed for the whole you - body, mind and spirit. that means aetna is helping you get ready to be the best grandmother the world has ever known. we simplify medicare by connecting you to the right coverage, resources and care. so you can be ready for what matters most. aetna medicare solutions.
5:46 pm
sometand with theall screen xfinity stream app, which is free with your service, you can take a spin through on demand shows, or stream live tv. download your dvr'd shows and movies on the fly. even record from right where you are. keep what you watch with you. download the xfinity stream app today and get ready for xfinity stream tv week. watch shows like south park and the walking dead october 7th through 13th.
5:47 pm
5:48 pm
invested in you, luxury homes are selling fast because prices are falling. cheryl is in new jersey at a home with a price tag that has dropped millions. >> the issue of real estate, especially the luxury market has turned a corner. back in 2018 when the new tax laws took effect really hurt sales of luxury homes. we are in new jersey, this is on sale for $3.1 million, that is after two priced reductions. we are in the fourier of 11500 square-foot home and there are seven bedrooms, there are eight full bathrooms, another for half bathrooms, you had 28 acres of property and you also have a tennis court, a lighted helipad for the 15 minute commute and
5:49 pm
then you have roofs like this which are beautiful and giving the sense of what you could do with a home that is this large, 11500 square feet. it is the tax story. it's an annual tax, $47000 and change. that is a lot when you can only deduct on the federal income tax return $10000. luxury market 2019 sales were down up about 1% in the second quarter home rating. we will see how that turns out. right now in new jersey, and many places across the country, if you have large homes that are for sale, you may see a deal or two out there. back to you guys in the studio. >> thank you cheryl. a federal judge dismissed challenging presidents cap on state and local tax deductions. gary, you could use the helipadr your big chopper.
5:50 pm
gary could we see this trend in housing continue and do you think this trend will have an impact on the broader economy? >> i was about to say that is not my house i just want to say. you lose the property deduction in the mortgage deduction and you have repercussions. that is most awfully what is going on in certain areas. also added prices to the upside over the past few years so the affordability also, you combine that together and then you start getting the momentum to the downside, you get some deflation and i do believe it will continue for quite a while especially in those areas. >> it's only happening in those areas. look at the luxury houses in florida, they are through the roof and their prices. there is no question that the loss of state and local taxes, that is something i will be very hard, there's no reason people afford to pay more federal taxes to subsidize people who live in
5:51 pm
new jersey and connecticut. it is true though states are getting clobbered in the high income areas, people are trying to solve six million-dollar homes in connecticut and those homes on the market for three or $4 million. people are leaving those high tax red states and there's a solution, why don't connecticut cut their taxes. >> is pretty simple stuff, look at places like new hampshire, texas, florida and the real estate markets are doing fine. you look at newark city, you have 4% in new york city in addition to the state and federal. so people all in in many places paint extremely high rates and they say enough. carl icahn moving to florida. not just because of the weather. he does not have to pay any income tax. a lot of these states were smart, a lot of the municipalities are smart, they get the financial houses in
5:52 pm
order and they charge less tax. >> too that point, about the deduction, in 2016 averages $26000 in new york. we have to talk about new york because were in the area, that's a huge difference which is why you're seeing the big flock. there is still an ongoing case. yet the judge that ruled the 2018 case and there's another one created by newark, new jersey and maryland, maybe they will get momentum with that. if you like the judge does not think it's going against -- >> what possible case do they have? there is no constitutional righ- >> it went against the sovereign right. and that's white was unconstitutional. >> they don't like it because it's pressure to fix it. new hampshire, in our state constitution, you have to balance the budget every year.
5:53 pm
when it be nice, new york city could try something like that. bill de blasio. all were trying to do, i think it's something like this, you are looking at saying, why not have each of these states be a little bit more accountable. >> to your point, this is just one issue, one of the bigger issues is, you can go to a state like florida and ig said not pay state income tax and fully funded police and schools, that is the bigger issue that is going on. a big issue at fox business, you have been hearing all day about the debut of our new fox business look with brand-new graphics and website. you have not heard from us, on why we are focusing on main street and investing in you. that is next. ♪ (groans) hmph... (food grunting menacingly)
5:54 pm
when the food you love doesn't love you back, stay smooth and fight heartburn fast with tums smoothies. ♪ tum tum-tum tum tums with tums smoothies. but family can only tell you sot much... about your history. i found some incredible records about samuel silberman... passenger manifests, census information, even wwi draft registration cards. the records exist... they're there, they're facts. that made it so real for me, it wasn't just a story anymore. bring your family history to life like never before. get started for free at ancestry.com
5:55 pm
5:56 pm
5:57 pm
>> as you may have noticed we look a little bit different, here at fox business, our core value remains the same. we want to give you insight, the fact of our focus on main street, not necessarily wall street, trish. tell our viewers, what that means, why we're different when it comes to focusing on people first. first. trish: there is a micro and a macro version of the world, right now the macro is pretty darn importance, you can't understand the micro without appreciating the fac the macro. there is a lot happening in world that affects us from policy stand point, affects our futures. and it affects the overall
5:58 pm
direction of our economy, our opportunity, when we talk about american dream, and making sure that we all still have the opportunity and chance to pursue it as our children -- we want them to have. that is a pretty big deal right now, i think that you know we try to get at, every night, is the truth. we try to get at fairness in a particular story or a situation, we try to get at why it is relevant to you the viewer, why do you care? why is this particular thing important. that is understanding macro approach to the world, tonight, we'll talk about china. with steve bannon and we'll talk about impeachment, his first comments on impeachment since this whole ukraine thing unfolded. he is a guy should know a little bit about how the president operates, what is going down in white house. >> what a great day-to-day buit.
5:59 pm
christine's birthday today. >> happy birthday. >> you are excused on your birthday from your bad jokes, and gary kaltbaum's birthday is tomorrow. two of my favorite people, you will learn on revamped fox business, the favorite people bring to you what is important to main street not wall street, fox is pull of wonderful people who is bring it to you, one of the reasons it is number one business in the world. >> my motto has always been, every dime counts, not the dime you made but the dime you saved, if we can convey it in an understandable fashion with seriousness but fun we're doing or job hopefully we can continue to do your job. >> we all get along and respect each other's ideas. >> not all the time. >> well, okay.
6:00 pm
>> yes, we do. >> we do. we respect each other's ideas if they are not the same, we have 9 seconds left, thank you, viewers, ware in on-line -- weigh in on-line, tell us what you think of the revamp that is "bulls and bears" today. elizabeth: stocks slugging off impeachment, s&p 500 with first best 3/4 since 1997. a battle royale in dc, news breaking that president reportedly asked leader of australia to look into mueller investigation, house democrat subpoena rudy guliani over ukraine. we have requests fired at justice department on whether hillary clinton campaign pressured ukraine to give up information to use against the trump campaign in 2016? president trump is now in the war path, rudy guliani saying he will n

124 Views

info Stream Only

Uploaded by TV Archive on