thousand of them have on into the united states illegally. they're virtually all illegal aliens. it is harder to get across the border. traditionally they come across the border into houston and fan out across the united states into different centers of activity. today we were talking with the president about three actions we took. mel gar ditch. az was indicted in the eastern district of virginia. first time we've used terrorism charges against a member of ms-13. he was responsible for activities in 13 states, 20 cliques in the united states. he was also the person who would green light assassinations in the united states. the orders come from el salvador, the requests to assassinate people go down to el salvador, and he would green light the hit. we also took down, this was a

hsi case in las vegas. we took down the hollywood clique which operated not only in nevada but also in california and in the eastern district of new york, again long island. and we took down 21 members and the leadership of that organization. and then finally, these are the new york indictees. finally i announced that we are going to seek the death penalty against alexi sayans, who is a leader in the eastern district of new york a leader of ms-13 there. the president made a trip to brentwood, new york, earlier in his administration and he met with the families of victims that had been killed by ms-13, including the family of two young girls who were butchered with machetes. the person that we are seeking the death penalty against was

involved in those murders as well as the murder of two african-americans who they, who they just saw in the street and thought they were from a rival gang and just butchered. those are the actions we're taking. there is more coming as we target the leadership of ms-13. we're working very closely with the el salvadorrians on this. they have been very cooperative. we have ms -- we have the hsi and the fbi with operations down in el salvador. >> in past administrations el salvador, honduras, guatemala, did not cooperate with the united states at all. they wouldn't let us bring people back. under this administration, a long time ago, almost, i say my second or third day, i said that is not going to work. i said get them out of here. we're not taking them. they don't say that anymore. they don't seen come close to saying that anymore. the operation is going to be

very good. this is probably the meanest, worst gang anywhere in the world, the ms-13 group and a big dent put in them. it took place over the last few days. really over the last year. heavy focus on ms-13. they are an evil group of people. they're sick. they're deranged. we're taking care ever it. i want to thank these great crime fighters with us today. thank you. >> u.s. attorney from nevada, nick, u.s. attorney from eastern district of virginia. sack terwilliger. obviously you know the director of the fbi. matt albans of i.c.e. mike from bureau of prisons. you might ask why the bureau of prisons? they do like to operate out of prisons. we have to make sure we collect intelligence in the prison system. regina lombardo of etf, tim

shea. dea, and secretary of dhs, chad wolf. >> like central casting. we forgot one person. >> the head of this program is john durham, jr. from the eastern district of new york. who has spent, how many years? >> in the office 15. doing ms-13 for 10 years. >> on long island which is one of the hotbeds of ms-13 activity. or at least was. >> good luck. that is really great. so important. like central casting. people are like central casting. you're going to do a great job. we appreciate it. and we will be meeting you in a similar vein but a little different subject next week. that concerns our cities and again people that have lost control of some of our great cities. we're going to straighten things out. thank you all, very much. thank you. reporter: taking over cities earlier this week s that what next's week announce end is about. >> you will see next week.

we'll have a conference in week and we'll tell you in great deal but it is something at this point the american people want to see. they have been run very poorly these cities, whether it is seattle, we were getting ready to go in. they decided to go in and that's good. minneapolis where we had the national guard go in. as soon as we did that they straightened that mess out. they have should have been able to do it locally with their police. the police are good. they were told not to do anything. in many other cases we're doing a great job in portland. portland was very rough. they called us in, we did a good job to put it mildly. many people in jail right now. other cities are out of control. they're like war zones and if the cities are not going to straighten it out. if local politicians all in this case, i don't say this for political reasons. they're all democrats. they're liberal left-wing democrats and it is almost like they think this is going to be this way forever. in chicago 68 people were shot and 18 died last week. we're not going to put up with

that. we're not going to put up with that. so that is for our next discussion. thank you all very much. he appreciate it. [reporters shouting questions] >> let's go. >> i get along, i get along very well with dr. fauci. i have a very good relationship. that is peter navarro. i have a very good relationship with dr. fauci. thank you very much. >> guys, we're going. press, let's go. come on. let's go. neil: all right. a very interesting comment there at the end as president was talking about a crackdown on ms-13, ruthless gang responsible for many deaths, certainly in the long island, new york area but across the country but the president indicating when it comes to dr. fauci, he gets along with him very well. peter navarro wrote a stinging appraisal of dr. fauci, in "usa

today." that he is essentially overrate offed and more wrong than right. this attack line goes against dr. fauci, not directly against the president himself. dr. fauci had to defend himself at a georgetown event, arguing you have to trust the competent medical officials he said i am one. we're following that very closely. we're following fast-moving developments at corner of wall and broad. we had been up north of 350 points. then we got word out of china things are going to escalate. they are promising sanctions against us as the president put sank insurance against them over their behavior towards hong kong. the chinese are fingering lockheed martin for arms sales to taiwan. this presumably goes beyond that. just moments ago, we heard from the federal reserve philadelphia president patrick harker, on ongoing fight to deal with the coronavirus the u.s. failed to control it and is running

behind. he also said he forecast negative 20% real gdp growth in the first half of 2020, followed though by 13% growth in the second half. so we're monitoring that. he is an important guy to listen to, because he is a voting member of the federal open market committee that sets the course on interest rates. meantime we're following developments in florida and in texas and in california and in indiana, sticking true to our "coast to coast" theme and everything in between. mostly dealing with when schools go back in session, in doubt in some of those locales, and when some provisions are rolled back because of spiking cases pretty much in all these locales. we'll keep you posted on all of those developments. edward lawrence right now, following fast-moving developments from washington. hey, edward. reporter: neil, yeah, talk about a lot of developments here, as you said the market was way up on the news about moderna,

results of their tests. all 45 people they injected with their trial vaccine, created antibodies necessary to get rid of the coronavirus. doctors are saying it is very positive that all 45 patients created those antibodies. none of them had serious side effects related to that vaccine. now the study was done at the university of washington and published in the "new england journal" of medicine. both very respected, this is what the center of the what the market liked this morning. china-u.s. tensions sort of pared those gains. what happens on july 27th, moderna gives the trial to 30,000 people. even dr. anthony fauci is pretty optimistic. listen. >> i think we're in a pretty good place when if comes to vaccines. you obviously want to prove it is safe around effective. if things work out the way we hope they do, i think by the end of this year, the beginning of calendar year 2021, we will have enough information to know whether the candidates we're

dealing with are safe and effective. reporter: the u.s. helping moderna through money, through operation warp speed. the also helping astrazeneca the result of their study will come out today or tomorrow on their vaccine. they're testing at the university of, ford and expect to move to phase three trials. both vaccines promising starting phase three trials at end. month that, bodes well for having a vaccine by the end of the year. we already know from my reporting, they have started to buy production equipment to manufacture the vaccines already. manufacturing could begin in four to six weeks, even before the vaccine is actually been approved because the companies have safe in their products. back to you. neil: edward, thank you very much, a good wrap up of events right now. thank you, my friend. i want to go to phil keating in miami. florida if you didn't hear had highest number of single day

deaths in the entire pandemic. registered 132 of them. cases are beginning to stablize a little bit. that worried a lot of folks. to put it in perspective, florida, california, texas, three big states in this country, account for a quarter to a fifth for all the world's known pandemic cases. phil, how is this falling out there in the miami area. reporter: people are nervous, they're worried and very, very concerned. we had another day now with more than 100 fatalities linked to covid-19. basically the situation in miami-dade county is one out of every three people getting tested, like all these people in their cars and trucks are testing positive. this is the very long and snaking line of vehicles that goes all around here to the parking lot of hard rock stadium, home of february's super bowl. it takes from the end of the line to getting your test,

roughly four hours. in the hot spot of hot spots which is miami-dade county, comparisons to china at the very beginning of this are now here. >> miami's now the epicenter of the pandemic. what we were seeing in wuhan six months ago, five months ago, now we are there. reporter: miami's mayor, francis suarez, said that is extreme comparison. he insisted we are without a doubt pressing issues on the ground. >> we do have an issue with our hospitals, very, close to nearing capacity. we are trying to create more capacity. we have to take some dramatic measures if things don't improve over the next few weeks. reporter: by dramatic measures he is implying if things do not improve over the next week or two, miami, the city, may go back to the full shutdown. out west in arizona another coronavirus surge state, one in

four covid-19 tests are coming back positive. lines have been long and multiple hours in the searing desert heat. in texas, all-time record of more than 10,000 new cases yesterday. icu nurses are voicing concerns there if things do not start improving and improving fast, patient loads don't lessen, there simply won't be enough front line workers left to cover hospital needs especially in hot spots. looking at the final spot all these people get to, that is the tents where the medical staff come up to your driver's side door, window, and perform that nostril cue-tip test. broward county schools are also announcing if things do not improve over the next few weeks, there is no way that broward county classrooms, this is where fort lauderdale is, will be full of teachers and kids come five weeks from now. in fact miami-dade county's

superintendent of schools has already said that if we are still in a phase one, which miami-dade county is, by the time schools are supposed to reopen, it is going to be mostly online remote learning. neil? neil: phil, thank you very, very much for that update. phil keating in miami. as phil says if that goes through, that would delay in-person classes. would follow the likes of los angeles, san diego, at lan tax school systems all, that pushed back start of in-person school year. they will start remotely as things stand right now whether that is in a good idea, let's check in with a doctor. doctor, i'm wondering this idea, certainly skiddish among parents and teachers and administrators it, would be dangerous, it would be risky in these high case areas to return to in-person

classes. do you agree with that? >> well it is a balance, neil, because there is a couple studies that show kids are very, are much less likely to spread the virus, to actually have serious symptoms from the virus, even to spread it to adults. some of those things are promising. if we look at research from germany and france, it looks like kids can go back to school safely. we have to weigh that against the risk of not going to school, has to do with education and association, and community ties i link to crime as well. there are some other studies, for example in israel. there are problems when kids went back to school. we don't have pa definitive answer about that. couple of problems we're grappling with in the larger scheme, officers we don't have a clearly a ticker lated sort of goal -- articulated goal stakeholders are agreeing on. when this started in january or so, the u.s. our goal was to prevent the virus coming into

the country, right? over the course of a few months, it became, okay we need to prevent the hospital surge. that way people can be treated in the hospital, but if the hospitals become overwhelmed we will see a lot of deaths that could have been prevented. that was the idea of the slowdown or the shutdown. and now it is becoming a little bit unclear as well because the hospitals, there are some hospitals that are experiencing a surge but generally speaking we're not seeing that nationwide. in new york, for example, it has gotten much better. the problem we want to slow down deaths, minimize deaths but at what cost? education is getting a hit. economy is getting a hit. health care is getting a hit. when we talk about health care, not necessary just patients having covid but people with all other conditions. for example, the number of people being diagnosed with cancer is much less than it was last year. it is not that cancer is getting better. it is people are not getting evaluated and screened. most likely they will find out

they have cancer at a later stage where it is harder to treat. we're seeing a lot of differences in terms of that. substance abuse, mental health issues, all these things seem to be on the rise. when we think about crime, seems like it might be unrelated but i think it is, factors that are related to crime are, whether people have opportunity, right? often times that is linked to whether they have education, whether they have good health, whether or not there is substance abuse involved. whether they have opportunities in terms of employment. so because all of those things are being, sort of hit, we are sort of seeing a perfect storm coming together. neil: to put it mildly. dr. devi, thank you very much. we'll watch it close live. scott shellady, he follows this closely on the investment side of this. scott, all it took was this news out of moderna, it might have maybe a magic bullet or at least a appealing one in a good sense

that could build antibodies to help people ward off this covid-19 scourge and it was off to the races. less off to the races now but it is a reminder how coronavirus, one way or the other is dictating the course of these markets, huh? >> you're right. after listening to the last two reports it makes me want to crawl under the desk and start shaking. ultimately you can tell the markets really want a vaccine badly. over the last five days every time we talk about a vaccine, it was good for three to 500 points higher in the dow. then something comes along ruins it like reality because we still have a lagging economy. the market is trading on opium, i coined that phrase seven or eight years ago, it want as vaccine to help with the symptoms but we keep getting day in, day out, bad news about unemployment, bad news around bankruptcies and bad news around

the economy that keep people back down and keep them on their feet. neil: i also worry that people get ahead of themselves, get too excited for what could be a very promising vaccine, that might end up having a lower than expected efficacy rate. you know how that goes. people are let down. in the case of wall street, they sell off. what do you see happening here? >> well, what i see happening here, i think we need to do a better job giving people these numbers in reference. stop using the worried surge and spike because it scares people. the american sky key is not only bruised by battered. that will affect the economy one one hers. if you tell me that icu beds are 90% capacity i'm supposed to have a panic attack i need to know what they normally are outside after pandemic. because if they're not full at all, they will have to fire the chief operating officer of that hospital because he has got real estate he doesn't need or usually full, 75 to 80%. 90% doesn't make me feel as bad.

we give people no metrics to judge how serious things are. i will wear a mask. give me metrics i can take it off. what numbers do we need to see? what numbers do we need to the kids go back to school? what numbers we need to see to use cash again? america needs a reference point and we need to make our own decisions. neil: well-put. that is very well-put. percentages can mean a lot, especially you're talking, everyone was making a big deal about a spike in cases in montana. it had such a low number, that 35% spike was off an extremely low number in the hundreds. we have to keep that in perspective. thank you. go ahead. >> like a spike in my weight. you have to take it in perspective. neil: absolutely. perspective is everything. scott shellady, you're all of that, then some. we have a lot more coming on this president's push to make sure schools open in the fall

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>> you should find yourself a new person whoever is in charge of that decision because it's a terrible decision because children and parents are dying from that trauma too. we have to open our schools. a decision like that is politics because we're starting to do very well in the polls. neil: about polls, it is about whether it is safe to go back to school. for a lot of parents, worried in some of these hot spots about that very issue, they're not eager to send their kids to in-person indicating. michael joins us associate professor of public policy at pepperdine university. also covers these issues, representing education on the orange county california school board. professor, thank you very much for taking the time. where are you on this, sir? i mean the president, i get it, you know, better for kids to be in person for these classes but many of the schools within your

district are concerned and don't want to one size fits all response, so what do you do? >> well, i think what you just said is the key, it is not a one-size-fits-all response. i mean if you look at the experiences of countries around the world that sent their keds back to school, even places like sweden never took kids out, infection rates are incredibly low. i want to point out any kind of tragedy, for any person, especially children is something we need to take seriously but in the case of schools, what alternatives can you have, and how do you involve parents in that decision? so many decisions in california are being made by administrators and union leaders behind closed doors with almost no parental involvement. parents want choices. as we all know, the parents are probably the best advocates for their kids safety. neil: you know what i wonder about though, professor, you're the expert, but i would be curious, are school systems doing parents or themselves any favor by giving parents that

choice, you can go online or you can be in person? it is putting extra burdens on both the parents and the school systems, isn't it? >> well, i think that is why the solutions that need to be krafted on a school by school basis. i found it amazing here in california, if you read the instructions and guidance from the state, the first thing they tell district administrators do, go talk to the union. they suspend all the constitutional rights californians have, but somehow collective bargaining is sacrosanct. the results we're seeing are union-designed plans, we want to do the absolute most safe thing we can. utla demands before they wanted to open schools, included rent control, $25 billion in new taxes. they talked about eliminating all charter schools. exactly at the time we need to give parents more control over the campuses and we need to have actual teachers from campuses and administrators from those

campuses and parents sitting down to figure out what is most important in that community. if you look at a school with lots of nutrition being provided by the school, obviously school lunches will be more important than other districts where that is not happening. so in person matters a lot. if you look at districts where you have low income households that depend on schools for child care, finding solutions to that are important. instead the districts are issuing these blanket, we'll go online. i tell you most of the parents i talked to who lived in the online experience in the fall, they don't see that as a viable educational strategy because the education wasn't there. neil: interesting. we'll see how it sorts out, professor, it was very kind of you to join us today, to point out a lot of things people are forgetting in the battle yay or nay to open schools. right now, at least three major u.s. cities and school districts are delaying the in person opening. could be more. we'll keep track what is going on, for example, in parent fax,

virginia -- fairfax, virginia and philadelphia area. a lot going on. meantime we're keeping track what joe biden up to. why some of his proposals for climate change two trillion dollar plan and some tax hikes that are coming maybe your way if he becomes president go way beyond socking it to businesses and the rich and will likely include almost everybody else. after this. i like liberty mutual. they get that no two people are alike and customize your car ♪. experience the joy of a bigger world in a highly-connected lexus vehicle at the golden opportunity sales event. lease the 2020 es 350 for $359 a month for 36 months. experience amazing

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♪. neil: all right. there are v-shaped recoveries. then apparently there is the nike swoosh recovery. getting these bulletins coming in from patrick harker, i'm sorry, the philadelphia federal reserve president, voting member of the federal open market committee which sort of guides interest rates, he is saying among other things, the economic recovery will still be slow and

likely to take the shape after nike swoosh. so a v, just so you know is like this. it goes like, up or down, nancy. i want to show my graphics here. a v would go, swoosh. we saved a lot of money on animating graphics to show you that. okay. i want to get the read on all of this, the political fallout because joe biden is adding to this by saying put me in office and we will see a dramatic result of the economy, especially my two trillion dollar climate plan which will generate a lot of jobs, do a lot of good for the economy. hillary vaughn, since he made this big announcement has been digging into all the details and it might not be quite as the former vice president reported it. hillary, what did you find out? reporter: hey, neil. the era of big government would be back under a potential president biden. the presumptive democratic nominee rolling out his climate

change plan yesterday, telling supporters he does not want to tinker around the edges but instead go all-in, and make big investments. that big investment would be two trillion dollars in stimulus spending of stacks payer money to give the u.s. a clean energy makeover. he would start by pulling the plug on gas-guzzling government vehicles. making those go all electric. also giving four million government buildings a clean energy makeover. biden's plan though looks a lot like one of his former 2020 rivals, senator elizabeth warren. it is also getting support from former, bernie sanders supporters with a goal to make 100% clean electricity standards possible by 2035. >> climate change, only word he can muster is hoax. when i think about climate change, the word i think of is

jobs, good-paying, union jobs, that will put americans to work. reporter: biden's climate plan is not only more progressive than what he pitched during the primaries and pricier with a nearly 2 trillion price tag. that is up .3 trillion from what he wanted on campaign trail. biden says he can use tax dollars, creating good paying jobs, updating the electric grid, also expanding broadband internet access. the president yesterday attacked biden's plan as a job killer. >> at the core of his economic agenda is a hard left crusade against american energy. he wants to kill american energy. there has never been a time when two candidates were so different. reporter: and neil, this is the second time in about a week that biden has rolled out a plan for massive spending. he says he will pay for this plan and also his

700 billion-dollar initiative to buy more american and hire more american by ending the trump tax cuts and also raising corporate taxes to 28% but the tally for how he is going to pay for this and what the end tab looks like is getting more and more expensive. neil. neil: you know, hillary, he kept saying union jobs. i mean, i don't besmirch union jobs, how about the goal be just jobs period, whether you're in a union or not? that is what immediately kind of politicized the thing, you know? reporter: yeah, exactly, neil. i think what is interesting too, biden really gone in with the all union effort but he also has made proposals to cut jobs from other sectors through some of these plans that would essentially end a lot of energy programs around the country and a lot of industry that already has those good-paying jobs there. neil? neil: all right. great reporting as always, hillary. again we're not trying to

politicize this one way or the other, but i think at the bottom and core of this, this is just getting more folks jobs, whether they're union or not. isn't the goal to be working whether they are part of a union or not. but again that could be just me. charlie gasparino following all of these developments here. he is looking at the overall economic approach. no secret, charlie, that the former vice president wants to raise the corporate rate from 21% to 28%. it would be still be down from the 35% it was. so he is saying you're coming out all right but it is much more sweeping than that, isn't it? >> people with money on the line here, neil, are getting increasingly worried about this. people with brokerage accounts at major firms and their financial advisors. here is the bottom line. i cannot find a single person, democrat or republican who thinks that joe biden will ramp up spending that much, two trillion. that is almost three times the a

little less than three times, a little less, the obama infrastructure plan which was $800 billion from the financial crisis. if you're going to spend two trillion dollars, you will pay for it simply raising the corporate tax up to 28%, getting rid of some of the taxes, some of the trump tax cuts on the wealthy, there are going to be massive tax increases to pay for that type of spending plan. it is unusual. it's a roll of the dice because a lot of this green energy stuff as we know with solyndra never really pans out. it is quite expensive. bottom line, there will be massive tax increases, everybody knows it. brokerage firms are telling clients, be prepared. the clients are telling them, neil, i find it fascinating, as we have been reporting there is a spike in covid cases in florida. you would think people want to stay out of florida. senior executives at brokerage

firms, telling me, despite that, they're getting calls from the clients about moving to florida still. that they're worried about a couple things. they're worried biden will raise every single tax imaginable, including the estate tax. they're worried about, a lot of people live in new york city and new york state, the double-whammy that new york city, new york state will be in desperate economic state. they will have to raise taxes. on top of that you have a quality of living problem here. we have rampant crime. neil: particularly down state new york because mayor de blasio not quite defunded police but defanged them. we have a police force not enforcing basic quality of life rules, allowing quality of life crimes to go rampant. what you're seeing here from the brokerages is that people want to move to less taxed states. they're worried about biden. they're worried about the fact, particularly, i keep hearing estate taxes, wealth taxes.

there is lot more taxes out there than just the tax rate you pay to the irs at the end of the year. there is a myriad of taxes they believe that he is going to target. he actually hinted at some of this. and brokerage firms are being asked to weigh the impact of those biden taxes on portfolios. so this is not a good situation if you're a small investor. you should be worried. it is, the taxman is coming in new york city, in new york state. you're getting, if you live here you get extra crime. it is coming in the form of joe biden. that is presupposing he wins. the election is not over yet. he is ahead of the polls. that is why you're getting this type of anxiety. neil, back to you. neil: builds the fear and anxiety and money perspective, takes the senate with him, he has run ever the table to get pretty much anything he wanted like barack obama did in his first two years. >> that's it. neil: charlie, in florida, it's a no-brainer for top rates in

the new york-new jersey area are 10%. you go to florida that 10% goes away. that is where to start, to say nothing of the estate and all that stuff. >> i find it fascinating despite all we're reading about covid in florida, there is a spike in cases in urban areas down state, miami areas, people are still talking about moving there. they're not talking about leaving there. they may have left momentarily to get back to new york to check on their condos and apartments but people with money are talking about living there. here's the thing. you might say oh, it's a bunch of rich people. if there weren't rich people there would be no budget in new york city. the rich people, the people in the one to 2%, pay most of the taxes that helped finance welfare programs for everybody else. if they leave the city in droves, which the signals are, at least that is what they're giving their brokers and brokers are on the front lines of this stuff, don't be, let's make no bones about it, they know what is going on, we'll have a

massive problem in new york city and new york state. back to you. neil: all right. a lot of expensive cities. all right, thank you, my friend. charlie gasparino. you know, today is tax day. remember they pushed it back from april 15th to july 15th. you know him as a great money manager. i know him as a very gifted smart accountant. dan geltrude, what you do now? throws at you, we're always here to help with fast response and great service and it doesn't stop there we're also here to help look ahead that's why we're helping members catch up by spreading any missed usaa insurance payments over the next twelve months so you can keep more cash in your pockets for when it matters most and that's just one of the many ways we're here to help the military community find out more at usaa.com

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♪. neil: you know, more good news for tesla. a lot of tax incentives, if you buy attest last, depending what state you're in, locality you're in. in some areas federal benefits for owning an electric vehicle, but in travis county, texas, commissions approved with 4-0 vote these tesla incentives would encourage people to buy the car.

this was a key concession the city and county had to make to entice about 5000 jobs promised by tesla for moving a lot of operations there. they insure that pay starts at around 15 bucks an hour, goes up over time, and you get this concession right from the city and county to encourage you to buy the vehicle. now tesla stock has been soaring of late, giving back a little ground. giving back more than nine bucks. one key brokerage firm says this puppy is going up to $2300. just not today. stay with us. it triggers a tax liability for you. and the higher the turnover the more you have to pay in taxes every year. and here's the worst part, because of high turnover, you actually might have to pay taxes even if the fund itself loses money.

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♪. neil: all right. today is tax day. you might recall that april 15th normally is. they pushed it back with the coronavirus. so today is your tax filing deadline. that does not necessarily mean you have to pay everything through the nose today. dan joins us,geltrude and company founder. he is incredible prescient guy on market trends. for example, he didn't lose faith in the middle of that march meltdown. more important than that, he is an accountant, and can help us.

dan, always good to see you. thanks for coming. >> thank you, neil. neil: so this is the deadline day. what if you owe a lot of money, do you have to pay that today? >> you sure do or got to try to make an effort to do that, neil. let's really break this down. welcome to april in july. so you have to for tax purposes realize it's april 15th, what does that mean? well, it means your tax return is due today, or, you file an extension until october 15th, however, your taxes are still do. 2019 taxes, whatever balance you owe, due today. first quarter of 2020, due today. second quarter for 2020, due today. ira or roth ira payments, due today. hsa payments due today for your

health savings account. so yeah, neil, there is potentially a lot of payments to be made when, for many people cash is running thin right now. so if you're find yourself in a position where you can't make the payments please file your return anyway and then you can try to work out a payment plan with the irs after the fact. neil: you know, i was talking to someone at the irs gives me a lot of data. i always get nervous, shows up on my phone, irs. uh-oh. anyway, the gist of this we won't force the issues on people or be difficult with them, but i can't imagine, if you owe money, especially a lot of money, that you know, they won't write you again and they might not call you again? you know what i mean? they're not just going to let that pass, right?

>> i don't foresee a kinder and gentler irs here. i mean they're dealing with their own issues related to the pandemic and short-staffed, working remotely and doing all these things. however, the rules are the rules. taxes are due and tax returns are due and i think that we're going to see the irs ultimately come around with enforcement. it may take them a little bit longer, neil, but it doesn't mean that they're not coming. so i would not rely on that the irs is going to, you know, back off on this issue. you need to pay attention to it and you need to get it done today. neil: all right. any advice for people that will get mainstreaming back into work, whether they physically return to work and get back themselves? a lot have been battered financially. about 70% of americans, we're told come out of this less

well-off than they were going into it? >> there is no doubt, neil, that there is some real financial challenges for a lot of people out there and, as i said before, you could be cause in the position where you have taxes due and simply don't currently have the cashing flow. so you have to do the best you can. the one place you don't want to be indebted to is the irs because they never go away. it is not like you can even get away from it with bankruptcy. so you really have to take a hard look at your finances, see where you owe money, beyond the irs. see if you can take some time there, make sure you get those payments in to the irs the best you can. neil: all right. boy you said that five different ways. all right, i get it. don't dodge them. thank you my friend. the market right now more concentrated on these promising vaccines and treatments for the

coronavirus, particularly what is happening with moderna with this antibody drug that can produce in your body your own defenses against it. now the big test is still to come. better than 30,000 people if it really is what it seems to be, after this.

neil: all right. welcome back, everybody. i'm neil cavuto. we are monitoring the reaction to news that moderna has gotten very very close to developing an antibody treatment vaccine that literally creates antibodies to ward off and fight covid-19. obviously, there's next steps to this and that is involving some 30,000 individuals who will ultimately be put to the test to see if it does that on a large enough scale to warrant eventually approving this and getting it out in people's hands maybe a lot sooner than just the end of the year. maybe as soon as this fall. but it's lifting moderna's stock, it's lifting other stocks of companies that are involved on treatments of their own, whether we are talking regeneron, gilead sciences, with promising talk around remdesivir and a host of others. in fact, better than a dozen companies either alone or in partnership with others are coming up with treatments that

could offer at least a potential answer to this scourge that has gripped much of the planet. let's get the read right now from dr. richard besser, former acting director of the cdc, who joins us now. doctor, always good to have you. so much to talk to you about today. first, this moderna news. i know last time we were talking it was another company, also with promising technology, and you urged caution, optimistic but urged caution. how do you feel about this? >> you know, neil, again, it's great to have a positive result but it is important to be cautious here. this is what's called a phase 1 trial. so it's the earliest stage of a company's trial and it looks to see whether there's any signs that this could be dangerous, that it could have a toxicity that would mean you wouldn't want to go forward to a bigger trial, and it's where you figure out what dose of vaccine you want to give to people. so it's terrific that this gave people an antibody response.

what we will need to see going forward is does it do that in a larger population, is it safe, and do those antibodies confer protection. we don't know that yet. it hasn't been determined what profile of antibodies will correlate or be linked to protection, but it is a positive sign and it gives us hope, but in no way does this take us away from the public health approach that we need to use this fall, this winter, going forward. we are a long way from a safe, effective vaccine. neil: you know, director, you and three other former cdc directors made news yesterday, this "washington post" column in which you argued that no president has ever politicized cdc science the way donald trump has, and you outline as an example the push to reopen schools regardless of some of these other issues that have come up.

explain what your concern is. >> yeah. you know, i'm a pediatrician and a parent, and i know that the best place for children is in school learning. it's critically important. a lot of children are going to lose ground because they're not in school. but it has to be done safely. and cdc is our nation's public health agency, and they work with others to look at the science, to figure out what needs to be in place so that children can go back to school safely, so that teachers can be protected, so that staff can be protected. thankfully, most children who get this infection will do well. not all. some won't do well. but staff and teachers are at increased risk compared to children. so cdc lays out guidance, then states take that and work with it and adopt it to their local situation. when cdc develops the guidance it goes through a clearance process so you know, you take into account policy considerations, as guidance is

moving forward, but i have never in my career at cdc, and i was there 13 years, i have never seen politicians who are part of that process undercut the guidance then that comes forward. it has to be united because if you don't have public health and the political arm speaking as one, you get the kind of divisions we are seeing in this country where some people say there's nothing to worry about and others, every public health leader saying we have to take this seriously, what we do really matters. neil: we do know that the president was already or the white house sent out word to hospitals to bypass the cdc and run things directly, presumably by the white house. also the president last night was defending posting this claim that essentially says the cdc and doctors around it are quote unquote, lying about covid. this on the heels of peter navarro and the "usa today" column today blasting dr. fauci as being more often wrong than

right and that he's missed the boat a number of times on this. what do you make of all this? >> well, you know, i know dr. fauci and he's a brilliant scientist, committed public servant, a patriot, and i would say that holds true for my colleagues during all my years at cdc. i am greatly concerned about data bypassing cdc. one of the plus sides of cdc being in atlanta is that it took cdc, it takes cdc away from some of the political machinations that happen in washington. the idea that data that are critical to cdc in doing its mission in terms of understanding transmission across the country, in terms of helping states and locals really get this under control, the idea that that's going to go directly to washington and not to cdc, it raises red flags to me and it says why are we undercutting our nation's public health agency at

a time when they need the resources and support to help us get this under control? neil: do you think that the president is hurting this effort? in other words, by pushing for states to reopen, pushing for schools to open regardless? his argument is it's better net-net that they do that, to your earlier point, that it's better for kids if they all have that, but that is going too far. >> yeah, you know, if you look across the ocean, if you look at europe and what's going on there, and what you see are many, many different countries, different cultures, different ways of approaching the world, what you are seeing is they are getting this under control, they are doing it by following the guidance of public health. when you get the numbers down, that creates the opportunity to get the economy going, to get children back to school, in a way that's safe. what we are seeing here across the country are our numbers going up in so many states, we are seeing schools getting ready

to open that aren't prepared, that haven't ensured that the air flow is good, that the classrooms have fewer students so you can do social distancing, that the staff have been hired that will allow for classes -- classrooms to be decontaminated, that screening's in place, that the procedures are there because there will be cases in schools. you have to have procedures in place so you know exactly what you are going to do when you get a case in the school. how are you going to contain that. all of those things take planning. if the politicians and public health are on the same page, you can move towards that in a way that's safe for students, teachers and staff. if you're not, if you're not leading with public health, providing the dollars and resources so that not just wealthy schools but every school in america is able to open, you are going to have a very dangerous situation as schools start to open because you are going to see outbreaks, you are not going to see them well responded to, and you are going to see people who get infected and unfortunately, some who lose

their lives when that could have been prevented. neil: you know, it was the president's cdc director who has been very cautious about trying to separate some of the president's recommendations versus what he thinks is wise and obviously, the sidelining of dr. fauci. if you were the head of the cdc right now working for this president, would you quit? >> what i would be doing is pushing science. i would continue to do the mission. cdc is still focused on public health science, on learning from what's going on, putting out good information -- neil: both of those gentlemen are pushing the science, doctor. i don't want to besmirch them but i think they are but if it's being ignored or the criticism is it's being ignored, should they leave? would you leave in that situation? >> i can't put myself into someone else's mindset but i think anyone who serves as cdc director has to have a line in

the sand, you know, across which they would not go. for each person that's going to be a different point. but no one in that position should ever undercut the science when they think that that science will actually save lives. neil: all right. dr. richard besser, former acting director of the cdc, i don't know if he has a tweet coming his way today, but i do appreciate your comments. doctor, thank you very much. good seeing you. >> thanks so much, neil. neil: in the meantime, the nationwide sort of wrestling with this issue of getting kids back to school, a lot depends on what's happening in those locales. in california, for example, you know they are shutting things down again. even in indiana, a state you don't think of when it comes to beaches even though it has ample ones just along lake michigan, its northwest corner, this issue is indeed coming up. grady trimble in whiting,

indiana with more on do we go or do we not go? grady? reporter: well, here at this particular beach, they have decided we do not go. it's just us and the seagulls now but that was not the case apparently over the weekend when the mayor says people packed it in shoulder to shoulder with what he called an alarming disregard for social distancing guidelines, so he made the decision to shut the beach down, saying in a statement we no longer feel confident that we can provide a reasonably safe healthy environment for our patrons. some of the people here at the beach over the weekend blamed people coming from chicago, where beaches are still closed. the mayor there dealing with some issues as well with people not following the rules. a brewery was shut down for not following safety guidelines. several other restaurants over the weekend were cited. now mayor ilori liglori lightfo that city is dangerously close to having to roll back its reopening if people don't follow

the rules. >> our metrics are tracking better than the rest of the country but that doesn't mean that we can ever let our guard down. it means our precautions are working and that we need to continue to be diligent. reporter: beaches remain open in many states along the east coast, including new jersey. here's a shot from ocean city over the weekend, where you can see people crowding into the beach. the governor there saying that people who do that in large numbers and don't follow social distancing guidelines are playing with fire. also along the east coast, in philadelphia and providence, rhode island, city officials shutting down restaurants and bars and citing some as well for not following safety guidelines. so now we are seeing these areas that are not currently dealing with drastic rises in cases trying to prevent themselves from becoming the next hot spot by just shutting things down if people aren't able to follow the rules. neil? neil: all right, grady, thank

you very much for that. grady trimble on those latest developments in indiana. by the way, we are just getting news from the national retail federation that it's calling on all major retailers to establish mask policies. in other words, force the issue that not only workers but shoppers wear masks. we already got word earlier today that walmart is going to institute that across its 5,000 plus stores in this country. the same would apply to sam's club. the fact of the matter is, in states that require like new jersey, for example, they already do, but this would extend to all stores across the country whether states are ordering that or not. we will keep you posted on that. still waiting to hear from the president of the united states on these developments. he's going to be going to atlanta very soon. blake burman following these fast-moving developments from the white house. hey, blake. reporter: hi, neil. we should be seeing president trump leave the white house at any moment now. you're right, he's heading to georgia, atlanta specifically, a ups facility there. the point of the president's

trip is to talk about the permitting process when it comes to infrastructure, specifically the environmental review process. as you know, that is something the trump administration has focused on in the recent months and years as part of their deregulatory efforts. a white house official telling me earlier this morning regarding what we might see in terms of an announcement today from the president the following, saying quote, the new regulations will modernize, simplify and accelerate the environmental review process necessary to build a wide range of projects in the united states, including roads, bridges and highways. while the president is in atlanta, i-75 by the way will be highlighted. already this morning, we saw the president meeting with the attorney general, bill barr, to discuss another matter, recent ms-13 arrests. at that time, the president also suggested that there will be announcement possibly even next week involving cities run by democrats that the president believes do not uphold the rule of law. >> the left wing group of people

that are running our cities are not doing the job that they're supposed to be doing and it's not a very tough job to do if they knew what they were doing so we'll be talking about that next week and probably have an announcement as to what we're planning to do to help them. they're supposed to be asking for help and they don't want to ask so maybe they're proud or maybe they think it's bad politically but we can't have happen what's happening. reporter: the president was also asked at that event about his relationship with dr. anthony fauci. as you were talking about at the top of the hour, that blistering op-ed peter navarro has published in "usa today" in which he says of the nation's top infectious disease doctor that fauci has quote, been wrong about everything i have interacted with him on. the president said today that he has a good relationship with fauci and by and large, the white house is trying to distance itself from that op-ed that navarro just published. neil?

neil: you know, he did warn about a spike in cases, we got a spike in cases. he did warn and fear about states opening up too early, that they might be facing that. we had that in states opening up too early. i think he's been right on a couple of things but it is what it is. thank you, blake burman. always good having you. appreciate that. all right. so some other developments. we are following the possibility that banks are girding for something on the pandemic front. they set aside billions of dollars, close to $30 billion, when you consider the likes of jpmorgan chase, wells fargo and citigroup that have put this money aside just in case they have loan losses that are tied to the pandemic. i got scott martin here following these developments. how significant is that, scott, in your eyes? >> well, it's record territory for those loan loss provisions so i guess you could call that significant, neil. it's a tough time for the banks for two reasons. one, it's certainly the equity stock price for banks versus say the s&p 500 and other sectors

has not been good this year. they are well behind the major averages. secondarily, if you look at their business going forward, you mentioned the loan loss provisions and the fact that some of the comments out of the banks about how they see things going forward have a lot of concern when it comes to certainly corporate real estate and also things like net interest margin when they borrow short and lend long to us as the consumer. those things have been under pressure, too, and therefore pressuring their earnings in stocks. neil: i'm wondering, taking all of that together, worries about the virus, you know, juxtaposed against hoped-for vaccine, this whole moderna excitement, which wins out, you think? how is this all going the play out? >> i believe the vaccine wins out but it wins out in a longer term basis. for the short term, there is a lot of nervousness and we are kind of hanging on every headline that comes out there and the banks i think certainly are, too. we own jpmorgan and citigroup here for a lot of reasons. one of them is valuations. if you look at their price

versus their earnings, they are still relatively cheap. if you look at the fact that some of the management at the banks i believe have set up the banks very well to weather some of these issues so even though we are talking about record loan loss provisions, that's already kind of in the stock. as you look forward to these banks, if they are correct on what they are kind of preparing for, that will actually make them better in the future as far as investments from here. neil: how do you like the interest rate situation right now? a number of fed governors, district presidents talking about the fact this is going to be a slow go recovery from this. your thoughts? >> yeah, it depends what you want to do with interest rates. if you are a borrower, it's great. we just refinanced our home last week and got an insanely low rate. didn't have to come to the table with any cash either which was great, thanks. but if you are a lender like a bank, you want to see interest rates start to tick up so that you're not paying very much on deposits but you want to start to lend out that money at higher rates. that's how you make what they call that net interest margin i mentioned earlier. so depending on what side of the

curve you're on there, depends on how you feel about it but i do believe even though the fed has kept interest rates so low for so long, they do want to see that curve steepen as the economy continues to reopen. neil: thank you, my friend, very very much. as he was wrapping up there, we are getting news right now from a.p. and reuters that the family of george floyd has filed a lawsuit against the city of minneapolis and the four police officers charged now in his death. they are alleging that the officers violated floyd's rights when they restrained him and that the city allowed a culture of excessive force, racism and impunity to flourish in its police force. no dollar amount has been raised but the lawsuit is on. more after this. every time a fund manager sells a stock it triggers a tax liability for you. and the higher the turnover

the more you have to pay in taxes every year. that's why you want to own low turnover funds. the less you pay in fund fees, the less you pay... maria had to do everything for me. [maria] she had these awful blisters on her back.

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neil: we already know that jc penney has filed for bankruptcy. today we are finding out how it hopes to come out of that bankruptcy saying it will reduce its work force by up to 1,000 corporate and field managers, some international positions and the like, it's identified at least 152 stores for closures. as it limits its footprint it will be looking at departing associates and some comprehensive benefits to take care of them after they're booted out. we will keep a close eye on

that. also keeping a close eye on this woman who quit the "new york times" because she was being bullied online, some from workers who were at the "new york times." she had enough of it simply because she had a less liberal view of things. that was her view of it. sean david is the federalist cofounder. she expressed frustration that less liberal frames of thought are pilloried whicertainly onli to give it even greater currency. what do you think of that? >> i think it says a lot about the culture of the "new york times." this is the newspaper whose slogan is all the news that's fit to print, yet what we found out from miss weiss is that the paper, in fact, is run by a bunch of left wing activists. miss weiss is not even a conservative. she is more of a classical

liberal, maybe a centrist, and she found that because of her point of view, she couldn't exist there. there were people on the "new york times" internal slack channels attacking her, mentioning her name, posting axe emojis next to it and she wrote in her resignation letter that there were a whole bunch of issues with a hostile workplace, constructive discharge and it just says a lot about the culture of that institution and a lot of left wing media. it's not even people on the left, if they're towards the center, can survive there anymore. neil: i'm wondering where all this goes. you know, there's been criticism of social media that it has, you know, an innate bias against conservative opinions. they always like to say, you know, no, that's not true, but consistently, this has come up where conservative pieces or even people who are referring to those pieces are taken down, not

nearly with the frequency you get on the left. >> it's true. i think the claims that big tech and social media are fair and neutral, it has no basis in reality. google, for example, tried to de-platform my company, the federalist, working with nbc news for the crime of publishing articles skeptical of the protests and critical of a lot of the riots so social media, big tech, it's a huge problem that so many of these are run by hardcore left wing activists and their goal is not a fair, independent neutral platform or to just report the news. their goal is to control the message and control the narrative and that's hugely damaging in the long run both to the media and to the country. neil: you know, i've always aligned myself with the view just call balls and strikes, here are the facts, the latest that we have, if you want to read something that is pro a particular party or anti a

particular party, have at it but the news organization itself must support that basic journalism premise. but increasingly, we are seeing that is not the case. >> right. i think your point of view is correct here. if you are just reporting the news, then just report the news and allow people to hear it and process it and come to whatever conclusions they want. if you are going to do opinion, be clear about what your opinions are. the federalist, for example, is a conservative opinion magazine. we are up front about our views and our biases and unfortunately, what happens in so many of these newsrooms is you have people who are pretending they are reporting the news when they are actually reporting narratives and propaganda with a slant and they are not being honest about it. i think people in this business owe it to their readers and viewers and audience to just tell them the truth about the facts and tell them the truth about their own pre-existing views of everything and allow people to make their own decisions. it's not hard. neil: i know people see things through the prism of their own

opinion. i get that. they hear something that is pro-trump and they don't like the president, they will go crazy. conversely, if they hear anything that is anti-the president or seems to be critical of the president, they see that as anathema as well. but it is what it is. this going to social media to pillary someone's writing because they might not conform to their own, that's a whole other slippery slope. >> it is. recall what happened at the "new york times" editorial board just a couple weeks ago. a united states senator wrote an op-ed that was -- represented a majority of the views of the american people and the -- neil: i remember it well, yeah. >> the adult children who ran the newsroom had a temper tantrum and hissy fit and said oh, his words made them feel unsafe and they ended up putting a note, pinning a note to the op-ed saying we are so sorry, we shouldn't have published this. that's embarrassing. this is america. we are all adults. we have done amazing things

here. i think we can handle words that maybe we don't disagree with. that's part of being a grownup. it's sad to see so many institutions throw that by the wayside and go after anyone who doesn't happen to have their same view of things. neil: brilliantly put. what i attdmire about you, you build on where you come from and you are not abusive to the other side but that's a lost concept today. thank you very very much. >> thank you. neil: i think sean hit it on the head. we are also taking a look at the corner of wall and broad right now. dow up about 173 points. a lot of this again on optimism that some treatment for the virus might be at hand or closer at hand. certainly a lot closer than we earlier thought. this at a time when cases are spiking in a number of states. three of them in this country now account for about a fifth of all the world's cases. we are on that after this.

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neil: all right. how do you prepare for a potential biden presidency, how do you build a portfolio for that? the president is already saying this guy gets into the office, you can kiss your investments good-bye anyway. but there are ways to address potential changes in washington if they should take place come election day. lauren simonetti has been looking at that. lauren: we have, what, 110 days to prepare for the election, to find out if trump gets another four years or if joe biden is the next president of the united states. let's consider that biden does win. he's already announced his $2 trillion climate change plan and that would be a potential positive for green stocks and electric vehicle companies, names like tesla and nikola. also, an auto parts supplier that uses a lot of green produc products. it would be negative for ford,

harley davidson, the coal industry and also natural gas. they would likely see more regulation whereas cannabis would likely see deregulation, especially if the democrats not only keep the house but take the senate, too. so aurora cannabis, tilray and canopy growth are some names you might want to put money into. biden is also expected to be less confrontational on the world stage and you could expect an easing of tariffs with china. these are some of the names that would benefit from that. procter & gamble, nike, 3m as well as dupont. but these are stocks. what about taxes? because joe biden would very likely increase the federal minimum wage as well as repeal the trump tax cuts and the tax foundation says those policies would mean the loss of 585,000 full-time jobs. all right, what about individuals. here are some examples. a married couple filing jointly's marginal tax rate

would double to 25%. the estate tax exemption would be halved and the top capital gains rate would go back to 39.6%. listen. >> one of the things you have to do is you really have to take a good look at your portfolio over the next couple months and look at the positions not necessarily in your retirement account but in your taxable accounts where you have perhaps really large pent-up gain. a lot of clients that are not selling their stocks because they are going to pass them down with the idea that they are going to have no tax, that isn't going to be the case anymore. lauren: all right. that's all assuming that biden wins. but what if trump gets another four years? that would be very good for the health care and tech sector which have rallied big-time since election day. netflix up 320%. tesla up almost 700%. let me show you some of the health care stocks because united health care and eli lilly both up over 100% in that time. one more thing as i send it back to you.

research shows that if you look at the s&p 500 from july 31st until october 31st, so three months before the election, if it's positive in that three-month time span, the incumbent, donald trump, would win 8 in 10 times. start paying attention. you got two more weeks. neil: we got a lot of things, how the baseball season goes, what the weather is like, all sorts of ways you can look at that. thank you very very much. the president has already made it clear how he feels about this disparity. right now he says he and joe biden are miles apart and furthermore, that other guy will cost you dearly. this is from the president. >> this is all donald trump and the republicans offer, backward looking policies that will harm the environment, make communities less healthy, hold back economic promise, while other countries race ahead. >> there has never been a time and this is just a few -- it's

much worse than that, we did this very quickly, there's probably never been a time when candidates are so different. neil: all right. i didn't know we had joe biden in that mix as well. fact of the matter is these candidates are far apart on basic issues here. there's not a lot of space that you could argue where they share common ground outside of the fact they are each pounding that point of view. bill mcgurn, "wall street journal" editorial board member, former bush 43 speechwriter, bill, on this, the president is quite right. they are miles apart. he has been saying that if you like what you have been seeing out of your 401(k), if you like the comeback in today's markets, it all goes if he goes. what do you think? >> right. well, look, i think as you said, president trump's right on this about the differences. it's a little exaggerated to say we have never been this divided. i mean, i think there were a lot of differences in the election of 1860 between lincoln and the three other candidates running

against him, or fdr and so forth. so we have had some very contentious elections and contentious times. i think joe biden would agree the choice is very stark between the two, on taxes, on deregulation, on the iran deal, on judges. i think they offer the voters two clear choices about two different paths forward. neil: you know, it's inescapable and biden admitted when he talked to well-heeled actors a lot of you won't like what i'm planning with high taxes and all that. he already talked about the corporate rate going from 21% to 28%. he still says it's going to be lower than the 35% it was originally at just as he and barack obama were leaving the white house. so i almost got a read from that count your blessings, it could be a lot worse. what did you think? >> yeah.

it could. look, i think the other factor in this is whether, not just whether joe biden wins the presidency, but whether democrats, you know, keep the house and win the senate, which are both up in the air. i'm not at the point where i write away the election. one of the things that's interesting about these comments that he mentioned is that we are finally shifting into real campaign mode, by which i mean up until now, the story has been donald trump, what he does, what he says, so forth. but now joe biden's having to put a little meat on the bones and tell people what he means and what he means is he's going to try to take away the tax cuts, spend gazillions of dollars on the green new deal, probably halt the deregulation and appoint very different kind of people to the courts. so as we get into that, as we get into the specifics of the division between them, it's going to get a lot more interesting. neil: thank you very very much, my friend. "wall street journal" editorial board member, much much more.

the president has outlined a number of plans here that are going to be beneficial with more stimulus coming, including more of those paycheck protection loans. there is a wrinkle for those who might be getting that money, particularly small business individuals. you are going to have to pay taxes on it. forget about the federal government. i'm talking about state governments. after this. this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

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neil: it is tax day and a little later than normal, because of obviously the coronavirus and delays and sheltering and all that. but when it comes to money that you made last year versus this year, do remember that if you got something from that paycheck protection program, you just might owe taxes on it. again, not necessarily today but something to keep in mind. gerri with more on that.

gerri: that's right, the cares act seen as a boon for americans and small businesses, struggling with the effects of the covid-19 contagion, but are the benefits as advertised? the answer increasingly, no. why? well, some of these businesses may see their taxes go higher at the state level. take a look at this. 20 states may actually tax ppp loans as income because their state income tax rules don't automatically conform with federal rules. in fact, one of those states, north carolina, recently decided to conform so that the issue would be moot but in others, it's an open question. listen. >> the other roughly 20 states that we have to worry about, those 20 states, governors and state lawmakers need to take action. otherwise these ppp loans will be taxed at the state level. gerri: and no surprise, states are eager to grab the revenue. according to a tax foundation

study, released just this morning, state tax collections are expected to be down $121 billion for fiscal year 2020 and 2021 versus 2019. that's a deep hole for state legislatures to dig out of. already, california and oregon indicating they intend to hang on to the dough. listen. >> some states have made it clear they need revenue. this is revenue available to them and they don't want to do anything that walks that back. gerri: bottom line, it's going to take a long time for this to get worked out. some folks won't know what their tax bill is for months. back to you. neil: lovely. gerri, thank you very much for that. gerri willis. we will take a quick break. we are getting some comments from dr. fauci. he is talking to "the atlantic" and in that interview, he says his input to the president on the coronavirus is now indirect and instead he goes through the

vice president. he says that right now, the u.s. needs to hit a reset button on the coronavirus mitigation efforts, goes on to say there's really no need right now for a national lockdown but we need to pull back and get all the states on the same page. so far, as he's come out, no response yet from the president or peter navarro, who just went on a blistering attack in "usa today" on it. those in the white house made it very clear dr. fauci might be a brilliant doctor but he is not well liked in the white house. after this. how they gonna pay for this? they will, but with accident forgiveness allstate won't raise your rates just because of an accident. cut! is that good? no you were talking about allstate and... i just... when i... accident forgiveness from allstate. click or call for a quote today.

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claudia, this seems to be accelerating. as soon as i hear that, i think about the trade deal we have with one another. if anything's going to come of that or is that just kaput? what do you think? >> very probably kaput. neil, what is happening right now is beyond that. the way to understand hong kong is this is truly historic and heartbreaking. this is china's first full take-down of a free society, and all these sanctions and the back-and-forth you're seeing is aimed, secretary pompeo gave a very good press conference this morning explaining this, and i think theps right, i believe him, aimed at doing whatever we can to stop china. we don't want a hot war with china but how do you stop this, because hong kong, it won't stop with hong kong unless we penalize china to such an extent that they really don't want to do more. neil: i just wonder, though, where it goes. we have been similarly in your face for the first time in years

about all this chinese militarizing of islands in the south china sea that aren't their own, and now we are saying we don't really like that, but what are we going to do? sanctions are one thing. will they go far enough or do the chinese say we have other options, other markets, other places we can do business? >> okay, i'm going to say something that no one is supposed to say, but the terminus here is if something doesn't stop china it's war. don't blame that on the united states. this is the rise of a totalitarian regime, a leninist regime in china that's enormo enormously ambitious. xi jinping wants to be the dominant world power. he's not kidding. that's the problem. it's not a benign power that he wields. china is becoming more and more repressive. they just completely violated the treaty under which they promised hong kong 50 years of rights and freedoms. they rolled over that in a way that's so in your face, so

devastating, so complete, really, although they are still fighting back, that we have to stand up to this now. we are negotiating the kind of passage that we saw in the 1930s, that england was looking at with the rise of fascism on the continent. i know that sounds like wow, am i crazy here. no. that's actually what's going on. i hope that we can maneuver such that we don't end up in a war, but china is pushing and pushing this. i'm very concerned right now about taiwan. i'm very concerned about the pandemic that they unleashed on us which they perhaps could have stopped. i'm concerned about what they are doing at the united nations and what they are doing in hong ko kong, with your eyes wide open. they have completely perverted the idea of rule of law. and they are now operating openly there with mainland security agents rolling right over the rule of law that protected the place. so with these sanctions, they

may not be enough. we need show of force, we are doing that. we need a bigger navy. we need a bigger military. look back to the 1930s and ask what might have been done to avert that, and that's kind of where we are right now. i'm sorry i don't have better news for you. neil: no, no. they are certainly acting that way and feel emboldened maybe sensing we won't do anything and that's why they're doing what they did much as germany was doing in the 1930s to your point. that's not crazy at all, claudia to think of that and think how provocative they have been on all levels. about medicare and 65, ysupplemental insurance. medicare is great, but it doesn't cover everything - only about 80% of your part b medicare costs,

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neil: caught up in the final seconds of the last segment. it was my fault. trying to blame the staff but it was my fault. okay. here's charles payne. hey, charles. charles: neil, that never works for me either. good afternoon, everyone, i'm charles payne. this is "making money." breaking right now, vaccine news giving the market a shot in the arm. we've been off the highs since the opening but there is so much to today's session we want to share with you. we'll break it all down. the aim is to help make you some money. one fed president says the reserve can help racism in america. i will is rafael bostic about that. why he voted for all the rate hikes two years ago. he overdosed 30 times since the age of 11. he is sober for six year. he is thanking the police department for his success.