but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine. ♪. stuart: i think this is a good question. i do not know the answer but here it is. how many senators have become president. tepper you're up. >> go with 13. stuart: lauren. >> 17. stuart: i'm going with 13. the answer is, 17. >> ah-ha. stuart: show us all the senators who became presidents. we scant do that. >> james monroe, andrew jackson, john tyler. stuart: can't read them all, kid. >> jfk. bam, biden. stuart: three seconds it is 12 noon. time is up for me. neil, 12 noon. it is yours. ♪. neil: we interrupt this roughly

half percentage point hit in stocks to alert you to a possibly 25% hit in home prices. you heard me right. goldman sachs out with a stunning report cites u.s. cities that could be in for record price drops. we'll tell you the cities. here is a hint. two are in california. those four markets might discuss be the start. now former vice president mike pence, the latest government official with some explaining to do over classified documents in his home. we talk to a guy who used handle a lot of pens's explaining in the past. former press secretary mark lauter is here, only here. have you heard the latest, the congressional budget office now says that social security trust fund could be completely exhalfed, i.e., out of cash, ten years if republicans and democrats don't do something big and fast and soon. something like ronald reagan and tip o'neill did 40 years ago.

amazing what politicians can do when they put the politics aside. welcome, everybody, glad to have you. i'm neil cavuto. even with some nasty emails you've been sending i encourage you to keep sending them. we'll share some doozies in just a moment. more on that later. the real worries over real estate. they're compounding, four key cities where they're expected to fall 25% or more. kelly o'grady has more from california. kelly? >> reporter: that's right, neil. we're seeing more signs the housing market is cooling quickly. goldman sachs expects home prices to decline as interest rates continue to skyrocket with some cities facing catastrophic dips. unfortunately for me they're all on the west coast. goldman is predicting in 2023, san jose, san diego, both in california, phoenix, arizona, austin, texas, they will see home prices decrease 25%. for context that would be similar to 2008 when the bubble burst and prices across the u.s.

dropped 27%. goldman is free checking average decline nationally should be small enough to avoid a sharp increase in for closures. that said the western region could be in trouble. they shared this, quote, overheated housing markets and the southwest pacific coast presenting localized risk for higher delinquencies with mortgages from late 20202 and 2021. what does it mean? if you own a home your market will get cooler especially in those cities. if you're looking to buy, price declines in phoenix or austin could present a opportunity. that could be offset by higher mortgage rates. we're 6.15% for 30 year fix. that is down from% from november. one place that will prove extra difficult, miami. i thought this was really interesting, goldman was predicting a increase of 0.8% in home prices. that will certainly crunch

things for homebuyers there. neil, overall home prices are cooling across the country. that is what the fed likes to see. i wish los angeles was one of those where i am. i'm still renting. neil: not exactly affordable. thank you very much for that kelly o'grady following that. kristin jordan back with us, real estate agent extraordinaire. she was shaking her head from that report. you don't buy but this idea we'll have a huge bubble burst, right? >> the hardest part about a article like this, every market is localized. they're pointing out austin, texas. as you asaustin is huge. further outside you have sprawling cities i think it is very hard to generalize. of course we're seeing that prices have come up so much that the, if they come down this, talking about 10% or something like that we're still at above

average appreciation year-over-year since 2019. neil: it's a good point because i know certainly in the phoenix market, prices went up more than 50%. so even a 25% tumble would leave you up a net 25 but having said that is there something that the hot markets are the first to give up some ground and why wasn't florida then part of that? >> the hot markets coming down first makes sense because some of them didn't have fundamentals for demand. like a table that has only one leg very as you a table with multiple legs. new york city is a table with multiple legs. we have multiple streams of buyers. same with florida. multiple states people are leaving to come to florida for tax purposes. but the record demand you always have from new yorkers. neil: nothing like the bubble we saw a decade ago. so we don't have that going on? isolated selloffs in different markets? >> markets didn't have fundamentals for sustained

demand and the demand those markets had had a lot to do with people working remotely, feeling they could live anywhere. if that demand goes away, people expect deappreciation to continue, that will not happen. demand stops. some people are extremely rate sensitive, they're priced out of the market until rates return for them to get in the market. neil: it is can any, kristen. rates go down a little bit. don't have to go down a lot. mortgage rates were 7% this week. a lot of cash buyers are out, a lot of those who put a good deal of money down as deposit are out what sustains this. >> people that have been watching, waiting, were priced out because prices were going up at the same time as rates were going up because for a little while rates went up while prices still went up. neil: right. >> prices started to come down. rates came down a little bit, people said okay, that house i'm eyeing on zillow is in my price

range because i have the mortgage calculator right there. i'm ready to go. neil: a lot of sellers, unless i'm missing something, they're not budging. they know what their home was worth a year ago. they don't want to give up the goose. i understand that. until they do, a lot of buyers can't come in to take advantage of this, right? >> there is a stalemate. a lot of sellers are stuck don't have a place to go because there is a lack of inventory. a lot of markets are experiencing -- neil: where is the inventory problem the worst, in other words the most acute? >> the most acute i know just for example from our local markets we're seeing westchester has incredibly, incredibly tight market where there is very little inventory. new york city is completely neighborhood dependent, completely neighborhood depent dent. it is about knowing your local market. any real estate in affluent marketplace, part of florida, there is no inventory for the regular buyer to come in to purchase right now.

neil: people paying $100 million for a penthouse in new york, whatever, where are they gone? are they still there, are they doing that, what? >> those buyers are definitely watching right now to see where they find opportunity. they want the feel the sellers are having a little bit of pain when going after the properties. we're seeing trades that have not hit yet of real discounts, still a big price point. somebody asking 50 million, trading at 40 million. they want to make sure the seller had to give up a real discount. they're ready to transact if there is value. neil: taking a look at the real estate market as a whole in this country, how would you describe it? these hot markets notwithstanding could be so hot they tumble from the hot levels? maybe like the four cities we got into so what's the national picture. >> the national picture definitely buyers watching and waiting will jump off the fence and we'll see a very, very active spring market in any market and the markets that had these really, really frothy demand that we don't really know

where the demand really came from, they're going to struggle. there will have to be discounts there. overall we'll see a busy spring market for buyers watching, waiting, we're priced out six, nine, 12 months ago. neil: you still get competing bids, right? >> when there are opportunities buyers are more educated than they ever been. you will see more than one bidder on that property. neil: thank you very much. good read on things. kristen jordan, real estate. pick your poison, we're overdone or ripe for this, hard to tell. as you know things changed around here with new shows, timelines. this is a one-hour show now. we try to pack a lot in. we want to get your reaction to a lot of this. we invite you to email and tweet us. many of you have. tweet at teem cavuto. traditional email at cavuto @folks dot-com. just i expected you would would

be effusive with praise. stephanie said, i wish your show was less than one hour but you give me time to do other things. steve said, you probably don't have five people who watch the show, you're so pathetic, laughable, too ugly to watch, ugly from the inside like a child. steve, i guess you don't read your own emails back but you do scare me but you know enough about my show because i have caught you writing before that apparently you're not doing other things. you're watching me. it all works. talk to shannon who writes, neil, you're doing an awesome job. me and my dad watch you every day, even on the weekend. we just love your show. i feel so humbled, thank you very much. a lot of you say all right ratio of good to bad email? is neil accentuating the bad ones. no, the bad ones are actually most of what we're getting. i kid. we don't know. in the meantime this tech wreck that started with microsoft, disappointing numbers, last time i checked there are other

technology companies and maybe they will give us another view of things. stay with us, you're watching fox business. ♪ your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

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♪. neil: we're down half what we were, what is interesting about what you're watching right now in techland because that is where it all started microsoft coming out with earnings last night. earnings beat the street. revenues were a little soft people were weighing on it, cloud business, some other things they're doing don't look promising. by morning it was selling off. since it led to other tech names selling off, but last time i checked there are other technology stocks here. don't know what to what i can of reaction about it is overreaction. better to see susan li on this. you have other names to wait on. >> reporter: most are reporting on february the 2nd, in a few days or so. right now i would call it a bit of a give back, you have seen the best start to a year for tech stocks nasdaq in particular since 2001. neil: good point. >> reporter: keep in mind what

happened in turn. you are probably expert what happened later on that year. 8% up first three weeks in the year? people will take it. microsoft is being blamed for a bit of a tech giveback. earning were not that bad, they were pretty much in line with estimates sure, slowest quarterly sales growth in six years. we expected that. azure put in 30% plus growth rates which is pretty much what we anticipated, right? the stock initially popped in after-hours. you got guidance on the earnings call. deceleration in azure is what they're calling for. growth will decelerate, slow down by four to five percentage point in quarter. i counted at least seven brokerage price cuts after the announcement. city group raised microsoft target, 282. jpmorgan going down to 265. $40 in upside, not bad. a bit more softness when it comes to cloud growth. that is ticking down other technology names today like amazon. as you know. aws, amazon web services biggest

cloud player by far. they have 40% plus market share. bernstein, ubs cutting price targets on amazon down to 121.18. i don't think that is terrible. keep everything in context. amazon is up 14% first three weeks of this year. double-digit rallies for alphabet, meta, even apple close to the 10% gain so far. tesla tonight could be a game-changer if they do better than expected. neil: sure. >> we know what we'll get. we're expecting profit 3.8 billion. record deliveries announced for next year. neil: they had cut prices. some of that will materialize in earnings, right? >> also, what about the five to 10 billion-dollar stock buyback elon musk promised for this year? will he be on the earnings call which is interesting, especially staring at 65% down on the stock price, there is a lot to answer for. as i mentioned apple reports on

february 2nd, amazon as well, alphabet. so that is a big day. expectations are set so low it could be ease for stocks and companies to beat. neil: well-put, susan, thank you very much for that. we like to put these in perspective, when you see numbers out here, somebody switch around, i admit other business networks, ah. we try to step back when we can, just to put it in some perspective. scott martin, very good at that, kingsview asset management cio. susan spelled out a lot of big names we're still waiting to hear from. maybe they can change the sentiment built around microsoft. it is interesting in the microsoft numbers, good reaction first, people chewing own it. almost if they wanted to find an excuse to say all right, this early pop in technology was overdone. how do you feel about that? >> well, i feel you're right. like the spectacular susan li said i think it is about expectations these days, neil, more than it is actual fundamentals and i believe that behavior you're talking about you saw in microsoft yesterday,

i think frankly the behavior we'll see in tesla after-hours today will be exactly that. these expectations of things maybe still being too good eneven though we should all be expecting things a little less sanguine than they have in the past few quarters. finding a reason as you said to sell these stocks. as you see tesla into earnings calls, microsoft price action, you will see with a lot of tech stock price action, my friend, these are reasons to buy these stocks or opportunity to do that. as i've been telling you the last few months, i think stocks, especially in the tech space are absolutely overdone. for that matter if you're a long term investor this is where you should be picking them up. neil: i know you weren't born at the time, scott, i remember when internet boom went bust -- >> '99. neil: there was theory known of the guys would survive, cream of the crop, ebays, amazons, microsofts, some thriving today.

pets.com and lot of others went by the wayside. i am wondering whether we're going through a shakeout here? that the big names won't be as impacted as some ancillary names? how do you play that? >> yeah. i read a lot of reports on those olden times, what amazing time to be alive sounds like, seems like. neil indicative of the process, what happens during recessions, what happens during bear markets. a lot of these companies, some of them go away and they frankly should probably because they're mismanaged, they don't have a lot of cash flow, they're heavy in debt. they obviously don't have what it takes to get through a downturn. unfortunately some of those companies out there like the fubos of the world, not just picking on them, a lot have come down, smile direct club is another one, these are high-flyers man, pushing 80, 90, 100 bucks at one point in 2020 and 2021. now they are pennies on the

dollar. companies like in 1999, through turn they can't make it. in the next expansion that comes, new companies pop up to do their thing. that is just the cycle. neil: on technology names as an aggregate, if you buy something that mimicked the nasdaq 100, or etf, obviously what's in them you wouldn't give up on them as an asset class? >> i would not and i would not give up on myself. i'm like the nasdaq 100 at times. i like adobe here, neil. adbe company got trashed last year, overly so i think that is good name. neil: always good see you, scott martin. >> kingsview asset management. the nasdaq has shaved about a amount it was earlier. still down. all the averages are. we're keeping an eye on it. we'll keep an eye on latest documents cases. who has what documents and when. the latest issue former vice president mike pence, guess what i have some documents

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♪. neil: all right. more classified documents, these involving the former vice president mics pens. we'll talk to -- mike pence. we'll talk to his former press secretary marc lotter, what this means. jacqui heinrich at the white house how the administration is handling it happening to them. jacqui? >> reporter: neil, former vice president pence said he scoured his indiana home out of abundance of caution amid the

biden documents fallout. he came across what he called a small number in about four boxes. he said they may be classified. his team secured the documents in a safe, alert the national archives. handed the documents over to the doj and alerted congress. a pence attorney tells fox because of the abnormal hurried from the trump to biden administrations officials failed to review the documents primarily from the vp's residence at naval observatory. pence paint ad different picture in an earlier this month. >> before we left the white house the attorneys on my staff went through all the documents at at white house, our offices there and at at vice president's residence to insure that any documents that needed to be turned over to the national archives, including classified document were turned over. so we went through a very careful process in that record.

>> reporter: former president trump has jumped to pence's defense saying on truth social, mike pence is an innocent man. he never did anything knowingly dishonest in his life. leave him along. oversight committee chair said pence's handling of this is better than bidens. quote he full ai greed to cooperate with con he aggressional oversight any questions we have. former vice president pence's transparency stands in contrast to president biden's staff to continue to withhold from congress and the american people. they are not weighing in whether the department of justice should appoint a special counsel in this case. they're broadly refusing to answer any questions about bide's document kerfuffle, neil. neil: i do know, as you were first reporting, jacqui this weekend. neither his wilmington home or rehobeth vacation home, does that have anything to do with this? >> reporter: could mean there are more searches planned. we don't know, they have refused

to tell us. any question we asked they refuse to weigh in on this. i will say about the rehobeth home, according to prior statements from biden's personal attorneys they have gone through that place. if the fbi and doj go back there to redouble the work, that would be a new development. there are questions whether they might go to the university of delaware or any other locations tied to the president. we don't know. neil: got it. great reporting as always, appreciate it, jacqui at the white house. let's go to marc lotter, former press secretary to the vice president. very calm individual. i always marveled at marc. >> good good to be back. neil: were you surprised that the vice-president said oops, i got them too? >> i was surprised they were thorough or so meticulous but no, i used to joke the presidential transition was the largest corporate hostile take over in global history.

it is also that true going out. every so often you might miss something here or there. from the sound of it, these boxes were sealed never reopened from the time they left the vice president's residence in washington to the time they went to the home in indiana. neil: i had on my show yesterday, mark, andy card, former george w. bush's former chief of staff. you don't understand how they handle the moving to another administration. they pack up quickly. not the vice presidents, cabinet secretaries, a bunch of of assistants, ramming flipping stuff into boxes getting them in a truck, there is very little time to sort of digest all of this. is that true? if that is true, that alone could be worrisome, in the pros of clearing desks you're clearing classified documents and people who shouldn't even be seeing the cover? >> it is remarkable.

the whole process the general services administration goes through. this about this, president of the united states regardless of party is president until 12 noon. the oval office is theirs, vice president's office is theirs. if for some reason we were under national emergency, it falls upon them until 12:01. it remains fully functional for the current occupant. until the new person takes the oath of office. i remember walking down the parade down pennsylvania avenue with the vice president, inauguration day, 7:00 at night you go into the white house first time. the new office is set up ready to go for you. neil: that is so wild. i guess it comes back, i don't know how you feel about this, marc, not so of what mike pence knew it when he knew it or joe biden what he knew, when he knew it, donald trump knew it when he knew it, other people have access to it, not intentionally, giving benefit of the doubt clearing papers but their eyes are not supposed to

see this stuff. classified documents are supposed to be seen in a safe venue and returned. that is clearly not happening. maybe it is the sheer volume of these documents so how do we correct this? >> the sheer volume is part of the problem. i've seen classified reports with newspaper clippings in them. what is classified about the a newspaper clipping? it is in the public already. you have issue about that. there is large issue of overglassification in government. the higher level of classification is, the tighter the scrutiny is. it gets to a point where it gets to certain levels it needs to come in a locked briefcase. only be opened and accessed inside the most secure of rooms. then the further down the classification structure you go the looseer those standards are. we don't know what the documents were in any of the cases not just with the former vice president. so you know, it sounds great and scary to say classified. we need to know what it was before we start thinking why

wasn't somebody waiting there to take it back, to put it back into a locked briefcase? neil: i had chris sununu on my show, the new hampshire governor, might be entertaining a run for president, i'm not sure, but certainly sounds like that he made a point this wouldn't happen to me. i wouldn't be just carelessly handling documents or wouldn't write a book need the documents or somehow taken them out and use them for those purposes. it is already become a campaign issue for candidates who are trying to make it such. what do you think? >> well, you know, i mean that is easy to say when you're not the president or the vice president of the united states and when you're going back, all of the information, i mean i just marveled at the amount of physical information, not just classified, but written that came across my desk every day when i was in the white house. it was mind-boggling. to go back when you want to write a book, something along those lines, you do need access to the notes, things you previously saw to make sure

you're remembering things correctly. i don't, i don't, i don't question anyone that would need to go back in the course of writing their book or something along those lines to see that classified information and when it comes to the other handling of it, in many cases depending on what it was, literally it would just be thrown into a burn bag and destroyed by specialists with the military that deal with these issues on a daily basis. so it is impossible to say that you know, as you're scouring up all of your papers in the scramble to get out and get in, that something doesn't get jumbled in the mix. neil: got it. we'll see how this all sorts out. i have a feeling there are other little revelations to come. what do i know. always good to see you. marc lotter, former press secretary of the former vice president of the united states mike pence. the dow is down 214 points. we're getting constantly graded by you folks you reached out to us. we're flatter many are.

depend on the email or tweet. january writes other shows and hosts are more informative and entertaining assuming you want feedback, you can't hold a candle to varney. that's fine. we have someone else putting this in some perspective and saying you know what? i absolutely love your show. your sense of humor makes me laugh out loud. ignore the haters. they may want to find something more productive to do with their negative energy. that was my sentiment exactly. a lot of negative energy wasted on me. i'm not even including all the ones that had the nerve to say i might be five or six pounds overweight. yeah, you know who you are. we'll have more after this.

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debt limit. manchin says mccarthy promised not to cut social security or medicare. president biden reportedly plans to meet with mccarthy but the white house insists it is not to cut a debt deal behind closed doors. president biden in a meeting with new democratic leadership in congress yesterday says the gop wants to wreck the economy. president biden: want to talk about the extreme republican economic plans. apparently they're generally serious about cutting social security, cutting medicare. i have no intention of letting republicans wreck our economy nor does anybody around this table. >> reporter: as republicans try to push for spending cuts in exchange for giving the u.s. more borrowing power, the u.s. is teetering on default even though treasury secretary janet yellen said it is months away it would be dooms day for the economy about that were to happen. moody's an lick ticks default

would cost 6 million jobs. could wipe out 12 trillion in household wealth and interest rates would spike. >> of course we're not cutting social security and medicare but what we are going to do is get a handle on crazy spending. they spent like crazy five weeks ago, give us more money so we can continue to spend. we'll not talk to you guys. that is ridiculous. >> reporter: to get a balanced budget every part of the government would need to be slimmed down. committee for responsible federal budget says all federal spending needs to be cut by 26% to balance the budget over a decade. but if cuts to social security, medicare and defense are off the table, the group estimates that about 85% of overall spending everywhere else, neil would need to be cut to balance the budget. neil? neil: yeah. the numbers are what the numbers r. hillary vaughn, thank you very much. hillary on capitol hill. there is a report out of the congressional budget offices that the rate we're going we're going to see the social security

trust fund exhausting all funds, in other words out of money technically to pay out benefits in about 10 years, 2026. we have peter morici with us, university of maryland economist, best-selling author. peter, first of all on the reality of that, that you buy that, that at at rate we're going the social security trust fund runs out of dough? >> we run out of money unless we increase the payroll tax a lot, which i don't think would be terribly popular or doable or we substantially raise retirement age, i don't mean by a year or two. it takes time to have that. of a consequence. we're in a fix but it is broader. social security is a piece of the entitlement problems. entitlements are 60% of the budget. once we take out entitlements, interest on the debt before it goes up, national defense, no sensible person wants to cut, there is only 16% of the federal

budget left. without entitlements reform we're going no place and the president is really demagoguing this. just like he called republican as threat to democracy before the election, now he is calling them a threat to the economy. who caused all this inflation? to get spending under control, we have to have entitlements reform. now that doesn't attacking social security. but it does mean looking at the whole cafeteria line of entitlements, from section 8 housing all the way to social security. getting things on a sensible basis so -- neil: it is possible, peter, to your point, i harken back maybe showing my age here to ronald reagan and tip o'neill working together with some at the time minor but significant adjustments fixing the cost of living increase in social security, pushing back the age a little burnt longer term horizon, not for immediate retirees but years away. tough do something like that because this is not sustainable.

they proved, each put a lot on the line to make that happen. did it extend social security's shelf life. i don't see that willingness now. >> the president refuses to negotiate with anyone. senator manchin wants a commission. you know we have those every time we have these budget crises, or debt ceiling crises to come up with a series of reform for entitlements generally. my feeling is you can't focus on just social security because it is not as much of a problem as people think in terms of the whole. it is a problem. the president just doesn't want to do that. he says they well wreck the economy. they will wreck the democratic voter base if they do something. the something has to be done. the country can't continue to spend this way. we won't default. we'll have a lot of inflation because we'll print money to pay for it. neil: i'm afraid that is exactly what could happen. peter, thank you i think. you outlined unless we do

something we're going to be even bigger something. always good seeing, peter, good seeing you. remind you 40 years ago what ronald reagan and tip o'neill put on the line to extend shelf life of social security. both at great risk to the party bases. they believe the cause justified it. but the outcome social security was stabilized. we'll see what happens. meanwhile it is a big money issue around "the big money show," jackie deangelis with what they're getting ready to do. >> gadd afternoon, neil, good to see you. we'll talk about the dib ceiling on the bilk be "the big money show." the great charles payne will join us. we will talk about tesla earnings after the bell. we have the agency ceo, talking about real estate what is

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♪. neil: all right. i have want to show you the cover of today's "new york post." the bronx is turning. it features a number of shop owners who are hiring private guards to fight back against rampant robberies and crime where the police just are not there. the attacks keep continuing and for my next guest, it might be something to consider. todd irwin is the green mountain ace hardware store owner, golden ace hardware, i believe in jefferson county, colorado. he dealt with this directly. you can see from some of this video how he is having to deal with this. todd, how are you doing these days? how many times has your store been hit? >> thanks a lot for having me on this afternoon. since we opened the golden location in october we've been hit probably half a dozen times on large theft items over $300.

neil: wow. >> hitting us every single day it seems like. neil: in your town, is this a recent kind of a thing that has been going on, or has it been building? how would you describe it? >> yeah. it's been building. covid definitely didn't help. the mandate with masks definitely escalated it pretty rapidly. but even since the pandemic has been over it has been skyrocketed unfortunately. neil: i'm wondering then, this idea, i don't know how helpful police can be, they're stretched thin dealing with far bigger crime issues. maybe far more violent crime issues. in new york, one particular area of the bronx, a lot of store owners are pitching in to hire private guards to deal with this, have you ever considered that? >> we have. we're looking into it. it is pretty expensive for an independent owner to do it on their own. we're trying to you know, scales of the economy and work with

other community members to do something on that level. neil: i'm told you run a very good store. your customers are very loyal. obviously they get anxious when they get wind and word of these at tax, many of them there at the time. what do they tell you? >> we get a lot of community support. we've been in the community sinceness 61. ace hardware has been around for 100 years. we're not going anywhere. we're going to change some of our policies. we'll train better, equip our red vested heroes to do what they need to do to prevent this from happening. the community in general is very, very supportive of us. we've seen them in the last couple of months come in and, they really appreciate what we're doing for the community and they want to support us as much as possible. neil: obviously you resisted calls to shut downs or move. you still stand by that. >> oh absolutely. we're not going anywhere.

we're going to attack this head on. we'll go to the politicians. i really believe it starts with government policy what they have done to enable this to increase is, just beyond words. so we're going after them first. we'll go after the big tech companies that are enabling these thieves to sell on places like facebook marketplace. we're just not going to back down. neil: good for you. todd, keep us posted. i'm glad you're okay, your people are okay. scary stuff going on there. keep us posted as i say. todd irwin green mountain hardware owner, golden ace as well. that is something rampant across the country. talking about the country, what is bubbling up across the country but higher taxes. the aim is super-rich, top 1%, top 5%. what is interesting about it though a lot of people have left new york for safer confines, warmer confines like well, florida. but in california they're doing

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adam: son of a rich. they are the target again, they don't pay their fair share, they are going after the well to do saying you have to get the money, borders, i think, i'm not a lawyer on legal but lydia knows more about this, states that are pushing higher taxes on the upper 1%. what is going on? >> this is a coordinated approach, not expected these measures will pass immediately but if they were they would have far-reaching implications, taxing 60% of the country's wealth with these measures. some of these proposals are the first of their kind. and illinois taxpayers would have to recognize gang is on the values of their assets as

income every year. that the change because usually this would impose a tax even without selling like it's income at 4. 95%. in new york, high earning, married couples would face a tax on capital gains at a rate of 7.5%, also additional income tax at a rate of 15%. finally in california that state would tax all forms of personal property, tangible, or intangible. not just property but business interest, unrealized gains, even artwork. california bill would require taxpayers to fire yearly reports on holdings so that people would eventually have to pay a tax even if they move out of state. neil: they can't do that right? lauren: major questions about the commerce clause but

lawmakers bringing forth these proposals say that's the point, they are being transparent. they said they want people who have wealth to have, quote, nowhere to hide. very interesting proposal but one of the issues, why should every day americans care? this doesn't impact me personally. critics have concerns about this stymieing growth innovation. that will have a big impact. neil: california had one hundred million dollars surplus last year, frittered away. they force one subset of the population. >> there are people looking at where this money is going to go. neil: appreciate you following those developers. you can read about this on the fox business site. let's go to the big money showing what they have in store.