walmart better. stay on the sidelines until it gets cheaper. and thank you. have a wonderful weekend and thanks for watching. keep it right here. number one business block continues with cheryl casone and cashin in. >> democrats leaking their plan to cut three trillion. at least half of the money will come from tax hikes and someone here said be worried. we'll get the higher taxs and never see the spending cuts. are they right? >> i am cheryl casone. welcome to cashin n >> we have wayne rogers and john lay field and tracey burns and joining us our good friend christian dorsey. and welcome to all of you. tracey, the plan may be half in tax hikes and spending cuttings. you say promises.

>> tax hikes will be here forever and spending cuts, you will never see them. we did it with medicare. they would cut doctor payments and never did it. and cut the defense budget and that gets bigger by the second. we can't seem to reign in spendingment don't believe they will do it both. >> john, she's about the delay miss spending cuts. 10 or 20 years down the line. is it the spending or tax hikes? >> all we are getting is the tax hikings. i read through the entire plan, half are tax hikes and the other half, what you are seeing an assumption that we'll get lower interest rates for our debt . that is a pretty drastic assumption and the assumption that you will have several hundred billion in medicare cuts. but savings rather. >> you are not seeing hardly any cuts whatsoever in the plan. assumption of future savings and

lower interest rates and all this does is kick the can further down the road and raise taxings. >> christian, we talked about it before. the idea of raising tax hikes with a weaker economy is the right way to go? >> it depends on who you raise them on. clearly the democratic plan is all about looking at who is able to get ahead and seeking to raise taxes there and seems to me to be fair and make sense. we'll get it trait. congress is not bound and future congressing are not bound to follow what this congress or previous congresses do when it comes to taxs and spending cuts. decisions are made that will impact future legislature and those future legislature will create their own path and not follow necessarily what anybody decided today. >> they may keep spend keep on spending. and why bring in tax hikes.

is that all we are ending up with? >> i think christian makes a good point. a lot of this is going to occur in the future, get savings from this and future plan and that's a good point. i think you have to have some tax hikes to get the congress to go along with this. you will have to balance this somehow. i suggest you take a one percent tax hike across the board and that allows the congressman to go back see, i did get tax hikes, but we got the savings it is a ploy. >> but wayne. >> it is cosmetic and you have to do it in order to get something done. >> that's what we keep hearing. we have to have compromise and i understand cheryl. 50 percent tax hike anden spending cuts. why must there be a 50 percent compromise at all. any time you have a compromise with food and poison. poison win and tax hikes are

poison. it is spending more capitol in dc and sacrificing unfortunately our taxs and our liberty and freedom and capacity to create wealth and move forward. >> listen to what wayne just said. we are making decisions for votes. that's what we are doing. we are not making smart economic decisions but figuring out how to get reelected. one percent tax across the board is going to do. but no one believes they can spend is properly it is more wasted mon yeno tax cuts are going to be today. they will be pushed down the road and we'll have nothing but higher taxes. >> christian what about something more simple like that. we had candidates talking about it. maybe that is the way to go. >> i look at tax fairness being this. where do you have people who did well in society versus people who are struggling? does it make sense to raise

taxes on people who are strug lick or doing well. top one percent are struggling i would say it would make no sense to raise taxes on them . the fact of the matter is, they have done quite well and the middle class has struggled and it id not make sense to raise taxos those. >> wayne, what do you think? what about a one percent idea. that's something to talk about here. >> i suggested that and i know you have to do something. whether johnathon like its or not. john johnathon you like people who commit suicide and be dumb rather than smart than be right. >> wane, wayne, wayne. >> let me finish. >> this is a case of where you have got to try to get some. you are going to have to get savings and the only way to get savings is give them a tax hike. give them a little one and something to go home with. >> first of all wayne, you don't.

>> let me finish, let me finish, please. >> i am about to commit suicide. and questions and problems with fair, who is to decide what is fair? who is to define fair? >> i volunteer. >> johnathon. let johnathon in you are dying i know. >> and i know that in a society of redistribution christian or who ever the smart guys in washington decide who is fair. in a free economy people decide who is fair and trading in a voluntary manner. wayne, where do we find the cuts and cut the spending. what about following the constitution. and go with the constitution and say everything that is not in the document, cross off the list. let me put trillion in savings there. >> go with what simpson and bowles. >> wayne, you are right on that. john, what about the issue of the tax hike.

should we raise tax accident. we are talking one and half trillion. >> we are talking a argument here. raising revenue and rises taxes on somebody. republicans painted themselves in a corner here. look at a fair tax. llc and new york city pays 50 percent tax. c-corp, any state, a maul business pays the highest corporate tax rate in the world. most technology, big multinational companies pay 16-18 percent. maul businesses and this is pure facts. you know three times the percentage that big businesses are paying because they have loop holes stacked upon loop holes in a 72,000 page i.r.s. manual right now. if you want fair, lower it on the entire base and that will raise revenue and raises taxes on member. that is what is fair. >> christian, you want the last word.

>> raising on taxes on people who did well and don't put that back in the economy makes good economic sense. >> no, it. doesn't. >> wealthy who are affected by higher taxes are not going to retrench from the economy. all of this bad for the economic future is complete nonsense. >> google and yahoo. paying 16-18 percent tax and maul businesses paying 50. >> i agree. >> that is 50 billion. tax them if you want to, but the small businesses are carrying the tax burden. >> you can't tax them because they makes money. that is wrong and not who who we are about. >> thank you, tracey. coming up, everybody. walmart making shoppers an offer they can't refuse for the holiday. but is it a warning of the overall economy? plus. it is enough to make taxpayers

cry. a plan for free diapers, compliments of who? you guessed it. the taxpayer . to be more environmentally aware,

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♪ and they danced. see what a raymond james advisor can do for you. walmart pulling out all of the stops and luring customers this holiday season. promising to have the lowest prices or they will give you a gift card for the difference. johnathon it is a great offer but not a great sign for the economy, why? >> we are seeing a lot of retailers pull out the stops and try to take advantage and make these types of offers and despite the rally in the market. it is not a positive longer term economic indicators. walmart will make the christmas season easier with what is an amazing deal . pointed out the gift card without stim tim and grand plan from washington. walmart is doing what the free market does.

whether it is a 50 or 20 gift card. it is money in people's pockets to fuel the economy. we need more of it this holiday season. >> tracey this is interesting. they are not the only one to come up with target and seaars and best buy. they did it all year long. they are concerned about the holiday shopping. >> they are more sure about walmart than the economy. i am bah humbug. and i can't imagine them blowing it through the moon. everyone is scared for losing their jobs. we have less cash in pockets and there is dollar stores and target. a lot more competition and amazon is price cut maybe walmart is trying to get the upper hand and be competitive in a difficult holiday season. >> no gifts for tracey's children this christmas, wayne. but besides that, do you think that overall there is big concernthe holiday shopping

season . walmart is one of example of many stores that think it is going to be ugly this year? >> you are right. you picked out will wamart. there is sears and best buy and a lot of other people who are getting all kinds of breaks. i think it is competition and free market. when one guy does it. it is better prices for the consumer. i must tell you. you know, that i am one of the owners there in kline. we are having a best year . we are not price cutting. i disagree. i think the economy is doing well and the market is just beginning to reflect that. >> i better take that to the economist. >> i am trying to recover that johnathon saying free market benefits consumers. aside from that. johnathon let me finish the point. and walmart tries to compete on

low prices. this is part of their business plan. but the holiday shopping season be it was last year. not robust or great. there are not blockbuster products out there and not anything that is going to drive consumers to dig deeper than they did last year and high unemployment there is not far people can go. it is about the same as last year. >> it is not a big thing. >> last year, we saw an increase in holiday sales and we have surprises this year with the economy. >> i am not as bullish on the economy as wayne is. 3.7 million people coming off long-term benefits, i don't think you will see pending like in past christmases. wayne is right about it not being about the economy as far as walmart. we did this show this year and next year, every year walmart

comes out with the best marketing campaign of the christmas season and gets tons of free press. this is one of the highest rated shows for fox on the weekend that. is the genius of walmart. they put it out there with a different spin and tons of free publicity. it is market genius. >> they are doing it earlier for november 1st and they are saying spend now and we'll give you a break later. having said that gift card sension -- section is interesting. if you take that gift card you might keep spending. >> sure, you are getting me back to the store. all of the holidays, it is christmas in august these days and trying to get out and shop for a long time. christian is right. we agree on something. it was going to be a similar holiday season. everyone is concerned and they

are feeling the same way they did last year. consumer sentiment is not better and walmart might benefit from that in the end. >> okay, again, tracey your kids are watching. but never mind. >> hold your nose and wallet. lawmakers saying it is the taxpayers duty to pay for diapers . i'm making my money do more. i'm consolidating my assets. i'm not paying hidden fees or high commissions. i'm making the most of my money. and seven-dollar trades are just the start. i'm with scottrade. i'm with scottrade. i'm with scottrade. and i'm loving every minute of it. [ rodger riney ] at scottrade, we give you commission-free etfs, no-fee iras and more. come see why more investors are saying... i'm with scottrade. but they also go beyond banki. we installed a ge fleet monitoring system. it tracks every vehicle in their fleet.

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>> hello, everybody. i am uma from washington. all 13 nato service member

killed in the suicide bombing in afghanistan were americans. the taliban is claiming responsibility for the attack in kabul that also killed four afghans. the suicide bomber ran the van in a nato convoy. we'll have the latest coming up in the top of the hour. they are trading in their rake for snow shoveles in the northeast as we break for a record breaker this weekend. the snow is expected to dump 10 inches of snow in some places. we'll have the forecast next. >> and tea party leader tells michele bachmann it is time to drop out of the presidential contest and now bachmann is saying rick perry is behind the plan. we'll have more on the top of the hour right here on america's news headquarters. stay with us . it is a ball out plan causing a stink. lawmaker in connecticut pressuring dc to provide free

diapers to low income families. this is more proof of the nanniitate and plushing tax dollars down the drain? >> you have foot stamps on the front end and diapers on the back end. you are paying for everything. we might as well pay for the entire family and get rid of parents and have the state take care of everybody it is nut totally out of control. what it is good for is good for proctor and gammle. >> john, we give diapers to kids, pay for adult diapers as well >> representative wants to legalize dwarf pumping. i am not making that up. this is what happens when politician look and say how am i getting in office. throw midgits and give away free diapers.

>> there are other programs. head start they can get diapers and hospitals donate diapers. >> has anybody read the legislation? you really should because it is only a page and will take a minute and said that the federal money that goes to the state for child care services, if the state wants to they can include diapers as part of the child care services. they leave it to up the states. that's what many of you talk about. this is not new money and giving free tough. it is allowing the states greater descretion. >> and child care development block expanding on that. >> it is not the individual's making the choices it is the states making the choices. it is sad, cheryl. the whole thing is sad. swaddling kids in welfare from the moment they come out of the

womb. it is disgusting and sets up the government as the parent and responsible for taking care of education, health care and diapers for good sakings that. is a responsibility of the parent. >> thany state gone crazy. >> you can change a newborn 12-15 times a day presuming on how much they eat. i have done that three times and no one should subsidize my diaper issue other than me. and if the state has extra cash on hand. it should not go to diapers that is the mother and farth awe's problemment >> if they can't it is okay to have soiled kids. have a heart, people. >> they shouldn't have a talk. talk about responsible parents as opposed to government take care of children. and how about the soiled kids in washington that are filling the capitol building.

that's where we need diapers. >> christian, you can have the last word. >> as much as we would like to see parents being able to provide everything for the kids many can't. i don't want to see kid's sufyer the states have a right to use federal fund for diapers if they don't, they won't. >> christian dorsey, thank you for joining us. >> coming up. i do, quickly becoming i can't afford to because of the president's health care law? or creates another laptop bag or hires another employee, it's notust good for business. it's good for the entire community. at bank of america, we know the impact that local businesses have on communities. that's why we extended $7.8 billion to small businesses across the country so far this year. because the more we help them, the more we help make opportunity possible.

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>> president obama's health care plan. married couples will get less much tax credits because they're married. you think divorce rates are high watch out. >> amafire it has comodized

hardware and selling for $10 less than what they are making it for. sam sung is making only tab lets . they want to sell content and amawhereon will take a hit. buy it on dibs because long term it is a brilliant strategy. >> you got a dip this week. >> you bet on good management and lucadia is a company i owned for a long time and great management and good and bad times they do well. >> johnathon. >> inflation is here and all government intervention is showing nup interest rates and higher interest rates this past week. looking at dlbs. it is in my hedge fund and rises . that is the next show to drop. >> did you buy the rally this week? >> i own the stocks we talk about here on the show and others as wel