i absolutely love this community. once i moved here i didn't want to live anywhere else. i love that people in this community are willing to come together to make a difference for other people's lives. together, we're building a better california. the super wealthy are the ones making out like bandits under his new tax plan. >> and facebook has gotten so big and powerful, he now holds the power to sway an election. how we got here and what needs to be done about it? >> this week president trump came out with a new framework for america's tax system. amounting to big changes to taxes as we know therapy. >> now will these changes amount to much needed tax reform or are

they just a bunch of plain old tax cuts and there is already quite a bit of debate about whether the plan only benefits the wealthiest america so that's where we'll start. >> it is billed as a unified framework for fixing our broken tax system. and it envisions a tax code so simple americans would only need a postcard to file their taxes. now, we're still short on details which are being left to congress to iron out. that's going to be easy but the gop plan it gets rid of a whole host of credits deductions and exemptions and in return american families and businesses get taxed at lower marginal rates so who does that help? let's ask the president. >> our framework includes our explicit commitment that tax reform will protect low income and middle income households, not the wealthy and well connected. >> okay. that is a bold promise to make especially when your america's businessman president but for fact sake here's why the rich

make out better than anybody else under this tax plan. >> president trump wants to make some big changes to the u.s. tax code. he claims his plan will help the middle class and said, quote the rich will not be gaining at all this plan and some things that are suggested might help the middle class. for one, he wants to double the standard deduction, meaning more middle income americans could keep more of their paychecks and while most deductions are being eliminated, he has promised to eep deductions on mortgage interest and charitable donations. but overall it is pretty clear, the rich will absolutely benefit from this trump tax plan. first, the top tax bracket will be reduced by almost 5 points to 35%. what does that mean? the country's highest earthers they're going to make out well. republicans are saying they could add an additional top bracket for high income earners but for now that's just talk.

corporations would also see their taxes slashed from their current statutory rate of 35% to just 20%, which would be a boon for shareholders who tend to be wealthy but those tax cuts would do very little for the middle class. and trump wants to extend similar cuts to owners of pass-thru businesses who report company profits on their personal tax return. some 95% of businesses registered in the u.s. are pass-thrus and many of them are mom and pop shops but the tax policy center found that 90% of benefits of this tax cut would ogo to those that are in the top 1%. the president also said this -- >> it's not good for me, believe me. >> oh, really. that's not true. his plan repeals the estate tax and the alternative minimum tax to massive wind falls for the wealthy and remember trump claimed he's worth in excess of $10 billion. if true, and with no estate tax, his family would save $4 billion

on taxes on their inheritance and from the only tax return we've seen from 2005, trump was forced to pay an a.m.t. of $41 million instead of using loopholes to pay a whole lot less. his plan is really good for him. the rich are gaining a whole hell of a lot under his plan. middle class americans, well, not so much. here's what we know. the middle class in this country is suffering. we have not seen wages go up, we have not seen people get opportunities that they believe they got years ago. >> right. >> but cutting the corporate tax rate is not a direct link. we just are looking at the stock market. you are seeing the s&p hit record highs. since the recovery -- >> did so again on friday. >> since the recovery companies are fleshed with cash and the recovery. >> if there was some need to expand, they've got the money to do it. >> and just because you cut the corporate tax rate and now they're going to have more money isn't a direct link.

if you want to do something that directly ties to labor you can have a bigger deduction specifically for the employee expense, but they don't. there's nothing that forces that. there's nothing in here that forces you to narrow the disparity between worker pay and ceo pay. all you're doing is giving corporate america more money at a time when corporate america spends on buybacks and they're r & d is focused on automation. >> there's a lot of talk how this is meant to increase wages. this is not to be cynical or silly. we've been trying to figure out what makes wages go up. the fact that americans manufacturer this stuff overseas is because wages tend to be lower. let's just go back. i want to go back in history and take a look at the growth in the american wages. you'll see a line that generally goes up. this is from 1964 from $2.50 an hour to $20.67 which we are now. let's look at the top line. that's when you adjusted for inflation. wages are about a dollar higher than they were and there have

been tax cuts in 1981, tax cuts in 1986. lots of things that effect wages. tax cuts tend to have zero, zero effect on wages so the idea that there's going to be this tax cut and effect the rich and maybe health the middle class a little bit, fine. you might like that on its own. got nothing to do with wages whatsoever but the president continues to say that it does and when we interview people they continue to say it's going to increase wages. there's no evidence of that first. >> made in america is nothing more than a beautiful slogan and a pledge. you cannot put the genie back in the bottle. you'll continue to produce things overseas. the president has done away with the idea of a border adjustment tax -- >> so we're not -- the border adjustment tax means that even if you make something that's cheaper in vietnam or china or thailand, if it comes to america we'll increase the price of it so it's not as competitive as it would have been. they're not doing that. >> and when we talk about details in this plan it is still

without so many and the president touts this as the middle class miracle the details of how the middle class are going to benefit aren't there and his own economic adviser gary cohn talks about, well, we're betting on growth. you're making a massive -- >> hear the term dynamic scoring. on the face of it these are tax cuts that are going to cause a big deficit hole, probably 2 trillion or more. the degree to which the economy will grow because of this it's all going to be good. >> so we're going to have a giant real cut which we know is going to really kick up our deficit all based on the hope that the economy will grow. >> and it's not clear it will, it's also not clear we don't have recessions or oil prices fall. there's lots of things that effect economic growths. >> we're nine years out in this bull market. >> we do not wish that on anyone. the idea that -- it's like buying a new house on the hope that your income will go up in

the next few years. that would be dynamic scoring of how much house you can afford. that's what we're doing here. we'll stale on top of this. when more details come out about it. we'll get on top of it and bring it to you. this week also marked the defeat of grm cassidy. so while obamacare remains the law of the land, the trump administration continues to stab toj it. the department of health and human services has held up these cost sharing payments to insurer that go to subsidize -- wednesday was the deadline for insurance companies to notify the states of the premiums that they're going to charge in 2018 and since they don't know that the government is going to continue these cost sharing reductions, they are posting significant increases in the individual market. more than 40% in some states including florida, virginia, tennessee. so this concept about obamacare imploding being proved by premiums going up, it's not

obamacare. it's the trump administration not committing to these subsidies. >> and this is so upsetting. this truly is life and death and it's health care and the idea that the administration could sabotage things to hurt obamacare which we agree is a flawed system that needs help, for example, we are going to see the website, the affordable care act website is going to be down for maintenance work during the open enrollment period. you've got all yearlong to do it, yet open enrollment every sunday. >> it's going to be down. the sunday, sunday morning when you might actually want to deal with your health care because you work all week it's going to be down. >> 90% of the advertising spent that normally the government spends that's going away. while we appreciate tightening up the game and cleaning things up, 90%. >> yeah. senator schumer, by the way, says that this effort that was being worked on by republican senator alexander and patty

murray they're close to coming to a deal that could stabilize these individual health care markets. so we're still pursuing that idea. >> that's good news. >> that is good news. >> so that's going to be an issue that will continue to follow as well. >> at the end of the day, if we can get pasted this idea of jamming through 50 votes, if there was bipartisanship that's a dwlimer of long-term solution and right now they just need help. puerto rico still reeling from shortages of power, water, food and cash. more than a week after hurricane maria hit. the island was already rocked from $70 billion in public debt that forced it into bankruptcy four months before the storm and president weighed in on twitter this week noting quote, puerto rico was already suffering from broken infrastructure and massive debt. much of the island was destroyed with billions of dollars owed to wall street and the banks which sadly must be dealt with. on thursday the white house temporarily waived the jones act to expedite aid and try to get

help to the island. it's an archaic law requiring u.s. ports trading with one another to move goods only on american owned ships manned by u.s. citizen for an island like puerto rico, this means higher prices for everything. >> this has been depressing their economy for years. >> all sorts of nonsense on twitter. we understand it really, really well. it's a remarkably protectionist measure which sounds like a great idea unless you live in alaska, hawaii or puerto rico. the u.s. virgin islands where you went right after the storm, food cost twice as much food that is brought in from mainland america costs twice as much in puerto rico as it does in florida. or the virgin islands because of this jones act. the idea that donald trump is blaming puerto rico for its financial situation and not mentioning the fact that puerto ricans pay for more everything than everybody else does because of this protectionist policy is

a little bit unfair. >> it's stunning when you think about it, there are still people suffering in florida, in the virgin islands, in texts, but in the case of puerto rico, there are still entire communities, islands where they have had no communications. so people are unaccounted for. so it is far too premature to be discussing debts the island owes. i want to point something else out, president trump to speak of the debts that puerto rico is faced with, first of all, they're in the same financial status as the state of illinois but president trump himself had the benefit of being able to file for bankruptcy four times, walk away from his debts and start fresh, so it's pretty rich at a time like this to point the finger at people suffering in puerto rico. >> more on health care or more specifically the vote on the health bill debate that president trump is having with himself like only he can. we'll explain. >> facebook comes under fire an increased federal scrutiny over russian bought political ads it admits were used to influence

last year's election. we'll have that next.

♪ hungry eyes ♪ one look at you and i can't disguise ♪ ♪ i've got hungry eyes ♪ applebee's 2 for $20. now that's eatin' good in the neighborhood. has gotten to know our business applebee's 2 for $20. so well that is feels like he's a part of our team. with one phone call, he sets me up with tailored products and services. and when my advisor is focused on my tech, i can focus on my small business. ♪ a dell advisor can help you choose the right products with powerful intel® core™ processors. ♪

i can't wait for her to have that college experience that i had. the classes, the friends, the independence. and since we planned for it, that student debt is the one experience, i'm glad she'll miss when you have the right financial advisor, life can be brilliant. ameriprise

i'm not going to sit here and tell you that we're going to catch all bad content in our system. we don't check what people say before they say it and frankly, i don't think society should want us to. freedom means you don't have to ask for permission first. >> that of course was facebook mark zuckerberg during a live stream address last week right at the social media giant finds itself caught up in investigations into russian interference during the 2016 u.s. election. >> this freedom argument is hard to argue with, but the problem is that facebook is so big and so influential, i think bigger than network tv, that it might need to be regulated like other media companies. >> in a sign of the times, facebook says russian operatives placed $100,000 in political ads and created fake accounts on its

platform a possible attempt to influence the outcome of the u.s. election. >> we're looking to actors including additional russian groups and other former sophisticatette states as well as organizations like the campaigns to further our own understanding of how they used all of our tools. >> facebook ceo mark zucker beg says the social media giant has briefed congress and is handing over evidence to investigators on capitol hill including the special prosecutors office looking into russian interference into the 2016 election. >> a lot of the ads that facebook is agreeing to disclose are even just a small universe of the ads that they've had on facebook, so what they're agreeing to do is not nearly enough. >> former federal election commissioner ann rabl says facebook has dramatically grown in audience reach and influence, surpassing most broadcast media.

she says the social network and other online platforms need to be network like their broadcasting count parts. with 2 billion active users, facebook's hold on public discourse is undeniable. according to a recent survey, 67% of american adults said they got some of their news from social media while 45% said they obtained it exclusively from facebook. in the process facebook has been able to capture an exploding share of advertising dollars, but unlike tv, cable or radio stations, facebook isn't subject to so-called stand by your ad rules, which require political ads to identify who is behind them. >> there is so much what's called dark money that people don't know whose behind the campaigns and actually on the internet, it is so much easier to spread that money from one place to another so that it is

almost impossible to determine who is the originator of the money, who is funding the advertisements. >> in 2011 facebook successfully argued that inserting disclaimers in the ads it runs would cause a quote, significant disruption to its business model. and until recently, facebook counter calls for regulation in congress with the argument that facebook is a tech company, not a media company. facebook now tells nbc news quote we're open to reviewing any specific congressional proposals to regulate it. but times have changed. with many now claiming that facebook could hold the power to sway elections and some believe the fcc has failed to update its rules to take action and deal with new media. >> i would like to see it be a joint responsibility with the fec and an agency that is capable of doing the

investigations, so that we cannot just rely on facebook or any other platform to be responsible for doing that. >> here's the question, what's the right amount of regulation? we know -- >> just say what you've been saying all week. hate the. >> hate the game, not the player. what do you expect facebook to police themselves? no one polices themselves. if they need to be regulated more put regulation in place but if you thought they were going to say -- no one does that. >> there is something going through congress, senator mark warner and amy klobuchar are putting together a bill and the idea is anybody with more than a million users must publicly track all election communication by anybody spending more than $10,000. the problem is a lot of these questionable posts weren't election earring. >> they were far more devious. >> sex slave ring out of a pizza

parlor in d.c. that doesn't count as election spending. >> no it counts as also. mark warner has his eye on twitter. after they came to washington this week he wasn't happy with what he learned so the story is the story's not going away. >> coming up, the president has the votes for an obamacare repeal, at least he says he does but he might be confused about. this we'll talk about it when we come back. >> are lawmakers trying to protect equifax from the very people it harmed. the senate is close to passing a bill that would do exactly that.

now that we have your attention... capri sun has four updated drinks. now with only the good stuff. do you know how to use those? nope. get those kids some new capri sun! (hard exhalation) honey? can we do this tomorrow? (grunts of effort) can we do this tomorrow? if you have heart failure symptoms, your risk of hospitalization could increase, making tomorrow uncertain. but entresto is a medicine that was proven, in the largest heart failure study ever, to help more people stay alive and out of the hospital than a leading heart failure medicine.

women who are pregnant must not take entresto. it can cause harm or death to an unborn baby. don't take entresto with an ace inhibitor or aliskiren. if you've had angioedema while taking an ace or arb medicine, don't take entresto. the most serious side effects are angioedema, low blood pressure, kidney problems, or high potassium in your blood. ♪ tomorrow, tomorrow... ♪ when can we do this again, grandpa? well, how about tomorrow? ask your doctor about entresto and help make tomorrow possible.

you're watching velshi and ruhle. >> he's crazy for this story. >> i am. this week the equifax ceo richard smith announced that he's stepping down in the wake of the hackers grabbing the personal data of 143 million americans from the company servers. that's pretty much every adult

american. meanwhile senate republicans are getting ready to repeal a, quote, forced arbitration rule initiated by the consumer financial protection bureau. i know you don't know what this means. i'm going to tell you. this rule that they're going to repeal makes it easier for consumers to join together and fight financial firms in class action lawsuits but somehow republicans senators want to repeal that. while shaming republicans are even considering this reversal, senate democratic leader chuck schumer called the effort a quote, get out of jail free card for equifax and another company that is no stranger to controversy, wells fargo. this stuff makes my hair catch on fire. >> i'm going to leave that there. i got to share this one last thing. this is like a what? you're probably tired of hearing about the graham cassidy obamacare repeal bill, guess who is not? president trump. he doesn't think it's dead. >> we have the votes for health care. we have one senator that's in the hospital, he can't vote

because he's in the hospital. i feel we have the votes, i'm almost certain we have the votes. we have the votes, we have the votes, we have the votes, we have the votes. >> senator in the hospital? but if he had the votes, wonts the senate be voting on graham cassidy and here's something funny the senator in the hospital he refers to, senator cochran of mississippi, he wasn't in the hospital. he was at home recovering from you're logical issue, but back to the vote thing. here's how the white house press secretary sanders tried to explain it. >> the point that we're making is that we have the vote on the substance but not necessarily on the process. >> i'm going to leave this with -- >> they didn't have the votes. mccain said no, collins said no, rand paul said no. you can't lose three votes. they didn't have the votes. didn't have anything to do with ed cochran, or the hospital. >> and he want in the hospital.

i like to think that the person with the best information in the world is the president. i guess not. >> that does it for us. you can catch stephanie monday through friday at 9:00 a.m. eastern. >> and you can catch ali every day at 3:00 p.m. eastern. we're signing off. are have a great rest of your weekend. re have a great rest o weekend. e have a great rest of weekend. have a great rest of weekend. have a great rest of y weekend. wemost familiar companies,'s but we make more than our name suggests. we're an organic tea company. a premium juice company. a coconut water company. we've got drinks for long days. for birthdays. for turning over new leaves.

and we make them for every moment in every corner of the country. we are the coca-cola company, and we're proud to offer so much more. but on the inside, i feel chronic, widespread pain.like most people. fibromyalgia may be invisible to others, but my pain is real. fibromyalgia is thought to be caused by overactive nerves. lyrica is believed to calm these nerves. i'm glad my doctor prescribed lyrica. for some, lyrica delivers effective relief for moderate to even severe fibromyalgia pain. and improves function. lyrica may cause serious allergic reactions, suicidal thoughts or actions. tell your doctor right away if you have these, new or worse depression, unusual changes in mood or behavior, swelling, trouble breathing, rash, hives, blisters, muscle pain with fever, tired feeling, or blurry vision. common side effects: dizziness, sleepiness, weight gain, swelling of hands, legs and feet. don't drink alcohol while taking lyrica. don't drive or use machinery

until you know how lyrica affects you. those who've had a drug or alcohol problem may be more likely to misuse lyrica. with less pain, i can do more with my family. talk to your doctor today. see if lyrica can help. itwhat's possible.nk rethink the experience. rethink your allergy pills. flonase sensimist allergy relief uses unique mistpro technology and helps block 6 key inflammatory substances

with a gentle mist. most allergy pills only block one. and 6 is greater than one. rethink your allergy relief. flonase sensimist. ♪ good day, everyone. i'm alex witt at msnbc world headquarters in new york. here's what's happening right now. tweet storm fury. president trump unleashing on the mayor of san juan after her plea for help and criticism of federal response. >> i beg you to take charge and save lives. >> what more could or should the president be doing to where you people from puerto rico? the trump tax cut, how does it add up? >> a middle class miracle. >> a