the details are unfolding the ninth annual brics summit just wrapped up in shame in china that's a gathering of leaders from brazil russia india china south africa they were thought at one time to be five of the world's major emerging economies a few have taken major hits in recent years leaving some outsiders to question the strength of brics as a whole during the summit this year brics leaders strongly refuted any claims that it was losing its luster simone del rosario joins us from shonen china with how these five countries are trying to take an even bigger role on the world stage. the doubts are well documented after years of recession experience by three of the five brics countries has this powerhouse of emerging economies run its course well here

in shame in china for the ninth annual bric summit the answer is a clear and definitive no now brics is made up of brazil russia india china and south africa the group is not bound by geography nor political ideology not even comparable stages in development the chinese president xi jinping who chaired this year summit believes this core group of countries can bring together its very resources markets and labor force to fully unleash the group's capabilities on the world stage. shows you know the structure and situation of the world has experienced deep and complicated changes the cooperation of brics countries becomes more important against this backdrop together brics countries represent more than three billion people or more than forty percent of the world population two of its members india and china make up some of the world's fastest growing economies while the five countries as a whole have contributed to about half of the globe's. growth in the past decade

but ushering in a new decade for brics leaders acknowledge that in order to take a bigger role on the world stage it must be about more than just the economy bricks must also deep its global political and security cooperation it's here that these five leaders spelled out in the declaration that they deplore the nuclear test by north korea but agree the only direct dialogue is the answer not military options the group also condemned all terrorism worldwide but more than that it's the first time china has agreed to include pakistan based terror groups in the declaration after years of urging from india the let's get back to business this year some is about inclusiveness openness in the world economy multilateral trading the leaders took a not so subtle aim at u.s. president donald trump and his america first policy when the brics declaration said it strongly opposes protectionism not only are brics countries not walling themselves off from the outside world they're expanding their reach to other emerging markets and developing countries embracing what's being called

a brics plus format it's why china invited leaders from five additional countries to take part in talks here in. egypt guinea mexico and thailand now along with building relationships this bric summit tackle building physical connections roads railways trade routes both on land and in the water china committed four million dollars to the new development bank a product of a former brick summit that you'll hear about on boom bust later this week it's important to remember that brics is not just about governments heads of state here in more than one thousand participants are from the business community and not just bricks business the chinese delegation says there are representatives from twenty additional countries so despite doubts about brics strength china and others see this as a sign that the world is paying attention to moves made by these five core countries and consider this your summit a success. reporting from sherman china. the

congress is back at school on capitol hill they've got a populace to appease and bills to pay and so do we one of the biggest concerns for americans according to the latest polls is their tax bill months ago americans were issued a few pages on president trump's proposed tax code reforms just a few of them and eyes across the nation immediately scanned down the document and found what they were looking for specifics on tax brackets which he shrunk down to four and the all important rates assigned to them so let's take a look at the details of what we may face this congressional season now trump's tax plan if you are single making dollars up to twenty five thousand dollars zero taxes for married filers up to fifty thousand head of household thirty seven five

hundred now we go you go up ten percent on trump's tax plan single filers up to fifty thousand married one hundred thousand head of household seventy five we go up we double that to twenty percent fifty thousand to one hundred fifty thousand one dollar put you up to twenty percent one hundred fifty thousand three hundred thousand for married two hundred twenty five thousand for heads of household then a quarter of your income will go one hundred fifty thousand dollars and one dollar added to that up a quarter of your income a little over three hundred thousand one dollar to be exact a quarter of your income two hundred twenty five thousand and one dollar a quarter re income that is four categories let's look at what we faced. in two thousand and seventeen coming out of an obama white house the brackets jumped to six six seven from four to ten it starts at ten percent if you make nothing up to

nine thousand three hundred twenty five filing as a single person eighteen six fifty married thirteen three fifty head of household and then fifteen fifteen percent we go all the way up to nearly forty thousand dollars nearly seventy six thousand and fifty thousand eight hundred for head of household many were numbers to go here he jumps up to a quarter of your salary if you make up to ninety one thousand dollars a little bit over that one hundred fifty three and one hundred for mary one hundred thirty one and two hundred for head of household we've got four more brackets to go over a quarter of your salary if you make more than one hundred ninety one thousand dollars if you're married to thirty three three fifty head of household two hundred twelve five hundred. then we go up even more up to four hundred sixteen thousand dollars we get for a single person four hundred sixteen seven hundred married four hundred sixteen

seven hundred head of household thirty five percent now almost to the top tax bracket if you make up to four hundred eighteen a little more than that thousand dollars a year as a single person you get thirty five percent thirty five percent if you're married combined income for seventy and head of household for forty five hundred. now this is we come to the qualification for a rich rich person in this nation nearly forty percent tax if you make four hundred eighteen thousand dollars or more married four hundred seventy thousand dollars or more head of household four hundred forty four thousand dollars or more it's a lot of numbers but it's important and people are willing to go to the carpet for it in this country many people like the simpler version touted by trump and many think this update is just unfair for sure as congress heads back to the hill after

its august vacation we're going to see some action on this it's not going to be pretty as we head into the latest session bianca for she has an update she's standing by with the latest on tuesday members of congress return to capitol hill after a month long break with plenty of work to catch up on one of the more urgent matters as a relief package for victims of hurricane harvey in texas and louisiana congress also needs to prepare to raise the debt ceiling so democrats and republicans have their own list of requirements to do that considering the timeliness of those issues it's unclear work tax reform which is another major issue on the to do list we'll go from here in a labor day op ed president trump argued it's an urgent matter to address writing our self destructive tax code cost americans millions of jobs trillions of dollars and billions of hours spent on compliance and paperwork to fix this we have made the foundation of our job creation agenda fundamentally reforming our tax code for

the first time in more than thirty years i want to work with congress on a plan that is produce growth pro jobs per worker and pro-american trump added he thinks his plan will make the u.s. economy more competitive and therefore allow americans to read more financial rewards at work but even if he is able to get congress on actual reform it might be hard to sell it to most americans a recent poll from gallup. shows that the mood around taxes has improved in the past year fifty one percent of americans feel they pay too much in taxes compared to fifty seven percent in two thousand and sixteen and forty two percent say they're ok with the amount they pay which is up from thirty seven percent last year while there was an even a minor increase in the number of americans who feel they should be paying more that doesn't mean there isn't frustration regarding taxes in the u.s. because there is but it doesn't have to do with individual wants instead americans feel more resentment toward the corporate tax rate that could pose a problem for trump's proposal which would cut that rate to fifteen percent down

from thirty five percent in fact another survey taken earlier this year shows that fifty five percent of americans disapprove of that regardless of the obstacles the white house and republican leaders are planning to hold talks in speeches on tax reform this week meanwhile the trumpet ministration said previously that it hopes to have an official bill by september the considering the approaching get ceiling debate among other issues it's not clear if that's still a possibility. there for us time now for a quick break stick around because when we return here for some fireworks we've got a panel discussion on tax reform but before we go here are the numbers the closing bell oh.

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. this is. just so sad and skidded. to some little fishes and means to do so good on the same issue and i come by and yes the. field to see. this honesty so. income tax corporate tax death tax capital gains tax it gets complicated and talk gets heated fast so let's have ours right now please welcome from new york marshall our back research associate levy economics institute and ed martin president of the

phyllis schlafly eagles thank you so much guys i don't think anyone is going to disagree that we need a simplified tax code it's the way it's done that's the sticking point ed let's start with you what's the best way to reform the tax can simplify your take on trump's proposals. well you know i was there in springfield missouri last week when he gave that speech it sets not far from my home in st louis and you know the room was full of i don't know four or five hundred people maybe more two thirds of which were workers from the manufacturing company and they were cheering on lots of stuff but you know trump laid out those four plants four points i think the thing that americans want to see is simplicity i even listening to the report here on our t.v. just a few moments ago you hear all those brackets all those numbers all those things you also know there's a million loopholes there's a million games going on i think trump has a way where you communicate but also with the proposal of simplicity and simplicity

for growth that's the key thing that we need you know get things out of the way and let things grow forward marshall your response to that. well i think surprisingly i know you want fireworks but i happen to agree with ed i mean i do believe that the tax code has become an instrument in some ways of political corruption and where every single lobbyist likes to slip in his own favorite loophole and i think we can eliminate those that's a very very good thing so i do actually strongly think that it would be tacit to have a tax code which is the size of a postage stamp like say you have in hong kong where you just punch in a number whether that be point to five point four one five point one except i would love to do that my concern however is that if you will know while washington is full of lobbyists and they all have their special little interests they want to save god so i'm highly skeptical that you will get a tax code as simplified as trump with

a spot well let's let's stay on on the income tax is typically a marshall you call out the deficit why. well because i think if you want to have tax reform that's fine but you've got a fundamental split within the not just of the opi but i think both parties there is a concern that if you are introducing some sort of fiscal expansion safe tax cuts that somehow that's got to be revenue neutral that you've got to offset that with some sort of cuts in expenditure and i think that's a silly way to go budget because you obviously can't discuss in advance would determine in advance what the impact is going to be of certain task has a certain. expenditure cuts so i would prefer that they get away from that debate and just focus on on fiscal expansion and also focus on getting a simplified tax cut but you have as i say you do have this very very strong deficit hawk wing in both parties especially within the republican party they will

want to use this effort to say cut social security and medicare and that's going to be highly problematic ad what's your response to that well in the yellow lindsey let me jump in there i don't want to cut social security and medicare i believe trump when he said we shouldn't go after those but i do think like tillerson announcing last month or last maybe two weeks ago that they're not going to fill asking congress not to fill a bunch of spots in the in the state department i mean i do think that we don't just need a to improve the efficiency the code we need to lower spending and dramatically so i would like to see for example in foreign in foreign aid dramatically cut spending so while i agree with marshall i think we're green on simplicity maybe i would i would say we ought to demand of congress when they come back to this that they dramatically look for places to cut spending they won't want to because both parties enjoy the sort of notion of and i spending increasing all these things increasing but i think trump is going to signal that with some of the leadership

you know at hud i think you're seeing some of that so i do think i do want to cut social security or medicare and i know marshall smarties going to say the. those are the big places you have to manage a. problem but but we need to cut spending too right and a lot of people say well you know if you say cut spending you mean to social programs for mothers who need it or and i a we need that research it gets a bad rap marsha where do you think we could cut spending legitimately that you could sell to democrats that they could sell to their constituents because this is a hard thing to get through. well it's a hard thing to get through because i think people have a very misguided notion about deficits i don't think deficits per se are a problem for every. dollar of income that is cut from the government you're you withdraw from someone from the private sector so look you have to look at the overall economy if you want to simplify it three parts is that there's a trade component which is exports and imports there is the government component

and then there's private households and corporations collectively all those have to balance but in any given time any one of those sectors can run a deficit so long as the others are can run a surplus so if you say you want to cut back government spending then you are obviously hoping to get the expansion somewhere else and and what's happened over the past is that when you've had significant contractions in reductions in government deficits and spending you've often had a very very large growth in private debt and this is what happened for example in the one thousand nine hundred. and i think laid the foundation for the recession we had in two thousand and eight so that's the concern i have about cutting spending too much i'd like to see us go to a full employment economy and i think let the chips fall where they may with a full employment economy since are likely to come down in any case because more people will be paying taxes and that will increase revenues for the government ok ed what's your response. to that you know the fear of the deficit and all of us

that marshall's pointing out here well. no i mean i think we do have to worry about the deficit i think i put myself in the in the people that are concerned about the deficit so i take that criticism i stand with it i mean there's two answers one is i do think that if we cut taxes dramatically make things simpler if continues on the line of cutting regulations we have a chance to grow but i also just think we need many of the programs government started you know we're not talking about some of them today that are in the news were started by obama and bush that need to be cut way back and dramatically so to decrease the amount of spending. haven't i whether it's education or heard or other places there's lots of spots you can find it ok let's go to corporate taxes now is obviously a hot topic we can reference some very simple information that we've heard ad nauseum especially through the campaign us corporate tax thirty five percent obama wanted it down to twenty eight trump says teen feasible marshall what do you say.

well the reality is nobody actually very few companies actually pay that thirty five percent rate that's a bogus number thrown out there i mean it's the with the number of loopholes that are already in the system the effective rate is much lower i mean i've seen estimates from the g.a.o. the general accounting office back in two thousand and thirteen they did a study which showed that the effective tax rate of most large global corporations was as little as twelve and a half percent and that about ten percent of all corporations didn't pay any taxes at all so again if you go for simplification then you also should be by rights going for the closure of a number of loophole right again when you do that that's when you run into problems of getting it through congress because the lobbyists will be out of attacking this left right and center and everyone's going to have their favor the program that they won't want to want to safeguard via tax loop right and that's going to be very very difficult and what do you think about this corporate cutout of my tribe is it feasible and what's your opinion on it. well i mean i know look i think i disagree

with marsha on this i mean the people that don't have to pay that corporate tax are the big businesses that can work their way around it with lawyers and accountants a lot of businesses a lot of people that can't afford to keep their company to small you know sort of as a sole proprietorship but are starting to grow they pay the whole thing and i think we ought to be ruthless about getting there there's two reasons one is a lot of the economy is psychology so if you know that you're paying a rate better to stay here than go to canada we're go to europe or whatever you're going to but also that it just in reality it will free things up and make it better so i'm all for really cutting that. i don't know if you can go all the way down as far as trump wants to go but i think you can get dramatically so ok let's take it further than just the money staying here let's look at let's compare some countries you know a lot of people say g seven countries compared to the united states it's embarrassing for instance let's look at france thirty four point four percent business tax belgium thirty four germany thirty point two u.k. nineteen ireland twelve point five but as we all know right now apple is paying

a little less than one percent putting ireland in a tough spot with the e.u. what do you think of this do you think that lowering no one's going to know american business is moving to belgium to save on taxes all right we all know that so and over to you what do you think when people compare the united states to these countries and say well americans should be paying this level of taxes. well but it's not just the taxes like to move to belgium it's the fact that businesses that are european based are able to try to swallow up american companies in st louis i've heard siemens talk about how they're siemens look at emerson because it's a german based company siemens is i think it's german and the advantage of tax is it just puts us at a competitive disadvantage and again it's a psychology as well as the reality it's not just the truth of the payment it's the psychology of the economy they were unfair footing that i think can make a big difference all right marshall you say that you know you and i have talked

about the money isn't really that much money isn't really being kept offshore a lot of it's here but what about jobs apples in ireland paying one percent aren't those jobs that we could have here. well you know the five countries that you put brought out there that's very interesting because ireland has the lowest corporate tax rate as you pointed out and ireland's unemployment rate is substantially higher than germany's employment unemployment rate i think germany is pretty close to full employment economy it's about five and have six percent right now ireland still and in double digits and it's been in huge it was a huge recession for a number of years so tax rates per se are corporate tax rates per se are not the sort of thing that's likely to create jobs and the other point i would make is that when in many instances corporations aren't using that extra cash they derive from a tax cut to reinvest in their businesses they're using it to pay out in dividends or they're using it to buy back shares that's been a huge problem we've had too much of that over the last several years it's not we haven't over the financial eyes because i mean i think too much money goes into

stall buybacks and not enough into productive uses of capital which could actually genuinely create jobs and employment and what your response to that. well my response is this the last thing i'd like to say is that congress needs to get their act together meaning the republican leadership i mean that if we get it to the point where richard i think marshall i agree i think that they're in a back room doing deals and protecting big loopholes it's not going to change the dynamic i think congress has to deliver what trump has done is set congress up to deliver but also if they fail i think you're going to see the american people look up and say you guys ran again like obamacare for seven years saying you do something and you didn't get something done so you know when it comes to these corporations i'd like to see whatever it would take and an amnesty for the corporations to bring back the money just change the dynamic and let them put americans first so that it feels right as well as brings economic up possibilities on the table seems like i got to nice moderate guys who have a lot to agree on here thank you so much for joining me marshall auerbach research

associate me economics ed martin president philosophically illegal. so it's a take away well that it's complicated that taxes are the difference between whether your household scripts or saves or spends it if you are lucky enough to have income to be taxed our current president has proposed his philosophy for fixing the system with scant details just thus far but it's nothing we haven't heard before and no doubt we are about to see the sausage made in congress but that depends on whether we are willing to demand that all the dirty details come out we all say catch me if you can to the tax man but taxes provide for our roads our schools our safety how do our lawmakers fix a system that is broken because we tell them why it is broken and how it is broken and we tell them how we want to fix because at the end of the day they work for us so don't stop talking about let us know your thoughts send us a tweet or t.

or shoot us your views via e-mail at boom bust your at r t america dot tv that's all for now check out the show on you tube youtube dot com slash two must r t thanks for watching see you next time. i am.

how bad can it get how low can russia u.s. relations go at this point it's anyone's guess but one thing is for sure donald trump. is now. basile in the dubrovnik in venice are all fixed travel destinations so it must be nice to live there or is it. crowds of tourists disrupt the city's economic and social life. for us on the slash and get out of the. sun. but not as we don't mind the needs of a school. while the city's tried desperately not to collapse.

to the simple and probably global need. a cup of. tea in the bushes up the on saabs in the supposed to me of a. mind. is a tourist phobia fulfill phone tone identity. years ago i traveled across the united states exploring america's deadly love affair with the gun bad guy tried to get to one of my family members he would have better a lot better and i think. my babies since my book was published in the year two thousand more than hoffa million americans have been killed by phones in the us. this is a middle school we go through drills and we put ourselves in real scenarios it was to see. to the subject

to track down each gun owner who i'd met and photographed those years of god. but we are not. close to liberation the syrian army recounts as a large fortified area in the city of. finally breaking a three year long siege by islamic state the operation was backed by the russian military. russian and south korean leaders meet to discuss the north korea crisis at the eastern economic forum underway in the russian city of lot of old we'll bring you all the latest from there throughout the day. and flooded who to opposes sending in the u.n. peacekeepers to help ease the conflict in eastern ukraine i moved back to joe.