adam shapiro broke the news about the whip count, he's got even more news. we're getting him in front of the camera right now. >>> california congressman turned contrarian, republican darrell issa, now the lone republican from his state who says he's a no vote on the house bill. why? because he could face a revolt by his constituents if he says yes to any plan that repeals that deduction for state and local taxes. a deduction his voters depend on. he's with us in a fox business exclusive on the big pickle he's in and how to get out of it. >>> and the democratic senator who agrees whole heartedly with president trump at least on one crucial aspect that's missing from the senate's tax plan. in her first broadcast interview, senator tammy baldwin of wisconsin is here on her plan to convince republicans that carried interest has got to go. on wall street markets falling just a bit here along with oil as general electric gets punished for a second straight day, and shareholders, yeah, they're getting punished. we're less than an hour to the closing bell, let's st

adam shapiro. all right.t is one of the broadband providers, but they have bigger issues on their hand. if there's any question as to whether the justice department were to block that at&t, time warner deal were political, well, this may help clarify for you. the lawyer who worked on both the reagan-era iran affair and the clinton whitewater case way back in the 90s, has just been assigned to hear the department of justice's case against the merger. leon will be tasked with deciding if a link up of telecom at&t and hbo parent, of course cnn parent time warner would hurt competition. the men we were just talking about. fcc had said earlier this year. he didn't see any problem with the merger. but has since done a 180 as president trump who put him in the position as chief continues to tweet and say he's against this merger. as at&t gears up for this epic battle, major banks that hoped to underwrite the deal are already taking sides. charlie gasparino on what has to be panic on wall street over this suit. >> ma

cheryl: adam shapiro has more on the senate's tax bill from washington. : good morning, now that the house ways means committee has passed out of committee, house is expected to vote on measure next week and the senate finance committee expect today mark-up their version of tax bill as well. here is what they are proposing, 7 tax brackets. house version only had four, the senate seven and there's a difference in the highest tax bracket. both measures would reduce the corporate tax rate down to 20% but the senate version would delay that 20% rate for one year. also the more -- mortgage interest deduction, the senate version would maintain the current interest deduction on mortgages up to a million dollars. here is what orin hatch had to say about it. >> whether they to or not, we will change this and get this country moving again. adam: democrats are attacking both versions of tax reform offered by the republicans, minority leader chuck schumer said this. >> this bill is loose lose for -- lose-lose for them. they lose if they pass it because it's going hurt

adam shapiro has more. >> all eyes focused on the senators who have not committed to voting for or against the senate version of tax cuts and jobs. i will show them to you, susan collins from maine is concerned about repealing the individual mandate that it will drive up the cost of insurance premiums and negate any savings. her constituents would get from the tax cuts. and lisa murkowski, senator from alaska, people think she might be no but there is a deal that has been struck that will allow drilling in the arctic reserve, that will win a yes from lisa murkowski. the others are noncommittal. that is what people are paying attention to but democrats are on the attack pointing out an analysis that shows taxes for people making less than $100,000 a year will go up within ten years. >> senators at home at the end of the week, the thanksgiving holiday. the majority from the house and the senate are going to be hashing out the differences in their two bills. they are looking to cut a backroom deal. when you are reaching for the cranberry sauce, republicans are going to be reaching for your po

that president trump intends to nominate him at next president of central bank, adam shapiro is here with latest. reporter: the president likes it congress most likely will. this man is a life long republican, worked at treasury department from 1990-93, under secretary at industry investigating domestic finance. you might remember salomon brothers, he was involved in some investigation there. and the investigation of solomon yeah but he within to bankers trust, worked for carlyle group, then back to you might say government when barack obama, democrat president nominated him to join the board of governors, and took office with federal reserve in 2012. we spoke with governor powell back in jackson hole in august. about the potential that he might become the next fed chair. i think we have the sound bite ready. where he responded to what would you do if president called you. >> we dean have it ready, he said this say job that requires deep knowledge of federal reserve operations, i think it happens to have knowledge of economic issues that we face. he doesn't the economic issues, some

in virginia, let's get to adam shapiro live on the ground. adam? >> reporter: as you've said, this is a race that the entire nation is keeping an eye on because the stakes are great not only for republicans, but for democrats, and polls will close here in just under two hours. as you take a look at video of ralph northam, the lieutenant governor, the democrat who had a commanding lead a few weeks ago, but it has shrunk, this morning when he was in richmond he actually said that this race was a bellwether. the quote was we're the bellwether, people are looking at us to see what direction we go in. they want a governor who has some fire in his belly. we will stand up to the detrimental policies coming out of washington. in some respects, trying to make this a national referendum. then you get ed gillespie, in the video you see, he has some help from president trump, but president trump did in the come to virginia to campaign on his behalf. this morning gillespie was talking about the momentum that has been building with his base. here's what he said.

adam shapiro in washington with more. reporter: good morning to the senate finance committee could go much later today, most likely tomorrow on the tax reform measure intended to the full senate for a vote. late wednesday afternoon, senator ron johnson from wisconsin dropped a bombshell saying he would vote no on the bill as is. so the potential to bring him back into the republican camp. the other issue getting a lot of attention a lot of attention is the repeal of the apothecary individual mandate. democrats say this is a backdoor attempt to get rid of the affordable care act. republicans in the administration say no it's not. this is a middle-class tax breaks. here's what mark short from the administration says about it. >> it's middle-class tax relief. 80% on apothecary taxes are those earning $50,000 or less. repealing the tax will be beneficial to working families. >> the house of representatives will vote this afternoon in the tax reform plan. senate finance could vote later today, most likely tomorrow sending its

let's get to adam shapiro. as we saw, adam, this is a big victory, a big win for the house because it has just begun, because it has to to get through the senate as well. reporter: it is a big win. consider how big it is, 227 195. we're hearing from speaker ryan about the conference committee will eventually come if the senate passes their version of the tax cuts and jobs act. clearly the senate finance committee which is recessed right now but has been in markup all week, hoping to finish that markup by friday so they can go home for the thanksgiving holiday. but opposition from the democrats, they're trying to slow down this process. listen to what ranking member, ron wyden, on the senate finance committee said about where this is headed. >> senators head home at the end of the week for the thanksgiving holiday but the majorities from the house and the senate are going to be hashing out the differences in their two bills. they're looking to cut a back-room deal. when you're reaching for the cranberry sauce, re

let's go back to adam shapiro on capitol hill with the latest. e is all kinds of deal-making going on in order to get the senate and the house on board this tax reform bill, right? >> that is correct. it is not a done deal, as far as delivering the bill. so it can be signed by the president. but they have moved forward in the sense that tomorrow, late tonight the chairman's mark will be released. 9:00 a.m., they will start up again with the markup in senate finance committee. this new version, amendment to the chairman's mark will include that provision to repeal the obamacare individual mandate. how do you get senators who voted in the past against these kinds of things to vote yes? for instance, susan come loins said she has not said whether she is yes or no? she introduced legislation earlier this year with senator cassidy, the patient care act, which, called for the repeal of the individual mandate. so, what we're being told, if you can get some of the language that she had wanted originally back in february into this, she might switch to yes.

first to adam shapiro. he is is on capitol hill. has latest on the tack bill. -- tax bill. adam, how does it look? reporter: it will get done and betting money it will be done late tonight or early tomorrow, athlete in the house. the ways and means committee will get it out of committee, send it to the house for a vote. once it is out of a house, trish, the senate finance committee will release the mark they're working on, but not until the house ways and means committee set their bill in the house for a vote. we could see all of this tomorrow or perhaps next week. here what we do know, in the house there will be differences what we eventually see in the senate. as you point out there are rumblings that the senate version of this would delay the 20% corporate tax rate for a year or possibly phase it in. there may be more tax brackets than the house is proposalling. house will deal with the estate tax. susan collins wants to keep all or portions of the estate tax. the senate finance committee is expected to retain a estate tax as revenue builder for treasury. at the end of th

i want to go back to adam shapiro with more on that. they're talking about a lower tax rate for the highest earners, adam. but, they're still talking about not allowing people to deduct state and local taxes. fill us in. reporter: we refer to these on the hill as "salt," state and local taxes. if you itemize your taxes, chances are your taking a deduction for your local property tax, for, if you live in a state like new york, your state income tax. if you live in new york city, your city income tax. all of it adds up to lower your overall tax liability. that would be we're told completely wiped out in the senate version whereas in the house, what we're saying we'll get rid of the state and local tax deductions but we'll at least allow up to deduct 10,000-dollar cap on property taxes. remember there were republicans in the house who wanted to raise that 10,000-dollar cap. the question is, would the senate maintain it or do total repeal of "salt"? there are other issues in play here as well. we did confirm, that the top tax bracket in the

adam shapiro on the big story and adam's reporting senator rand paul today says as things stand, he plansto vote for the senate tax bill. urged his colleagues to step up, as he put it, and back the measure as well. this all came at a fox news op-ed. the connecticut senator writing and i'm quoting him now. this tax bill is a true test for my colleagues. i'm not getting everything i want. far from it. i fought for and received major changes for the better, and i plan to vote for this bill as it stands right now. senator paul had been one of the largest hurdles, senate -- for the senate gop leadership during the debate over repealing and replacing obamacare that we saw earlier this year. so this time around, even if he is onboard to adam's point, there are he other question marks that remain. let's talk about it now. former trump 2016 campaign national spokesperson katrina pearson. you know, this is -- all the stuff that we get distracted by and, by the way, taxes i don't think came up once at the white house briefing today with sarah sanders was all of these other topics. but for all the th

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let's go to adam shapiro live on capitol hill with the latest. what is the timing on this one, adam? reporter: don't hold your breath because once -- as we're speaking right now, we'll take a live shot of the senate floor, because they're debating a motion to get on the bill, which would kick in 20 hours of debate. we get the amendments back and forth until a final vote. if you were going to put honey on when they actually vote, wee, wee hours of friday morning, most likely friday, we could have possible vote on the bill but at issues what will this bill do for the american people and the economy? of course, depends on what side of the political spectrum you fall on and what you think about this. listen to what the ranking, or the minority member, this would be charles schumer, the democrat in the senate has to say about the bill. listen to how orrin hatch responds to senator schumer. >> this bill could be entitled, the trickle-down tax bill. let's hope and prey, middle class people, when we give most of the breaks to the wealthiest and biggest co

first adam shapiro on capitol hill with a closer look at senate's tax bill. hey, adam. reporter: trish, we're expecting on the house side, we expect debate to begin next week, perhaps a vote late next week the house bill come out of committee but it is the senate bill we want to pay attention to. let's get into differences between the house bill and what the senate is proposing through senate finance. first the tax brackets. there are four in the house, but in the senate it is just seven brackets, lowest 10%, the highest paying 38.5%. in house it was 39.6%. this is the some things they have to reconcile going forward. the tax reform plan on the 20% corporate tax rate, in the house immediate but in the senate delayed one year. that will be something they have to iron out if this all goes forward. of course there is the state and local tax deduction. house eliminates, but allows one to remain, the deduction for the property taxes with cap of $10,000, the senate, nothing. all eliminated. that could be issue for senators like susan collins from maine who told me a month ago

let's get to adam shapiro in washington. let's take a look at the senate finance committee because that is where the markup is taking place. they are hoping to finish their work they got here tomorrow. in their home for thanksgiving. with senators that are undecided. for instance take a look at the senators we are talking about. if susan collins of maine. and then you had people like jeff flake and bob corker who are working -- worried about if this will add to the deficit. they might be comfortable with that. they are not committing one way or the other. lisa murkowski from alaska she wasn't in healthcare. it's something she always wanted. she is going to get that. where do we stand. the democrats are attacking the legislation as it has been amended. same that the joint committee on taxation the most recent analysis shows that the middle class will see their taxes go up in 200021 in ten years. the democrat on the committee. they will have home for the things giving holiday but the majority from the house and the senate are

adam shapiro is live inside that rotunda. he is one that broke the news about the 401k catch up program that now might be facing that. now adam has more for you. steve forbes also there. 400 of the nations who were wealthy speaking out. steve is not one of them but he is here to tell you if any of their arguments had merit. and the man entrusted by the treasury secretary. tony is life from the north -- north lawn of the white house. they squeeze in under the deadline. plus president trump in the philippines at this hour. hobnobbing with world leaders. a major trade announcement when he returns to dc on wednesday. with someone who might know what that surprise involves. general electric with the reins. no blue ribbon awarded for the just announced ge makeover. investors don't like it to the loss of 8% on the stock right now. all of you that got in last week. they are now below $19. less than an hour to the closing bell. let's start the countdown. i am just looking at msg stock. the new york entertainment behemoth. the stock is

liz: let's get to adam shapiro. he is right here in the middle of the action on capitol hill. adam, do you think they have the votes to pass it? reporter: i do think they have the votes to pass it. they certainly have 50. they would get the vice president as the tiebreaker. we're still far away from the final vote. let's get to where we are right now, at least on the senate version because there is still some senators on the fence. they're trying to work out some details on the so-called triggers to placate people like senator corker and senator flake but it was john mccain who set momentum moving ahead today when he came out in favor of the tax bill. he said he will vote yes for that tax bill. and so you have got people like marc short, the legislative advisor between the president and capitol hill talking about this is going to happen. let me let you listen not only to mark short and mitch mcconnell and paul ryan. this is where we're headed. >> i think we feel pretty good right now. the republican conference came together. >> horse racing is a big deal in kentucky. we're goin

liz: what a fight, great stuff, adam shapiro, thank you for your reporting. >> house minority leader nancy pelosi speaking out against tax bill saying that republicans did this bill drafting in secret, watch. >> really we want the american people to know clearly they do not want the american people know. that is where so much secrecy, such a short fuse, time is their enemy. liz: obamacare was not written with conferences, bipartisanship it was enacted with democrats writing it remember, what nancy pelosi said about obamacare. >> we have to pass the bill. so you can find out what is in it. away from the fog of the controversy. >> bring in onc spokesperson kelly. >> good to see you. liz: move bo yondwha beyond pety partisanship. it is better to get a bipartisan deal is what kennedy and reagan did. any chance that democrats could have signed on for tax cuts. >> it is, of course, better to get a bipartisan deal, but if we got to 60 votes, the cuts are permanent, they don't have to be renewed year after year. bipartisan legislation is something we wanted, why president when he was selling

cheryl: adam shapiro and washington has those details for us. reporter: good morning. cut is that the house ways and means committee will voted out of committee today, send it to the house for a full vote next week or once it's out of committee, then we should get the mark. the legislation that the senate finance committee is working on. they will crossover. for instance, the tax policy center came out wednesday afternoon same 7% of taxpayers will pay more in 2018 if the law takes effect as proposed in the house and by 2027, 25% of taxpayers will pay more. there's going to be differences ironed out between house and senate. kevin brady chairman of the house ways and means committee says about all of this. >> the senate will differ in some regards. you'll see some different approaches than where we are headed in the house. this is the way it works is to make democrats like nancy pelosi already on the attack. >> to ask republicans on this committee in the florida ballot to walk the plank on the bill that may not be the final product. they ask them to reject concerns of t

latest on the tax bill now from adam shapiro. >> good morning. the house ways and means committee will continue its markup of the tax legislation which could lead to tax reform, tax cuts and jobs act. they've heard from people like the joint committee on taxation who says millions of americans are in brackets that possibly could be taxes go up in five years that some provisions within the tax bill actually expire even if it becomes law. democrats like tom larsen of connecticut were furious. >> it's going to be 2416 right down the line. all the way until they can get this to the floor of the house. on the floor of the house though continued to perpetuate this great myth that somehow we went through any kind of regular order where there was any bipartisanship. >> republicans on the committee like mike kelly from pennsylvania insist they need to middle class now. >> this is how we peered you'll hear about what we are not doing for certain people. i submit to my friends that this effort is a three decade effort to change the tide of america's project

adam shapiro keeping track of all of this. hey, adam. reporter: it is possible, neil. good afternoon to you. here are some hurdles they have to cross with goal of giving tax reform for president trump to sign by christmas. there are differences between the house bill and what eventually will be the senate bill. the house bill of course has four tax brackets highest which is 39.6%. the senate version has seven tax brackets, highest is 38.5%. lowest, 10%. this is not too biggs of an issue between the house and the senate. but then you get into some details, the corporate tax rate. the president wants a 20% corporate tax rate immediately. the house gives him that. the senate, no. they will delay that a year to pay deadlines and guidelines they need to bring it in budget. there is the actual deductions. state and local tax deduction. this will be a huge battle between the house and the senate. the house version eliminates the state and local tax deductions except the deduction for property taxes they capped at $10,000. senate, totally gone. this will be issue from senator

trade to adam shapiro will take it down from washington. reporter: good morning. the actual draft order will be released this morning from the sec which essentially outline the new position we are going to essentially rescind the net neutrality order put into place under president barack obama in the sec in 2015 go back to essentially where we were with the wide-open internet prior to that. ajit pai, chairman of the fcc was subcommittee on the program on sbs last night and here's what he said about the need to do this. >> part of the reason the regulations are misplaced if there was any regulation here. it wasn't like it was work and we are living digital dystopia. going forward, we want all companies, not just a feature to invest and innovate on the web and the best way to do that isn't sure everybody has the freedom to pursue a business plan that will be well. trading at the fcc has launched an all-out assault on the entrepreneurship, innovation and competition at the heart of the internet. one thing a little bit different if this actually goes into effect when

powell appealed on fox does this not too long ago if adam shapiro and jackson hole, wyoming talking aboutties of fed chair should have. >> i think it helps to have a deep knowledge of fed operations. it helps to have knowledge of the economic issues that we face. i would say one of the more challenging is to focus on one of the more challenging aspects of the fed chair's role is that she has to -- she deals with all of the routine members of the market committee. it takes a lot of patience. lauren: this would be the first time in 40 years that a new president reappointed to the current fed chief. she was in the running for the job to do for term expires in february and is expected to continue her policies, unwinding of the fed stimulus policies as the economy doesn't end. cheryl: it is finally here. house republicans had to unveil a long-awaited tax reform plan. members of the house ways and means committee have been trying to get an agreement on plans to raise revenue to help offset the proposed tax cut all about what it's going to cost. lawmakers are in high tax states like new york, ne

adam shapiro with details. >> good morning. today will begin at the new deal of the senate finance committee's tax reform bill and it includes the repeal of the obamacare individual mandate. they wouldn't have put that in there if they didn't think they have enough votes among republicans to get this passed when it sent to the full senate for a vote. democrats are saying this is a huge mistake and we heard from them tuesday. senators like ron wyden and claire mccaskill. >> this redefines the scope of this markup. we didn't know anything about this. that is why it is so important that we get the time to address it. >> the people this is going to hit our middle-class people about it since it was the whole bill is supposed to be about helping. it will make fair insurance more expensive and make uninsured people often make sure that passed through a steady 5% or 6% cut in taxes. >> senators like john mccain are not committing yet yes or no but repealing the individual mandate would not be a dealbreaker. back to you. lauren: paul ry

let's bring in adam shapiro teaches from washington. >> good morning. it's going to be a long process to get to final passage. over the next two, three days khmers which you can expect that a lot of debates and amendments with one big manager's amendment from orrin hatch to clean things up and it felt possibly late friday night, early saturday morning come even perhaps monday. you can tell who's falling on what type. chuck schumer, minority leader in the senate is calling this a big handout to the wealthy while orrin hatch is saying i'm not. >> this bill could be entitled the trickle-down tax bill. let's hope and pray middle-class people do when we gave most of the breaks to the wealthiest and biggest corporations that you might get a few crumbs. >> that's always the claim that the democrats. a gift the so-called rich. give me a break. i get so tired of that. phony, lousy argument you make all the time. >> the ultimate goal is to final passage of the bill after a conference committee with the house sometime in the middle to the end of december before ch

tranter adam shapiro in washington with the latest for us. >> the senate finance committee will continueup the tax reform bill that the tax cuts in jobs act as the house prepares to vote on the measure later this week. some of the amendments being put into play could include repealing the 401(k) pretax contribution that would become an $9000 contribution that no pretax as well as eliminating the ability to transform a current traditional ira into a roth ira. another amendment in play is allowing companies with 5% of their total dividend payments to shareholders. here is what senate finance chairman orrin hatch had to say about the timing of everything as we move towards tax reform. >> under no object to standard is this bill being rushed or forced through. this committee through either congressional chamber, the committee's efforts on tax reform goes back years. >> democrat say it will continue to fight tax reform. they also say passing tax reform in its current form will help them. >> the tax bill will be at the center of our effort to take back the house and senate in 2018. taxes align

adam shapiro is in washington. >> good morning.ntion on the senate budget committee later this afternoon. at 2:30 they will begin the process of uniting two bills, tax reform and reconciliation bill with an energy bill which would allow drilling in the arctic reserve. that's the necessary step to send this to the full senate for a vote. on monday the president have lunch with key members of the senate finance committee working behind the scenes to get the necessary yes vote when this does come to the floor of the senate. one of the senators in a holdup has been ron johnson. he wants an increase in the percent deduction for pass-through business is the income can deduct. that is being worked out and we expect ron johnson will be a yes. orrin hatch from the senate of the finance committee had to say about where all this is headed. >> we will be able to get together and solve these problems and i think we will. that is why you have two houses and they never fail to be able to get together with the house even on very good intentions is

first, adam shapiro with the latest on the tax bill as they tweek it. they have some tweaking to do, adam. reporter: they do have tweaking to do here, but the key here, trish, they have it finish this by thursday. the coal is this to be done before thanksgiving at least in the house. the issue you know are of contention with some members, not only of the committee but republicans in the house, deductions for state and local taxes, despite the fact they will keep the deduction for property taxes with a cap of $10,000. by the way, tom macarthur from new jersey, originally opposed to bill, now on board with that 10,000-dollar cap on property taxes. that is one of several issues. bottom line, kevin brady. >> chairman of the house ways and means committee, he said it will not only simplify tax code for americans but give them a tax cut. this is what he said at opening of today's markup. >> this bill is far more than a collection much pro-growth tax policies this is restoration of basis i can freedoms all americans deserve but only special interests get to enj

go straight to adam shapiro for a break down on all this adam. reporter: we'll start first with the at&t comments from the president, the purchase of time warner because the president has had his issues, shall we say with, cnn there is the issue would time warner sell cnn to sell this deal. here is what the president said. >> personally i always felt that is deal not good for the country. i think your pricing is going up. i don't think it is a good deal for the country. i will not get involved in litigation. reporter: it has ramifications for potential other deals. there is the news that charlie gasparino has been talking about, our parent company possibly selling some entertainment assets to disney, to comcast. so a lot in play there. of course net neutrality. i want to show you video of ajit pai, the fcc chairman because he is going to release tomorrow a draft of essentially an order that would reverse the net neutrality order put in place under president obama and fcc in 2015. and essentially take us back to just before 2015 when there was at

charles: i want to bring in very own adam shapiro to discuss this maneuver that the democrats attempted. adam? reporter: it wasn't so much the democrats, angus king wanted to send it back to the finance committee, the bill dodged that bullet. where we stand right now, charles is what you were talking with with the senator, this is key. i want to go back to the interview with senator hatch in july. the chairman of the finance committee told us in july, a corporate tax rate of 20 to 25% would be ideal. the j.c.t. score, that report doesn't deliver the growth that the tax bill is promising. so how do you get there and pay for all of this? you listen to senator hatch as he suggested back in july and now what they're proposing is 20% but then the steps up, you increase it each year perhaps of a cap of 25%. we don't have anything confirmed with senator hatch, relying on the interview back from july. this is going to senator hatch and even paul ryan. mitch mcconnell talking about they will get this done. >> i think we feel pretty good right now. the republican conference has come together. >>

adam shapiro is live on capitol hill with the latest. adam. reporter: melissa, look at video when passed job cuts act. vote 227 to 205. not one democrat voted for this. there were 13 republicans voted against it. take a live look what is happening in the senate finance committee markup. because they're hoping to conclude their work possibly later tonight, which would then tend this to, if they vote, they're expected to vote yes, send it to the full senate to vote right after thanksgiving. there are senators who are on the fence. they have not committed yes and no. i want to show you who those are. susan collins, jeff flake of arizona, john mccain of arizona, lisa murkowsky, alaska, senator bob corker and james lankford. susan collins thinks repeal of mandate will cost taxpayers more. it will be difficult to get her to switch yes. keep an eye on flake, mccain, murkowski and corker. murkowski wanted something for a long time, drilling in the arctic reserve. that is part of this bill. there is deal struck behind closed doors here. in which case s

adam shapiro on capitol hill with the latest. adam, tell us exactly what's going to happen.eporter: if i could tell you that, i'd have a much more high-paying job. i would tell you what's about to happen, here's the deal. we could, very minute have a vote tonight, most likely tomorrow, but haven't gotten guidance from mitch mcconnell who said perhaps later tonight or early tomorrow. what's happened within the last hour is the joint committee on taxation requested a dynamic scoring on the tax bill, not with all of the pieces but as they had it, and it came within the $1.5 trillion debt limit but adds a trillion dollars to the national debt over ten years and could prove a problem with senators bob corker and senator flake, i reached out to them, no comment, because it still adds debt and doesn't grow the economy at the levels the administration is promising but still grows the economy. here's where we stand right now. have you john mccain who offered huge momentum to passing the bill today when he said quote, i believe this legislation, though far from perfect, would enhance

fox business's adam shapiro is live in d.c. with the latest. adam, we've been talking about the delay in the corporate tax rate cut. but there are also seven brackets. we went from three to four and now the senate has seven, right? melissa: that's a big postcard. reporter: the senate wants seven. everyone through where we are. none of it is a done deal yet. first as you reported the house ways and means committee within the last hour did vote and pass the proposal. now the house will vote for it. house ways and means promising this will put $1200 back into the pocket of a family of four. let's take a look at what kevin brady has been saying. now this moves all attention to the senate. here is what braid sy said after passing the version of tax reform that the house is going to vote on. >> i'm proud of the work that the ways and means committee has delivered today for the american people. we know we have more work yet to be done, but this is a historic step and we look forward to sending this bill to the house, ultimately to the president's desk

adam shapiro joins us from washington with the very latest. >> good morning.se and senate may be on vacation for the thanksgiving holiday. wheeling and dealing going on specifically because they were senators who have not yet committed to the tax reform bill when it comes to the floor of the senate for a vote. ron johnson said now, although he's been expected to flip in becoming a of then this guy bob corker, jeff flake, john mccain, susan collins, james blake for and lisa murkowski. susan collins on sunday said she would be in favor of raising the proposed corporate tax rate from 20% to 22% as a way to restore some deductions for state and local taxes. good luck getting that, but something she's working to do. then you have the president because over the weekend on sunday, mick mulvaney said the administration would be hoping to perhaps giving it the repeal of the individual mandate if it meant passing tax reform. >> what the democrats given us no votes come in a purely political reasons, obstructionist, will will at the republicans to go through for american

happen adam shapiro with more.eporter: it can get done but it will take swift maneuvering on part of senate and mitch mcconnell. mick mulvaney, omb director, is said that the administration would be open if necessary to not repealing the individual mandate from obamacare, if that was necessary to get the senate to vote for the tax reform bill. so where do we assistant right now? here is what president trump, he was addressing his cabinet earlier today, he talked about getting this through the senate now so that the conference committee with the house can take place. here is what he said. >> with the democrats giving us no votes for tax cuts for purely political reasons, obstructionists, it will be up to the republicans to come through for america. i think they will. i hope they will. it is up to the senate. reporter: now, there was a bit of an exchange last night between the president and senator jeff flake. the president tweeting last night, senator jeff flake-y, unelectable in the great state of arizona, quit rac

adam shapiro is live on capitol hill with the latest on this surprise. right, adam? reporter: a bit of a surprise but as is would be the key phrase, right? ron johnson, senator from wisconsin, let's show, we have a picture of him said he would not vote for the bill as is. he has some disagreements over the big corporate tax breaks being done versus the tax breaks for small business and pass-through entities. if that can be worked out you can bring ron johnson back on board. i spoke with senator inhofe a few minutes ago, this was disagreement between ron johnson and senator pat toomey. it exploded at lunch they had yesterday. but they are confident they can bring ron johnson back in the fold. the key issue for democrats is that the obamacare individual mandate repeal is part of this but they're also upset with some of the income tax cuts for individuals that are going to expire. but listen to what ron wydennen, he is ranking member on the senate finance committee, the democrat, had to say where tax reform is headed. >> the republicans apparently couldn't get through l

adam shapiro has the exclusive details. adam, what can you tell us? reporter: look at video from the senate finance committee markup which is taking place as you said. this is expected to last toward the end of the week, there could, could actually be a vote to end this at some point with the chairman's mark, managers mark at the end of the week but let's not get ahead of ourselves. here is what is coming up. you have to the orrin hatch, chairman of the senate finance committee who is going to propose amendments. one of them would eliminate the 401(k) pretax catch-up, replacing the 6,000-dollars catch-up, with a 9,000 dollars catch-up, but you would no longer be pretax. you have to pay tax 50 years or older. eliminate the ability to transform your current ira, a traditional ira into a roth ira. they would eliminate that. also create a new 12.5% deduction for corporations on dividends that they pay to their shareholders. so you could deduct up to 12-point 5%. hatch is talking about the time line of all of this. responding to critics who say that this a

bring in adam shapiro on capitol hill. we're waiting for this to kick off. the clock is on, adam. where are we? reporter: we'll eventually get to a vote on motion to proceed. you're looking live picture what is happening on the senate floor when they take the vote i want to talk about three shorts who will be key. senator collins, senator flake, senator daines, they indicated they are yes votes to proceed to debate on the bill. that doesn't mean to proceed to the bill but to proceed. daines is talking about the $60 billion he gotten as commitment by raising the 17.4% deduction for pass-through income to 20%. really not going to be a no or yes, rather when it comes time to vote on the bill. they're just yeses on motion to proceed. still have to do a vote on the actual bill which could come late friday, perhaps early saturday morning. but this is where things are lining up. the, minority leader, charles schumer, is not happy about how this is all proceeding. here is what he had to say. here is what orrin hatch said in response. >> this bill could be entitled, the trickle down tax bi

plus adam shapiro on capitol hill with the latest on tax reform. we go to him now. how does it look, adam? any closer. reporter: like that 1970s show, let's make a deal. orrin hatch came out with the lunch that members of the senate finance committee had with the president and said it should be easy to reconcile versions between the house and senate version but we still need to get to a senate vote possibly later this week. let me show you who was at the lunch with president trump because this is important. this is senator hatch, pat toomey, rob portman, tim scott and john cornyn. the other person you need to pay attention to in all of this is ron johnson. he is one of two senators who are pushing hard for the deduction for pass-through income to be raised from 17.4% to about 20% that would be a deal we are told which they are working on and getting close to. one way to pay for that is by removing the deductions that businesses have for state and local tax deductions. individuals, we'll lose the state and local tax deduction shuns but business get them. rand paul on

our own adam shapiro is live in d.c. with the latest. adam? reporter: the mark-up continues. we expect first votes on amendments to take place in the next few hours. this will go on all week, melissa, the goal finish by thursday, send it to the full house for a vote before thanks giving. once they vote it out by committee, that is when we expect orrin hatch to release their version of the jobs act. there is little confusion. for instance, the joint committee on taxation was answering questions before the committee and he said 38 million americans will fall into tax brackets, some might see their taxes go up in five years as difficult proposals within the current bill expire. they would have to be renewed. so that is one issue that is in play. democrats are saying look, for instance, representative lewis from georgia, he said this bill isn't the worth it is printed on. just throw it out. john larson from connecticut, said enough is enough. take a listen. >> this is going to be 2416 right down the line. all the way until they can get this, to the floor of the house. and then on

adam shapiro is looking at this big fight on tax reform that has just gotten a little uglier. adam. reporter: the words are going back and forth. we could have a vote late thursday night in the senate finance committee and possibly friday. here is what the republicans in the new form of the bill they say they want to do. these are middle class tax cuts that would expire in 10 years. for instance, this isn't so much middle class, the amt which a lot of people complain about, it would come back. repealing amt would only go for 10 years and come back in 2025. new tax brackets republicans proposing they revert back in 10 years unless congress extends that. standard deduction, that would expire and go back to the deduction development. 2000-dollar child tax credit and 17.4% qualified individual business owners, all of that would revert back where we are today, in 10 years without some kind of extension. so you have democrats not only pointing out that issue, but ron wydennen, who is the ranking member on the senate finance committee, i don't want to use the word ballistic, but i will. he

adam shapiro at capitol hill. adam what are we looking at? reporter: brackets and income cutoffs for the bracket. first one hundred thousand dollars income, 2,490,000, that is 12%. 90,000 to 26thousand, married couples neil, 25%. up to one million dollars at 35%. a million dollars and more if that is your income, god bless you if it is, 39.6%. that is what the tax rate will be. for unmarried individuals it's a little different. zero to 24. you pay nothing. up to $45,000, 12%. 25% tax rate kicks in up to $200,000. 35%, up to $500,000 a year. and then 39.6%, if you're a single person, this will be $500,000 or more. kevin brady says this is a about a middle class tax cut, letting you keep your hard-earned dollars. here is what he said. >> that's your money. you earned it. you deserve to keep it. you should be able to use it for whatever you want. that is exactly what this bill will do and why the tax cut and jobs act has president trump's full support. reporter: so again, this is the house version of the bill. neil, you were talking about a litt

thank you very much, adam shapiro.ty] all right, taxpayers are footing the bill for this whole congressional harassment theme because it does play out, and the numbers keep being doled out. gerri willis has been counting them. what have you got? >> reporter: that's right, neil. amazing stuff. congress' office of compliance making public the total cost of harassment settlements for the legislative arm of our government and, well, it's bigger than folks thought, $17,240,854 of your taxpayer dollars going to settlements and awards over a period spanning 20 years beginning in 1997. total settlements, 264 of them over the period with the average award totaling $65,306. now, no details, no names released at this time. we don't know who these folks are. the data that was released because of the volume of recent inquiries according to a letter from the office of executive director suzanne -- [audio difficulty] the office worked as the h.r. office of congress, and not all the settlements are for cases of sexual harassment. they

we're waiting on these fed minutes to be released in just about ten seconds and adam shapiro is live at the federal reserve, and he has those for us right now. how is it looking there, adam? adam: on track for a december rate increase, but low inflation remains a big concern among members of the fomc and a topic of debate among the fomc about low inflation's impact on future rate increases next year. quote many participants observe that continued low readings on inflation. might reflect not only transitory factors but also the influence of developments that could prove more persistent. such consideration suggested that the removal of policy accommodation should be quite gradual. but the december rate increase quote several other members, however, were reasonably confident that the economy and inflation would have would evolve in coming months such that additional firming would likely be appropriate in the near term. the fed is also worried about asset price inflation. and remember, the fed always slow and loathed to call anything a bubble says quote several participants expressed conc

first to adam shapiro on capitol hill where late last night the senate finance committee approved their tax bill. so now, it is on to the senate. adam? reporter: it is on to the senate, trish. we expect the senate will vote on the measure, at least glyn and -- and begin and debate after thanksgiving. they want this done by december 8th. they have other issues they have to deal with. plus they have to reconcile the house bill with the senate finance bill. some issues the democrats are attacking. people making less than this hurts the poor and middle class. sherrod brown was going there. as you pointed out, senate finance committee, orrin hatch was taking none of it. watch the exchange again. with all due respect i get sick and tired? >> i honored you allowing you to start off here. what you said was not right. that is all i'm saying. i come from the lower middle class. we didn't have anything. so don't, spew that stuff on me. reporter: as we move forward there, are several senators keeping an eye on. senator collins from maine, who has not committed yes or no. she is worry about the repe

first to adam shapiro on capitol hill to tax reform and my goodness, we're inching, close and closer. mccain news, big stuff, adam. reporter: huge news what john mccain said about voting yes for the bill. it provides cover for 10 senators on the fence. but none of those senators have said no other than ron johnson. even johnson gotten essentially what he wants as has senator daines, increase in the deduction for small businesses on pass through income. so, where do we stand on all this? mitch mcconnell hinted we could see a vote late tonight or possibly tomorrow. they were saying tomorrow. but likely tonight 10 p.m. around that time, maybe later. there will be debates what is in the thing. senators like susan collins want to restore the property tax deduction to cap of $10,000. so she introduced a amendment to do that. you have got democrats, democratic leadership, actually clearing the way, trish for some of their members to vote for the bill. those members in states that they have to be centrists and face really difficult re-election campaigns. but bernie sanders says, hey, one seco

adam shapiro with details on the gop plans. break it down for us, adam. reporter: let's jump right into it, melissa, what the average american family can expect. these are rates and income brackets for married couples. up to $90,000, 12%. that is the tax rate. up to $260,000, the tax rate is 25%. up to one million dollars, 35%. and if you're fortunate enough to have combined income over a million dollars, 39.6%. remember the standard deduction for married couple, doubled $24,000. for individual, it will be $12,000. here is what president trump said about moving forward. >> a lot of good things are happening but this is the final element. tax cuts and tax reform. it is an honor to work with my fellow republicans. i think we'll have democrat support. i think it will be veries, very hard for them not to support it. reporter: so the president is optimistic for some democrats to come on board. democrats were criticizing the plan. minority leader in the senate, chuck schumer, said this is a giveaway to the rich. take a listen. >> republicans know the more the b

bring in adam shapiro with the latest from d.c. >> adam: senator ron johnson from wisconsin was going to vote no on the senate version of tax reform as is, so he's trying to get some more for pass through entities and he didn't get what he wanted so now he's saying "no " but he also put out a statement saying he looks forward to working with his colleagues once they vote on the floor of the senate so put that to the side. the house tomorrow around 1:00 we expect to vote, it will pass. then come back to the senate we got the senate finance markun, it will continue tomorrow and they could vote in the senate at least in the committee late tomorrow afternoon early evening , most likely friday so then get it out of here for the thanksgiving recess, but there are big issues in this bill that a lot of people are talking about for instance the repeal of the obamacare individual mandate and here is what mark short from the administration said about the need to do that. >> mark: one is it very much is middle income tax relief. 80% of the people paying the penalty on obamacare taxes are those ea

plus we go to adam shapiro, right now on capitol hill for the latest on tax reform. hi, adam. reporter: hey, trish. there is effort underway, i'm waiting for note on something in regards to this, possibly include in a revision the senate version of tax reform, repeal of obamacare individual mandate. all morning long senate republicans are doing a whip count to see if they get the whip vote. the only way the mandate repeal could progress is introduced, is by orrin hatch as manager's amendment. it would have to be part of the tax reform bill. rand paul talked about introducing a repeal on the floor of the senate. that won't pass parliamentarian rules. they would need 60 votes. only way to accomplish it through the tax reform bill and having orrin hatch include it in the tax reform bill that we might get this later today. they're at lunch right now trying to hash this out. there are senators who are opposed to it, republicans who are worried what this might be if they go forward. with that said, i want you to take a look look at what happened, well, there was whole lot of discuss