the highest earners get the biggest cuts both in dollar and percentage terms. trump has touted his plan as a way to simplify the tax code and put more spending into the private sector. so the biggest change he's proposing is to cut the seven current tax rates down to three. it would be 12%, 25%, and 33%. companies get a big cut too. the corporate tax rate going from 35 to 15%. for those who own their own companies or have partnerships, trump would allow them to use that 15% rate for their personal income tax returns. he would also eliminate the estate tax which currently applies to estates worth more than $10 million. and he would cut the capital gains tax. so what does it all mean in dollar terms? well, if you add in all those tax provisions together, the bottom quintile earns get $110 or less than 1% of their income. middle earners get about a thousand bucks. the top 1% get a cut of 13.5% or $214,000 a year. and the top .1% get a cut of more than 14%, giving them an extra $1,066,000 per year. trump's plan is similar to that put forth by house speaker paul rya

hilliard: governor reagan, wage earners in this country, especially the young, are supporting a social security system that continues to affect their income drastically. the system is fostering a struggle between the young and the old, and is drifting the country toward a polarization of these two groups. how much longer can the young wage earner expect to bear the ever-increasing burden of the social security system? mr. reagan: the social security system was based on a false premise, with regard to how fast the number of workers would increase and how fast the number of retirees would increase. it is actuarially out of balance, and this first became evident about 16 years ago, and some of us were voicing warnings then. now, it is trillions of dollars out of balance, and the only answer that has come so far is the biggest single tax increase in our nation's history, the payroll tax increase for social security which will only put a band-aid on this and postpone the day of reckoning by a few years at most. what is needed is a study that i have proposed by a task force of experts to loo

the amy adams sci-fi drama arrival will probably be the biggest earner among the newcomers - maybe in the 15-20 million dollar range. the holiday comedy almost christmas could open to around the same amount. they'll again in 2nd. almost christmas is an ensemble comedy featuring danny glover, mo'nique, and more. it centers on a family coming home for the holidays - and of course holiday food. coming up at six -anti - trump protesters march down pennsylvania >> now, "good morning washington," on your side. we begin with a breaking news alert. autria: this morning, the reports of violence and damage coming in from across the u.s. in the wake of the donald trump election. larry: a dramatic drop in temperatures here at home. veronica johnson tracking a frigid start to the weekend. [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] larry: already beginning right now, if you step outside. veronica: we will take the cold as long as it's on friday. it will be that way for the first part of the weekend,

lower income buyers will get a bigger break while deals for higher earners are no longer being offered. >>> ski resorts are gearing up to start. squaw valley and mount rose and borral all set to open on november 11th and a number of resorts firing up the snow making machines. >> the two largest snow making machines at heavenly and at north start resort. kirkwood acts on the natural and we are still very confident that our opening day on november 18th coming up straightaway in two weeks away. >> kevin cooper says the sierra ski season is expected to be normal which would be great news after several lean years for the resort. >>> check in with bill martin and we were talking about how ski season is starting earlier. >> they are talking about opening the places and making snow and cold enough to get away with it. but we are talking earlier i remember the day before christmas if you got a ski day in that was a big deal and before thanksgiving is the norm now. outside we got temperatures that were warmer today than yesterday. today warmer -- well actually the warmest day all week. it cools

, do, a tax cut for high earners, repeal do, a tax cut for high earners, repeal of do, a tax cut foral, the us and mexico, for example, a much more controversial, so he will much more controversial, so he will have to much more controversial, so he will have to do some much more controversial, so he will have to do some negotiating there, have to do some negotiating there, so even with have to do some negotiating there, so even with a majority in the so even with a majority in the house, this so even with a majority in the house, this will not be house, this will not be plain sailing? house, this will not be plain sailing? he has house, this will not be plain sailing? he has foisted house, this will not be plain sailing? he has foisted himself on sailing? he has foisted himself on the republican party, so the republican party, so was not their the republican party, so was not their chosen nominee‘ there will their chosen nominee‘ there will have their chosen nominee‘ there will have to be tough their chosen nominee‘ there will have to be tough negotiation have to be tough negotiation

the top earners were males, not females.ed, trish, another investigation into the clinton foundation which also found that just three of the top 11 earners in the foundation were women. so, with hillary clinton, you know, making these campaign promises and making statements like that, turns out that wikileaks shows us, internally there were plenty of questions being asked, wait a minute, are we actually, you know, going forward and using equal pay for men and women? trish: this gets to me, over and over and over again. like a set of standards for one group of people. >> yes. trish: for whatever reason not applicable to her. whether it is actually telling the state department that qatar is donating a million bucks to the foundation. whether people shouldn't say anything derogatory about women and inviting jay-z and come and headline for you. or whether it is this. >> if you fact check, someone will find you out. that is the bottom line. trish: ashley webster, thank you so much. >> my pleasure. trish: three days to go, everyon

recounts have been requested for question one, which and question two, which approves a tax on high earners to fund public education. the two recounts will likely take place at the same time. voters narrowly passed both measures. for most people walking is a , natural part of life. but for one kid in windham that's not the case. his family needed some major assistance helping him get around and this year with the help of their community, they got their wish. wmur's kristen pope has the story. together to make sure one family got the gift they desperately needed. >> people were so generous and so giving to make this happen for us. as a family. kristin meet brayden christmas. : like typical nine-year-old boys, he likes to play with toys and hang with his friends. but unlike most people brayden syndrome at birth. >> i've always said to myself, if he had to come into this world, i would much rather be his mom that somebody else. christine: this holiday season the christmas family had one , wish. a wheel chair accesible van. >> we had a minivan where we would put the wheelchair in the back of th

other top earners include madonna, rihanna, beyonce, katy perry and jennifer lopez. lil wayne is facing backlash...for comments he made about black lives matter. in a recent interview, the rapper dissed the group's name...saying he does not feel connected to the social justice movement. lil wayne said black lives matter "just been met with heckling on social media. glamour magazine names u-2 frontman "bono" as its first-ever male "woman of the year." this year's list also includes gwen stefani, simone biles and the stanford sexual assault survivor now known as "emily doe." they will be honored at a ceremony in los angeles on november 14th. what greases the gears in washington? money. and ron johnson fits right in. six years ago, johnson took a shady $10 million corporate payout, went to washington, then voted to protect $21 billion in tax breaks for the world's biggest oil companies. $21 billion. a wisconsin senator, protecting tax breaks for oil companies. that's ron johnson. that's washington. and he fits right in. end citizens united is responsible for the content

>> that is a surcharge on higher income earners there., all of these ballot initiatives are about states with kind of middling economies and feel that they need more money. >> you know what's driving it? it's also the public unions. if they raise taxes, that will help. they'll use it to raise pay for public workers and pensions, in particular. >> yeah. >> and now this tax increase in california was supposed to be temporary! now it's going to be semi-permanent! don't ever believe a politician who tells you something is temporary! >> never. nope! this is a public sector's strike-back for some of the reforms you've been seeing going on out there, like in wisconsin. >> and speaking of high, dan, marijuana on the ballot in five states. >> yeah. who could doubt it? it's on the ballot, legalization is on the ballot in massachusetts, arizona, california, maine, and nevada. national polls show that people favor legalization about 57 to -- 57-37%, which is the opposite of what it was ten years ago. this is mainly because of millennial support for l

and a salary bump, average earners go from $68,000 a year to $87,000 over the life of the deal. and could the strike hold downturnout for the election. congressman bob brady is the chairman of the democratic committee and tells how the transit shut down may cause problems. >> everybody talks about the polling places in walking distance but you if get up at 8:00 and go to 7:00 to vote and now you get out at 7:00 and you don't have time to vote and later coming home. >> you don't have time to vote then? >> i am worried about that yes. >> this hangs over the talks and the talks continue with the exchange of ideas, through the state mediator and one-third party involved as described as being involved in shuttle diplomacy, and at this point things continue and there doesn't look to be a break through any time soon. live at the sheridan downtown. channel 6 "action news." >> thank you john. of course the "action news" morning team is on a half our early again tomorrow 4:00 a.m. to help you navigate the latest travel situation and join us for up to the minute situation on the septa stri

. >>> knows who the flat -- for earners are for his positions. he took to twitter to let people know things are going as planned. here's hena daniels. >> reporter: president-elect donald trump issued this tweet sunday night -- last night calling his transition to the white house quote very organized, adding i am the only one who knows who the finalists are. vice president-elect mike pence was leading transition efforts down the list of those who will fill key cabinet posts. among those seen in the building, trump's former rival ted cruz, alabama senator jeff sessions and steve nugent, the front ranjit -- front runner for treasury secretary. >> we're working on an economic plan to transition making sure we get the biggest tax bill passed, the biggest tax changes since reagan. >> trump's transition may already be showing signs of turmoil. just days after new jersey governor chris christie was removed from his role as congressman mike rogers announced he was quitting the effort. he called trump's team angry and arrogant, urging colleagues to quote s

watching specific numbers for earners. beating analyst estimates. forecast for the year.h whatd it in line they had been anticipating. that is in line with the source of disappointment potentially. comparable sales will be better than anticipated. tjx beating estimates as well. the shares not performing well. auto parts. coming out with third-quarter earnings. >> still ahead, well the security company go public in trump? this is bloomberg. ♪ vonnie: live from bloomberg world headquarters in new york and london, i am vonnie quinn. >> checking on bloomberg first word news. >> bank of england governor mark carney is urging financial services firms not to make any rash decisions on moving operations out of the u.k. after european central bank official revealed many had been in touch on the matter. thinkers will set the process of week of thewithin government triggering brexit, happen bycheduled to the end of march of next year. questioning julian assange for a second day about a possible sex crime in sweden. tookong delayed interview place in ecuador embassy. the internationa

a high earner income tax is staying and criminal sentencing is changing. >> bilingual classes got they. voters told lawmakers to take action on campaign finance rules, ammunition purchases will require background checks and recreational marijuana is legal. the death penalty will be amended. >>> of all of place? >> california was the first state in the united states to make cannabis illegal. that is way back in 1912. >> steve made it his life's work to change that. >> that is like running a 42-year marathon, and winning the race. it feels good. >> he runs the harbor side dispensary. >> this is prop 64, giving a green light to adults who just want to buy pot. and down the street, that is cause for celebration. >> how do you feel about prop 64 pass? >> pretty good. >> once over, the real work begins, answering how prop 64 will work for dispensaries and cstomers. >> we're going to be preparing to do adult sales in a year. >> it's immediately legal to grow your own plants, the problem is where to get it. >> unfortunately, we're not able to serve anybody who does not have a medical cannabis

a high earner income tax is staying and criminal sentencing is changing. >> bilingual classes got they. voters told lawmakers to take action on campaign finance rules, ammunition purchases will require background checks and recreational marijuana is legal. the death penalty will be amended. >>> of all of those, what is in place? >> california was the first state in the united states to make cannabis illegal. that is way back in 1912. >> steve made it his life's work to change that. >> that is like running a 42-year marathon, and winning the race. it feels good. >> he runs the harbor side dispensary. >> this is prop 64, giving a green light to adults who just want to buy pot. and down the street, that is cause for celebration. >> how do you feel about prop 64 pass? >> pretty good. >> once over, the real work begins, answering how prop 64 will work for dispensaries and cstomers. >> we're going to be preparing to do adult sales in a year. >> it's immediately legal to grow your own plants, the problem is where to get it. >> unfortunately, we're not able to serve anybody who does not have

they are dollar earners. they have some expenses. you see that reverse a little bit. global companies, u.k. has about 3% of sales. vonnie: so we have seen many deals in 2016 and acquisitions and consolidations. what do you anticipate for the final quarter of next year? -- tax of version version has been on the head. aversion has been on the head. if you look at some of the insurance deals, what we are seeing is the large companies getting larger so they can take cost out of the system and they will take a share. we are looking at small companies that are distressed give -- that are disruptive and innovative. the big guys will go out and buy innovation. , i don't think it is going to increase. >> give us a stock or two. guest: if you see a trump or republican sweep, the buy will go up. seattleat sort of move guest: look at the moves you have seen today in some of the stocks like insight and m&a suspects -- mende specs -- m and a specs. if he really is going to repeal obama care, easier said than the, the stock will hit service companies like hospitals and the insurers.

>> to pay for her plan she wants to raise taxes by 1.5 trillion over five years focused on high earners and investment gains and all who make more than 3.5 million. >> whichever candidate wins the election, growing the economy will be job one. -- making it the lowest job participation in the -- >> one year -- theater and other sites -- europe came together to start up a series of events in tribute to 130 victims. the sights of the attack. three men strapped with explosives and others fired indiscriminantly into the crowd and exploded their bombs. isis claimed responsibility. >> u.s.-backed kurdish forces with pushing to make a syrian city which has been for isis this has iraqi forces also bottle their way toward mosul. they are pushing further in despite fierce isis resistance. >> the threat of election day cyber attacks has prompted many to request assistance from the but some think that the threats are slim. >> 48 states have asked the department of homeland security for help but jeh johnson and other si cyber security expertsy a hack is unlikely to impact the results of the election.

she focuses on high earners, corp., investment gains in all his days with at least $3.5 million. >> wallpay their fair share of taxes. reporter: keep the slowest at this no-space. union membership has continued its steady decline in for the first time ever, the bureau of labor statistics reports as many union workers and government jobs to the private sector. they plan to increase spending on health care and infrastructure infrastructure will help those who remained. lauren: dan springer, thank you. trade to oakland raiders dominate the denver broncos will have all the highlights for you. at the weekend box office. >> what if i told you that reality is one of many. tran do cast the spell of the box office becoming another superhero for marvel. all of the weekend winners. you are watching "fbn:am," your first look at morning markets of all of the errors in breaking news. ♪ >> you think you know how the world looks. you think this material universe is all there is. what if i told you the reality is it's one of many. >> this doesn't make any sense. >> not everything has to. nicole: dr. stra

trump's fiscal stimulus is mostly targeted toward reducing the tax rate for the top earners .he actual impact on economic growth would be fairly negligible. theou are at the top and of income distribution, you are already spending what you want. if you have more disposable income, you are more likely to park it somewhere. angie: so, if you do think it's going to be the antiestablishment win, how do you set up global economic growth if you think that is going to have an impact, and what you think central banks outside the fed will be forced to have to do? a shock if have donald trump wins, because the markets clearly expect a clinton presidency. then we should expect, at least for some time, significant volatility in financial markets, and that would affect monetary policy. and i think it would end up affecting the federal reserve. we will see if the fed takes into consideration global financial conditions as well as domestic financial conditions when it comes to monetary policy. i think the u.s. is experiencing disappointing growth in 2016. let's not forget that year to is at

gonna be able to outlive your money, unless you have an exuberant amount or you're a really high earner. and in most cases, that's not the way it is for most people, so you have to invest. if you own a piece of property, it's an appreciating asset that, for example, all the rents that come in go back into your ira. and let's say the market goes from $100,000 to $150,000 in the next five years -- that property gains $50,000 in equity. well, that means your ira just went up by $50,000, and all that income that comes in is tax-deferred until you deal with taking the income later. so it is a major vehicle of investing that my investors learn coming through my trainings. and again, just by coming to the free event, they're gonna know more about that. and the reason why your financial planner does not want you to know that is because if you do not invest in stocks, then they don't make commission. they don't make money on your money. so they don't want your money, which is the key word -- your money -- to be able to be shifted somewhere that you can hold real estate and make money elsewhere.

sense that, this is true by the way, not a slogan, that the rich have got richer and poor and middle earnersgot poorer, people feel that, they recent it. that is what unites what is going on in europe with brexit, and the trump movement and the bernie sanders movement. i thought it was interesting that bernie sanders felt able to pick on many of themes that trump put forward in his campaign to say, if you are serious about it, i think we can work together, so i think that the heart of poppism is economic. charles: some say, you know why this is happening now, elites, but also, policies, immigration policies -- i know they moderate these parties and they make them more mainstream, but i'm saying, i think empowering the middle class is fantastic. but those who are warning us about negative consequences, how off base are they? >> i don't think they are off base too were. when it cuts to state, huma human beings are tribal by nature, the nation state was a way of pulling multiple tribes together and solves that diversity problem byoune fies and finding that common thing that bound them together.

low-wage earners at chicago o'hare airport including the baggage handlers and cabin cleaners, they are wanting a $15 hourly wage. expected to strike and as a result you can expect some delays and flights to and from chicago and getting your food at mcdonald's. >>> the next iphone may look a little bit different. next year is the 10th anniversary. experts are saying that apple will do something big for the iphone. there is a new report from the wall street journal that shows that one of the new features the report shows the curved touchscreen is one of several prototypes requested by apple from suppliers. that would be cool. >> the 7 just came out a few months ago. they are talking about the next one. >> they keep you buying new phones.>>> still to come, a reason to give. >>> one woman's wish to be on the price is right is about to come true. how she got tickets to the popular show. >>> tonight on 10news and cbs, a classic, rudolph the red always fun to watch. z26pbz zy6z >>> it is 6:43 am. here is we're picking up if you are heading across the howard frankland. but the gandy bridge is

and the top earners go from 39.6 to 33%.f you add in all the tax provisions combined, the bottom quintile get less than 1%. the middle incomers, get 2% or 1,000 bucks. the top get 2.5% or 13,000. the top 1% get a cut of 14%, giving them an extra 1.6 million a year. nearly half of all the tax benefits go to the top 1%. this is very similar to the ryan plan. so they're very close. >> you keep saying that. you're not saying anything bad. no value judgments here. >> just facts and numbers. >> yeah. >> facts and numbers are the willie sutton fact. that's if you're going to cut taxes, you need to started with people who pay taxes. >> yeah. >> that's why i said percentage terms. not just dollar terms. >> those who pay the most by nature when you cut taxes get 9 biggest cuts. >> you can keep my tax where they are. it looks like 50%. that's what it feels like. >> 9%, new jersey. >> combined, robert. work with me. my total tax bill. >> more about what it feels like. >> is that tough to understand adding federal and state -- >> you ded

retirement a comfortable retirement easier than it is under social security especially among lower earners. a lot of these are issues i have to execute to make my case but i research that and move on. a couple issues are really important. let me pause for a moment. i felt this plan can never be enacted as specified but they are really important. what i mean is whatever version of this might actually be considered the things i am about to say need to be taken into account. you need a high payback point. in my plan i start to clawback part of the grant at $30,000 of earned income and at that point pay 10% tax on every thousand dollars. the point is this. current programs have terrible marginal tax rate so that if you have medicaid and form of food stamps or assistance it can be very dicey to get a job. because you lose those. if you are on disability and the people in this room are aware of the increase in the disability program which includes lots of people who may have a real disability, but could hold other kind of jobs, they cannot go to work without jeopardizing a guaranteed lifetime in

camera can pick it up let me say the next one shows the incomes of the people at the bottom 10% of the earners in four different groups of countries. for those that don't have the bucks, go out and buy the book. the chart is definitive proof of that. one of the things we also talk about we understand that there is not just economics and labor as the phd and that is the case but there's human dignity and work and the market economy that has dynamic growth allows for people to know the dignity of work. but the data why don't they understand it and where is this kind of enamored by socialism coming from? from? >> guest: i grew up with liberals and he's a classic liberal and so this medicine. the winds got confused but it's not just income. i ran thousands of aggressions on all of the indicators all of the things liberals want. guess where you have the cleanest environment and where you have the most women in the workforce, catholic country. have the highest degrees for eighth-grade women, catholic country. the most political rights, civil liberties. then you talk about the dignity of work and one

asking for a 15 dollar hourly wage.low wage earners at chicago's o'hare airport - including baggage handlers and cabin cleaners are also expected to protest today. 3 bigger is better - at least automaker just released a design for its arteon - a roomy four door vehicle with sloping roof - set to roll out in the u.s. in 2018. the company says larger cars and suv's will be part of its effort in the u.s. to overcome an emissions cheating scandal. volkswagen sales have lagged the competition nationally. 3 the holiday shopping season is more than officially underway...just 26 days till christmasand according to one survey ...the iphone is at the top of the wish list for many. piper jaffray's spending survey of a thousand shoppers ranked the iphone as the most desired gift, followed by a macbook and an xbox. fitbits and hoverboards saw a drop in popularity. today is tuesday... and that means you get to meet a pet- in need of a loving home.allie christman-- from the humane society's milwaukee campus? is the week. - tell us about basha. - what's her story? how did she get to the humane society? --ba

. >> for her plan she wants to raise taxes by $1.5 trillion over 10 years and focused on high earnerscorporations, investment gain and all of the states worth $3.5 million. >> wall street corporations and the super rich should finally pay their fair share of taxes. >> some worry that higher taxes will only keep the leastest post recession job recovery at a snail's pace. the owner of a home health care franchise, has workers working above minimum wage but is concerned about the boost to $12 an hour. that would boost the we care to clients. >> they have to reduce care or run out of money faster. >> union membership is continuing the decline and now for the first time ever, the bureau of labor reports that this are as many union workers in government jobs as in the private sector. union leaders say hillary clinton's plan to increase spending on health care and infrastructure will help those who remain. >> those are the types of policies that gift people stronger incomes, higher quality jobs. >> we are builders and we need to get back to building. >> the economy is being squeezed by envir

if you're a striver, a wage earner, you want to get into the 1%, this is a miserable economy for you, a punishing one. i think it's one of the reasons that donald trump resonated, one of the reasons brexit happened and one of the reasons donald trump will win and break us out of the tepid cycle of the sluggish growth. trish: i wrote a piece on this for usa today two years ago saying the fed inadvertently was creating this thing they hate, income inequality. think about it, only those with assets, only those that can afford to take on these risks kimberly in this environment are the ones that are benefitting. >> yeah, absolutely, but you know, that's what the equity markets are for. they're to create wealth for investors. even blue collar can invest into 401(k)s and iras and they haven't been in the market as well. trish: that's what's misleading about the unemployment numbers it. all looks good in that unemployment rate is much lower than it historically has been. however, a lot of the jobs aren't full-time, they don't have benefits, paying lousy wages, so you want to think that more

good guy, big earner. ya done good. ya dongood. wait--why's the serial number scratched off? need the serial number for the warranty. [chuckling] you break it, i get you another one! there's your warranty, huh? ow! [laughing] huh? this guy! i am so sorry for the misunderstanding. i would never make a pass at you. yeah. thanks. i mean, you are so [laughing] not my type! i can name like a hundred women that i would so much-- yeah, i got it. okay. i'll get the elevator. [chuckling] rockin' her skinny skirt. i don't know how to thank you, audrey. you've shown me compassion, kindness, friendship. and the fact that you thought i made a pass at you, and you still didn't blow me off... it gives me hope that there's another woman out there who's gonna, you know, take me seriously. oh, steve, of course there's another woman out there for you. thanks. of course, not like you. you're not my type! [laughing] (jeff) elevator's here. okay. all right, no nuzzle this time. [giggling] oh... all right. hey! hey, we're good, bud! that's cool. all right, don't be a stranger. all right, take care,

three different ones and broad consensus on bringing fiscal relief to some of the lowest wage earners in san jose. >> if it passes i think it will help everybody, not only me. >> it has been an uphill struggle financially during her decade of employment with mcdonald's from part-time to full time but there's consistent money gap. >> it is hard to survive. everything is really expensive. >> the rents keep going up and people can't wait. >> outside san jose demonstrators gather to follow the lead of five other cities by raising the minimum wage to $15 an hour by 2019. city statistics show it would mean a $3000 raise for 115,000 workers. mayor sam lacardo. >> the increases that are scheduled through 2019 are substantially faster than inflation and faster than rent, growth that we have seen. through a period of rent growth. >> but some business owners and nonprofits worry raising the minimum wage will reduce their part of the pie. and result in price increases for businesses such as 4th street pizza. >> we are paying out more money on the labor costs and it is kind of effect that everythi

vehicles california tweaking the program for buyers of all electric and fuel cell cars, and high income earnerslided from the rebates and buyers from lower income households get more now that the clean vehicle rebate project to reach aggressive goals society by governor brown and the california board. >> open enrollment today is on the affordable health care exchange, with consumers bracing for rate hikes and others are changing insurance companies and doctors, with enrollment coming as they need a basketball from younger and healthy people to offset the insurance costs of covering sick are people would signed up. >> luxury retailers that peddle high end hand bags are trimming their shops with millenniums not into the luxury thing. the number of new purses introduced by nordstrom and bloomingdales has dipped. stocks very quiet today. we have a two day federal meeting under way and the election next week so we may not see a lost movement, the dow is up five and s&p 500 and nasdaq slightly higher. >> thank you. >> ever feel like you are doing too many things at once? it turns out you are probably

personal income tax cut that would be $1,000 for middle income, and then $1 million for the very top earnersely to boost spending economy? >> betty, you have done your homework and reading the same table i am, so that's great. we needed a lot more of that piercing analysis during the campaigns. no, i mean -- the problem there is that if you give people who are already rich a really big tax break, so a million for multimillionaires, they are not going to spend the money necessarily, because they are not income constrained. they already have the money they need. the marginal propence see to spend that dollar is small. you would flip this thing upside down. >> and what does all of this do for the national debt? big picture here. >> great point. i mean, it makes it grow a lot. the trump tax plan has been analyzed to add something between 4 and $6 trillion to the national debt. if you go back to george w bush, and he used this budget technique, and democrats also use, to be fair, to push through a tax cut that significantly worsened our fiscal accounts and that's the scenario i see coming under p

so low earners, ultimately to appease some of the populist anger among those working but not earningreat income, the so-called j.a.m.s. as they're called here, those who are just about making it. so we expect improvements around personal allowances and taxation for them. and also a focus on business. business is nervous around what brexit negotiations will bring next year. possibly an announcement of continued reductions on corporation tax, and we should expect some public spending announcements that would also be seen in a positive way by the business community. we have a number of billions of pounds already earmarked for infrastructure, road building, and research and development. it seems to me this is a brexit budget, very much designed to calm peoples nerves as we've seen the dramatic reductions in the value of the pound and fears of inflation increasing and growth slowing into 2017. philip hammond will want to steady the ship here. >> geoff, thank you very much for that. >> this week president-elect donald trump said he would pull out of president obama's massive trade deal, th

it put more money in your pocket that ends up in the stock market and build things that increase earners for equipment leading to more people working at higher paying jobs. that's what he says tweents do. he may fail. he may fail to do these things. he may post tweets that hurt stocks and crimp growth. but let's face it, he wants it bust gridlock in way that means the fed will no longer need to artificially boost the economy in the stock market. he want it create deals that mean more wealth for the country which he now regards as a surrogate for himself. here is the bottom line. this rally is as much about the don't fret the fed's departure as it is about trump. and that's why you miss it if all you care about is the end of low rates. the fed is no longer just in the driver's seat. trump's growth agenda is too, at least for now. brian, my home state of pennsylvania. brian? >> caller: boo-yah, jim. >> boo-yah. call i wanted know your thoughts on big lots. could that beaternings by friday? >> that is not a high quality retailer like i like. i can't get behind it. tjx had a good quarter. i

so it works on the highest income earners, which is what these two call main streams.ll them cooks. but where they say it doesn't work, of course it works there it works there the most. but don't forget. when you take over a company that's been run into the ground, david, it's lost its productive capacity. it's lost its good employees. it's lost its market share. you got to cut prices, which means tax rates. you got to do infrastructure rates and then you got to get it going. so it will take some deficit, some investment in the period, but don't believe for a moment this won't lead to 25 years of huge pros period of time, just like reagan's did. >> a final question. the irony of this, you have a president-elect who is a guy who is taking advantage of every single tax loophole there is. >> of course. >> in his business. he brags about it. it proves i'm smart. i take advantage of it. >> that's exactly right. >> he says he will get rid of the loopholes that helped him become a billionaire. there are a lot of businesses that depend on those loopholes that look forward to t

let me just say the next graph shows the incoming of the people, 10% of earners in four groups of countryto the most free market, always. >> always. >> right, history, data. those that don't have the book, go out and buy the book. this chart is definitive proof of that and, you know, one of the things we talk about here, work, we understand that there's not just economic value in labor as ph.d you know that's the case, but there's human dignity and work and a market economy that has dynamic growth allows for people to know the dignity of work. >> right. >> but this data, why do more people not understand it and where is this enamored by socialism coming from? >> well, unfortunately political divide. i grew up with liberal and the root word of the liberals is liberty. adam smith was a liberal and madison and the lines have gotten confused. it's not just incomes. i ran thousands of regressions on all of the indicators, all the things that lib wales want, where do you have to cleanest environment, capitalist country. guess where you have the highest degrees for eighth women, capital list cou

. >> at 39 years old, caressa is one of the ranch's top earners.in $200,000 and was named bunny of the year. but caressa wasn't always sure this is where she wanted to be. you are one of the highest grossing girls here. you're among the top two. but you quit it all for a while. >> i quit it all. i was number one then. there was no stopping this girl. i was every lineup. i was every appointment. >> so why did you quit then? >> i wanted to go to school. >> six years ago, caressa traded in her lingerie for operating room scrubs and became a surgical technician. but when she couldn't get full-time work, she felt a strong pull back to the bunny ranch. and today business is better than ever. what do you think is the key to your success? >> communication. once you open up communication, then the fun starts. and i love it. >> it's not just wham, bam, thank you, ma'am? >> we have so much correspondence that i have a real connection with my clientele. i'll see two to five people a month. that's it. you know, a lot of ladies can't afford that. they can't go t

equal pay for equal work, that he doesn't support increasing the minimum wage, most minimum wage earnerstwo-thirds are women. they understand what that language means for women and opportunities and equal rights. and i think they're going to turn out in record numbers. >> one of the interesting things that we have seen in the last couple of days is that when hillary clinton was in cleveland on friday night and campaigning with beyonce and jay z, beyonce had a sign up about what do you want me to do, stay home and bake cookies and serve tea? and the interesting thing for me personally was that i asked her a question about that in illinois in the primary. that's what prompted the answer. in 1992. from george stephanopoulos' book and other writers, we know the advisors for bill clinton, they just went to her and said, you have to go fix that. you are turning off all of the homemakers and women who work at home and the people who are suspicious of you, hillary rodham clinton, all that baggage she was carrying with her. all these years later, beyonce is promoting that as a plus for hillary cl

fellow americans, of all the new wealth our country produces, 95% will go to the top 1% of income earners. a few hundred wealthy families will amass more wealth while the bottom 50% of us to combine. the bottom 80 or 90% won't see a dime of increased pay and the a dime of increased pay and the bottom 50% will have to take a pay cut. we are going to export manufacturing, in port, divest, detect, deregulate, globalize, we're going to break the unions, bankrupt our pension system, shred the funding for urban and rural, make that precollege a thing in the past. were going to turn our backs on the middle class, replace jim crow laws with new economic apartheid. women doubling the workforce participation between 1977 and 2012 will 2012 will be $0 take-home pay for the bottom 90% and the families that can reasonably afford a comfortable comfortable middle-class life on a single person's paycheck today will need two or three incomes to live the same life a generation from now. obviously, giving such a speech would have doomed anyone's presidential candidacy. his party probably would've been out o

proposition 55 proposes to extend for 12 years the income tax increase on the state's wealthiest earnersthat was passed in 2012. most of the money is going to go to public education as was the case with the first proposition 12. proposition 56, that's going to add, if passed, $2 to the cost of a pack of tobacco cigarettes. the tobacco industry defeated a similar proposal in 2012 and has spent $75 million in hopes of repeating that outcome. proposition 61, that would require the state to purchase drugs for medical patients and state employees at the same rate paid by the u.s. government. the pharmaceutical industry has spent more than $110 million in opposition to this proposal. now, there are 14 others, michelle, as you said, 14 others including propositions on gun control, california's plastic bag ban, two on capital punishment, and these are all complicated. they require a lot of effort to fully understand. >> a wide variety on the local level as well. >> yeah. but you know what? of all these things, and there are many, minimum wage, for example, other things like that, land use, still

. >> you know, is it really -- are they going to lower the top rate for the highest earners?r, yes, but they're going to offset it with no more deductions? it was very much unclear. you've got people on twitter now including greg ip who we have on saying that's not possible to offset if you're going to lower the rate. >> does it in 140 characters. >> yeah. >> this is about you need 15,000 characters. we got to throw away twitter. this is ridiculous. when you start talking about -- going to do what reagan did. remember reagan simplified tax brackets? >> yeah. >> i thought that's what trump was going for. >> ip's response was to this bite right here where mnuchin talks about whether or not you can have upper income tax cuts that are offset by deductions, whether or not there is a net benefit. take a listen. >> it's not the case at all. any deduction we have in upper income class taxes is less deductions so there would be no absolute tax cut for the upper class. there will be a big tax cut for the middle class, but any tax cuts we have for the upper class will be offset by less

and i think what explains a lot of this is that there are a lot of people who are hourly wage earners, and if you're an hourly wage earner working at a factory, retail or restaurant, often times your schedule is unpredictable, and it changes a lot. you'll get 35 hours this week,40 hours next week, it goes back and forth. and so your income, of course, varies. it makes it more difficult to budget. it means from time to time you have gaps. so just to el strait that a little bit, some -- illustrate that a little bit, some research shows a typical households will have more than two up months and more than two down months over a given year, and so your income over the course of the year might look something like this. if you're a typical payday loan borrower and you're making about $30,000 a year, that breaks out to about $1250 every two weeks. so if you're paid twice a month, you're getting about $1250 every two weeks. now, if your income is volatile in this way, it could be going up or down. that's more than $300 from paycheck to paycheck. so it's easy to see how a lot of households get

i'm kind of caught in a situation where i'm a higher earner, so i'm not eligible for a subsidy because know a lot of people say you get the subsidy. melissa: right. >> i'm a sole proprietor, business owner and so i do have a few additional options but i do need to get an individual policy that is obamacare compliant, and what i'm finding is there is limited options and i'm anticipating a lot higher premiums. melissa: here it is taking so much time away from you running your business and hiring people an doing things productive to help the economy. instead you're trying to deal with losing your insurance policy again an trying to deal with how you're going to manage that in addition to your workers. given all of that, what is your biggest issue going into the campaign. we're talking about scandals, this and that, what do you care about as a voter? >> as a voter, i care about continued economic development. i've got a financial background. i'm a financial advisor. i get a little nervous about deficit spending by our government. and unfortunately i don't see either one of the two-party ca

the rest of us, the strivers out there, the wage earners are having a very, very tough slog and he offeredsolutions. >> i'm always open -- >> solutions going forward. >> i'm always open to the economic argument. i do experespect the trition. who do you think of the protesters? most in their 20s. i think they're in school during the day. i think they come out of nyu last night up from downtown. in the village. >> yep. >> and they march all the way past trump tower to paycheck their statement. what kind of a statement is it really there to make? they lost. >> look, it's their first amendment right, right? i think they're exercising that right and good for them. look, the country is grieving. something happened on tuesday night that people were not anticipating. donald trump -- let's not forget, yes, they were cordial to each other, which is wonderful and great, it's part of our democracy, but they -- he ran a hateful campaign. he talked about women, he talked about getting rid of muslims, the way he launched his campaign attacked mexicans and called them rapists and criminals. so that is not

the list earning $76 million.g $7mill her rebel heart tour grossedro $170 million and other top oth earners include rihanna bee he onindicate he tea perry and j-lo. >> i'm surprised that madonna >> yeah, she keeps going strong.ro. her -- >> i'm surprised that j-lo ishai on the list.on t lis >> you and me -- isn't she he h in vegas now.as >> i don't know where she is.'to she's a great actress but.ress b >> wait, wait, who is a great actress. >> j-lo. >> say what now? >> she's a good actress, not great, good actress.ss >> gary are you hearing this.ar >> you don't like j he low ayose an actress.ct >> what has she been in she'she been in a lot of movies. movie >> gary carry on. carry 65 to 63 for the kids thishe morning. it's a mild morning out thereil clouds and sun.un. after school 76 to 83 degrees.3e ses.riously they're carrying onn the conversation right overnver there. warm conditions this afternoon and we'll have a few showerssar popping up, too.vepoppup, to i wouldn't call it a rainy afternoon and evening but inguti would say that we'll have somees scattered showers coming onmingn across

if you are a striver, wage earner and almost all people of color fall into that category, this has beenwhat do you say to lindsey graham who was asked about this and says that donald trump, he deserves the award for his panic turnout. he did more to get them out than any democrats has ever done. >> i think we will outperform expectations among hispanics for the reasons i mentioned. lindsey graham and his one delegate at the national convention don't carry weight with me in this process. >> ouchie. >> donald trump has been very intentional about reaching out to voters of color this entire campaign. >> really? >> that's one of the reasons i have been so energized by him and his candidacy. it's a movement. it's transformational. >> hispanics are certainly turning out in record numbers. we will see whether they are turning out for or against donald trump. a lot of democrats right now think he's actually turned them out for democrats. let me tell you one update on business news. the stock market is up more than 300 points right now. the dow up more than 300 points after a bunch of days of lo

the top 1% would see a 14% rise in after tax income under the trump plan while the middle and lower earnersld get 1% to 2%. no one is calling it trickle down this time around, bub the potential of putting more money n into the pockets of the wealthy has already helped stocks, the ashth market, high-end real estate, and luxury goods. ferrari sales are surging. the company recently raising its outlook. even delorean is planning to make and sell new cars again. >> are you telling me you built a time machine out of a delorean? >> sotheby's is up on strong sales of multimillion dollar picassos and rel realtors report pent up demand. some designers say big shoulder pads may be back with '80s glamour after years of stealth wealth, trump's fondness for excess from his gold plated penthouse to private boeing 757 may bring back a little gordon gekko. >> greed, for lack of a better word, is good. >> robin leech saying, quote, in the next four years it will be okay to be rich again. >> i'm robin leech with those champagne wishes and caviar dreams. >> reporter: we'll see whether those champagne wishes a