coming up, gary cohn and steve mnuchin will brief reporters on the president tax proposal.hat is coming up here. this is bloomberg. ♪ david: this is bloomberg markets. what find out how people are positioning themselves ahead of president trump's proposed tax reforms. you looking for details as we all are. there's commentary from the treasury secretary of so pass-through companies. what are you looking forward to this afternoon and have you contrast that with what you've heard? >> we're hearing that a 15% corporate tax. that is great for businesses. you don't reduce the individual rates, which is the on paid on those businesses an individual return, then you have a real disconnect between big business and small business, so there needs to be something that gets changed whether it is the individual rates or special rates for pastors. we heard from the campaign from president trump was that there would be a pass-through rate only if the profits were retained in the business and i would be 15%. didn't say when the profits were distributed from the business to the individual. t

treasury secretary steve mnuchin, gary cohen. paul ryan, kevin brady, and top white house officials about to hit there democrats mounting a big counter attack. they are accusing president trump of blowing out the federal debt, only benefiting the upper bracket, news flash democrats, president obama doubled the debt is over caffeinated super size big government spending and got less than 2% growth. the little secret in washington d.c. that democrats know about but will not tell you, the upper brackets get the tax cuts they pay the most taxes. now if democrats' to cut deficit, how about just drain the swamp like president trump said he would, this is what the trump voters wanted. earned income tax credit. 310 billion dollars on expired defunked program in fiscal 2016. medicare, medicaid esocial security, housing subsidy fraud even waistline of empty run down, federal office buildings left to collect dust, but you still pay utillty bills for that. -- utility bills for that. they just refuse on report that context. they will not give

gary mnuchin is involved along with house republicans.orking on they want to get rid of deductions. but really, it is about corporate tax cuts. they are negotiating what the rate will be. will it be 20%, 22%? what is the calculation politically and policy wise on the different individual and corporate rates? that is what they are trying to figure out as congress comes back. charlie: they want to figure out how to get the money overseas held by corporations back to the united states. robert: that is why the democrats see an opening to shape the tax reform discussion. they know the president has put such an emphasis on the buy american idea and repatriation of american dollars back into the american economy. when i talk to democrats on capitol hill, they say they would like to drive a wedge between the ryan wing and trampling -- trump wing and offer ideas to see if he will move in their direction. charlie: what factions are fighting within the white house? who is winning? robert: i think you could say the new york crowd, the financial crowd

it's not a given that gary cohen and steve mnuchin says it's that stimulative. we just don't know. >> they have a big balance on their sheets. one of the big issues in america is wages. we're almost at full employment, but the disparity between what ceos and their employees get paid has never been greater and a new tax plan does not address that. >> let's talk about the politics of this. donald trump promise aid tax plan, as you well know, on the campaign trail. he's come out with quite an ambitious one. is this just meant to show his base that he has big ideas, and he wants to fight for them, and if it doesn't work, it's not his fault? >> i think this is actually unlike health care something that donald trump cares deeply about. he understands tax cuts and loopholes and deductions. there was a sense that he wanted to do this. first he basically just sort of wanted to do health care to get it out of the way to make way for tax reform. you saw that obviously didn't go that well. but no, i think this is more than just showing he's keeping his campaign promises, al

. >> i have to ask you about this big tax plan, steve mnuchin, gary cohn, don't bet against donald trump, it's the biggest, the best, most ever, here's what secretary mnuchin said today, when talking about the estimates of what it will cost, which blows my mind, what was there 200 words on that thing, take a listen. >> external groups who normally model these plans haven't modeled the plan because they said they don't have the details. when we come out with the details of the plan we'll shows this is going to be paid for by a combination of economic growth which will be around 3% or slightly higher and a combination of by reducing massive amounts of deductions and special interests. >> okay. if they are not releasing any details to the public, are they saying anything to lawmakers? it is massively complicated to get this done, so to simply say, you're going to save a lot, it's going to solve problems, give me a break. >> yeah. that lack of details was kind of striking yesterday. white house aides privately sort of concede there isn't necessarily much there in terms of how they get to thi

hearing from steve mnuchin and gary cohn in the next hour. this is bloomberg.oomberg's headquarters in new york, welcome to bloomberg markets. here are the top stories we are watching at this hour. largest revamp of the u.s. tax system in history. that is what the white house is saying, but can they pay for themselves? just in the last hour, we heard that the freedom caucus is supporting the obamacare replacement bill. ♪ david: the latest on donald is -- tax plan, this kevin, let me start with you.

gary cohn expected to break the news. >> reporter: based on my conversations with white house officials, today's announcement is going to be a blueprint of the president's tax priorities and principles. steve mnuchin and the president's top economic adviser gary cohn are going to roll out the details this afternoon. the big headline here. the president is going to propose slashing the business tax rate from 35% to 15% that's going to apply to big corporations but also to small businesses as well. even to real estate firms like president trump's. now aides say this plan is also going to increase deductions that americans can claim and these deductions are going to be higher than the $6300 that individuals can claim right now. and the $12,000 for couples. the challenge, though, a number of different challenges to this. first of all, the white house hasn't said how they're going the pay for the plan. and a number of republicans expressing concerns that it could actually add to the deficit. this is what steve meneau chun had to say about all of this earlier today. take a listen. >> the house, the senate, the administration are all on the same page, the that tax reform is a major priority to boost the

mnuchin himself and gary cohn take that podium. we'll bring it to you live. stocks marching higher as a result of all of this. the white house tax plan and news the freedom kcaucus is supporting an amended health bill fueling markets right now. we'll have more on the markets straight ahead. i can't wait for her to have that college experience that i had. the classes, the friends, the independence. and since we planned for it, that student debt is the one experience, i'm glad she'll miss when you have the right financial advisor, life can be brilliant. ameriprise hey you've gotta see this. cno.n. alright, see you down there. mmm, fine. okay, what do we got? okay, watch this. do the thing we talked about. what do we say? it's going to be great. watch. remember what we were just saying? go irish! see that? yes! i'm gonna just go back to doing what i was doing. find your awesome with the xfinity x1 voice remote. >>> welcome back it to "power lunch." we will get the details of president trump's tax plan live when it does happen. let's check on the markets and chec

treasury secretary steve mnuchin and gary cohn . introduce the plan to the media. taking tax brackets from seven to three. and proposes cutting corporate rate from 35% to 15. plan would exempt first $24,000 of income from taxation. repeal the estate tax, alternative minimum tax. eliminate deductions for state and local taxes, and administration officials say that plan is a broad brush outline ap at this stage. details unknown. but it will be substantial. mnuchin and cohn saying that plan will pay for itself with results higher economic growth. >> this package is go growing the economy, creating jobs. president looks at that seriously, as a tax on capital spend to stimulate economy growth. we're tieing to get rid of that -- try be to get rid of that. capital back in to the economy creating more jobs. the economic plan under trump will grow the economy and will create massive amounts of revenues. lou: massive amounts of revenues, president working on economic growth issues more new executive orders, first one directioning entir interior secretary, designation of monu

gary cohn. >> and steve mnuchin, jared kushner, and -- >> ivanka trump. >> ivanka trump. but we were talking about this a little bit before we came on, david, i think the 100 days -- >> it feels like 100 years. [laughter] , the artificial construct, and if you look back at administrations in the past, there is not necessarily a law that really happens in the first 100 days. we probably should try to toss this construct aside. hisld reagan did not sign first piece of legislation until march 31. it was on a breakfast tray in his hospital room after he was shot. george h.w. bush's first piece of legislation, meaningful piece of legislation, he signed, i am sure you remember, the whistleblower protection act. that was in april. so there is not necessarily a lot that does get done in the first 100 days. , think recent memory, obama clearly because we were in an economic crisis, a lot happened. the stimulus bill, and i kind of handicapped that one because getting all additions spend money usually is not a heavy lift, but the auto bailout, other things. a lot happened in the fir

from the big reveal of the trump tax proposals by the treasury secretary steve mnuchin and the national economic director garysecretary mnuchin gave a bit of a preview earlier this morning. >> this is going to be the biggest tax cut and the largest tax reform in the history of our country. and we are committed to seeing this through. >> a few details but a promise of the biggest tax cut in theivity of the united states. however, major questions remain including how will it all be paid for. let's bring in our panel. maya macguineas from the committee on a responsible federal budget and nia mallika henderson is with us also dana bash and gloria borger. you were there on a panel this morning here in washington with the treasury secretary. what was your major take away, maya. >> so the treasury secretary laid out as much as he could without giving away any of the details of the plan. my major take away and i think about things from the budgetary and fiscal perspective, the focus of the plan is not to be revenue neutral which is what we've been hearing from congress as they've been talking about reform for months

treasury secretary steve mnuchin and gary cohn . introduce the plan to the media.king tax brackets from seven to three. and proposes cutting corporate

steve mnuchin and gary cohen unveiling exactly what donald trump wants to do to affect the biggest taxverhaul in u.s. history. here is what we know so far. it calls for lowering the business tax rate to 15%, doubling the standard deduction and repeeling the estate tax or death tax. here was chief economic adviser gary cohen just moments ago. >> we have a once in a generation opportunity to do something really big. president trump has made tax reform a priority, and we have a republican congress that wants to get it done. the president is going to seize this opportunity by leading the most significant tax reform legislation since 1986, and one of the bigax

treasury secretary stephen mnuchin and gary cohen told a briefing this afternoon.ected to slash the tax rate from 35% to hit 15% of corporations as well as owner operated businesses. lawmakers on capitol hill continue to work to reach a deal to prevent a government shutdown midnight friday. we expect an update from paul ryan and the gop leadership host a conference 10:00 eastern. president trump has signaled he may be willing to wait until september or possibly mixed year to secure funding for a border wall. twitter site to post its first-quarter earnings this morning. a social media company revenue expected to fall 14% from last year in terms of the market, nasdaq on fire reaching 6000 for the first time yesterday. nasdaq futures up 5.5 points. that's a look at what's happening now. nicole: a rare briefing on the north korean nuclear threat later today. joining us to talk about this, brad lakeman, former is there to president george w. bush. good morning, brad. how realistithat for north korea and what do you believe should be done about it? >> the threat is real.

me, is sort of what we don't know and the key point here is where is donald trump and steve mnuchin and gary cohn? what are the things that they care the most about. are there other things? is there room for debate and compromise? >> let me go to stephen quickly on this. you know the president and advised the president. if the president starts these negotiations at the extreme end, then where really is his middle ground? what would make him happy? >> i'm not going to negotiate with you but -- >> i'm not trying to get you to do that. but you know the president. let's talk tactics. >> you characterized this bill in a good way. this is an opening bid. >> it is an opening bid. >> this is a negotiation. chris really nailed it. we can't wait until next year to get this done. the business community, investors, they are all waiting for this and one of the reasons that the economies leveled out is a lot of nervousness about whether this will happen or not. this has to happen this year. if you have to throw in infrastructure spending for democrat votes, do it but let's get these job skills passed righ

but first, we turn to a developing story as steve mnuchin and gary cohn are arriving as they push tothe final details of trump's big tax cut plan before his days in office are up. >> mellissa, the meeting will be with the republican leadership, that includes speaker of the house paul ryan and/or rin hatch and ways and means chairman kevin brady. this meeting comes saying the administration dropped the border adjustment tax. this was a critical component for the gop tax plan. i spoke to brady a bit ago. he emphasized tax reform is permanent. it gets hard to do that if you don't have a way to pay for it. that's what the border adjustment tax was supposed to be. mitch mcconnell told reporters his priority is making sure businesses big and small are treated the same way under the tax code. >> regretfully, we don't expect to have any democratic involvement in that. so we will have to reach an agreement among ourselves, which will require using a recreational vehicle. >> the white house is looking for a big win ahead of the president's 100th day in office. politifact had been tracking 103

here is from secretary steven mnuchin and gary cohen. >> i never thought so many people would turn out to be -- obviously today we're here to talk about the president's effort to provide tax relief to both our corporations that will help grow jobs and to middle americans two people here to explain it, the director of our national economic council, gary cohn, is going to walk through why we're doing what we're doing. and then the personal side of the tax. then secretary of the treasury, steven mnuchin, will walk through the business side and the corporate side of what the president is doing to bring jobs back to this country, to make our businesses more competitive, and help our economy grow. at the end, we will be glad to take questions on that. you are being provided a one-pager right now that provides the top level aspects of the plan. and then both the director and the secretary will go into further detail and take your questions. without any further ado, director gary cohn. mr. cohn: thank you, sean. good afternoon to everyone. thank you for being here. this is quite an historic da

i know steve mnuchin and gary cohn are working on it at this hour.rom your standpoint, are you feeling any push and shove to at least get anything out there? or recollect real support. >> well, look, i've seen pressure on lowering rates for the last couple of years, that's why i spent almost a year building my own tax model and building my own tax plan. liz: have they asked you for your opinion and your plan and your model? >> the administration has talked to me about my model, so that was good. they're looking at everything, which is important. and i think in the end, we have to lower rates, we have to make the united states very competitive. we should make the united states the most competitive place to do business, which my model does. but, again, i think whatever we do, and i'm happy to see thpresident working on this, we have to bring these rates down so that businesses can thrive here in this country. liz: does your model throw caution to the wind about the deficit? it seems right now that the administration is sending out butterflies, if you w

mnuchin had to say earlier today. he was speaking at the institute of international finance meeting here in washington along with gary cohn. first it was what mnuchin said, yes we will have tax reform by the end. year, perhaps even earlier. let me let you listen to the treasury secretary in his own words. >> just to be clear, we hope it won't take until the end of the year. we're very focused on it. >> okay. >> big priority for the president. we will get tax reform done. it will be sweeping. it will be significant and it will create a lot of economic growth. reporter: sound as if they're on one track. they have been working behind the scenes, the treasury secretary steve mnuchin, check advisor to the president, gary cohn, they have been working hard to meet with members of the house ways and means committee as republicans on the hill draft what you heard the treasury secretary say will be sweeping tax reform. but it was gary cohn gave us a little bit of specifics, not much, but a little bit of specifics what we can expect. take a listen. >> so we are going to come out with a unified, united tax proposal from the white

steve mnuchin and gary cohn. they were unveiling the blue print for what the administration is calling true tax reform. there was a lot in there if you were listening. it was a lot of math. but it means a tax cut for basically everyone. we are looking at three instead of seven brackets, 10, 25, 35%. that's taking that top rate down basically all of them. they are putting in a child care tax credit, but they're also protecting that credit for saving in your 401k. also for mortgage. they're lowering the dividend and capital gains tax to encourage people to invest, to create jobs. lowering the corporate tax rate to 15%. also putting in a one time tax to encourage companies to repatriate their profits back here. they doubled the standard deduction. that's a big tax cut for everyone. so this is a lot for tax cuts, for growth in the economy. incredibly important. job creation. let's bring in chief white house correspondent john roberts who joins us now with more. boy, who was thering for everyone there. >> reporter: th

we expect that secretary of treasury steve mnuchin, along with economic advisor gary cohn, at 1:30 this afternoon will be officially presenting this to the press and to the nation. and steve mnuchin actually referred to this as historic and revolutionary. listen to what he said this morning in a prep for what is about to be announced. >> we want to make business competitive and we want to simplify the personal tax system, lower taxes, create economic growth. so this is going to be the biggest tax cut and largest tax reform in the history of our country. reporter: part of that tax reform, neil, includes a 10% tax on the money that companies have parkedded in banks overseas, one time repatriation fee of 10%, if they bring in something like 2.6 trillion back into the united states. in regards to the border adjustment tax, mr. mnuchin was asked about this. he said, quote, we've been talking to chairman brady, and speaker ryan. there are aspects we like, things we're concerned about but he said we don't think it works in it is current form. the question that mr. mnuchin will attempt to answe

steve mnuchin and gary cohn.hey were unveiling the blue print for what the administration is calling true tax reform. there was a lot in there if you were listening. it was a lot of math. but it means a tax cut for basically everyone. we are looking at three instead of seven brackets, 10, 25, 35%. that's taking that top rate down basically all of them. they are putting in a child care tax credit, but they're also protecting that credit for saving in your

reporter: earlier, we saw the press conference with gary cohen and steve mnuchin delivering the details. were two headlines for businesses. there will be a one time repatriation tax on overseas profits. the white house is calling it the biggest tax cut in corporate tax history, from 35% to 15%. >> under the trump plan, we will have a massive tax cut for businesses and massive tax reform and simple vacation. we will lower the business rate to 15%. we will make it a territorial system. we will have a one time tax on overseas profits which will bring back trillions of dollars that are offshore to be invested here in the united states. taxrter: that repatriation could lead to fears that it could lead to a drop in revenue in 2 -- of two point $2 trillion in 10 years. it will cut the number of income tax rockets from seven to three. take a listen. going to cut taxes and simplify the tax code by taking the current seven tax brackets we have today and reducing them to only three brackets. bracket, a 25% bracket, and a 35% bracket. we are going to double the standard induction so that a married

--re is a whole gary cohn steve mnuchin traditional approach versus steve bannon -- steve miller wingcan see in nafta and other things, that's working its way out. i would suspect in the neck 100 days, that will be a big issue. one more from me. when it comes to europe, you would probably have to say his bark is worse than his bite. he was quite outspoken against germany like with nato and the u.k. relationship but it seems to be cordial. is that a fair assessment? >> there is a sense that the worst has not happened. we heard talk from his inner circle that they were thinking more tariffs on imports but none of that has come true. the angela merkel administration has tried to build this relationship. anka trump is a very important gateway to the white house. the only thing we know for sure is that donald trump will be unpredictable with a battle going on inside the white house. we don't really know who will actually win there. anything is possible. week, wehis time next are preparing for a french election. thank you both. up, amazong right posing robust sales as the files. can anythin

here is the announcement from treasury secretary steve mnuchin and national economic director gary cohen. mr. spicer: obviously today we're here to talk about the president's effort to provide tax relief to both our corporations that will help grow jobs and to middle americans two people here to explain it, the director of our national economic council, gary cohen, is going

gary cohn and steven mnuchin. are they really the people to figure out the best way to make sure that you and i don't bail out when a big financial company gets into trouble? >> well, goldman sachs started out not being a bank, it was during the crisis it became a bank. liz: they had to, they were forced to. >> the federal reserve says yes. one of the proposals that the house republicans put forward is to get rid of the so-called hotel california provision of dodd-frank, which would allow the current banks, goldman, morgan and others to go out of the framework. in which case theoretically, taxpayers have no responsibility whatsoever, and then you're left with jpmorgan, citi, bank of america, wells fargo. liz: does going what the president just talked about give any relief to small and midsized banks? >> not so far. let's not forget, dodd-frank is law. so until something passes, the house, the senate and is signed by the president. we're operating under those very, very burdensome roles. liz: remember cody willard,

you managed -- gary cohn and treasury secretary steve mnuchin,'s paul ryan, mitch mcconnell, the leaders of the tax-writing committees. president trump so the border wall with mexico would be an important tool for stopping the flow of drugs into the united states. the president tweeted that today as he continues to pressure congressional democrats to pay for a wall on the u.s.-mexico border. mr. trump has said mexico will pay in some wall for me eventually, but he wants congressional funding the construction can begin. in london, home prices have posted the biggest annual drop in almost eight years. according to the property right fell to $813,000. more expensive homes have fallen the most, down more than 4% in the last year. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i am mark crumpton, this is bloomberg. ♪ scarlet: live from world headquarters in new york, i am scarlet fu. joe: i am joe weisenthal. we are 30 minutes from the close of trading. scarlet: u.s. stocks rising as financial markets reacted after the french electio

earlier today, we saw treasury secretary steve mnuchin and president trump's chief executive adviser garyiling their tax proposals but officials tell cnn this is all about the headline they wanted leading up to saturday, essentially saying trump cutting taxes in the first 100 days. let's begin there. adrian is with me, democratic strategist and former director for hillary for america. andre bauer is here, cnn political commentator and former lieutenant governor of north carolina and ana navarro, republican strategist. clearly, i didn't get the black memo. i'm looking over at all of you -- >> it has nothing to do with trump. believe me, i'm not in mourning. >> you're recovering. let me begin with you just on this mega, you know, proposals outlined with mnuchin and cohn and the briefing and how they're saying this is great for the economy. my question to you, where is the president in this mega rollout? would you have liked to have seen the president front and center on this today? >> well, i suspect he doesn't know the details. we've seen time and again he's not a detail-oriented kind of p

they went down there, the steve mnuchins, the gary cohens, the wilbur rosses, they went down there bauseheystand tax reform. they undstand big business. being held up, not being able to move forward because they're stuck with, well, the president doesn't want to release his taxes so the resistance is showing up, they're kind of saying, give me a break. this job is hard enough as it is. steve mnuchin did not want to have to come out and say, well, august looks aggressive. don't think we're going to get tax reform done then. many, many people voted with their wall et cetera. they wanted tax reform to happen. they were willing to hold their noses look the other way to president trump's behavior. but they voted with their pocketbooks. if he cannot get tax reform done, what can he get done? it's a matter of are you going to show your taxes, mr. president? it doesn't look like he is. and if not, why? >> stefr knee ruhle, a former and reformed new york-based banker thankfully now in the television business. we appreciate you coming by tonight. appreciate it very much. >>> coming up, remember that

treasury secretaries steve mnuchin and gary cohen will brief reporters at the white house. that's scheduled for 1:30 eastern. you can stream it on the c-span radio app. we heard about the tax reform from steny hoyer. we'll hear about the president's tax plan, we'll look at it but if it gives a huge tax break to the very wealthy democrats, that won't pass muster with democrats. the treasury secretary talked about the tax policy this morning in an event hosted by the hill" newspaper. [applause] >> thanks. well, we timed this event quite well, i think. well, mr. secretary, thanks for doing this. you met with republican leaders on capitol hill about tax reform yesterday. is the administration and republican leaders, are you on the same page and how confident are you this can get done this year? secretary mnuchin: well, first of all, thank you for having me here this morning. it's a pleasure. we've been meeting weekly with chairman brady and people at the senate on tax reform. so since the president has been in office, this is something we've been working on very closely. i thin

gary cohen. he said on friday there's been this august deadline of steve mnuchin and others talked about. gary cohen suggested august might not be the deadline. is this timeline getting pushed at this point? >> i don't think it's getting pushed. that still would be a great opportunity before they leave for august recess. we're gonna make sure that we do this right and do it with the input of all the groups and members of congress that have had a long time interest in doing this. and it is a big deal, right? you've got the ability for our businesses and industry to be more competitive in the global market. then you want to make sure you're providing middle income tax relief that creates economic growth throughout the country. >> americans are filling out their tax reforms for 2016 this time next year they'll fill it out for 2017. will they have a 2017 tax break? >> i hope middle income americans have a tax cut by then. sorry. i know. careful with that. >> this president then candidate trump was critical -- excuse me, was complimentary. now after seeing how russia reacted to syria, what does

we expect to hear from treasury secretary steve mnuchin and the national economic director gary cohn at this briefing live on c-span 3. >> never thought so many people would be turning out for the intick weties act. >> good one. >> i had to use it. we're here to talk about the president's effort to provide tax relief to our corporations that will grow jobs and middle americans. two people to explain it, gary cohn is going to walk through why we're doing and what we're doing then the personal side. and secretary of the treasury stephen mnuchin will walk through the business and corporate side of what the president is doing to bring jobs back to this country, to make our businesses more competitive and help our economy grow. at the end we'll be glad to take questions on this. you are being provided a one pager that provides the top level of the plan and both the director and secretary will go into further detail. so without further ado, director gary cohn. >> thank you, sean and good afternoon, everyone thank you for being here. this is an historic day for us and one we've been looking

. >> the treasury secretary mnuchin and gary cohen came out at the white house press conference, while a lot of people were carrying on, that was more detail than we typically get on any kind of plan from this white house and it is big. corporate taxes, personal taxes, simplification. this on its will own would be a big deal. iniflt fac that ty're talking about northkorea, they're talking about health care, this is a lot for everybody to swallow. >> it is a lot for critics to swallow. it is still not entirely clear how they expect to pay for it. secretary noox has said that growth will pay for it. it is to stimulate the economy. n given the massive sweeping overhaul, there are a lot of dpeets we don't have any answers to. as one reporter with gary cohen, the president's top adviser and steve mnuchin said what does this mean to a family that lives in the middle of the country that makes roughly $60,000? well, they'll get a tax cut. beyond that, there isn't any more detail. that's one of the challenges. you and i have been having conversations about the significance of this massive corpo

alix: who was on president trump's speed that i oh, steve mnuchin and gary cohn or steve barron and?k allnthony: four of them. i think the president has done a good job of blending that. alix: he hedges, anthony hedges. anthony scaramucci and david kotok are sticking with us. ♪ ♪ alix: this is bloomberg daybreak, i am alix steel. an hour before the open in the u.s., u.s. equities are down 3/10 of 1%. the ftse still getting beaten down, 1.8% due to the fact that theresa may is calling snap elections. the 10 year yield down by about three basis points. this is a really big story of a stronger pound, getting whipsawed earlier. gold relatively flat. housing starts month on month down 6.8%, but building permits up by 3.6%. we had that really big storm in march, potentially distorting the ability for housing starts although conjunction -- construction jobs were not bad for march. where are we in housing for consumer data? aroundlar index is still the lows of the session, s&p futures holding ok. the 10 year year to -- yield pretty much -- david: is this weather related? >> it is less robust

it is odd that, that steve mnuchin and gary cohn, who is liberal democrat, trying to sell a supply --thing that was written by larry kudlow and art laffer. liz: pure supply side. >> gary cohn is a big keynesian dude, big dude period, but keynesian as well. you know what he looks like? cavuto keeps saying this. let him get the credit. who is guy from "an any." daddy warbucks. that is not a negative, right? liz: daddy warbucks is 40 years older. >> maybe younger daddy warbucks. gary cohn wants to kill me. liz: i understand his motion about that. >> i know. you have threatened me many times. liz: yeah, me. closing bell ringing in 28 minutes, a rising star in the republican party gives her take whether the president's tax plan will receive a warm welcome in congress. you have to hear what she is saying. oh, yeah, government shutdown, friday night? liz: got breaking news regarding the looming budget deadline this is just moving on reuters. sources telling reuters that the white house has assured democrats in talks over government funding, it will continue to pay obamacare subsidies for low

gary cohn and steve mnuchin are expected this afternoon to unveil what president trump will unveil aspening bid on a words, tax cut, in his perhaps the greatest in history. that is his hope. congress will hold the keys on to whether or not this happens. democrats are likely to be opposed to any plan that the white house proposes if it breaks for upper earners, which it seems it will. republicans are divided. this is a big source of contention. among house republicans, there has been discussion of the border adjustment tax. huge division on that. ability, a limiting that. also a huge source of contention if the tax cut does not offset, it will automatically expire within one decade. that will be problematic to do any sort of tax cut on a temporary basis. right now, tax reform is like an airplane that has not hit the runway. it has not taken off. in fact, the plane has not been built. we will just get some design ideas from the white house. i love the-- vonnie: metaphors. the companies excited? what mean for thet -- corporate universe? >> sure, they are excited. companies like tax cuts.

gary cohn. he said on friday that there had been this august deadline that steve mnuchin others talked about. friday gary cohn suggested that august might not be the deadline. is this timeline getting pushed at this point? >> it is not getting pushed, it is getting -- obviously at that would be a great opportunity before they leave for august recess. we'll make sure we do this right and do it with the input of all the individual groups and members of congress had a long time interest in doing this. and it is a big deal, right? you've got the ability for our businesses and industries to be more competitive in the global market. you want to make sure you're providing middle income tax relief that creates economic growth throughout the country. reporter: americans filling out tax reforms for 2016. this time next year they will fill it out 2017. will they have have a tax cut next year? >> i hope middle income americans have a tax cut by then. jeff? sorry. reporter: [inaudible] >> i know. >> can go next. >> careful with that. [laughter] reporter: then candidate trump was pretty critical, excuse me

is it steve mnuchin? gary cone? really? they have this claim satisfaction guarantee. really?laim experience is fast, fair, and hassle-free or they get their, like, money back. saraaah!!! come to prom with me!! no. -hey mr. parker. claim satisfaction guarantee, only from allstate. it's good to be in good hands. >> on this vote, the ayes are ash -- 54, the neys are 45. so neil gorsuch is now confirmed to be the next supreme court justice of the united states. >> neil: monday he will be the ninth justice of the supreme court taking the place of antonin scalia. apparently he will have a very busy docket. shannon, he has a full plate, doesn't he? . >> he does. can you imagine walking into this mid stream? normally ready to go in september and the fall. but walking in, he will drink from a fire hose. he will be seated to hear a group of cases starting on the 17th. one really interesting case that stands out, everybody will be watching, they think he may be the tie-breaking vote, this is a case of a church preschool in missouri that applied for a state grant that is designed to help

top white house and administration officials, including gary cohn and secretary mnuchin, gathered on capitol hill. tomorrow, they plan to lay out details for their tax reform plan. beforep comes one day president trump announces his ideas for changes to the u.s. tax code. former president obama made his first public appearance since leaving office. he talked to students about being a community organizer and how that laid the foundation for his political career. chicago, where his presidential library is planned. i am alisa parenti, and this is bloomberg. caroline: i am caroline hyde, and this is bloomberg technology. break down first-quarter numbers and a roadmap for the .ear plus, the $3 million package dragged under the spotlight. red over theseeing way big blue calculates ceo pay. paige's flying car prepares to take off. a relief rally in global equities made its way all the backo the nasdaq, climbing toward a high. abigail doolittle joins us from new york. what a day. markets. tell us about the wrap up? whatsk on really describes we saw today. full rally mode. and nasdaq all0 fin

if you're gary cohn, steve mnuchin is that the guy you want to get behind or are they not behind him.ared kushner. we're not on anybody's team. >> there are people in there trying to work out what's going to work out next. anyone who thinks that the president's team is shooting from the hip is actually wrong because you have someone like stef bannon who is a clearly worked out strategy. >> he's not shooting from the hip. >> what he would like to see happen over the next year. it's almost like a military plan. at the same time you have people like gary cohn with a clear set of ideas of what should happen in terms of economic reform. those are attractive to the businesses. that's why the stock markets rallied. if you've got different plans and strategiestrategies, can yo them together. >> gary has a clear tax reform nick plan. steven bannon has a clear world order plan. what's jared's plan? >> his plan is to hope to knit the whole thing together. but it's going to be a big challenge. and when it comes to issues like syria and the middle east, it's going to be interesting to see which pl

that was treasury secretary steven mnuchin and white house economic adviser gary cohn outlining president trump's tax plan great let's get to our team of reporters covering all anglee main headlines. the trump administration plans to reveal the amt, they will pay for child care, also the dividend tax for obamacare. for companies, they are proposing a tax cut of 15% and reform of simplification. small and medium will be eligible for a different rate. they are looking at a different system. we will get more information later. and one to encourage companies to bring back cash held overseas and put it to use in in hiring. let's get to our panel. we have the chief washington correspondent. and we have two other reporters from bloomberg. let's start with kevin. mnuchin, laying out the case. how much detail was there compared to what we had thought, what was indicated in the hours leading up to the announcement? the key moment was when he says they would be attacked on the left and also the right. the question becomes politically speaking whether or not they can unify this public in party in ord

but there is also a hope cooler has will prevail. , gary like steve mnuchin cohn come who seems to beng economic policy in the white house, all are expected to smooth this over and engage in a more constructive relationship with china. the next two days of meetings will be important to see what kind of signals come from mr. trump himself. this: members of administration are placing a premium on the trade deficit. almost single-mindedly focused on that. how much longer wants to think they should have? eswar: it will be difficult because that is a number that has always gotten attention in washing. years, ther of administration has been running a deficit in terms of goods with china over $3 million. the u.s. has a trade surplus with china but that does that make up for the goods deficit. the question is whether the right way to do with a trade deficit is putting in place s ororists or -- tariff focusing on what american businesses really care about, getting access to chinese markets, investment opportunities in china, getting china to play by the rules in terms of intellectual property

gary cohn and steve mnuchin headed to capitol hill to discuss tax reform.bout the nature of those come positions. >> they will be laying out trumps tax plan. a couple of things expected are 15% tax rate for thanration, a deeper cut expected from the house. thirdly, trump would like to link tax reform with funding for infrastructure. carrots too things, get democrats on board with the plan. scarlet: how much are they likely to diebold tomorrow when the present the policy plan? kevin: not much. in fact, there is some confusion, to say the least on the timing of this tax plan. you have to remember that while the meeting will be underway, just across the hall, behind me , housecretary mnuchin freedom caucus members are also scheduled to meet tonight. the meeting is about whether or not this party unified will continue. this is an administration that wants to have a legislative win before president trump 100 take in congress. don't forget the on friday they have to pass the partial government funding bill in order to keep the government open. er in the day, we s

mnuchin announced sanctions today on syria at the daily white house briefing. the alleged attack killed at least 80 civilians. top white house and administration officials, including garyohn and secretary mnuchin, gathered on capitol hill. tomorrow, they plan to lay out details for their tax reform plan. the trip comes one day before president trump announces his ideas for changes to the u.s. tax code. tax code. former president obama made his first public appearance since leaving office. he talked to students about being a community organizer and how that laid the foundation for his political career. he let a student panel at the university of chicago, where his presidential library is planned. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. i am alisa parenti, and this is bloomberg. ♪ caroline: i am caroline hyde. this is the "bloomberg technology." t-mobile with another subscriber when. john ledger joins us to break down the numbers and a roadmap for the year. plus ginni rometty's $33 million pay package dragged under the spotlight. why some are seeing red over the way big blue calculates c

maria: on tax, gary cohen and steven mnuchin. >> ed raises an important point, the president has to getand persuade, he is good at rallies, in terms of the direction he wants to go. there a lot of fear of what health care reform may mean. they have on the table is is a great compromise between since centrists and you also have turn toward freedom caucus. you give states more flexibility, this is a great compromise, it is not perfect, but they have to get this done. maria: similar to what congressman schweikert just told us. >> i will be more positive on his accomplishment. 100 days. he released a list on october. a two pager, first page, lists 18 thing, second page page, thes he has send to congress. first page he has done pretty good, getting a lot of this stuf done. second page he has not done it, but if at end of week he says we're working on obamacare bill, they should be fine. >> one thing he has done, perceived as a stronger leader, he has not expanded his base,y e will never be a 50% popular president, until near the end and the economy is moving, my sense that he just needs to s