groups of senators who are paying more attention to the impact and the controversy from people like larry kudlow we're not talking about far left critics here >> yeah, that's right. scott, a lot of these provisions are coming to light when you put together one of these bills done by staff, as larry staff, and staff do do funny things from time to time my sense of how this got in there is that there were a stack of ideas that have been sort of on the shelf for several years for raising revenue. this was one of them they scooped up pretty much all of those revenue-raising ideas and put them in the bill because they needed the money from all the different provisions this one just over 2 billion is a relatively small one overall, although i've talked to some people today who say they think the score on that is actually small and it will be more than that over time so the staff builds this bill up, they need to rates money and put these provisions in. sometimes, you know, they feel like this has been debated in a previous year, but in this -- in the context of this year's politics it looks very diffe

larry kudlow is going to weigh in on what that could mean for wall street. and whether investors should be concerned. larry's not real -- he's not exactly seeing eye to eye with the president on trade issues ri right now. >> that's for sure. >>> we begin today with media merger talks heating up, sources saying comcast and 21st century fox, some of fox's assets and the cable giant, comcast, may not be the only one. let's get over to julia boorstin for the very latest. >> reporter: kelly, sources tell us that comcast is interested in buying fox's entertainment assets the same assets disney was pursuing a huge part of their appeal, their international scope including sky in uk and star in india, as well as big brands such as avatar and x-men and digital reach with hulu. a source close to the situation tells me that verizon has also reached out to fox about those assets as well as it looks to keep up with rival at&t and its pending acquisition of time warner i spoke to cbs ceoles moonves at our net net conference last night about what all this means for the media

they have got a lot of selling to do on this plan a plan that our own larry kudlow called a very sloppy bill, doesn't do much for the individual it's clear they're focusing very heavy on corporations, with the corporate tax rate going to 20% along with some of the other st stimulative parts. >> the momentum to get something done is so high, including republicans who have got to get this done before elections happen to them, means we're going to get something if these are the indications of where we're going, i love small cap, midcap big time let's take a repatriation of a few billion dollars from apple they'll spread that around to all their manufacturers state side, they may invest more here. i predict next year the russell twejt 00 will outperform the s&p 500. >> do you really so s&p, let's call it 15% we've gotten year to date and here we are with the final two months of the year russell 2000, 10%. is that the way to play it sapperstein brings a view of the larger companies that are going to benefit small caps too >> i agree with rich and kevin on that. i think clearly when you look

larry kudlow today who is an economic outside adviser to the president, larry kudlow is in essence saying that this is not something that he really felt was the right way to go. simply on the individual side. he likes the corporate side. but he feels that the state and local tax deduction will hurt all kinds of people, different people were his words. not just the higher, wealthier people, but also, chairman brady, it would hurt some middle class people, for example, on long island. >> so, look, what i know is this. for too long our tax code has favored some over many -- in massively working class americans that construction worker in the street is being taxed twice to make sure some get help with state and local deduction. we think we can do better. having said that, i'm committed to working with congressman king and others to make sure their constituents see tax relief, regardless of where they live. and so that is a big challenge. i'm continuing to work with our members in that regard. i think at the end of the day we show tax relief across income levels, across states as well. i think

white house, with us from washington, as well, labor secretary under obama and with us at post 9, larry kudlowt an hour it's going to be. what a day it's going to be. it's the fiscal and monetary today as we await a fed chair payment. >> theoretically cool. i don't know hold up it's going to work out. quick take from what i gather, it's dribbling in. i like the business side, from what i gather. i don't know every detail, but it's basically what we put together in the campaign two summers ago, lower corporate rate, needed expensing, repatriation those are the basic building blocks we think will be a booming supply side, investment side economy, which is not inflationary and will raise productivity and wages i like that. like trump, i still would have preferred 15% corporate rate, i still would. >> you would have paid for that in what different way? >> see, now that -- i don't understand yet i mean this. i don't understand the scoring math doesn't work for me doesn't work for them either apparently, apparently they are insisting on using the joint tax committee revenue estimates, which are nond

we have larry kudlow, don, and ed joining us to weigh in. they'll be giving grades, handing them out there a little bit there. >> new developments in the at&t time warner deal the financial times reporting regulators are demanding the sale of cnn in order to approve the deal we'll have the latest on just what the government is demanding here, coming up. >>> and this has been a big story today. snap sinking after missing wall street's revenue estimates by a big margin we'll look at whether that stock, which is down about 50%, since the ipo, whether that can recover or not that's all coming up here. busy day >> still a big decline for those shares let's kick it off with the latest on the at&t time warner deal sources saying that regulators are calling for the sale of cnn in order to approve the deal, joining us is the reporter who first broke the story today, james khan, thanks for your time >> thank you for having me on the show >> so, now the "new york times" is reporting it's a sale of turner properties writ large, what's your latest inform

i said what larry kudlow said, called the dumbest thing i've ever seen, and now you're trying to take some action to get it out. >> yeah, we are. this isn't a political comment or anything like that. it's just we have 11 million retail clients this is something that affects every single retail client, and when they get their tax bill next year if they don't realize that this is going to happen it's going to be very big and really affects a lot of retirees i should start this off and say thank you, scott, for talking about this, your show, retail clients watch. i talk to retail clients and the panel and the staff is great so this is something that can affect your viewers, and one of the things is right now you can choose, and i'll give you a quick example. a retiree, been with the company for many years, accumulated stock over time. maybe accumulated stock from $so to $20, trades at $50, goes to sell it, he's selling the $so stock, not the $90 stock that's a significant difference in our tax bill for next year and it's something that people should be aware of. >> kudlow called it a bac

. >> nbc news confirms the senate gop tax bill will be released thursday larry kudlow just wrapped up a big meeting with senate republicans on the hill and he tells us what they told him. that's next. another day of work. why do you do it? it's not just a pay check, you actually like what you do. even love it. and today, you can do things you never could before. ♪ ♪ you're developing ai applications on the cloud. finding insights hidden in decades of medical documents. and securing millions of iot sensors. so get back to it. and do the best work of your life. ♪ ♪ allow you to take advantage of growth opportunities. and do the best work of your life. with a level of protection in down markets. so you can head into retirement with confidence. brighthouse financial established by metlife. without pg&e's assistance, without their training our collaboration with pg&e is centered around publ safety. we could not do our mission to keep our community safe. anytime we are responding to a structure fire, one of the first calls you make is for pg&e for gas and electric safety. it's my job to mak

cnbc senior contributor larry kudlow, joe, who is portfolio strategist of richard bernstein advisorsnior economics reporter rick santelli who is standing by at cme, and kevin o'leary who has been manning the desk with us today this came in lower than anybody was anticipating >> what i tried to say just before the break is was that nobody really has any idea how to adjust. >> it makes sense. >> it makes no sense there's no real way to say we had three hurricanes here's the precise number of jobs we were under here's the precise number we can bounce back. >> i don't know anybody who has a good model for something that's never happened before models essentially are based on the past there haven't been three hurricanes florida, texas, puerto rico. the ideas come back, i would take a step back by the way, i think a lot of the numbers remain potentially polluted by the storms themselves in terms of reporting and the bounceback i don't see some of the things i was looking for. >> the idea that what's happened to the work force to the unemployment rate, those things i think keep the fed goin

. >> larry kudlow has joined us at the desk i can see he's chomping at the bit. >> you heard tax reform how much would this delay matter >> i've had this story for a little bit the corporate tax cult is going to be delayed in the senate. this is just the chairman's marks, it's not a final vote, to january 1, 2019. but the immediate expensing of cap capex will be implemented january 1, 2018. it's not good. it's not the worth thing in the world and i have a feeling it's not going to hold. capex is good, that's pro growth however, delaying the decline from 35 to 20, you know, it will take out some growth it raises doubts, which is what art is suggesting. it also will continue the avoidance and the sheltering i mean, look, a lot of these big corporations are offshore for a reason we know that and have talked a lot about that but in terms of repatriation, if they're staring at a 35% tax rate, that's a whole different ball game. that's much higher than they expected, they will keep offshore if they can foreign firms that might want to come here because we have such a favorable tax climate, th

larry kudlow, original architect of the administration's plan will join us live alongside "mad money"r, who's with us for the hour today. can't wait for that. >>> plus, did two dow icons hit rock bottom? somebody here thinks so. we'll hit ge and ibm in the calls of the day plus where cramer sees the most value right now. ha "halftime report" ten minutes time >> jim's feeling good about the eagles game last night >> rightfully should be. >> see you in a few. headlines from the beginning of a cabinet meeting at the white house. the president says the u.s. is designating north korea as a state sponsor of terrorism eamon javers is at the white house with all of that >> that's right. we're just getting the headlines now. the cabinet meeting is ongoing at the white house the press pool has gone inside and we're getting reports out. we should have tape momentarily, but we're also told from headlines crossing the wires that the president says the designation of north korea will impose further sanctions and penalties on what he calls a murderous regime in north korea. the president also says t

. >> it is good to have you hear we are hearing in larry kudlow that it is possible that the presidentm the trade agreement. >> i am. if the relationship would come to an end, what will it mean >> it will be a big deal we'll revert to potentially the bilateral agreement that we have in place of canada prior to nafta. we have engines and transmissions and they'll send us vehicles back and forth multiple times we'll go back to what is call normal trading relationships that's 2.5% of most cars and parts. so if the u.s. company manufactures a pick up truck in mexico >> or japanese company and brings it back into the united states, there is a 25% tariff if nafta goes away? >> absolutely. >> that's a huge taf rriff >> manufacturing pick up truck about half the production, tone toyota and nissan is manufacturing pickup trucks in mexico >> how nervous is the region >> pretty nervous. it is not just a comparative advantage like they make tequila and we don't so we want to trade that we build vehicles together across the whole region of north america. so we are building cars and trucks and engin

. >>> welcome back to "power lunch," larry kudlow is joining us now before the break, we are discussingice department is suing the at&t/time warner merger. how is this a probusiness administration >> well, i don't know, that's a very broad based question. i don't know that it is not. i am not sure if i either understand this because it is not a great business deal at all. i mean, at&t wants to buy all of these properties millennials don't even have tv in their house it is internet is clobbering cable and it is going to continue live streaming and clobbering >> we had a lot of republicans on who are plummets. al franken came out against this deal if al franken is president, it would make sense for the administration to be against this deal. >> again, i am not an anti trus expert and not a lawyer. my hunch, take it for what it is worth. why don't they go out and build broad band in the rural areas of the country and be better off. these cable franchises are going to lose values overtime and they already have >> does it show, larry, the president kind of a small business guy he always had

i think if you had steve moore, larry kudlow and art laffer, the three market-oriented supply side economists came up with the original trump plan, they were being honest with you, do nothing before doing this crap. they would say that i know each one of those guys. neil: i talked to people who are privately wincing at this, and not, they're realizing, we all know how sausage is made, i understand that. we all know limitations, with reconciliation, got to get stuff through. we know what they're dealing with. we're not dismissing hardship of their task. they have 5 trillion worth of tax cuts cramming into a one 1/2 trillion dollar bag but they're doing pathetic job. they're doing awful job. >> they're making it worse. neil: making it worse. >> making the tax code for people more complicated. makes 50 to 75 grand, great to give you a tax cut and you only fill out one sheet. they don't pay, those are people that don't have the complicated tax manuever that -- neil: maria asked a very key question that the treasury secretary dismissed, germane to this argument. because a lot of tax cuts proposed

we have larry kudlow, don, and ed joining us to weigh in. they'll be giving grades,

even president trump's external economic advisor larry kudlow recently said, ending the salt deduction will hurt a lot of different people. and a lot of those people who will get hurt live in states like new jersey. in 2015 alone, nearly 1.8 million new jersey households deducted a combined $17 billion in state and local taxes from their federal tax bills. over 1.5 million new jersey homeowners with sky-high property taxes deducted nearly $15 billion that same year. these taxpayers aren't high rollers. they're middle-class families who had to work hard to achieve the american dream. in fact, tax data tells us that 83% of new jerseyans who claim the state and local tax deduction make under $200,000 a year, and about half of those make under $100,000 a year. so the families who get hurt live in every corner of our state, from ocean county where it will cost taxpayers $1.3 billion to burlington county where it will cost taxpayers $1.37 billion, to passaic county where it will cost taxpayers $1.16 billion in deductions. that's wrong. it's just plain wrong to ask these hardworking families,

. >> larry kudlow had -- neil: the original obama plan with boehner, you know. >> yeah. cuddler and laffer -- kudlow and laffer did propose that. they were saying go to corporate taxes and just worry about the personal stuff later. neil: well, viewers are offended, including drumstick. >> whatever happened to the second turkey, we don't know? neil: we don't know, but drumstick is annoyed with the comments you were making about his rear. do you think this pardon makes me look fat? [laughter] >> tell drumstick thank god that barron was there and not don jr. and eric -- [laughter] or else -- >> you would have seen an explosion -- neil: there we go. [laughter] well, that's why that drumstick interview is not happening. drumstick heard what charlie said and said, that's it! we'll have more after this. >> we will? [laughter] neil: you know, harvard or is facing a justice department probe over its affirmative action policies. gerri willis has more on all of that. >> reporter: hey, neil, that's right. the justice department investigating whether harvard is violating title vi of

you have facilities in mexico, facilities in canada our league, larry kudlow, tells us he's worried that will leave nafta what would that do to you and how worried are you about that >> our major base is the u.s it's mahindra north america. which is really spreading to canada and mexico. so we are essentially still a master distributor to those places so we are in no place right now where we are going to be in any difficulty over changes. if you ask me my personal impression, i think your president is a consummate negotiator he's fired an opening shot, but i think he's just as aware of how integrated nafta is. nafta may need some tweaks it's a 20-year-old agreement but i'm not so sure, i don't necessarily share anyone's pessimism that america might bail out entirely. >> you're not worried about supply chain disruption if they do >> not at all. disruption of the supply chain, no, not at all hot the cost impacts will be, maybe a different matter but as i said, again, i'm an optimist about nafta merely being updated but i don't think it's going to be a situation where nafta is going to expl

percentage point extra out there, if you figure and still believe that the great colleague over here larry kudlowot believe, but it's general consensus that the underlying growth rates's 1.9 and 1.8. we did a 3.3 upgraded and the cnbc rapid update is at 2.7 and we did a 3 in the second quarter and that's better than modest to moderate i don't know why they are not picking that up. >> usually they're pretty good at that and sometimes on the forefront and it's also a good place for the beige book to get an understanding of the mysteries out there because you get it from a real business level so the price pressures are something worth noting that hampton highlighted in the beige book, the idea that they're growing price pressures out there and wages are still moderate and it's not too much of a concern and janet yellen would certainly get access to the beige book and she did not make a big deal and inflation is set to be a mystery and john williams, earlier today and earlier this afternoon says he sees those things coming ultimately, this beige book is a little bit off of what's happening and i am v

>> larry kudlow talked in the dale -- "daily caller," come up with this tax plan, that the individual tax rate was afterthought. when they wanted to do was come up with a pro-growth tax rate. something that gave a boost to business, a massive slash to corporate taxes, bring more companies back to the united states. help the economy that way. he literally said that as far as individuals go, somewhat may, let the house and senate battle it out. this is the focus. the focus was business. that might make sense economically but it will be a difficult for republicans to sell it to go back to the voters. i think senators like ron johnson can be absolutely brought back on board with this bill. neil: kind of a quest for relevance here, myself. or that, look i find something wrong with a feature that hasn't gotten much attention. i'm not dismissing his angst but differences between smaller businesses and larger ones, it is legitimate but i don't know if it is as legitimate as he says, would prompt a no vote. where i think chris is right, erin, the individual side of this is more of a mess than

the cards i know that everyone says it's 100% but there's so much -- >> you made your point even larry kudlowgrees with you. >> so much room to back off it we'll see what happens we've been wrong before when they talked hawkish, they act dovish we've been wrong before. maybe we're wrong again and that should rally the overall markets en fu even further. >> will be interesting to see. thank you, steve bill, over to you. >>> a market flash on pharmacy stocks seema mody, what's behind the move >> application filing by amazon states the online retailer will not use state licenses to sell prescription drugs the application stating that the applicant, amazon, will not store or ship drugs. so it suggests that amazon will perhaps look at other areas of health care first before getting into prescription drugs. and on this news or report, we're looking at shares of the pharmacy stocks move sharply higher cvs health, rite aid, walgreens was officially higher, all moving on this news, guys. back to you. >> a sigh of relief perhaps. >> yes, for now. >> from some of those potential competitors. seema, than

also with us here at the new york stock exchange, larry kudlow, senior contributor here at cnbc. andrew levin, who's professor of economics at dartmouth college and former adviser to former fed chair ben bernanke victoria fernandez from crossmart global investments is in houston congratulations. >> thank you. >> peter costa from empire executions is sheer at pohere a9 with us. rick santelli is at the cme. we're going to get reaction later from former federal reserve governor larry meyer with us and richard fisher we'll get color from them on the new nominee, the impact he will have on the federal reserve going forward. steve, let's start with you. as we await the president, to come out of the oval office which could happen any moment here, he's considered the safe pick why? >> well, i think because he doesn't want to have a huge change at all in policy. doesn't -- he loves the way the markets have been behaving doesn't really want to upset that particular apple cart look, we're not sure who's going to be appointed, bill, but i thought we might just talk about the bio of jerome po

. >> larry kudlow -- >> they -- >> the corporate side is great, but -- >> they hate the individual sideual side >> you know who does get a state write-off? >> they keep their state right write-off where. >> now i'm really angry. >> figures >> they make as much as you. >> why would you >> just kidding. not really joining us now kevin -- >> it hooks right in with your suggestion for that particular -- why would i? >> i work a longer day >> true. >> i provide probably more added value. >> no doubt. >> in terms of actual information. >> yep >> and i have, you know, better hair >> once again, it is about hair. >> senior u.s. economist tells us -- i'll tell you where i want to start on this is that we are at 4% unemployment is it the wrong time to juice the economy, or is there never a wrong time to juice the economy? i mean, we want wage gains, don't we isn't this how it works? >> we do, and i believe in lower taxes are better for the overall economy. get it back to the corporations to add cap x and be more productive economy >> do people forget that -- i mean, it is the private sector that

we've had a number of people leave the work force >> there are people like larry kudl kudlow. >> theuse that personal rate has gone so high starting with george herbert walker bush and then clinton, bush temporarily moved it down, but not permanently. then obama moved it up again, it keeps going up that's what whacks the pass-throughs, and so you had to deal with the personal side. at least on the pass-through issue. snoo what do you throw out instead unless you raise the tax rate to 23%, 24%, and then you meet in the middle for the pass-throughs and corporate rate >> i understand johnson's approach it's not a particularly expensive project line, and some or much could go through the other part of this number. -- >> you are prepared to take on more debt? is that the issue? >> no, actually i don't think you'll see over the next ten years an increase in projected deficit. they're only suggesting that growth will go up about half a percent or so. would you net $2.5 trillion. >> so you think the $1.5 trillion estimate is wrong >> i think it understates the growth that we will get. if you