. >> director: mr. chu> commissioners, thank you for the fun to comment and for deliberating on this. i'm wilson chu and i'm the president of the chinese-american democratic club. we've been in san francisco as an organization 59 years. we have also supported medicinal cannabis 20 years ago as an outcoming -- outcome of our relationship with the lgbt community during the aids crisis and understand the benefits to the community and last year we supported recreational cannabis as an outcome. we have also now currently -- we do support people that require the benefits and also we choose to be able to participate in that particular cultural lifestyle but with that said, we have also been helping the neighborhoods express their voice in shaping the policy. with that said, i would also encourage you to adopt the ban on advertising within the busses. in order to support the public health policy in san francisco. as it pertains to reduction in smoking or consumption of sugary taxes. we know in san francisco we have

mr. sewell, aye? ms. chu, aye. chairman brady? no. mr.irman. >> the clerk will report the vote. >> 16 ayes, 24 nays. >> the agreement is not agreed to. the question now is on the levin amendment, and the clerk the call the role? >> mr. johnson? mr. johnson? no. mr. nunes? no. mr. teaberry. no. mr. reichert? no. mr. rascom? no. mr. buchanan? no. mr. smith of nebraska? no. ms. jenkins? no. mr. paulson? no. mr. marchant? no. ms. black? no. mr. reed? no. mr. kelly? no. mr. kelly no. mr. renacy? no many mr. meehan? no many ms. nome? no. mr. holding? no. mr. smith of missouri? no. mr. rice? no. mr. schweichert? no. ms. walorski, no. mr. carbello, no. mr. bishop no. mr. neil? yes. mr. levin? yes. mr. lewis? yes. mr. doggit? yes. mr. thompson? yes. mr. larson? yes. mr. blumenour? yes. mr. kind? yes. mr. pasquale? yes. mr. crawly? aye? mr. davis aye? ms. sanchez? aye. mr. higgins? aye? ms. sewell? aye? ms. delbenny, aye? chairman brady? no. >> the clerk will report the vote? >> 16 yays and 24 nays. >> the question now is on the lewis amendment, an

. >> director: thank you, mr. chu. we appreciate it. any more public comment? no, seeing none, public comment is closed -- wait, we have one more, mr. pollack. >> good afternoon directors. chair brinkman. i'm jeremy pollack. i wrote you a letter earlier today expressing my opposition to the policy and i posted it online and i reconsidered it after hearing feedback of exp exposure to youth and it should only be in places where there's adults and i can approach this from the point of view of adult and not looking at it through the youth issue. i think cannabis legalization is the law of the land. that's not going back anytime soon. i think the line of the resolution expressing the changes are intended to address the uncertainty in the state and regulatory environment isn't seem accurate. the regulatory environment the permutations a permutations can change and i suggest something about protecting youth or along those lines. lastly i have to talk about director torres' comments in the chronicle -- >> director: they were not accurate. >> it wouldn't be the first tim

mr. zule aye. miss chu aye. mr. teaberry, mr. teaberry, no. chairman brady. >> no. >> chairman brady, no. >> the clerk will report the vote. >> 16 ayes, 24 nays. >> 16 ayes, 24 nos, the amendment is not agreed to. >> i just wanted to let you know i would have voted yes on the first one i was out an an emergency call. >> i also was not present for the first one, i would like to note i support miss chu's amendment. >> yes, sir, mr. crowell. the question now involves the pascrell amendment, the clerk will call the roll. mr. johnson, mr. johnson, no. mr. nunez, mr. nunez, no. mr. teaberry, mr. teaberry, no. mr. raskin, no.buchanan. no. this jenkins no. mr. paulsen, mr. paulsen, no. mr. marchent -- ms. black. ms. black, no. mr. reed. mr. reed, no. mr. kelly. mr. kelly, no. mr. reinassi, mr. meehan, no. miss nome, no. mr. smith in missouri, mr. smith no. mr. wright, mr. wright, no. will schweikert, mr. schweikert, no. mr. carvelle, mr. carvelle no. mr. bishop, no. mr. neal, mr. neal, yes. mr. levin, mr. levin, yes. mr. lewis. mr. lewis, yes. mr. dag

i heard mrs. chu's introduction into this proposed amendment. mrs. chu and i have worked together in congress in the past. we both served on the small business committee. in her introduction she said that the republican tax plan does nothing for people in poverty and that it is for big corporations and she listed an example of a young man who worked and made $12,000 a year and he had to pay income taxes and she said he was taxed into poverty. we've talked for the last couple of days about the various analyses of this plan and how it will in fact give tax refunds -- more money in people's pockets for people up and down the income spectrum, including people in poverty and how it will stimulate our economy and that will create economic opportunity for people up and down the income spectrum. i want to talk about her specific and that just is ignored. the folks on the left just completely ignore that. i want to talk about her specific example of this young man that makes $12,000 a year. i think she said he had to pay $400 or $500 in income tax. well, look

mr. higgins no. ms. sewell no. ms. delbene no. ms. chu no. chairman brady aye. mr. brady: the clerk will report the vote. 24 aye's and 16 no's. the amendment is agreed to. the question is now on the adoption of the amendment in the nature of a substitute as amended. all those in favor signify by saying aye. those opposed, no. in the opinion of the chair, the ayes have it and the amendment in the nature of a substitute is agreed to. i'll now recognize mr. johnson for the purpose of offering a motion. mr. johnson: mr. chairman, i now ask the committee favorably report amendment 1 to the house of representatives. mr. brady: the question is on favorably reporting the bill h.r. 1 as amended. all those in favor signify by saying aye. those opposed, no. in the opinion of the chair, the ayes have it. the motion is agreed to, and h.r. 1, as amended, is ordered favorably reported to the house. the clerk will call the roll. the clerk: mr. johnson aye. mr. nunes aye. mr. tiberi aye. mr. reichert aye. mr. roskam aye. mr. buchanan aye. mr. smith of nebraska aye. ms. jenkins aye.

mr. barthold, ms. chu pointed out that my friend from california his district 24% of the people pay -- deduct -- take a deduction and if there were to go away they would lose $10,000. also california is a donor state. we get 87 cents back for every dollar we send to washington. if this -- if this loss of a deduction goes through would california become more of a donor state than we already are? >> mr. thompson, i'm sorry, but the joint committee doesn't analyze changes in tax liabilities by state or congressional district and as i've noted there are pluses and minuses within each of the income groups. so i couldn't say on net whether -- what happens to california, california's income distribution is different than the income -- than the national income distribution. >> thank you: i will take that as a yes. >> what i presented -- >> i wouldn't do that. >> what i presented was that on average across the income distribution there were net tax reductions in every income category. so i really can't say, i'm sor

mr. higgins no. ms. sewell no. ms. delbene no. ms. chu no. hairman brady aye. mr. brady: the clerk will report the vote. 24 ayes and 16 noes. the amendment is agreed to. the question is now on the adoption of the amendment in the nature of a substitute as amended. all those in favor signify by saying aye. those opposed, no. in the opinion of the chair, the ayes have it and the amendment in the nature of a substitute is agreed to. i'll now recognize mr. johnson for the purpose of offering a motion. mr. johnson: mr. chairman, i now ask the committee favorably report amendment 1 to the house of representatives. mr. brady: the question is on favorably reporting the bill h.r. 1 as amended. all those in favor signify by saying aye. those opposed, no. in the opinion of the chair, the ayes have it. the motion is agreed to, and h.r. 1, as amended, is ordered favorably reported to the house. the clerk will call the roll. the clerk: mr. johnson aye. mr. nunes aye. mr. tiberi aye. mr. reichert aye. mr. roskam aye. mr. buchanan aye. mr. smith of nebraska aye. ms. jenkins aye. m

mr. higgins, yes. ms. suwell, aye. ms. chu, aye. >> was mr. carbello recorded? >> the gentleman is not recorded. mr. carbello, no. mr. nome, no. mr. rice. chairman brady. >> no. >> chairman brady, no. chairman brady. >> clerk will record the vote. >> 16 yeas, 23 nays. >> 16 ayes and 23 noes the amendment is not agreed to. the question now is now on the amendment by mr. pascral of new jersey. the clerk will call the role. >> mr. johnson. mr. johnson, no. mr. nunez. mr. nunez, no. mr. teaberry. no. mr. riekert. no. mr. buchanan no. mr. smith of nebraska. no. ms. jenkins, no. mr. paulson. no. mr. marchant. >> no. >> mr. mmarchant no. mr. kelly, no. mr. ren acy, no. m mr. holding, no. mr. holding no. mr. smith of missouri. mr. smith, no. mr. wright. ms. malorsky no. mr. carbello no. mr. bishop. mr. bishop no. mr. neil. mr. neil, yes. mr. levin. mr. levin, yes. mr. lewis. mr. lewis, yes. mr. dogget. yes. mr. thompson. mr. thompson, aye. mr. larson. yes. mr. blumenour, aye. mr. kind. mr. kind, aye. mr. pascral

mr. bartel -- barthold. chu: this specifically states unborn children can be named as beneficiary for college savings accounts and goes on to

mr. higgins yields. ms. chu, you're recognized to speak on the amendment. >> i offer my support of congressmember doggett's amendment to balance the tax rates for profits earned abroad to the tax rates for profits earned here at home. this amendment will create a level playing field for domestic companies while maintaining a corporate rate for multinationals that is still lower than the oecd rate. most importantly, it will help keep jobs home right here in the u.s. of a. just this week, the disclosures in the paradise papers revealed records leaked from a bermuda law firm named appelby. it stem straighted how they help the wealthiest in the country take advantage of enormous loopholes in our tax code. among these things, these papers have revealed corruption, money laundering and tax fraud. yet republicans are attempting to rewrite the tax code and do nothing to address this glaring problem. in fact, the republican plank that could actually benefit the same people and entities exposed in the paradise papers. the

mr. higgins, no. if 20, no. chu, no. chairman brady, aye. >> clerk will call the roll. . 16nos. hr one will be reported to the house of representatives. i asked the staff authorized to make technical informant changes to the bill. members have two days to file with the supplemental edition. to take a moment to thank the members of this committee for their tireless hours of work on the tax cuts and jobs act. i would like to thank the brilliant drafters, the house office who have been working on this bill for months. thanks to the hard-working team and joint committee on taxation, the attorneys, accountants, support staff would advise us and our staff, without whom, none of this would be possible. the bill is passed, the committee is adjourned. host: good morning on this friday, november 10 and welcome to the washington journal. we feature a newspaper or other publication in our area, today we are talking with people at the washington examiner. that's where our cameras are. we will talk to an editor and reporter. before we get to all of that, we will get to headlines and get your

mr. bartel -- barthold. chu: this specifically states unborn children can be named as beneficiary for college savings accounts and goes on to the term "unborn child." if parents want to save for their children's future expenses can they open five to nine accounts in their own name and then transfer the account to their child once their child is born? >> yes, you can. hu: i have done research and found the only place the appear as itchild" is in laws relating to crime in emergency medical procedures for pregnant women. so does the term "unborn child" apparently where in the tax code? >> not presently a new internal revenue tax code will stop >> so what happens if a woman has openness in the name of her unborn child and she subsequently ms. carries. would she be required to submit notice to the irs? would she be committing fraud if the child was no longer in uterus in a stage of development in the womb? moment. step back a under present law, 529 laws are creatures of the state and governed by how the state has sub

mr. sewell. ms. sewell, yes. ms. delbene. ms. delbene, aye. ms. chu, ms. chu, aye. chairman brady. chairman brady, no. mr. chairman. >> record the vote. >> 16 ayes. 24 nays. >> the motion to postpone is not agreed to. you're recognized for a technical description of the amendment. again, i asked our members hold their questions until after his presentation. >> thank you, mr. chairman. and members of the committee. you have before you several documents prepared by the staff of the joint committee on taxation, jcx-50 which describes the underlying legislation, and jcx-48 describing the modifications made in the amendment. you also have supplemental information. our revenue analysis and distribution analysis. there are many changes in this legislation, and i will try to give an overview of a number of the important points. on the individual income tax, hr-1 would change our system to provide that there be four tax brackets of 12%, 25%, 35%, and 39.6%, applicable to ordinary income. in general, the tax rate applicable to capital gains and qualified dividend income would remain unchanged. another significant c

mrs. wongy lean, a big group of speaking -u need interpretation? wilson chuing and anit. >> i'm johnny, i represent the s retailers alliance. we're the unified voice of canns retailers. we support the rights of m.c.d.d new equity applicants to be grad access to cannabis retail permin 2018. in the chronicle this morning, d that permission may only be exto existing n.c.d.s. i hope that is not the intent os committee to limit it only to et being m.c.d.s? let's honor the s.f. values of y and inclusive net and not creatt just for existing operators. both versions of the land use bl currently favor the grandfather. let's honor both bills that wasd by chair farrell. i support the 600-foot buffer wo childhood care. we support consumption. think about the folks in publicg and folks in nursing homes. they need a convenient place to. we don't want to criminalize pe. we inclusion, diversity, not fre love -- are strike that, inclusd diversity and let's have made i. and sold in s.f. and consumed i. >> thank you, next speaker plea. >> i'm sherrie lau. medical cannabis is al

mr. speaker, a moment ago, you heard from my colleague from california, judy chu, about the tax bill. d she put this first page of h.r. 1 up and she added this little percentage, h.r. 1%. i thought that was not only accurate, but it really does reflect what i was going to show a moment ago and then i decided to use hers. 1%. 1 is really about the e top 1% wealthy americans will get 50% of our $1.5 trillion gift from the american people, which really amounts to an enormous transfer of wealth from the working men and women in america who depends on program in education, depend upon medical services from medicare, medicaid and in california we call it medical. but what is going to happen with is $1.5 trillion tax cut and basically $2.3 trillion bogus field that our republican colleagues are putting forth. it's what i call the texan two-step. mr. brady and his program to do a two-step together with the speaker of the house, mr. ryan. it was laid out in the budget bill. and the two-step is this. make a monumental tax cut that really is for the superwealthy and then as soon as you get that

mrs. parker. that's the power of and. >>> welcome back to "squawk on the street," i'm dominic chu we're keeping a close eye on the consumercretionary sector on reports from both priceline and trip adviser watch all of those travel-related stocks when it comes to that sector that does it for "squawk on the street." let's send it back downtown for the start of "squawk alley."gu

mr. trump, not you >> i don't think there was confusion. >> the stock market has seen big returns since the election a year ago dom chu joins us with a look at how the market has compared to other newly elected presidents of the past, dom >> first of all, we work for a network that talks about the record high stock market on a pretty regular basis because it is bread and butter to us. i would say that we in the media world do know that it is a record high stock market and so apparently does president trump, but let's take a look at the first year of any new president's kind of stock market track record and what we decided to do was ask the folks over at the spoke investment group put together a list of all of the president's that became new president's, you know, first termers, since 1900. just to look by comparison how big of a move the market has been we use the dow jones industrial average because it goes back that far donald trump, one of the top five, up 28% in this one year anniversary since his election if you take a look at the biggest move higher, that came during the depression era, fdr when he first assumed office back in novem