has is one thing the oecd been working with.ublished annual research on tax reforms carried out. based on 2016 reforms implemented so it wouldn't really apply to president trump's presidency. given what you have seen from the u.s. where does it stand? >> it wouldn't apply anyway because nothing has happened in the u.s.. have been statements. there have been comments and secretary mnuchin said in the next few weeks a few weeks ago he would give out the details of the proposed tax reform. so we are expecting. the market has reacted very positively so far and it has been doing that for a few months now. if you put together the elements rates, weion in the have been saying the united states has to reduce its tax rates. they are the highest in the world now for corporate income and reduce both the personal income tax and the security contributions and if you want to be tax neutral maybe you look at the property taxes. have higher corporate as well as personal income tax. shery: how do oecd countries compared to each other? are you se

the head of the oecd economic development committee joins us next.his is bloomberg. ♪ ♪ yousef: mrs. "bloomberg markets: middle east" to read we are live on number tv and radio. angie: i am angie lau and hong kong. nothing could be more dangerous and the economy today than it was 10 years ago, a view of our next guest, chairman of the economic and development review committee at the oecd. william, you are putting the warning flag up. what are we missing, or are we just staring at it and ignoring it? >> i think the situation looks to me to be very similar to the way it looked in 2008. we were seeing all sorts of audit developments in financial markets, prices of many financial assets are very high. high-yield assets in particular. vix isis very low -- the low, housing prices in many countries rising strongly. all of these are things which i think are sources of concern. angie: i would like to highlight what you are talking about. g #btv 5692. what is fueling the markets? debt, cheap money, right? take a look at the biggest economies in asia, china and

according to confirmed oecd statistics, with $6 billion, secondrun the world's largest donor and top other countries. yet turkey is the 17th largest economy in the world. .8% of its national income for humanitarian assistance, turkey is one of the six countries that could meet that you and target. so, as you see, turkey is working really hard to word a sustainable world, which is the main message of this general assembly. we will continue in the coming days with the same consideration in mind. honorable mr. president, esteemed delegates, turkey is engaged in an intensive fight against the organizations of the kk,ion such as the p nourished by the instability in syria and iraq. additionally, our fight against the terrorist organizations which attempted to change the democratic regime of turkey by a bloody coup is also ongoing. we have recovered 243 residential areas, in land larger than 2000 square kilometers, thanks to the shieldon euphrates initiated in syria following the attacks on our borders. we have neutralized 3000 militants during that operation. syrians returned to and reset

according to the oecd, the russian divorce rate is one of the world's highest - 4.5 people in every 1000plit up. while in chile, couples tend to stick it out - divorce has only been permitted there since 2004. china's divorce rate has risen considerably recently, and the "marriage salvage" market is booming. >> the agency in shanghai calls itself "the marriage hospital. the team is preparing for a new operation. ming li is the b boss. her area o of expertise? ouststing mistresseses. most of heher clients are wivs who who've decidedo o take action. >> at first, wives tend to putt upup with an affair because ina divorce their husbsbands would take at least half their assets. and a separation isn't good for ththe children. and d if the husband were toton even more money in the future, his mistress would get i it. so wives tenend to put up with . ththe team hea o out for a f ft round of reconaissance. in this case, the mistress owns a restaurant. the agency employees have fake ids and biographies to infiltrate the life of the rival: the job is a cross tween marrrriage counselor and special a

conceptually, based on -- the oecd is to be commended. on the other hand, the united states -- i'm not persuaded it would make much difference. the timeseries, a more proportionate amount over time. singapore being a good example, it would make a huge difference. countries like that. the effort is worth doing, and even more important given that people tend to say -- and exports is showing more clearly, and i think would help the debate. meanwhile, we don't have the numbers to do it as accurately as we like. the oecd has taken the lead and i congratulate them. >> i want to go to jeff, then come to you. >> to clarify, the point about and computingange value added and global supply chain makes a big difference for the bilateral balances. such a bigat we have bilateral balance with china importing all the smart phones, most of the components of those smartphones come from the u.s. for somewhere else. it makes a huge difference for bilateral. i argue we shouldn't care about bilateral anyway. it doesn't change the story for overall trade balanc

the view of william white out of the chairman of the economic and irrelevant review committee at the oecdguest: looks to me to be very similar to the way it looked in 2008, which is that we are seeing all sorts of odd developments in financial markets. the prices of metal for -- of many financial assets are very high. house prices in many countries have continued to rise very strongly. equity markets are very high. all of these things i think are a source of concern. let's dive into our bloomberg right now because i want to highlight what you are talking about. markets' deing the bt? take a look at the biggest economies in asia, china and india. we often talk about china, the huge debt pile that could be a concern if it pops. but take a look at india's back loan ratio as compared to its total gross loans. it is more than quadruple china's. what is going to happen if this gets out of control with mark -- control? guest: the acer is that we don't know anything of certainty. things could work out all right, but i think there are enough dangers there that one should be thinking about the down

the oecd said paris needed to focus on a long term plan to cut public spending. and it revised upwards its forecast for growth to one point seven percent this year. w. strongest gdp expansion since two thousand eleven if those predictions are in fact accurate. the french city of knots as begun building a new compound of social housing with a bit of a twist this time. houses will all be constructed by a robot operating a three d. printe. the first such project in france and is expected to cost twenty to thirty percent less than the traditional construction process. will be finished in a matter of days apparently. i just think these images are fascinating laura to see i have this really annoying but eight it might be the future of construction look at that. i mean three d. printers. creating such solid a walls windows floors as ever it eight israeli happening for our eyes i mean this is really impressive stuff this footage is absolutely fascinating i have to say i'm not sure i'd wanna be the first person. living in one of those houses yeah so we'll see how it goes

we have had the highest number of homeless people in the oecd number of homeless people in the 0ecd recently from new zealand. with that in mind, if we had bill english‘s party here, they would say it is fine, it is not all to play for, we have it locked up. but jacinda ardern is saying she is getting a lot of votes from younger people. i will put you on the spot, how will it go? polls are so volatile. it will be hard to tell the people at what is astounding is where the labour party has come from. all bets are off, it can do to anyone. thank you forjoining us. we will of course be covering the new zealand elections in two days' time here on bbc news. the un general assembly isn'tjust a meeting for world leaders, celebrities also make an appearence including priyanka chopra. the indian actress, singer, and film producer is also the goodwill ambassador for the united nation's childrens fund. she's been speaking to our north america correspondent, laura trevelyan. i started working with unicef 12 yea rs i started working with unicef 12 years ago. i had a great relationship with them. i have be

they are patriots, they love this country the oecd educational system is superior. we do have some very good universities but i would say we have a challenge for go. we are one nation republican or democrat you cannot govern just to protect minorities or upper-middle-class or whites you have to be inclusive no matter your approach. and so far i have yet to see a politician or political party take be inclusive approach to most issues. we have another problem that most of you have seen of the parent of a 26 sure all trying to make his way, the economy is strong and recovering but wages are stagnant the american dream is of life-support. many of us believed what i would do better than my parents. they are successful i am proud of them but there is no sense to face those types of challenges and has to do with the affordability and getting good jobs those simple challenges to deal with a very camp -- complicated world with the educational system is not preparing them for the challenges that they face. the third proposition is we are approaching a national emergency of mi

chairmanhe view of the of the economic development review committee at the oecd. >> it looks to me veryimilar to the way looked in 2008. which is that we are seeing all sorts of odd developments in financial markets. of many financial assets are very high, high-yield assets in particular. the vix is very low. countrieses in other of continue to rise very strongly and equity markets are very high. all of these things, i think our sources of concern. >> let as dive into were our bloomberg right now, i would like to highlight what you are talking about. what is fueling the markets? debt. cheap money. right? take a look at the biggest economies in asia. we often talk about china as this huge debt pile that could be a concern if the cops. but take a look at india's bad loan ratio, as compared to its total growth, it has more than quadrupled china's. if thisgoing to happen gets out of control, if it hasn't already? to all of these things is that we do not know anything with certainty. right,could work out all i think there are enough dangers there that one should be thinking about the downsid

we are the last country of the major oecd country to have the repatriation tax mr. president. it's unbelievable. it's been so arrogant as a o country we have let the rest ofn the world around us to the next stop and they are now outcompeting us. how does this affect the average man and woman on the street? the repatriation tax and indeed the lack of competitiveness in our tax code is a tax on american workers. why? because right now twice as many companies in the united states are being purchased by companies outside of our country as compared to companies thatng o companies are buying outside the united states. that is nothing but an imbalance on her high-tech environment ine people who suffer from that of the people who work for companies that sell products united states. by companies and talking about friends of mine who have small businesses in south georgia and talking about friends who have large corporations. all of the above contribute to burger we have unwanted acquisitions. just look at recent history. burger king was bought by canadian chattering -- company. most of

across the world now with our corporations, because we are the highest corporate tax in the entire oecd to small businesses to bring that down to 25%. it is all the way across the line, from the corporations to the small businesses and individuals we are giving the tax break to. have you in particular asked for anything for your vote? rep. black: i'm pleased with where we are on the tax-writing committee. we still have work to do. remember, this is a framework, not the final product, but i'm pleased with where we are in pleased that we are making ourselves competitive around the world and that we are giving relief to families, making for a fair, flat, implored vonnie: code. vonnie:you have said you are running for governor. now that corker will not be rerunning for the senate, any chance you change her mind and run for his senate seat? ma'am, i'm still going to be running for governor and i look forward to being the executive of the great state of tennessee. vonnie: thank you for your time. rep. black: thank you. vonnie: tomorrow we will have an exclusive half-hour interview with jack l

corporate tax rates are higher than the average for most rich countries. 35% a lot higher than the oecd average. but corporations don't usually pay that 35%. you know the average american corporation pays about 19%. so really this is about getting the legal rate down to what it already is. in fact, in closing those loop holes which is a going to be a big fight between industries and the republican party. >> the president says the wealthy won't necessarily benefit. he wouldn't benefit. but in one area he would benefit tremendously. the removal of the estate tax. right now the first 11 million or so of the estate for a couple is tax exempt after 11 million there is significant taxes, 30, 40, 50% federal tax. if he's worth, as he says, $10 billion and he doesn't have to pay any tax on his estate, that would be an enormous bonanza for him and other wealthy people, right? >> absolutely. and another issue is are wealthy people going to be able to take advantage of the lower rate on small businesses. 25% rate on small businesses. a lot of wealthy people can actually declare their own income as

stock draw what we're seeing in the third quarter is oil products, particularly oil products in the oecd economies, stocks are falling dramatically, very close to the five-year average we're seeing the volumes of oil, which are kept on ships, that is falling. volumes of oil that we know are at sea in transit is also falling rapidly. there's lots of indicators on the dashboard which points to the fact that stocks are falling what we're waiting to see is greater clarity as more data comes along to confirm that suspicion. but the market itself seems to reach that conclusion because after the dust has settled, after the hurricanes, we have seen brent prices rise in the last week or so. they've been fairly solid. and the market is in backwardation. that's a signal that the market is tightening and firmer prices are on the way we must emphasize we are not forecasting price levels as such, but we think firmer prices are here, slightly higher than today, but not much more than that what are the implications for opec if rebalancing is underway? do they need to extend or even deepen supply cuts is

mark: up next we speak to the secretary-general of the oecd. bloomberg. ♪ jonathan: this is bloomberg real yield. leverage has been building up over the last year or so. >> yesk w, broadly yields are at multiyear lows. >> even the way the fed defines it, they're somewhat behind the curve. mark: breaking news from kenya. the kenya court has nullified the recent election results. and it's ordered a new vote. nullifying the kenyatta's election result. this is a big developing coming out of kenya. yse opposition national -- sa members of the ruling jubilee party hacked the computer system to insured president kenyatta won a second term. his legal team rejecting the accusation, but the latest about is this. the kenyan court has ordered a new election. the court has nullified the vote ordered aed a new -- new election. we will keep on top of this developing story out of kenya. government ministers are gathering in italy. joining us now from the event is the oecd secretary-general angel gurria. mr. gurria, thank you sir, for joining us today. if you d

this is from the oecd. we are more leisure time than ever, we're working less.his. i can't believe i'm taxed to pay you at city college to teach your students this. this is just wrong. >> it's not wrong. we have plenty of evidence, the economic policy institute has dozens of papers on how americans are more productive and working more than ever before. and wages have not kept up with that. john: wages. we have a chart of becames. the average household -- of wages. the average household income has grown by 40% for the middle 49% for the bottom fifth over the past 30 years, wages plus benefits. >> real wages. john: this is adjusted for inflation. >> real wages have not gone up. john: but they have -- [laughter] >> you don't have, you don't have the purchasing power that you had 30 years ago. john: we have more purchasing power and things are cheaper. this used to cost $1,000. >> absolutely. but, you know what? more people are in debt. john: and china's doing better. >> on some things. john: so we could learn from china? a government-controlled economy? that does b

he was south korea's ambassador to the oecd from 2013 until 2015. investor lee has had a long esteemed career working in south korea's ministry of foreign affairs. they will give her marks first followed by ambassador lee. >> thank you very much. good morning everyone.yone. welcome to csis. somet quite a crowd. is there something going on in the peninsula in koreag that i haven't heard about. when i was asked to speak and make a few remarks, i was wondering what we're going to talk about. within the spacing of a couple weeks or ten days we've had an icbm shoot over the area, we've had an alleged hydrogen bomb, we have icbm moving to the coast in north korea, we've got a president here in the united states that is bellowing about appeasement from south korea and bellowing about the possibility of removing ourselves from course was is exactly the wrong thing to do in my view at this time. this is not, this doesn't recognize the spectacular things we've witnessed in the public of korea in the past several months. it wasn't very long ago we were here fo

the oecd has boosted its forecast for french economic growth next year to 1.7%. organization gives credit to president emmanuel macron and his proposed labor reforms. >> it is a happy coincidence that only a few months after president mccrone took office we are delivering this economic report, because mostly it is about his reforms. his reform plan -- his reform , and the impact of the reforms of the previous administration. macron wants to make it easier for companies to fire employees, and to limit the power of labor unions. analysts in over 120 countries. i am mark crumpton. this is bloomberg. chinese e-commerce giant alibaba recently celebrated the company's 18th birthday after nearly two decades of innovation. my colleague stephen engle sat down for an interview with dust alibaba ceo as part of our continuing series on the global disruptor. >> we do not view this as a separate world. we view this as a total retail world. online, off-line -- we cannot separate. and yes, in the past 10, 15 years, we are in the online retail platform. but today, online retail a

terms of people they kill being black and people of color but in raw numbers compared like france and oecd countries, it's insane how many people of all races get shot and killed by cops in this country. that's another example. the system that is constructed based on these racial fears produces something that has all sorts of spillover effects all over the place. >> we need to recognize that our society is a deeply hierarchical one, right? there's a scaffolding of a hierarchy of human value that is greater along lines of race and gender and class and ability and immigration status. but without a sort of common baseline sense of human rights really, like a floor under which you should not be able to fall just by being a human, that's where we get the sense of anybody at any point could fall far, far down into the level of homelessness, of second torture that we see in our criminal justice system, and i think fundamentally that question of is there a hierarchy of human value in this country for our view all great eagle and would that look like in policy, in substance, something we were going

the oecd in europe says we have one of the most progressive systems in the world already, what is he talking about? >> governor: well, i think that it's nonsense. i think the whole idea of a progressive tax rate is counterintuitive and counter productive to building a stronger economy. what you want to do is to lower the rates for everyone and a progressive tax rate it's punishing people for their productivity. think about this. what do you need to make a strong economy? you need people to work, you need them to save, you need them to invest and set aside for tough times. when you punish people for doing the very things that make for a strong economy, let's face it it doesn't matter whether you're training a dog, raising a child, or growing an economy. punish behavior, you get less of it. reward behavior, you get more of it. >> liz: you look at history the democrats have never behaved like this. jfk i will say it again until i drop dead wanted 5% growth. do you know how he wanted to do that governor? you talked about it cut tax rates because under eisenhower tax rates were so high, t

since 2010 have a syncronous thing happening in earnings growth and economics 35 countries in the oecd index all growing at the same time, 33 of them accelerating their growth rate this year over last year so you want to look at spikes in the euro, you want to look at talks about stopping stimulus. it's all fine. it's not that they're going to manage it perfectly. all country world index as i am talking, new all time high, not 52 week, five year, eight year, all-time high. i think that's the big picture that we should really be focused on not every single meeting when draghi opens his mouth. >> let's move to another media stock that is on the move. julia boorstin has the market flash for us. >> scott, that's right comcast shares declining, now down about 5.5%. an executive from comcast speaking and we just heard from bob iger comcast saying hurricane harvey as well as competition is going to cause the company to lose between 100,000, 150,000 video subscribers in the third quarter. they call this the most competitive in recent history. it's worth noting we've seen the launch of a number

oecd our international debt to be 22.5 trillion. mr. trump did go ahead. he ran and in the course mid-race, had himself to borrow 50 million. our failure once before many in finance from finance allowed a world to have credit available. we would not have had had radical and poverty her in a trillion then a stillon times commuting ability possible in a short period of time were it not for this -- form of money being made possible through the common man. and when it is also security. i didn't have questions but answers for where are protege one is agency on the irs for example in need of reform do keep up internal bulletin and monitor and working group correspondents with the federal government about their own thoughts and responsibility. and then the second is that -- we must stop the acquisition type of impact on the common man it is changed work and initiative and catholic and , i mean, that by that universal. yes reason for participating in governess. and then also you're wrong about things that you said not only is mr. trump courageous, but he went in p

this is bloomberg. ♪ the message from the oecd this morning is that things are looking good. is what it looks like in terms of its global growth estimates. for 2017, they're looking at 3.5%. and 2018 is 3.7%. that would be the fastest growth since 2011. johnwith us is ryding. in your view, what will have the most upside? john: look, europe right now is in an upswing. there's always room for policy problems in europe. a lot of issues have not been solved. they have just been forgotten about. they have gone to the background. i think the eu is probably going to be the strongest growing region as it comes off of the problems that we had around the whole currency issue, the banking crisis issues and so on. it's hard to see that for the u.s. because the u.s. is relatively flat with low productivity growth. % growth will be 2.25 until we get that corporate tax reform spending kicking and. it's hard to move the needle in the u.s. up to 3% or so growth. alix: we are there, but you mean it's not sustainable? john: i think the u.s. giving up to 3% growth sustainable is going to require

a week and a half ago the oecd revised their 2018 global growth expectations.he most point they raised them. i think the u.s. was stable at 2.4. euro is up 1.9 up a little bit from prior projections. you get the point. it's not insane. we are continuing to see modest global growth going on here. you throw in speculation about tax cuts in the u.s. and you get markets continuing to move to the upside. let's talk about ipos. quite a week. we have a big one today. believe it or not this is the biggest of the quarter. it's a specialty chemical company standing right over here. we are waiting for that to open up. this thunderstorm story all throughout the quarter. the price talk was 21 to 23. they cut it down. the investors push back all the time unless it is a really big one. they push back. they want lower prices and generally they are getting it. by the way, speaking of well known ipos guess who just went public. angry birds rovio went public on the nasdaq. they price to the high end of the range. and it opened right at $12. so that looks fairly successful. and we

we are working in the framework of oecd and g20 and we want to work in that global forum. the eu leaders next week on the 29th. we are going to deliver communication presenting all options before that and there are several options, there can be discussion about the legal vehicle, about the tax base, should it be revenue, benefit, should it be what we call digital presence and about the ambition of the approach and then after the guidance of our leaders and the guidance of the finance ministers we will prepare a draft resolution for 2018. but again we want it to be fair, we want to be proinnovation, we want to create a level playing field. again, it's about fairness mostly. we must tax those companies as we do for the so-called classical economy. >> right. it's funny when you talk about fairness, they're also though in the united states who say many of these companies have moved their ip from where it was created here to domicile overseas to enable them to enjoy much lower tax rates as a result particularly in places like ireland. do you run the risk of having an all-out co

scenes are the underlying fundamentals of an economic recovery of the 45 economies, followed by the oecd. 100% are growing since the global financial crisis. 75% of those are accelerating. i think the underlying picture here of this global growth, that's really what's driving things that's what's keeping the market moving higher. it's why we expect the market to continue to move higher into year end that is providing a little tailwind for higher rates across the globe. >> scott, it's brian i'm curious, you were talking about emerging markets doing well into the end of the year. let's look to 2018 we have potentially a stronger dollar, maybe money is coming back here to the u.s what is your outlook going into next year if i'm trying to have a portfolio getting ready for 2018 on emerging marketing versus developed markets >> brian, remember, we think we're going to have pull back over the course of the next four months or so let's say 4 to 6%. going into year end '18, which we have our year end '18 targets out there, from the point we're at right now, all in, emerging markets, maybe you ar

. >> when economists at the oecd studied which taxes were most harmful for growth they found the corporate income tax is the most harmful tax for economic growth. and in large measure because capital is the most mobile factor in the economy. and so when we lower the tax on capital, we find that the economy is much more productive. people have better tools to work with and their standards of living rise. that ought to be the primary goal of tax reform, is to lift people's real standard of living. you can try to do it through just cutting their income taxes. to lift people's standard of living. >> thank you. mr. deboer, in your testimony you make the case against the immediate expensing of real estate given the unique nature of these assets. your testimony also notes the recent m.i.t. study that suggests the recovery periods for commercial real estate under the current tax code are out of sync with the economic recovery period of such property. since we're trying to build a tax code that will promote sustained economic growth would shortening the recovery period for commercial buildings for

the tax rate for business in the united states is almost 1600 basis points below the oecd average. and the idea of reducing that, some of the numbers we've seen, 15% that the president has said, i've heard 20% thrown around, that would be positive for both snap on and all manufacturers. and the other piece of that though is it has to embrace both the large manufacturers and smau mall 90% in the association are small manufacturers. and a lot of those are pass-through corporations who get their tax rates out of the individual rates so some embrace and some idea of helping them is important. >> you're wright about tright a, but here is the thing. the u.s. does have the highest corporate tax rate in the world at 39.6. but once you go through all the deductions, the effective tax rate averages about 19% to 20% you guys are able to bring it down by 15% to 16% because you have armies of accountants would you be in favor of doing a flat tax rate even if it may be slightly higher than an effective tax rate if you could eliminate all of that work in the middle >> well, i think, look, i think

meanwhile, we don't have the numbers to do it yet and the oecd is on the lead in it. >> jeff, then to you. >> just to clarify, the point about value added chains and computing value added and global supply chains makes a big difference for the bilateral chains. most of the components in smartphones come from korea, the u.s. or somewhere else, so it makes a huge difference if the bilateral balances, but i added we shouldn't carry about the bilateral balances any way. i think maybe we are overmeasuring the current account balances for technical reasons, but i don't agree with the issue the situation looks fundamentally different from what we should carry about which is the overall trade balance, which is if you paid detail attention to the value added chain. >> claude. >> jeff made the point i was going to make. the only thing i would say is we do face politically the issue that that is actually used and it does help to make the point that you made, that china really is just full of other parts and the final product comes to the united states as if it were a chinese export to the united

no ambiguity, neil that we are the lowest taxed nation in the oecd.lower than we would be. ireland is only one of any consequence. we would be the tax shelter, tax location. that is what i really like to see. that would do a supercharged thing. if they cut it to 20%, would i leave the country, go to canada? no. i am staying here. i would like them to get it down as far as possible. that is kicker for economic growth. neil: it wouldn't be tax reform the way it was in era of ronald reagan. we should hasten to add, the president actually started the tax cut ball rolling in '81. it was five years later the reform came. >> yes. neil: in that period taxes went down a lot. there is not as much wiggle room that could happen on corporate front. [does that limit how much bang for the buck you could potentially get? >> yes it does. we didn't care about pay-fors or any of that stuff in the '81 tax act. we just cut tax rates across the board. that's what we did. the '86 act we had it revenue now trillion, so we cut rates and broadened the tax base. that is what we

oecd last week slightly raised its global growth assumptions for 2017 and 2018.re expecting double-digit growth in energy and materials and industrials, financials, and technology in the fourth quarter that's, again, this is part of that reflation trade besides global growth, two other issues will determine the fate of stocks in the fourth quarter. prospects for tax cuts, one rk, which boosted small cap stocks in september and the outlook, of course, for technology with tech the street is betting beg on the expansion of the semiconductor business as well as growth from payment companies like mastercard, visa and paypal one big wildcard, apple, heard about that, earnings expected to grow 12% in the fourth quarter, but the stock slid 6% in september. doubts grew about how many would be buying the new apple 8 and the apple x. let's not forget two other wild cards, north korea and the fed's handling of balance sheet reduction and rate hikes kelly, back to you. >> all right, bob, thank you just to be clear, energy had a better month than it has a quarter. s&p energy i

the oecd forecast all 45 of the largest economies growing this year and next year.growth in a decade. jonathan: you guys are sticking with us. premarket, cisco ceo chuck robbins will serve as chairman. notbers saying that he will stand for reelection. continuation of the succession plan they have had in place. on wednesday, join us for our fed special. reaction from bill gross, alice rivlin, and jeff rosenberg. yellen'sill have janet remarks following the fed decision. live from new york, this is bloomberg. ♪ david: president trump is repetitive get his first address to the united nations tomorrow. investors are walking or impacts on markets. for a look at potential disruption from the u.n., we have lisa abramovitz, alan krueger, and jeff kleintop. jeff is with us from boston. jeff, you are an investment strategist. to what extent do you pay attention to any presidential address to the u.n., particularly this one tomorrow? this is a performance. i don't expect it to win an emmy, but i expect investors to pay close attention. security council just approved tougher se

since 2007, annual real wage growth in the oecd has been an average of 6.4%.s well as... order! their body should yell from a sedentary position. i had been doing my best to nurture the honourable gentleman's rights to statement ship, but he supports me at every turn. at every turn. calm, propose, stated like behaviour. —— statesman—like. stated like behaviour. —— statesman-like. i think we should look at the academy under an snp government. the snp government is failing the people of scotland and the people of scotland now have a strong voice in this house through our 13 conservative members of parliament. mr ian blackford. thank you mr speaker, i was under the impression this is question is did the prime minister. cheering one might ask if ruth davidson might a nswer one might ask if ruth davidson might answer a question?! the uk economy has been significantly worse than almost every other country. real wages in the uk have fallen by 2.6% since 2007. wages aren't going up, the cost of living is rising, household budgets are stretched. mr speed of the governm

when the oecd average marginal rate as 22.3% come of the effective rate for european companies is lower are still at a competitive disadvantage and i don't want american business and workers to be at that disadvantage. jonathan: there's going to be a one-off levy on the money abroad, the foreign earnings of many of the united states companies. what are the objectives of that policy? -- tooomey: the goal is hold the international peace. income earned by subsidiaries, us-based multinationals. the goal is to move to a territorial system where we no longer tax local income, but really adopt what the rest of the industrialized world has done. a system where overseas subsidiaries pay their tax locally and after they have done that, they can bring that money home without additional penalty. that is going to be scored by government account keepers as losing revenue. we will have a one time repatriation. we will look at accumulative historical profits, assigned attacks to that number. .- a sign a tax to that number we end up with a system that is as competitive as the rest of the world, getting

right now, the european union and the oecd are proposing policies such as a new turnover tax on companies that are directly aimed at raising taxes on u.s. multinationals. expensing we believe is key to reducing the cost to capital in order to revitalize u.s. capital investment, which in turn will boost productivity and wages. thus a good tax plan should include all three of these policies because they will not only boost economic growth but they'll do so in a way that leads to higher wages and living standards for working americans. however, these gains are not possible if the policies are made temporary. temporary tax cuts deliver temporary results, where permanent tax reform delivers permanent economic benefits. it's hard to generate public support for corporate tax reform because most people don't see how it benefits them, but corporate tax reform may not put cash in people's pockets in the same way a tax credit might, but it can have a powerful effect on spurring economic growth while lifting after-tax incomes and living standards. as just an example, we used our taxes and growth dyna

i think we're going to see a top marginal corporate rate that will be below the oecd average, which ise've got a rate of 35 right now. my goal is to get down to 20%. i think that's doable. i think we'll make sure, of course, that pass-through companies are at a comparable and equivalent rate. moving in the direction of more expensing of capital expenditures, which is great for incentives this is a very strong supply side pro-growth package that i think is going to lead to an economic acceleration, more jobs, up higher wages. i'm really excited about where we're heading. >> still a lot of sacred cows, senator. i don't know about the state deduction. i don't know what that does, how it disadvantages certain states. if you go to 35 on the high end and take away the state deduction, you're actually going to be raising taxes on a lot of peop people is that the cost of doing business, or would that be a negative >> first of all, we've got to work through a lot of important details, including that one, through both committees, and let's see what the product looks like let's be honest. the ded

i think 15% is probably very ambitious, but if we could get down even to the oecd average in the 22 range think businesses in this country need that. otherwise, we're going to continue to hemorrhage businesses, companies, jobs overseas, jobs that ought to be staying in america, and leading to higher wages for american workers. so we have to reform the tax code. we know that. we've got to get the rate down. i think we also need to look at ways that we can accelerate cost recovery and, another big priority when it comes to economic growth. but this on the business side needs to be about growing the economy, creating better-paying jobs, and higher wages. ashley: right there with you. i want to quickly turn to world politics. german chancellor angela merkel just responding to's speech, particularly about what he said about north korea. merkel says she's opposed to the military threat that mr. trump made. she wants a diplomatic solution and that any measures against north korea other than sanctions are wrong. what's your response to that? >> well, we all want a diplomatic solution, and that's

according to the oecd, americans today, where we have the most advanced technological breakthroughs imaginable-- americans today do more hours of paid labor t than any y other working class in any country on the planet.. where was all the leisure supposed to come from? all the work that was saved? less work for mom from all those appliances in the store-- that you c could buy. meanwhile, mom has to go out and work because the family can't survive unless she does. she's not doing less work. she now has two jobs--the one in the house and the one in the labor force. it's absurd. and, by the way, that's not the fault of the technology, which really was liberating, but itit's the fault of a system that has to keep making money whetheher the technolo''s advanced or not and drives people, because that's how it makekes money. last thing about this system before i talk about a solution-- not only does it produce crises and the terrible waste anandamage, nonot only d does it polarize unless people react, and not only does it deny us the fruits of technical change, the fruits of all kinds of breaktkthrou

an ambition eu position in short-term solutions to feed into international work being done by the oecdis what the commissioner said on our air earlier this week he said it was driven by the need to change the tax system for a modern economy digital companies in europe have been accuse of paying too little in taxes by booking profits in low tax rate companies like ireland and luxembourg this report cites data that says brick and mortar multinationals pay twice as much in taxes in the eu as their digital competitors. and that partly due to the uneven taxation revenues in the eu retail sector grew an average by 1% a year, while the rey knews of the top five grew an average of 30% in the same period these are the options being proposed they include a tax on revenue rather than profits. it comes as the biggest tech names in silicon valley gain more cloud so far it's been the eu that's pushing back strongest. >> one of uber's biggest shareholders is pushing back against softbank according to the "wall street journal," benchmark capital refuses to sell any of its holdings, complicated a deal

have absolutely the highest corporate tax rate in the world, and we're the last country of the major oecd countries, the 39 countries, to actually still have a repatriation tax, mr. president. this is unbelievable. we have been so arrogant as a country that we have let the rest of the world outrun us to the next stop and are now outcompeting us. and how does this affect the average man and woman on the street? well, this, i believe, the repatriation tax, yesterday the lack of competitiveness in our tax code is an absolute tax on american workers. why? because right now, twice as many companies in the united states are being purchased by companies outside our country as compared to companies that we are buying our -- our u.s. companies are buying outside the united states. that's nothing but a reflection on the imbalance of our high tax environment here at home. the people who suffer from that are the people who buy products in the united states and the people who work for companies that sell products in the united states. by companies, i'm talking about friends of mine who have businesses