here's robert frank. >> for today's wealthy, buying a ferrari is not special enough. they want a ferrari thari is mae just for them. which is why ferrari's profits are sring with help from its customization program.th are on strong earnings apr it margins of 34%, numbers more typical of luxury handbag makers rather than car companies. a big driviv is the m where cus an extra $10000 or more to customize their ride. they spe half a day in the special ferrari design center with a personal designericking out their own fabrics, wheel treatments, metal finishes, stitching reads, brake calipers and shifting paddles. you can even have their names inscribed in the interior and create one of a kind paint colors which are schethen displ on rrari's color wall. >> customization is it extremely important to increase the customer satisfaction. h's a way to engage clits and having thempy and coming back again. >> wealth alone can't get you a taylor madeferrari. you have to apply and get accepted. ferrari only makes about 200 taylor made carsear out of a total production of 9,000. the

more "nightly business report," i'm robert franke in downtown manhattan. >> wow.o, here is another look at th day's final numbers on wall street. the dow rose 22 points to close above 28,000 for the very first time. speaking of sky . and the s&p 500 added 23. gain for the s&p 500.ht weekly index since 2017.eak for that and on that note that does it for us tonight i'm sue her aifr thanks for joining us. >> happy birthday, my dear. >> thayou. >> you young whipper snapper you. >> i wish. >> i'm bl griffeth. have a great weekend everybody. see you monday. >> thank you. ♪ ♪ ♪ narrator: funding for th presentatiois made possible by... woman: babbel, a language app that teaches real life conversations in a new language, like spanish, french, german, italian and more. babbel's 10 to 15 minute lessons are available as an app or online. more information on babbel.com. narrator: funding was also provided by... the freeman foundation. by judy and peter blum-kovler foundation. or pursuing solutions america's neglected needs. and by contributions to this pbs station from ewers

robert frank explains. >> reporter: more than 2,000 works and more than a billion dolls worth of art coming up for auction in new york this week. the total is expected to down 20% from last year. that is the d biggestrop since the financial crisis. the real trouble is at the very top of the market. paintings that usually sell foreight oine figures. two years ago we had the leonardo da vinci that sold for $450 million. last year they sold for over 90 million. this year the star lot is that.ated at less than half o 40 million for ed rouches herding the word radio 2 up for auction at christie's. they have one called sir la terat. it sold last year for 90 million. somebody has a de kuning at 25 to 35 million. art experts explain the weakness on sellers who don't want to let go of major works at these prices. you also have slowing growth overseas, trouble in hong kong, oise here iitical the u.s. and removal of a tax loople that allowed art collectors to sell paintings and capital gains taxes.r paying >> across the board the ultra, ultra high networks are starting to pull back on these sen

robert frank got the exclusive tour of ferrari's design studio here in manhattan.h today, by the way, joins us now with a peek under the hood. >> ferrari's earnings out today, up about 6%, highlighting one of its biggest profit engines and that is customization. now the base price for a ferrari starts about $200,000, but the company can double that price by charging for fully customized cars through its tailor made program. buyers spend half day with a personal designer choosing their own fabrics, wheel treatments, metal finishes, stitching, shifting paddles they can have their name inscribed in the interior and create one-of-a-kind colors that are displayed on ferrari's famous color wall. >> customization for us is extremely important to increase the customer satisfaction. it's a way to engage clients having them happy and coming back again >> now, wealth alone can't get you a tailor made ferrari. they only make about 200 a year, out of a production of 9,000 the company won't say what qualifications those are, but they typically go to customers who have purchased

thank you. >> bye >>> robert reich and robert frank.he nba becoming the new enstraentran entrants in the streaming wars ♪ you should be mad they gave this guy a promotion. you should be mad at forced camaraderie. and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. don't get mad. get e*trade's simplified technical analysis. tell him we're flexible. don't worry. my dutch is ok. just ok? tell him we need this merger. it's happening..! just ok is not ok. especially when it comes to your network. at&t is america's best wireless network according to america's biggest test. now with 5g evolution. the first step to 5g. more for your thing. that's our thing. ♪ not much, how about you? >>are you answering my text in person? i am...yeah. >>lol. come on in. this is tech that helps you be there. the nissan altima. now offering the most tech-advanced engine in its class. >>> the

as opposed to taking carts bill, rahel, robert frank, thank you very much.se is coming up u on the exchange. >> ahead it's officially the longest bull market in history. but are investors getting too euphoric is tesla at the start of its big turn around and cisco's big warning sinks the stock. that's all ahead on the exchange problem is corporations and the people who run and own them have purchased our democracy. here's the difference between me and the other candidates. i don't think we can fix our democracy from the inside. i don't believe washington politicians and big corporations will let that happen. the only way we can make change happen is from the outside. for me, this comes down to whether you trust the politicians or the people. and if you say you trust the people, are you willing to stand up to the insiders and the big corporations, and give the people the tools they need to fix our democracy. a national referendum. term limits. eliminating corporate money in politics. making it easy to vote. i trust the people. and as president, i will give you

for "nightly business report," i'm robert franke. >>> earlier this week two former twitr gees employeesged by the dch justice with spying for saudi arabia. the news got us wondering about other social dia companies. eamonafters did digging and he found it's not just twitter but linked-in as well. a gold mine for foreign spies. eamon joins us with more on that. and eamon, you report linked-in as one of the biggest targets for foreign intelligence service but why. >> that's t question. current and former law enforcementic ols told me linked-in is teaming with spies one of the hottest social media plafrmsorpies to go to. it has to do with what people postn there and wh first of all, what they're posting. it's a lot of business and personal information. you put your full resume up there. all credentials where youwork,ow who you all of that is valuable information for foreign intelligence senices. and t why are you post going on linked-in? ever oody posti linked-in is putting up information because in theory maybe down the line they want a new hher paying job,aybe more reonsibility, all of t

robert franke looks at the closin the so-called tax gap. say collects theoretically owed a difference known as the tax gap. s data showed the tax gap at b $400on a year, or about 15% of the nation's total tax revenue. larry somers, the treasury secretary opposeding the wealth tax says the best which to reform the tax system is to start with basic collection. in a new paper op-ed with natasha sarin. they probabilities the gap will grow to over $7.5 trillion over the next decade. at least 70% of the uncollecd taxes come from underpayment byt the 1% which he says contributes to legitimate concns that the tax system unfairly advantages the elite. audits of wealthy have fallenen more than half over the past decade as the irs cuts staff. in 2011 more than 12% of those maki more than $1 million a year were audited. somers said investing $100 billion in stronger enforcement, better technology and improved third part reporting would yield over $1 trillion in revenue. generating $11 for every single taxr dol spent. politicians on both sides say they

more "nightly business report," i'm robert frank. >> a strong quarter for dick's sporting goods.where we begin the market focus. the company's quarterly results topped analyst expectations thanks to growth in apparel and foot wear businesses and 6% pop in same store sales. and raised full year earnings outlook for 20. the shares rose 19% to 46. 77. abare crom by appear fitch fell short of wall street estimates with the same store sales flat. the company cut the sales forecast citing brexit and protests in hong kong impacting businesses at international stores. a and f shares fell more than 2.5% to 15.91. the discount retailer dollar tree missed earnings estimates and lowered the profit forecast for next quarter and blame tariffs. shares fell more than 15%. to 95.26. > hormel is also factoring global trade uncertainty into its outlook. anticipating higher emn prices skippy and sm posted mixed results beating earnings results but missing revenue. the shares rose more than 3.5% to 44.28. >>> cracker barrel missed profit estimates with the restaurant chain blaming the short fall and

course we don't want to get that right if they're going to target consumers. >> you're smart, robert franker taxes you will be here every day, right rachel, thank you. vanessa, thank you robert, thank you, right you're not going anywhere. >> death, wealth, taxes. the wealthy will always be with us and the tabs. >> taxes. >>> former white house chief of staff andrew card is our very special guest. take a look at the futures as we head to the break. you are looking at green arrows across the board with the dow 50 points s&p 500 up a little erov 8 we're back in just a minute. who says our bank isn't tech enough? everyone, look at your phones. the design thinking, the digital engineering, security, blockchain, and we will be first to market! yes. when we do we launch? unfortunately, in 2 or 3, hours. why the delay? cognizant is helping banks use digital technologies at scale to advance speed to market. it nice?ce. this is the most-awarded minivan three years in a row. the van just talked. sales guy, give 'em the employee price, then gimme your foot. hands-free sliding doors, stow 'n go seats,

robert frank reporting this higher taxes could get people with much smaller incomes. > on the campaign trail elizabeth warren says she would only raise taxes on the very rich >> when you make it big, when you make it really big, when you make top 1/10th percent pitch in >> along with the wealth tax she's proposed a dozen other tax increases including one on those making $250,000 a year her social security plan includes a payroll tax of 14.8% on those making 250 or more. that would affect more than five million american households. a taxpayer making 350 grand a year would pay an extra $14,800. she -- the federal income tax rate would top 54% when you add that together. that's back to 1971 levels it's not just wage income. investment income and capital gains wulds ould be taxed at th rate even if you don't sell. bernie sanders, joe biden and pete buttigieg would raise those caps >> the social security tax would apply to income above 133,000 in. >> correct >> people out there will say that was in 1971 and things were fine then. what's the problem i was born home prices ar

robert frank joins us with more. 000 works and a billion dollars of art for auction this week. the total expected to be down 20% from last year that's the biggest drop since the financial crisis the real trouble is at the top of the market, paintings that sell for 8 or 9 figures. two years ago we had the leonardo da vin chee sold for 450 million. this year, star lot is estimated to sell less than half that. 30 to 40 million for ed ruscha up for auction christy's has one that could fetch 45 million sotheby's has a de kooning, estimated to sell 25 to 35 million. art experts blame weakness on sellers that don't want to let go of major works at these prices, also slowing growth overseas, trouble in hong kong, brexit, political noise in the u.s. and removal of a tax loophole, 1031 exchanges that allowed collectors to sell paintings and trade up without paying capital gains taxes that loophole is gone so they have to pay the tax when they sell over the longer term, art is still performing okay. they have another blue over r

robert frank, what do you have >> cooperman accusing warren of vilifying the rich and treating him likee on that including warren's response coming up after the break. (vo) the flock blindly falls into formation. flying south for the winter. they never stray from their predetermined path. but this season, a more thrilling journey is calling. defy the laws of human nature. at the season of audi sales event. dana-farber cancer institute discovered the pd-l1 pathway. pd-l1. they changed how the world fights cancer. blocking the pd-l1 protein, lets the immune system attack, attack cancer. pd-l1 transformed, revolutionized, immunotherapy. pd-l1 saved my life. saved my life. saved my life. what we do here at dana-faber, changes lives everywhere. everywhere. everywhere. everywhere. everywhere. >>> welcome back the war of words is heating up between cooperman and senator warren the latest a critical letter from cooperman to warren and the senator tweeting back a response robert frank joins us with all of the gossip and detail >> this is getting juicy >> billionaire investor sending an open lett

robert frank will bring us that story. "squawk box" will be right back. it is nice. nice?e van just talked. sales guy, give 'em the employee price, then gimme your foot. hands-free sliding doors, stow 'n go seats, man, y'all getting a hook up and y'all don't even work here. pacificaaaaa! >>> welcome back to "squawk box. the consumer remains in focus for a lot of investors given this morning's bigger earnings reports. we're going to start with shares of best buy which are up 4% on roughly 150,000 shares of premarket volume the consumer electronics reporting better than expected profit and sales they had strength in sales in things like appliances, headphones, tablet computers and services that out weighed weakness in gaming and home sales. they are very excited about the upcoming holiday season. now up are shares of dick's sporting goods 75,000 shares of volume. they posted better than expected profits and sales and better than expected sales growth it boosted its full year's earnings guidance. hard lined goods, apparel and footwear we'll end with shares of burlington store

ultra-millionaire tax for buttons for bloomberg, bill gates, leon cooperman, to name a few let's bring in robert frank with more on what a bloomberg candidacy might look like. hey, robert. >> hey, wilf and what he would pay, by the way, bloomberg would pay $3 billion this year under the warren wealth tax, which he says is unconstitutional and ineffective. but his more moderate economic positions on everything from taxes to market, education, and government regulation are balanced with strongly liberal views on the environment and guns now, at an event in new hampshire earlier this year, bloomberg said he favored more gradual change on taxes and health care. >> if you want to solve income inequality, one of the things you have to do is you have to adjust how progressive the tax rates are. to replace the entire private system, where companies provide health care for their employees would bankrupt us for a very long time. it's just not a practical thing. >> now, mayor mike has given away over $8 billion to charity, focused mainly on gun control, climate change, education, and health care. guys, back to y

yet robert frank is here with what she's proposing now tough to implement. >> yeah.e gets complicated. let's explain what it is warren plans to raise over 2 trillion a year. now, she's proposing that the annual tax on the appreciation of an asset, even if you don't sell it. so right now, you only pay capital gains tax when you sell an asset but under her tax, if you own 100 shares of apple, which is about 100 in gains this year, your gain would be $10,000 the tax on that right now would be $2,400 if you sold them but under warren's plan, which also increases the capital gains tax rate, you would have to pay a tax of $3,700 on your apple stock even if you didn't sell a single share this year now, warren says this tax would only apply to the top 1% of households and it would exclude retirement counts. but as she says, ultra-millionaires and billionaires won't be able to earn income on giant fortunes year after year without paying a penny in taxes so this is a tax on unrealized capital gain and by the way, if you have a loss, you can carry that forward into the next yea

time for rapid fire and here with their takes, bill griffith, rahel solomon and robert frank >> can we talk about what we were talk iing about before >> the attire? >> frosted tips on your hair >> if you want to weigh in, there's been a suggestion here that i frost my hair and put tips >> or at least some streaks. come on. >> we'll see what the twitter verse says about this. first up, guys, a bit of contradiction from apple's ceo, tim cook cook telling abc news yesterday he does not believe in lobbyists, preferring direct conversations instead. however, since 2017, the company has reportedly spins $18 billion on you guessed it, lobbying. that seems like a lot. >> you see there's video from yesterday? you see that >> i did see it. >> that's lobbying at its fin t finest if you can get the president of the united states to fly across the country for a public relations tour of a factory that he didn't really need to do, that is lobbying and what did the president say while he was there? he said that they would consider exepgss, tariff exceptions for apple. that's a home run. >> kiss the ri

. >> now warren is fighting back against those billionaires robert frank is here with the latest >> it and forth now. it just gets better, the push back from billionaires and ceo's is music to warren's ears. the fact that they've reacted so strongly, so angrily tells you all the you need to know the system is working for the wealthy and well connected and jaime dimon doesn't want that to change the wealthy taxing unrealized. right now you only pay a tax on the gain of a stock sale of an asset if you sell it warren would tax the gain on that asset or stock every year, even if you don't sell it. if you own 100 shares of apple, your gain would be $15,000 you would pay a tax of $00 this year, even if you never sell a single share. you can use losses to offset future taxes, it would exclude retirement accounts, ultramillionaires and billionaires won't be able to earn income on giant fortunes year after year without ever paying a penny in taxes. >> this is on top of the wealth tax, which is her tax of 2 to 6% of wealth. 2 to 6% of wealth, plus all your unrealized capital gains would get taxe

. >> i feel like this is more of a robert frank story because this is secret lives of the super richfortable they have $10,000 couches. i laid down on one in the store. security had to remove me because i couldn't get up or i didn't want to get up. they're raising prices. >> it's like two mac pros just for an rh couch. here's the question i have whether you're talking about the wealthy or not, is this the time to be building 17 to 30,000 square foot brick and mortar stores and to be betting your future on giant boxes rather than moving online >> the ceo takes the position that they're taking the road less traveled so where we're seeing stores downsize, they're betting on a larger shopping experience we're seeing arrest fraunts resn their stores and we're seeing that also with lululemon >> buying a couch is not like buying a t-shirt you want to see it, experience it, how does it look in my house. >> that's why they're calling them galleries it's an interactive experience where you not only get to use the product but enjoy a drink, meet new people. they have a lot of social events that

it's time for rapid fire here with their takes, dom chu, contessa brewer, robert frank. the first topic, alibaba setting a sales record on its singles day, world's largest 24-hour shopping event sales last year exceeded the spending by consumers on black friday or cyber monday what are -- >> hi. >> that's an entrance. i like that. >> yes, yes. what are the numbers tell us about it. >> this year's sales topped $38 billion. last year sales were about $30 million. so this is unparalleled. there's nothing really like it it starts with a star-studded concert. this year is taylor swift, last year was mariah carey. this has been a year investors have been watching very closely, watching to see the health of the chinese consumer and if there's any growing chinese nationalism toward american companies. this year american companies did pretty well. apple did well, nike did well, bissel did well, american jewelry companies did really well. >> so there was no backwash or backlash i guess against -- >> doesn't appear to be, no. >> -- american products. how global is the singles day o

it's time for rapid fire here with their takes, leslie picker, robert frank, seema mody nice to see youounder and former ceo has sold nearly $1.5 billion worth of stock since the company's lock-up period expired on november 6th that leaves him with a mere $45 million shares or 45 million shares or about 2.5% of the company he founded meanwhile, early uber investor bradley tusk, not to be confused with elon musk, joined squawk box this morning with some strong words on the company and its current ceo. >> from when travis left till today, uber's worth less than half of what it was when dara came in. but if it's a company based on radical innovation and the market doesn't believe the ceo is capable of being a real innovator, they're not going to reward them by buying the shares the market has clearly voted with their feet on uber but at the end of the day, either you believe this person can really transform transportation or you don't. the market does not believe he can. >> so tusk also noted that he is selling his shares but he isn't fully sold out meanwhile, stifle upgrades the stock fro

all big topics in today's rapid fire here now entering the cauldron, rahel solomon, robert frank, andbrewer. are you guys ready >> toasty in here, huh >> it really is. first up, apple. apple's under pressure to deliver one of the hottest products by the holiday season the nikkei asian review reports that apple is turning to china for help they want a double production of the airpods pro wireless ear phones 88% for the january 3rd low. remember, that's when the stock plunged 10% after they cut their first quarter revenue guidance but this is genius of tim cook he tours the texas plant, robert, with trump look what we're making in america. by the way, we got to make some stuff in china, but that's okay, right? genius. >> also genius are just the airpods themselves i mean, here's an idea here's an idea we'll just take off the wire boom we've got a product -- >> make it easier to lose. >> yeah. that by next year, they're going to sell 80 million by the way, i've already had four and i'm going to need another pair for christmas because i just lost another pair. >> i went back to the hard w

joining us today is leslie picker, robert frank, and seema modi everybody's here first topic.e's going to be announcing it will no longer sell clothes and shoes directly to amazon remember, back in 2017, the company launched a pilot program. in exchange, amazon promised stricter policy on counterfeits and restrictions on unsanctioned sales. well, couple years later, nike says it is now -- anybody thinks this comes as a surprise >> i think it's a great reminder that as great as amazon is, not every apparel brand has to use it to sell their product i mean, we're talking about n k nike it's not some brooklyn selling soap and i think for nike with 30% of its sales already direct to consumer, there is really an opportunity to build on that and by the way, great move for john donahoe. >> that's what i think is probably the most important here john donahoe knows what happens in this world and he says wait a second, we're taking back control of our brand. >> there's no surprise on the order there. you hire john donahoe and then suddenly that's the first big move interestingly, there w

robert frank, what do you have coming up?s. >> joe, we are going to take you inside of the rental rich inside this profit that rents for $123,000 a month why the rich are choosing to rent ratthher an buy and what it means for new york real estate after the break. beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network. because beyond technology... there is human ingenuity. every day, comcast business is helping businesses go beyond the expected. to do the extraordinary. take your business beyond. ♪ ladies and gentlemen mini is a different kind of car. for a different kind of drive. ♪ ladies and gentlemen for the drive to create a new kind of family car, that became a new kind of race car. for the drive to rebel, zag. for the drive that's inside you. and inside us. that's the drive under the hood of every mini. because every mini is... for the drive. ♪ but in my mind i'm s

robert frank joins us with more on the big luxury deal of the morning. what do you think of this? a little bit more expensive, all luxury than we expected. america's famous jewelry brand will have french owners, lvmh. they have a market cap of over $200 billion is buying tiffany's for $16.2 billion. the price marks a 50% premium from where tiffany was trading back in october when lvmh first made the bid to buy them for $120 a share this is part of bernard arnault's mission to dominate and be number one in every segment. jewelry is one of the fastest number growing 70% a year to about $20 billion next year. lvmh has a template for this in bul bulgari. they will reduce the store count. looking closely at the ones in the malls, they're probably going to look to improve online sales, launch new designs, better leverage the bridal and engagement business and expand faster in china where tiffany was sort of late to the shift and chinese consumers are buying more luxury in china rather than over seas. for years they relied on the chinese tourists coming to the new york store which they a

. >>> when eliz billionth warren's tax plans could change the investment world robert frank will joinlain that have. >>> later senator rick scott is joining us to talk about the escalation of violence in hong kong and potential trade deal with china stay tuned you're watching "squawk box" right here on cnbc this is an incredible milestone for 10x on our journey to mastering biology to advance human health. we can imagine a path to curing cancer, addressing infectious diseases, and figuring out alzheimer's. and i believe our team at 10x will be instrumental in making this the century of biology. we're just getting started. together, we're going to do some amazing things. oh, wow. you two are going to have suyeah, have fun!. thanks to you, we will. aw, stop. this is why voya helps reach today's goals... ...all while helping you to and through retirement. um, you guys are just going for a week, right? yeah! that's right. can you help with these? oh...um, we're more of the plan, invest and protect kind of help... sorry, little paws, so. but have fun! send a postcard! voya. helping you to.

candidate elizabeth warren continuing her war on wealth, this time through her health care plan our robert frank warren planning to raise $3 trillion a year on taxes on the top 1% to pay for that medicare plan most of that would come on a new tax on unrealized capital gains. right now you only pay a capital gains tax when you sell a stock or asset that has appreciated in value. warren's plan would tax capital gains every year even when you don't sell if you own 100 shares of apple, which is up about $100 this year, your gain would be $10,000 and you would pay a capital gains tax of around $2,400 for top earners if you sold. but warren also wants to tax capital gains at the same rate as ordinary income, so those apple shares would be taxed at $3,700 this year even if you didn't sell a single share now, warren says the tax would only apply to the top 1% of households and it would exclude retirement accounts. this is an idea that's been floating around congress for a bit. senator ron wyden proposing a similar plan as warren explains, ultra millionaires and billionaires won't be able to earn income

robert frank is joining us with the latest >> good morning. now these days bill gates saying he supports higher taxes for the wealthy, but not through a wealth tax >> i've paid over$10 billion i taxes. i've paid more than anyone in taxes. but i -- you know, i'm glad to have -- if i had to pay $20 billion, it is fine. but you know, when you say i should pay $100 billion, then i'm starting todo a little mat about what i have liftoff. sorry. just kidding >> he also offered to meet with warren warren tweeting back, i'm always happen to meet with people even if we have different views bill, if we get the chance, i'd love to explain exactly how much you'd pay under my wealth tax, i promise it is not $100 billion so how much would bill gates pay? the wealth tax for elizabeth warren right now is 6% is the top rate on information chunl f1 billion. so gates would pay $6.5 billion this year. but warren is also planning a tax on unrealized capital gains as part of her health care plan and gates' wealth up this year to $19 billion on microsoft stock gains,

i thought it was 6% at a billion now under the medicare proposal, carl maybe -- i got to go to robert frankho covers all of this i think it is more than two cents if you're a billionaire. >> do you give -- if it is a 40 foot yacht, do you give, say, 10 other feet to the people >> meanwhile -- >> sell the yacht. sell the -- >> just asking. >> that won't go over well. >> ubs has this report out today, the number of billionaires, their wealth, fell laster where for the first time in three years and china, jim -- >> not in the -- >> just global and thatmints a new billionaire every two to two and a half days. >> two to two and a half days, wow. look, i got to tell you, i listen to that senator warren has to say, she has great stuf to say about how billionaires shouldn't have more votes than everybody else i think we're not in a yonker state where a billionaire has more votes the thing she's missing out, these people are -- they have no choice they're billionaires that's just kind of what happened i do get sick of the billionaires telling me thee grew up in a humble background it is america. eve

in luxury rentals sales on the decline so i guess that's one way to try to make up some money robert frank penthouse rental and he's got the story for us robert >> luxury sales in manhattan have been falling for two years. huge demand and huge prices for luxury rentals luxury rental prices up 14% at the top of the market, that compares to luxury sales which are down 10% so why would the healthy who can of course afford to buy, choose to rent well, a lot of it has to do with new taxes and tax changes that have made it more expensive to buy and to own and with prices falling in manhattan the wealthy are preferring to camp out in a rental until prices get to where they're comfortable jumping back into the market. on the seller's side they have all these giant expensive apartments languishing on the market so at least if they rent them they can get some income. that has led to a new market segment which is the six-figure a month rental this apartment, this penthouse in downtown manhattan rents for 135 -- i'm sorry, $123,000 a month or over $1.4 million a year >> sometimes people want to try ou

. >> on the lvmh deal, let's bring in robert frank. right now saying the investment post-takeover largely coming from improving and embellishing the existing stores. >> this is a business that struggled and said basically that tiffany had a good strategy but given that the public market demand quarterly earnings tiffany just didn't have the luxury of time to implement that strategy and so what lvmh cfo is saying, you increase the value of the brand, two, you improve the store network which is probably they didn't say it but they implied to close some of those mall stores and improve some of the locations. tiffany has 300 stores around the world, many in the u.s the third part is improving the collection and right now tiffany with three main parts to the collection a little "t" tiffany and key ring and return to tiffany what lvmh is so good at doing is creating iconic designs that everyone as soon as they look at it they know that's a bulgari or tiffany. they said tiffany had the right strategy and didn't have the runway given the deman

robert frank with economics correspondent neil irwin the article "how democrats would tax high-income "the times. good morning. >> good morning. >> neil, talk about who potentially could be at risk for paying more. >> right so put the wealth tax aside, put some of the taxes on capital aside that senator warren and other democrats are talking about. out there in plain sight is this idea of changing how seattle seahawks is taxed, how payroll taxes. right now seattle seahawocial ss are capped you don't owe a dime in social security payroll taxes senator warren wants a tax there's a democratic proposal on the hill, $400,000 either way that results in high income professionals, people in the mid-six figure range with a higher marginal tax rates than now. >> those numbers make sense to you? >> yeah. it is not just two cents and not just billionaires. if you make more than $250,000 your federal tax rate under all the plans about 55%. now, if you live in california and new york, your federal tax rate is -- and state, is going to be about 70%. so it's upper middle class, 70% and that's the par

speaking of taxes, robert frank joins us now with new details from senator warren's proposal. >> interestinga wealth tax but would support other higher taxes on the wealthy warren planning to raise over $2 trillion a year for that medicaid plan, an annual tax on the appreciation of stock or assets, even if you didn't sell it right now you only pay capital gains tax when you sell an asset that's gained value. 100 shares of apple, up about $100 this year, your gain would be $10,000 the tax on that would be $2,400 currently if you sold them under warren's plan, increases the capital gains tax rate, you would have to pay a tax of $3700 this year, even if you held on to the shares. warren says the tax would only apply to the top 1% of households and would exclude retirement accounts, as she says ultra millionaires and billionaires won't be able to earn income on giant fortunes year after year without paying a penny in taxes guys, back to you. >> robert, i have to say, particularly as we discussed this so many times in this post qe era, where most people who have stocks are on the more wealthy end

robert franke has more on the story.xury real estate market in manhattan and specifically rentals is soaring as more wealthy choose to rent rather than buy. luxury prices at the very top of the rental market up 14% year to date that compares to luxury sales which are down 10% now this penthouse in tribeca up for rent for $123,000 a month. it's 6,000 square feet, 14-foot windows and ceilings, on the 56th floor you get the amazing sunset has an art collection worth tens of millions of dollars that's included and the owners who bought this back in 2016 for about $30 million built it with the intent to rent. they've had a lot of offers. but none yet for the full year they want this to rent for a full year which would cost $1 the.4 million to rent for the year back to you. >> coming with tens of millions of dollars worth of art is somewhat grow tevfik i have to say. >> the sunset is gorgeous. >> the sunset is gorgeous. but robert, so $1.4 million a can year would be the rental cost what would be the cost to buy? i'm intereste

robert frank looks at what is behind trump's move to declare himself a resident of florida. >> you'rei didn't say one or five he'll say five let's not make it a judgment call >> all right well, after 73 years as a new yorker, president trump is changing his primary residence to florida the president saying on twitter, my family and i will be making palm beach florida our permanent residence. he joins a growing list of tri-state billionaires who lower their taxes from carl icahn and lee cooperman. now, combined, these seven billionaires have moved nearly $60 billion in wealth to florida. now, this matters to them not because of the income tax, so much, but more because of the estate tax that's the big one for these guys which in new york is 16% on fortunes over $10 million. >> now, of course, the twitter will be, oh, he's not going to pay taxes that he doesn't pay anyway that aside, whatever you believe about trump's's official tax situation, how long does this go on, robert, until some of these northeastern states wake up? >> well -- went tepper left, they had to have an emergency ses

kicks off today, but it's expected to see its biggest drop in sales since the financial crisis robert frank >> it's going to be a very interesting week for art about $1.2 billion worth of art coming up for auction this week in new york. that would be down 20% from last year and the biggest drop since the financial crisis now, the real trouble right now is at the very top of the market so last year, we had 22 paintings that sold for over $20 million. many year, it's only five. now, the star lot this year is hurting the word radio 2, that's expected to fetch between $20 and $30 million. and they have a rediscovered david hockny that could fetch $45 million. that sounds big, but it's a big drop from the hockny last year they sold that went for $90 million. that was twice that amount over the longer term, art is still performing very well sotheby's has a mark rotco estimated to sell this week for over $25 million so still better than the overall stock market >> when we say down 20% year over year, i mean, is that a fair direct comparison you could just have fewer paintings up for sale or less v

robert. joining us now political pollster frank luntz and john hope bryant.ou in a secretary, frank i have no idea what john is going to say i figure we could do a lot with that 52 billion in terms of internships. >> yeah. >> schools and things like that. i'm he not -- i'm not sure -- i'd almost rather have him get involved that way. do you think he -- do you think he will enter? do you think he'll actually run and do you think he has a chance >> first of all, i love your cool set. >> you do? >> it's the knights of the roundtable. >> do you like how we mess up guests -- >> and i'm still -- >> why is this higher than that? just asking you to spill something. >> even when i spilled it i did it cool. >> you did >> you going to spill, do it cool. >> got all over andrew. >> didn't get on my suit by the way, i like your set. i like you, too, joe >> i like you, too do you like mike bloomberg as a candidate? >> that's a very interesting -- i'm glad you asked it that way i've met him a couple times. he wasn't warm when i met him and i think he needs to warm up persona

. >> robert shapiro and roberto frank, thank you very much for this conferring. -- conversation. >> coming up, he's taking the lead on crypto currencies and revising what he calls the most poorly designed regulation in the history of finance plus what american express is offering businesses to take its card as it hopes to catch up to the competition. "the exchange" is back in two minutes. >>> deeper data on cnbc. shipping containers fell 7.2% from a year ago. the trade war with china is blamed for the drop. woman: my reputation was trashed online. i felt completely helpless. my entire career and business were in jeopardy. i called reputation defender. vo: take control of your online reputation. get your free reputation report card at reputationdefender.com. find out your online reputation today and let the experts help you repair it. woman: they were able to restore my good name. vo: visit reputationdefender.com or call 1-877-866-8555. >> both of them found is unusual and vindman said he thought it was improper, inappropriate and could undermine policy in ukraine. >> thank you for that. no

everyone is talking about it now the irishman robert deniro show frank.on the fox news channel in 2004. the experts are saying the movie is not true. the daily beast says it's a lie. vanity fair says the confession is discredited, slate says that the guy made it up. dan says that robert deniro was conned. deniro believes it. the way to get the truth out the fbi files are released. here are the files that say that sal shot i didn't meany hough fall. what should happen is the president should release the files. hoffa family, barbara want the files out. two suspects alive. family of one of the suspects want the files out. the fbi files. the truth is nut fbi files. they should be released. pete: eric shawn says release the files. if you want to know more riddled on fox nation today. great work, eric. >> thank you, pete. pete: coming up on the program mike huckabee, jeff sessions, franklin graham all coming up live next hour. ♪ ♪ ♪ hi honey, we got in early. yeah, and we brought steve and mark. ♪ experience the power of sanctuary at the lincoln wish list sales

frank that again profited from a deflection but sorry finish was clinical. that word almost always applies to robert leaven dusty 2 and by and 0 got them back in the game the poll showed phenomenal skill and strength to continue his record of scoring in every bundesliga game this season and half the deficit before half time. but after the break frankfurt made the extra man count 1st started out to have made it $31.00. the sense of back scoring his 1st goal of the season after by and again at the back post on guardian then just after the hour mark frankfurt made it for one martin hints at converting a corner to put frank but injury lined and with 5 minutes to go buy ins humiliation was complete. the fans could hardly believe their eyes but frankfurt had taken by and apart andrei silva danced through the box and set up a c.n.c. . the 51 scoreline made this binds worst defeat since 2009 and their supporters let the players know exactly how they felt. but while it was a date if a gay. then for the hosts this match will live long in the memory. by you know in berlin in the head so are familiar foes that

frank but again profited from a deflection but stories finish with clinical that were almost always applies to robert love and dusty 2 and buy ins hero got them back in the guy the poll showed phenomenal skill and strength to continue his record of scoring in every bundesliga game this season and have the deficit before half time. but after the break frankfurt made the extra man count 1st of it ever have made it 31. the sense about scoring his 1st goal of the season after by and again at the back post on guarded then just after the hour mark frankfurt made it for one martin hints at converting a corner to put frank but injury mind and with 5 minutes to go by and humiliation was complete. the fans could hardly believe their eyes but frankfurt had taken by in the parts andrei silva danced through the books and sets up. the 51 scoreline made this by is worst defeat since 2009 and their supporters let the players know exactly how they felt. but while it was a day to forget for them for the hosts this match will live long in the memory. clearly a shock result for byron they're here in the capital when you

frank >> you chairman roberts, ranking member and thank you for letting me testify at the hearing and the energy of the 2018 farm bill. my background my wife lisa operate sievers farms near iowa. we have 2400 cattle and 22 acres and finally, our operates to complete digesters with bile gas which is used to generate electricity that sold to local service providers. we produce reclaimed heat which is to digest other buildings and farms. for generations, we focused on stewardship, conservation of our natural resources and implemented numerous water self-help practices over the years including waterways, field waters, buffer strips, contour farming, grid soil sampling and cover crops. much of which have been supported by the programs that have been implemented through the usda in this committee and as well as congress. i also served as the board of american council, which is the only national trade association representing the entire biogas industry. we represent over 200 companies in all parts of the supply chain which is dedicated to maximizing the production of bile gas from organic ra

. >> frank mallicoat spoke with the owner of robert young estate winery and thanked firefighters were saving his business. >> fred young will never forget that fateful night. >> you could just see the glow at the top of the hill and soon you started seeing the flames. >> reporter: he is a fifth generation owner of the robert young estate winery. 448 acre strong and it's vineyard was in the crosshairs of the kincade fire. >> the wind was just 60 or 70 miles per hour and it came from the top of that hill down right to the bottom of the vineyard which is a good mile and a half and it was on top of us. >> reporter: young and his son and dozens of firefighters off the flames for 24 straight hours and miraculously save the vineyard. the winemaking facility, their homes and their new multimillion dollar tasting room which is now surrounded by charred ground. exhausted, those firefighters took a well-deserved nap on the family won, photos that went viral on social media. >> it makes me feel very grateful for the firefighters and the first responders for helping out. i mean, if it wasn't for t

frank cole ski, national commander, catholic war veterans of the united dastates. wilke, honorable robertveterans affairs. ♪ >> ladies and gentlemen, the vice president of the united states. ♪ [applause] >> ladies and gentlemen, please made standing for the procession of our nation's colors and those of our veterans nation service organizations. as we march on the colors, the united states army band, pershing's own, will play the national emblem march. please place your hand over the heart or render a hand salute. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ladies and gentlemen, please remain standing for the invocation given by chaplain juliana lesher, national director of chaplain service or the department of veterans affairs. pray. us almighty and loving god, on this day we honor our american veterans, the men and women of this nation who selflessly committed their very lives to honor and defend the freedoms that we cherish as americans. our veterans now that freedom is not free, and comes with a significant sacrifice for those who faithfully serve, as well as for their families and loved ones. for the devoted se

robert de niro is back working with scorsese and making the kind of movies like goodfellas and casino. it's made from netflix but has a brief theatrical window of 21 days. it's the story of frankes. al pacino plastimmy hoffa, the union leader. joe pesci is being very, very underplayed. stephen graham is playing the kind of character that joe pesci would have played in a previous incarnation. there's been a lot of talk about the film's digital de—ageing technology. we see the characters go from the 1940s through on. and there's lots of question about it being distraction — i didn't think it was. the only distracting thing is occasionally, their bodies move like old men, although their faces look young. but in a three—and—a—half hour movie for that to only be occasionally distracting is pretty good. it's a very interesting story, it's well told, there is realfilm—making brio, there is a terrific soundtrack. the performances are all solid, and it does — it takes full advantage of the fact that it is a netflix film, 3.5 hours long, which is the thing that might make people think they will stay and watch it at home. but i watched it in the cinema, and the run time flew, by with the