robert frank is vitally important. in some ways that photograph counters the optimism of the family man. interesting undercutting that optimism and the universality of the family man. i should say, frank used a lika. this is not a lika, this is a cannon, but very similar. it's very easy to photograph, you put it up to your eye. it's connected to your body. shoot off like this. shoot over here. it allows for a versatile understanding of photography and allows me to catch images on the fly. imagine frank on the street capturing images, allows his versatility. this shows how he sort of thinks about capturing images. and in the mid-50s he won a guggenheim fellowship, a prestigious fellowship that allowed you to take on major projects. the project was to drive around america, and so between '55 and '56, he took several short trips from new york and also took one long nine month cross country road trip. so driving. and brought his cameras and took many photographs around the country. and he shot over 20,000 pictures. so a ma

our robert frank has more on that this morning. hey, robert. >> reporter: good morning, carl.rkers leaving the city are now looking for the three ps property, private, and a pool. and the biggest states in westchester, new york, and northern new jersey that sat on the market for years with a lot of price cuts are now back in demand this four-acre waterfront spread in greenwich just sold to a family moving out of the city. price tag, $17 million, making that the most expensive sale of the year in connecticut. it's got views of the long island sound, formal gardens, and your own golf green. now, the stone mansion in alpine, new jersey, that's been on the market for ten years. it had its price cut far enough $65 million to have $36 million. last month, a potential buyer toured the property and offered to rent it for $500,000 a month. that's just to rent it the owner turned it down in hopes of a sale. and the late leona helmsley's former 40-acre estate in greenwich called round hill mann manor that had been listed once for $50 million dropped last year to $16.5 million because of

robert frank now for what's going on in the buying boom in the mega mansions. what can you tell us >> kelly, talking about flooding in, you have wealthy new yorkers looking to leave the city, buying the three "ps" of property, privacy and a pool estates on the market with price cuts now in hot demand this four acre waterfront spread just sold to a moving of $17 million. that comes with its own golf green. the stone mansion in new jersey this is on the market for ten years. now at $36 million after a $30 million price cut. the owner turned down the renter in hopes of a sale and late hensley's estate in connecticut, that had a big price drop from $50 million to $16 million broker says he's had seven showings just in the past two months we will see if that sells, kelly. back do you. >> property, privacy and a pool? >> yep. >> learning something. makes sense. there's been a certainly boom in people building pools. a couple ones highlighted are super mega high-end estates and starting the move. what about the rest of them? do you think this can be a lasting trend? i

. >> joining us to discuss, edwin mills along with robert frank. let's start on the point of capital gains taxes. for the wealthy. i mean ed, it's always hard politically enact a tax increase, but for the wealthy themselves, is that more reasonable to expect that that's possible >> yeah, i think what we've seen over the last several years especially in the democratic party is that there is a strong desire to tax wealth because they don't believe that the current income taxes are providing income tax rate high enough to kind of capture what they want from that segment as well as kind of fill in any of the budget holes that exist. so from a democratic talking point, he's right on target. and you know, what we've seen here, too, is that center warren, senator sanders, really led with the wealth tax. one of ways in which you can do a wealth tax without a tax on assets is an a inkrecrease in investment taxes but i think that's going to be core to the democratic platform. going forward. >> so robert frank, president trump has talked about looking at cuts

revenues to say nothing of sales revenues for new york city are poised now for a huge fall and robert franka look at the hit to city finances. robert >> hey, tyler. well new york city facing a $3 billion deficit right now projected to grow to 9 billion by next year and could get worse even because of a big drop from offices and retail space now property taxes are the largest source of revenue for new york city. accounting for almost half of all tax revenue, which is twice as much as the income tax. even though the bulk of manhattan's real estate is residential, it's really the commercial space because it has higher tax rates it's more than doubled since 2001 which means new york city is more dependent than ever on the very sector that will be b hardest hit in the down turn you got the big banks and tech companies, they are shrinking their footprints then you've got to growing number of restaurants and stores that have f said they're going to e close for good. the big hit in the day of reckoning will be june u 20th, which is when property taxes are due in new york city >> yeah. so what do yo

tesla's headquarters out of california, such a decision could pay off for him in a big way our robert frankt is. >> jon, a big way indeed if elon musk moved his home along with the tesla factory and headquarters he could save billions in taxes. california has the highest income tax rate in the country at 13.3% so is far that hasn't been a problem for musk and he doesn't collect much of a salary and hasn't sold much stock but now he's starting to hit the targets on massive new compensation program and if you move tesla and his tax residency to texas or nevada he would pay no state income tax last week he hit the first target on that plan, although it hasn't been officially granted, it would give him options worth nearly $800 million and he would okra cra nearly $100 million in taxes if and when he exercises those options. in texas or nevada he would pay no income taxes. the numbers keep going up. in total he could earn $55 billion over the life of that package which means he would save up to $7 billion in income taxes by moving to texas or nevada musk hasn't made any plans to move, but remem

i am displayihen mall, frank sinatra, robert goulet, frank and those guys. happy mother's day. and the mother's day, we have to talk about the nfl releasing their schedule. their hope to open the 2020 season. let's take a look at some of the schedules for the san francisco 49ers. they are the babies of national tv because they're going to be on prime time five different times including three sunday night games. two at home. philadelphia, the rams, and dallas. one monday night game will be december against buffalo. here's the rocker. thursday, levi's stadium against eryn rogers and the green bay packers. october 25 at new england, jimmy returns to the team he came from. the patriots. there you go. february 7 is the scheduled super bowl. that could be pushed back. viva las vegas. the raiders, for season. let's see what they've got for prime time games. first time in franchise history they will open on a monday night in vegas. on the 21st against the saints. november 22, the chiefs and raiders on monday night. also note, chargers and raiders on fox television. all of this pending.

robert frank joins us with more. robert. >> reporter: good morning, joe new york city already looking at a $3 billion deficit could rise to 9 billion by next year it could get worse from a drop in tax revenues from offices and commercial space property taxes are now the largest source of tax revenue for new york city accounting for almost half of all of tax revenue. that's twice as much as the next big revenue razor. that's the income tax. even though the bulk of manhattan's real estate is residential, it's the commercial space that pays the bill because of the higher rates. the average tax bill for commercial space has more than doubled since 2001 to over $7 per square foot. and that means that new york city is more dependent than ever on the sector that will be hardest hit in this downturn you have big banks and tech companies shrinking their tech footprints you have a growing number of restaurants and stores closing for good the big hit could come on june 20th that's when the property taxes are actually due to be

robert frank has the story for us >> if elon musk moved tesla and his home to nevada or texas, he coulde billions of dollars in taxes california has the highest income tax rate in the country at 13.3% texas and nevada have no income tax. musk hit the target for the first tranche of his new pay package. as a california resident he would pay 1$104 million on that first tranche. if he moved to texas or nevada, he would pay no state taxes. the numbers are bigger as he hits more targets on that compensation program if he gets all 12 tranches, he gets about $55 billion. moving from california to texas or nevada, he would save over $7 billion in taxes musk has not made public plans to move, but he is selling all of his homes in california maybe a coincidence. >> 7 billion per annum >> no, $7 billion over the life of that multi-year compensation program. so the only sort of annual thing we can talk about now is his pay package that he just hit the tranche for, has not been awarded. but the package on that, the taxes would be 1$104 million then 11 subsequent tranches after that so this is over t

pr the income tax, sales tax, but also the property tax, which is now the most important tax >> robert frankfor much more on the impact on the state and local level, doen don't miss b cnbc's interview with gavin newsome tonight, 5:00 p.m. eastern fast money >>> breaking news on johnson & johnson and its talc powder. >> they're not going to sell it anymore in the united states and canada they're saying that due to a product review, resulting from the covid-19 pandemic, they have decided to cut b about 100 different products from their assessment including all of their talc based johnson's baby products they say the discontinuation is only effective in the united states and canada and that the products represent about half a per sebt of their total u.s. consumer health business they add that demand for those products has been in decline, but johnson a& johnson remains steadfastly confident in the safety of their talc based products and decades of scientific studies justify it. they say they will defend vigorously against those unfounded allegations. they're going to get rid of the talc based b

and more were renegotiated robert frank has the details >> last week, there was only one contract inhat went for $4 million the last time that happened was february of 2009 now you look at deals that were in the works before the lockdown they're getting canceled more than 100 contracts have been broken since early march with 67 in march 43 in april. even more common are buyers in contract who are demanding price cuts brokers say the average price cuts for renegotiated dealing in april was between 10 and 15% the upper east side townhouse has been listed for $39 million. went into contract before the lockdown just renegotiated and closed for $25 million or 36% from the original accusi aal asking pric. something we're going to see a lot more of. >> and that was after a deposit was paid >> correct they had that 10% down already so they had that at risk they were willing to walk away with that, walk away from that 10% deposit unless aget a price cut. >> yeah. they're going to have to wait to open the city to see really what that market looks like can't even get inside any places thank you

robert frank has that story for us robert >> big as billionaires they own their own private island and-foot sailing yacht with its own grand piano >> it was over the top >> now marie fears going broke >> ed filed for divorce in 2017. rather than getting half of a fortune she estimates over $200 billion she may end up with nothing because he discovered an obscure tool that allows them to hide their money from tax authorities and spouses. >> what was it like when you realized what was happening? >> i cried i was in tears i could not believe some of the things i found out. >> when they married in 1989, he had little reported wealth they started a financial trading company called quantlab. they indulged in unusual tastes. she invested in marilyn monroe mem beil yeah, a $8 billion mumy and the piano from the paris opera house. during their marriage, he put everything they own into a complicated trusts south dakota allows them to transfer assets to new trusts that shut out marie without telling her. if he's going to take everything from me and stop my world. that's fraud that's his duty as a

world's wealthy have $900 billion in the state, not only taxes they're avoiding but their ex-spouses robert frankory for us >> marie and ed lived big as billionaires they owned their own private island in the bahamas and a 180-foot sailing yacht named after marie with its own grand pia piano. >> it was over the top >> now marie fears going broke ed filed for divorce in 2017 and rather than getting half of a fortune she estimates at over $2 billion, she may wind up with nothing after paying legal bills, all because ed discovered an obscure financial tool that critics say allow the rich to hide their wealth from tax authorities and from spouses like marie >> what was it like when you realized what was really happening? >> i cried i was in tears i could not believe some of the things, you know, that i found out. >> when they married in 1989, ed had little reported wealth out of their home, they started a financial trading company called quantitylab that has since become a multibillion-dollar business they indulge jed unusual tastes. she collected marilyn monroe's bras and furniture they bought an eg

robert frank with more on all of it >> good morning, joe biden saying there under his plan, no one whons less than $400,000 a year would see an increase but studies show the middle class would see a raise. those more than $400,000 a year adding a new payroll tax on income over $400,000, limiting deductions, and raising the capital gains tax for those who make more than a million a year. more than three-quarters of all of this would be paid by the top 1% so it is a very progressive plan but corporate tax rate goes from 21% to 28% that is why the tax foundation, the tax policy center, and wharton all find that because workers usually end up paying some share of higher corporate taxes, you've got the middle class taxpayers who could see a tax hike between $180 and $200 a year so not a lot, but still an increase and the tax foundation also saying this plan could reduce gdp by 1.5% over ten years as well as cost over a half million jobs andrew >> okay, robert. we're going to dig into that right now. great to see you for a closer look at how tax policy will play into the 2020 election, i wan

robert frank joins us now with today's executive edge >> good morning, andrew.nhattan real estate market is basically frozen right now with a record low number of sales and contracts. only one deal in the past week for over $4 million. the last time that happened was february 2009. you had contracts signed before the lockdown being broken or renegotiated we had over 100 contracts canceled in early march. 67 contracts canceled in march and 43 in april. far more common are contracts that renegotiated. the average price cut to renegotiate a deal right now are between 10% to 15% that means the price cuts for new buyers going forward will be even birg. that means 15 or 20% more. the big problem right now is the lack of showings or listings new listings down over 70% as sellers wait for the lockdown to ease showings to start again, which we can't really have now guys, back to you. >> robert, thank you very much any word on how long they think this is going to last? is this more permanent or temporary? >> there is no price discovery people are fleeing we have no price

frank roberts, a senior british diplomat who i had chance to talk to before, he had been in rome, berlinnd moscow and met the three leaders. he said if you met stalin -- if you met hitler for had to go for a meeting with hitler, it would be a two hour rant. he would march up and down, you would have to sit there, take it and when he finally stopped for breath, you repeated the message you have been asked to deliver. with mussolini it was like a comic opera. fancy dress, gesturing. stalin was a total contrast. it was a little man sitting there, doodling and an answering a question. this was not your average dictator. matter inmpressions doing diplomacy. leaders are always attracted by going to the summit. home, ike i played at won the game, i became president, prime minister, what is the next challenge? doing it on the world stage with a limited understanding sometimes about the other side. the personal characteristics seem to matter a lot. greg: for the final question. >> there is a bit of overlap but i wonder to what degree do you think churchill and roosevelt understood or realized the

are not talking about a house that was built or designed by frank lloyd wright or a home i owned in chicago designed by an architect named roberts. it is tragic in process has taken more than three years to build. it needs to be built. i think the second home needs built. we need housing and revenue. the city is in dire financial shape. we need the real estate taxes. let's get the house built. >> hello, you are on the line. would you like to speak in public comment? >> yes. i am frank. i live on 21st avenue. i have lived in san francisco since 1973. i also want to echo what seems to be the largest sentiment of this call. this needs to get built. we need housing everywhere. i have got my daughter and her husband. we live in a building on 21st avenue, a few blocks away. we are dying for them to have a chance to get into a house by themselves, and they can't because the situations like this exist where neighbors or concerned parties just hold things up. it appears that the planned sponsor has stated something wrong in the beginning but reacted to everything the planning commission has asked them to do. in san francisco that is no s

robert enlisted in the navy reserves in 1967 and reported to the frank e. evans in may of 1968. later that year, he married his wife thelma. robert was on watch in the forward fire room with three other men when the collision occurred. all four were killed. his twin sons were just 4 months old. madam president, north dakota paid a great price when the u.s.s. frank e. evans sunk, yet my state does not grieve alone. the lost 74 encompass sailors from 29 different states, and the bill before us today represents that diversity spanning the political aisle. before i ask for a unanimous consent, i'd like to yield some time to the distinguished gentleman from new york, the democratic leader. mr. schumer: mr. president. madam president. the presiding officer: the democratic leader. mr. schumer: and i will be brief because i know my colleagues wish to join in this wonderful activity here to try and get good recognition. i join my colleague from north dakota in strong support of a cause near and dear to my heart, the effort to add the names of 74 sailors to the vietnam war memorial who per