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taxes on people with incomes below $00,000 a year but what about people who earn more than that robert frankthe numbers. >> recent non-partisan studies confirming that tax plan would only raise tacks on those making more than $400,000 a year and cut taxes on virtually everyone else but the top earners in california and new york could face combined rates of over 62%. here's how that happens. biden's plan calls for the top rate to increase to 39.6%. he also adds a payroll tax of 12.4% on income over $400,000 a year about half of that is paid by employers. but if you add in other provisions of the biden tax plan the top federal rate gets to 49.4%. in california, the top rate for the top earners is 13.3% you add all that together and the new federal rate for the top earning californians would face 62.6% in combined federal and state taxes. now, new jersey, that combined rate would be over 60% in new york city, it would be 62%. those would be the highest rates in over 30 years the biden campaign saying it's unfair to look at the statutory or the official rate what really matters is what people pl

robert frank has more. robert? has more robert >> hey, tyler.he polls in november to vote on a ballot measure that would allow for higher taxes on the wealthy, but it faces long odds right now, in part because of a campaign from the billionaires who are opposing it. the measure would replace the state's flat tax with a graduated tax, allowing higher taxes on the higher earners. billionaire governor jp pritzker is spending $56 million of his own money to support this change on the other side kevin g richlt ffen is spending $20 million of his own money to oppose the measure. so far their efforts appear to be working recent poll shows this is falling well below the 60% of votes cast it will need to pass and go through opponents argue this tax hike will hurt jobs without facing the state's runaway spending pritzker's group saying, quote, opponents are receiving millions of dollars from billionaires who don't want to pay their fair share in taxes, and that's allowed them to get their measure out. kelly, back to you. >> robert, speaking of tax rates,

robert frank joins us now with more hi, robert >> reporter: tyler, wealthy americans transferring nearlyf a trillion dollars to their children and relatives every year, but now many wealthy manye racing to pass down even more in advance of a possible blue wave. now, biden's tax plan calls for a big jump in the estate and gift tax under current rules, couples can pass down up to $23 million to their kids without paying any tax. biden would cut that limit to $7 million and boost the estate tax rate from 40 to 45%. if a family is going to leave $20 million to their kids, they would face zero tax right now. under biden, they would pay $6 million in taxes if that plan goes through now, trust and estates attorneys saying they've never been busier as clients fast forward their gift plans to create trusts, they can be funded if they need to in december and they just won't fund them in we get a trump victory. experts say you could see hundreds of billions, if not a trillion in wealth transferred just in the fourth quarter and, tyler, that could boost everything from real estate to stocks and also

robert defrank, clerk, district of columbia. he works for the d.c. government . i was looking at the franksnd the land that they owned and the harringtons and other family members that were here at the time. i found the land that they owned, my great grandparents on my grandmother's side, and i did find my great grandfather, robert frank listed. district, 607 columbia road, northwest. when the original box came back it was placed in a safe. 1990, heintendent in made the determination to place it back in the amphitheater. the previous historian told me he had a 30 minute head start notice, they called off and said they are going to put the memorabilia box in. he grabbed the peter pan peanut they'll place their business cards in the jar and put some coins in with a letter and they sealed up the cornerstone. we do plan to put a memorabilia box in the replica cornerstone to be opened by the employees of arlington national cemetery. it will include the declaration of independence, a copy of the constitution provided by the national archives, there will be an identification bag, there will be a h

phil lebeau and dom chu and robert frank joining us for rapid fire. >>> coming up, how robinhood andding apps have become att commodities on the dark web. th's next when "the exchange ""comes right back before money, people traded goods. tools, cattle, grain, even shells represented value. then currency came along. they made it out of copper, gold, silver, wampum. soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. that's why it's time for digital currency and your investment in the grayscale funds. go digital. go grayscale. >>> welcome back the trading boom this year has brought with it an unwelcome opportunity for hackers looking to exploit it. kate rooney joins me now with more kate >> hey, kelly. hackers are turning to the dark web where brokerage account loggins are for sale for as little as a few dollars. your average person can't access these sites without special software, but security analysts gave cnbc a tour of the dark web. we saw dozens of port

i did find my great grandfather, robert frank listed. robert, clerk, district, 607 columbia road, northwest. when the original memorabilia box came back from the archives it was placed in a safe. , he990 the superintendent was in the 82nd airborne in world war ii. he made the determine -- determination that it was time to put it back in the amphitheater. he grabbed the peter pan peanut butter jar and they'll place their business cards in the jar -- and those who participated placed their business cards in the jar and put some coins in then theyer, and sealed up the replica cornerstone. we do plan to put a memorabilia box in the replica cornerstone to be opened in 2120 by the employees of arlington national cemetery. it is going to include a declaration of independence and a copy of the constitution provided by the national archives. the tim guards are going to provide their identification badge. the arlington ladies will provide a letter. we want all of those who have a hand in arlington national cemetery -- we are an active cemetery, so

the one and only robert frank, wealth editor, joining us with the details.nly robert would have them. great to see you >> great to see you, andrew. good morning hamptons real estate prices hitting record highs as the wealthy fled manhattan and they continue to be buying on the beach. the median sales price hitting $1.2 million, and that is higher than manhattan's median right now of $1.1 million. the number of sales soaring 50%, that is the biggest jump in over 7 years. the deals are happening at all levels from under a million to over 20 million. the share of homes selling in bidding wars has doubled over the historical average remember we had all this talk about oversupply in the hamptons and now we have a shortage the number of luxury homes lied for sale falling 42% in the quarter, there are now waiting lists for new homes and brokers say that this shows no signs of slowing right now. there are more contracts and closings in the pipeline right now they say than ever before s and the biggest sale in the quarter was this 3 acre spread in east hampton with a

robert frank has that story for us robert >> good morning, david there are now 16,000 unrented emptyall time record and three times the number of just a year ago. all that growing supply and lack of demand brought the vacancy rate to nearly 6%. now that may sound low, but it is more than twice the average for manhattan. rents are coming down, that's the good news for effective rates down 11% landlords are now offering an average of two months free rent to lure tenants back to new york the risk is that we have a chain reaction from all of this lost rental income, that's because rentals account for two-thirds of all manhattan real estate large number of manhattan landlords, 40%, are small businesses that's families that own a few buildings. they don't have the deep pockets and access to capital like the big corporate guys if those small people lose income, the companies and people that they support lose income. about a third of landlord expenses go to banks or lenders. another third to pay property taxes and the rest to pay labor and maintenance and property costs. property taxes, and

also starting maybe to think about much higher taxes if we see a so-called blue sweep you heard robert frank's reporting all day long yesterday saying that you could have a 62% all-in, of course that pre-effective, we get that, and even 50 cent rapper and producer saying no way, he's out. and we're also weighing housing data out this morning, though yesterday's bullish data on homes did not move the markets even etf fell 2% but we have new numbers at 8:30 this morning lat , and watch housing, a massive part of the economy. and maybe call this a bonus rbi for your tuesday morning all courtesy of our data team. check it out, the dow has not posted an october gain in an election year in 20 years. the s&p and nasdaq haven't done it since 2000 2004 so four or five presidential cycles and despite yesterday's down turn you oig, we are still higher for the month but here perhaps is the kicker having the dow, s&p and nasdaq all up in october in an election year is very rare. so rare that it has only happened one time before, and that was in 1972 of course the nasdaq was born the same year i was, 1971,

there are currently 16,000 vacant apartments in manhattan robert frank is here on the ripple effect thisis is big number of the day, kelly there are 16,000 apartments now for rent in manhattan. that's not just an all-time record but three times the number of just a year ago. all that growing supply and lack of demand has brought the vacancy rate in manhattan to just under 6%, more than twice the usual average. so rents are coming down with effective rent down 11%. landlords offering an average of two months free rent just to lure tenants back to the city. the bottom end is feeling it the most with studio apartments seeing a 14% drop in price those are people in entry level restaurant service jobs. at the high end, luxury also getting hit. since those renters can actually afford to leave the city, luxury prices down 11%. so rentals account for two-thirds of manhattan real estate so all this lost rent al income could start to cascade down through the landlords because 40% of the landlords are small business owners, they own just a few buildings. without that income, those small business ow

robert frank is with me.pediatric vaccine specialist and director of the vaccine research center at cincinnati children's. it's good to have you. we're interested in this, as parents, journalists, as a parent every parent wants their kid to get a safe vaccine but how do you get children to participant? >> the goal all around is to get a safe vaccine. so we're approaching it as we do every other trial, we have a detailed consent form, explain in detail, takes us usually between an hour and two to explain the study to have time to answer the questions and make sure they're comfortable in enrolling. >> i know nothing in a trial is 100% safe but you obviously feel like this pfizer vaccine is safe enough to be using on children. and what's unique about it, one has never been proven out in infectious disease, how safe is it, do you think? >> well, so, nearly 30,000 adults have been vaccinated and really so far the safety profile has been excellent. most people have had nothing as far as adverse events if they've ha

today he's in the news again for settling a tax investigation by the justice department robert frank ins us with the details. robert >> dom, prosecutors saying robert smith willfully and knowingly violated the law in participationing in a tax evasion scheme but it won't be prosecuted because of his cooperation in a much larger tax fraud case now, smith will pay $139 million in taxes and penalties for his role in an offshore tax scheme by one of his early investors and that person was robert brockman prosecutors say brockman hid $2 billion in income from the irs making his case the largest ever in american history. for smith this all stems from a billion dollar investment that brockman made in 2000 to help smith launch this to equity partners, his private equity firm prosecutors say smith directed profits from the fund into offshore entities in belize and said smith used nominee trustees to hide his control of those entities and he used untaxed income to buy a vacation home in sonoma, california, a ski property in the french alps and to fund his charity. now, the u.s. attorney is sayin

mike santoli, contessa brewer and robert frank join us now welcome, everybody first up, caterpillar shareseir highest level since january 2018 on an update to overweight wells fargo the street you go its levels to $220 and citing earnings from the home improvement and building boom. new home improve president projects, of course, have been surging during the pandemic. cat shares run 50% in the past six months mike, it's also interesting saying don't wait for fundamentals to kind of show up. you can bet on it now. they getting over their skis on this one >> exactly that piece of the logic jumped out to me as well. i don't know about over their skis i think it's more just a concession to how these global cyclical stocks start to trade which is as soon as you see the global purchasing managers index and leading indicators go up and manufacturing start to revive around the world the stock anticipates it and the big argument is the have caterpillar shares already built that kind of environment already 25 times forward earnings and analysts say, yeah, it can get up to 30 as we wait for earnings

robert frank has more. >> good morning. bert smith reportedly reaching a settlement with the justice department and the irs after a four year criminal tax probe this agreement would call for smith to pay $140 million in back taxes, fines and penalties. that would be among the largest settlements ever by an american taxpayer to settle an offshore tax investigation. smith is expected to enter into a nonprosecution agreement admitting to liability for taxes owed and for not filing foreign bank account reports now, all of this stems from an offshore entity that was created with a $1 billion investment from houston billionaire robert brockman that was made as a seed investment in vista equity partners in 2000 you now, at issue was whether smith paid taxes on $200 million in profits that he directed to this offshore entity and whether he failed to properly disclose that entity to tax officials smith who is worth more than $5 billion is reportedly cooperating with tax investigators which could lead to further announcements and char

. >> robert, thank you robert frank >>> meantime, bill gates joined "squawk box" earlier to talk about stand on covid-19 headed into the winter here is gates on when we should expect a return to normal. >> the rest of this year will not be normal and the sooner we deliver that somewhat bad news to people so they can get ready for what will be a tough fall, the better as you go into next year, we should start to see these tools be available in volume i think several of the vaccines are likely to get approved by the first quarter and there is manufacturing going on in parallel, so they'll get out there fairly quickly so things could be slightly better in the first half by summer, we ought to have dropped the numbers, both the deaths and the transmission a lot. we won't be totally back to normal until we basically eliminated this on a global basis. >> gates also mentioned that the repeated stalls in some of the phase three vaccine trials are to be expected we'll have more on that coming up on "squawk alley," which starts right after this break. >> announcer: real-time exchange sector sort

act is something that will help wealthy fliers for decades robert frank is with us. >> the gift that to private jet companies and fliers the act suspend the 7.5% excise tax. no expiration date for those flights. so you could buy the flights now and take them years from now private jet companies are launching big bulk jet cards that don't expire for four years or even longer a lot wracking up big sales with cards of up to 100 hours that are tax-free if you bought 100 hours on a g 450 for $1.2 million, you would save $94,000 in taxes and you don't have to take the flight until 2024 some don't even have any expiration date. you can take these flights any time until the funds run out the irs has not given any guidance they are complying with the law, which of course didn't require a time frame the private jet industry is one of the few travel sectors largely recovered with business back to above 80% where it was pre-covid-19 back to you. >> this would provide a pretty big windfall did this 3r0e vied a stimulus from washington or as these discussions have unfolded in part of the conversat

robert frank on tax policy we'll talk a break here.o hang on to some gains and build on e th one-month highs that we got yesterday. yesterday. nasdaq jus yeah, that's half the fun of a new house. seeing what people left behind in the attic. well, saving on homeowners insurance with geico's help was pretty fun too. ahhhh, it's a tiny dancer. they left a ton of stuff up here. welp, enjoy your house. nope. no thank you. geico could help you save on homeowners and renters insurance. neverzÂdavid fo costin go away >>> many small business owners never plan for who could own or manage their business if they're able to do so. only half who do have the plans in place are highly confident their business will be able to survive. >> is your plan documented somewhere? have you expressed your plan to other people make sur i'm a physician, but my dream is to help young women feel empowered. i'd like to have online courses teaching them body positivity and self-confidence. but when covid hit, i needed a financial plan to make it a reality. without and

it really rich, especially in high cost states or is it even too high that is a question that robert frankg us to answer this morning robert >> good morning, andrew, joe biden saying the only people who will see higher taxes under his plan are those who make more than $400,000 a year now, by national measures or most measures, that is a very elite group, representing the top 1.8% of households, they earn 25% of the nation's entire income now, they would face several kinds of tax increases from a higher income tax rate, and new payroll taxes to wiping out the business income deduction. but in high cost states and cities, $400,000 may not be considered that wealthy. now, the campaign hasn't said or maybe hasn't even decided whether that $400,000 is in combined total family income or just individual income now to be in the top 1% of earners nationally, you need at least 515,000 in income, but in new york and new jersey, you need at least $700,000 a year to make the top 1%. in california, it's 660,000, and connecticut, that is the highest state. you need $827,000. now, an analysis by financial

it in illinois where a few billionaires seem to be winning campaigns to stop rates from rising robert franks a proposed tax on high earn er faces a battle. they are voting on a ballot measure that would replace the state's flat tax with a graduated tax. that would allow higher taxes on the higher earners the state's billionaire governor j.d.pritzker is spending $56 million of his own money to support this change. on the other side you have hedge fund billionaire ken griffin spending $20 million to defeat the measure. he joins two others against it a recent poll backed by pritzker showed the measure had 55% approval that sounds good but it is well shy of the 60% of voting that it needs to pass. opponents say the tax hike wouldn't -- that voters don't trust illinois politicians and the government with $3 billion additional a year in revenue pritzker's group saying opponents of the fair tax receiving millions have don't want to have their fair share in taxes getting their message out. >> robert, i would guess a big part of the rub comes on how you describe what wealthy is i know on the nationa

wealthy mean in a biden administration, and is it possible that everyone's taxes could change robert frankt. robert, good morning >> good morning, becky joe biden saying he's not going to raise taxes on anyone making less than $400,000 a year. but republicans saying he plans to raise taxes on 82% of americans so what would americans actually pay under biden's tax plan biden's plan calls for the statutory tax rates, the official rates to only go up for those making more than $400,000 a year but the effective tax rates, that's what people end up paying when you put all of those proposals together, that would reach much lower on the income ladder so the bottom quintile would see about $30 a year, the second quintile, 110, and those making 45 to $75,000 issue would see an $275 93% of these tax increases would be paid by the top 20% 3/4 of these increases would be paid by the top 1%, who would see an average tax increase of nearly $300,000. so the reason that these lower earners would see any increase at all is because tax analysts assume a portion of the tax increases on companies would be pas

people earning over $400,000 a year would pay a combined federal and state income taxes of over 62% robert frankeases and joins us with what it means for high earners in certain states. was that a misprint? what did i just say? i was just reading, 62%, robert? >> yeah, joe, let's look at that number there were some nonpartisan studies out showing that biden's tax plan would indeed only raise taxes on those maekiking $400,0 or more and cut taxes on everyone else. top earners could face combined state and local rates of over 62%. let's break that number down on the income side on the federal side, there are two basic increases that biden is proposing, the first is a top rate going from 37 to 39.6%. and then you've got the payroll tax of 12.4% applying to income over $400,000. so half of that payroll tax is paid by employers, so you add those two changes together, and you get a new top federal rate of 45.8 percent. then you add the net investment income tax and other provisions and you get a total top rate of 49.6%. let's go to the state side on top of that. if you live in california, that combined

may shed a little light on why we have seen ron pearlman selling so many of hassets >> yeah, and robert frankeen reporting this for weeks and months now and there has been all of these questions and speculation about ron pearlman's empire and what it means but this may be one of those moments. >> the empire at one point, he could have -- that $345 billion, he could have just easily wrichb written a check for that at one point he was worth 21 xwld suppo build supposedly and it is mounting problems down around $4 billion now. and so who knows what that $4 billion really means and you are talking about 350. so it was hard to imagine that there would be any typely liquidity problems that robert was talking about at the time. but i think that we're starting to get at least indications that, you know -- >> why you would sell your artwork and your yacht >> feeling a little better about ourselves, aren't we all that money, it just causes problems, guys then you got to make sure that you don't -- are you willing to take your chances, sorkin? what do you think? >> it is not the money it is never the mo

franks. the irishman of robert cunningham was able to satisfy phantoms wishes.when he heard about pleasure in 1903 he was in a strain in north queensland to the aborigines the country's indigenous people who had been oppressed by british settlers since the 18th century deprived of their most basic rights victims of violence and racial segregation they were considered little more than a part of the former and flora. greenland one of the striking for the colony this was the turning point where aboriginal people who'd been living near. the camp you're right because their land was being tagged and or europe. aborigines before still even villages called black camps. coming in that could come on a young aboriginal man who renamed. tamba. temples companions were also given new names. to be kenny and their son teddy jr billy suzy. jimmy and bob. the prevailing pseudo scientific ideology ranked aborigines the lowest amongst the hierarchy of human rights since making them highly sought after fishermen funded shows that we considered unsuited to modern life and facing exti

robert patrick perry jr. hing lee. frank small, iii. steven silverman. alexander mcmillan. deny perkins. mary castro. afollow so lee jr. jerome mark specter. john robert hicken. frederick harris. jim shehan. barry downs. mark blume. terrance neil thompson jr. gordon pickering. robert flanders. carlos lamas. juan gilbert dominguez. sara ann staffa. roberta peppitone. jacqueline ross. maria mendoza. william charles edward prince. that's just two pages of names, individuals who have died due to coronavirus. the numbers are obviously absolutely overwhelming, and it's, of course, not just those who have died. it's those who have lost their jobs. it's all those people who have had the illness. eight million people have been diagnosed with covid. who knows what the overall number is, individuals who had it and didn't know it, thought it was something else or people who were asymptomatic. is that number 100 million? is that number 50 million? it's big, and all those individuals now have a preexisting condition. all those individuals now could be discriminated against by an insurance

places and there's a special bond as legal record for polish striker robert live on the peterborough how the details in sport it's. frank assessments if american public opinion pieces betrayed by social media platforms after november would be this because if you believe that there are corrosive to our democracy one obvious solution is to break my informed opinion. is not going anywhere the protesters aren't going anywhere either it's ability to get a revolution people in-depth analysis of the day's global headlines who is it that's really out there on the street inside story on al-jazeera. examining the headline that said to me business virus can randomly watch it on the news and i think implies the. unflinching journalism how relevant is the debate here in this day and age how he characterized the protest movement i would say the 3 observes they are waking in on a nation sharing personal stories with a global audience. explore an abundance of world class programming the world is watching on al-jazeera. the. you're the news our knowledge is 0 here are the top stories this hour armenia and azerbaijan are accusing each ot

robert dallek, well-known presidential historian. dallek writes, "th 20th century saw an impressive expansion of presidential powers, due to the leadership skills of nine men who served in the office -- theodore roosevelt, woodrow wilson, frank lynn delano roosevelt, harry s truman, dwight d eisenhower, john f. kennedy, lyndon baines johnson, richard nixon, and ronald reagan. " now, professor dalle's now professor deluxe analysis only looks at the 20th century. i'm going to throw in some of the presidents from the 21st century as we go along. so, if we can go to the first slide, professor dallek talks about these six points. the first one, he says, is vision. the second is charisma. the third is pragmatism. wel'll move onto the next slide. the fourth is consensusbuilding, followed by trust and credibility, luck, and then i'm going to throw in, which is on the last slide, something i'm going to call communication competence. and we're going to leave the slides behind right now. so, let's start with vision. so, vision, according to dallek, is presidents come up with an idea and they help us to develop something that's going to pull us altogether. it's going to be something that is going to unify us. sometimes it comes to us as