robert frank joins us now with answers to big investors.s is huge if these tax rates are going higher, people have to wonder if they should sell before taxes go higher >> they are wondering, dom the $50 billion question that's because it is when will a capital gains hike likely take effect president biden and the house members and the senate proposing an increase in the capital gains tax. the house wants 25%. a bigger source of disagreement is timing. that touched off confusion for tax planning president biden announced in april that his capital gains tax would be retroactive no matter when it became law, it would be effective in april of 2021 if you sold under his plan, you would owe the higher capital gains rate the new house start date of september 13th if you sold before that plan, you get the current rate of 20%. advisers say all of these mixed messages have led clients to bet there will be a later start date and maybe compromise and they are now racing to sell stock and businesses and property. others are looking at capital gains betw

robert frank, appreciate it, buddy.day. >> thanks, brian. >> last week an fda panel saying not yet to a vaccine booster for most americans we'll get more on that and where we stand with hospitalizations in massachusetts next. ♪♪ in boxing or any other business, one day, you're gonna take a hit you didn't see coming. do you stay down? or do you get up? [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ ♪♪ today, things can be pretty unexpected. but your customers, they still expect things to be simple. and they want it all personalized. with ibm, you can do both. businesses like insurers can automate it processes across clouds. so agents can spend more time on customer needs. and whatever comes your way, you've got it covered. saving time and improving customer service, that's why so many businesses work, with ibm. back we are seeing selling in the markets, at least in the future markets right now, could be a tough day for the equity markets we're down in the dow three weeks in a row since

robert frank is all over it. hi, robert >> reporter: tyler, the house tax plan would end one of the most lucrative tax holes they can sell those positions at a loss and use the capital loss to offset tax bills. unlike stocks they don't have to wait 30 days to buy back the crypto the loophole has allowed crypto holders to harvest losses. the house has caught on. their proposal applies to crypto investors will have to wait at least 30 days after selling crypto and buying it back to get the direct tax benefit they estimate this plan would raise $17 billion. the house plan includes new tax rules around options and the proposed capital-gains tax to 25%. the good news, there's a little bit of good news here is because the infrastructure bill requires trading platforms to send 109 -b reports to crypto investors. it will be a little easier to keep track of those gains and losses because they will get those reports. tyler? >> robert, this talks about moving a tax loophole involving sales but it doesn't do anything to chan

it all depends robert frank joins us now. i watched you on worldwide exchange with dom.ever do anything based on taxes. what do you think? >> that's what the smartest are telling their clients right now. you should never do anything based on the tax rates the president wants a rate of 39.6%. the house wants 25%. president biden announced his capital gains tax should be retroactive to april the new house plan gives a start date of september 13 advisors say some clients right now are racing to sell businesses and stock and property hoping for an even later start date after passage of any bill we might get others are looking at all of their sales between april and september to try to figure out what their tax rates will actually be. all of this matters to the government because of the analysis if the capital gain tax takes effect on the 21, 2022 and if they sell before hand. revenue would be $50 million or less perhaps they can sell and still get out ahead of it or if that retroactive date is different from right now >> that's so great, robert we see what you are thinking a

be robert frank is here with more robert >> reporter: kelly, accountants and tax lawyers telling me theyclients, is it too late to sell president biden, democrats in the house and senate, have proposed an increase in capital-gains tax on high earners. the president wants 39.6%. the house 25%. a bigger source of disagreement right now is the timing and that has created mass confusion for tax planning president biden says it should be retroactive to april when his plan was announced the new house plan a start date of september 13th when their plan was announced kevin brady saying no decision has been made. tax advisers say some clients are still racing to sell assets and stock hoping maybe for an even later start date after the bill actually passes others are looking at all their sales between april and september just trying to figure out what their tax rates might eventually be. all of this matters to the government because an analysis found that if it takes effect on january of next year that gives investors a chance to sell beforehand and avoid that higher rate revenue would be $50 bill

layup for the biden administration is dealing with pushback led by a former democratic senator robert frankt story. robert >> reporter: well, kelly, biden's plan now facing attacks from small business and, as you mentioned, democrats biden has proposed getting rid of the step up in basis and for those who make more than a million dollars a year coalition of farmers, small businesses and other lobbying group says it would force families to sell to pay the tax and that tax could be over 40% leading the charge anda new ad campaign is former senator heidi heitkamp . she says they should not pay until an asset is actually sold. >> i'm trying to sound the alarm both economically and politically for democrats this is not a path to walk, which is taxing unrealized gain the disruption this would create for small businesses and for farmers and for family assets is just not worth the pape. >> reporter: biden's plan dot exempt family farms and business that is continue to be owned by those families it also allows 15 years for families to pay those taxes on businesses not exempt or being sold the white

sergeant robert frank sanchez got 2 years of felony probation, 240 hours of community service, and must pay up to $46,000 in restitution. the da says in 2019 and 2020 am i sanchez approved his own personal overtime for time that he didn't work. he added that time into the payroll system, and edited the system to credit back vacation, sick, and compensatory time that he had already used. the total loss of the department was more than $16,000 , which is already been repaid. >>> mountain view police are searching for two men after a woman was attacked on a stevens creek trail on wednesday. it happened on the trail between creekside park and central expressway, shortly before 1:00 p.m. officers say the woman was hiking on the trail when she was approached by two men waiting in the bushes. the suspects grabbed the woman, but she fought back and was able to get away. police are now warning everyone to be on extra alert. >>> we are less than 24 hours away from the music returning to wine country. what you need to know before rocking out at bottle rock. >>> is this the future of air travel? the

start trading today. >>> lawmakers are now taking aim at how roth iras are used and ab abused robert frankwith more on how this could impact wealthy retirees robert, good morning >> reporter: you can call it the peter thiel rule measures from using roth iras to shelter wealth this comes from the article that details the thiel $5 billion roth ira the largest ever there are three proposed changes here first, it would limit ira accounts to $10 million. once the balance reaches $10 million, you can no longer make contributions. second, if the balance of the roth ira and defined benefit plan totals more than $10 million, you have to distribute half of the amount over $10 million until you get back down under that balance finally, the rules close a loophole for what's called mega roth iras. to get around the income limits, wealthy were contribute to iras and converting to more tax friendly roth iras the rules prevent those of making $404$400,000 a year from making the conconverting this follows the peter thiel use of private shares of paypal into the roth ira which became the largest $5 billion

expressing support for a proposal that would tax the unrealized gains of the very wealthy, our robert frankus. robert >> good morning, david president biden saying he's on board with the senator's plan to tax the unrealized gains of millionaire, the mini wealth tax and the plan on the list of menus, the democrats are considering right now, to fund the reconciliation package the details are in flux. but earlier proposals from senator widen call for a tax on the annual increase in asset values regardless of whether they are sold. the rate would be the same as ordinary income rather than the lower capital gains rate so for instance, jeff bezos gained $75 billion in wealth last year, we owe $32 billion in taxes. elon musk was up $158 billion last year, his tax bill would have been $69 billion. so what about when stock goes down widen's plan allows for losses one year to offset gains in future years though there would likely be limits to avoid the irs sending multibillion dollar checks to billionaires critics point out that illiquid assets like private companies or property are difficult for the

robert frank has the details for us hi, robert >> good morning, mike.ay and a special billionaires tax. that is on top of the more than 80 tax hikes and other changes that president biden has proposed if you look at the dollar impact, if you boil this down it what really matters for investors and companies, there are really three that matter the most biggest is the corporate tax hike that, of course, biden proposing to raise from 21 to 28%. that would raise over a trillion dollars in revenue, over next decade, that's according to pen wharton. most tax experts expect that to be trimmed to maybe 25%. but a 25% rate would raise only about $600 billion, about 40% less than that biden rate. taxes on overseas corporate profits also raised about $500 billion. the tax foundation saying the biden proposal could in fact lead to more offshoring, so revenue could wind up being a lot less for investors and high earners, the most important tax is the capital gains tax biden proposing to raise that to the ordinary income rate, taking it from 23.8% to 43.4%. biden also

we're joined by robert frank taking a look at the race to sell stocks and property before any increase. it is the $50 billion question -- when will the capital gains increase take effect president biden, democrats in the house and senate have all proposed an increase in the capital gains rate on high evers. the president wants a rate of 39.6%. the house 25%. a bigger source is the timing, and that has created mass confusion for tax planning president biden announced his capital-gains tax should be retroactive to april that's when he announced the plan the new house plan september 13th that's when its plan was released kevin brady, the top republican on ways and means saying on cnbc that, quote, no decision has been made. meantime tax advisers say some clients are racing to sell stock, companies and businesses hoping for perhaps an even later start date after the bill passes others are looking at all of their sales between april and september and just trying to figure out what the heck their tax rates will be. all of this matters to the government because a tax foundation analysis found

. ♪♪ >>> robert frank has the story for us as executives as a well-known hedge fund paint a big numbern't they >> it is in fact the largest in history top executives agreeing to pay up to $7 billion to the irs to settle that tax dispute the founder will pay additional $670 million other executives expected to pay up and the ceo brown saying in a letter a settlement by the medallion fund avoided a worse outcome including penalties. this does not affect outside investors in renaissance since it is only for employees and friends of family of the firm. medallion's tax strategy was revealed in 2014 and battling since through the appeals process but it was a basket of options in deutsche bank and barclays with a group of stocks than buying the stocks allowing medallion to book short term trading profits as long term capital gains so they paid a 28%. senator levin calling it a giant game of let's pretend. clearly that game is now over w back to you. >> the late senator was always focused on the issues. he was tenacious it is worth mentioning the medallion fund and more from the hedge fund per

robert frank has that story for us robert >> reporter: good morning, morgan the tax plan from the housers making more than $5 million. combine that with other tax changes, it could create a marginal tax rate of over 61% in new york city. and just under 60% in california so here's the breakdown. like biden's plans, the house wants a top income tax rate of 39.6%, up from the current 37% the income threshold would also be lowered to $400,000 for individuals, and couples making $450,000 now, high earners also currently pay a 3.8% net investment income tax. add the new 3% surcharge, and high earners could end up paying a top federal tax rate of 46.4%. in new york city, top earners would face a combined tax rate of 61.2% that is believed to be the highest combined rate for new yorkers since the 1980s. in california, they would pay a combined rate of 59.7% and in new jersey, 57.2% now, wealthy asset owners are taking some comfort in the plans for capital gains. biden had wanted a capital gains rate of 43.4%. the house proposing 28.8%. and the house plan does not include biden's plan to elimina

[applause] >> robert andrew spencer >> mary rubina sperando >> frank spinelli >> william e.s johannes sprockamp >> saranya srinuan >> fitzroy st. rose >> michael f. stabile >> lawrence t. stack >> timothy m. stackpole >> richard james stadelberger >> eric adam stahlman >> gregory stajk >> alexandru liviu stan >> corina stan >> mary domenica stanley >> anthony starita >> jeffrey stark >> derek james statkevicus >> patricia j. statz >> craig william staub >> william v. steckman >> eric thomas steen >> william r. steiner >> alexander robbins steinman >> edna l. stephens >> andrew stergiopoulos >> andrew j. stern >> norma lang steuerle >> martha jane stevens >> michael james stewart >> richard h. stewart, jr. >> sanford m. stoller >> douglas joel stone >> lonny jay stone >> jimmy nevill storey >> timothy stout >> thomas strada >> james j. straine, jr. >> edward w. straub >> george j. strauch, jr. >> edward thomas strauss >> steven r. strauss >> larry l. strickland >> steven f. strobert >> walwyn wellington stuart, jr. >> benjamin suarez >> david scott suarez >> ramon suarez >> d

[applause] >> robert andrew spencer mary rubina sperando frank spinelli william e.por, jr. klaus johannes sprockamp saranya srinuan fitzroy st. rose michael f. stabile lawrence t. stack timothy m. stackpole richard james stadelberger eric adam stahlman gregory stajk alexandru liviu stan corina stan mary domenica stanley anthony starita jeffrey stark derek james statkevicus patricia j. statz craig william staub william v. steckman eric thomas steen william r. steiner alexander robbins steinman edna l. stephens andrew stergiopoulos andrew j. stern norma lang steuerle martha jane stevens michael james stewart richard h. stewart, jr. sanford m. stoller douglas joel stone lonny jay stone jimmy nevill storey timothy stout thomas strada james j. straine, jr. edward w. straub george j. strauch, jr. edward thomas strauss steven r. strauss larry l. strickland steven f. strobert walwyn wellington stuart, jr. benjamin suarez david scott suarez ramon suarez dino xavier suarez ramirez yoichi sumiyama sugiyama william christopher sugra daniel thomas suhr david marc sullins christo

let's not tax an unrealized gain until it's actually sold and there is a gain >> robert, thank you robert frank that does it for "the exchange." "power lunch" starts right now >>> not a muscle do not even blink, ladies and gentlemen. welcome. i'm tyler mathison new highs for big tack tech, nasdaq, google one guest says buy small caps and another says it's time to get in on clean energy plus, meme mania is back three popular names and ask if the stocks have settled down enough for to you nibble at them plus, problem at the ports in the gulf after hurricane ida when will they get back up and running and what does this all mean for farmers trying to ship through those ports. "power lunch" starts right now >>> welcome to "power lunch. i'm kelly evans. stocks are mixed on this 1st day of september the dow adding nine points, the s&p 13 look at the nasdaq imagining to hit an all-time high with a rally. real estate is leading the way with all but one name in the sector moving to the upsight 33%. it's the best performing sector for the year with those gains. on the flip side energy is the worst perform

the fervor is back robert frank is reporting on how this bizarre half art, half crypto corner of theestment world is roaring back. >> good morning, jon the largest nft trading platform saw sales volume of $3.5 billion in august. a record and more than ten times the july sales they did more volume in one month than etsy did in the entire second quarter. you got axion and infinity, they did over $800 million in sales in august. larva labs around $700 million so nft sales in august topping more than $5 billion the average price of an nft is now $12,000. that's also way up and nft sold for at least $1 million every day in august, but this nft 2.0, which follows that first boom in march, it is being driven in large part by a whole new cast of cartoon characters crypto punks are the most expensive, they average $214,000 each with one trading for more than $7 million. visa bought one for $150,000 to better understand the space. catching up fast are the board ape yacht club seth curry bought one and it became his twitter avatar. and pudgy penguins, they're up more than 7,000% since they were

morgan >> robert frank, the numbers are astounding thanks for bringing us the latest. >>> that's going to do it for us on "squawk on the street." "tech check" starts now. >>> happy monday welcome to "tech check." we have keentcarl quintanilla ad julia boreson, a rough start to the nasdaq, more than a percent at the open, now taking back some of the losses and tech putting pressure on the s&p as well and the power of duopolies and why the consumer could benefit from increased competition. and finally "tech check" is live from code here in l.a., a series of big interviews all week long, i'm here today to talk to lisa su, and carl and julia are here tomorrow hey, carl. >> we can't wait to join you, john let's get to facebook. head of instagram, joined the "today" show this morning to announce plans to pause the instagram kid's project. >> say we want to talk about how we will put the work on pause, i still firmly believe it's a good thing to build a bridge of instagram that is designed to be safe for tweens but we want to take the time to talk to parents and researchers and safety experts

robert, we appreciate it thank you, our robert frank with the very latest. >>> up next, this company chart today on the heels of announcing a revamp shares are on pace to break their longest winning streak since 2019. the name after this break. for skin that never holds you back don't settle for silver #1 for diabetic dry skin* #1 for psoriasis symptom relief* and #1 for eczema symptom relief* gold bond champion your skin >>> welcome back, everybody. cisco, that is our mystery chart today. the shares are slightly lower, down by half of a percent. despite votes of confidence from the street after its investor day. cr cr credit suisse, both firms noting cisco's presentation offering insights into the next stage of its revamp of level to mature markets with limited growth to recurring revenue streams from contracts and subscriptions. cisco shares are up more than 40% over the past year so it remains to be seen if investors will appreciate the old tech names, transformation in the long term cisco, oracle, dell all experiencing similar size year-to-date gains that does it for "the exchang

robert frank, doctor of vaccine research center at cincinnati's children's hospital medical center.gator for the pfizer clinical trials there. also with us is dr. sanjay gupta. dr. frank, thank you so much for being with us and thank you for the work you're doing. the fact that the dosage for kids 5 to 11, it is a third of the size that adults get, how did you come upon that dosage? >> well, actually what we did is the same thing we did when we started with the adult study is that we tested doses and so we tested 10, 20 and 30 micrograms and found the 10 micrograms gave as good of an immune response as the 30 micrograms and had fewer side effects. so that's why we chose that dose. >> that's interesting. so you came upon that through trials and settled on that. you said fewer side effects. what is the overall situation with side effects and the 5 to 11-year-olds you studied? >> what we're seeing is the side effects are the exact same thing you see in adults, the most common is pain at the injection site, maybe some headache, fatigue. nothing different than we saw in the adultadults.

robert frank is here now with a look at the biggest three and how congress is looking -- or working - limit those hikes. robert >> hey, kelly. well, there are a lot of proposals right now floating around washington. but for investors and companies, there are just three that matter when it comes to cost and the dollar impact. the biggest is the corporate tax hike, biden proposing to increase that rate from 21% to 28%. it would raise over a trillion dollars in revenue just over the next decade. it's likely to be scaled back to, let's say, 25% but that rate would only raise $400 billion or 40% less than the biden rate then we have taxing overseas profits at a higher rate that raises about $500 billion the tax foundation saying the biden plan could lead to off offshoring, not less, so the revenue would also be a lot less for investors and high earners, by far the biggest tax threat is capital gains. biden proposing to raise the gains rate from 23.8 to 43.4% and he wants to eliminate the step up in basis to tax appreciated assets at death. combined those two changes would raise an estimate

prime fork real estate one of several deals with deep pockets in new york during this pandemic, robert frankrobert. >> good morning, andrew, it's got river views, terraces and over a million views of space. buying the terminal building is the highest price paid in over three years. three tech firms hover over 8 million office space in manhattan. google brings it to over 3 million square feet. facebook has been snatching up space in hudson yard, taking over near penn station, it's at over 3.2ple square feet and amazon now up to about 2 million square feet, including that deal to buy the former lord and taylor building. now, tech firms have about 20,000 employees in manhattan right now expecting to add another 15,000 in the coming years. but that does not mean the manhattan's commercial market is recovered. there is over 86 million square feet of available space right now. that's up about 70% from pre-covid he was the availability rate is 17% at or near report highs prices down 12-to-15% in the lowest level in four years with tech companies delaying back to work and shifting to remot work, it

we've got next. >>> first they were up and then down now nfts are roaring back to record highs robert franksn tracking this and what is behind the surge. is it related with the art market not beexactly, robert? >> it is closely tied to ethereum it is tied to the boom of nfts opensea. they saw sales top $1 billion in august a record three times the july sales the average price of nf. it is now $12,000. on average, at least one nft has sold for $1 million or more every day in august. let's call nft 2.0 which follows the first boom in march which is driven by a new cast of cartoon characters crypto punks averaging $214,000 each. one trading for more than $7 million. visa bought one for $150,000 to better understand the space. that helped the market a lot then the board ape yacht club could soon take the lead sothby's about to auction off one for $11 million and $18 million. steph curry just bought one with it is his new twitter avatar up next is pudgy penguins. up 7% since created in june. one sold for $500,000. two weeks ago, that same nft listed for $2 million. if you were unlucky enough to m

robert frank joins us with a look at the real numbers he behind who would pay and who wouldn't pay hiod morning, joe opposition to that plan is growing even within the democratic property. biden proposed a capital gains tax on income over $1 million. current law let's individuals inherit with no taxes on the unrealized gains a coalition of farmers, small businesses and other lobbying groups says it hurt family farms and family companies they say it would force them to sell to pay that tax of perhaps 40% or more and they say it would take away an important wealth building tool for minority entrepreneurs i moaning the new opponents and surprisingly, former democratic senator heidi heitkamp she has long called for higher capital gains tax. now her new not for profit or the one she's lead is called save american family enterprises. they are laushlging an ad campaign that showcases small family companies that are under the threat biden's plan would exempt family farms and businesses that continue to be owned by those families it allows 15 years for families to pay taxes on companies not ex

even at 25. >> great thank you, robert frank.tor in the obama administration peter, i know that you would rather talk economy and health care and overall than the tax plan i'm not really sure why, because, you know, really no budgets. did that before. you kind of want to avoid -- >> you're sucking me back into it, joe. i have to say unfortunately i think the analysis in that previous segment is wrong. the gap on capital income versus wage income will go down not up. the reason is in your analysis you applied the 3% surtax to wage income but not to capital gains and i believe at least based on the descriptions that i'm hearing, it will apply to both it will apply to adjusted gross income, which capital gains are included in. so there are a lot of details here that we need to kind of sort through i'm happy to talk about it, if you would like. >> it's funny. have you ever seen in tv trials when they have if one or the other side brings up something that the other side wanted, because for a minute it made sense to them, then the othe

robert frank joins us with more.0 people actually paid estate taxes in 2020, only raised about $16 billion in revenue. that's down 50% from a year ago. the main reason is the exemption, which is now $11.7 million per person that means estates worth less than that go untaxed but it's because the estate planning industry has found and created massive loopholes. the house now aiming to close those. the house plan would cut the exemption to $6 million, also ends what are called grantor trusts, these are the secret sauce for estate planners allowing people to create trusts that they own and control but separate for tax purposes. the house plan would force new trusts to be part of the estate. for investors the most important change is the so-called discount planning this allows investors to place a f portfolio of stocks they can gift out to pieces at family members and each piece gets discounted by up to a third because it's a non-controlling stake. the irs has tried for years to challenge this, the house plan would ban it

. >> thank you, robert frank now to our wall street look ahead.e of the new iphone 13, new watch, air pods then the big report will be the august cpi con consumer price index from the labor department it's due tomorrow morning. and amazon's new ceo will be on tech check tomorrow. 11:00 a.m. eastern time. we'll be watching all of those events particularly on the inflation front, mike, and i know you mentioned that the market, it has been really anticipating a number, we've gotten several hot ones, for cpi. the expectation is .3%, which takes out food and energy, which is more volatile that's going to be important and that would be a little bit of a stepdown for the potential victory for the fed on the notion this isn't going to be long lasting i wonder how the market is going to take any of it. >> i think the market will depend on what category are driving. i think investors have taken comfort in seeing that it has been driven by pandemic related supply chain issues. really depends on where that core number comes from not just the level >> very muc

retirement account robert frank to explain what it is, what might come of it. a retirement tool designed to help the middle class with a secure retirement instead, it's also become a popular tax shelter for the wealthy. now the house democrats, well, they are taking action a number of iras with more than $5 million in assets has tripled over the past decade to 28,000 those with accounts over 25 million now have 53 billion in assets the latest house plan includes a series of measures that would bree vent the wealthy from using these for their own benefit. first of all, it would effectively limit i.r.a. accounts to $10 million. once the balance reaches $10 million, taxpayers can no longer make contributions. at the balance of your i.r.a., roth i.r.a. and defined benefit plans total more than $10 million, you have to distribute half of that over 10 million until you get the balance down finally, the rules close the so-called back door roth i.r.a to get around the income limits right now on roth iras, wealthy safe ers were contributed to iras and converting them in

robert frank has the details hey, robert?nt biden and democrats in the house and senate have all proposed increasing the capital gains tax on high earners. biden's plan would be retroactive to april the new house plan gives a start date of september 13th kevin brady, he's the top republican on ways and means, saying this morning that, quote, no decision has been made. and maybe that's why many wealthy taxpayers are looking this week to sell stocks or assets, hoping maybe for an even later start date a tax foundation analysis found if the capital gains tax hike takes effect on january 1st of next year, that would allow investors to sell beforehand total revenue from a hike would drop by $50 billion. maybe this is one small element that's adding to the selling pressure this week mike >> yeah, hard to say, robert, thanks, in terms of what the psychology of it all is. i mean, josh, i guess if you were going to act on this prospect, you would have to have a sense of what the rate was going to go up to, what the timing might be, th

robert frank has that story for us. >> president biden saying democrats agree on more than they differo gets taxed and at what income level the plan from the house democrats lowers biden's corporate tax rate from 28 to 26.5%. lowers capital gains from 36 to 25 and it does not include his plan to eliminate the step up in basis. at the same time to balance all that lowers the income tax hikes on gains biden's tax hike kicks in for $452,000 for individual filers the house plan kicks in at $450,000 for individual and 450 for joint filers that tax is an additional 187,000 filers, that's according to the tax foundation. but the bigger change here is in the capital gains tax. biden's top rate kicks in at income over $1 million the house plan kicks in at income over $400,000 so, that effectively doubles the number of people who would be taxed to 7% of taxpayers with capital gains. you add all of that together bottom line is the house plan raises taxes on a half a million more taxpayers than the biden plan so, morgan, a lot to work through here in the coming weeks, thecluding just who gets taxe

points one of president biden's signature tax proposals getting pushback from a surprising source robert frankent biden's plan to tax appreciated assets now facing opposition from farmers, small businesses and even some democrats. biden has proposed getting rid whoofts called the step-up in basis and imposing a capital gains tax on appreciated assets upon death for those who make more than a million dollars a year former democratic senator heidi hyde camp leading a not for profit the middle class would have to sell their businesses or farms to pay the tax she said it would be the first time in america that we'd actually tax unrealized gains and taxpayers should not pay a tax unless an asset is actually sold >> i'm trying to sound the alarm, both economically and politically for democrats, that this is not a path to walk, which is taxing unrealized gains. >> biden's plan would exempt family farms and businesses that continue to be owned by those families but also allows 15 years for families to pay the taxes on businesses not exempt or being sold the white house also saying only the richest 0.3

proposal to tax billionaires' unrealized gains the house is now saying they would also consider it robert frankeans >> good morning, andrew. the wealth tax is back on the table. biden announcing friday that he supports senator ron wyden's plan to taxi the unrealized gains of billionaires. it's on the list of menu items that democrats are considering to fund the reconciliation package. earlier proposals from senator wyden called for a tax on the annual increase in asset values, regardless of whether they are actually sold. the rate would be the same as ordinary income, rather than the lower capital gains rate for instance, jeff bezos gained $75 billion in it wealth last year, he would owe $32 billion in taxes elon masks's bill would be $69 billion under the wyden plan what about when stocks go down wyden's plan would allow for one year to offset critics point out illiquid assets like private companies or property are difficult for the i.r.s. to value. they say corporate founders would have to sell stock every year just to pay this tax. right now there are no revenue estimates for the wyden plan,

robert frank joins us now. n ingenuity it's awesome. >> yeah, joe lot of ideas on the table. president biden's plan alone includes more than 80 tax hikes, credits and new forms of taxation most of the trillions of dollars that could be needed for this reconciliation bill comes from just three big tax hikes from a dollar perspective, these are the ones that really matter. the biggest, of course, is the corporate tax hike proposed from 21 to 28%. that would raise an expected $1 trillion in revenue over the next decade. that's according to penn warton. most tax experts expect this to be dialed back to 28%, but that would bring revenue down by more than 40% to just $600 billion. they would take a big hit there if they went to 25 the second is the doubling of the tax on overseas income that would raise over $500 billion. tax foundation saying those cha changes to multinational taxation would actually -- could actually lead to more offshoring so, revenue could wind up being far less for the high earners, the most cost

robert frank told us that would mean people in new jersey, the highest earners would be paying more thanyou're coming down on what you're hearing so far? >> well, as you just said, it's the beginning of this debate the ways and means committee hasn't started debating that portion. there was an outline and we'll see what happens in the committee. of course, becky, as we've talked about before and as the speaker committed to in august, what matters is what can get to 51 votes in the senate that's what we'll consider in the house. we're just in the beginning. there will be a lot of debate in the next month or months what i'm focused on is what is the impact on new jersey as you pointed out. of course, what can get to 51. that's ultimately what matters and what will matter in the house. we're not going to vote on something that can't get across the finish line in the senate. >> in other words, you're not paying a lot of attention to what's going on because this is negotiation at this point? >> i'm paying attention. i'm saying let's not start counting the numbers until we see a bill, which we

we go back to '28, robert frank has done work on this and add in a global tax as well, add everything do we expect to bring things back here without government subsidies to offset the higher competitive tax rate we're talking about? >> joe, it's good to see you back and andrew, i think i thought of something the last time i was on, which is, we're having the wrong conversation. if you zoom out to the country level, what is the strategy of the u.s. and i ask people this question all the time, nobody has an answer. so are we trying to bring jobs in, jobs out, a low cost provider, a high cost provider some of this stuff you talk about corporately is really a government strategy question, so i won't touch that, i think we can look at the engine in the u.s. over time it has been the innovation cycles and the ability for the u.s. to keep being in the lead dog rule in terms of innovation. i think the biggest danger we need more companies not focused on these issues, joe, but on where the innovation is. i think if the innovation gets going, that solves a lot of these problems the tax stuff wi

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woodruff: frank wisner, corey shaoqi, robert grenier. we thank you all so much for being with us. you. >> thank you. >> yang: on the eve of the 20th anniversary of the deadlst terror attack in the country, we are in the midst of another calamity: covid-19. here to break down the political aspects of all this, the analysis of brook and capehart. that's "new york times" columnist david brooks, and jonathan capehart, columnist for the "washington post." gentlemen, we just ladder judy lead a discussion about the foreign policy aspects of all of this. and certainly i can, looking back on 9/11, i remember how we felt changed from this. but looking back, looking backward at it, how did we change? are we changed as a people, as a nation, as a political system, david? what's your take? >> well, it's a globe. it was the first act of the 21st century. i was a foreign correspondent in the '90s, covered nothing but good news. thend of apartheid and the oslo peace process. it was convergence, china was liberalizing. we were communicating with each other and thought the internet was a good thing

frank del rio's birthday. happy birthday, norwegian cruise line a better stock and what a great guy. robertyah, jimmy chill. >> yo, chief, what's happening >> caller: man, who am i going to replace my christian mccaffrey from my fantasy? what am i going do >> three to five weeks, but dave tepper is happy as a pig, because why? they're the worst 3-0 team i have ever seen let's go to work >> caller: duo lingo, it's been skyrocketing do i still have time to jump in? >> how funny is this duolingo is from pittsburgh, p.a., such a brilliant company, and you know who else is from pittsburgh none other than dave tepper. i'm dedicating this lightning round to dave tepper he went to the game. let's go to matt in california matt >> caller: boo-yah, brother jim. >> yo, my friend >> caller: it's a pleasure to speak with you, man. i would love to hear your thoughts on hlbz >> electric scooters, a bad business all right. i'm putting it to you. it's a bad business. all right. we're going to stay away how about we go to sean in new york sean >> caller: hey, jim. this is sean i own blade, i also fly blade. w

robert necessary washington. lloyd austin, and general mark milley and general frank mckenzie all testifying today before the senate armed everybodies iss committee, lawmakers questioning the generals on everything from plans leading to withdrawal to the drone strike in kabul that led to multiple civilian casualties, including seven children. >> sandra: fox team coverage and we'll speak with former national security advisor keith kellogg. martha maccallum is standing by. start with jennifer griffin live from the pentagon, hi, jen fer. >> jennifer: hi, sandra, the president's military advisors did not advise pulling all u.s. troops out of afghanistan, suggesting that the president made the decision to withdraw in spite of recommendation of his top military advisors. >> also recommended earlier in the fall of 2020, maintain 4500 at that time, my personal views. i have a view withdrawal of the forces would lead to collapse of the afghan military forces and eventually the afghan government. >> jennifer: general mckenzie said he recommended 4500 troops stay in afghanistan, that is not what president biden told four days

robert o'brian. murphy informed wolf he would not comply with these instructions as doing so would put the country in substantial and specific danger. it is rarely, frankhat the trump administration did was something that they knowingly put the country in substantial and specific danger. but again, firsthand insider testimony that that's precisely what they did. >> you know, nicole, i know brian murphy i've spoken with him a number of times, and i know him to be truly motivated by one thing, and that is the desire to maintain our democracy and national security. we need more brian murphys in public service and for those i see right now on social media who say, well, we're really going to talk -- spend energy on this kind of arcane intelligence community problem? let me try and connect the dots here and why everyone should care about what brian murphy is saying and everyone should care about the intelligence community. this isn't just about suppressing intelligence that's one half of the equation is from the white house, being told, don't report on this the other half of the equation is please report more on this over here like it's a big threat that we