robert frank is here robert, this is the story the politicians don't want to talk about when they brag about their bill >> no one likes to talk about the irs. no one likes to have a visit from the irs irs hoping to raise $200 billion over the next decade from increased enforcement. most of the new audit attention will focus on three basic types of income. pass through income. that is the largest. 40% of tax cap or unpaid taxes comes from pass throughs that are under reporting income pass throughs include partnerships and s-corps and foundations and sole pro propretorships a greater scrutiny as add the enforcement. the second is offshore transactions the study found secret offshore income accounts for $15 billion a year in unpaid taxes irs will hire specialists in offshoring to target those particular taxes finally, capital gains 75% is capital gains comes from people with at least $1 million in income. collectibles are not automatically reported the audit rate for those earning more than $1 million a year has fallen 80% over the last decade. brian, with tens of thousands of agents brou

robert frank important story. we will see. > on deck, stocks set to pick up where they left on friday with more selling post jackson hole we have josh wein here with us next futures are down think long term. we'll talk about names ahead if you haven't already, follow our podcast. we're back right after this. only at vanguard, you're more than just an investor—you're an owner. we got this, babe. that means that your dreams are ours too. and our financial planning tools can help you reach them. that's the value of ownership. welcome back to earth. thanks, it was pretty life changing. dude it was eight and a half minutes. i didn't even get to finish my burrito. technology lets you vacation in space, but to get work done on earth... you need more than technology. you need cdw. so with the cisco hybrid work environment, we can deliver the same network experience to all your offices. space spaghetti. no. securely connecting your team from anywhere. houston we... have a solution. we get it greg, you've been to space. cisco makes hybri

robert frank convinced the bosses he had to be there in person to report this store i y he is clearly a persuasive man robert >> well, tyler, we have never seen a shopping spree in real estate quite like this with ken griffin. now behind me is star island that is where ken griffin purchased four properties for a total of $175 million. he is going to put all the properties together, tear down the houses and build brand new home similar story in palm beach. he spent $450 million to assemble 25 acres, that's larger by the way than mara lag yo just down the street. he's going to build a new 44,000 square foot home there meanwhile, citadel which is moving the headquarters from illinois to miami, they have spent over $600 million near miami. that's for empty land, temporary office space, and leases so add all that together between ken griffin and citadel, over $1 billion in south florida brokers say all that spending is starting to ripple through the real estate market >> prior to the citadel relocation use, i think we were going see a plateau as to the number of financial institutions, hed

let's get over to mr. 305, robert frank, about to make an amphibious assault on the property itself. re staying a little more clear this time around this is, though, the latest real estate purchase by ken griffin, part of what local brokers are calling the citadel effect citadel's move for a headquarters from illinois to miami causing a boost in prices on the residential and the office market. the company just bought a 2 1/2 acre parcel for $333 million that is more than 20 times what the buyer paid for it back in 2000 the company also paying less than just under $300 million for a temporary office building while they build that new headquarters brokers say that lots of other companies are calling them now after this citadel announcement to follow citadel's lead >> these are big companies, these are smart companies. and when people read about, you know, like a company like citadel coming down here and opening up an office, they realize these are smart guys, they must have done the due diligence, it becomes the herd mentality. >> very smart guys and very wealthy guys this house that ke

in the electric vehicle world, but it's not elon musk, perhaps europe's answer to musk, though, robert franke with him. robert >> seema, mate remack built his first ev in his garage when he was just 18 years old and the remack group has 1500 employees and a valuation of over $2 billion. goldman sachs and softbank were part of a $500 million round back in june remack makes multimillion super cars under the bugatti and remack names and its big growth is in selling technologies to porsche, aston martin and hyundai. most companies went public way too early. we all go public at some moment. i was very kind of frenzy that was happening in most of the thai, share very good company, and a lot of people lost a lot of money especially in the electric vehicle industry. we don't want to do that we want to go when it's the right time and the company has strong financials and we are really close to that >> remack's main push is keeping it under whereupons until 2024 meantime, they are making big profits from old school engines. the new bugatti is a 16-cylinder gas-guzzler priced at $15 million and sorry,

racking up double-digit price hikes and rapid sales as collectors view them as inflation hedges robert franke he belongs. he is in monterey, california, with some very beautiful cars and some very affluent customers. robert >> that's right, tyler behind me these cars are headed off to the auction block, more than 400 million cars slated to sell this weekend and we'll talk to the collectors about where whether these cars are an inflation hedge or they're more like speculative stocks that will be sensitive to interest rates. here's what they said. >> they're all on an unusual trajectory the really great ones will continue to go up and the not so great ones will plummet. >> everything is going up, whether it be classic cars, vintage, exotics you would be hard pressed to find one at retail anywhere. >> a year ago on my birthday i bought that car and it's a year later and i'm selling the car because we still have a very strong market and a groundswell of interest in vintage cars. >> and guys, we just ran into a well-known collector, the great reggie jackson he thinks right now is a good time to s

robert frank with a look at who should be worried. ping to raise $200 billion in added revenue over the next decade from increased enforcement and for high earning taxpayers most of the new audit attention is going to focus three specific types of income the biggest is pass throughs about 40% of the tax gap those are all those unpaid taxes that come from pass throughs so they're underreporting their income and that includes partnerships, s-corps, foundations and sole proprietorships. in testimony last year irs commissioner charles reddig wrote, pass through as his first priority for added enforcement the second big one is offshore transactions the study by irs economists found that secret offshore income accounts for $15 billion a year in unpaid taxes the irs said it's going to hire specialists who are really good at offshoring and detecting those offshore accounts to target those taxpayers and the third is capital gains and three-quarters of all capital gain income is earned by those with a million or more in income and sales of stock

will you be targeted robert frank has a special report straight ahead. >>> plus, we'll talk to formerent bill flioan about the pace of inatn d what he thinks right now. "squawk box" will be right back. another busy day? of course - you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network. from the most innovative company. bring on today with comcast business. powering possibilities. >>> good morning stock futures climb as we begin a busy week of earnings. we have what to watch in a new week of trading. >> threading the needle of inflation, what the fed needs to do to ensure a soft landing. former fed president bill dudley on the next move. >>> and why the tax man could be coming for you even if you're not rich the irs is about to crack down on three types of people we're going to tell you al

robert frank joins us with a closer look at that particular individual and company. >> reporter: greatyou, wilf matte rimac built his first ev in his garage. it's valued at $2.2 billion. goldman sachs invest ed in him. you have bugatti rimac and then you have the rimac technology. revenue at rimac expected to more than quadruple with eventual plans to go public. >> we will go public at some point. no hurry i was worried about the frenzy that was happening over the last few years with spacs and so on i knew they would end ugly most are very good companies a lot of people have lost a lot of money especially in our industry, the ev industry. we didn't want to do that. we wanted the right time when the company has raised on financials and we are very close to that. >> mate rimac is friendly with elon musk. they had lunch in the spring he said the two companies have different markets. >> i admire tesla and eamon musk we are in different segments we want to push the edge of what's possible in performance cars tesla has everyday cars. >> the company's next biggest expansion is ev robo taxis w

robert frank joins us from the world famous pebble beach car auction. is is the super bowl of car collecting more than $400 million of cars coming up for sale we'll show you the most expensive rides and whether inflation may be overheating in the classic car market, coming up after the break >>> the annual pebble beach car auction is happening in california this weekend. that's where we find our robert frank. hey, robert. >> reporter: good morning, melissa. more than 85,000 collectors pouring into the monterey basin, more than $400 million worth of cars expected to come up for auction, blowing past the 2016 sales record international buyers are back in pebble beach this year for the first time since 2019, and they could continue this raging bull market that we've seen for classic car demand and prices over the past couple of years. if you look at the number of cars offered this weekend for $1 million or more, there are 142 of them, that's an all-time record >> we are hearing almost across the board of stories of great demand, lots and lots of potential b

indeed.com/hire >>> jamie dimon, howard shuld, judging from the numbers, the work from home, and robert frank has a look at what it means in manhattan for real estate. robert >> tyler, only 38% of manhattan's office workers are back in the office as of mid-august it's kind of been stuck at that level under 40% since june manhattan's vacancy rate now twice what it was pre-covid with more than 50 million square feet of total office space. many new yorkers go away for the summer and many of come back and the optimistic scenarios is more than half will be back in the office by the end of the year the new york comptroller citing a big disconnect between employees and ceos only a third of employees expected to be back in the office more than two days a week among the ceos most expect three days a week or even more the controller saying, quote, these rateses have largely stabilized and appear to rise quickly in the coming months the partnership for new york a little more optimistic they sayoc pansy could reach 50% by the end of the year it says younger employees are largely back we've seen that with

this is robert frank at the auction in monterey, california.>> reporter: it is the super bowl of carollecting. 85,000 buyers and sellers from around the world are rolling into pebble beach for four days of parties, rallies, races, and award shows. more than 142 cars are slated to sell for $1 million or more. there smashing the previous records. the collectors say prices have gotten so high, so fast, the market might be in for a slowdown. >> they are and on an usual trajectory. the great ones will continue to go up. the not so great ones will plummet. remake the auction houses say they have more bidders registered than ever before. international buyers are back this year after 2 years away. >> we have big crowds. ticket sales are up. we have great quality cars. >> reporter: a new generation of collectors and started to buy online during the pandemic, adding fuel to the bidding wars. they like cars from the 1980s and 1990s. at the top of the market is the vintage race cars. this 1955 ferrari is the most expensive of the week, estimated at $25 million-$30 million. the elegant 1937 bugat

fortunately robert frank is here to take us inside this sometimes secretive and shadowy world of cozy called family offices, robert, and now they're pushing to the vc world. >> these family offices have gotten so big they are now taking on the venture capital industry their investments doubling last year to over $120 billion. as you can see, more than 2,300 deals, that's ten times the level of 2014. now, part of the reason is that family offices are exploding in size, but they're also shifting more of their fortunes into private companies. for the latest family office investor, we talk to michael hyatt, he is a serial tech entrepreneur and family office founder. five years ago he invested in a canadian storage company that had only $5,000 a month in sales. now it's called go bolt and is valued at over 600 million >> if you find an entrepreneur you really like, don't be afraid to give that entrepreneur the biggest break they'll ever have because the payoff can be eno enormous, and that's what i did. i find people i really like and i want to row in the boat with, and i give them the big

robert frank from miami. that's going to do it for us on "squawk on the street. thanks to mike and leslie as well that will do it for us have a happy weekend, everybody. "techcheck" starts now >>> good friday morning. welcome to "techcheck. i'm deirdre bojesen in san francisco with julia boorstin in l.a. and editor in chief at the verge nela patel we're closing out the week with a look at the tech rally amazon, apple comes back within inches of its all time high. more on the rest of this morning's big movers, posh mark, shares plunging. toast is surging don't miss toast's ceo chris comparato later this hour. we'll look at china tech as well the whole space seeing pressure this morning let's start off with the running with the bulls the nasdaq son pace for its fourth weekly gain in a row since november and some huge moves higher from megacap names like apple, amazon and microsoft. let's bring in elliott robinson. happy friday good morning to you. where are we right now there is a big debate. is this another bear market rally? that is becoming less loud over the la

robert frank has more on who the agency is targeting. >> reporter: the white house estimates the over $600 billion a year in federal income taxes go unpaid. now the irs is cracking down. especially on the wealthy. a recent study showed that the top 1% of earners account for 36% of all unpaid taxes. there are three specific types of taxpayers that the irs will be looking for. the first is pastors. that is any kind of ship, escort, foundation, or sole proprietorship. in testimony last year, child's reading listed for greater scrutiny of pastors as his first priority for added enforcement. any republicans say this will hurt small businesses. >> the irs will knock on their doors. it will limit their ability to grow. it is really a shame. >> reporter: the irs will also search for offshore transactions. a study by irs economists found that secret offshore income account for $15 billion a year in unpaid taxes. the irs said it will hire specialists to target that evasion. and the irs will look closely at capital gains. three quarters of this income is earned by those with $1 billion or more i

robert frank has more on who the agency is targeting. >> the white house estimates that over $600 billionear in federal income taxes go unpaid. now the iris is cracking down, especially on the wealthy. a recent study showed that the top 1% of earners account for 36% of all unpaid taxes, and there are three specific types of taxpayers that the iris will be looking for. the first is passed throughs. that's any kind of partnership, escort, foundation or sole proprietorship. in testimony last year, irs commissioner charles roedig listed, quote, greater scrutiny of passed throughs as his first priority for added enforcement. many republicans say the audits will hurt small business. >> so what's going to happen? the iris is going to knock on their doors. this is going to occupy a lot of their time and resources. it's going to limit their ability to grow. it's really a shame. >> the iris will also search for offshore transactions. a study by iris economists found that secret after income accounts for $15 billion a year in unpaid taxes. the iris said it will hire specialists in complex off shorin

robert frank going to the break on a boat. >>> good morning.s in southern florida. the white house you see, that was purchased by ken griffin in december for $75 million and that was the fourth property he bought here on star island and he spent 100 main dollars altogether, he spent $175 million on five acres. the plan is to tear the house down and build a new house on all this property. the new home for citadel is across the bay over on rickel. the company has spent $600 million on a new vacant lot. a temporary office building and an apartment holding and leases on 100,000 square feet for the workers to stay in as they build the new headquarters and north in palm beach, ken griffin has spent four to $50 million on land to build a new home there. that will be over 25 acres. that is bigger than mar-a-lago. he got approval to build a 44 five -- 44,000 square-foot home. he said that is for his mother. they spent over $1 billion recently on south florida real estate. >>> the brokers always love him. he is a broker's best a dream. he is a market mak

. >> exactly we'll be keeping a close eye on it gov to have that math and a lot more robert frank, thankicely times for a cnbc news update with kristina partsinevelos. >> hi, sara. thank you. good morning, everyone former president donald trump says he hassic reason his fifth amendment right against self-incrimination, refusing to answer questions before the new york attorney general letitia james. in a statement, trump said he had no choice, because he and his family are the targets of what he called an unfounded, politically motivated witch-hunt. >>> president biden is about to sign legislation to expand healthcare veterfor veterans exd to burn pits >>> and the beluga whale stranded for days in france's seine river, died today. he was successfully lifted out of the river, but the dangerously thin whale began struggling to breathe during the rescue efforts, leading authorities to decide that euthanasia was the most humane option back to you, sara. >>> the dow is up 500 points following the morning's cpi print. the ten-year 2.725%. every sector in the s&p is higher except for energy, and

robert frank is live he's got more for us robert >> good morning, david the limited supply of new carsel to the soaring prices in the classic car markets. we for to ceos of two super car companies, whether they're seeing any slowing of demand and why their waiting stlis are now a year long. live from monterey, on the golf course, coming up. - hiring is step one when it comes to our growth. we can't open a new shop or a new location without the right people in place. i couldn't keep up until i found ziprecruiter. ziprecruiter helps us get out there quickly and get us qualified candidates quickly. they sent us applicants that matched what i was looking for. i've hired for every role, entry-level technicians, service advisors, store managers. ziprecruiter helps me find all the right people, even the most difficult jobs to fill. - [announcer] ziprecruiter, rated the number one hiring site. try it for free at ziprecruiter.com >>> we've got some big changes at starbucks as part of the company's reinvention plan our indicate rogers has more. >> chief operating officer will be departing the co

robert frank has that this morning. od morning, well, the question is, will this be the labor day that finally brings people back to the office in new york back to work for new york, stalled below 40% all summer now at 38% and more than 20% of the office space in major manhattan markets is still vacant. that's more than 50 million square feet. now, of course, many new yorkers, they go away for the summer, but the new york controller citing a big disconnect still between employees and ceos only a third of employees expect to be back in the office more than two days a week among ceos, most expect at least three days a week, or more the controller saying, quote, these rates have largely stabilized and appear unlikely to rise quickly in the coming months the partnership for new york city, a bit more optimistic, saying office presence could reach 50% on the average weekday before the end of the year a recent fed study even noting that businesses plan a quote slight increase in their footprint on aggregate in the next one to t

. >>> and for return to work, we have robert frank. >> only 38 p% were back in offi from june of 41%million square feet of empty office space in new york many new yorkers go away for the summer, but the most optimistic scenarios show half of office workers will be back in the office by the end of the year. the new york comptroller showing a disconnect with employees and ceos one-third of employees expect to be back in the office more than two days a week. ceos expect three days a week or more comptroller says employer expectations and employee preferences and these rates stabilized and appear unlikely to rise quickly in the coming months the partnership with new york city is more optimistic saying office presence could reach 50% on average by the end of the year youpg e younger employees are back, but the biggest resistance is older workers who live in the suburbs and do not miss that commute joe. >> all right robert, we have lots of debates. i can't believe that number. not even a 4 back to a 3 handle what about everybody that depends on lunch traffic and take your pick >> yeah. if

you could hide in an attic like anne frank did. >> robert kennedy jr.he genie was out of the bottle. >> we can look back at a time in history where people were told to wear a gold star. they were put in trains and taken to gas chambers. >> the use of the holocaust, people walking around with yellow stars or masks or things like that to compare to covid is a form of holocaust distortion. it's degrading of history. >> when we come back a new, growing form of anti-semitism from the political left. aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher

frank did. >> reporter: robert kennedy jr. eventually apologized. we can look back at a time in history where people were told to wear a gold star. they were put in trains and taken to gas chambers. >> the use of the holocaust, people walking around with yellow stars or yellow masks or things like that to compare to covid is a form of holocaust distortion. it's degrading of history. >> reporter: when we come back, a new, growing form of anti-semitism from the political left. discover theratears®. like no other dry-eye drop in the world. with the 5 vital electrolytes found in natural tears, theratears® is one-of-a-kind hydration that feels like silk. theratears®. a drop like no other™. an amusement park is like whooping cough, it's not just for kids. whooping cough is highly contagious for people of any age. and it can cause violent uncontrollable coughing fits. ask your doctor or pharmacist about whooping cough vaccination because it's not just for kids. >> tech: cracked windshield? trust safelite. we'll replace your glass and recalibrate your vehic

douglas, frank murphy the next year, robert jackson and james burns the next year, and those eight roosevelt a appointees are just, you know, one after another in the wings starting in the summer of '37. >> and there were so many opportunities for him to compromise, and they came to him -- not so much cummings he was a true believer, his attorney general, but others came to him repeatedly with -- [inaudible] wheeler from montana, with offers to compromise, and he just wouldn't have it. i mean, he was dead set on moving ahead. you wouldn't even recognize the reality -- he wouldn't even recognize the reality of what was happening. his own allies were coming to him with stories of what was going on out there and how he was losing, you know, support in his constituencies. but he was very bullheaded in that, and it is extraordinary, again, with his sense of timing we created him with and his exquisite sensitivity to political winds, he just was dead set on this. >> there's a little kernel in in that i think is maybe an explanation of this. homer cummings, the attorney general, was really the draf

frank murphy the next year. robert jackson and james burns the next year. these eight roosevelt appointees just one after another in the wings, starting in the summer of 37. >> there were so many opportunities for him to compromise. not so much cummings, who was a true believer as his attorney general, but others came to him, repeatedly, with offers. wheeler, montana -- with offers to compromise. he just wouldn't have it! he was dead set on moving ahead. he wouldn't even recognize the reality of what was happening. his own allies were coming to him with stories about what's going on out there. how he was losing, you know, support -- constituencies. he was very bull headed in that. it is extraordinary. the sense of timing that we credit him with, the exquisite sensitivity to political wins. he just was dead set on this. >> there is a little colonel in this that i think is maybe an explanation of that. homer cummings, the attorney general, was really the draftsman and the proponent in this. part of the problem on the supreme court was justice james make reyno

felix frankfort and william o douglas the next year, frank murphy the next. year robert jackson and james burns the next year. i mean, there is eight roosevelt appointees, just one after another, in the wings, starting in the summer of 37. there were so many opportunities for him to compromise, they came to him, comer cummings, not so much home or cummings, he was a true believers and attorney general, others came to him repeatedly with wheeler, montana, with offers to compromise. he just wouldn't have it. he was dead set on moving ahead. he wouldn't even recognize the reality of what was happening. his own allies were coming to him with stories of what was going on out there. how he was losing, you know, support and constituencies. he was variable headed in that. it is extraordinary, you know, with the sense of timing we credit him with, is exquisite sensitivity to political lens. he just was dead set on this. >> there's a little colonel in this that i think is maybe an explanation of that, home or cummings, the attorney general, was really the draughtsman in the propon

andrew weissmann is back and member of the robert mueller's special counsel investigation and frank figliuzzi, former fbi assistant for counterintelligence and an msnbc national security analyst and miles is here from the department of homeland security co-founder of a new national political group that recently launched called forward. >> i want to start with you, jackie alemany. you've had some of the reporting that's been way out in front of the taking of the documents and the efforts to get them back to mar-a-lago. what do you find when you dive through this affidavit? >> yeah, nicole. i think what jumps out is the volume which is what everyone's headline is leading with today. this is a number that we had been looking for, but was previously unknown. we had been described the volume of classified documents in various different ways as we had previously reported. we were told the page numbers of items that were listed and there were certain numbers of sets and we did not know that there were 184 classified documents that were initially seized, retrieved, recovered whatever word you want to

in 1867 frank wed ellen shaw of staten island the sister of his close friend. the late robert gould shaw the 54th. they had three children two sons and a daughter in 1869 president grant appointed him united states marshal for the southern district of new york where his work earned him high praise? a firm believer in civil service reformed the independent and characteristically blunt barlow instituted a number of improvements which made him highly unpopular with his fellow republican politicians. barlow went on to hold. member of public offices in the empire state serving two terms of secretary secretary of state and one as attorney general in the latter capacity. he used the power of his office to initiate. the prosecution of the tammany hall political machine known and loved by us all as a tweed ring. barlow's final act on the political scene came when grant selected him to assist the investigation into the irregularities surrounding the haste children election of 1876 retiring from public life in 1877. he tended to his law practice in various business and banking enterprise

frank speaking is to control all of this power plan. very important for the survival of the that is there is where i face on the we're under control within the control for robert kelly. oh, if we do go back to the technicalities of it, how easy is it possible for russia to shut down a nuclear power plant and divert the electricity? it produces the energy it produces to a different area. how difficult is that to do it? first part of your question is trivial to shut down the plan. i think it 4 units are down right now. and since russian built these plants, many of them are in other places as laws here, then you're driving out and so the ukrainians, there's decades of experience. the 1st disconnecting and from the grid are talked about this for the last week. there's been a lot going on outside plans including hundreds of dollars where going out of stations and borrowings in that sense. ukraine is winning the battle because what they're doing is they're isolating the plant, plant cancer and electricity. anybody right now? that has to be shot. you know, and this because $40000000000.00 white also the both sides want both or one after the war. and they want to be,

robert kennedy was watching this speech. and he explained with evident exasperation. that's it. he's done. he's not going to do anything for the cities. frank mankiewicz was with kennedy that night said well, what would you if you were president? he said he would persuade the major tv networks three of them to cooperate and producing a documentary again showing people depicting life in a poor black urban community. let them show the sound the feel the hopelessness what it's like to think you'll never get out. show a black teenager told by radio jingle this day at school looking at his older brother who stayed in school and is out of a job. put a candid camera and it get our school and watch what a rotten system of education it really is. film a mother staying up at night to protect her baby from rats. they're not ask people to watch and experience what it means to live in the most effluent society and history without hope make was later reflected that the detroit riots and the terrible feeling bobby had that night as he watched johnson had shifted the senators thinking about running for president. kennedy describe this rachel turmoil as the