we have robert frank with more. robert, good morning. >> good morning, frank. great to see you. stocks having their best day since january on those hopes for a china rebound. the big four, let's say lvmh and richemont and montcler and kering. it added $17 billion to bernard arnaud's wealth. kering up 10% along with hermes. hermes has out performed this year. the stock is up again today, but big questions here about whether china's government stimulus will actually translate into higher sales of handbags and designer shoes. china accounts for about a quarter of all luxury sales. it used to be about half. luxury sales are down 10% this year. consumer prefer rences in china are moving because people are spending more on experiences than on key fashion and luxury brands. you have copies of luxury goods more popular in china and then you have the growing number of chinese millionaires who are leaving the country and migrating to singapore and australia and europe and the u.s. frank, big questions about whether this stimulus will work and whether if the economy grows, that will transl

robert frank is looking at that issue for us today hi, robert >> reporter: good to see you, kelly.r president trump started his campaign with a plan to extend the 2017 tax cuts cost the government $4.6 trillion over ten years then he started adding even more called for adding -- ending taxes on tips i should say that could cost up to $200 billion in lost revenue. he then promised to end taxes on social security. that could cost another 1.6 trillion he then said he would end taxes on overtime. that's another 1.8 trillion. he wants to, as eamon mentioned, lower the corporate tax rate for domestic manufacturers to 50%. that would add another $700 billion and, of course, last week remember in new york, he called for, quote, getting salt back, reveal that $10,000 cap on state and local deductions add another $1.2 trillion to the deficit. add it all together, trump has now proposed tax give aways totaling nearly $10 trillion over ten years how to pay for that? well, he said tariffs would help offset the cost. analysts estimate tariffs would raise at the most about 2.8 trillion, which mea

we have robert frank with more. >> lots of twists and turns on the campaign trail.president kamala harris calling for a 33% tax on long-term gains. that is higher than 23.8%. it is lower than the 44.6% rate proposed by biden and she endorsed bch tefore the convent. under the plan, she would raise the net investment income tax to 5% from the current 3.8%. that would create the combined rate of 33% on the long-term capital gains. it requires more than $1 million in more than a year. it is the highest rate since 1978. in new york, the combined would be 48%. in california, just over 47%. she has not announced any changes to her plan to tax unrealized capital gains. we have a lot of discussion at this table for those worth more than $100 million. wealthy donors have been pressuring her campaign to lower the tax. all of them part of the 2024 white house budget she endorsed. for a lot more on the wealthy taxed and spending, go to cnbc.com/insidewealth. we will have that screen. >> what sort of americans will be impacted by this? only 1% of the americans at the moment even

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. >> robert frank, great to see you.hank you very much. >>> coming up on "worldwide exchange," getting paid to taste test pumpkin spice and sckhoing details about a possible fire festival ii. yeah, two. the top trending stories are coming up. you are bountiful, it's in your nature. >>> it is just about 5:30 a.m. in the new york city area. there's still a lot more ahead on "worldwide exchange." he's here's what's on deck. futures are starting to lose some of the steam. >>> vice president kamala harris and former president trump battling for the white house, but the two are increasingly fin finding themselves on the same page. >>> why sky high home prices in big sky country could determine the balance of power in congress. it's thursday, september 5th, 2024. you are watching "worldwide exchange" here on cnbc. ♪ >>> welcome back to "worldwide exchange." i'm frank holland. thank you for joining us this morning. we pick up the half hour with the futures with the stocks off a mixed session. you see the futures in the red acros

well, luckily computers once used by steve jobs is not a component, because robert frank is here withinflation if it was, kelly it was one of only 200 of the first apple computers that was hand built by steve wozniak, only one of 70 that still exists, and this is the only one that came from the desk of steve jobs christie's selling the steve jobs' apple-1 for $945,000, way above the low estimate and a record for any vintage computer. when steve jobs was fired, that was the first time, an employee retrieved it from his desk, it was then sold to paul allen, the co-founder of microsoft, of course he displayed it in his technology museum. paul allen's estate was the seller through christie's. allen's estate during that action sold a supercomputer for a million bucks. >> look at the size of that thing. >> you could use it as a sofa. >> he sold a letter from fdr, that letter selling for $3.9 million. and a lunch menu from "the titanic," april 14, 1912, the day the ship hit an iceberg. that menu selling for $340,000 that was six times the estimate. for more on what collectibles the wealthy a

robert frank, talk to you in a bit.this out, 1% gain on the nasdaq will get some people's attention after the last few sessions. after the break, tesla full self-driving might be headed to two major markets overseas in the rly rteapa of next year. what to know after this. tax smart investing today, helps to build a stronger tomorrow. at pgim custom harvest, our unique direct indexing approach seeks to help investors achieve better after-tax outcomes. pgim investments. shaping tomorrow, today >>> welcome back. i'm seema moody with your news update. authorities say the 14-year-olding who opened fire at his georgia school yesterday and killed two teens and two teachers was investigated last year for making threats to carry out a school shooting. the fbi's atlanta field office says his father told investigators at the time he had hunting guns in the home, but his son did not have unsupervised access to them. authorities confirmed he used an ar-style weapon to commit the shooting. >>> jury selection set to begin in hunter bi

robert frank, we would never luxury shame you, ever. he is luxury. guys, thanks for letting me sit in here on "closing bell: overtime." hope you have a wonderful weekend. "fast money" begins right now. >>> live from the nasdaq market site in the heart of new york city's times square. this is "fast money." here's what's on tap tonight. countdown to q4. the dow setting another record close as major indices look to buck the trend of a down september. how stocks are setting up as we kick off a pivotal fourth quarter. >>> and problems at the shore. longshoremen preparing to strike across the eastern seaboard. what it means for trade and how someone on this desk is playing the action. >>> tesla revs up ahead of the delivery report. a breakthrough for schizophrenia. and a power play that is beating every member of the mag 7 in this quarter by a lot. we start off with a winning run for markets with just one trading day left in september. investors seem to be shrugging off concerns over what has been a traditionally weak month. the dow jumping 2% in september

tino >> >> robert frank tipaldi >> john j.ipping ii >>'sdavid tirado hector luis tirado jr. >> michelle titolo >> john j. tobin >> richard j. todisco >> vladimir tomasevic stephen k. tompsett >> thomas tong >> doris torres >> >>luis eduardo torres amy e. toyen >> christopher m. traina >> daniel patrick trant >> abdoul karim traore >> glenn j. travers >> walter p. travers >> felicia traylor-bass >> lisa l. trerotola >> karamo trerra >> michael trinidad >> francis joseph trombino >> gregory j. trost >> william tselepis jr. >> spacezhanetta tsoy >> michael patrick tucker >> lance richard tumulty >> ching ping tung >> simon james turner >> donald joseph tuzio >> robert t. twomey >> >> jennifer tzemis john g. ueltzhoeffer >> >> and my brother >> sergeant thomas edward jurgens here q let a life of service to our community, to your neighbors. and while that ultimately cost you your life, you've had a really big impact on everyone's lives that you touched. and on a positive note, as a yankee fan, i just want you to know that the is ou

from possibly repealing the salt cap to eliminating taxes on social security and tip income and robert frankd add everything up on trump's great tax giveaway. and it does, you know, add a trillion here, a trillion there. >> it starts to add up. former president trump started his campaign with a plan to extend the 2017 tax cut. that's estimated to cost the government about $4.6 trillion over ten years. then he started adding more. he called for ending taxes on tips, becky's favorite. that could cost up to $200 billion. he promised to end taxes on social security. that's another $1.6 trillion. he said he would end taxes on overtime. this is a pig one. that costs another $1.8 trillion. he wants to lower the corporate tax rate for domestic manufacturers. he will talk a lot more about that. that would go from 21 to 15%, add another $700 billion or so. and last week in new york, to joe's delight, he called forgetting salt back, presumably repealing the $10,000 cap on state and local deductions. that would be another $1.2 trillion handout. add it all together, trump has now proposed tax giveaways t

continue the conversation having with robert frank earlier today.llion in corporate tax cuts to bring the corporate rate down to 15% for american manufacturing eliminating the tact on social security $1.6 trillion issue for older voters exempting tip wages cost around $3 b $2 billion and last night brought up not taxing overtime either adds $10 trillion over ten years. those are pretty big issues. i know you care about the deficit. how do you pay for them? >> i think -- i've had calls with a lot of republicans that keep the house in november there is a big appetite for pay forwards in the republican congress i think there are a lot of ways to do this but the main thing we have to do is extend or make permanent the tax cuts and job cuts. >> let me ask you a question you just said you think the top -- top 10% in america have done remarkably well and the rest of the country has not. do you think that your taxes, therefore, then should be higher >> i think under donald trump 1.0 everybody did great. and i think we can get back to that. >> not disproport

who better to answer that than the man at our desk, robert frank. what do we think, robert?rate of the wealthy a pillar of her campaign. >> billionaires and big corporations must pay their fair share in taxes. because here's the thing, here's the thing. it's just not right that those who can most afford it are often paying a lower tax rate than our teachers and our nurses and our firefighters. >> in fact, according to a new analysis from the nonpartisan joint committee on taxation, the highest earners pay the highest tax rate. in fact, the top 1% pay an average federal rate, that's all in federal taxes, more than 16%. that compares with a rate of 5% for the bottom 90% of americans. half of americans pay a negative rate of 2%. that means they actually get money back from the federal government. the very highest earners pay even more. the top 0.01% make an average of $13 million a year and pay a federal rate of 30%. that is six times the rate paid by the bottom 90% of americans. yeah, the wealthy have a higher share of income. in 2021 the top paid 40% of federal income tax. th

our robert frank joins us this morning with details on a name we're getting to know pretty well, robertng to, quote, get salt back ahead of a rally on long island. it is the latest tax break that he's announced on the campaign trail, on top of the $4 trillion in effective tax cuts that he's promised, as part of extending the individual provisions of the 2017 tax cuts. now, so far, he wants to end taxes on tips and taxes on social security and overtime pay. those add up to an additional $2 trillion in lost revenue. if he ended salt, that would be, of course, removing that $10,000 cap on state and local tax deductions. that would add another $1.2 trillion to the cost of extending those cuts. most of the benefits would go to the highest earners in high-tax states. in fact, two-thirds of the benefits of repealing the salt cap would go to the top 1% of earners. trump campaign not commenting on exactly what changes he would make to salt beyond that quick statement. the rally that he was at yesterday in long island, nearly half of all tax filers had their state and local tax deductions capped.

jordan schlain and cnbc's robert frank who just wrote a piece on this called "meet the private doctorit was offered to me, but it was easier to make an appointment. in your case, it covers everything? >> that's right. the existing system sis a broke-fix model. we try to prevent something from breaking in the first place. cure is a bad business model. our job is to keep you out of the healthcare system. >> in principle, it sounds good. there is a thing called aging where you don't have to do anything wrong where things go wrong. >> that's true. there's a lot of things you can do, by the way, to mitigate and delay aging. as a friend at the aging conference in copenhagen a few weeks ago, one top scientist said, there is not anything you can do better than exercise. for the whole body. >> and keeping your weight in a better range. >> sleep, diet, fiber, social nutrition. this type of stuff. >> you shouldn't drink a bottle of bourbon every night. >> probably a bad idea. >> what did you find out about all this? should we do it? it's like in cities. more in manhattan than out in the 'busrbs.

intelligence demanded continues to help the cloud computing business boost earnings and our wealth editor robert frank points out oracle shares, the price jump allowed larry ellison to add over $13 billion to his net worth. that $13 billion is more than two times what he and his son are paying for paramount. >>> bank capital requirements to protect the nation's financial system from than expected losses and shocks could be cut in half. the biggest u.s. banks would face a 9% increase in requirements. that is down from the 19% plan required for from the office of the comptroller. regulators agreed to sweeping changes to the proposed pack an acknowledge of rules. fed vice chair michael barr plans to preview the changes in the speech today. we will have more later this hour with leslie picker. this is something the banks in a pretty rare form spoke up pretty -- very vociferously. it would hurt the competition and the banks and ability to lend and hurt us in the long term. this is what you see. i wonder what they think about the 9% increase as well. >>> goldman sachs ceo david solomon giving investors a no

. >> that would add -- well, i think robert frank i think has a report coming up on that. >> with theo get rid of the soft cap and do some other things, trillions of dollars. kristin, thank you. >> thank you. >>> elon musk backing down in brazil, which could allow the company to lift a ban on "x." we will have the latest details straight ahead. heading to the break, look at this morning's premarket wneinrs and losers in the s&p 500. "squawk" returns in just a moment. only you can see. [crowd cheers] [music out] ♪ ♪ ♪ ♪ only you can see. [crowd cheers] ♪ ♪ ♪ ♪ ♪ ♪ >>> elon musk backing down in his battle with brazil's supreme court which banned the x platform. the social media platform named a legal representative in the country, removed some user accounts and paid fines, getting up to date with the laws that they had not been in compliance with at this point. joining us right now is tim higgins. he's the "wall street journal" business columnist and cnbc contributor. a lot to talk about with musk, but, tim, requestwhy don't we s here, what this means. he took a stance with some of the

ryan, do you want to respond to those two comments, frank's and robert's? think frank gives me a great textbook example of a concept in political science called negative partisanship. i'm not voting for a candidate, i'm voting against the other candidate. so in his case, he's not voting for harris. he's voting against donald trump. what we're seeing is increasing amount of negative partisanship in america, which is i just hate the other side and i would never vote for the other side. i don't care who the other party puts up, i'm going vote for them anyway because they're not the party i strongly dislike. you cannot completely disentangle religion from politics. it's completely impossible. at the end of the day, if we look at where our laws come from, they do come from a religion ethic. you can't say that's not true. how much religion plays a role in modern america is definitely up for debate. what kind of laws we enforce accident what kind of laws we enact, how we think about issues, that emerges from something, whether it be religion or somewhere else. the

ryan, do you want to respond to those two comments, frank's and robert's? think frank gives me a great textbook example of a concept in political science called negative partisanship. i'm not voting for a candidate, i'm voting against the other candidate. so in his case, he's not voting for harris. he's voting against donald trump. what we're seeing is increasing amount of negative partisanship in america, which is i just hate the other side and i would never vote for the other side. i don't care who the other party puts up, i'm going vote for them anyway because they're not the party i strongly dislike. you cannot completely disentangle religion from politics. it's completely impossible. at the end of the day, if we look at where our laws come from, they do come from a religion ethic. you can't say that's not true. how much religion plays a role in modern america is definitely up for debate. what kind of laws we enforce accident what kind of laws we enact, how we think about issues, that emerges from something, whether it be religion or somewhere else. the

robert. this is steven. andy frank his wife, carissa and marissa. >> and you guys have been coming to the games for how long? >> as long as we've lived in oakland. how long? as long as we've lived here. >> as long as you've lived here. so about 68 since 1960. >> we were all born in oakland. >> yeah, this is oakland. >> this is oakland. what are you going to miss about the a's? >> i mean, this coming here and hanging out with these guys and my family and, you know, so many memories. bringing my daughter here to her first game. how could we not miss all of this? >> so when you first started coming to the oakland a's game, how much were tickets? >> i remember we get in for $0.50 on the third deck. how old are you now? >> i'm five. okay, so you guys as a group, high school friends, you've been coming to the games for 40 years. today, 40 years. how are you feeling? >> anyone sad? >> very sad. >> sad. want to cry? >> sad and angry. >> i still think that there's going to be a rabbit that comes out of the hole. i'm hoping. i'm

. >> reporter: frank sinatra in "the manchurian candidate." robert you can brief the press this afternoon. as of today, the crime bill is priority one. >> reporter: martin sheen as michael douglas' chief of staff got his first taste of a fictional white house in 1995 in the american president. >> i want to meet mendoza. >> reporter: four years later, sheen the small screen's most famous commander-in-chief as president jed bartlet on "the west wing." >> never doubt a small group of thoughtful and committed citizens can change the world. >> i imagine that as you look back on some number of decades in this career, playing president bartlet has to be pretty close to the top of the list? >> very much so, yes. as an actor, as an american, it's one of the best moments in my life. >> reporter: "the west wing" premiered 25 years ago this month, but get it on the air in today's contentious political climate would be tricky. >> feels inconceivable that show could be on today, a network would green light that show today? >> well, yeah, today with where we are in

robert f kennedy resigned. former professional snowboarder and skateboarder shaun white was born. happy birthday. american director frank capra who is best known for a series of beloved films, including it's a wonderful life, died at age. 94 e-bay was founded 2009, pedro martinez became the 10th pitcher in history to win at least 100 games in each league. >> a >> new viral trend has people decorating the inside of their refrigerators? look at this. this is called fridge scape people are doing things like arranging fruits and vegetables, putting them in vases using colorful glass pictures or antique butter dishes. one woman even adds fresh flowers. others put picture frames or figurines in refrigerators and they've even got themes. things like favorite tv shows. i hear at some new come with cameras in them. so if you're at the store, you can go on your phone and say, do i have milk to milk e you can look in your fridge >> so that's pretty cool. so maybe if you have those cameras and you have decorated your age, feel better when it's just take a look at the fred. see, just feel better about myself. i clean the inside of a

robert f kennedy resigned. former professional snowboarder and skateboarder shaun white was born. happy birthday. american director frank capra who is best known for a series of beloved films, including it's a wonderful life died at age. 94 e-bay was founded 2009, pedro martinez became the 10th pitcher in history to win at least 100 games in each league. it's 10 41. and still ahead on 4 morning news. let's talk sports. >> he is taking on the mariners in a close game at the coliseum. we'll see what happens. >> 43 right now. and apparently ucla guys stories hands up and she's looking seriously upset. he's looking. i don't know. and here's the thing. how good are you with your co-workers and getting along with them? research shows that bad behavior at the office is becoming more and more common. i guess people are less kind less supportive and maybe more offensive and just like losing it because the washington post just did this article in us and it actually says has everyone at work lost their because they're saying that they're more complaints from workers at companies and offices nationwide saying they're complaining ab

robert f kennedy resigned. former professional snowboarder and skateboarder shaun white was born. happy birthday. american director frankbest known for a series of beloved films, including it's a wonderful life died at age. 94 e-bay was founded 2009, pedro martinez became the 10th pitcher in history to win at least 100 games in each league. all right. there's a new viral trend that has people decorating the inside. >> of their refrigerators. it's called fridge escaping and by arranging fruits and vegetables like asparagus and of a sore, colorful glass picture or maybe an antique butter dish trying to make it look real cute. and they're one woman even adding here. some touches like fresh flowers or trinkets into the decor. some people going even further than that. they're placing picture frames are figurines inside the refrigerator. while others are creating, seems like decorations based on their favorite tv show. but is all the food going to go bad? in the meantime? all right. we're going to go now to the land down under there's video capturing the moment a critically endangered northern hairy nosed wombat was walking a

robert doar, the president of the american enterprise institute. and i am just very happy on this monday afternoon of late june, monday afternoon, washington to welcome my old friend frank barry and our great friend ai andrew ferguson for this conversation about frank's new book book. i have to say that i've known frank a long time and we are former colleagues, so there's a little bit of bias here, but i fess up to that friendship matters, loyalty matters and working for mayor bloomberg in, the bloomberg administration for seven years, as i there was no one there who was calm and more solid, more straight. and frankly, almost as conservative as me, but not and in the bloomberg administration, we needed that occasionally. and he wrote some of the really outstanding speeches that mike bloomberg made over his career. of course, with mike and free speech about viewpoint on college campuses, about religious toleration in the wake of 911. so frank is one of my heroes and i wanted him introduce him and his new book, back roads and better angels a journey into the heart of american democracy 24 to the aei community. but to do that, well, you want to do with someone who who can

robert jenrick and culture wars. in the case of kemi badenoch. but i think until they are just honest and frankand say we actually just need reform back, i don't think they're going to be able to rebuild that. >> and he is a friendly word of advice to the tories. would you tell us to take reform seriously, or do you think kemi badenoch is right? >> i think you know, looking at their kind of shenaniganry at their kind of shenaniganry at the moment with tommy robinson and the kind of splits on the very right of reform and the way that the grassroots appear to be divided to the parliamentary leadership, i wouldn't particularly take them seriously as a as an actual organisation. you know, they've got five mps. they have no real responsibility. they can say whatever they want, but they're never going to see the government benches . so i think government benches. so i think they're a bit of a bit of a fringe kind of excitement at the moment. obviously take into account the voters that they they took at the last election, but i wouldn't take them seriously as a real organisation . seriously as a real

frank with also american men, let's face it, they can't dress for toffee. so i mean, that's, that's that's where this thing originated. it's like robert downey jr. terrible. it's all foreign secretary. >> that's the issue. that's the issue. but lammy doesn't really matter, does it. yeah, but but when you're the when you're the foreign secretary it really matters. it's a stupid thing to do. it's a stupid thing. >> it's terrible . i mean, if sir >> it's terrible. i mean, if sir paul mccartney can't pull it off, then david lammy certainly isn't going to be able to pull it off. and that tie, not terrible tie, not as well. >> the other aspect to it wasn't it. i'm checking mine now. there you go. i think that's all right. you're all right. but again, i'm not foreign as alex would say. i'm not foreign secretary yet. okay, so i think we've just about got time, haven't we, to reveal today's greatest britain and union jackass. okay, so we start with the greatest britain. and, sarah, i'll start with you. >> i'm going to nominate king charles. well, you know what an ardent royalist i am, patrick. obviously, from coming on the show, but for me, king charles.