robert franke edition through the numbers. >> the tax headlines this week were about how the rich payes than the rest of america. articles and op-eds "new york times" and "washington post" and other publications said the first time in over 10 oh o year the richest 400 americans paid only 2 of the income in taxes. while the bottom half of americans paid 24%. the rearch is from a new book by manuel sayes and gler zukman at university of california berkeley advising elizabeth warren and bernie sanders and wealth taxes. the economists looked at estimated taxes paid f that including state, federal, stating with payroll, local and property taxes and then calculated the total of those taxes as a share of people's income. the numbers are proof they say the rich should be taxed more. but other economists say their findings may be misleadi. the economiststh did not for instance include the earned income tax credit and other transfers that hel lower earnersen and since the tax rates for the richest 400 americans are not available, the economists estimated the tax rates based on corporate profits

robert franke edition through the numbers. >> the tax headlines this week were about how the rich payhan the rest of america. articles and op-eds "new york "washington post" a other publications said the first time in over 10 oh years the richest 400 americans paid only 23% of the income inaxes. while the bottom half of americans paid 24%. the research is from a new book by manuel sayes and gabler zukman at university of california berkeley advising elizabeth warren and bernie sanders and wealth taxes. tht economists looked estimated taxes paid for that including state, federal, stating with payroll, local and property taxes and then calculated the total of those taxes as a share of people's income. te numbers are proof they say the rich should ed more. but other economists say their findings may be ngmislea the economists did not for instance include the earned income tax credit and other transfers that help lower earnersen a since theax rates for the richest 400 americans are not availae, the economists estimated the tax rates based on corporate profits. more widely accepted numbers

robert frank has the details.. >> bernie sanders announcing it is time to send a message to corporate america. if you do not end your greed and corruption, we will end it for tiyou. the tax would apply to companies worth more than $100 million. where the ceo pay is at least 50 times thesedian salaryf the workers. it's a sliding scale with a half a percent tax. sanders said it would raise abou $150 billion a year. now, the companies that would be hardest hit are mostly in retail banking and restaurant chains since they have large workforces of lower paid workers or they hav operations in developing countries. mcdonald's would pay an additional $110 million in taxes last year under the plan while walmart would have had to pay an attentional 800 mill jpmorgan chase would have paid $1 billion more in taxes. some of the other companieses with large p gaps include chipotle coca-cola, dollar tree kohl's and the gap. the plan is more political tn practical. >> there's a difference between campaigning and governing. ceo pay. i think as a practical aspect.ract >> the taxes made possible by rece

robert frank kate rogers. former trump administration official once in charge of student aid is quitting in protest over the debt situation. and now preparing to run for senate he'll join me with his plan next as we go take a look at shares of tupperware, which are sinking 32% following a miss on the top and bottom line in their latest earnings the company blamed the trade war and a stronger dollar cut its full year outlook too. we're back in a couple minutes through the at&t network, edge-to-edge intelligence gives you the power to see every corner of your growing business. from finding out what's selling best... to managing your fleet... to collaborating remotely with your teams. giving you a nice big edge over your competition. that's the power of edge-to-edge intelligence. ♪♪ ♪♪ ♪♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ >>> welcome back a former trump administration official who was in charge of federal student aid is sounding the alarm and saying much of the trillion and a half dollars in loans will never be repaid he has stepp

"nightly business report" i'm robert frank in new york city. >>> u has a uew way of delivering pennsylvaniakages where we begin t market focus with the faa gichg the usb the approval to deliver using a fleet of drones. the company initially plans to with a possible expansion t other services in the near future. the ceo also believes this will have an impact on its growt >>> we think it will be an enabler of jobs, especially at the beginning because when you such as drone delivery, you also have a better chance ofe o gett yotomers the rest of their deliveries. so if we ar growing our business, then we will create opportunities for our drivers at the same time. >> anday on this dowhares of ups down more 3% to 115.81. >>> u.s. steel takesst 50% in low-ival big river steel, a deal that could be worth more than $2 billion. u.s. steel then hasel the optio to take complete controlg of river over the next years and the company ceo sees this deal as a big st. by022, endless casting andting g, best north american mill will be created which has again, t best of both, integrated and the mini mill techn

tuition 101 is our cover story robert frank has more. >> reporter: as colleges and universities brace for a decline in the number of chinese students one school has found a solution, insurance. there are more than 360,000 students from china who study in the u.s. every year a number that is now under threat as the trade war makes visas and jobs for chinese nationals harder to get. university r the university of illinois is prepared two years ago, a school bought an insurance policy that would pay out if there is a substantial drop in revenues from chinese students. the insurance was the brainchild of jeff brown, an economist whose research focuses on insurance and on risk management when he became dean of the business school in 2015 he worried about a potential drop in the university's more than 5,000 chinese students who pay twice the tuition of in-state students. >> this was really from my perspective good risk management practice which is that we recognized that we had substantial exposure to a single country. >> reporter: brown and another professor who structures insurance produc

scrapped plans for an ipo for now will the company's troubles put the real estate market at risk robert frankth more on that. hey, robert. >> reporter: good morning, michael. wework is the largest commercial tenant in manhattan with over 7 million square feet of space the collateral damage could sprend to landlords, renters and the building behind me is a wework building called 88 place. it is partly owned by adam neumann. wework leases the building from newman and his partners. now the building is now for sale this sale is being widely watched as the new bellwether for wework's possible impact on the market the asking price for this building right now is 110 million but brokers say it's going to get -- be tough to get that price that is because neumann and his partners bought this building in 2015 through an llc with his partner, the fashion designer, ellie tahari they paid $70 million. there is debt upon debt. n newman borrowed on this. the debt on this building is now larger than the purchase price now the problem here is that manhattan right now has a huge oversupply of commercial space y

robert frank has more on the story. >> the two words and the two coins that could reshape the elections a two cent tax. >> you got to pitch in two cents. >> a two cent wealth tax >> yes that is a two cent tax >> two cent. that's become the rallying cry for warren's growing rank of supporters referring to her wealth tax it would be an annual tax of 2% on wealth over $50 million this plan is more much complicated and costly it would raise over $200 billion a year taxpayers would have to estimate the current value of everything from cars and real estate to art and companies and most european countries have abandoned wealth taxes because they raise less than expected revenue. >> i'm doing the math, robert. 2% on $50 million is -- >> 2% of every dollar over $50 million. you keep your first 50 million and then it's two cents of every dollar above that unless you're a billionaire which three cents every dollar above the billion >> 2% of 50 million is a million tl dollars. for every marginal million dollars over that amount >> exactly it's only 70,000 families that are affected the reason this

that's why you're here, robert frank joins us now >> yeah.the week that say that for the first time in over 100 years the richest americans paid a lower tax rate than the bottom 50% of americans. the research is from a new book by emmanuel saez and gabriel zookman. they are advising elizabeth warren and bernie sanders on both of their wealth taxes they say that the 400 richest americans paid a total tax rate of 23% compared to the bottom half of america which pays 24% they're not looking at the federal income tax they are taking all of the estimated taxes paid as a share of total income. so they include federal taxes, state taxes, local taxes, payroll taxes, property taxes, even estimates for driver's lie zoneses and other fees and they take out the earned income tax credit and other transfers and their tax figures for the top earners are just estimates because we don't have irs numbers for that group yet based on corporate profits the reason numbers from the cdo show the rich do in fact pay higher rates top 10% paying 33% versus the bottom w

♪ >>> welcome back our robert frank is joining us now with more.ill be a bidding war. either way, it is about lvmh ceo solidifying his title as the king of luxury stock up 50% in the past year. that added 28 billion to his personal wealth. by the way, made him the third richest man in the world, just under $100 billion there's a reason they call him the wolf in cashmere clothing. when he wants something, he usually gets it. his acquisitions growing they reached a $215 billion conglomerate, over 60 brands jewelry and watches have become a big growth area after they bought bvlgari tiffany would give arnaut a brand, but this is a lot about china. chinese customers account of a third of luxury spending in the world. it is expected to be half in five years tiffany is a popular brand in china, but the company was late to the market, and also late to the shipped. and chinese consumers buying more at home he was the first to open a store in 1992, seeing a 60% jump in sales, driven in large part by china. also helping, activity kntiffan- guys, back to you.

robert frank joins us with a look at who really pays what robert >> good morning, david a new op-ed ande in over 100 years, the richest americans paid a lower tax rate than the bottom 50% of americans. research is from a new book from two economists at university f california berkeley advising elizabeth warren and bernie sanders on both their wealth taxes. the economists say the 400 richest americans paid a tax rate of 23% compared to bottom half of america which pays 24% here's how they got numbers. they look at all estimated taxes paid, including federal, state, payroll, local, property taxes, they calculate that as a share of income. they do not include the effects of things like earned income tax credit and other transfers since we don't know what the richest 400 pay in tax, they pay based on corporate profits recent numbers from the cbo shows the rich pay a higher raid, payirai rate, 33% of federal taxes, 14% at the bottom. that's obama's former economic adviser, looked at taxes paid, found the top 1% paid 40% versus 20% for the bottom he tweeted standard data shows the tax system

entities decide to file some lawsuits to see if they can stop it >> thank you >>> let's bring in robert frank who has been crunching the numbers and has a look at the business of doral. >> we don't hear much about doral relative to mar-a-lago this is the biggest moneymaker of all of trump's properties and has seen the biggest drop in business since he became president. he bought it and had a bankruptcy in 2012 for about 150 million. he bored from deutsche baink and promised pst the best resort in the country. well it's the best known it has a golf course named the blue monster until it was pulled in 2016. doral is his number one property in terms of revenue pulling in 76 billion in 2018 up by one million from 2017. revenues have fallen from 116 million. that's down by 51% since 2016. according to the washington post, a tax consultant working for the trump organization to lower doral's tax bill says the net operating income had fallen by 69% since 2015 and it was missing its business targets he said occupancy was about 53% compared to 77% for similar resorts in the area. no comment from the tr

robert frank is live in manhattan with more on this story for us >> hi, kelly we work with the largestompany in manhattan this highlights the landlords, lender and broader market. this is family owned by randy newman it is leased by weworks and subleased bieb the building is for sale right now for $110 newman and his partners bought it a few years ago for $70 million and there's now a loan on the building of $78 million a lot of different levels of exposure here for other investors. the sale comes amidst oversupply of office space in new york and there are some landlords who right now will no longer lease to wework citing those risks the building cominon the summer in part is adam wants to reflect the criticisms in advance of the ipo, the ipo now, of course, on hold back to you. >> wow robert, appreciate it. thank you very much. joining me for more is don peebles, founder and chair and kyi of peebles corporation now there are some landlords that won't lease to weworks. how big can these ripple effects be >> i think it's very significant. there were landlords before who would not lease

warren's plan to tax billionaire's wealth getting a lot of attention at the debate last night robert frankth that story. >> good afternoon, tyler warren saying she has no beef with billionaires but billionaires do have a beef with her wealth tax here is what investor leon cooperman said this morning. >> we have to agree what the maximum tax rate should be on wealthy people i believe rich people should pay more i have no problem with that. this wealth tax is baloney. >> taxing wealth is splitting the democratic candidates with more moderate candidates saying that warren is punishing or demonizing the rich with a wealth tax, warren lashing back, saying billionaires are escaping income taxes and only face a wealth tax that would-to-meet the country's needs. 2% wealth over $1 billion at 3%. >> taxing income is not going to get you where you need to be the way taxing wealth does the rich are not like you and me the really, really billionaires are making their money off their accumulated wealth, and it just keeps growing. we need a wealth tax in order to make investments in the next generation.

robert frank has a good piece. we're back in three minutes. - [spokesman] if you've tried college but never finished, (group cheering) snhu lets you transfer up to 90 credits toward you bachelor's degree. - [woman] it doesn't matter how old you are, you can do it, you can finish. - [spokesman] finish your degree at snhu.edu >>> welcome back to "squawk alley. debt on top of debt and we risk the real estate market >> reporter: good morning, morgan wework is the largest commercial tenant in manhattan with 7 million square feet of space this building behind me could tell us a lot about the risks of the broader market it's part ly owned by adam newman, the founder and former c ceo of wework. they lease the building and the building is now on the market for $110 million, which is a little optimistic given where the market is now. newman and his partners bought it in 2015 for $70 million but there are some layers of debt here. newman borrowed to buy the building and there's a $78 refinancing. so the loans on the building

robert frank joins us at post nine to explain. >> hey, jon.lue a person's wealth that's tied to a volatile stock. netflix ceo, reedhastings woul have paid 120 million in july when worth $4 billion, today would pay 30 million less because of what happened to netflix stock. warren said a wealth tax would be based on a person's net worth the end of the year, presumably december 31st. accountants say that could lead them to talk down stock price toward end of the year runup to the date, talk it back up, allow it to bounce up in january once they pay the tax bill. also have the issue of stocks possibly suffering in december because executives and founders would need to sell the stock, some cases millions of shares, just to pay the tax. look at jeff bezos he would owe 3 million under warren's tax plan, 8 million under sanders' plan. he would have to sell millions of shares. the other problem with tax and wealth tied to stocks of course is that you have big swings in tax revenues harold hamm was worth 19 billion last october, now worth less than half

robert frank is watching one luxury retail mogul'sed bid to expand his empire. julia, let's start with you on at&t >> wilf, that's right. at&t shares rising about 4.5% today on stronger than expected guidance for next year through 2022 also on progress with activist eliot management, which says it supports the approach unveiled by at&t, including reviewing the portfolio, the commitment to making no more major acquisitions, the addition of two new directors and a plan to break up the ceo and chairman roles. revenues falling short of estimates with earnings beating estimates by a penny per share the company did lose at nearly 1.4 million subscribers between tv and streaming, which was more than expected. guys, back over to you >> julia -- >> thank you very much, julia. sorry, wilf. we're very excited it's going to be a big show. >> it is >> microsoft is beating out amazon and a slew other competitors for a major government cloud contract. josh lipton has more in san francisco. hi, josh >> reporter: so courtney, the contract known as jedi could be wort as much as $

we'll get adam neumann to weigh in we'll get robert frank to join us with his preview of that story. alth there to tax. the top tax rate for the rich used to be over 90%. now one of elizabeth warren's economists say it's time to go back to the good old days. metoaxg als too high when it cos tinweth back after the break ll 25. that's why i take osteo bi-flex, to keep me moving the way i was made to. it nourishes and strengthens my joints for the long term. osteo bi-flex - now in triple strength plus magnesium. >>> welcome back, everybody. the economist advising senators warren on the tax plan has a suggestion on where the tax rate should be. joining us is robert frank. >> good morning, becky it is the big question right now. what is the ideal rate for taxing the rich. in a new book the two economists who advised elizabeth warren and bernie sanders on the wealth taxes analyzed the laffer rate the economist, gabriel zucman and emanuel sayez put that at 60%. that would be the top marginal rate when you add in state and local taxes the top marginal rate for the rich would be 75%. now if th

. >> thank you all robert frank, meg tirrell and bill griffeth. >>> the battle of the black list with u.s. adding some of china's unicorns which companies are being targeted and why they pose a threat shares of target hitting another all-time high, up 67% year to date the best annual performance since 1997 we're back in o.tw . >>> welcome back tech is becoming a bigger pawn in the u.s./china trade war as the u.s. moves to black list some of china's most important unicorns let's go to deirdre bosa in san francisco for a look at which companies have been singled out here. >> this time it is some of china's most promising up and coming tech startups like huawei before them they are critical to china's tech dominance and particularly it's artificial intelligence ambitions now they also have ties to major u.s. institutions and investors that could now be threatened sensetime, backed by softbank, fidelity, qualcomm, partnered with mit on an a.i. program, now mit tells us they're reviewing the relationship and will modify any interactions as necessary. take megvi, it has filed for a $1 billi

here are robert frank, julia boorstin and dom chu m first up, the impact of uber's disappointing ipounlikely places paypal slashing due in part to paper losses on its stake. doesn't seem to be hur hurting investor appetite. the stock is surging and a 64% jump in volume for venmo >> venmo seems so promising then if you look at payment volume, which is the metric that really matters. are people using paypal and also venmo and do they treat this as a utility and the answer seeps to be yes. i think it's what's drive thg. >> up 64% at venmo that's crazy, but how is it still not profitable with 64, i mean how is is that an expensive platform what are the capital costs for venmo once you have the platform how is it not making money >> it's so important to have tight security and they don't, they want to get you in the door by not charging if you're linking toyolink ing it to a bank account >> what i think is easy, you look at the other side of the equation and ebay shares have like tanked. i remember the days when ebay and paypal were the same thing and paypal was a utility so people could

dom chu and rahel solomon and robert frank now expanding the brick and mortar footprint we'll talk to strategy and a potential for an ipo and take a look at shares of the s&p etf. this is tiker ibe and they are in the an all-time high and among the top performers is at&t which is on base for the best st ssince july of 2017 and the moearched ticker on our site today. we're back in two. this is a problem that affects each and every one of us. together with ibm, we created a whole new kind of school called p-tech. within six years, students can graduate with a high school diploma, a college degree, and a pathway to a competitive job. you know what's going up today? my poster. today, there are more than a hundred thousand p-tech students around the world. it's a game changer. or trips to mars. no commission. delivery drones, or the latest phones. no commission. no matter what you trade, at fidelity you'll pay no commission for online u.s. equity trades. at fidelity you'll pay no commission - [spokesman] if you've tried colleg(group cheering)shed, snhu lets you transfer up to 90 credits to

. >>> it is time for rapid fire and here is bill griffith, elon and robert frank. it's great to have everyone here. roku is not rapid fire lately if we're not talking about rope cue. it's higher again today. it's been a huge week for them they got you'd performed this morning which she's says a more compelling valuation is hard to believe after this run-up. it makes it one of their strongest plays in streaming video. they also boosted the price target by $48, which is another 30% rally. here are the roku shares which are up 14% this week and have now nearly quadrupled on the year say huge momentum. we got confirmation of that with the 13 d from ken griffin that citadel owns a big piece in it as well. >> with the streaming services coming online, this is going to be a boondoggle for a lot of the devices out there. and roku has been the leader in all of this. i was talking to todd hazelton who does reviews of these devices and he was telling me that disney plus hasn't signed up yet with fire tv. so if you're going to start to have a little turf wars with some of thes

robert frank is here. >> of all president trump's properties, doral is the biggest money maker by farington hotel more than four times mar-a-lago. doral is $76 million last year that's flat from 2017 according to federal disclosure filings. revenues have fallen by more than 1/3 since 2016. trump bought the 650 acre property near the miami airport out of bankruptcy in 2012 for $150 million he borrowed 125 from deutsch bank and planned extensive renovations. now it has 643 rooms and a golf course nick named the blue monster. the trump organization saying we are excited to have been asked to host the 2020 g-7 summit at trump national doral the company did not comment on doral's current financials mick mulvaney saying it was chosen after a nationwide search it will be done, quote, at cost so the president will not profit june in miami is a slow month, off season there doral's occupancy rates below 40%. one potential problem, doral only has two presidential suites and you have seven heads of state. where does putin stay, if macron -- >> they'll argue about who gets the best room? >> they'r

presidential candidate elizabeth warren ramping up efforts on her tax plan we're going to listen to robert frankrds that could reshape the elections and the economy. >> a 2 cent tax. >> you've got to pitch in 2 cent. >> a 2 cent wealth tax yes, that is a 2 cent tax. >> that's right. at rallies, campaign stops around the country, elizabeth warren supporters are raising those two fingers and chanting 2 cents. there are 2 cent t-shirts, 2 cent buttons, 2 cent refrigerator magnets and two warren staffers dressed up as pennies. the rise of the 2 centers speaks not only to the appeal of the wealth tax, but also to the more than 60% of americans who support it and her skill at turning complicated tax policy and debates over inequality into catchy emotional slogans the actual plan, of course, is far more costly and complicated. it calls for an annual tax of 2% on wealth over $50 million 3% on wealth over a billion, raising $200 billion a year. taxpayers would have to estimate the current value of everything from cars and real estate to art and private companies. by the way, most european countries have

important influencers and helped elizabeth warren and bernie sanders create their wealth taxes robert franklarly tonight with the debate coming up. >> yeah. that wealth tax has really helped propel her to differentiate herself from the crowd and now her wealth tax and bernie sanders' could include a plan from the government to sell them to the highest bidder the adviser advising both warren and sanders is proposing a plan to address the plan of valuing private companies if you had a wealth tax if a family owned company thinks the government is overvaluing their business to collect a higher tax the family could pay the tax with shares of the company. the government would then sell those shares on a new market to venture capitalists and private equity funds or other wealthy families >> for the government to own shares it's to resell immediately, but to create the market value that's missing that's, you know, a service that irs could provide. >> and the reason this is important is an estimated 20 to 35% of the wealth of the very wealthiest or top 1% is in private companies. no comment yet on t

numerous new taxes one on wealth, corporate profits, social security and lobbying to name a few robert frankjoins us with more. >> the list keeps getting longer she's proposed five major new tax increases so far that if you add them all up are larger than the gdp of switzerland the wealth tax which is by far the best known a tax of wealth over $50 million, that would raise about $2 trillion over ten years or about $200 billion a year next up you have your social security tax that one is even bigger than the wealth tax a tax on investment income for high earners and coupled with a payroll tax split between employers and employees, that would raise an estimated $4.2 trillion over ten years or $400 billion a year, and then you have the corporate profit tax. that's like an amt for companies designed to make sure those companies like amazon pay taxes no matter what their profits are and would raise about $100 billion a year a lobbying tax, the smallest only about a billion a year and roll back the tax cuts and job act, that's another $100 billion a year so add it all together, the taxes would tot

robert frank is here with more on the story hi, robert >> reporter: hey, wilf wework leases 7 millionere in manhattan, by far the largest anywhere in the world. and this building behind me near union square highlights the risk to the broader market. now, it is partly owned by adam neumann, wework's founder, wework holds the lease, but this building is now for sale for $110 million, which will be a stretch given and neumann and his partners bought the building for $70 million. in addition to that, they have a $78 million loan on the building and this comes at a time with growing amounts of office space coming on the market here in manhattan, where until now wework was the renter at the highest prices and we've got a growing number of developers who now say that will no longer lease their buildings to wework, and those who have high exposure to wework have pulled their buildings from the market in this building, wework has the lease until 2031, so the big question is, will a buyer take that much risk for a lease that goes until 2031 and at what price? guys, back to you? >> it's a key st

candidate elizabeth warren's wealth tax plan could actually have a big impact on stock prices robert frankost 9. robert >> hey, morgan if it ever passed, the wealth tax could cause big drops in the stock market right around tax time under her plan, the government would calculate's a person's wealth for tax purposes at the end of each year for ceos and investors and founders whose wealth comes from stocks, that creates a big incentive for lower stock prices in late december accountants and tax lawyers i spoke to say that ceos could talk down their stock price toward the end of the year and stock it back up after january in order to reduce their tax bill stock price could also suffer as executives and founders have to sell that stock to pay the tax how much would they sell jeff bezos, for instance, would owe more than $3 billion in wealth taxes under warren's plan, he would owe more than $8 billion under sander' plan so he would need to sell millions of shares of amazon stock in order to pay. and that could pressure the stock. >> he is the wealthiest man in the world. >> he is >> i'm just sa

robert frank has more on the business of doral. >> reporter: doral is the biggest money maker of alln by a third since he became president he bought the 650 acre property near the miami arraignment out of bankruptcy in 2012 for $150 million. has 643 rooms and a golf course nicknamed the blue monmont used to hold the pga tournament until it was pulled in 2016. report in "washington post" said a tax consultant working to lower doral's local tax bill told miami officials the resort's operating income had fallen by 69% since 2015 it was now missing its business targets. now occupancy rates were 53% in 2017 compared to 77% for similar resorts in the area. no comment yet from the trump organization on doral's current financials back to you. >> it was an announcement that raiseded a lot of eyebrows even though the president said he'll do it at cost. >> the changing media landscape. i heart ceo gives his take on the streaming wars content battle his words are straight ahead on the "closing bell" ♪ ♪ >>> a top white house cabinet member stepping down eamon javers has the details for us from t

for more on candidate plans to tax wealth the robert franke joins us with the new details of the booknie sanders tax plans >> could include a plan for government to fake shares of private companies anded david stuckerman at the university of extra berkeley advising warren and sanders on wealth taxes is proposing a novel plan to address the problem of valuing private companies for a wealth tax if a family owned company thinks the government is overvaluing the company to collect a higher tax, the family could pay the tax with shares of the company the government would then take those shares and then resell them on a new market to venture kpapist private equity or other wealthy families an estimated 20 to 35% of all wealth of the top 1% is in private companies. so it's important how they handle this. no commentet the warren campaign whether this is an official pastor plans can you imagine the government getting into private equity what could go wrong, right. >> exactly there is so many difficulties. even if you get the sentiment right, and people do in fact by buy into it, the logistics

. >> you can't do it >> by the way, next we have robert frank -- i should tell you, 80% hate the wealthch of reasons. >> one of robert's houses got sold, one out in l.a. >> does he have a commission on that >> it was a $250 million house sold for 90. i mean, like a steal. >> the numbers are made up like ipo numbers are made up. >> steve, thank you. i want to talk more about the democratic party in a second for a closer look at the economy, fed and more, i want to welcome in kathy jones from schwab center for financial interest we also have a chief strategist here let's start in terms of what the fed is going to do, not what they should do, and what you think the market already expects. >> yeah, i think the market's in line with the consensus that they'll cut this week and they'll try to go on pause. >> they'll try to go on pause. hold on. if they say they're going to go on pause, you think the market's going to be okay with that i'm not in the same camp with you. >> no, i'm not saying the market's going to like it, but i think the consensus among economists and strategists is that i'm n

robert frank joins us. >> manhattan real estate sees the first two-year decline sales falling 14%.f a manhattan apartment also falling 14% that is the biggest drop the average apartment in new york selling for 1.7 million that is the lowest in four years. now the declines are driven by lots of things, lack of foreign buyers, the new tax rules on salt deductions and an oversupply of apartments, especially at the high end this is important. it was the first quarter for new york's new mansion tax which adds 1/4 of a percent to 3% on purchases over $3 million. the number of luxury listings is at the highest level since data started being recorded over 15 years ago. there was one bright spot. low mortgage rates typically manhattan is an all cash quamarket this quarter the most expensive was by sting 220 central park sting's place was a mere $66 million. >> sting. >> gordon sumner probably. that's his name. >> he doesn't put sting? >> and trudy style ler. >> does flea put flea? >> probably there's an llc that they've created to buy the home. >> the 220 llc the english man in new york llc

progressive and pillar of economic thought has emerged as the strongest voice against a wealth tax robert frankng the stage at a pearson institute and he leveled the most fierce criticism. it wouldn't reduce political power of the rich. it wouldn't raise half the revenue projected and probably wouldn't make it past the supreme court. the idea was leading the democratic party down the wrong path. >> for progressives to invest their energy in a proposal that the supreme court has better than a 50% chance of declaring unconstitutional, that has very little chance of passing through the congress, whose revenue potential is extraordinarily in doubt, for that to be the defining element in the progressive agenda in the united states it seems to me is to potentially sacrifice an immense opportunity. >> summers took aim at the two economists who created the wealth tax their widely publicized plans that the rich pay lower tax rates were highly misleading, highly inaccurate and irresponsible. zucman telling cnbc we produced the best estimates that we could and policy is changing in america and the wealth

. >>> it's hard to keep track of all the taxes proposed by elizabeth warren, so robert frank is herewn and add them all up. he's the man for the job on this. >> good morning, becky she's got a plan for that and she's got a tax for that elizabeth warren has proposed five major new tax increases that add up to larger than the gdp of switzerland the wealth tax is her most famous, of course. that's a tax of over $50 million. that would raise over 2 trillion over ten years or about 200 billion a year she's also got a social security tax, that's even bigger. that will be a tax on investment income for high earners and a payroll tax for high earners split between employers and employees. that would raise an estimated 4.2 trillion over ten years or about 400 billion a year then you have corporate profits tax. that's designed to make sure companies like amazon who make profits pay a minimum amount of tax every year that would be about 100 billion a year then there is the lobbying tax, it's the smallest, only about 1 billion a year she would roll back the tax cuts and jobs act that's at least

words, killing the american dream with her tax proposal now senator warren is firing back and robert franksd the investor tax baloney. >> stop portraying billionaires as criminals our economy would be better off with more billionaires just tax them. >> this week he went further with politico's ben white, what is wrong with billionaires you can become a billionaire by developing products and services people will pay for. i believe a progressive income tax and the rich paying more, but this is the f-ing american dream and she is blanking on it. >> okay, i got it. >> you got it? >> i got it. b.s. >> now, last night warren fired back on twitter -- this is where it's getting good -- saying, leon, you were able to succeed because the opportunities this country gave you >> he didn't build that. >> why don't you pitch in a bit more so everyone else has a chance at the american dream, too. you might remember last time cooperman got so much attention defending the wealthy in 2011 when he sent that open letter to president obama, accusing him of class warfare and creating a gulf between, quote, the do

presidential campaign trail is centered on taxing wealth, not by a lot but by hitting americans hard robert franktwo words that could reshape the elections and the economy. >> a two cent tax. >> you've got to pitch in two cents. >> a two cent wealth tax >> two cents two cents. two cents. >> yes that is a two cent tax. >> at rallies and campaign stops around the country, elizabeth warren supporters are raising their fingers and saying two cents. pennies included two warren staffers dressed up aspenys. the rise of the two centers speaks to the populus appeal of the tax but also her skill at turning complicated tax policy and debates over inequality into cashy emotional slogans. the actual plan, of course, is far more costly calling for a 2% tax on wealth over 50 million. 3% over 1 billion. that would raise over 200 billion a year and taxpayers would have to estimate the current value of everything from cars, real estate, art, private companies. most european companies have already abandoned wealth taxes for lower than expected revenue. larry somers recently said, this is not some little tax, this w

frank. -- the dallasr on fed president robert kaplan.his is bloomberg. ♪ ,avid: let's talk about the nba it's on the ropes in this part of the world, in china, after losing almost all of its sponsors and the fallout from the protests here in hong kong. yvonne: let's look at the potential damage. tell us about the partners that withdrew and who else is left. >> it's just within a matter of latest, have seen the , china'snt venture , andst sportswear maker together with the mobile phone maker, all these brands say they are pulling out from nba partnerships. cctv said they would stop broadcasting the preseason games of nba and tencent also pulled out. with all this going on in china, consumers now have no way to watch the nba games. david: that's a good point to bring up because consumers love their basketball. when you look at the idols that a lot of these aspiring basketball players look up to, a lot of the nba players are actually sponsored. you have clay thompson, what should we be following closely as far as that part of the story is c

robert johnson. veterans care was a national embarrassment. major general frank heinz, a world war i veteran himself led the consolidation and reform that unified and approved the response to veterans across america. the wake of world war ii, 16 million returning world war ii veterans stepped down and a grateful president truman turned to the one man he knew could carry on the legacy. when anyone talks of problems in this town or this country i ask them to think of the first eight weeks, omar bradley's third, head of the veterans -- 11 million americans in two years bradley built 52 hospitals, establish the academic relationships to serve as the core of veterans care with 172 hospitals with 100 clinics. washington post praised omar bradley's revelation bringing hope to disabled veterans. medical care of veterans rated at the time turning the va on a dime and overhauled and revolutionized the system. it was bradley who established the institution and as you know he was behind the homestead program that met world war ii veterans in community care with a doctor of t

frank sherrill a truck driver turned hitman for philadelphia mobster russell buffalo. played by joe pesci. put him on a fall 8 ok pepsi's character once sheerin played by robert de niro to take out the powerful union leader jimmy hoffa played by pitino. well glad to meet you too even if it's over the phone the irish man is a milestone in movie history the 1st time ever that the great italian american actors have all teamed up together with the great italian american director martin scorsese. it's like being at war and you know get up there you know you haven't met with martin scorsese and so you take chances which i like you about these movies and they have been times when i come out 15 years in the making a lot of that is getting the scripts right getting the actors getting everybody available and then it got to a point where we would have someone with our schedules doing other films and other commitments that by the time we got to do it they could play younger so we have to get into this. digital age which is experimental not to sit down and that's right this is not just good makeup it's what it is aging technology let's course a.z. make the film with flash

roberts, johnson, truman, bullard, and somerville. veterans' care was a national embarrassment. major general frank hine, world war i veteran himself and v.a.'s first, led the consolidation and reform that unified and improved response for veterans across america. the wake of world war ii, 16 million returning world war ii veterans, after 22 years at the helm, general hynes stepped down and a grateful president truman turned to the one man he knew he could carry on the legacy. general omar bradley. when anyone tells the problems in this town or this country are intractable, i ask them to think about the first eight weeks that omar bradley served as the head of the veterans administration. 11 million americans demobilized. in two years, general bradley built 52 hospitals and established the academic relationships that today serve as the core of veterans care and 172 hospitals and 1,200 clinics. the "washington post" praised omar bradley's revolution. vavmt bring v.a. brings more hope for veterans. he turned the v. v. on a dime and completely overhauled and revolutionized the system. it was bradley w

. >> frank figliuzzi, we spent 23 months trying to deduce what sort of evidence robert mueller had tieing donald trump to the russian conspiracy to impact the 2016 election. it would seem the effort to get ukraine to impact the 2020 election, the evidence is now spilling out in a very, very public setting. >> nicolle, we've known for a long time that the greatest enemies of this president are the truth, the details, and the facts, and today, we've got plenty of truth, details, and facts, and for those people who might try to say that ambassador taylor's part of some deep state, you don't need to just read his bio, you need to understand that witness after witness are actually people who comprised the state. they are the deep state. they are the state. they're the embodiment of the values and principles of our government. and, in fact, the president was trying to create the deep state. one of the things that jumps out at me is the public nature of what the president was demanding. meaning, what we're seeing in the testimony is that the ukrainians had to come out publicly and say we're goin

for us at bradley university in peoria, illinois, where sean kelly and frank mockerman will discuss the congressional tenure of robert michael of illinois. and then on authorize -- thursday we'll be in washington, d.c. and that same night in new york travel writer paul the rue will talk about his journey it is along the u.s./mexico border. most of these events are open to the public, and if you're in attendance take a picture and tag us @booktv on twitter, facebook or instagram. >> here's a look at some books being published this week. in "the war for america's soul," former deputy assistant to president trump, sebastian gorka, argues that the president has reenergized the country and that the left is trying to undermine his efforts. susan rice, former u.n. ambassador and national security adviser to president obama, reveals pivotal moments from her career in "tough love." in "hate incorporated," matt taibbi. and in unfollow, megan phelps roper chronicles growing up as a member of the westboro baptist church. also being published this week, richard dawkins explains why he became an atheist in "outgoing god." fox news

frank, the lights went on here just before 8:00 o'clock tonight. county officials say there are still more than 4600 people here in then county who do not have power n.the dark, robert shaw had flashlight, battery and newly chopped pile of wood for his wood stove awaiting game for he and thousands of others. >> avi a gas stove so i had my neighbor over. she brought the meat and i had the heat. who do yo you you think is going to pay these bills? >> reporter: contra kosta county officials say some 50,000 residents lost power. the food truck especially secretary became the hot spot. >> a lot of people coming because they have no choice. supermarkets are closed and fast food. >> reporter: the red flag warnings prompted the massive power shut down. steve hill says there were 12 fires in the county with the hot windy dry conditions. >> when i got out the fire was burning behind me. >> reporter: this one was on edward's ranch and fire crews were able to knock it down. >> had we not gotten this contained it would've burned out into the wilderness and we would've had a big fire driven by these stiff winds. >> reporter: these cattle ranchers still had power but they worry ab