cnbc's ron insana with me in new york. he's going to break down what this new tax blueprint from the white house actually says and of course, we also have han strks nichols at the pentagon. we will start with kristen welker, he is at the white house, where treasury secretary steve mnuchin, director of the national economic council, just unveiled president trump's tax reform blueprint. the headlines here, slashing the corporate rate to 15%. down from 35%. they say simplifying tax brackets for individuals. they say just three of those now they want. 25%, 15%, 25%. also deduction changes as well. krist kristen, again, just a blueprint here. you can already hear the critics saying it's going to blow a hole in the deficit unless they find some way of paying for this, but take us through the highlights, what the white house says it's trying to do here. >> reporter: well, you're absolutely right. republicans saying that this

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from a news organization and white house reporter for the "wall street journal" and contributor ron insanand out our fantastic group. ron, sorry about that. i will get to that in a second. let's start with ron allen with the president traveling in kenosha. let me know what to expect. it's buy american and jobs for americans. what else do we expect? >> the president is here at snap on tools. their world headquarrs, a tool makehey're makes tools from the auto industry to aerospace. she here in the heartland, the state he won for the first republican since the 1984 election. this is his base. this is where he spread the message about populism and jobs and america first and american workers. that's what he is trying to do. he has credibility issues on businesses and criticism that he in the united states hired foreign workers. details on which we don't know a lot about. we have access and the financial records. a lot of that is being handled in the trust. he is here to sign the executive orders on stage in a public way. to galvanize his message that he is for american workers. the executive or

here to sort all of this out for us today, we have cnbc contributor ron insana here, and we have the under secretary of defense for intel wiligence und president obama. i got to start with you, because this is pretty hard for most of us to decipher. he's signed three things that as i understand it directs the treasury department to look at tax passed over the last few years. >> as you very much described it, kate, it is an order to look at or review exist regulations that have been put into place by the obama administration. there's no real action being taken in these orders. it these executive orders from an economic perspective a lot of smoke and mirrors, it looks like activity, but it's really just a review process that may or may not lead to change. it just gives the president a chance to sign something, there hasn't been any legislative actions. so rl so, again, it's a little bit more show than go. >> one is about orderly liquidation authority, you're going to have to explain that to us. the other has to do with dodd-frank that we're familiar with. >> the dodd-frank era legislat

aimed at reducing tax burdens, i need know what that means, we're bringing in cnbc contributor ron insana with my panel mike and caitlin. ron. >> yes. >> yes, the market went up quite a bit but the markets had drastic swings this week. what's up with that? >> i think there's a great deal of uncertainty over not just the domestic policy but political policies and developments in overseas markets as well. the french election upcoming concerns about the degree to which the brexit could be disruptive going forward, early elections in britain, north korea, a whole host of factors have been weighing on the market. it did get a boost several different trump administration officials talked about tax reform and health care reform being reignited and revived the anim animal spirits of the market. >> discussed but nothing has been penned. we've seen quite a bit of executive orders and i want to get into what they exactly mean. as far as legislation, i mean steve mnuchin said less than a week ago, august is too aggressive, doesn't look like we're going to get it done. when president trump wasn't rele