taylor riggs and cohost of the big money show and fab los angeles fox business my great friend steve forbesirman and editor in chief and breitbarts john carney, the coed torr of the fabulous -- c coedit torr of the -- co- editor of breitbart. i think mr. trump will dive in with sort of shock and awe meaning 10% universal tariff and ring around the collar. 10%. i'll leave out mexico and canada and that's about the border of negotiations and he may not and 1% and 10% and he'll go after china with a larger tariff. but here's the thing, and taxes going to be okay and unfair trading practices and that's exporters will pay half oturu the price of more than some of the goods here. meanwhile, as much as $500 billion in revenues per year is possible. that'll go to tax cuts and businesses large and small and individual families so, you know what, i think it's a net plus. that's my view and i think that's what mr. trump will say, what say steve forbes? >> well, this is why i'm here and he's in the white house buy orlikowski sell it's a theme between the two and products and services and going for 10%

steve forbes and media chairman and editor in chief.airman of strategic securities and rich lowry, editor and chief in the review. welcome and happy new year, gentlemen. steve forbes, yosically -- not invented regulatory state but talking about the phrase regulatory state as a barrier to economic growth. and mike johnson put it in there, and i think tram subpoena with you on this. >> equivalent of the huge tax cut and biden admin vagues is still at it and finalizing regulations that ban 40% of new gas heating and require natural gas heating for water heaters. can't have water heaters anymore after 2029 or whatever and they're going all the way. really gums up the works. it's going to turn us, if not stop like germany. germany is de-invest trillionizing and energy costs two to three time what is they are here. this is basically undemocratic, and donald trump needed the authority, that's why his victory today with the speaker johnson is so important and establishes trump's authority. one thing to win an election and quite another can you

let's welcome to the show steve forbes, forbes media chair and editor in chief. eve, the hoover dam, really, steve? what is the big thing biden did that equals the hoover dam? >> nothing by the way happy birthday. liz: thank you, steve. >> on the hoover dam, if biden had been in charge of it, century later we still wouldn't have it today. if it was done in five years in the 1930s, you mentioned the ev charging stations, the bandwidth connections. everything this government has tried to do if they have their way we'll become like germany. we're going to become a wrecked economy in terms of manufacturing. in germany because of their green new deal, as a result, energy costs there are two to three times that which we face here in the united states today. we want triple energy costs. that's what their agenda is doing. they gave us a tsunami of a regulation that are burdening the economy, so if they think that's an achievement lord help us and by the way, the german government collapsed. liz: yeah that's a great point. you know, the reporting needs to be done too on al

so steve forbes and i had a piece in the "wall street journal" a few days ago that's gotten a lot ofbasically said, hey, mr. president, why not go all the way in your tax plans and go for the flat tax? and this is something, by the way, steve forbes ran for president twice in, i think it was 1992 and 1996 -- sorry, '96 and 2000 on this issue. he put it on the front burner. and it was defeated by all the special interest groups in washington. charles: right. >> because all of the swamp creatures in washington, they don't want a simple flat tax that gets rid of all the special favors. but the point we made in the article is very simple, tata trump made a huge advance toward a flat tax with his tax law in 2017 because we doubled what's called the standard deduction. that means for the vast majority of americans today, they don't take the mortgage deduction, all these other loopholes in the tax code. they just check the box. and so here's the thing, to only about 8-9% of americans itemize those deductions to take advantage of those loopholes. do you know who those people are, charles? ch

and will two steves, steve forbes and steve moore came out with flat tax is it possible that it couldg like that will happen. here is the good news, we have 22 of the 50 states have a single rate tax in their state income tax. for 8 of those, my favorite rate, zero, 14 are non, there are 3 that move to single rate taxes within a couple years. we're going to have a majority of the senate, just a few years, majority of u.s. senate will be elected in states that have a single rate tax. and great thing about single rate tax is tough to raise, you have to look everyone in eye and say i am hitting you all, easy to cut. david: we should mention, flat tax and design of it by forbes and a bunch of others over years, that it has zero tax for first, i don't know how you calculate it first 20 thousand maybe or 30 thousand dollars. that first chunk of change. is tax-free, poor folks or bottom of income scale, they would be ex. e exempt from taxed lone us f -- low uncom earners. i would i think that people like bernie sanders would like it he is always talking about sweetheart deals for rich that g

unfortunate if we pass an extension of the tax cut and jobs act and we've a tax system in place, steve forbesriting about a simple if i'd tax system. i been talking about that for years. i would rather take our time on the second really if -- reconciliation package to get it right but one of the problems with the tax cut and jobs act is it automatically expires so we need to work with whatever we pass in terms of tax reform, it's permanent, does this -- stuart: does the parliamentarian make the decision of what can go into a reconciliation bill and what cannot? >> he rules on the bird rule, one of things that mike crapo oh was spending, spinning policy that expires, you extend your budget based on current policy so there's no scoring even though if you extend the spending, spending, increase the actual spending figures, for taxes we don't allow that. what mike crapo is talking about is pass the budget using current policy and what we do is permanent so i support that approach but also am a big supporter and i wrote a column in the wall street journal that donald trump or republicans to embrac

still ahead steve forbes in chuck schumer defending the pass comments about bidens mental fitness, retired general jack keane on how he rates the terror threat inside of the u.s. thaddeus cleveland on tom homan same countries refusing to take back the migrants will not slow trump's agenda. the 11:00 o'clock hour is next. ♪ ♪ only servicenow connects every corner of your business, putting ai to work for people. pfft ... every corner? every corner, nick. ow! so kate in hr ... hey kate. can focus on people, not process. oh actually, i have a question ... keep up, nick. do you have to be sick to take a sick day? patty in it is using ai agents to deal with the small stuff, so she can work on the big stuff. agents like secret agents? secret agents i control. with your mind? you know ... i played a secret agent once. - we know. - oh gosh ... i liked it. over here, ai gives tina the info she needs to get the job done. nick, what did we say about touching? no touching. good. ai helps jim solve customer problems before they're problems. for reals? for reals. for reals. servicenow is the only platfor

that was the point of the piece that steve forbes and i wrote, that, you know, we lowered the tax rates, we got rid of most of the deductions. 91% of americans do not take deductions today. the other 9% are millionaires and billionaires, so, why not take-- get rid of all deductions for every, you know, for the rich and then lower the rates and make the economy and the tax system much more efficient. trump wants a 15% rate for companies. we're at 15% rate for everybody, david, that would be like rocket fuel for the american economy. nobody could ever compete with the united states with a tax system like that and don't forget, you'd have a postcard return you could fill out in 10 minutes. david: oh, now you're talking. simplification. how long have we heard-- whenever i hear simplification, i reach for my wallet, because it ends up spending more time with the tax code. put it on a post card, sound good to me. steve, thank you for being here, steve moore, appreciate it. coming up, las vegas police revealing a possible motive as they release a note from the suspect in the cyber truck blast.

let's bring in steve forbe ifs. i'm i saying things have got to change.ill environmental extremism change? >> yes, because there's a new crowd of leaders in california now and in the future, and people are waking up. these things have consequences. you called it a religion, it's more like a destructive court. we read from time to time california has drought, so they a say cut down on your with water use. 10% of the average rainfall goes to commercial uses, 50% gets flushed out into the pacific ocean for nonsense like the smelt. that is massive self-destruction. we've seen the consequences of it, and consequences do have consequences. there's going to be a change in california. finally, after years of idiocy. stuart: it's going to change, good. all right, steve. senator elizabeth warren wrote an op-ed in the "wall street journal." quote, if trump wants town rig the economy, i'm in, unquote. what does she mean by unrig the economy, and how come a socialist is agreeing with trump? >> it's the like karl marx wearing an adam smith max. nice try but it doesn't

steve forbes, thank you very much for being with us. good stuff. appreciate it. >> thank you.t: breaking right now, the prime minister of canada, justin trudeau, just resigned. edward lawrence at the white house. any word from the administration, the biden team on this? reporter: as of right now, we're waiting to see what justin trudeau was going to say at the news conference you're looking at live. he's making that announcement right now saying he will resign after his party finds a new leader for him. he says that process started last night. he called the leader of that you are party to start that process so once they select a replacement, he'll then step down is what he said here. justin trudeau was going for his fourth term as prime minister in canada, which is unheard of in canada. he was there for about nine years up to this point. canadians and popularity was falling over the past year and since the election in the united states, president elect donald trump, the popularity took a real nose dive after that, and we talked with a number of canadians as well as the premier

we will have more on that from steve forbes later in the show.rleans terror attack with shortfalls in rooting out potential terrorists. >> intelligence community seemed to not have this person on their radar. whenever something like this happens we have to reevaluate. are we doing the right things. are we looking in the right places. >> retired four-star general jack keane brings us up to speed on the terror threat later in the show. in the last days in office. president biden rolling out sweeping new energy regulations. can trump undo them. last economist stephen moore. stephen is next. ♪ ruri: ichi, ni, san, shi... (1,2,3,4 . . ) ruri: ichi, ni, san, shi... (1,2,3,4 . . ) hina: ichi, ni, san, shi... (1,2,3,4 . . ) akari: ichi, ni, san, shi... (1,2,3,4 . . ) others: ichi, ni, san, shi... (1,2,3,4 . . ) others: ichi, ni, san, shi... (1,2,3,4 . . ) (♪) (♪) you were made to chase your passions. we were made to put them in a package. stuart: present electronic file the motion to stay the generate ten sentencing in the near criminal conviction. judge