todd horowitz we will see you back here for s&p futures close. thank you, gentlemen. >> thanks for having us. liz: the race for the white house has two more official candidates. gop senator marco rubio told donors he is running and hillary clinton announcing her run in this video, listen. >> every day americans need a champion i. i want to be a champion. you can do more than just get by, but get ahead and stay ahead. when families are strong, america is strong. so i'm hitting the road to earn your vote. liz: at last check that video has 2.4 million hits on the facebook page for hillary clinton. now, her fund-raising goal, is stunning. it is massive. $2.5 billion. that is the goal according to at least some reports. can she raise it and win the white house? joining us "washington examiner," chief political correspondent, fox news contributor byron york, along with former campaign strategist for president bill clinton, and communications president, hank shine. money getting a lot of attention. she will want to raise $2.5 billion. is that the approp

todd horowitz, one of the weird things about yahoo! they traded in all the alibaba stock worth $16 billion for the tax-free entity, some called spin company. shows you two things in my mind. shows you perhaps the stock is overvalued, both yahoo! and alibaba. the tax structure in this country is so screwed up the only way you make money creating a non-profit entity. >> now that is the truth because, we are so screwed up with what we're doing. of course we've seen that, in a number of companies but yahoo! being one of them. they have been able to get away from all these things. it makes absolutely no sense when you really look at it. that is the problem with, we on balance tax code wakes it up. when you have to manuever yourself to get the money back for nothing and rather than paying tax. it is something that has been created. they're able to do that, make it work for them. at end of the day, everything should take whatever advantage they can. ask elon musk what he does with all his companies. david: gentlemen, good stuff, thank you ver

and todd horowitz at the cme. mostly a down day, todd, is this worrisome in what do you think is behind it? >> hi liz. hi, david. what's really starting to happen now is liquidity is drying up in the market. starting to lose the volume. volatility remains extremely low, and if anybody was watching overnight, last night the dow futures were down over 200 point. the s&p down 20. they were done on very small volume. very tick for tick, showing liquidity, the buyers are not -- we're seeing the rotation from the buyers buying on the dip to now the sellers trying to take a look. david: got cut you off, we have breaking news from inside the beltway. rich edson, go ahead. >> reporter: fox news is reporting that a grand jury is going to indict senator bob menendez of new jersey on corruption charges, stems with his relationship with a good friend of his, apparently senator menendez offered favors when it comes to business when it came to the federal government. menendez had taken flights on his friend's jet. menendez paid b

todd horowitz in the pits of cme. we care what you think. fed said no move. we'll not hint about any date. markets seemed to focus on a bad gdp print for the quarter. >> hi, liz. hi, ashley. the bonds are telling us they think the fed, even though they said nothing today, will raise sooner than later. however i think we'll find out as time goes on that 2015 will not see a rate hike. that the market will continue, we saw gdp today. there is no growth. we're talking about this for six months, where will the growth come from? i don't see it better in the second quarter. we shrink ability to make money. limiting new startups and new money. although prints are good, not good, where will the growth come going forward. you know i'm negative on market. the fundamental data doesn't back up where we are. you can't fight the fed. can't fight the tape. i'm nor neutral. chomping at the bit to jump in here. ashley: this rally they will tell you has been fueled by bubble fueled by the fed. you say forget about it, there is more room to run higher, right? >> absolutely. with

todd horowitz from the pits of cme. todd, let's start to you and i read your notes coming into this. the question is not if but when. you really think we'll head towards recession right now? >> hi, david, hi liz. you know as i look at action, as i look at the market, you see the markets have been very jittery. the last two days we were up all day and sold off. you saw this morning early, the markets broke 200 points in about 15 minutes. about 10:00 a.m. this morning eastern time. now we close ad little stronger. but the fed can't even make up its mind. we have a split fed on fomc minutes today. there are a lot of reasons to believe we'll go lower. we have earnings quarter coming up starting today. that is already based to be, expected to be worse than we looked for. at end of the day, valuations we have, we have no growth. i still say that we have not seen any real improvement. we've got trouble in production with the dollar, deflation. there are a lot of reasons to believe we'll go lower. that is the way i see it. liz:

we have peter sutter from "reason" magazine, todd horowitz, average joe options dot-com founder, gary kaltbaum, kaltbaum capital management. that is gary kaltbaum. we just saw todd. peter, first to you, we lost peter. that is why we're having trouble. gary, we'll go to you first then. let me go through some of the taxes people hate. pretty much all the taxes. federal and state income taxes, corporate taxes, capital gains, inheritance taxes. sales taxes. property taxes what brothers you the most of all these? >> well i will start with the whole tax code which is 74,000 pages. that is obscene. it costs $400 billion to comply. believe it or not, 6 billion man-hours to comply. that is insane. david: i will push you, gary. i will push back. talking about the federal income tax. >> right. david: there are a lot of different things, a lot of proposals to kill it but in different ways. one is have national sales tax or flat tax which wouldn't kill it would bring it down to the bare minimum. which are you in favor of? >> i like flat tax, because is simplifies. i don't get how we have inheritan