back over to you >> ylan, thank you, ylan mui in d.c. represent leonard lance is one of those house republicans who does not support the tax plan in its current form, he joins us now. congressman lance, thanks so much for joining us, we appreciate it. >> thank you, melissa. >> what is the crux of your opposition is it the repeal of the state and local tax deduction? >> it is i represent new jersey new jersey sends a great deal more revenue to washington than we receive back. i want to retain the deduction for state and local taxes. >> are you worried more broadly about the republican party, broadly speaking, if tax cuts don't go through in some form, this could really spell problems for the party in terms of flipping control of the house for the 2018 mid-terms, for even beyond that. i mean, more broadly as a republican, do you want to get behind this plan what are you willing to deal on here >> i certainly favor tax reform. and there are certain provisions in the bill that i favor, for example lowering rates, doubling the standard deduct

on capitol hill our ylan mui is standing by live with the very latest details ylan >> reporter: scott, the tax bill is gaining momentum in the senate it got a big boost when senator john mccain said that he will back the tax reform bill he put out a statement saying that even though this legislation is not perfect, he does believe it will provide relief to american families. however, in just about the past two hours or so there was a new wrench in republicans' plans when the jct, the joint committee on taxation, released a dynamic estimate of how much growth they expect this tax plan to generate. and it's a lot less than republicans were hoping for. the jct estimating the tax plan would generate $407 billion in additional revenue over the next decade and that is not enough to cover the $1.4 trillion cost of this tax plan. the senate finance committee putting out a statement saying that this analysis is curious and deserves further scrutiny and they emphasized that the final version of the tax bill is not yet complete it is still being hammered out on the senate floor. another importan

nice to see you, sue. >> handicap this all, ylan laid it out beautifully. do you think they'll be able to do it? what are the objestacles as you see them? >> she certainly laid it out perfectly. the election results from yesterday is a momentum play towards getting something done yet this week. butou can't deny the numbers. the numbers state that it must not exceed $1.5 trillion over that ten-year mark and right now the cbo is scoring it higher than that. they're going to have to some changes. in addition to that, we anticipate the senate plan coming out tomorrow. and early reports are that there are going to be some pretty significant differences between the house and the senate plan. which will have to be reconciled. >> how much more complicated does that make this whole process? >> well, it certainly does. you would think that the gang of six, after working on this for nine months, would have had tim bills came out of committee, but it doesn't appear to be the case. that is concerning for the republicans, that ther is disparity in those two bills, obviou

just for some details on this tax package, let's get back to ylan mui in washington ylan >> reporter:e've been able to confirm that the corporate tax rate going down to 20% will be permanent. it will not expire as lawmakers had previously indicated to reporters. in addition, we also have some additional details about the changes to the individual code it looks like the child tax credit will rise from $1,000 to $1,600 and there will also be a credit of $300 to take care of those who have non-child independents, perhaps elders we also see some details about the write-off for the property tax deduction. remember that the state and local tax deduction was one of the key holdups in releasing this tax plan. now lawmakers are looking at allowing people to write off property taxes, up to $10,000. in addition, the alternative minimum tax would continue to be repealed that's something that lawmakers have said they wanted to do origin originally also the estate tax. that's something that we had heard from multiple sources would be gradually repealed. now according to the documents that we see fr

for a breakdown on the details that moved the market today, hi, ylan >> reporter: hi, melissa the big news in the senate plan was that it delays the corporate tax rate cut by one year it won't take effect until 2019. and then it will go down to 20%. the house also passed its version of a tax bill out of committee. there were some significant changes to the way that it addresses the corporate tax code as well. the house version of the bill would raise the repatriation rate from 5 and 12% to 7% for noncash assets and 14% for cash assets it also would implement a new lower rate for small businesses that have income less than $75,000. on the individual side, there are also some significant differences between the two plans as well. the senate version of the tax bill would include seven tax brackets for individuals the top rate would be cut to 38.5%. the senate bill also totally repeals the state and local tax deduction. and it also would keep the estate tax but double the individual exemption from $5 million to $11 million before that tax kicks in. so these are some of the flash points th

, ylan?fundamental question here is whether the bill is just delayed or whether it will be derailed house ways and means committee chairman kevin brady said lawmakers are making progress on this bill. he still wants to debate this in committee and then vote on it next week. and if you see that timeline start to slip, i think republicans will then get really nervous about trying to get this passed on the house floor before thanksgiving or perhaps even at all. so there is still a lot that is in flux here, but here's what we think we know so far about what's in the bill two sources are telling me that the corporate rate will no longer be phased in. it will go down to 20% immediately. now, this is something that markets were clearly against as well as conservative groups such as heritage action and americans for prosperity still unclear, though, what happens on the back end. if this corporate rate reduction is temporary or if it's permanent, and if it does expire, how high it might eventually go.

ylan mui in d.c.er milestone, we're sort of on track here, progressing right along for the timetable to be met. >> that's something we've talked about for a while. i've thought for a long time, and i'm no political theorist, i thought they were going to ram something through by the end of the year to me it looks more and more like that might be the case. one give away for me, the president tweeted out yesterday or two days ago, chuck and nancy didn't show up to our meeting. i'm paraphrasing at the end of the tweet he said i don't see a deal here. for me that's a code for i'm going to get a deal done because then he can go back and say, the great deal maker that i am, here is your christmas present. i still think something gets done >> what's interesting, we talked about this yesterday, bob corker, susan collins, people who have come on board who were very outspoken and at the start of the week we didn't think they would fall in line there has to be concessions to these folks. the bills we've seen, i'm

let's go over to ylan mui with the very latest. >> reporter: kelly, this process is going to take all week long there are literally hundreds of amendments that could be offered in the debate over the next few days including a potentially major revision from finance committee chairman senator orrin hatch, himself now, there is wide speculation that there could be some changes to provisions in this code to make them temporary or perhaps less generous in order to comply with senate rules that prevent this tax bill from adding to the deficit after ten years. and that could potentially affect the corporate tax rate, and it could shift the political dynamic here in the senate now, right now, this bill is expected to make it out of committee, but its fate on the floor of the senate is less certain. senator jeff flake of arizona is already raising some concerns about the impact of the national debt meanwhile, you've got senators marco rubio and mike lee saying this tax bill doesn't do enough for working families they've been pushing to increase the child tax credit to $2,000 and rubio has sai

ylan mui has more. >> reporter: the senate releasing its long-awaited tax plan today. that proposal would delay the deduction in the corporate tax rate by one year. it wouldn't get down to 20% until 2019 but it would stay there permanently. it would limit the companies's ability to deduct interest. there are big changes on the individual side as well. the senate bill would keep seven individual tax brackets but it would lower the top tax rate to 38.5%. it would completely get rid of the deduction for state and local taxes. but it would preserve some other very popular deductions such as the one for medical expenses. it would also keep a $1 million limit on the deduction for mortgage interest. and as for the estate tax, it keeps that in place but it doubles the exemplifies from 5 million to 11 million for individuals before that t kicks in. so there are still many long negotiations to come over this proposal. but for today, republicans making some real progress on tax reform. for "nightly business report," i'm ylan mui in washington. >>> before the craziness of today, j

for "nightly business report, m ylan mui in washington. >>> still ahead, it is all hands on deck. >> reporter: i'm morgan brennan in wisconsin, america's heartland, where shipbuilding is a big business. coming up, we're going to take you inside an active navy warship on "nigh >>> merger talk has helped power the market recently. and late today there were reports of even more. comcast has reportedly approached 21st century fox to express interest in its entertainment assets including its movie studio, tv production, and its international operations. there are also reports tonight that verizon is exploring acquiring parts of fox. but that's in the very early stages. we recently reported that fox had held talks with disney about selling some of those assets. shares of 21st century fox rose initially in after hours trading on that report. comcast is the parent company of cnbc which produces this program. >>> meantime, the federal communicatn voted to loosen media ownership rules. marking the most significant changes to media ownership rules in a generation. that roleback could lead to fu

here's ylan mui. reporter: kelly, there were big steps in both the house and the senate today on tax reform the senate as you mentioned unveiling its tax plan while the house voted its bill out of committee. there are big differences between the two versions one of them is that the senate delays the introduction of the lower corporate rate by one year the house version of the bill puts that 20% rate to start immediately and ways & means committee chairman kevin brady told me that's going to be one of his priorities going forward. >> well, you can tell in this bill we think growth ought to start as soon as possible. we're going to -- so we enact pro-growth tax reform immedia immediately. >> reporter: the senate version of the bill also includes seven individual tax brackets with the top rate at 38.5%. the house version of the bill, four tax brackets, the top rate is 39.6% we also treat deductions very differently. the senate version of the bill completely repeals the state and local tax deduction. the

ylan mui tells us where things stand. >> reporter: republicans, forced to delay the release of their tax plan until tomorrow, failed to reach agreement on the details. the holdup, the state and local tax deduction. house republicans from high tax states don't want to get rid of it. congressman pete king of new york says he'll vote against the tax bill to protect this provision. >> while i certainly favor a tax cut, i don't want the rest of the country to get a tax cut at the expense mistake constituents on long island. >> reporter: negotiations over this bill are still under way. but here's what we've learned so far. the corporate rate will go down to 20% immediately. it won't be phased in. the top individual rate is expected to stay at 39.6%. but we don't know what income level that will affect. and we're hearing the estate tax will be gradually phased out. king and other republicans were upset that they were not briefed on the details even though a vote is planned within a matter of weeks. representative patrick mchenry, a member of the tax writing committee in the house, says repu

but as ylan mui reports, there are a lot of changes being made, including one that could make your tax cut tempo. >> reporter: the senate adding two bombshells to its tax plan. getting rid of the individual mandate for health care, and making the tax cuts for households expire after 2025. both of these measures could complicate the political negotiations that have been under way for weeks. today, senator ron johnson of wisconsin became the first republican to come out against the tax plan. republicans can only lose one more senator and still get this passed. the republicans didn't have the votes to pass the repeal of obamacare. senate leadership says this time is different. >> so in the end, keeping the individual mandate tax in place means retaining the status quo, which is not working too well. zeroing it out means we have a chance to provide greater tax relief to middle class families through both reduced penalties and lower overall rates. >> reporter: the proposal in the senate eliminates the penalty that people have to pay when they don't have health insurance. the government esti

and as ylan mui tells us, there are still details to be hammered out. and some of them are big. >> reporter: republicans expected to roll out their tax plan tomorrow. and they're calling it a once in a generation opportunity to rewrite the nation's tax code. that will likely include reducing the number of individual tax rates from seven down to just three with likely a fourth added for wealthy households. the corporate tax rate would also fall from 35% to 20%, and businesses would no longer have to pay taxes on their foreign earnings. now, earlier today, during a meeting at the white house with business leaders, president trump said reforming the nation's tax code is critical to creating american jobs. >> it's a tax bill for middle class. it's a tax bill for jobs. it's going to bring a lot of companies in. it's a tax bill for business which is going to create the joc . >> repor few if any democrats are expected to support the plan. they've criticized the bill for helping the rich by getting rid of the estate tax and alternative minimum tax while limitin

. >> ylan, i want to be clear on something here so the individual mandate repeal was in the bill. that's in there now, the one that just passed, is that correct? >> reporter: yes, that is correct. it's a repeal of the penalty associated with the individual mandate. yes. >> and what we're hearing now, lindsey graham apparently told reporters a little while ago that if they do include the individual mandate in the bill, that president obama has agreed to continue to obamacare subsidy payments for low-income people for two years. so this is part of the horse trading that's been going on today to try and get that bill to 12 ayes in the budget committee. >> reporter: there's been support among senators if the individual mandate provision is included in the tax bill, it could show should be considered with the alexand alexander/pl alexander/murray compromise. insurance companies providing services to low-income households that is part of the condition for some senators, including susan collins, for supporting this bill. how far along those negotiations on the health care side need to be

ylan mui is watching that. >> we have confirmed senate tax bill will not include a controversial 20%x on imports by multinational companies. that's according to three sources who have been briefed on this plan. now this tax is in the house version of the bill. they are tinkering with the language this tax applies to imports by u.s. subsidiaries from their foreign counterparts apoints of this tax are calling it a back door border adjustment tax. the big difference here is it only applies to transactions within a single parent company now business groups say this tax could potentially cause massive disruptions in the global supply chain. the flip side of that, though, it does raise $155 billion over a decade so it is a crit came pay for as lawmakers try to make this complicated tax reform math work we are expecting it to remain in some form of the tax version of the house bill again, the resources say this is doa in the senate's tax bill back over to you >> ylan, real quick, i don't mean to put you on the spot but the treasury secretary on tape saying it would be preference to have the

so, guys, a very messy few weeks shaping up here in d.c back over to you >> ylan moi in d.c >>> rick santelli is tracking all the action at the cme. hey, rick. >> it looks as though the investors pulled a democratic exodus from this auction you want to know everything an auction isn't supposed to look like, this was it. d minus is the grade 2.23 is the dutch auction yield. for the seven-year notes, 28 billion of them. that was higher than the highest level of the one issue market. it had a tail. 2.6 bit to cover it. 58.6 indirect, the lowest since august of '16. the 13.7%, dealers take 27.7 88 billion in supply is done we had two very average to slightly mediocres and this one was down riright, not pretty. >>> rick santelli, thank you dow getting an a plus. less than 300 points from dow. 24,000 coming up, a look at some of the recent high fliers and whether they will continue to soar in 2018 some were family friendly and some content wasn't so family friendly we'll be right back. most etfs only track a benchmark. flexshares etfs are built around the way investors think. with objectiv

let's get to ylan mui in washington breaking new

ylan mui in d.c. with the latest tom lee? >> how much of this tax plan is already in the market? >> it's hard to tell i mean, i think our clients unequivocally believe it's important and positive for markets because it's going to reset the level of earnings higher what i think isn't discounted is whether or not tax policy is actually good for markets. so, i mean, i think that there's a belief that it's positive, but, you know, whether it's good policy. >> good for markets or good for the economy? >> or it may be good for people's wallet, right i think people tent tend to view a tax cut as resetting a higher base of earnings so it will push stock prices higher, but does it actually improve future growth rates? i think that's the uncertainty. >> the stock market is not going to wait around for future quarters worth of gdp to make its decision on whether it's going higher or not. it's going to make the bet much earlier on. >> that's right. i might even say it's going to be help until for us to see if and when the plan is passed, how markets react, and i -- and i suspect that there's

ylan mui, our intrepid reporter on capitol hill has the latest for us right now ylan >> reporter: bill, that final tally is 227-205, that is a comfortable margin of victory for republicans. they said they were going to get this done by thanksgiving. no one really believed them. they were able to pull it off. republican leadership held a press conference to celebrate. >> from the very start, we said that failure is not an option and the president and his team have worked so constructively every step of the way with us. he's been a tremendous partner on this issue. >> reporter: president trump was on capitol hill earlier today to see this bill over the finish line lawmakers are told me that he has been very engaged in this process, but now all eyes turn to the senate. majority leader mitch mcconnell has issued a statement saying that his chamber is making real progress on its own tax plan, the senate finance committee is debating its plan right now and there is still a lot of question, knothough, what the future of that plan will be, how many senators will actually come out against it ho

so they're working on it and giving them time to hammer out the details. >> thank you very much, ylanare sitting at session highs. we told you of the great earnings from walmart and as well as cisco. take a look at the russell 2,000, we are sitting at session highs right now by 1.7%, a gain of 25 points on the seiossn. we'll take a quick break, "power lunch" will be right back. helping keep shoppers safe. this is a financial transaction secure from hacks and threats others can't see. this is a skyscraper whose elevators use iot data and ai to help thousands get to work safely and efficiently. this is not the cloud you know. this is the ibm cloud. the ibm cloud is the cloud for business. yours. ♪ ♪ i can't wait for her to have that college experience that i had. the classes, the friends, the independence. and since we planned for it, that student debt is the one experience, i'm glad she'll miss when you have the right financial advisor, life can be brilliant. ameriprise >>> welcome back, the house just passed gop overhaul business lets bring in sarah fagan. they are happy about this. >

ylan mui standing by again on really what's at stake the president once again, elon, making his way to capitol hill to go face to face. >> reporter: that's right. earlier you wondered where senator corker was during the confirmation hearing for jerome powell, and can i tell you that he was in negotiations with republican leadership over what will be in this final version of the senate tax bill and whether there might be some sort of fiscal trigger that could prevent deficits from going in the future, so the negotiations are clearly under way with individual senators to try to figure out a path forward here right now it does not look like they have the votes, but there is still time to make it happen. >> looks like the advance was arriving there on the hill we do expect the president momentarily. we don't know how long this is going to last up on the hill today, do we >> it usually lasts about an hour or so the republican caucus has lunch every week on tuesdays, and it goes from about 1:00 p.m. to 2:00 p.m. and then the senators come out and give a little debrief what have happened so w

back over to you >> ylan, thank you, ylan mui in d.c. let's head down to capitol hill, john harwood is in d.c., sitting down with senate minority leader chuck schumer, a first on cnbc interview. john >> melissa, we'll get right into it senator schumer, you know they can pass this without any of your votes >> that's what they're trying to do >> can you stop them and are there any democrats, especially red state democrats who are up next year, who you think may vote for in bill >> well, each of the red state democrats will make up his or her mind, they're independent. but we have a letter that 45 democrats signed and said we had three principles no tax breaks for the top 1%, don't increase the deficit, and do it with democrats, not through reconciliation the three who didn't sign believe in those principles, you can hear those statements, they just didn't happen to sign the letter so i think if they don't change the plan, they're going to have a rough time getting democrats, because the bill is so skewed to the wealthiest and so many middl

ylan mui reports. >> reporter: we have a price tag. $1.78 trillion over the next ten years. that's according to the joint committee on taxation. it means that this tax bill fits within the special reconciliation rules that republicans want to use to fast track this legislation the single biggest line item in this bill is cutting the corporate rate to 20%. originally this is going to be temporary to save money, but sources tell me conservatives revolted when they found out house ways and means committee chairman kevin brady changed course overnight. >> we worked to make it permanent. we are convinced for our small businesses and companies that have to compete around the world that permanence really matters. >> reporter: that 20% rate is a red line for president trump he was also against any changes to 401ks republicans did drop that from the bill brady told me he spoke with the president almost every day, sometimes multiple times a day, as the committee was writing this legislation. >> president trump's all in on this tax cut and jobs plan he and his team have been very engag

cnbc's ylan mui is live in washington with the details.ing >> reporter: debate on the senate tax bill has officially begun. republicans are in a race against the clock to get this bill passed by the end of the week the one positive sign, senator lisa murkowski, a centrist who opposed the healthcare bill, she backs the tax plan also vice president mike pence had dinner last night with some republicans who had been on the fence. they still have some issues to work through one of them is a possible fiscal trigger. that is an idea from senator bob corker that would automatically raise taxes if federal revenues fall below a certain threshold there are at least five republicans who do not like this idea they are still working through some of those details. pass-through businesses are another sticking point senate republicans are planning to increase the deduction they can came from 17.4% to 20% that won over steve daines of montana. it's unclear if another undecided vote, ron johnson, will be satisfied with that deal then there's a push from mar

let's get to ylan mui with more on those stories good morning >>> good morning washington has only beenack at work for one day and the drama has already begun. we are waiting for a judge to rule in the battle of the bosses at the consumer financial protection bureau. both agency's second in command, leandra english appointed by president obama and president trump's budget director, mick mulvaney are claiming that title. members of congress have filed brief in support of english, and kayla tausche was told the agency is supposed to be immune from political infighting. >> the reason for that is so government cannot exert political influence over them. the big concern is if an agency goes after a powerful bank is what would happen is that politics would intervene and cause the agency to back up and not do its job >> but mulvaney defended himself on cnbc saying that he's not trying to destroy the agency >> rumors that i'm going to set the place on fire or blow it up or lock the doors are completely false. that being said, the way we go about it, the way wetter pret t we interpret it will be

on capitol hill our ylan mui is standing by live with the very latest details ylan >> reporter: scottll is gaining momentum in the senate it got a big boost when senator john mccain said that he will back the tax reform bill he put out a statement saying that even though this legislation is not perfect, he does believe it will provide relief to american families. however, in just about the past two hours or

let's get to ylan mui on the details. do we expect this to happen today? do expect to get this today. the reduction in the corporate rate will be temporary the rate will go down to 20% but expire within ten years, perhaps as soon as eight years according to one source that i spoke to. getting to 20% is one of president trump's red lines, but to keep the cost of this tax plan to the 1$1.5 trillion thats required by the rules republicans want to use to pass this bill, they have to make some tradeoffs, and this is one of them. privately theinitial reaction i'm hearing from the business community is they are holding fire for now, and letting this process play out kevin brady told reporters last night that he wants to make this corporate rate cut permanent but that it could take several steps to get there now some other provisions that are in this bill, the u.s. would move to a territorial tax system and nbc news reporting there will be a 12% repatriation rate on cash and 5% on other assets there would also be a 15% men mum tax on foreign income. now, for pass-

ylan mui joins us with the rundown.us with the rundown. >> reporter: kelly, it's the little things that will get you. we've been talking about the corporate rate, is there a connection between profits and wages. sometimes you just need to know can i still direct my parking. the answer, at least right now, is probably not, because this bill takes a whack at a lot of popular perks. transportation fringe benefits is one of them another biggie, tuition assistance under current law, your company can give you up to $5,250 al annually to pay for school you aren't taxed on that benefit and your employer doesn't have to pay taxes on it either. that would go away in the pending bill kelly, let's say you get a dream job at apple, not that this isn't already your dream job, you couldn't deduct your moving expenses they're even coming out of employee achievement awards, that's when they give you a gold watch, that's now taxed too. this is all just a numbers game. there's at least $30 billion of revenue over the next decade and getti

ylan mui with details on that part of the plan and kind of look at what it all says and means. ylan >> reporter: bill, republicans are calling this the most comp hence comprehensive tax reform in a generation it would lower the corporate rate from 35% to 20% and that would happen right away and that reduction would be permanent it also establishes new repatriation rates 12% on cash, and 5% on noncash assets and companies would have eight years to bring those earnings back over america on the individual side, the top rate will remain at 39.6%, however, now applies to households making over $1 million in income, but as you alluded to, not everyone is happy with this plan part of the reason is because there is a new limit on the deduction that you can take on your mortgage interest for newly purchased homes. previously, that was $1 million. now it's down to $500,000. there's also a new limit on the deduction for property taxes that's now capped at $10,000 so you see the national association of realtors, the national association of home builders, they've both come out against this

it depends on who you speak to and ylan mui joins us. is it fair to call this a surprise in this bill? it's popped its ugly head up in the last 36 hours or so. >> that's right. folks were not expecting this to be in the house bill, brian, but three people i have spoken to who have been briefed on this issue said it does not appear to be included in the senate version of the tax bill. business groups are strongly opposed to this. they say it has the potential to massively disrupt global supply changes. the reason is because it works on imposing a 20% excise tax on imports by u.s. subsidiaries from their foreign counterparts. it doesn't matter if they're importing intellectual property or importing a tangible good but the key is, the transaction all has to happen within a single parent company. that's why this really hits multinationals pretty hard, conservative groups are even call it a back-door adjustment tax. the language of this tax is included in the house version of the bill, but i'm told lawmakers are currently massages some of tha

we begin with ylan mui on the advancement of the senate's tax reform proposal. >> reporter: the senate budget committee voted to move the republican tax plan to the floor today. and that means the gop is on track for a final vote by the end of the week. this was a critical step because there are still several republican senators who are on the fence over this bill. senator ron johnson of wisconsin says he wants bigger tax cuts for passthrough businesses and senator bob corker of tennessee is worried about the impact on the deficit although he did tell reporters that a broad agreement with gop leadership to ensure that his concerns are addressed. now, the debate over this bill was interrupted several times today here on capitol hill by some very passionate protesters. they were shouting "kill the bill, don't kill us." that's because this tax plan includes a repeal of the individual mandate and it could also trigger some deep cuts in social services. this is no longer just a tax cut bill. it is also a bill about health caren at the end, this forced republicans to vote more quickly to mov

ylan mui tells us what's in the blueprint and where it might go from here. >> reporter: republicans call it the biggest overhaul of the tax code in a generation. the plan unveiled today creates four new individual tax brackets. the top bracket would remain at 39.6% and it applies to households making over $1 million in income. the limit for 401(k) contributions remains at $18,000. and homeowners will continue to be able to deduct their mortgage interest. however, the deduction for newly purchased homes will go down from $1 million to $500,000. as for the estate tax, it would double immediately from $5.5 million for individuals to $11 million. however after six years the estate tax would go away completely. house speaker paul ryan says these were the types of reforms that republicans were sent to washington to do. this it. this is an important and special moment for our country for all americans. are we going to let the defenders of the status quo win and see our country continue down this downward spiral or are we going to realize the promise of our country, are we going to revitalize th

wait and see approach to this guys, they weren't a hard no just yet back over to you. >> all right, ylanank you very much. >>> meantime, roku shares have doubled in one week but the stock is down big today. a lot of people are trading it what's next for roku we're going to find out on "trading nation" next. i think we should do that meeting tomorrow. well wait. what did you think about her? it's definitely a new idea, but there's no business track record. well, have you seen her work? no. is it good? good? at cognizant, we're helping today's leading banks make better lending decisions with new sources of data- so, multiply that by her followers, speaking engagements, work experience... credit history. that more accurately assess a business' chances of success. this is a good investment. she's a good investment. get ready, because we're helping leading companies see it- and see it through-with digital. your insurance on time. tap one little bumper, and up go your rates. what good is having insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident

i l ylan mui >> reporter: it is going to be permanent.s tax bill establishes ways for repatrioted earnings and 12% for cash and 5% for all assets on the individual side, the top rate ils going to stay at 39.6%. it is only applying household that makes more than a million dollars. house speaker paul ryan says the political commitment to this bill in the house is ironclad but over in the senate we are hearing a little bit of grumbling. marco rubio of florida disappointed that the child tax credit is bigger he wanted it to be a $2,000. the house bill settles on $1,600 >> senator susan collins of maine says she will not vote any bill we are far done from this. >> all right, ylan, thank you very much. >>> the former assistant, secretary division, current director of the tax policy mark, you had a full head of hair since this morning began. >> i don't envy your job at all buddy. >> reductions -- sports stadium that are taxed and exemptible. what has stuck out to you so far that's not necessarily been in the big bold fun on the top of the web pa

today but there is trouble brewing in the senate with a key republican voicing opposition to the bill ylanui joins us now with more. >> reporter: republicans are a man down in the senate wisconsin's ron johnson is the first republican to come out against the tax bill he's worried the benefits for corporations are bigger than the tax breaks for pass throughs he says they're the engine of the economy and should not be left behind. johnson is not the only one feeling uneasy senator susan collins of maine was on "meet the press" last night. she said she was concerned about getting rid of the individual mandate as part of tax reform. >> i doesn't think it's a good idea from a political or a policy perspective healthcare is is such a complex issue. to pull one section out of the affordable care act without any kind of replacements such as an auto enrollment, bill cassidy suggested earlier this year, and put it into a complex tax bill does not make sense. >>> there's a different story happening in the maek makers wa bill this afternoon and president trump will head to capitol hill to push this ov

let's kick things off with ylan mui and the latest on the gop tax plan >> there was drama last night on capitol hill as republicans delayed the release of that tax bill until thursday after they failed to reach agreement on details of the plan. congressman kevin brady, chairman of the tax writing committee said they're making progress and still intend to begin debating and vote on this bill next week president trump appeared to give lawmakers a little wiggle room in this tweet last night he wrote the republican members of the house are working hard and late to award the massive tax cuts that they know you deserve. these will be the biggest ever members are still divided over what to do about the state and local tax deduction. one compromise suggested had been to keep the property tax deduction but get rid of the one for state income taxes some republicans for high tax states like new york and new jersey are not on board with that idea. also yesterday two sources who had been briefed on the plan told me that the corporate rate would be lowered to 20% immediately. it would not be phase

. >> all right, ylan, thank you very much.ol hill there >>> from harvey weinstein to kevin spacey and now to nbc's matt lauer, allegations are flying about sexual harassment entertainment noticeably absent, wall street has the boy's club culture changed? sketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley not rebalancing your portfolio. focused on what you love, not how your money will last through retirement. we make it easier to plan for retirement with day one target date funds from prudential. look forward to your 401k plan. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. > next, whether wall street has changed its boys club mentality. whuuuuuat?rtgage offer from the bank today. you never just get one offer. go to lendingtree.com and shop m

ylan mui has more. >> reporter: republicans races to make progress on tax reform before the week is outthe house members are facing tough math as the cost of their tax plan rises to 1$1.7 trillio over a decade. and that would violate the special rules that republicans want to use to fast track this legislation. congressman mark walker of north carolina, who heads the influential republican study committee, says he's confident this bill will get passed and that his members feel a sense of urgency particularly after the democrats' big win last night. >> it's a wake-up call for republicans not to straddle the fence on these issues. if you look at the people who supported donald trump in the past presidency election, it was because he was very clear on his issue when it comes to repealing obamacare, when it comes to delivering on tax reform, infrastructure, these are things that republicans must lead on and not be passe in. >> reporter: making the numbers work is even harder in the senate the plan can't cost more than $1.5 trillion over ten years, and it can't add to the deficit in the year

senate republicans launching a new push to end a key part of obamacare as they try to pass tax reform ylan has the late effort it see latest. >> our two favorite topics, tax reform and healthcare, and they're on a collision course. the new version of the bill cuts taxes but makes some of the cuts temporary, and geds rid of the individual mandate for healthcare this time senate leadership is confident it has the votes to get this passed. >> could help us get persmanenc on the corporate rate and get additional funding to plus up some of the middle class tax relief it's pretty appealing to us. >> eliminating the individual mandate raises 3$318 billion ove the next decade. that's because fewer poor people would sign up for health insurance which means the government has to pay less in subsidies, democrats point out an estimated 13 million people would no longer have health insurance at all >> if you include that, you will have millions and millions more who are uninsured, and the official budget estimates are you would raise premiums substantially. >> now, under this new senate plan, a lot of

ylan, thank you very much. >>> up next, we get another check on the names moving. some biggies, and we'll look ahead to the conference calls "closing bell" will be right back whoo! ( ♪ ) woman: class, let's turn to page 136, recessive traits skip generations. ( ♪ ) molly: i reprogrammed the robots to do the inspection. it's running much faster now. see? it's amazing, molly. thank you. ( ♪ ) so what else is new? humm..she's doing good. she needs more care though. she wants to stay in her house. i don't know even where to start with that. first, let's take a look at your financial plan and see what we can do. ok, so we've got... we'll listen. we'll talk. we'll plan. baird. allow you to take advantage of growth opportunities. with a level of protection in down markets. so you can head into retirement with confidence. brighthouse financial established by metlife. these earnings movers. priceline and tripadviser both down, and it's now negative by just a fraction. weight watchers it continue toss move higher. that call starts in a few minutes. ets kicks off too. >> you'

speaker ryan did make news ylan joins us with more. >> good morning, carl.peaker ryan responded to president trump's tweet yesterday that requested that the tax bill lower the top individual rate to 35% and also include a repeal of the individual mandate i asked the speaker if those changes were on the table before the house votes on the bill this week >> we're pushing this bill as we have it. there's ongoing conversations. it's a work in progress. the senate is just beginning their markup as you know, this is a work in progress, which is the house is passing its bill the senate is now marking up its bill we're going to go to a conference committee and address all of these issues. >> so no major changes to this bill expected before the vote is going to happen on thursday. that's what leadership confirmed this morning in addition, ryan also addressed this deadline that lawmakers are facing of december 8th to continue funding the government. he said they're looking at a temporary solution to that rather than a full-blown spending plan. back over to you >> it's

ylan moy is there and she is with one of those congressmen. >> reporter: that's right, scott, now, the meeting with president trump just broke up and i'm standing here with representative peter rosscum, head of the tax policy subcommittee in the house. peter, how was the meeting and what did the president tell you? >> well, it was a very top line sort of meeting. there wasn't a lot of details obviously on tax policy but larger themes about economic growth and sense of applicat accomplishment i think his last words to us were go vote obviously that was go vote yes but i think that there's a general disposition that this is an opportunity that doesn't come along very often also a reflection about how we are positioned vis-a-vis the rest of the world from a competitive point of view. he reflected on some of his observations coming back from asia, wanting to create more of a trade balance between countries, but just without question our tax code is inextricably linked with our prosperity and our future. >> this bill has a lot of momentum in the house, expected to clear the floor later on t

he hopes they do, too. >> ylan, this will be a dance because it's so close to the 5 $1.5 trillion limit they're allowed, if anything changes, there will have to be several changes to make up the money that would be missing, if they take anything off the table, right? >> all these parts are interconnected when i asked kevin brady how much he expected this bill to change, he said that the only number that he wants to see in there remaining the same is 20%. he wanted to see the fosters growth, middle class tax cut, the 20% corporate rate is the number he mentioned. you're already hearing rumblings in the senate over the cost of this bill. senator bob corker is worried about that we'll see as this continues to go through the sausage grinder of washington. >> you made it sound like everything is up for negotiation except the 20% then? >> i asked what does he expect to stay the same in the bill what are kevin brady's red lines, he said he wants growth, middle class tax cuts and a 20% corporate rate so the only number that he pointed out was that 20% corporate rate >> mr. wonderful, is this wo

. >> we did more reporting on this ylan mui, our capitol hill reporter, said it's still in there, right has not been removed larry kudlow, again, who called this the stupidest thing he's ever heard, said he's spoken tom senators in the last few days. ron johnson is very much against it, says larry larry, i don't know. maybe it comes out maybe it doesn't, but he also says that he's spoken to a lot of other senators on the gop side who also think it's stupid. i just can't give you their names other than ron johnson. >> it's worse than stupid. >> michael, go ahead. >> it's worse than stupid. i mean, it's insulting and it's alienating it's insulting to the individual investor who has been trying to manage a portfolio for years this is time of year when they look at portfolios and they make their stock loss -- they do their tax loss selling, but beyond, that you know, one of the provisions that was sort of added and discussed is that certain institutions complained and -- and the congress said, well, okay, we'll let you institutions go ahead and have your tax law selling. >> mutual funds wer

ylan mui has more on that. >> reporter: debate on the tax bill has officially begun and republicans aren a race to get this passed by the end of the week the one positive sign, senator lisa murkowski, a centrist who opposed the healthcare bill, she backs the tax plan also vice president mike pence had dinner last night with some republicans who had been on the fence. they are working through some of the thorny issues that are still lingering out there. one of them is a possible fiscal trigger. that's an idea from senator bob corker that would automaticall raise taxes if federal revenues fall below a certain threshold there are at least five republicans who do not like this idea they are still negotiating the specifics of that proposal pass-through businesses are another sticking point senate republicans are planning to increase the deduction they can came from 17.4% to 20% that won over steve daines of montana. he estimated the benefit is worth at least $60 billion, but it's unclear if another undecided vote, ron johnson, will be satisfied with that deal then there's a push from marco r

back over to you >> thank you, ylan in d.c. >>> and good afternoon to you, melissa.he number of u.s. oil rigs was unchanged this week at 738 that's up 267 from a year ago. that's according to baker hughes if we get another increase this week, since it is more attractive to pump when oil prices are elevated, it doesn't appear that's the case or that u.s. drillers are being too aggressive here for a fear of depressing prices. back to you. >> thank you, jackie deangelis >>> tesla unveils a design of its semitruck. walmart is signing up to buy them can this drive the stock higher? "power lunch" is come right back the classes, the friends, the independence. and since we planned for it, that student debt is the one experience, i'm glad she'll miss when you have the right financial advisor, life can be brilliant. ameriprise every day, on every street, in every town, across america. small businesses show their love to you. with some friendly advice, a genuine smile and a warm welcome they make your town... well, your town. that's why american express is proud to be the found

. >> ylan, a little callen der management, when does the senate need to move similarly before governmentunding starts crowding the calendar? >> they don't have a lot of time next week you're expecting to see a debate within the senate finance committee. they have to pass that and hoping that will happen before they leave for thanksgiving break and going to be out all week during the week of thanksgiving you're not expected to see any movement on the senate floor until after they come back there's also some complicated rules which committee reports out the bills. they are running against a tight deadline before the federal deadline of december 8th. >> it's going to be a busy week, just like this one was thank you very much. disney is the other big story today. an earnings miss as you probably know it initially dropped after hours but did a nice aboutface as the call got under way up 2% premarket. bob iger did make comments on pricing for the company's new branded app. >> we've given a lot of thought to pricing both espn and disney brand of service and i can't get specific with you yet, we

house republicans are delaying the release of their new tax bill it was lated for todaslated fory m ylanui has more on this. >> one of the big holdups is what to do about the state local tax deduction. there was a compromise that would have kept the property tax deduction but got rid of the one for state income taxes some republicans from high-tax states like new york and new jersey are not on board with that idea. last night brady announced the rollout of the tax plan would be pushed back to thursday. he said they are making progress and they intend to begin debating and vote on this unseen bill next week president trump tweeted last night the republican house members are working hard and late towards massive tax cuts they know you deserve. these will be the biggest ever yesterday two sources briefed on the plan told me that the corporate rate would be lowered to 20%, and it would happen immediately. it would not be phased in over several years. that spooked the markets earlier in the week. it was clear whether the reduction would be temporary or permanent. clearly this bill is still in

lawmakers will be rolling out their tax reform bill today for a look at what to expect, let's get to ylanui. >> the reduction in the corporate rate will be temporary. the rate will still go down to 20%, but it will expire within ten years, perhaps as soon as eight years. that's according to one source i spoke to getting to 20% is one of president trump's red lines, but to keep the cost of this tax plan to the $1.5 trillion that's required by the rules republicans want to use to pass this bill, they have to make some tradeoffs, and this is one of them. privately the initial reaction i'm hearing from the business community is they are holding fire for now, and letting this process play out house ways and means committee chairman kevin brady told reporters last night that he wants to make this corporate rate cut permanent but that it could take several steps to get there now some other provisions that are in this bill, the u.s. would move to a territorial tax system and nbc news reporting there will be a 12% repatriation rate on cash and 5% on other assets there would also be a 15% minimum t