Comforter in chief and support in chief in las vegas. Yesterday testifies organizer in chief and he dropped a financial bombshell. He talked about wiping out puerto ricos 73 billiondollar debt. Wall street would not be happen if the puerto rican bonds they have bought are worthless. A jampacked show for you today. Las vegas, the presidency, a tax cut update that youll really want to hear and the 44th record for the dow jones average. Varney company is about to begin. Go that way, go that way. [sirens] they are shooting right at us, guys. Everybody stay down. Where is it at . [inaudible] out of a window. Go that way. Stuart police there releasing chilling body cam video of the shooting. Now we have this, pictures from inside the shooters room. There we have them right there. Thats inside his room. You could see the rifles laying around there. Of course, police are still looking for a motive, the girlfriend, she just returned to the u. S. Jeff flock, hes in las vegas, give me the latest on all of this, please, jeff, wrap it up. Number one im standing on the strip which has reopened, traffic reopened this morning, thats one headline, Marilou Danley is the big headline, shes a 62yearold companion from the philippines of Stephen Paddock, shes back in the u. S. Overnight as you reported. She should be back here in las vegas at some point. She is cooperating with authorities. She is not under arrest, but authorities told us yesterday and late last night that theyre not ruling anything out. Apparently a 100,000 was wired by Stephen Paddock to the philippines, we believe it was wired to her before this all took place. Is that some sort of payoff . Was it some some sort of a knowledge by this . At this point we dont know and did he just know it was going to happen and give her money and was she truly sent away as the sisters have alleged, none of this do we know and we still dont have a motive of what we will hope to know by the time today is done, stuart. Stuart jeff, that is the big question, why did he do it. Jeff, we will be back to you later. Lets get to the markets, stocks in record ter. I, territory. Looks like the market wants to go up. Youre smiling. Its incredible. No, really, after the las vegas tuned in, the markets are going to be in bad shape, the market wants to go higher, its a combination of powerful politics, very positive news on tax reform, budgets, et cetera, and also an economy that really is strengthening. Its not just chugging along. We have huge tailwins from europe and asia. Good manufacturing numbers coming out. Look, the president has made it clear, this is his number one priority and even though theres a lot of messes in congress and things arent going as quickly as he would like, theres deregulatory pressure and taken down regulation that is have hurt businesses, businesses get that and they are positive on their prospects. Stuart central fact. It is totally. Stuart money is strengthening. Hope of a tax cut. Up she goes. Exactly. Stuart one quick one for you, this is about puerto rico. The president alluded to the idea that we might wipe out puerto ricos debt. Lets roll that tape, please. We have to look at their whole debt structure, you know, they owe a lot of money to your friends on wall street, we will have to wipe that out. You can say goodbye to that. I dont know if its goldman sachs, you can wave goodbye to that. Stuart youve lost your its going to be renegotiated, which by the way was already happening before the hurricane. I mean, they passed a law last year putting up a federal Oversight Board just like they did in detroit to basically remodel the economy and restructure the debt. Stuart by the sound of what the president was saying, we, the federal government, america we are not going to jump in there with tens of billions of dollars to bail them out. Mick mulvaney is having coffee saying, what. Dont take the president word for word. I think it was done in the spirit of lets really help puerto rico but the fact remains wiping out the debt is not going to be happening. No, theyve got to restructure the debt. Most important, and i think this is absolutely no where on this, there has to be a way that puerto rico goes forward and i talked to people involved in the restructuring of the economy, theres no such plan yet. In detroit there was a plan from the beginning and in puerto rico it has been a dawn ward spiral and no one sees how to reverse that. Stuart they have all this money, where did it go . Its 44 years old. Median age of power plan is 44 years old. Stuart where did it go . Employee Pension Funds and benefits, hugely bloated bureaucracy. Its kind of like hartford on steroids. Same issues are propping up in our country and puerto rico is a terrible example. Stuart that has to be separately from hurricane relief. Hurricane relief first and foremost, you safe people, you get them water and food and then you get with a 73 billiondollar debt. For years and years, decades, they prospered only when foreign well, u. S. Companies went in there and putin vestment capital into the business and hired people and so forth into the country and then when that was repealed under bill clinton, it should be noted, Hillary Clinton is very concerned about puerto rico, but bill wasnt so much, then the economy started going to decline. Theres no answer. Stuart no, there is no answer. Liz there is an answer. Turn to it tax heaven. Stuart but it is a tax heaven. A deeper one. Stuart they dont pay federal taxes. Tens of billions of dollars for people who have not paid income taxes in the United States. Corporations pay about 20 . Stuart by the way, coming up in the next hour, we will have white house director Mick Mulvaney, he will be on the show. Im going ask the same question, if we wipe out puerto ricos debt, who takes the hit, youll hear his answer around 10 15 this morning. Now, President Trump says the devastation from Hurricane Maria had thrown his administrations budget a little out of whack. Watch this. I hate to tell you, puerto rico, but youre thrown our budget a little out of whack because weve spent a lot of money on puerto rico and thats fine, we saved a lot of lives. Stuart he does speak directly, does he not. [laughter] stuart Jennifer Gonzalez colon. He received criticism for saying that about the debt, would you say overall the that President Trump is doing a good job in puerto rico . I mean, hes doing a great job in the island. I mean, we were having federal officials and federal cabinet members before both hurricanes irma and Hurricane Maria, we never received this kind of devastation, the coordination with the federal government has been better than ever, of course, theres still a lot of work to do. We still have more than 80 of the people without communications, 90 without power, less than 40 without water, but we are receiving 1600 sorry, 16,000 stuart im going to jump in. The president is receiving a good deal of criticism from democrats, from the left that his response to puerto ricos devastation has been slow and insufficient. Youre saying thats not the case. This is not the case. We received a major devastation, major catastrophe in the island but we have the federal government by our side the whole way, even before the hurricane hit the island and after. The visit yesterday of President Trump with first lady melania, and other members of the cabinet is the best way to show that the president is really concerned about whats going on in the island, he even talking about other issues related to the island that will help us a lot even praising the work with the local governor and local governor of the president. Of course, this will take time. This is not an easy situation. But the federal government is there and is going to continue to be there all the way with us. Stuart that is the issue of the day and we appreciate your input, Jennifer Gonzalez colon, thank you very much for joining us, maam. Appreciate it. Stuart new details on the very big yahoo hack, much bigger than anyone thought and now say that every single yahoo account was hit, that is 3 billion users. 145 million americans had their personal information stolen when equifax was hacked earlier this year. Thats not stopping the irs from awarding equifax a 7 milliondollar contract to, quote, verify taxpayer identity. Does that raise a few hackles with you and our audience . Yes. Stuart yankees, they won the American League wild card game last night and they were behind three runs, they beat the twins eventually, 8 to 4. They play Cleveland Indians in the next round. Thought you might want to know we were going to ask about it but we werent sure when. So thanks. Being upfront is how edward jones makes sense of investing. Can i kick it . Yes you can can i kick it . Yes you can can i kick it . Yes you can well im gone stuart we have the amazon story of the day but its not what youre expecting. Amazon is getting a tax bill from the europeans. Tell me. 293 milliondollar, youre not paying fair share, you got fair and this can affect dozens of companies, busch, ireland, you gave unfair state aid to apple. This is like the federal government going after u. S. States for giving breaks. You need to get the corporate out of the eu before they take it out in taxes. Stuart thats a good point. If we drop americas Corporate Tax rate, maybe that money will flee europe and come here before they get it. Liz sorry, my hair is on fire. Stuart dont go for it. Liz this is a big deal, these are companies that apple, 15 billiondollar tax bill that the eu wants. 15 billion bucks because they got a tax break from ireland, ireland is saying, wait a second, we were allowed to act independently and give tax breaks to companies. Stuart yes, thats what ireland would say. Ashley Prime Minister who is in european commission. One rule applies there, another rule applies over here. I think companies are under attack on all fronts, right . Stuart they are jealous. Liz leveling the playing field. Its flattening. Stuart yeah, yeah. We are still in europe here. Fight, its getting tense there. Whats going on. Ashley the leaders of catalonia, autonomous region of spain, youre seeing violence here when they held independence vote that said was totally illegal but i didnt think it would get this past, huge crisis for spain, have the king of spain address the nation last night and did nothing to placate anything. What does that do to catalonians, they are more fired up, they will declare independence in the coming days. How does that get reaction from madrid . This is really very, very serious situation for spain stuart wait a second, why should i care . I mean, im an american, why should i care . Only because this is evidence of further discord in europe and actually spain is a country that has been on amends but this is costly to spain. The big mistake was sending troops in to prevent the vote. The vote turnout was not going to be very big. Ashley 16 of spains population provides 19 to have gdp. Stuart they want out. Ashley they want out. Stuart the scotts, the english. Its not funny. Its not a negative for america. Its a plus. Ashley sure it is. Stuart down goes the euro and up goes the dollar. Ashley unless youre an american company. [laughter] stuart we opened market in about 12minutes time, 15 points, please remember we closed yesterday at 22,141. More varney after this. So we need tablets installed. With the menu app ready to roll. In 12 weeks. Yeah. The world of fast food is being changed by faster networks. Data, applications, customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Fast connections everywhere. Thats how you outmaneuver. Stuart the former ceo of equifax, he took a lot of heat on capitol hill because of massive data breach. Equifax stock taking a hit. Look, all the way down. I want to bring in senator john kennedy, republican from louisiana, because, sir, i have news for you. I think its news to you. Weve just learned that the irs has awarded a multiu. S. Stock market multimillion dollar Fraud Prevention contract to equifax. Do you have any comments, senator . Thats news to me. When i finish here, im going to a Committee Hearing at which the equifax president will be attending. I think i might ask him that question. Stuart im sure you should. I was talking to my friend, stuart, here is a question for you. I didnt know that. Stuart we just got it in ourselves. Feel free to use it as a question. I will. Stuart some republicans, the party, is reconsidering getting rid of the state and local tax deduction, reconsidering getting rid of it. In other words, it might stay. What say you, sir . I dont know where the New York Times gets this stuff. We are discussing a lot of things. Stuart i spoke to republicans, a lot of republicans. Well, the bill was not written, stuart. I know that youre seeing all of the analyses put out by the think tanks, they must be clairvoyant because i can tell you the bill is not ready. Stuart it is under discussion and raising the hackles of republicans in the house who come from hightaxed states like new york and california. One of the things being discussed is changes in the tax code. I guess thats obvious. Look at the math, okay, we want to reduce taxes because i think it will stimulate the economy and actually help the government and collect more taxes, but ive never said that a tax cut will pleatly pay for itself. No reputable economist is going to contend that. So that means that unless you want to deficit to balloon, you have to look for other changes, offsets, if you will, state and local tax break deduction is one of the things being discussed among hundreds, but i dont a decision hasnt been made. Stuart where do you stand from it, senator . Im willing to look at any provision in the tax code. Here is what i think we ought to do. We ought to go through every credit, deduction, exemption, exclusion and ask ourselves why is it there. If its there to create jobs, is it doing its job, double down on it and its there because someone had a good lobbyist, reconsider it. Stuart how do you feel extra high bracket for highincome earners, thats another proposal that we are hearing about . Im not sold on that yet. Im looking to cut taxes and not raise taxes and i hear this coming from democratic friends. You just want to get a tax cut from the rich, thats not true and they know that. The thing we are discussing right now, the proposal we are discussing right now will do more for ordinary people, middleincome taxpayers than anything this place has done in 50 years, they know that. Stuart senator john kennedy, i regret that i have to keep it short. You have to go to the Committee Meeting with equifax guy and im sure you will ask the question about the arrest. Best wishes from stuart varney. I am going to give you full credit, stuart. Stuart thank you very much, so generous of you, mr. Senator. We will see you again real soon. Thank you, sir. Thanks, man. Stuart we will open the market in four minutes time, we will be down a fraction. Please remember we closed at 22,641. Fourtyfourth high of the year. Back in a second alerts wouldnt you like one from the market when it might be time to buy or sell . With fidelitys realtime analytics, youll get clear, actionable alerts about potential Investment Opportunities in real time. Fidelity. Open an account today. Fidelity. Can i kick it . Yes you can can i kick it . Yes you can can i kick it . Yes you can well im gone hi, im the internet you know whats dtj get a job ting. Hi, guys. Im back. Time to slay heals, heals, heals yes youuuu no, i have a long time girlfriend. Mom i need my macaroni you know whats easy . Building your website with godaddy. Pick a domain name. Choose a design. You can build a website in under an hour. Yeah whoo yes get your domain today and get a free trial of gocentral. Build a better website in under an hour. Stuart its hard to contain the excitement about the stock market these days. We may be distracted by other news events but lets not ever forget that this stock market is on a tear and has been since the election. We closed yesterday at 22,641. That is a gain of 4,500 points since election day. Bang, it is wednesday morning, 9 30 eastern. We are running, we are up. We are still up. [laughter] stuart we are down 2 points. Okay, we will take that. When we opened them all up, even split, winners and losers dow. I think its the same story on the nasdaq. Fractional loss, yes, there you go, down. 16 . News of the day, amazon has been ordered to pay nearly 300 million by the europeans. Its all about illegal tax advantage. Thats their words, not mine. Dont forget General Motors, this calendar year, that stock is up 20 . Its up nearly a 30 just in the last three weeks. Whats going on with gm . Is it because they are going all electric . I cant believe. 43 bucks a share. Heads up, ashley. [laughter] stuart studying. Ashley, liz, thank you very much for joining us. Liz ashley good to be here. Stuart the only man to make a billion dollars off Varney Company. The market wants to go up. Its not stopping here. What say you . It wants to go up. Stuart wait a minute. You were cautious just a couple of days. Im still cautious. We havent gotten back into them. I dont think its time to buy just yet. Stuart you missed the latest rally. I did nises last leg. Stuart thank you for your honesty. Stuart i have to get to amazon story, theyve been hit, a hefty tax bill. Its not as big as i thought it might be, 300 million. Liz eu is saying, you amazon, youre playing unfair, you got and illegal tax break, you need to pair your fair share. We will slap you with 300 milliondollar tax bill. Apple is being chased after by the eu, basically say to go ireland, we will drag you into the court of justice and apple may have to pay 15 billion bucks in back taxes. Its like the federal government going after local states for giving tax breaks. The Congress Better act on that repatriation of taxes for Corporate Tax overseas before the eu taxes it. Stuart underlying story is the europeans fining bigamerican technology companies. Ashley exactly, how much of the eu gdp is made up because