Bill will energize businesses, giving a average family of four 1200 bucks with a tax cut. Not everybody is on board. President trump making his choice, announcing the pick to lead the Federal Reserve at the white house moments ago. Is he just janet yellen with a tie . Or is he going to remake the fed . The biggest names in technology continue, to fuel the market rally. Apple is reporting profits this hour and it is expected to be another blockbuster quarter. Numbers that will move stock prices tomorrow in just moments. Among our guests, republican congressman, mike kelly, member of tax writing house ways and Means Committee. He met with the president a few hours ago. Grover norquist, mr. Tax cut, americans for tax reform president , is is he for or against . Lance ulanoff from mashable who will give us a sneakpeek at the new iphone x before it hits stores tomorrow. Melissa filing your taxes on single piece of paper. President trump promising to simplify the tax code and give you a huge cut before christmas. Adam shapiro with details on the gop plans. Break it down for us, adam. Reporter lets jump right into it, melissa, what the average American Family can expect. These are rates and income brackets for married couples. Up to 90,000, 12 . That is the tax rate. Up to 260,000, the tax rate is 25 . Up to one million dollars, 35 . And if youre fortunate enough to have combined income over a million dollars, 39. 6 . Remember the standard deduction for married couple, doubled 24,000. For individual, it will be 12,000. Here is what President Trump said about moving forward. A lot of good things are happening but this is the final element. Tax cuts and tax reform. It is an honor to work with my fellow republicans. I think well have democrat support. I think it will be veries, very hard for them not to support it. Reporter so the president is optimistic for some democrats to come on board. Democrats were criticizing the plan. Minority leader in the senate, Chuck Schumer, said this is a giveaway to the rich. Take a listen. Republicans know the more the bill is exposed out there, the less people like it. In short the bill is like a fish. If it stays out in the sunlight too long, it stinks. Reporter melissa, david they like to joke, bills that pass in the house to die in the senate. This isnt going to die. The senate understands how important it is to get this done. Again president is promising, congress is trying to get this done before the first of next year. Melissa schumer had written his little clip there. David do you think . Do you think . Melissa adam, thank you. David he is 100 scripted. That guy is always scripted. Back to the markets though. Investors were waiting on tax cuts. Now that they read the plan they are sell is greating. The dow hitting the 55th record close under President Trump. Nicole petallides on floor of new york stock exchange. You see hesitation. Were waiting. Were waiting. Now we read it, it aint that bad, right . Not that bad at all. Goes into four brackets. For most people certainly beneficial to them. They will have more money in their pocket. The dow moves to record high as you noted, the 55th under President Trump. The 72nd for the dow since election day, today finishing up 81 points. Look at some of the move verse. We had a market moving back and forth. We had a lot to digest, new tax plan, new Federal Reserve chairman, powell. Look at at t, time warner. We saw the names under pressure, at t hit a new low. Time warner was down about 4 . Had been halted earlier the off the earlier lows of the day. This was due to be 85 billion merger. Announced last october in 2016. Latest news was all about the department of justice and that they were considering antitrust lawsuit against at t acquisition of time warner. That spooked markets a little. Overall decision that its delayed until end of november. It is finished down. A record day on wall street. David. David a question whether time warner will spin off cnn well see about that thank you, nicole. Good to see you. Melissa. Melissa here is Republican Pennsylvania congressman mike kelly. He is a member of the taxwriting house ways and Means Committee. What is your reaction to what Chuck Schumer had to say about the bill . That is pretty much standard for mr. Schumer. I would hope our friend on other side would realize were all the United States of america. Not the divided states of america. This rhetoric doesnt help. They should look at it seriously were talking about same people. I dont care how theyre registered or how they vote theyre hardworking american taxpayers. That is where our heart and direction should be making sure they keep more of your own money. Melissa keep your own money. Youre shifts one pot from one to the other. Making it revenue neutral, means you will correct the tax somewhere and take that productivity out of the economy and give it to the government. Why not shrink the size of government . You know government you have to address spending issue which is big issue. Melissa exactly. Were not doing that right now. What were looking strictly right now is revenueraising part of the government. I agree with you, because were chasing a rabbit that will be hard to catch if we dont get spending under control. Today effort was to make sure hardworking american tax payers, middle income people and low income people get to keep more of their own money. That is basic. Well compete globally incredibly important for our corporations. But for individuals, that is what they want to do. They get up to go to work at end of the day they keep more of their own money. Melissa reality of what you said. Low income people dont pay federal tax. The peel that pay tax are wealthiest. You kept the top bracket the same. Even if you have no sympathy for whatsoever, it is still money they would spend, versus money that goes to washington and is not productive. It gets lost down that rabbit hole of government . Look, we have responsibility to address the other side, spending. I agree with you on that. Today wasnt about that today was about taxes and melissa seem like it is never about that though. When it be about spending less . If it were up to me we would tackled that right away. It is not up to me entirely. 435 in the house, 100 in the senate, most important person sitting in the white house, president of the United States will be a key driver. This guy has high energy and with such is regard for everyday folks. That is the way we go. I expect to see that happen pretty soon again today was not about that today was about a tax code been so complicated for so long. Melissa yeah. We waste so much money and so much time preparing it. We want to make it more simple forever day taxpayers. But again, we have to be globally competitive. We can not be in a world so competitive with the highest tax rates and think somehow our businesses will stay here and well not lose jobs overseas. That is pretty basic. Melissa what are the odds that this gets over the finish line on scale of one to 10 . What do you think is likelihood . No you always want a one to 10. Melissa i do. I love numbers. Here is what i think. So do i. I hope it is 11 because something long overdue and we want to get there. Listen if it is up to me, lets go for it. Make sure it gets there. We do have in the white house, what energetic and high Energy President we have. I have so much confidence that he will lead us through this whole difficult area. You know how complicated this is. It is very difficult. We have strong leadership at top. Well push that way. My message to everybody in america, this is great day for you, this is three decades since we talked about actually lowering your taxes, cutting your taxes. Just dont hear that too often except in Campaign Speeches and once the election is over. People forget about it. We didnt forget about it. We put it for front, up front. Melissa does final version look like this or first to go . People from expensive states are crying, throwing themselves on the ground. We will try to accommodate people where we can but we cant accommodate everybody. Some people will be happy. Some people will be very happy. But you will not please everybody all the time with this. It is just impossible. Were trying our best. Melissa congressman, you are very cheerful. We appreciate that. Youre a ray of sunshine. We have to be upbeat. Melissa an 11, i love that. Did you hear that . He gave 11. Thanks for coming on. David he is is excar salesman. He knows how to sell things. Breaking news, cbs reporting Third Quarter results. Lets go back to nicole with numbers. How does it look . It hit a low during trading. This is good news to see up arrows. A miss on revenues. They had more subscribers at cbs and showtime than a year ago. Digital platforms. Big picture, eps, flat at moment. Hit a low today. That wasnt particularly good. David of course if time warner cnn, cbs may be buying. Melissa all right. Upcoming battle on the gop tax plan, there is no margin for error. All the details are out. There are still a long row ahead. Latest response from the white house. David Grover Norquist from americans for tax reform is here to try to convince reluctant republicans that this tax bill, while not perfect is enough to put the economy on supercharge. Can make all the difference. It can provide what we call an unlock a realization that often reveals a better path forward. 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On taxes the white house feels very relieved what the house ways and Means Committee produced today. The president had two red lines on taxes, middle class relief and corporate relief. They think the house ways and Means Committee checked both of the boxes. There is the realization this is beginning of a process. There is still much more work to do. Speaking earlier sitting alongside kevin brady and paul ryan. President trump says he wants the house to pass a bill within the next few weeks. Secretary mnuchin, director cohn, and my entire Economic Team will be remain totally focused on tax reform. Well continue to work closely with all of you. Well be with all the way, 100 . I want to also have a bill on my desk, hopefully, kevin by thanksgiving. Reporter the president also rolled out his fed chair nomination, that is of course Jerome Powell, current fed board governor. Senior while house Officials Say one thick drew this president , businessman by practice, to powell was his private sector experience. Powell deviates from his predecessors in the fact that he does not hold a phd. But powell said, in come very brief remarks in rose garden, that the economy made significant gains since financial crisis and he made this vow right here, listen. I will continue to work with my colleagues to make sure the Federal Reserve remains vigilant and prepared to respond to changes in markets and evolving risks. Reporter the president also commended outgoing fed chair janet yellen today, calling her, quote, a spectacular woman. Powell put a statement yellen put out a statement. Im confident of his ability to carry out the vital Public Mission of the Federal Reserve. Im committed to working with him to insure a smooth transition. Medical list, back to you. Melissa im sure everyone did a deep dive into powells background and read the tea leaves, everything that came before. What the is impression . How much more hawkish than janet yellen . What are differences . What are they saying . Reporter President Trump said he wanted to make his own mark in comments on a interview on fox business. He makes his own mark by choosing Jerome Powell. But then again, powell didnt deviate much from janet yellen. A lot of people say this keeps the ship sailing in the same direction. Melissa. Melissa i like john taylor. Blake, thank you. David janet yellen with a tie. I heard that earlier. David looking out for american taxpayers. How the gop tax plan impacts you and your very hardearned cash. We have details coming up also. Also a timeline for tax reform. Very important, can it get done by this year . The president promises it will. Gop lawmakers, can they get it done . Texas congressman louie gmert speaks his mind. He haseen relucta about the tax bill. Very anxious whether he likes what he sees now. Melissa yeah. David hes next. Oooooohhh you stopped youre gonna leave me back here at year 9 . How did this happen . It turned out, a lot of people fell short, of even the average length of retirement. We have to think about not when we expect to live to, but when we could live to. Lets plan for income that lasts all our years in retirement. Prudential. Bring your challenges. Copdso to breathe better,athe. I go with anoro. Go your own way copd tries to say, go this way. I say, ill go my own way with anoro. Go your own way oncedaily anoro contains two medicines called bronchodilators, that Work Together to significantly improve lung function all day and all night. Anoro is not for asthma. It contains a type of medicine that increases risk of death in people with asthma. The risk is unknown in copd. Anoro wont replace rescue inhalers for sudden symptoms and should not be used more than once a day. 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I was concerned, asked about the earned income child tax credit. That has been a way of actually paying people welfare. They got back more than they earned, and got it back with just a taxpayer i. D. In the past. Well now, you have to have a Social Security number, not a tax i. D. Your children each have to have legitimate Social Security numbers so you can get that. That has not been required in the past. David but, louie, you and i talked in the past how were fans of the flat tax. Yes, we are. David everybody pays the same . You pay a lot more if you make a lot more. This is fair. This is a long way from that. It is, a long way from there. But still improvement. And i will vote for improvement for sure. David but bottom line, this is a bill you would vote for . Yeah. Unless there is some, poison pill that we havent found yet. Im kind of laughing, because my dear friend kevin brady is standing right beside me. I was asking kevin, very serious questions this morning. As i turned around, dave brat, said the truthseeker, you were asking questions got to the truth. Now we know about a number of things and they were all good answers, answers that i needed to know before i could feel good about it. I think they have done a lot of work. With all of the different pulling they had from different directions, i know its with a thankless effort, but, it will be a tax cut. It will help the middle class. It will create more jobs. And you know. For example, the Corporate Tax. Right. It is one of the most insidious taxes there is. David absolutely. We had highest rate in the industrial world. No question. That is coming down. Steve moore, loves my description. It is highest tariff any country puts on its own go