This bill means over 3,000 in tax relief. Protects as a whole i will welcome the 74,000 new jobs headed our way because of tax reform t also means hardworking americans, everywhere are going to see more in their paychecks and they need it so badly. We all know this quote, will rogers, the difference between death and taxes, that death doesnt get worse every Time Congress meets. It is funny but really perfectly captures how most americans have come to feel about our tax code over these past decades because with the tax code we have today americans have seen it get worse and worse and worse. They have seen it get more unfair, more complex, and even more uncompetitive. Well, when congress met today, americans finally saw something different. They saw us all come together, to make our tax system better, for them, in our nation. Today was a major step forward but this is certainly not the last step in our tax reform journey. We still have a way to go. Well continue to listen to the American People. We always said this is not our tax code. It belongs to the American People and well listen to them and their representatives to make this better every step of the way, and i look forward, and all of us look forward to working with President Trump in the senate to get this bill to the president s desk by the end of the year. Worry committed to getting it done, delivering for the American People. Thank you. [applause] earlier i said there is no one man, no one person who has plowed the field for more years, more boldly, more effectively, on behalf of tax reform for the American People. His greatest title is former chairman of the ways and means committee. [laughter]. And im proud, were all proud of our speaker and friend, paul ryan. [cheering] thank you. First i want to do a back atcha. I want to thank the man in the house that made this day possible, our joyful, field general from houston, our friend and leader, kevin brady. [applause] of the ive got to say, this is nothing short of extraordinary. Let me just tell you getting 218 members to agree on something as complicated as, well, we needed 218, let me rephrase it. Getting 227 members to agree on something as complicated [applause] this country has not rewritten its tax code since 1986. This, powers of status quo in this town are so strong yet 227 men and women of this congress broke through that today. That is powerful. Of course i want to thank, not just the members who made this possible today, i want to thank the president. I want to thank his administration and i want to thank our partners in the senate who are doing their work as well. [applause] from the very start we said failure is not an option and president s and his team has worked constructively with us. He is tremendous partner on this issue. I want to say how proud i am of this conference. Tax reform is so very hard and but we know there are people really struggling through this country. Were coming through a decade of real economic anxiety. We know this is a nation that has so much more potential that is not yet been tapped. That is what this day is about. That is what getting this done is about. This is about giving Hardworking Taxpayers bigger paychecks, more takehome pay. This is giving families who are struggling peace of mind. It is about getting this economy to grow faster, bigger wages, more jobs. We put america in the drivers seat and Global Economy once again. This is about giving people hope and a new opportunity and it is about making sure that america continues to be the best place in the world, the best place in the world, to live, to thrive, to start a business, to create a job, to grow, to construct. We have a long road ahead of us. This is a very, very big pile stone milestone in the long road. We have a timeline to get it done by end of the year. We have the senate right now working on doing this were excited about going through the legislative process, going to conference, getting this done, making this bill even bert. Most importantly i am excited on behalf of the American People who are waiting to see us get this done. Last thing i will say is this, we collectively asked the country in 2016 to give us a chance to go work for them. We asked the people of this country who are struggling, give us a chance to make good by you. Give us a chance to make lives better by you. Give us a chance to improve your life. This conference did one of the best things we could possibly do make food on that promise. Im so incredibly proud. I want to thank one of the Women Leaders in our congress. She has been at the forefront making sure we get our message out, making sure we communicate, making sure we have two ears and one mouth, we use them in that proportion. Ladies and gentlemen, our chairwoman of the republican conference, cathy Cathy Mcmorris rodgers. [applause] this is an exciting day for the American People, an exciting day for the american economy. We stand here as representatives of families and Small Businesses, and farmers all across this country who have spoken, who have told us, they want tax relief. That they want an opportunity for a better life. Today we are proud to stand, were excited to stand and give them hope for a better tomorrow. You know, we all have the chance to travel around the country. I was recently down in north carolina, i heard a Small Businesswoman, she came up to me, said, you know what . If youre able to get tax reform on the president s desk, i will tear out this wall, i will double my business, i will double the number of employees and we heard those kind of stories repeated over and over and over. We want people to have larger paychecks. The Small Business owners who kept telling us we would like to pay our employees more. We would like to be able to increase our paychecks, but, it is a tax burden. It is a the health care costs. Today we are standing for them. This is why we run for office. This legislation is progrowth, it is profamily, because we want a plan that is going to reward hard work, respect the dignity of work. And allow everyone to keep more money in their pocket and we are talking about 1182 for that middle income american family. So our goal, today, we had the president with us earlier, is to get this legislation through the senate, and on to the president s desk as soon as possible. Of. And i am joined by some members. Our leader, our majority leader is the gentleman from california who guides us through all of these legislative efforts and delivered today, a rounding vote and please join me in welcoming our majority leader, kevin mccarthy. [applause] today is a critical day. You know what day sends for everyone who is listening, for everyone who is watching . Its a sign that our Congress Listens to you. For too long you have waited to get your wages increased. We are successful with the next step, i want you to check your check come next year. Check that check because your with holding, your income, will be up. For everyone whoever dreamed of being an entrepreneur, this is your opportunity. For everyone whoever dreamed of starting a family, of raising two kids, you know what this bill means . Your first 55,000 you earn, you will not pay one penny in income tax. Not one penny. For the dream it make sure that america stays on top, that the next century is ours, this will bring competition back to america. We have already seen ceos, who have left, because of the burdensome of this tax code. That has moved to another country to make the decision to move back. Trish House Republican leaders, taking a victory lap there, thrilled they were able to actually get tax reform passed in the house. The question now though, what happens in the senate . Investors are feeling pretty good. Up 211 points on the dow. Im trish regan. Welcome to the Intelligence Report on this very important today. Lets get to adam shapiro. As we saw, adam, this is a big victory, a big win for the house because it has just begun, because it has to to get through the senate as well. Reporter it is a big win. Consider how big it is, 227 195. Were hearing from speaker ryan about the Conference Committee will eventually come if the Senate Passes their version of the tax cuts and jobs act. Clearly the Senate Finance committee which is recessed right now but has been in markup all week, hoping to finish that markup by friday so they can go home for the thanksgiving holiday. But opposition from the democrats, theyre trying to slow down this process. Listen to what ranking member, ron wyden, on the Senate FinanceCommittee Said about where this is headed. Senators head home at the end of the week for the thanksgiving holiday but the majorities from the house and the senate are going to be hashing out the differences in their two bills. Theyre looking to cut a backroom deal. When youre reaching for the cranberry sauce, republicans are going to be reaching for your pocketbooks to give handouts to multicorporations. Reporter trish, lets talk about the deal that some in the house and some in the senate might be talking about. As i do that, lets show, we have a graphic that has been made senators on the fence, may vote no, may vote yes. One of them susan collins, right now currented as a no. She is concerned that the man state repeal would hurt families because they would pay for more insurance. They is concerned about the loss of the state and local Tax Deduction. The senate wants to get it out totally. Some in the house want to put back the deduction for property taxes. You might get senator collins back on board with a yes if they put into the Conference Committee version, the property tax reduction. That is somewhat will play out behind the scenes. Senate finance committee, all eyes on them right now. Theyre hoping to finish their work tomorrow and senate could vote on a bill right after thanksgiving. Trish . Trish thanks very much, adam shapiro. Joining me right now, House Freedom caucus member ron desantis. What do you think . Are you happy . Yeah. I think this is the first step. I think it was a strong vote. If you look at the folks that voted no, that was almost entirely because of the state income Tax Deduction being removed. I think that can be fixed by repealing obamacares individual mandate and using the savings from that to lower rates for everybody so that folks losing a state income Tax Deduction, have corresponding lower rate so theyre not made worse off. I think you could end up with a product that gets to all republicans in the end. This is the first step. As weve seen all year, trish, the house, we passed Obamacare Repeal and replace. We passed repeal and replace of doddfrank. We defunded sanctuary cities. We passed the tax bill. The problem is not been the house. The problem is the senate. Well see if the senate are able to get this together and put points on the board or not. Trish let me ask you, why is it that the senate has really been so stalled out while you guys have been able to do stuff . Does it have anything to do with the twoyear term, versus sixyear term, maybe you guys feel more pressure to do what your constituents want . Without question. Trish are they thinking about their own personal political careers in other ways . Without question. The house you have to answer to the voters. The senate you have folks not in cycle. They can do things that may not sit well with a lot of their core constituents but they will not face election. That is always an issue. If you look at different senators voting records, they become more conservative when theyre in cycle than when theyre out of cycle on our side. That is just one. Reasons why people dont like politicians to be honest with but heres the thing. Weve been told that we got to get things done as a party, and all that, by the republican establishment. The house is doing it. The senate is kind of the epicenter of the gop establishment in washington. So i think this is really, could be waterloo for the gop establishment if theyre not able to get get a good tax reform bill in the senate. Im rooting for them. I hope they do it and i think the American People will benefit if they get a progrowth bill through. Trish if they cant, so people understand the implications, one concern, if you guys dont get this done, i lump you in with them you will get blamed, all republicans will get blamed in 2018. You run the risk of republicans voted out. No longer republicans have the majority which should be some concern for the president. We have talked about on this set the dangers of democrats running away with their impeachment fantasy. You might be in a situation where taxes actually go way up. I am concerned for the short term, before you get to the election, trish, there is a lot of expectations built into the market, built into the economy well see a good tax reform bill this year. If that doesnt happen, i think you could see some immediate economic effects. I think potentially see market selloff. That is not going to be good. Whereas, if you pass this, i think some of those expectations that have been built up, that will basically be the foundation for hopefully some more growth. I think there is Immediate Impact in 2018 for this. I think that will affect the American People pocketbooks, i think it will affect job creation so there is a lot riding on this for american taxpayers and american families. That is the most important thing. If you do good policy, do what you said you do, elections in the midterms toes work themselves out. Trish not all the policies are great. I want to look at the senate. One of the things theyre talking about congressman, delaying the Corporate Tax cut a year which is guarantying yourself economic decline if not recession. Every business owner, every corporation will hang on. They will not spend a dime. They will not do any investment they could do, because theyre all waiting for tax cut that will come a year later. When this, if it were to pass in the house, get kicked back to you guys, where do you come out on that . I agree with that. You dont want to delay a business tax cut like, that because youre exactly right. It will change behavior. It will cause businesses to do less in 2018. That could help spark an economic downturn. That has got to be immediate. I think most republicans think it should be immediate. The senate did that because of scoring issues. Here is the thing. We have to stop worrying about the congressional budget office. Theyre wrong on most of this stuff. Why would you delay a tax cut for a year knowing that is going to undercut our progrowth aspirations . That has got to be changed in the senate bill. Trish i wonder if they ever studied economics ever. Econ 101. Congressman desantis, thank you very much i want to point out to the viewer, you heard the congressman say that perhaps salt might be in play if theyre able to repeal obamacare. That would actually make a lot of people from republicans from some higher taxed states like new york a whole lot happer. That might be in play. That might be the other thing, from that bubble tax we talked about, hit 1. 2, 1. 4 million in income. Perhaps that will get looked at once again. Well be right back. We have market sitting at session highs. That is up 220 on the big news that the house passes tax reform. Stay with me. See you here. I was playing golf days ago. Love golf. I used to love golf. Wait, what, what happened . I was having a good round, and then my friend, sheila, right as i was stepping into the tee box mentioned a tip a pro gave her. No. Yep. Did it help . It completely ruined my game. Well, the truth is, that advice was never meant for you. I like you. You want to show me your swing . Its too soon. Get advice thats right for you. Investment Management Services from td ameritrade. Jet fresh new highs in the stock market. The big board up 216. A gain of nearly a percent. The nasdaq up nearly one 1 2 . The s p up nearly a percent. Joining me right now, kaltbaum Capital ManagementGary Kaltbaum and chief investment strategist keith fitzgerald. Before we be talk about the market, were still waiting for roy moore who is expected to speak momentarily. We may go live to birmingham, alabama, there is speculation he may actually get out of this race. We will let you know when that happens if it happens. Of course the other big story that were following is, al franken, another accuse hears come forward against al franken. Well talk about all that in just a moment. First, 215 on the market. Gain of 23,486. Levels off the side of the screen. Gary, they like this idea of a tax cut. What would it mean for corporate earnings if suddenly Corporate Taxes were 20 . Well it simply means the economy gets stronger, profits go up, profits go up, valuations come down and markets have a chance to go even higher. For me the most important point of the equation . Youre changing trajectory of last eight years, higher taxes, more rules, more regulations, mandates, fees, fines, everything that is against the growth of the economy. So now were changing the structure and that is nothing but good news. I am in hopes and i heard a little bit earlier, they will now if they get this passed they move to spending and wealth fair reform. That is the trifecta i want to see. That will get things going for the next decade. Trish gary, this is not perfect, all right . It is the tax plan is good on the corporate level i would say but on the individual level they could have done more. I think they should do more. I think the idea penalizing anyone who is making more money, that sort of bubble tax arena isnt quite fair. I think they could have gone after private equity. The president wanted them to go after private equity. Youre nodding your head. I see that. Why didnt they . Well, you know, this is a bill