Is now back to work marking up gop tax reform plan. The pressure is on after that house did pass its version this afternoon 227205 with 13 republicans voting no. The house had room for that many voting no, but this is growing concern at this hour there could be trouble brewing in the senate. It all actually started right here during this show yesterday. As i was talking to charlie gasparino, news broke that senator ron johnson of wisconsin said hes a no vote on the senates current version. He told the wall street journal he did not like the plan as it stands because it was too generous to big corporations but not to smaller businesses. And now it seems Senate Johnson senator johnson could be just the tip of a growing iceberg. Not in the senate, but with big Trump Supporters who have written big checks to donald trump. In a fox business exclusionive, charlie exclusive, charlie gasparino, theres a a revolt behind the screens . Yes. And, liz, as you know, the markets up today. Liz absolutely. Its predicting theres going to be tax reform. We should point out that markets are often wrong in the short term, and it has to go through the senate which is going to be a tough vote. And heres where it gets interesting, im hearing this from prominent new york republicans that are prominent supporters of donald trump who have spoken with donald trump in the past, who have given him money, and this is what theyre saying. Because theyre from a hightax state like new york, theyre talking about forming some sort of revolt to lobby trump himself to make some substantial changes to this tax bill. Not in the corporate side, but on the individual side. What they believe is simply this people from new york, new jersey, california who are essentially middle class, you know, people making between 200 500,000, you have a family, you pay high taxes, you live in a high cost state, you are bearing the brunt of you are getting, essentially, your tax bill will go up to pay for the Corporate Income tax cut. And thats some of the stuff that some of the points that theyre going to make to donald trump. Theyre also going to make the point from what i understand that, hey, if youre going to close the loophole for that state and local taxes, its a matter of fairness. You have to close the carried interest loophole which benefits private Equity Investors and is in both bills. So it is, it is maintained in both bills. So theyre not getting rid of that deduction. So thats the points theyre going to make. And from what i understand this revolt and this lobbying is going to go on, you know, very soon. I believe people will personally address the president himself about their concerns on tax reform or whats going on here, how the personal income taxes of many people in these hightax states will go up to pay for whats essentially tax cuts for corporations. Theyre also going to make the point i believe, liz, that if you really want to do middle class tax cuts, cut the payroll tax. Liz why didnt they speak up before, charlie . I mean, now theyre getting together and, you know, im not going to ask you for your sources. These are obviously people that have voted for President Trump and gave him money during the campaign. But theyre just now deciding to get in his ear about this . Well, you know, listen, my sources are telling me theyre getting in his ear about it now. Maybe theyve gotten in his ear about it last week. You know, it was kind of interesting, i believe it was a couple days ago the president said you should take down the top rate to 35 to make it a little more palatable. I can just tell you what i know now, there are some prominent republicans in new york and some of these hightax states hard going to start lobbying the president personally on this. Heres their overall point, we dont mind if you want to take down, if you want to get rid of all these deductions, carried interest which they havent, by the way s. A. L. T. , state and local Tax Deductions, you know, stuff on mortgages, no problem. But youve got to do that in the context of tax reform, taking down rates. Theyre really not doing that. Theyre not taking down the rates that much on people who actually pay the taxes. If youre middle class, you actually dont pay that much in federal income tax anyway. You get screwed on fica and payrolls which theyre not touching. Liz were still waiting on sarah sanders, the press secretary. The minute she begins, we know this is going to come up oh, theres no doubt. Liz to the senate, which right now is continuing to mark up its version, im just surprised. We just put up the hightax states, the highest income tax. Right. Liz you know, we keep talking about new jersey, new york, california. Yes, californias at the top near i think its 13 , but minnesota and iowa apparently have higher, at least for 2016 numbers, higher income tax rates than even new york. Can we put up that list . Yes, here it is. Oregons up there, iowa, i mean, new york is high, 8. 8 . This from the federation of tax administrators, why arent those senators saying anything . Well, thats a good point. I dont know, you know . I dont understand why representatives from iowa, you know, are for this plan liz o or oklahoma. It actually makes no sense because this is not this is nothing like what Ronald Reagan pitched. Its not even close. It is, its kind of a joke. You know whats odd about it is this you are literally raising taxes on individuals to pay for Corporate Tax cut. And by the way, that Corporate Tax cut which im for you know, theyre not going to be putting their money into plant and equipment and hiring people right off the bat. Liz theyre going to do share buybacks. Listen, i dont mind that liz neither do i. But then if they start to lay off people, that becomes a problem. Its a mess. Liz the Senate Passes and then when the two mix, we shall see. Charlie, stand by. Thank you very much. Lets bring in somebody who might be able to react to what charlie just said. Look, the house tax gop bill fayed a very uncertain faced a very uncertain future but the house, here it is on your screen, a big win. And house members are celebrating this important victory for the american middle class, they say. Businesses large and small and the trump economy. Listen. Weve got a long road ahead of us. This is a very, very big milestone in that long road. Weve got a long road ahead of us, and we have a timeline to get this done by the 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 better. Liz one congressman who was behind paul ryan just raced to our cameras following that News Conference, Mark Wayne Mullen joins us live from capitol hill. Sir, youre oklahoma yes. Liz this works out perfectly. And you were also a storm former small and very successful businessman for mullen plumbing that your dad founded. So its all coming together here with you. Can you please explain to us why your senators and you are not as concerned about eliminating the state and local Tax Deduction when oklahoma has at least, certainly, you know, in the middle there, but minnesota has a very high tax . Its very interesting to see and maybe you can clarify. Right. Well, i mean, first of all, i appreciate what charlies saying, but weve ran the math, and weve been looking at it. For Small Business owners like myself, you know, we tonight start small we didnt start small. I mean, we didnt start large, we started with very few employees, and we have over 200 employees now. When you look at other business owners, theyre struggling the same way. And we look at it as were able to lower taxes for job creators. When you start doing the math for the individual, the average person in oklahoma is going to be just below 1200 is what theyre going to receive back on their paychecks starting january 1. When you look at my district, district 2, the average Household Income is 42,000. The first 24,000 of a husband and wife or those who are living together liz taxfree. Is taxfree. Liz right. So thatll alone tell you its going to be a tax cut. The other percentage is at 12 . So the if you start looking at the way weve got this structured, its going to be good for the state of oklahoma. Liz and you are on the republican whip team, as i understand it. Thats right. Liz howdy you whip at least some of the nos into maybes and eventually yess . I know the new York Coalition wasnt onboard, but what was the tricksome. Well, we doesnt do a trick. We talked to everybody and said, hey, what is your concerns . Lets talk about it. I started off with a real concern about passthroughs. I understand them very well, dealt liz okay, those are businesses where the owners actually pay and they pass through their both profits and losses through their individual tax reform, correct . Yes. And they are the backbone of our economy. 63 of every job thats created from coast to to coast inside the United States is created by Small Business owners. 75 of oklahomas economy is created by Small Business owners. And so i had a very large liz but why do corporations deserve 20 and they have to go to, well, to 35 or what, you know well, that was liz sliding scale depending on the senate versus the house. That was my concern. Youve got c corps that start at 20 and stay at 20 and then youve got passthrough Small Business owners that start at 25 and it only goes up, the competition exists, but the competitiveness differs when youve got a much bigger, higher tax rate. And so it was very complicated, and we started working on this with chairman kemp. Thats how long i started working on this chairman camp. Then it went with chairman ryan and chairman brady. So we have been very involved in the ways and means committee. They talked to us about our concerns, and we feel like weve got a very competitive tax rate for those job creators throughout the United States. Its just Getting Started and the ones thats been there and continue to thrive. And at the same time, were taking care of the middle class. Our goal here is too many people throughout the United States have simply a job. And what we want to do with reforming our tax code to make it simple and easy and put more money in the pocket of the American People is not for them to just have a job, but for them to have a career again. Liz of course. Of course. And it would be amazing if that actually happens i believe we can. Liz considering, sir, youre from a red state right. Liz at least first at the top line with the corporate versus passthrough that theres a redistribution of wealth to the corporate world in this tax reform. Im not saying im saying that, but it is in an oped that was just written in the New York Times on tuesday entitled robbing blue states to pay red. The blue states are the ones and this is part two of the redistribution accusation that this plan redistributes the wealth from the blue states, many of them, to the red states like yours which tend to use more government outlays than the blue states who pay in more for federal income tax. What do you say to that . Well, thats just someone that doesnt understand it. I would appreciate them to get in and understand the math. Were cutting taxes by 1. 5 trillion. Thats across the board. Everybodys receiving a tax cut in this. And, yes, at the same time we do gotta compete throughout the world. Were not just isolated to our shores. We go beyond that. So if were going to have the middle class come back and have a career, then what weve got to do is have those manufacturers, have the job creators be able to be competitive on a world stage. And at 35 tax rate, we cant do that. At a 20 tax rate, we can. Liz were watching it all, and were waiting for the senate to do its thing. Im sure you are too. Absolutely. And youve been seeing the stock market is already reacting. Individuals and, granted, they react pretty quick to a lot of things, but they also understand that job creators are coming back here. Manufacturers that have left have come back here. Were hearing it all the time right now, that those manufacture jobs that have left theyre saying, hey, you get this done, were coming back. They want to do business in the United States. Liz that, i get. Theyve got a work force thats well trained, theyve got a government they know that a coups not going to happen tomorrow and overthrow and they can ship products from point a to point b without having to bribe somebody to do that. We have the infrastructure, but we didnt have the tax system in place for those liz yeah. And ireland did, and they went there. Lets hope they come back. Well be watching it. Right. Liz its just a question of whether the middle class truly gets that cut. Congressman, thank you. We are awaiting sarah sanders, the press secretary, who will to a full room of reporters face them on a whole hosts of issues including what just passed in the house and whats going on in the senate at the moment a little bit dicier. Its crunch time. The closing bell ringing in 47 minutes. Dow jones industrials up 196 points. We are going to hit the floor show for a deep dive into what is really driving this wall street rally. The congressman just said its the passage of the bill. Could it also be cisco and walmart . Were still waiting for the white house briefing. Well take you there as soon as we get it started. Countdown coming right back. Our recent online sales success seems a little. Strange . Nk na. Ever since we switched to fedex ground business has been great. Theyre affordable and fast. Maybe too affordable and fast. What if. People arent buying these books online, but they are buying them to protect their secrets . . hi bill. If that is your real name. Its william actually. Hmph affordable, fast fedex ground. Or a little internet machine . It makes you wonder shouldnt we get our phones and internet from the same company . Thats why Xfinity Mobile comes with your internet. You get up to 5 lines of talk and text at no extra cost. So all you pay for is data. See how much you can save. Choose by the gig or unlimited. Xfinity mobile. A new kind of network designed to save you money. Call, visit, or go to xfinitymobile. Com. Liz let me put three major indices on your screen. Today is definitely not yesterday. Today you see markets smashing a twoday losing streak and surging to session highs. We have the dow up 193, just off session highs, the s p up 22. Look at the nasdaq, up 91. While yesterday the s p at the same time was enduring its worst twoday fall since august. So is it the passage of the house tax reform bill, or is it impressive earnings or maybe a little bit of both . Lets pull in and deep dive to find out. First, that nasdaq number, very nice at this hour. Its up 91, highs of the session up more than 100 points. What might be its 74th record close since election day. Were 42 minutes away from finding that out. Cisco is one of the stocks pro pelling the nasdaq and propelling the nasdaq, the Technology Giants shares surging to their highest levels in 16 and a half years, up nearly 6 after wowing wall street with better than expected earnings and news that its security business is rocking it. Walmart, dow component, icing out the retail ice age at this hour. The Worlds Largest retailer touching an alltime high. And now were at 98. 89 following a blockbuster Third Quarter result. Online sales are soaring. This is the busiest day for walmart investors in more than a month. 18 million shares changing hands. And on the big board you can see 31 million at the moment. That will jump even higher in the next 41 minutes. And speaking of staying busy, ooh, put the book down can. Barnes noble shareholders reading between the lines of a proposed deal to take the longtime bookseller private, and shares are soaring on that news, up 8. 33 . Its still a 7. 15 stock, but weve got an activist Investor Company thats approached barnes noble with with a plan that would value it at more than 650 million or 9 a share. So were watching that very closely. Trading volume 4. 7 million shares. Stocks already have had a blockbuster year, the gains for the three major indices with one and a half months left. Analysts at ubs are saying today that the market is not even close to pricing in those tax cuts if they come to fruition. It could spark even bigger gains if they become a reality. So how much higher could stocks go from here . What might trip them up . To the floor show, traders at the new york stock exchange, the cme group. Keith bliss, are you with ubs on this . I am. Ive long held to the belief that, you know, the whole narrative that the tax debate and getting a tax bill in place or at least on the president s desk before the end of 2017 is whats been driving this rally this year is not true at all. We have an improving economy. We have to admit this to ourselves finally. We have an improving economy, earnings have been good for the last three quarters including this quarter where most of the s p 500 has reported, and were getting between a 56 year on year earnings growth, and that was not expected at all. This is just kicking in, and as you pointed out, cisco is the latest big company to report good earnings and give us a pretty rosy outlook especially as they transform their business from equipment into more Cloud Computing and software to surface type model. Thats going to be a driver higher. Once we get the tax bill in place, whatever form and function it may look on the personal and the Corporate Income taxes, i think thats going to be the catalyst to make the market higher. Weve got this rally on the back of earnings. As we know, weve been trading sideways to down the last few sessions, but once the tax bill comes in place, were going to get a rally higher. Liz whats the catalyst today, taxes and tax reform or earnings . Keith, im getting youre saying earnings, right . Earnings, absolutely. Liz okay. Phil flynn. Taxes. Liz really . Okay. Well, it is. Liz we look at an intraday of any