Transcripts For FBC After The Bell 20171129 : vimarsana.com

FBC After The Bell November 29, 2017

Thats right. [applause] i used to say that, i had fun with that but we are winning, were winning again, were winning a lot bigger than anyone ever thought possible for such a short period of time. For too long our tax code has incentivized companies to leave our country in search of lower tax rates. It happens. Many, many there going all over asia. They are stopping. They want to take advantage of what is happening and what were about to pass hopefully. My administration rejects the offshoring model. In other words, lets build a factory in another country. Isnt that wonderful . That really helps us a lot. Fire everybody and lets build the product and send in without tax. That model never worked for me. It shouldnt have worked for any of other past president s, believe me. New model is american model. Call it the trump model where we build it here. As much as possible we build it here. Simply put our tax plan is antioffshoreing and 100 worker, 100 pro america. [cheers and applause] unthe american model were reducing burdens on our american businesses as long as they do business in our country. Now they do business here. We love mexico. It is a wonderful place. I dont like when our Car Companies move to mexico, fire everybody, build the same car in mexico. Send it through our borders with no taxes, no nothing. We buy the car. Same price. We buy the car. In the meantime, what do we get out of it . Which get no tax and we get unemployment. That is stopping. Now the plants are starting to move back. And now there is a price to pay when they do that little number on us. [applause] that is how we all succeed. We grow toth, as one team, one people, as one american family. [applause] this weeks vote can be the beginning of the next great chapter for the american worker. To summarize. Our plan cuts taxes for the working and middle income families. It nearly doubles the amount of income taxed at rate of zero. It lowers the tax rate. It expands the child tax credit. It provides relief from the estate tax also known as the death tax. It cuts Small Businesses taxes it reduces the corporate rate from 35 all the way down to 20 . It provide as onetime, low tax rate to return corporate morn any parked overseas, trillions and trillions of dollars. This is the right plan, this is the right time. We have a moment in time. The republicans have the senate. The republicans have the house. The republicans have the white house. It is very unusual. Very unusual. [cheers and applause] this is our chance to free our economy from our workers from the terrible tax burdens. We have workers that are so burdened with taxes, were freeing our workers from those terrible burdens. Republicans in congress campaigned on cutting taxes. We also campaigned on repeal and replace. It is going to happen. It is going to happen. Take your time. It is going to happen. Going to happen. [applause] Many Democrats have promised tax cuts that dont mean anything because they really want major tax increases. Senator claire mccaskill, have you ever heard of her . [booing] is doing you a tremendous disservice. She wants your taxes to go up. She is weak on crime. She is weak on boarders. She is weak on illegal immigration and she is weak on the military. Other than that, i think she is doing a fantastic job. [laughter]. [applause] but now comes the moment of truth. In the coming days the American People will learn which politicians are part of the swamp and which politicians want to drain the swamp. [cheers and applause] if you make your voices heard and call up your congressman, and they have been terrific, and call up your senators and they have been totally terrific, most of them have been incredible. They really are. They are really friends of mine. They have been incredible but it doesnt take much. That is why we need more. We need to have a larger number. Most of them have been incredible. Call your senators, call your congressman, because we have no choice. We have to act. We have to act, as a country. This is in good for the republican party, this is good for the country. That is ultimately what it is all about. [applause] so this week hopefully the senate can join the house and take that strong stand for middleclass families and for business, and for jobs and for competition and for bringing money back. Together, we will give the American People a big, beautiful, christmas present. [cheering] remember, i was the one here last time, i was one said you go to the Department Stores and you see happy new year, and you see red, you see snow, you see all these things. You dont see Merry Christmas anymore. With trump as your president , we are going to be celebrating Merry Christmas again and it will be done with a big, beautiful, tax cut. Thank you, everybody. God bless you. Thank you. Thank you, everybody. Thank you very much. President donald trump in st. Charles, missouri, gdp and of course about the u. S. Economy. The fact that these tax cuts on the floor with the senate right now need to be passed to help the American People. Hello, everybody, im cheryl casone. Im in for david asman today. Melissa im melissa francis. This is after the bell. Lets go straight to jeff flock in st. Charles, missouri where the event just wrapped up. Jeff . Reporter oh, boy, the president is on fire today. Everything from the tweets, you see them there, from the thrall of the crowd. This is 1000 people invited. These are all on the trump team i think it is fair to say, but i tell you the president today, everything, i cant even keep it all straight, what he had to say. Everything from another rocket man reference to pouring rocket fuel on the economy with his tax cuts. The big headline is putting as much pressure as he can on the senate to do what he wants them to do, which is to pass this tax cut plan. Trying to answer the critics i think fair to say, maybe we dont need a tax cut. Economy is doing fine anyway. Those who say only wealthy helped by this. President repeating multiple times. That not the case. Trying to read my notes on here. He really was on fire today. Attacking the senator here in missouri, democratic senator claire mccaskill. People suggested he was going to try to court her today. If he was courting her, i dont think that was the way to go about it. He said she was pretty much weak on everything. Kind of all the things she he said about roy moores opponent. Melissa jeff, if you could open my mic we want to listen back here. He is back at the mic. Lets listen. Reporter sure. The president is back at the mic . I dont see that. He is shaking hands, what he is doing, melissa. Melissa that was direction in my ear. Were trying to go back to follow along. Doesnt look like that. Sorry for interrupting. Reporter no problem. He is shaking hands. It was crazy one. He was earlier and spoken longer than he intended to. At least we thought he was going to do. Let you hear some of it, if you missed some of what went on here today, making the point again, that this tax cut and we dont know exactly how it will come out, obviously it will go to Conference Committee even if it gets through the senate. He says it will be the biggest tax cut in history. Listen. The biggest tax cut in the history of our country. Bigger than reagan. If they send it to my desk, i promise all of the people in this room, my friends, so many friends in this room it is a great state. I promise i will sign it. I will not veto that bill. [cheering] reporter he also said, basically responsible for the way the economy has gone, the positive moves in the economy that helped a lot of people that i dont even like. Those banker ceos, i dont even like them, but it has helped them. He was on fire today. Melissa. Melissa yeah. No, he was. I felt like he was doing standup, on the campaign trail in vegas. Doing his favorite bits. I loved it. It could have gone on for hours. But alas, we have Jonathan Hoenig, capitalist Pig Hedge Fund and we have former minnesota governor tim paw lentty. I start with you. How do you think that played . The president seemed energized and very optimistic and outlined his case for tax reform today. I think it was a welldone speech by the president. Melissa rachel. How do you think it went . I think it was vintage trump. He made the case this, that this tax bill, he says is antioffshoring, pro worker and. He comes at this, melissa, with a lot of credibilities because he made this economy already boom. I have live here in wisconsin. I have a brotherinlaw who has a Small Business selling stoves, fireplaces. Theyre turning people away. There is real confidence in the economy and places that were once forgotten. So i think when he tells this crowd, listen, this tax bill will make our economy go even better, i, the stock market even higher. More jobs, bringing money from offshore, i think people believe him. Melissa jonathan, it was very much a speech like we heard on the campaign trail. Does that go out there and sell the tax bill . Because it was, it was vintage trump, but i mean does that get people on board that werent there before . Rambling, freewheeling, just spur of the moment vintage trump, exactly as you said, melissa, but i will tell you the market seemed to like it. Rachel alluded it. The more trump talked market ultimately, he veered off the topic many times, kept coming back to the idea of lowers tax, the truth it will benefit economy, it will benefit the rich and benefit for the poor. Trump once said he could shoot people wouldnt hurt his chances, this speech as strange as it was, didnt hurt the market. It helped it move higher to a record close. Melissa governor, i dont think jonathan is huge fan but as he reviewed that speech, he still found a lot of same things other people did, even though it doesnt sound he likes the guy very much. So, what is that tell you . I mean maybe then the message that he is intending is getting through this this would be good for the economy. I can hear democrats on fringes shoutings he is lying about the fact that it is going to help his rich friends. You know, what is the general take do you think, outside of that room . I think you have to compare what is being proposed to the status quo and the status quo in most recent quarters is 2 Economic Growth which is anemic. You have to compare it to wage growth which is nearly nonexistent. You have to compare it to economic anxiety, particularly for people moveddest skills or modest income situations. Compare it to people who are very worried about being able to meet and pay their bills. Melissa yeah. If youre against this bill youre for the status quo. Nothing else is coming. This is going to pass. The status quo is pretty ugly for a lot of americans. Being for reform and change, trying something traditional is where we need to be. Melissa rachel, some say the bill doesnt go far enough. He promise something simple and sleek you could put on postcard. You cant put it here. Wall street journal talking about the Corporate Tax rate going to 22 , instead of 20. It isnt a lot of big bold moves that he had problem promised. But he laid out the opportunity we have now, we cant let the perfect bill be the thing that stops this bill from going because were never going to get a perfect bill. He laid out look, we have republicans in the house and senate, in the executive branch. Now is the moment he said, also, youre either fighting the swamp or youre part of the swamp. He is getting all of the people in that room, around the country, who want to see this economy boom and do better and have their families do better, he is telling them, get on the horn right now and call those senators, if it is your senator, who might be one holding up this bill. This is an opportunity of a lifetime. Melissa guys, thank you. Cheryl. Cheryl Jonathan Hoenig just talking about it. The markets and the response that weve seen today, really has been incredible. It has been a big day on wall street. The dow closing in very close to 24,000 and closing at a brand new high for second day in a row. Lori rothman on floor of new york stock exchange. Lori, transports were pretty active as well. Give us at rundown. Cheryl traders tell me this is classic rotation. Where we saw best performers of the year, technology, chip stocks, coming so far, so fast, now investors are starting to peel some money out of those sectors and hold up the sectors quite frankly are going to do better. Dow component companies, blue chip names, companies that stand to benefit tax reform. Cutting Corporate Taxes 20 , 22 , whatever it is. That is the sentiment on wall street. You see a winners list. Unitedhealth group up 3 . Jpmorgan up 2 . Verizon, walt disney, American Express rounding out that list. Tech was absolutely tumbling today. There is the nasdaq composite index off 88 points. Hope we can show you weaker performers. Google, facebook was off today, the fangs, amazon. Once again reiterating, a very classic typical, rotation out of highperforming stocks. These are the best performing names youre looking at the screen. Tech titans of the year, so far, since the outcome of the president ial election. And investors peeing off some profits. Peeling off profits, focusing on good economic news. Dont want to forget that. Consumer confidence and gdp were solid. Back to you. Cheryl to your point, bank stocks not fallen you would have new records for s p and nasdaq. Tomorrow another day. Lori rothman on the floor of the new york stock exchange. We turn our attention to washington. At any moment now the senate is expected to begin its debate on the tax bill. Bring in adam shapiro on capitol hill. Were waiting for this to kick off. The clock is on, adam. Where are we . Reporter well eventually get to a vote on motion to proceed. Youre looking live picture what is happening on the senate floor when they take the vote i want to talk about three shorts who will be key. Senator collins, senator flake, senator daines, they indicated they are yes votes to proceed to debate on the bill. That doesnt mean to proceed to the bill but to proceed. Daines is talking about the 60 billion he gotten as commitment by raising the 17. 4 deduction for passthrough income to 20 . Really not going to be a no or yes, rather when it comes time to vote on the bill. Theyre just yeses on motion to proceed. Still have to do a vote on the actual bill which could come late friday, perhaps early saturday morning. But this is where things are lining up. The, minority leader, charles schumer, is not happy about how this is all proceeding. Here is what he had to say. Here is what orrin hatch said in response. This bill could be entitled, the trickle down tax bill. Lets hope and pray, middle class, people, when we give most of the breaks to wealthiest and biggest corporations you might get a few crumbs. That is always the claim of the democrats. It is a gift to the socalled rich. Oh, gosh, give me a break. I get so tired of that, phony, lousy, argument that they make all the time. Reporter if you keep score on all of this, you know, senator daines talking about 60 billion over 10 years that will help Small Business, keep in mind, that there is roughly 80 billion figure, the wig ghoul room that they have, to give and get to adjust this bill. Anything over 80. 80 billion is a deal breaker. 60 billion is a big chunk they have to play with and theyre still playing. Back to you. Cheryl were ready for the vote a rama to begin. Reporter yep. Melissa here is senator thom tillis from north carolina. We are going to pass motion to proceed and were in the for the vote a rahmma. I believe the bill passes. Well likely go to conference. Well get the final product from the house and senate do one final vote before goes to the president es desk, i predict before christmas. Melissa we had breaking news a short time ago. Wall street journal reporting that the Corporate Tax rate looks like could go to 22 , instead of 20. Are you hearing that . Those are proposals that have been suggested. One of the things, maybe that is paired with something that would move forward the effective date. As you know right now the proposed 20 effective end of next year although immediate expensing or year after next, i should say. Immediate expensing next year. Those are all things that will continue to be worked even through the conference process. But im convinced you can see that the American People want us to be successful. You can see the market reacting to what is generally viewed as path getting to outcome, American People and families deserve. Melissa do you think that is tradeoff . What is in flux the date it would take effect, not Something Else . No. Melissa you dont think the business passthrough rate or Something Else like that . No, i think some of those things are being worked out. The issue, and a legitimate issue first raised by senator johnson, as you get through larger passthrough entities the burden seemed to shift more out of their favor. What were trying to do is figure out how we can take the edge off of that that those decided to have a passthrough or ccorp, we minimize migration that could have impact on overall revenues down the road. I think we can work through that. I appreciate senator johnsons leadership willing to come to the table, willing to do what we have to do to come to yes. Melissa sir, with respect, youre addressing issue of passthrough tax being too high on top end by not lowering taxes as much on corporations . That is more tax and more tax. Well, im not i agree well move the Corporate Tax rate up. That is one of several discussions. Things, almost never move until they move very quickly in washington. Right now what were looking at are some discussions about the dials we would have to tune to fund some of the, addressing some concerns of some of our members. So im not quite convinced yet. Im not convinced we would raise the Corporate Tax. I would prefer not to. Try to smooth out edges for passentities. Deal with concern about triggers and other issues that come up when you get to this point, youre pressing towards a vote. Melissa are you heartened that folks like senator flake and senator collins are voting to go ahead to have the conversation or do you think that there is still sort of a negative on things as they have been to date . No. I think that is a very positive sign. I think that senator collins, as we all know is working hard on health care provisions. Weve got

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