Legends breaking down implications on the tax bill, how much will you really be able to deduct of your mortgage interest . What does that mean for all you fence hitters ready but wait to go buy a new home . Plus, we are all geeked up for the debut of star wars, the last jedi, we have so many questions, is skywalker the last jedi. [laughter] shows how much i know. Why did carla turn to the right side. Mike tamara just left the screening. I dont know if hes going to give the spoiler alert. Dont freak out. S p 50 headed to new records as we await final details of the tax plan on the quadruple friday, less than an hour to the closing bell. Lets start the countdown. Liz folks, i do just need to get you breaking news we are getting, we are now learning that a u. S. Judge says he will be releasing former Trump Campaign manager trump manafort from home confinement. Manafort has been indicted in the case whether trump colluded with russia. For now i want you to turn the attention for the lower kicker, whats going on with the market, the color of your christmas tree, green, not only are the dow and s p 500 on pace to close at records today, this will be the dows 69th record close this year. Right now we are up 157 points. That actually ties 1995 for the most records in a calendar year. Whats your best guess for how many dow records we will hit this year . Its got to be a few more perhaps, maybe not the happiest deal on earth after all according to wellknown btij analysts, the epic fox deal may lead to between 5,000 and 10,000 jobs being shed. Disney head bob iger and fox head Rupert Murdoch are not losing their jobs. Big move yesterday to the upside. Fox hit a multiyear high and briefly hit negative following the report. Right now we do have 21st century fox up a third of a percent and we need to tell you that wallet disney is up three quarters standing at 111. 42. As we look at the news developing with fox and disney, Discovery Communications is jumping thanks the billionaire malone, disclosed he purchased another 332,000 shares of the Media Company bringing his total stake up to about 900,000 shares. Yes, the stock is moving up 4 but disca has had a real struggle. The stock has not blossomed like other media has. 20. 88. 10. 4 million shares. Fox base blake berman, you got some details right now well before the release of this thing. The tax brackets, break them down in the finalized gop tax plan. Lets put them on the screen, liz. There are seven brackets. Lets start, if you would, our single and what you would be filing under this plan that is set to be released publicly at 5 30, you see the numbers and what initially pops on the screen for you, 7 different brackets, 10, 12, 22, 24, 32, 35 and 37, the numbers that youre looking at right now are the initial numbers that were rolled out by the senate when they first put their plan out, so no change there and a clear win if youre weighing senate versus house with 7 brackets emerging here, clearly taking shape of the senate bill. Now the changes are coming in the form of that initial senate bill in the category if you are married or filing jointly and, again, 7 brackets here, same exact numbers on the lefthand side of the screen. What you will notice the difference is that 37 number of 600,000, that is a sizable drop from the initial senate plan which was a Million Dollars and the tinkering here is in between, when you look at the 22, 24, 32 caps in there, that is where that is where they played with the numbers and thats the difference from the initial senate plan, so what about simplification you ask . Well, there are 7 brackets in this. Current law is at 7 brackets, thats the same, i can tell you in speaking with one white house official yesterday about this liz, when it appeared we were heading towards 7 brackets, the argument that was made, when you only get a few, you get stiff cliffs and for some people this may be more simple. Either way, i think what youll be hearing out of this white house and out of republicans on capitol hill is that the rates are lowered and as we know they have been saying that this will lead to middleclass tax cuts, liz. Liz blake berman, thank you very much. I dont know if you looked at all the brackets. I can tell you that i immediately looked at the point where people who are making i believe 77,000 up to 165,000 will pay a 22 tax bracket rate. The billionaires who pay their who get paid their income through the socalled carried interest that Charlie Gasparino and i have been talking about so long. Billionaires, they will pay a lower tax bracket. 20 for those who pay carried interest and basically billionaires in Capital Gains. Let me get to adam shapiro. Adam, you have more breaking news. I told our viewers we had reporters in capitol hill and the white house, what have you found out . This implies to investors whether mutual bond stocks, first in and first out provision as it applies to Capital Gains, totally out of final bill. You wont be forced to sell off the holdings you have at the cheaper price to pay the greater tax, totally out. So firstin, firstout will not be part of the final tax reform legislation. And, of course, liz, the big question that a lot of people have, which republicans may still vote no against the republican bill once its in the house and senate next week. We know that the undecided remains, bob corker, leaning jeff flake, not responding about questions yes or no, undecided and then mike lee who along with mr. Rubio was pushing for the increase in the refundable portion of the Child Tax Credit, mr. Rubio saying he is now a yes vote, mike lee has not yet said he is a yes vote. Where does all of this stand right now . It becomes public at 5 30 here is what rob portman said not too long ago in the fox business network. The structure is a little closer to the Senate Version because we kept our provisions passthroughs, simpler, practically had two or three weeks more to work on it and see reaction to the house bill and the house acknowledged that we had a simpler way to deal with the Smaller Companies who pay taxes as individuals. So real quick, i want to go back to marco rubio, the senator from florida, he tweeted not too long ago that now that refundable portion of the Child Tax Credit will be around 70 as opposed to 55 , hes voting yes. They had said all along that rubio would be a yes despite him saying he would be a no. Now he can claim victory for the Child Tax Credit. The question remains is his partner mike lee going to also be a yes, we will let you know as soon as we find out. Liz adam, do we know how many pages this thing is . We do not. But you see the 7,000 i think it is of the tax code and they are trying to simplify it. I can tell you this, when you speak to whether its the Treasury Department or the administration, theyve got the irs ready to start writing the new forms, the new simplified forms and the new with withholding forms that everyone has to file. They are standing by to get the process started. Liz thatll be a long process but the president said by february, watch the markets, folks, up 168 points from the news that adam just brought us and blake just brought us. Members of congress not on the negotiating teams will get the bill in their hands at 5 30 p. M. One of them has just gotten in front of cameras, michigan congressman who serves on both the house budget and Veterans Affairs committee. Representative, thank you very much for being here. What do you know about this bill . Well, thanks, liz, all i know is that its been fun to sit here for the last few minutes and listen to the breaking news because my staff is at the ready for the release of the bill here at 5 30 to start digging into it. We i specifically staid here in town this weekend to make sure that we could break it down piece by piece for our district because thats whats what we do and im excited about the fact that we are here in the 11th hour, you could use the football analogy of twominute drill, we are down to final two minutes and the score board is looking good specially when you look at what the stock market is doing right now. Liz thank you for watching in the chair so closely and, of course, fox business is the quarterback here when it comes to at least breaking some of this news, you just heard there will be 7 tax brackets, what happened to the simplification there . Well, i think as you talked about the simplification is one thing but creating if youre creating cliffs, cliffs make people nervous, so if you went back to 7 brackets and theres less of a cliff, if you will, thats going to put specially that individual at the lower brackets, i believe, more at ease, even as you move up through mid brackets, theres less of a downside for going over a certain amount of income. Liz certain amount of income. So lets talk about income, the big criticism here, sir, has been that the individual gets less than what big corporations are getting as it pertains to these cuts, for example, i have no beef with corporations and their tax rate coming down, its too high, we are losing companies and that means we are losing jobs here in the u. S. , however, they get so much more specially when they get permanent tax cuts and the individual will see their tax cuts vaporize after five years, why is that . Well, i think the important thing is not so much the big c corps versus the individual, this country was built by Small Businesses and its that Small Business that for the last, you know, 8 plus years has been force today make decisions on expansion and hire employees as oppose to going over caps set by a Previous Administration that triggered higher expenses as Small Business. So the Small Business is whats really going to make the boots on the ground effect here for the average working american who is trying to just, you know, keep their kids in school, you know, keep their mortgage paid, keep all of those things going, thats where i believe the advantage is with this tax reform. Liz we havent seen it in its form, you havent and nor have the people who were just pulled by quinnipiac. Quinnipiac just took a poll, 55 of americans who were contacted disapprove of the gop tax plan. 21 liked it, 18 dont know. Im surprised more dont know because nobody has seen it yet. However, 16 say the plan will reduce their taxes, 44 say it will increase their taxes. The American People are sniffing something here and so it really is on the shoulders of congress to make them see that this will work out for them. You know, i would suggest to you that poll needs to be taken around the 15th of february again and see after that person who gets paid twice monthly see what now theyre getting, how much bigger their check is because of less taxes being taken out and i think the poll is pretty mature because as we know, we are still at the potential to tweak a little bit of the tax plan here and there as we vote next week and in both the house and senate. Liz we have to go, one big question, estate Tax Exemption, we heard it doubled. I have not heard any intel. Liz you are going to vote yes . I am. Liz you are going to read it first . Its snowing outside in dc, great time to sit inside and go over tax bill. Liz okay, order pizzas and hunker down. Thank you, congressman, we appreciate it. My pleasure. Liz congressman bergman from michigan. Star wars fans have to wait no longer. It took in more than 45 million in previews last night. We will tell you in just moments if the last jedi is on its way to becoming the first ever billiondollar domestic hit and apparently somebody has just entered the building. He wasnt cleared, he got in, oh, my gosh, he maybe coming down the hallway, we will find out in a second and we are still waiting for old saint nick, Christmas Day ten days away but the santa claus rally has been going on since last christmas. Traders tell us if they will last or if theres a grinch or two. I told you to watch it, 176 points. 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. Liz just ten days before christmas and every year at this time Business Reporters start asking and i know this because ive been doing it 19 years, when will the santa claus rally arrive, folks, it has been here all year long, multiple records, huge thousand point moves, mostly because people were anticipating major tax breaks coming and the newsbreaking right now is that some of the details are coming out, we will know the whole thing starting at 5 30 when it will be handed out to members of congress, 7 tax brackets, the estate Tax Exemption will be doubled. Right now the santa claus rally continues. To the floor show, traders at the new york stock ebbing changes. I will ask this simple question u when does the grinch show up at this rally party . Its pretty unbleefnl, unbelievable . I certainly think so. I think we will have another six months of the santa claus rally. The only thing that could derail is midterm elections, whats going on in dc is contentious and nasty and personal and only going to get worse. Theres not a majority that get anything through congress smoothly, so that would be the only thing derailing it for the next six months. Liz session highs right now for the Dow Jones Industrials, up 175 points, very possibly on the news that our reporters blake berman and adam shapiro just broke involving the details that they have managed to get out of the finished tax plan that its supposed to be released at 5 30. Lets put up the tax brackets. Here we go, anybody making up to 9,500 will pay only 10 and then you guys can see the rest of it here. 24 bracket those who make 70,000 and 160,000. Chris robinson, does it surprise you that we are charging ahead, we will see a 69th record close for the Dow Jones Industrials because people believe that somewhere in here will be mass tax cuts for the middle class . Yeah, i believe so and now, what might derail us, we may get the rumor and sell the fact, i dont think we came 7,000 points to not go get the final 3020. Itll be interesting to see if we can extend through that. Itll be interesting to see if people are still hesitant to buy stocks, in the next six months, people really get excited about buying stocks and that would really make me want to step back. Liz nasdaq is up 85 points right now. That is a pretty significant gain but the russell, small caps, this is crucial here, the russell 2000 is nearly up 2 right now and thats the biggest gain for any major indices, why . Because when you get big tax breaks, theres a belief that the smaller businesses, mid or small caps might do the best because they turn around and use the money they get to go back into their company. Alan. Well, what i see right now is we still have some upside here. We are not done. I think weve got 20 rally coming in the stock market and because of that im buying dips in crude oil, every time it gets 56, 55dollar level im buying it because they are highly correlated, right now the only thing that i could see derailing us or maybe the grinch would be the fed as they get real aggressive that could derail us, ive been trading since 1987 every time they come in, dont stand in the way. Liz yeah, we are going to put all three grinch events that you anticipate up on facebook. Com liz claman here is why. I get ripped by the bears, you have your cheerleader skirt on. I didnt make the cheerleading team, they say we are cheerleading too much, no, we are not. Trees dont go to the sky, im done with all of the cliches, have a great weekend. Thank you very much. Thank you. Matt, chris and alan. Okay, the closing bell 38 minutes away. Got a lot of action here, folks, we have the s p up 26 points. Look at the nasdaq, climbed another point since i said it was up 85 and now 86. Two beaten down names in the sports world scoring today after getting some much welcomed upgrades, under armour and foot locker, among leaders in the s p 500. Price target of 17. Its at 15. 13 charging ahead by 9 and a half percent. This while upping foot locker, 64, it has been 42, right now foot locker is at 45. 96. The two are really big winners right now. Up next the fight against the dark side rages on as star wars, the last jedi opens at theaters nationwide. Disney is shooting for the stars with its intergal attic that could be hitting to the charts of all time. Guard, guard get him. No, its not dark veder. Isnt he dead . Its mike tam troa just leaving a viewing of the movie. There he is. Hes got a full recap minus the spoilers. No spoilers tamara, hes coming into the studio right now. Countdown coming right back. Think your Large Cap Equity Fund has exposure to Energy Infrastructure mlps . Think again. Its time to shake up your lineup. 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