President has taken tax cuts off the table. We will Ask White HouseEconomic Advisor larry kudlow about this and much more an interview you will see first on fox business. Welcome everybody, this is bulls bears and thank you for joining us. I am david asman, joining me on the panel jonathan own neck, jackie d analyst, zachary and gary deese both. President trump taking slack after tax cuts, he says the economy is strong so we do not need them. Larry kudlow, National Economic council will join us at any minute now. But jackie, if the economy is slowing down and there are signs, today we have revisions of the amp limit figures to the downside, what do you do other than cut taxes . Its an option thats on the table and the president took off the table. I think its a danger talking to much to the media even if the strategy that the white house is considering that they may not employ depending on the cell this plays out. We take every word and we pounce on it. Yesterday he was doing and today he is not. He may still do it who knows. One obvious example is when stimulants would be taken to the pages of the wall street journal which is to in the tariffs. In the trade war, even larry kudlow himself admitted that the tariffs are in fact taxes on americans. We heard from businesses big and small and all these bahai in the sky ideas are easy similar to the economy would do be cut taxes but the president himself put on a new seat and a positive in effect and get some revolution to the trade war. I agree with jonathan. Ill go one step further. Remove the tariffs and how about this course of action. Get people back their money via lower taxes and do nothing. You know me david, is that the governments role to manipulate the economy like wizard of oz. It never works, the better after recession, depression but less the government did the better. I would agree with that. You were there and im here. I think the reality is, we look to washington and the white house as the patch all of what happened when the economy strong and weak and president take credit for good economy and bad one in the amount of the fact that they have an overall trend, i think its a lot more limited than both the media and the white house in the political realm, they tend to give them credit for. Absolutely, the tariffs are a drag although not much of an economic drag by most calculations. The amount of tariffs to date are less than 30 billion than a 21 trading dollar economy so psychological weight then an actual tax. They are an actual tax. I think we need to be careful about that. The white house can do something but is not the endall beall. David lets talk to the man in the center. Many things in the white house in terms of economic policy. Mr. Larry kudlow National Economic council and director and a good friend for a long time and knows a lot about texas. Lets start about taxes larry, if tax cuts help the economy and we talked how much they help the economy, why wouldnt more tax cuts help the economy now that it seems to be slowing a little . Just to be very clear, we are not formulating tax policy for sump sort of near action. We do believe in the recession talk. I think the economy is very strong, i think the consumers are leading it, i think we had a lot on the Manufacturing Business and complex but the business is showing come back and we can talk about those numbers later. What i do want to say is, we have been for a while, ever since i got here and continue, we are looking at what is sometimes called tax cut 2. 0 to improve the longterm growth of the economy. As you suggested, lower marginal tax rates, improve incentives, to work, save, invest and take risks and entrepreneurship in the first round of tax cuts in the president s early days has reinvigorated entrance from the economy, rebuilt the economy and we are growing close to 3 despite very severe monetary restraints. To clarify again, the tax question, there is no reason why we should not be, in fact we are, developing again tax cuts 2. 0, we are Touching Base with all of the key people in the ministration. David it seems like the president took 2. 0 off the table. He didnt, what he was referring to was something immediate or urgent or into recession. We just did not buy the scenario. David forgive me for interrupting, how soon might we see tax cuts, more tax cuts before the election . Before the election, yes. You might even see tax cut 2. 0 which would drive a pistol tax release and create additional tax incentives for middleclass folks for bluecollar workers, for Small Businesses. Additional incentives, additional tax cuts. And you might see that during the campaign. To be perfectly honest. There is nothing in the near term thats what the president was getting at, we believe the economy is quite healthy and we expect some relief on shortterm Interest Rates coming up from the bed and so forth. But longer run, why not. The tax code can use much more reform, much lower marginal rates for individuals, businesses and so forth. We have made tremendous progress in 2017, 2018, 2019 but we have more work to do. David you made pretty big news. Suggesting that during the campaign itself, long before the election itself, we could see a rollout of new tax cut proposal. You very may well see that. David what kind are we likely you said middleclass, that sound like payroll tax cuts . No, i dont want to get into a lot of detail because they dont want to get ahead of the curve. But highly unlikely we will g go the idea of shortterm payroll tax cut that it doesnt work, and never works, it has no lasting impact, we are looking at incentives the personal tax rate could easily be lowered and probably the brackets could be shrunk. That is a thought. Small businesses for example, could easily benefit from additional tax reform. For example, llcs, they might even benefit in my even worked her way to help our friends and some of the states who were concerned about the shrinkage of the Tax Deduction there. For examples, the Capital Gains tax could be changed or reduced from 23. 8 which is very, very high. There is a lot of things that can be done to simple by the tax code, to help middleclass and Small Business, to lower rates to create incentives. And that is a longer term view because were very confident about the economy. And you saw today first time unappointed plans, denton nearly 200,000 in unexpected drop. David we also sold a downward revision of past gains. This assist local revision, yes i will absorb that and take a closer look. Im just saying unemployment claims are one of the best leading indicators of the economy. So im optimistic on that score. Consumers are working, spending, saving, their wages are going up. I think thats crucial. Great to see you. The consumer is a big piece of the economy, the consumer is alive and well and if you believe that the tariffs are far have an impact in the consumer, a lot of folks are worried that the pending tariffs will if the president cannot come to an agreement with china, what is the contingency plan . I dont want to what if on any of that. What i might say on china, the deputies from the two sides, the deputies had a productive Conference Call yesterday and they are going to come back in a few days for a second Conference Call and we are looking at the key aspects of a trade deal and i believe that at the right time when the deputies report fully, hopefully we are still planning on having the chinese come here to washington, d. C. To continue the negotiations which were interrupted last may. But i want to emphasize that the deputies call was constructive and im not here to report results and not here to make any predictions, im just saying that this process that is unfolding it looks to be to be a positive one. David we have an old friend, zachary is here and has a question for you. Hi larry, on the tear questions, more about how companies are doing with this particularly in the level of uncertainty about how they do they make their own contingency plans particularly with businesses abroad. In the tariff actions and as you all know, a lot of companies will withhold or put on hold plans to send money whether his production facilities and im not saying that outsources. With desire for uncertainty. [inaudible] go ahead larry. He was a guest on the cover report. And you can see why. [laughter] david we only have 30 seconds pray quickly. The president will continue his campaign to lower trade barriers as he must defend the market economy in all sectors. We are in constant touch with their businesses, large and small, constant touch and again, we hope that they invest and build more in the united states, they already are, i think china has problems and people are leaving china, china cut their costs, their losing supply in American Business is very flexible, very nimble and very entrepreneurial and doing very well by all accounts, the stock market is a most recouping all of the correction it had that seemed just her the pot. We remain very optimistic. David we have to leave it at that. We are looking forward to it. You made news today. Thank you very much. Controversial comments about the fbi and an affair with a russian spy taking down the overstock. Com Ceo Patrick Byrne, he announced his recognition today after 20 years with the company, more on this and what happens now any joins us live at a fox business exclusive coming out. And new green new deal, a 2020 hopeful Bernie Sanders of ely noble titrating dollar climate plan that he says will pay for itself in my line of work, i come facetoface with a lot of behinds. So i know theres a big need for new gasx maximum strength. It relieves pressure, bloating and discomfort fast. So no one needs to know youve got gas. Gasx. That a handle is just a handle. Chair is just a chair. So no one needs to know youve got gas. Or. That you cant be both inside and outside. Most people havent driven a lincoln. Its the final days of the lincoln summer invitation event. Right now get 0 apr on all lincoln vehicles plus no payments for up to 90 days. Only at your lincoln dealer. 2020 hopeful Bernie Sanders unveiling a climate plan he says build on the green new deal. He says his plan eliminates fossil fuel use by 2050 and creates a 20 million new jobs, raises taxes on the fossil fuel industry and cost over 16 trillion. But he says it would pay for itself. Will this all appeal to voters . Why not 20 trillion if it pays for itself as something pretty good deal. The whole point of this is taxes and control. The whole goal of the environmental movement, its antiman because man must move the earth to better our lives with the environmentalists are against all of that, meat, gas, dairy, they dont want to have kids, dont want you to run the ac, dont take airplanes, antiindustry. That is a heart and soul of the environmental movement. Jonathan, i would say while there may be egregious aspects of the plan there is also Real Infrastructure investment moving toward more renewables which is a good thing in the sense of economic and energy independence. And there is a lot that we need to do in this country in terms of that particularly in our power grid. Theres a 4 trillion alone needed to upgrade to maker power grid more smart, more effective, more efficient and safer in a world of cyber terrorism. You cannot dismiss all of this. Whatever fear you have, man can overcome it and put you back with the environment elsewhere say. They were talking about a population bomb and we would run out of food and look, man is inventing new food and more people on this planet than ever before. Environmentalists are always wrong. Let me put into a bigger context whether we call it the new green deal or Something Else is more Government Spending. The problem is, theres a direct correlation between increased Government Spending and decrease in gdp growth. Its a positive correlation. More Government Spending, the lower gdp. So jonathan is right, you want to spend 20 billion or 30 billion, every extra dollar you spend we will see a decrease in her growth in gdp because it is moving money from the patient private sector to the inefficient publicsector pride. Lets stick with senator sanders for a moment. Also the medicare for all plan, they opposed the change will allow labor groups to negotiate for benefits, not provided under medicare for all, the aide reportedly saying it does not quote open the door to private insurance. [laughter] its a little frustrating. But i think the gop does not have an answer when it comes to senator sanders push first medicare fraud. How could you before medicare great for seniors, but not for medicare fraud. Senator sanders has been consistent on this and he points out there to facts, people love medicare which is why were moving exempt towards us even on a republican president. Heres another thing, im only a few years away from medicare. And i want to. [laughter] and im going to take it. As a libertarian as i am, when im available for medicare and its a bigger context. My generation of people in your generation of people, we will walk more of the government benefits because we feel we paid for them. The tide is going to go based on demographics for medicare for all. Theres an element of this were a tested message, testing will as gary and jonathan point to. But it does point to the element of the cost curve of Health Insurance if you do not have your your employer in a Small Business and have given to employees it is been egregious and problematic over the past years. And something has to be done about that. This is an appealing answer, we will take the cost away from you and put it on someone else. The irony is the appealing answer is more government, thats what they made healthcare more expensive in the last 50 years. David overstock. Com Ceo Patrick Byrne resigning from the Online Retail company he helped steer for 20 years, the stock is actually surging on the news but how did this all go down. What happens next, we will ask the man himself, Patrick Byrne joining us in a fox business exclusive. You will not want to miss is coming up. A very strange way by a fluke of history i ended up in the center of the russian in the clinton investigation. I have all the answers. I have been sitting on them waiting for america to get there. All Money Managers might seem the same, but some give their clients cookie cutter portfolios. Fisher investments tailors portfolios to your goals and needs. Some only call when they have something to sell. Fisher calls regularly so you stay informed. And while some advisors are happy to earn commissions whether you do well or not. Fisher investments fees are structured so we do better when you do better. Maybe thats why most of our clients come from other Money Managers. Fisher investments. Clearly better money management. From the 5am wakers, to the 6am sleepers. Everyone uses their phone differently and in different places. Thats why Xfinity Mobile created a Wireless Network that auto connects you to millions of secure wifi hot spots. And the best lte everywhere else. Xfinity mobile is a different kind of Wireless Network designed to save you money. Save up to 400 a year on your wireless bill. Plus get 250 back when you buy an eligible phone. Click, call or visit a store today. Patrick burne burn after resign, his blood over exec nation mentions the turmoil caused by the bizarre series of events involving a russian spy, the fbi and what he describes as a destructive deep state within that institution. Here not to explain, for himself is Patrick Byrne. Great to see you. Im all yours, why did you resign . First, tuesday was my 20th anniversary, we just had the big party, everything in a perfect place. For perfect time for me too resign. The killer app of block chain was just voted in a 51 said its most likely to end that race, we have got 22 other block Chain Companies they involved in in the Retail Business has returned to ebit profitability and everything once i stop trying to chase the monsters and lose 3 billion, we will focus on being a technological masterpiece and make money and we have the most successful and most numbers of profitable years than the economist. And we really did it on a down for the capital. So all of that is in a perfect place. But there is another issue. I am not getting chased, this is me injecting and i have to. I have to because ive been warned if i come or were to america that the apparatus of washington is going to grind me into a desk. And that will happen and i have to get that away from the company. It is only right. Why will it grind me into a dust. I tell that it is calm after last time, i can tell what i said, they didnt quite get the joke, when i know about the russia and clinton investigation this is what i mean. Because 17 years ago i helped them crack a murder and they knew me and i help them on wall street 12 years ago and they knew me. They called me in 2015 and 2016 to assist in something. And i did not wh know who the orders came from but i assisted. Very honorable federal agents and honorable people but they named some names, they did not name the names, i did not know who it came from but i ticked orders that were fishy in 2015 and 2016 and last summer watching television i figured out the name of who sent me the orders and this is been confirmed. The name of the man who sent me was peter strzok, got it. This is going to be quite a whirlwind. David that has not been revealed so far as i know as of yet. Are you working with the attorney general in his investigation . Let me be clear, im not working with anybody. I want to spend the rest of my life last time i talked to federal officers five months ago and i explained everything to them over a course of seven hours and then i disappear. Bill barr, a sculpture of granite of the sky summer, i have been sitting on the stuff for three years, i could no