It has dipped in and out of negative territory, the nasdaq hitting yet another record high. It is up again. The dow and s p up for a Third Straight day. We are on pace for our best weekly gains of the year. Wynn resorts is the best performing stock in the s p 500. Perrigo, edwards, united tech. Lets party again, baby. Youve got it, brian. Im tyler mathisen. Welcome, everybody. Here is what else is happening at this very busy hour. Shares of twitter soaring more than 10 . The strongest growth in monthly active users in more than a year. Much better than expected earnings. After reports the white house is preparing an order to withdraw from nafta. More on this in a moment. And didi raising between 5 billion and 6 billion valuing the chinese taxi hailing service at about 50 billion making it the second largest vcbacked startup behind uber. We begin with President Trumps big tax plan. We will get the details or at least the outlines of it. From what we can expect to how it will impact your money we have you covered. Eamon javers, you first. Reporter tyler, a couple of important things to bring you up to speed on. I can tell you that there is nothing imminent here. There is that reporting but no announcement coming tomorrow on nafta. I can also tell you that i spoke to a Senior Administration official here on the white house complex last night who said the president would like to renegotiate the trade deal. He would need to do that but needs Fast Track Authority and theyre waiting for u. S. Trade Representatives Office to come in to power. This official told me last night that they cant get the green light to renegotiate nafta. Until that happens you have to comply with the law meaning theres a complicated bureaucrat process. In terms of this announcement that were expecting at 1 30 on tax, an Administration Official here said that this will not blow up the deficit. A lot of speculation. Would there be any pay fors in here. This official says they will have some pay fors in there and it will be a massive restructuring of the Tax Deduction system. Almost all will go away here. Related to charities, Home Mortgage interest but others would be eliminated so thats a way of reimagining the tax code. Thats a pretty big process. This official telling me something fairly significant in terms of deductions in about half an hour, tyler. Thank you, eamon. Now about how high high earners may be impacted. If youre a hedge fund manager, a doctor, a real estate developer. The trump plan can cut your taxes possibly by half. For highwage earners especially on the coast who work for companies this plan especially given what eamon said could be a huge tax hike. Theyre talking about pass through income not just the corporate coming in at 15 . Theyre talking about a higher standard deduction. They dont talk about rates yet. We dont know what the brackets are. We do know that just in keeping with Trumps Campaign plan they would cap deductions, all deductions except for charity and mortgage interest, at 100,000. That means business owners, partnerships especially those in states without high taxes. Those on the east coast and west coast can no long er or will no longer under this plan deduct their taxes. If this happened there would be massive tax shifting as the pass through rate would be much lower. Lets say a lot of people like me or you would make themselves into a company and use the pass through 15 even if the top rate goes to 33 . Thats still a much lower rate. This could create a huge shift in how people work, how they structure their own taxes and who they pay and how it affects states like new york and california. Thank you very much. Robert frank from new york today. Joining us on all this, who better than grover norquist, founder of americans for tax reform. He was at the hill event with secretary mnuchin discussing tax reform. Grover, good to have you here. Do you know anything we dont know . Can you add to anything . Mnuchin talked about some things that have leaked out and that is if the administration wants to take the corporate rate from its present 35 highest in the world down to 15 . Not 20 which a lot of people, including me, thought was the consensus they were going to go. Now theyre going to 15 . Is people who run their businesses inside their personal income tax brackets, that goes not down 43 to 20 but down to 25 . That goes to 15 . Youre talking about cutting twothirds the taxes in schapter corporations and cutting more than half for regular corporations. I assume you hike this and think its pro growth. It is huge pro growth. They cut through and said were going to take the rate so low you will not notice the deductions and credits people get all excited about. Are you concerned about a growth in the deficit . Thats the knock. You have to assume a lot of dwroet for the deficit not to grow as well. Yes. And i think if we take the rate of growth from 2 a year, obamas record, to 4 a year, reagans, and this is as pro grow growth, more perhaps than reagans tax cut was, back 30plus years ago dont move, grover. Theres something were going to want you to talk about because its breaking news from Kayla Tausche right down the street from you in washington. Reporter michelle, we did get word from the House Freedom caucus, the most conservative part of the Republican Party here in the house that they are going to support the amendments made that, of course, was supposed to be voted on last month. Some of these issues are being worked out n. A Statement Last hour while the revised version does not repeal obamacare we are prepared to support it to keep our promise to the American People to Lower Health Care costs. We look forward to improving the bill. Our work will continue until we fully repeal obamacare. This effectively puts the ball in the court of the moderate tuesday group to make them come to the table. A source told me the changes would likely bring over up to 25 new yes votes from the Freedom Caucus. The challenge is making sure they dont lose any more moderate votes. Once this goes to the senate it will likely be gutted. It will likely look 180 degrees different. The first step is the most important one. Getting it agreed upon and then voted on the house floor and you will see what the senate does. The movement here. Without leading us into the deep weeds, kayla, what changed . What is different . Reporter well, in the previous text or the onepage summary of the Freedom Caucus was able to get some assurances the cost of premiums for consumers were going to go down. They could opt out of the mandatory provisions the bill would have required. On the moderate side they were hoping to keep protections. That was in the previous text that has been agreed upon in principle for the last couple of weeks. Today there are reports that the whole republican conference discussed whether congress itself will be forced to take part in these exchanges, basically eat what you cook. The Affordable Care act required that and that could be left out here. Go back to that but keep an eye on the markets, too, as well because, remember, when Obamacare Repeal failed, the hospital stocks rallied. Cardinal health, Community Health systems, they are tied to this so we are watching those as well. A marked impact, watch the insurers and the hospital stocks in particular. All right. Thank you, kayla. Lets get back to grover norquist. This is part of your world because there are so many taxes in the obamacare law that if they were able to repeal it it would have an impact on tax reform. Yes. They total 1 trillion over a decade, getting rid of them is a big accept forward on getting all the way to fundamental tax reform. If they raise 1 trillion dont you have to make up for that somewhere else . In year 11 to year 50 deficit neutral. So when you repeal much of obamacare you repeal a trillion in taxes and 1. 2 trillion in spending. Youre cutting more spending than taxes. It improves the deficit reduces the deficit. And in the future that is a permanent trillion dollar tax cut. A trillion dollars ahead of where you are now. I want to come back, grover, to the main item on the docket today, the tax reform plan. We talked a lot about what it would do for businesses, scorps, pass through corps and so forth. What does it do to individual taxpayers and what deductions to individuals might be on the chopping block . Well, the rates that the president and House Republicans had agreed to in the past, and they may refiddle this, but i assume theyll be fairly close, a top rate of 33 . A middle rate of 25 . A bottom rate of 12 that an individual would have 12,000 of income tax free, an exemption before any taxes were levied on them, and a family of four 24,000. We dont want grover, what about Capital Gains and what about estate tax . Capital gains is half. Death tax is gone, dead, over. Lets say it works. Lets say we get the Corporate Tax rate to 15 or 20 . In order to get growth they have to spend or invest, raise salaries, build new factories, whatever. Do we need some assurance if we get this it done companies are simply not going to take the savings. It adds nothing to the Macro Economy and making those with stock healthier. The best investment we can make is to invest in ourselves. Thats a Pretty Healthy company. Other than itself. If you start putting rules on, then you dont have a free and open and Competitive Society anymore. Some could buy potato chips, i suppose. Thats why we have shareholders and boards of directors and that shareholders will insist they maximize value and the way to do that is to do more of what youve been doing successfully and if youve been doing stupid things, do that. Grover, you seem happy. Extremely. How we would reduce marginal tax rates. Is it really going to get done . Yes. By september, and mnuchin said we are doing territoriality. Its very important piece of reform. Fiveyear notes up for auction. Rick santelli tracking the action it at the cme. What about the animal spirits, rick . Reporter it ended with yesterdays twoyear note. It was a bit of a different animal. We just auctioned off 34 billion fiveyear notes. The yield 1. 875 billion and that was higher than the yield that we were trading at. Higher yield, lower price. We mark off for that. 2. 3 bid to cover. 57. 3 on indirects, below average. Directs were 5. 3 above action. We gave it a straight c. Yesterday an aminus for two years. The concession of the price drop and higher rates was viewed as opportunity. Today rates are still sticking to the upside and a lot less opportunity. Still ahead, treasury secretary Steven Mnuchin says the president s tax plan will be the biggest tax cut and largest tax reform in the history of the United States. In a few minutes the details when mr. Mnuchin himself and gary cohn take that podium. Well bring it to you live. Stocks marching higher as a result of all of this. The white house tax plan and news the freedom kcaucus is supporting an amended health bill fueling markets right now. Well have more on the markets straight ahead. I cant wait for her to have that College Experience that i had. The classes, the friends, the independence. And since we planned for it, that student debt is the one experience, im glad shell miss when you have the right financial advisor, life can be brilliant. Ameriprise hey youve gotta see this. Cno. N. Alright, see you down there. Mmm, fine. Okay, what do we got . Okay, watch this. Do the thing we talked about. What do we say . Its going to be great. Watch. Remember what we were just saying . Go irish see that . Yes im gonna just go back to doing what i was doing. Find your awesome with the xfinity x1 voice remote. Welcome back it to power lunch. We will get the details of President Trumps tax plan live when it does happen. Lets check on the markets and check in with bob pisani at the nyse. Reporter hello, melissa. Two things moving the market, earnings and taxes. Look at the s p 500, 2396. If we closed here that would be a historic closing high. Guidance, number one. This has been a trend. Boeing, rockwell, northrop, ingersollrand, even timken. Earnings have been strong, close to 12 . Weve had the best quarter since 2011 and theyre not lowering the number. Geopolitical risks a little lower. Guidance disappointment, risks out there lower. Tax cuts are in play. Thats a positive thats in play. Weak ms. Is out there. Well see if it can get better over the poor First Quarter data. Everything is moving in favor of higher stocks. Bob pisani, thank you very much. Lets bring in kate warren with edward jones. And michael jones, chief investment officers and chairman with riverfront investment group. Kate, i cant speak for my trusty cohosts but when i go out and talk to people they will often ask me now, doggone it, i missed the rally. I was scared of the stock market. Is it too late to get in . I tell them to watch the show to listen to people like you. Is it too late . If you have no money in the stock market, is it too late . It is not too late but you should have realistic expectation it is that will see more versatility and not the double digits. Its not too late. You need to look at Quality Companies making sure you have a diversified portfolio and longer term horizon. Are you seeing new money come in, kate, maybe clients that you havent talked to in years start to come back in . Yes. Weve been seeing clients come in pretty much over this entire expansion. Obviously many people were quite nervous back a long time ago but as things have progressed weve seen more money come in and the optimism reflected in surveys like Consumer Confidence and Investor Confidence the last year or so has brought more money into the market. Were seeing near records today because of the hope for changes when it comes to washington when it comes to health care reform. Can we get more out of this double digit move weve seen . If youve noticed since the powerful rally weve enjoyed every pullback has been very short and modest and a lot of people were too conservatively positioned. They come pouring in every time the market pulls back even a little that suggests to us the market is in great shape technically and were getting support for that technically strong position with the earnings position and todays announcements with the tax cut proposals and it was an expectation he might go on the sideline with proposals. Thats clear ly not helping. The interday spike in shares of alcoa now up by more than 1 right now. This, speaking of announcements, wilbur ross will announce a plan to probe imported aluminum so we are seeing shares react sharply to that headline. We will bring you more as we have it but, again, to probe imported aluminum. Kate, back to you in terms of a tax plan today, is it too late right now to take a look at the highly taxed companies like, for instance, a cvs and one example 39 tenyear tax rate, do you look at those stocks and say they will benefit with the reduced Corporate Tax rate and you buy stocks like that or small caps which have a huge percentage of domestic sales and would see an impact in the tax rate . Yes, we certainly would be adding small cap stocks because they are likely to be beneficiaries not just of any tax proposal changes. I dont think its too late to buy based on that. Thats additional upside but you really want to focus on the fact that while First Quarter growth is likely to be weak, youve been seeing stronger earnings and we expect better Economic Growth and that also is positive for domestically oriented companies. Dont forget that International Growth is picking up as well and that helps the multinationals as well as reinforcing some of the Domestic Companies that benefit from stronger demand in the rest of the world indirectly as opposed to directly. Kate and michael, our thanks to you. Still ahead President Trumps much awaited tax reform blueprint. Whats in it . Does it have a chance of passing . How will it affect you and your money . We will find out in just a few minutes when mr. Cohn and mr. Mnuchin take the podium. Im only in my 60s. Ive got a nice long life ahead. Big plans. So when i found out medicare doesnt pay all my medical expenses, i looked at my options. Then i got a Medicare Supplement insurance plan. [ male announcer ] if youre eligible for medicare, you may know it only covers about 80 of your part b medical expenses. The rest is up to you. Call now and find out about an aarp Medicare Supplement insurance plan, insured by unitedhealthcare insurance company. 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