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an we are back live with a look inside the treasury department where president trump will like-an executive order that allows treasury officials to roll back tax rules imposed by president obama. cnbc economics reporter and a senior fellow on policy and budget priorities is with us. steve, what do we know about the three things that he's going to sign, how significant are they? >> potentially significant. i liked the way you said, aimed at. he did want the dodd-frank regulatory reform go. when you read the executive order, it was a little easier than this.
because people want to pay the lowest amount of money and get the greatest amount of goods. to see macy's would eat the cost, macy's just closed 100 stores. margins have shrunk, companies aren't willing to pay. i know america first is a great sound bite but people don't want to spend. it's not mexico who would incur the cost, it would be the united states. >> and we saw a walk back, a little bit of whiplash from the team saying this was just a buffet of option, this was not the final plan. >> that's sort of what's extraordinary here, maybe it's a shot across the bow but it leaves so many of us wondering how trade works, it isn't simply a back tax, a tariff. even if mexico were to be hit. it's about wages. labor would move to nicaragua,
his soon to be fiancee. he has to pay a $5,000 back tax. >> is it tax deductible? it goes to charity. i am just saying. >> that's a good question. you should have found the answer to that question. some don't do proposals. that's including city field the home of my beloved and awful mets. do they have the right idea? >> i believe they do have the right idea. my home team, the baltimore oriels who i grew up watching, they don't do it as well. it is such a awful idea to propose at a sporting event, but i also love the proposal, so it is weird. they are so incredibly unromantic that if a woman says yes to you, it has to be true love. she can't possibly like it, but she loves you so much that she will say yes and i think those marriages are set. >> we are going to end on that up note. a special thanks to joanne and
sawe the borders secured. what are the requirements for the 11 mllegals in the country now? what d need to do to get a path? >> they have to pay back tax and have a noncriminal record. they hto be able to understand and study history. they have to get in line behind everrone else. they will be grantedded legal stall us but they get behind everyone else who has waited legally for green card status. >> and military service? anyone think about requiring a year or two of military service? >> if the military could use people for a y or two could be in ou minute enlistment is four but there is a proposal one dream act to acrate their path, the young people who are brought here at children by parents that military service and schooling could be part of it and high-tech, those would graduate with ph.d.'s and others in the high technology, wet a way to keepm in the united states. >> senator schumer pointed out @%u like to get g right away, and he said maybe day one we can moveas soon as its rough the senate and passes
immigration reform to the future of the republican party. just look at who is now falling in line behind florida senator marco rubio's new proposal that would give legal status to millions of immigrants. headlined -- marco rubio, riding to the immigration rescue. his proposal would say illegal immigrants would have to pay a fine, pay back tax do community service, prove they have been here for an extended period of time. understand some english and become assimilated. most of them would get legal stat us and be allowed to stay in the country. congressman paul ryan is weighing in. he wrote this on his facebook page. senator rubio is exactly right on the immediate to fix our broken immigration system. i support the principle he's outlined. modernization of our immigration law, stronger security to curb illegal immigration and respect important the rule of law in addressing the complex challenge of the undocumented population. eagerness to jump onboard is
like dry cleaners, you know, mechanics and other people like that. when you and i both know spending is so massive they will try back tax and tax 401(k)s and raise taxes on the middle class. what is the answer? the answer is controlling government. firm, spending, caps over -- >> neil: they can't. they can't mark. whether they do it now or not, whether they play the smoke and mirrors or not sex they don't and it's clear to you and others that they're not. what do you think happens? >> it's over. then it's over. the economy is going to collapse. peep think just because it's america we'll survive mishandling of the finances. we're not guaranteed economic prosperity in this country and we won't have it if it keeps up. >> neil: to that point, we are just getting this in to our news room.
10millionaminute.com. >> one big thing about canada, they put the value-added tax in place many, many years ago. it's a huge revenue producer for the government. that's another thing that a lot of the countries you're talking about that have fiscal success has been with a back tax. >> you can do it if you have tough budget controls. so that it doesn't just fuel additional growth of government. >> exactly. >> dave walker, thank you. the sign is beautiful. >> i like it. >> does your wife mind it in the master bedroom? >> i haven't put it there. you can get a suntan with this. >> i would like one of those for my rec room. >> he has it on the ceiling in the master. it's interesting. miles nadal, thank you as well. senator dick durbin of illinois joins the set in the next hour. you're watching "morning joe." hey! did you know that honey nut cheerios
corporations like g.e. don't pay any taxes? >> g.e. literally doesn't pay any taxes or it didn't two years ago. did a little better last year. i don't know if that's jeffrey immelt as ceo working with president obama. they upped it a little bit. effective tax rate for corporate america depending on how you calculate it runs anywhere from 12.5 to 26%. >> bill: that's reasonable, right? >> that's reasonable. >> bill: flat tax it and knock out all the loopholes or keep the loopholes and they pay 12 to 26. >> exactly. another little factor in here never discussed. that is american corporations aren't paying a back tax. the european countries,. >> vat. >> right, value-added taxes. >> contribute more than they contribute to theirs. >> in taxes, certainly. >> bill: american corporations have a pretty good deal. >> they have a pretty good deal. you have payroll taxes to add to that but to get into that
corporations like g.e. don't pay any taxes? >> g.e. literally doesn't pay any taxes or it didn't two years ago. did a little better last year. i don't know if that's jeffrey immelt as ceo working with president obama. they upped it a little bit. effective tax rate for corporate america depending on how you calculate it runs anywhere from 12.5 to 26%. >> bill: that's reasonable, right? >> that's reasonable. >> bill: flat tax it and knock out all the loopholes or keep the loopholes and they pay 12 to 26. >> exactly. another little factor in here never discussed. that is american corporations aren't paying a back tax. the european countries,. >> vat. >> right, value-added taxes. >> contribute more than they contribute to theirs. >> in taxes, certainly. >> bill: american corporations have a pretty good deal. >> they have a pretty good deal. you have payroll taxes to add to that but to get into that
world sounds bad these corporations like g.e. don't pay any taxes? >> g.e. literally doesn't pay any taxes or it didn't two years ago. did a little better last year. i don't know if that's jeffrey immelt as ceo working with president obama. they upped it a little bit. effective tax rate for corporate america depending on how you calculate it runs anywhere from 12.5 to 26%. >> bill: that's reasonable, right? >> that's reasonable. >> bill: flat tax it and knock out all the loopholes or keep the loopholes and they pay 12 to 26. >> exactly. another little factor in here never discussed. that is american corporations aren't paying a back tax. the european countries,. >> vat. >> right, value-added taxes. >> contribute more than they contribute to theirs. >> in taxes, certainly. >> bill: american corporations have a pretty good deal. >> they have a pretty good deal. you have payroll taxes to add