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Retailers aren't going to be able to absorb the costs. i think the tables are set for a deal. >> neil: i've been hearing that even with this trade disarray, they were expecting holiday sales to be anywhere from 4.2% over 5% if you're including online. and that is with all this. do you buy that? >> i do. if you think of the last reports that walmart and target among others made, both said they beat their earnings and both raised their guidance for the year. regardless of what's happening in the tariffs and markets, consumers are strong. it's based on low gas prices and some of the best employme...

Problems we have with the american tax policy. our corporate rate is 35%, the average tax rate in europe is 25%. a lot of countries have significantly lower international tax rates. canada is about 17%. an american company that does a lot of business internationally is better off if it was purchased by a canadian firm or a firm in the netherlands or in ireland. what apple did was have subsidiari subsidiaries, it could have just been butt by a company this ire plan who had dramatic lower taxes across the board. >> is it fair to compare the tax rate in united states and the tax rate in a tiny co...