Coordinated Explosions Rattled Multiple Cities Across Southern Thailand; JC Penney Reports Better-than-Expected Second Quarter Profits;

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MARIA-03

Thailand; JC Penney Reports Better-than-Expected Second Quarter Profits;

Hillary Unveils New Tax Plan; Obama Shares His Summer Songs Playlist; Dog

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Dorie Herman>

Animals; Hillary Clinton; Retail Industry; Thailand; Evi Van Acker; Rio; JC

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HILL: Steady at 1 percent though, I mean?

OTTER: Well, it's the -- we have an interesting column in tomorrow's Barons. It is the fourth longest expansion in history. We're closing in it will be the third longest soon. The growth before in the previous decade was actually not much better. It was 2.5 percent if you ignore the crisis. If you include the crisis it was 1.6 percent during the Bush term.

HILL: So this is normal?

OTTER: I hope not.

BARTIROMO: This is not going to create enough jobs to actually make a difference in terms of how people are feeling right now. And that turns us to our top story and that is the battle is on, Hillary Clinton and Donald Trump going at it over who is better to revive this economy.

(BEGIN VIDEO CLIP)

HILLARY CLINTON, PRESIDENTIAL CANDIDATE: We should also add a new tax on multi-millionaires, crack down on tax gaming by corporations and close the carried interest loophole, something I've advocated for years.

DONALD TRUMP, PRESIDENTIAL CANDIDATE: Hillary Clinton has supported tax increases on the middle class for her entire career. By the way, she's proposing a big one today in her speech, her teleprompter speech. Oh, boy, is ISIS hoping for her. Is China hoping?

(END VIDEO CLIP)

BARTIROMO: Just days after Donald Trump's economic speech, Hillary Clinton unveiling a plan of her own that she says will raise the income of America's middle class. One of the key takeaways is her plans for taxes. Hillary wants the so-called rich to pay what she calls their fair share. This would amount to a mandated tax rate of at least 30 percent, for anyone earning $1 million a year or more. Robert Wolf is with us right now, let's talk more about it. Robert, good to see you.

ROBERT WOLF, 32 ADVISORS FOUNDER AND CEO: Great to see you, Maria. I wish I was with you.

BARTIROMO: Me, too, but you're in a glorious place. I can see behind you. So, you probably don't want to be with me right now. But let's talk taxes for a second, Robert.

WOLF: That's true, not today.

BARTIROMO: Exactly. You know what? We just put on the screen, Robert, the eight brackets of Hillary Clinton's plan, and you know, I've got to say I'm just going to pull out -- I'm going to pull out one of these here. So, let's say it's a 100 -- let's say, though, one of our viewers is making $190,000, 190 -- anything over $190,000 they're going to pay a 33 percent Federal tax rate on that, Robert. OK? When you add the 10 percent state tax, that sets you to 43 percent, and then another 7 percent because of Obamacare and the city tax, you're talking about a 50 percent tax rate on somebody making $190,000, Robert. How is that going to move the needle on economic growth? Please explain.

WOLF: Yeah. Well, good question. I'm not sure what you're looking at or what you're referencing.

BARTIROMO: It's at the tax foundation. It's at the tax foundation, we're going through the eight brackets that she has.

WOLF: OK, well. OK. Well, I'm not sure who the tax foundation is, because there's other foundations that have Trump's plan adding somewhere around 2 1/2 trillion to the deficit, losing three and a half million jobs. Her plan gains 10 million jobs. As far as those who are being taxed, the disproportion, as you know, is following her view of the Buffett plan which is a minimum 28 percent tax for those over a million of income. Over a million of income is like less than, you know, half of 1/10 of a percent in this country. With respect to those outside of.

BARTIROMO: Yeah. That's why I brought up the 190,000.

WOLF: . 250,000.

BARTIROMO: Yeah.

WOLF: . no, well, that's just for various expenditures and right offs. That they're going to be changing. But it really is the disproportionate is the focusing on what was deemed great economics called trickle-down theory which just didn't work. Her middle income increases in wages is right now night and days better than Donald Trump's. I mean, she has like 38 policies to look at. He has six of which one of them is let's build a wall. I mean, let's -- if we're talking depth and breadth, and this is a business show, we should go there. OK. We have an independent economist that says his losses 3.5 million jobs, hers gains 10 million. We've had the CBO, which is the independent budget as well fix the debt says his add a minimum 2 1/2 trillion to the deficit. Hers adds 250 billion. The only positive on both, is they both at least talk -- talk infrastructure. One has a real infrastructure plan. The other has no plan, he just talks about how bad our bridges and roads are.

BARTIROMO: Yeah. Let's talk about the infrastructure.

WOLF: So, I mean, we should have a real discussion of the policies.

BARTIROMO: All right. We have this graphic.

WOLF: Infrastructure puts aside -- go ahead. I can't see you, so I'm sorry.

BARTIROMO: I know. We have this graphic from the tax foundation.org. So, we've just tell our viewers to go to tax foundation.org to check out both candidates' plans. And I don't want to go through this graphics because you don't have it in front of you, and it's not fair. But you know the infrastructure plans very well. So tell us -- connect the dots for us and tell us.

WOLF: Yes.

BARTIROMO: . how you believe these jobs, the infrastructure will in fact materialize.

WOLF: Great. Thank you for asking, Maria.

BARTIROMO: Yeah, of course.

WOLF: Listen, when we think of infrastructure, unfortunately, everyone thinks about roads and bridges. It is a lot more than that. It includes social infrastructure, things like schools, OK, and hospitals, putting in Wifi, things like next generation GPS for our airlines, OK? Putting fiber, laying it down in rural areas so they can get the right Wifi and telecommunications capability. It's talking about next, you know, national electric grid where we can use wind and solar and not only be looking at natural gas and oil. So, there's a whole group of things that she includes on an infrastructure plan. Hers is about 275 billion. It focuses on public-private partnerships and there would be a national infrastructure bank. We're the only developed country without a national infrastructure bank. So, it's not about just more government, and government and like building another Fannie and Freddie. This is mandated based on national infrastructure bank and public-private partnerships. The Trump plan is much different. It's, I think, 500 billion if I'm not mistaken, and there's no policies.

BARTIROMO: Right.

WOLF: . and he doesn't say anything where it's coming from or how it's doing. The secretary goes through where it's coming from. Which is why her deficit is only $250 billion and his deficit is north of 2 1/2 trillion.

BARTIROMO: Here's Harlan Hill, Robert.

WOLF: . candidates Trump, like you -- OK, sorry about that. Go ahead, Harlan.

HILL: How is that possible? I mean, she's talking about giving, you know, universal college education, you know, 120 something billion dollars in infrastructure spending. How is it possible that she only adds $250 billion to the debt? And the numbers just don't add up. One.

BARTIROMO: Raising taxes.

HILL: Well.

WOLF: OK.

HILL: . but two -- go ahead.

WOLF: You want me to speak? I don't know, I can't hear you.

HILL: Yes.

WOLF: OK. So, one, it's not as if taxes pay for all of the spending. We should just be very clear with that. OK. Taxes pay for a part of it. The other thing is we repreparation of profits, they'll be a tax, OK. They'll look at advanced manufacturing as a way to boom this country, and they'll look at tax credits and tax loopholes. Listen, at the end of the day if you said we want taxes to be at 25 percent, and you've got every politician in a line to have an up and down vote on every port, trust me we could get taxes lower, but there's going to be some aspects where they're going to have to work with congress to reduce these loopholes. But I didn't put these models in. This is the CBO and fix the debt. That's an independent budget group that put this model in. This isn't Robert Wolf talking, this is from real models, and I didn't run the models, someone that runs models did it, and one says it's 250 billion, OK, of debt deficit increase and one is 2 1/2 trillion. And we should know before Trump's last, OK, speech they thought it was 11 trillion. So, these are numbers, Maria, you and I have talked about.

BARTIROMO: We did. You're right.

WOLF: He changed. So, now he's at 2 1/2 trillion.

BARTIROMO: And he raised the highest to 33 percent and that's what brought him down to $2 1/2 trillion in costs, versus an earlier much steeper.

WOLF: I want to make clear, this is not about where taxes is paying, OK, for this growth plan. OK. This is going to have to be change of loopholes, this is going to have tax reform in it, which by the way, everyone agrees we need.

BARTIROMO: Absolutely. Everyone does agree we need that. Robert, great to see you in such a beautiful spot.

WOLF: Great. Thank you, Maria.

BARTIROMO: We'll see you back in New York, Robert. Thank you, sir. Robert Wolf. As we take a break, take a look at futures. We know we've just got the retail sales numbers out and it was a disappointment. Markets have worsened. We take a look at the names that you need to be watching ahead of the opening bell this morning when we come right back. Stay with us. And then, put your paws up. How man's best friend is seeing big success on social media. Baby Chloe Kardoggian is in the studio with us, stay with us.

(COMMERCIAL BREAK)

BARTIROMO: Welcome back. We're 45 minutes from the opening bell. Take a look at futures edging lower right now after we saw a disappointing reading on retail sales, and we also have the producer price index out. We're expecting now a lower opening as stocks pull back from an all-time high reached yesterday. Handful of names on the move to report, Nvidia, a name to watch, shares climbing roughly 4 percent in the premarket right now. The chip maker released strong quarterly results, also reported pretty good demand for its new products. That stock is going to be higher. Amazon, certainly one to watch. The company announcing it has reached a deal with Playboy founder, Hugh Hefner, to create a docu series on his life. The project will be titled, American Playboy, the Hugh Hefner story.

On to politics we go, Hillary Clinton releasing her economic plan yesterday in Michigan. Clinton's plan include calls for a higher tax on the rich. I want to bring in the host of Varney & Co., Stuart Varney right now. And Stu, one point that she's making is we keep saying higher taxes on the rich -- higher taxes on the rich, when you look at that middle segment, they're also seeing higher taxes.

STUART VARNEY, VARNEY & CO. HOST: They certainly will under that plan. Look, Maria, my question this morning is what happened to the plan? There was this big buildup all through the day, yesterday, Hillary Clinton coming out with her plan, early afternoon, here it comes, boys, here it comes. We get the plan. It is revealed. Higher taxes on the rich, a lot more spending. Really looked to me like a third Obama term only much more of it. But where is it this morning? If you look at the media this morning, the classic media, where are details of that plan? Where is the critique of the plan? Instead, front page New York Times, here's this headline, Clinton rejects Trump policies as aiding the rich. It's another story about terrible Donald Trump. In the business section you've got zero dollars. How much does Donald Trump pay in taxes, it could be zero. Not a word about the Clinton plan. Washington Post, let's see, what have we got there, Trump's plan show he is not on the side of the little guy. Nothing to do with Clinton's plans, oh, how terrible Trump's plan is again. What's going on here?

BARTIROMO: That is really -- and that's too much, Stu. Yesterday this was the top story, Clinton's tax plan and all we read about this morning is what's wrong with Trump. You know, I don't know if you saw our segment earlier, Stu, when we put up the graphic from the tax foundation.org. Basically, going through the brackets, she's got eight brackets, Stuart, and you know the brackets, I mean, they're up there. You're talking about 50 percent tax for somebody making almost $200,000, because you've got 33 percent federal, and then you pile on state, city and Obamacare tax. You're at 50 percent.

VARNEY: And that's not for people who are earning $1 million a year.

BARTIROMO: Exactly.

VARNEY: Way down the income scale, you hit the 50 percent bracket. I saw you detail those numbers, Maria, I thought you did a great job on that, because that's bringing to light the fact that if you're making good money, pretty good money, $200,000 bucks a year, in many states, you'll lose half of it to the Federal government, to the state government and the city government.

BARTIROMO: Right.

VARNEY: I think that's a moral disgrace.

BARTIROMO: Yeah.

VARNEY: I don't care how much you make, no government should be taking more than half your income, period.

BARTIROMO: Right. And obviously, the highest you're talking about 60 percent.

VARNEY: Oh, yeah.

BARTIROMO: But Jack Otter is making the point that, you know, when you look at this marginally, the money that you make above $190,000 will being taxed at a higher rate. That's the point you wanted to make.

OTTER: Two things, one, so the brackets we just showed on the screen a moment ago.

BARTIROMO: There're eight brackets.

OTTER: Those are exactly the same as the current tax rate with the one exception of adding a new tax bracket over $5 million.

BARTIROMO: So, Jack is saying it's not going to be any different on what we're seeing right now, Stuart.

VARNEY: Since when have you ever gone into an election with the economy spiraling down, and it is, and raise the specter of raising taxes on anyone and spending a ton more money. OK. All she's got to do, she says is raise taxes on the very, very richest to the rich. I don't believe that.

BARTIROMO: Right.

VARNEY: Taxes are going up across the board.

BARTIROMO: Yeah.

VARNEY: It may not be income tax rates, but the tax guy is going to hit you hard under a Clinton presidency.

BARTIROMO: Yeah.

VARNEY: And I don't see how you square that with economic growth.

BARTIROMO: Stu, we'll see you in about 12 minutes.

VARNEY: Yeah.

BARTIROMO: We've got to get to Chloe.

VARNEY: Sure.

BARTIROMO: Varney & Co., begins at 9 AM, right after Mornings With Maria. Join Stuart, he's going to be with his hot show as it always is in about ten minutes, right here. OK. Still to come, lights, camera, pets, she's one of Instagram biggest stars. How animals like Chloe Kardoggian, are making big bucks on social media. Chloe is on her way out. She's getting made up right now, aw. Back in a minute.

(COMMERCIAL BREAK)

BARTIROMO: Oh, perfect song for this next segment. Social media has created celebrities and is doing the same now for pets. This new found fame can result in lucrative sponsorship deals and appearance fees. I want to bring in Dorie Herman and her Chihuahua, Chloe Kardoggian. Good to see you, Dorie, thanks so much for joining us.

DORIE HERMAN, PET OWNER: Oh, my, gosh, thank you so much for having us.

BARTIROMO: So, Chloe Kardoggian, is that like Kardashian?

HERMAN: Yeah.

BARTIROMO: OK. So Chloe Kardoggian has become this great, you know, sensation on social media. Recently, reaching 100,000 follows on Instagram.

HERMAN: Yeah.

BARTIROMO: How does this happen?

HERMAN: I just started it to keep our own family up-to-date, because I knew them. I adopted her a little older, and she loves to pose for the camera and I absolutely learned to let -- senior rescue is a really big issue out there and we've become more and more involved in it, and so, it just grew and grew. And I have no idea when I started that pets even really have Instagram, like it's so fantastic.

BARTIROMO: I might have to start doing this for Ella Bella, because my dog is -- she likes to pose for the camera also.

HERMAN: I think we can give you a couple.

BARTIROMO: Oh, there she is now. There's Ella Bella. She might do well with Chloe. So, let me ask you about this Chihuahua and what kind of things you do on Instagram?

HERMAN: We have lots of fun. Lately, we've been doing lots of things where we show things that are bigger than her head or things like that, because it so hard to tell how tiny she is. She's four pounds.

BARTIROMO: She's four pounds.

HERMAN: And we're also -- since we're celebrating her 100,000 followers, we started a fundraiser. She's doing a virtual kissing booth where she's raising money to foster dogs. And so we're trying to raise $5,000 to help with homeless senior dogs that need temporary homes.

BARTIROMO: Wow. And you're turning a profit because you're securing sponsors for this?

HERMAN: We are. I definitely carefully balance it with the things that we do for good and so, we do things that really align with our values, and rescue and things like that.

BARTIROMO: And she's really comfortable with it. I mean, she's not -- she's not shaking.

HERMAN: No. She loves the camera. I have another dog and you very rarely see him because he doesn't enjoy it.

BARTIROMO: She likes to keep her tongue out?

HERMAN: She does. She only has two teeth. These tiny little dogs sometimes have teeth problems. And so, she has two teeth and her little tongue as her signature being out. She's showing her Olympic spirit to you, too.

BARTIROMO: I see that. What dog likes booties. Kicking these off.

HERMAN: They're little sweat bands, but they're so big on her, leg warmers.

BARTIROMO: Sweat bands for Chloe. So, you said her earlier family, so in other words, you rescued her at nine years old?

HERMAN: Yes, nine years old. It was a grandmother of a family that I knew that was looking to rehome her because the grandmother could no longer care for her, and so I started to just keep them up-to-date on what she's doing, and she so clearly loved it and I loved writing all the captions. We have a lot of fun. She's very saucy, and fun and so.

BARTIROMO: So she has more followers than you do?

HERMAN: Oh, I think I maybe have a hundred. And I haven't updated in a year on my own personal one.

BARTIROMO: Baby Chloe. We're happy she came. Thank you so much.

HERMAN: Thank you so much. We have had so much fun, thank you.

BARTIROMO: And you're doing good because she's actually helping with charity work, so.

HERMAN: Yeah.

BARTIROMO: . that's fantastic. Chloe Kardoggian and Dorie Herman. We will be right back. We've got final thoughts from our all-star panel after this short break. Stay with us.

(COMMERCIAL BREAK)

BARTIROMO: Welcome back. As you see, markets expected to open lower. We're pulling back from record highs yesterday. We did get a disappointing retail sales number out at 8:30, it was unchanged. And the excerpt to us was up 4/10 of a percent. Final thoughts from our all-star panel right now, Harlan Hill.

HILL: It's time for Trump to stop complaining about media malpractice, and to deploy a strategy to actually the practice beat it.

BARTIROMO: Can he do it?

HILL: I think so.

BARTIROMO: Yeah. And that means what?

HILL: Well, I don't think he.

BARTIROMO: Be specific.

HILL: . he needs to be very disciplined. He needs to be specific and he can't take the bait.

BARTIROMO: Jack Otter.

OTTER: Investors be careful. The comparison to 1999 all indexes hitting highs at the same time sounds lovely. That's when people should start to be worried. Especially be careful with those safety stocks, the utilities, the consumer goods that are selling in sky high prices. If you're a stock picker, just be careful.

BARTIROMO: And you have a cover story this weekend about Hillary's market and Trump's market. Best sector to buy if Hillary becomes president?

OTTER: Alternative energy stocks, and managed care companies, and surprisingly, defense, defense stocks.

BARTIROMO: Morgan Ortagus.

ORTAGUS: Following up on what Harlan said, I'm looking today, the Trump campaign has requested a meeting in Orlando with the RNC. The RNC is describing this as a come to Jesus moment with the campaign, where they're looking to revamp the strategy going post Labor Day into the fall. I think they've got to do it. I'm glad that the Trump campaign requested this. I think it's a smart move.

HILL: You're so fine.

BARTIROMO: I mean, now or never, guys, right? So they'll come together after this meeting?

ORTAGUS: It's going to be exciting between now and November. It's the fireworks aren't over for sure.

BARTIROMO: Sure is. Jack Otter, Morgan Ortagus, Harlan Hill, great to see you all, thank you so much. Have a great weekend everybody. I'll see you on Sunday on Sunday Morning Futures on the Fox News Channel. That will do it for us right now. Varney & Co., begins right now, Stuart, over to you.

END

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