GOP tax reform causing some states to re-evaluate tax hikes

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GOP tax reform causing some states to re-evaluate tax hikes

With Republicans in Washington pushing to take state and local tax deductions away, Democrats in high-tax states like New Jersey are worried any hike now will push millionaires away.

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GOP Tax Reform Plan Causing Some States to Re-Evaluate Tax Hike Plans

Charles Payne: the newly-elected governor this is a guy who ran on higher taxes and millionaire's tax and also making the entire state a sanctuary state. How much is that going to cost people, how many jobs will it cost? The fact of the matter is these guys boxed themselves in and only thing they know are higher taxes.

Charlie Gasparino: It sounds like was a breath of fresh air in the Democratic Party. The Democratic Party in New York, New Jersey, California, are so locked into their welfare state. They have massive unfunded liabilities. They have to keep their certain tax levels where they are or else the state is going to go essentially go into in solvency so they are screwed so bad if this thing happens because people that can will leave. They cannot stop it.

Deirdre Bolton: Do you honestly see people getting up and uprooting their kids and leaving? I think people will just complain and be angry.

Adam Lashinsky: Nobody likes paying higher taxes but the fact is these rich people you're talking about they are just as tethered to these states. I think this will put pressure on these states to lower their taxes or change the way their taxing, way more than people actually leaving. People will complain.

Ben Stein: I don't see it going anywhere good. It's not easy to move at all. I live in a very super high tax state, I have a lot of property in that state. It's also not easy to move your children.

Report: Existing Home Sales Up 2 Percent in October

Charlie Gasparino: If they're buying houses now it's because the market's hot because this is the most financially illiterate generation I've seen in my life. I think one thing the financial crisis taught us is a house as a part of a financial future is not a necessity, if you're going into massive debt just to buy a house, you're depriving the rest of your financial future.

Adam Lashinsky: I mean I have my issues with the generation coming up too but this was inevitable that this was going to happen. They're growing up, they're getting homes, they're getting mortgages, they're spending money, they're going to vote- this is a good thing.

Ben Stein: I bought my son a house and he's happily living there. So that made it really simple. But I have too many houses so the millennials watching can just look me up online if you'd like to buy some of my houses.

Deirdre Bolton: Well they're 35 percent of home buyers, 13 percent of the population. They are at least the same size if not a little bit bigger than the baby boomers so it's worth paying attention to and another trend that's interesting is they're not going to starter homes or looking to buy a home for like $90,000 and fix it up. They're skewing the prices higher they've waited longer and have been at home longer so the average prices they're starting at is $160,000 to $200,000.

Charles Payne: They want to live in the city and they want to live in urban areas. It's mostly condos they're buying but we want household formation. That is the ultimate long term economic stimulus when people get married have children, put down roots.

Justice Department Sues to Block At&T/Time Warner Deal

Charles Payne: I don't like the anti-trust laws in this country anyway. I believe in capitalism, competition, creative disruption. I wouldn't say block the deal I think it's a deal of desperation that both these companies need.

Ben Stein: I'm not worried about the anti-trust division. I work for the government and part of the government that handled anti-trust. I think the lawyers for AT&T and Time-Warner will beat the snot out of them when it comes to court and the merger will go through. You cannot have people with that kind of legal fire power who can't get this thing done.

Deirdre Bolton: You don't know, but this republican judge who was appointed by George W. Bush- the one who is going to hear this actually replaced (for some reason that's not particularly clear to anyone) an Obama appointee, so I think that's interesting.

Charlie Gasparino: This is a stupid move on the part of the Trump DOJ and has no real sort of intellectual or legal basis. It's happening because the president hates CNN and wants to screw them over. If the justice department prevails on this, or if the AT&T walks away and sets a precedent this will screw Time Warner and CNN big time because it will limit the number of buyers that will bid on the property. It could help us because if you can't sell to a distribution like AT&T, you might have to sell back to us.

Adam Lashinsky: I agree with the deal will go through the justice department will lose, AT&T Time Warner will win because there's plenty of competition here so stopping this deal would actually not be good for consumers which is the point of all this.

Stock Picks (For Ben's Birthday)

Charles Payne: Dr. Horton (DHI)

Adam Lashinsky: Vanguard Large Cap ETF (VV)