WEBVTT - Bloomberg's Nizza on Clinton Tax Return, Trump Polls (Audio)

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<v Speaker 1>Global business news twenty four hours a day at Bloomberg

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<v Speaker 1>This is a Bloomberg Business Flash from Bloomberg World Headquarters.

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<v Speaker 1>I'm Katherine Cowdery. Wall Street is pulling back from all

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<v Speaker 1>stay muted, which, like the markets, every fifteen minutes throughout

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<v Speaker 1>the trading day down. Industrial leverage is down forty three

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<v Speaker 1>And that's a Bloomberg business flash. You're with Kathleen on

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<v Speaker 1>Bluebird Radio. Matt Miller here filling in for Kathleen Hayes

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<v Speaker 1>with Pim Fox on taking stock. We are gonna dive

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<v Speaker 1>into the world of politics via taxes right now. He

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<v Speaker 1>brought in Mike Nitza's executive editor for Bloomberg Politics and

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<v Speaker 1>the Clintons. Mike put out their tax returns for two

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<v Speaker 1>thousand fifteen today. We know we've seen the Clinton's tax

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<v Speaker 1>returns since the seventies or back to the seventies, but

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<v Speaker 1>today we learned they made another eleven million dollars, paid

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<v Speaker 1>thirty and gave away about ten percent to charity. That's yeah,

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<v Speaker 1>that's true. They finally checked this box. It's a traditional

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<v Speaker 1>one for presidential candidates to check. And uh yeah. It

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<v Speaker 1>hasn't created uh that much talk today because it was

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<v Speaker 1>so so well, not not so much talk about the Clintons,

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<v Speaker 1>but it kind of points to Donald Trump because makes

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<v Speaker 1>you wonder how much money did Donald Trump make? I mean,

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<v Speaker 1>the Clintons have made a hundred fifty million since two

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<v Speaker 1>thousand seven. He's he done better? How much does he

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<v Speaker 1>pay in taxes? They've paid about a third of all

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<v Speaker 1>that money to taxes. Has he paid that much? Um?

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<v Speaker 1>They give away almost ten percent of their income. Does

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<v Speaker 1>he do that? Yeah, it definitely is. There's a there's

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<v Speaker 1>a very political um and to this release of the

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<v Speaker 1>taxes that Trump has said again and again that he

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<v Speaker 1>can't release his taxes because he's under an i R

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<v Speaker 1>S audit um. It's one of the most disciplined repeated

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<v Speaker 1>messages from the campaign. UH. Paul Mana for his campaign chief,

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<v Speaker 1>has said. UH has said that the only people that

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<v Speaker 1>want to see the taxes are Trump's enemies, so they

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<v Speaker 1>don't really see upsides or releasing them. And UH, it's

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<v Speaker 1>and they've set no deadline for when they could do

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<v Speaker 1>it before the election. Have you guys at Bloomberg Politics,

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<v Speaker 1>have you talked to anybody at the I R S

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<v Speaker 1>and asked them if there are rules prohibiting releasing your

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<v Speaker 1>tax returns if you're under audit there it's been reported

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<v Speaker 1>that there are no rules thereis has said said that

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<v Speaker 1>you can release your taxes well and drawed it. It's

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<v Speaker 1>just something that Trump has chosen not to do. But

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<v Speaker 1>can he release his tax returns from previous years? And

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<v Speaker 1>that too, H's it's totally within his control to release

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<v Speaker 1>his taxes for previous years and also taxes. UH and

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<v Speaker 1>this most current one. Is it a possibility that Donald

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<v Speaker 1>Trump pays no tax? Well, the New York Times ran

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<v Speaker 1>a very interesting story today interviewing various tax experts saying

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<v Speaker 1>that that that is true, and that has been true

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<v Speaker 1>in the past. Uh in in some some years ago,

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<v Speaker 1>he paid zero tax taxes uh for the year. It's

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<v Speaker 1>so interesting because Donald Trump has made one of the

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<v Speaker 1>platforms of his campaign. One of the planks in his platform,

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<v Speaker 1>I should say that he's against inversions because he doesn't

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<v Speaker 1>like it when people avoid taxes. Um, even though he

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<v Speaker 1>has no problem with obviously with bankruptcy, which he loves

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<v Speaker 1>to file bankruptcy. And uh, apparently he's not going to

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<v Speaker 1>tell us whether or not he's inverting to avoid taxes. Well,

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<v Speaker 1>he's he's uh been able to navigate that kind of

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<v Speaker 1>contradiction in the past in his campaign. He's been able

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<v Speaker 1>to say, you know, I've taken advantage of the rules

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<v Speaker 1>that that are in place right now, whether it's bankruptcies

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<v Speaker 1>or or other things. And and I know the system

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<v Speaker 1>really well. And that's what made me a rich man,

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<v Speaker 1>and that's what makes me uh most qualified to be

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<v Speaker 1>president because I know the rules and I know how

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<v Speaker 1>to fix them, and I know how to leave the

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<v Speaker 1>nation to UH to greatness. As he says, Let's turn

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<v Speaker 1>our attention now to some of the polling that has

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<v Speaker 1>been done specifically in states such as Colorado, North Carolina,

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<v Speaker 1>and Virginia. This all demonstrates what that Hillary Clinton is

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<v Speaker 1>ahead of the polls she's definitely had in nationally and

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<v Speaker 1>also in UH in a lot of important battlegrounds. And

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<v Speaker 1>I think the most interesting UH conclusion I draw from

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<v Speaker 1>this today is UH is it wasn't too long ago

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<v Speaker 1>before the conventions that UH that Trump's Paine was really

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<v Speaker 1>be betting on a strategy of winning the rust belt,

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<v Speaker 1>going in winning Ohio, Pennsylvania, UM. And that was that

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<v Speaker 1>was a place that was particularly receptive to to his

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<v Speaker 1>message about about jobs being killed because of trade treaties.

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<v Speaker 1>It was interesting yesterday when Hillary Clinton gave her economics

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<v Speaker 1>UM plan in Warren, Michigan. I believe she was at

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<v Speaker 1>like a rocket factory. UM. She had even bigger American

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<v Speaker 1>flags than Donald Trump has had in the past, and

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<v Speaker 1>she seemed to be painting this picture that she wanted

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<v Speaker 1>to bring us back to like a manufacturing economy UM.

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<v Speaker 1>And she seemed to be almost as protectionists as Donald Trump. Yeah,

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<v Speaker 1>she's definitely uh come come uh a long way from

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<v Speaker 1>being supportive of of deals like the t p P,

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<v Speaker 1>which she never said that she would back, but but

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<v Speaker 1>said complimentary things about it. Um. And I think what

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<v Speaker 1>you're seeing, uh in the language that she's using on

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<v Speaker 1>the trail is is uh she's she's talking about growing jobs,

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<v Speaker 1>and she's talking about bringing uh, bringing jobs back to

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<v Speaker 1>the country, but she's talking about them in terms of

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<v Speaker 1>the future what jobs should should rebuild rather than what jobs,

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<v Speaker 1>uh we should save. And but she's I mean, yesterday

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<v Speaker 1>she seemed to be obviously panting, pandering to this rocket crowd.

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<v Speaker 1>And that makes me think of like jobs from the fifties, right.

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<v Speaker 1>It was a future Ramic Future Ramic was the name

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<v Speaker 1>of the company, and they make very highly machine parts

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<v Speaker 1>and tools and dies for the space industry. One of

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<v Speaker 1>the biggest customers is NASA. Just so so that that

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<v Speaker 1>was a very carefully chosen location because of that, like

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<v Speaker 1>that that you could see that industry growing in some

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<v Speaker 1>you know, in some hopeful future where we're exploring space

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<v Speaker 1>and and a lot of jobs are are being dedicated

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<v Speaker 1>to that effort. Tell us a little bit about Donald

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<v Speaker 1>Trump and the relationship of his campaign to those of

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<v Speaker 1>other Republicans who are running. Specifically, I was looking at Colorado, right,

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<v Speaker 1>because there's an incumbent Democrat, Michael Bennett, he's the Senator.

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<v Speaker 1>He's got a fifteen point lead over his Republican challenger. Yeah,

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<v Speaker 1>so this is really a major breaking point for the

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<v Speaker 1>campaign when it comes to when you look at these

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<v Speaker 1>polls you've uh, you know, the first thing you see

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<v Speaker 1>is that Donald Trump has some problems. But but voters

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<v Speaker 1>tend to vote down the ticket and and look at

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<v Speaker 1>uh and if they're not excited about the candidate at

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<v Speaker 1>the top, they won't show up for the ones beneath that.

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<v Speaker 1>And so that's that's something that is at the core

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<v Speaker 1>of the tensions between the Republican National Committee and the

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<v Speaker 1>Trump campaign. That Trump is raising helping raising money for

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<v Speaker 1>those campaigns, and but the things he's doing to generate

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<v Speaker 1>bad press for Republicans in general are definitely are definitely

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<v Speaker 1>harmful to those other races. Also North Carolina. Yeah, North

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<v Speaker 1>Carolina is the state that Obama one in two thousand eight,

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<v Speaker 1>lost in two thousand uh in two thousand twelve, and

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<v Speaker 1>he and he uh and it is trending Democrat. But

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<v Speaker 1>it was definitely in the in the toss up category

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<v Speaker 1>on everyone's maps. But today it's uh, it's just a

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<v Speaker 1>huge leading. It's starting to look very solid for Hillary Clinton.

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<v Speaker 1>And what that does is that opens up the map

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<v Speaker 1>in different ways. So while Trump was hoping to win

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<v Speaker 1>the rust Belt and then uh and then get to

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<v Speaker 1>the White House, uh, he could he could win the

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<v Speaker 1>rust Belt and then UH and still lose the election

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<v Speaker 1>because Hillary Clinton has way far more ways to win

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<v Speaker 1>this election than he does. So obviously, UM, so far,

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<v Speaker 1>calling out Trump has been a really bad call. I mean,

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<v Speaker 1>I've noticed five thirty eight was telling me for months

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<v Speaker 1>and months that he would never win UM, that the

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<v Speaker 1>Republican nomination, and of course here we are. However, I

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<v Speaker 1>have heard at least three people in the last week

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<v Speaker 1>tell me that Donald Trump could actually drop out of

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<v Speaker 1>this race, including Peter Atwater from Financial Insights. UM. Are

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<v Speaker 1>you hearing that more and more? Am I just listening

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<v Speaker 1>to UM all the right programs? Yeah? I really that's

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<v Speaker 1>hard to take seriously at this point. I think he's uh,

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<v Speaker 1>you know it it. I think it speaks to the

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<v Speaker 1>enormous pressure that any presidential candidate is under especially when

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<v Speaker 1>they're facing a steep climb to be competitive in a race.

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<v Speaker 1>I mean, there's there are whole books written about John

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<v Speaker 1>McCain's struggle to to uh get up every day and

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<v Speaker 1>hit the campaign trail when he knew he was down

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<v Speaker 1>so much that he he couldn't possibly win. So so

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<v Speaker 1>I think that would win any candidate. It definitely weighs

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<v Speaker 1>on Donald Trump. I mean, we can't forget that Donald

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<v Speaker 1>Trump was ahead in the polls just two weeks ago.

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<v Speaker 1>It's not like the guy's been down for months and months, right, Yeah,

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<v Speaker 1>And he I think he is confident in some things.

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<v Speaker 1>He can show up every day to uh, you know,

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<v Speaker 1>to a rally where over ten thousand people are there

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<v Speaker 1>and very pumped to be supporting him, And that's definitely

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<v Speaker 1>a sign of life that you don't see on the

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<v Speaker 1>other on the other side of this race. And so

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<v Speaker 1>he they draw a lot of confidence from that, and um,

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<v Speaker 1>and they hope to tap it to to win these

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<v Speaker 1>battle grounds. Mike, Uh, you know, I know that everyone's

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<v Speaker 1>focused on the presidential race, but we've also got a

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<v Speaker 1>race for House and Senate seats. Mitch McConnell coming out

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<v Speaker 1>and saying that he might not be the majority leader

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<v Speaker 1>because there are twenty four GOP seats on the ballot.

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<v Speaker 1>Is it possible we're going to see a Democrat Senate

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<v Speaker 1>as well as gains in the House. Uh yeah, I mean,

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<v Speaker 1>if you're hearing it from Mitch McConnell, you could you

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<v Speaker 1>can bet that it's a possibility. He's he's nervous, A

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<v Speaker 1>lot of individual senators are nervous and uh, and that

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<v Speaker 1>is definitely a nightmare scenario for Republicans. I want to

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<v Speaker 1>thank you very much for coming in and spending time

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<v Speaker 1>with us. You're gonna have a busy couple of months,

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<v Speaker 1>I know. Thanks. Mike meets that he is an executive

0:10:40.320 --> 0:10:45.360
<v Speaker 1>editor for Bloomberg Politics, giving us the details of the

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<v Speaker 1>race as it is and the polls that have been

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<v Speaker 1>taking place to see whether indeed Hillary Clinton can outpace

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<v Speaker 1>Donald Trump, the Republican contender. Alright, it is twelve fifty

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<v Speaker 1>seven on Wall Street. We are watching markets that continue

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<v Speaker 1>to churn down, down across down about four points SMP

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<v Speaker 1>five hundred, down about four points one. Right now, this

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<v Speaker 1>is Bloomberg. M