Trump Unveils Tax Plan as Carson Rises in Polls; Deadly Typhoon Dujuan Hits Taiwan, China; Trump Unveils Tax Plan
BARNETT: U.S. stocks took a hit on Monday on fears over China's economy and of uncertainty of the timing of any U.S. interest rate hike. You see the red there. At this moment, that sell-off seems to be continuing in Asia. This is a live look at the markets. The markets in Tokyo and Sydney have closed for the day. As you see there, Tokyo's Nikkei is down more than 4 percentage points. Followed by Hong Kong's Hang Seng down 3.6 percent. The S&P 500, ASX 200 down 3.27 percent. Right now, the Shanghai Composite as you see is down roughly 2 percent.</s>CHURCH: Some big losses there. All right. Back to the United States now. For months, U.S. Republican presidential candidate, Donald Trump, has talked about his plan to "make America great again" -- his words. Now, he has released a tax plan that promises drastic cuts for most Americans.</s>CHURCH: Keep in mind, this come as rival, Ben Carson, surges in the polls. CNN's Joe Johns has the latest.</s>DONALD TRUMP, (R), PRESIDENTIAL CANDIDATE: The economy is what do I well.</s>JOE JOHNS, CNN SENIOR WASHINGTON CORRESPONDENT (voice-over): Donald Trump back in the spotlight tonight, unveiling his much-anticipated tax reform proposal.</s>TRUMP: I think you will see we have an amazing code. It will be simple. It will be easy. It will be fair. It is graduated. As you get up in income, you pay a little more.</s>JOHNS: Under Trump's plan, individuals making less than $25,000 and couples earning less than $50,000 would pay no income tax and send back a one-page form to the IRS saying, I win. That's where the wealthiest Americans, such as Trump himself, singles earning more than $150,000 and households making more than $300,000 would see their tax rates cut from nearly 40 percent to 25 percent.</s>TRUMP: This is actually a tax reduction. A big tax reduction, including for the upper income. I believe that the economy will do so well, that even though they won't be getting certain deductions, which aren't fair for them to be getting, that they'll end up doing better.</s>JOHNS: Trump's tax proposals resembling the plans of two of his rivals, Jeb Bush and Marco Rubio, who also call for lowering the tax income bracket and reducing rates for businesses. The billionaire candidate says any lost revenue would be offset by growing the economy and ending tax loopholes for wealthy hedge fund managers. But no specifics were provided to judge that claim.</s>TRUMP: I actually believe they'll do better. I think the economy will grow. It will grow rapidly. And will have something very special.</s>JOHNS: Trump's policy rollout comes as Ben Carson surges in the polls, now running neck and neck with the real estate mogul.</s>DR. BEN CARSON (R), PRESIDENTIAL CANDIDATE: I'm just going to be who I am. If people like that, that's great. And if they don't, so be it.</s>JOHNS: Carson climbing to 20 percent in the latest NBC News/"Wall Street Journal" poll, essentially tied with Trump at 21 percent. Also moving up, Carly Fiorina and Marco Rubio, tied for third at 11 percent apiece. Rubio, who has become a fresh target for Trump, swinging back.</s>SEN. MARCO RUBIO (R-FL), & PRESIDENTIAL CANDIDATE: I'm not interested in the back and forth to be a member or a part of his freak show.</s>JOHNS: Rand Paul also getting in on the action.</s>SEN. RAND PAUL (R-KY), PRESIDENTIAL CANDIDATE: How could anyone in my party think that this clown is fit to be president?</s>JOHNS: Carson's rise comes even as he continues to face questions about his controversial remarks last week that a Muslim should not serve as president.</s>JAKE TAPPER, CNN ANCHOR, STATE OF THE UNION: You're assuming that Muslim Americans put their religion ahead of the country.</s>CARSON: I'm saying if you accept all the tenets of Islam, you will have a difficult time abiding under the Constitution of the United States.</s>UNIDENTIFIED MALE: This interview is over.</s>TAPPER: OK.</s>JOHNS (on camera): Even though that interview was cut short by the Carson campaign, his comments about not wanting a Muslim in the White House have not hurt Carson in the polls or the pocket book. The campaign says he raised about $600,000 after he made it. Joe Johns, CNN, Winston-Salem, North Carolina.</s>CHURCH: Donald Trump sat down with CNN's Erin Burnett to talk about his tax plan. We will show you part of that interview a little later this hour.</s>BARNETT: Now some other news. A deal that would shut down the U.S. government on Wednesday appears to be imminent. The U.S. Senate voted to limit debate on the so-called Stop-Gap funding bill. The agreement set aside a bitter feud over whether to provide government funds to Planned Parenthood, a woman's health group that provides abortions, among other services. That means the measure to continue funding the government will come up for a vote and likely pass before the Wednesday deadline. The Stop-Gap measure is intended to provide time for lawmakers from both political parties to strike a longer-term budget deal.</s>CHURCH: Meanwhile, U.S. House majority leader, Kevin McCarthy, is pledging to change the culture of Washington. The California Republican announced on Monday that he wants to be the next speaker of the U.S. House of Representatives. He said he can do what outgoing Speaker John Boehner couldn't, control the conservatives. Well, officials say at least two people are dead and more than 300 injured after Typhoon Dujuan hit the island nation of Taiwan on Monday. Dujuan dumped nearly two feet of rage in parts of the country. More than half a million people are without power and the heavy rain is expected to cause flooding and landslides. Dujuan has made landfall on mainland China. The storm has weakened but Chinese officials are not taking any chances. They're preparing for the worst. And the storm has already dumped an incredible amount of rain over Taiwan. We want an update from our Meteorologist Pedram Javaheri. Pedram, of course, we want to hear what has happened in Taiwan and what is in store for China.</s>PEDRAM JAVAHERI, AMS METEOROLOGIST: Yeah. We still have a long day ahead of us over the next 12 hours. Look at the rainfall. We know upwards of 700 millimeters or 28 inches. You think about from the time folks in Taiwan went to bed until they woke up. It was more than what London would see in an entire year. If you're watching in look, you get about 12 inches every year in a good year. It would take them two years to see what happened overnight in the past 24 hours. In recent years in Los Angeles it there has been a drought so would it take five years to get to what occurred in one night across portions of Taiwan. An interesting statistic. You look at the mountains. We know we have about 300 mile that rise to about 300 meters in height. Roughly 9800 feet high. When you think about this, this back's tropical cyclone graveyard. This particular one, a category 1 equivalent. One of the areas directly impacted as the storm made landfall, the mountain really shreds the system apart. The conditions there downgraded to a category 1. But I want to dissect the storm system. We know in the northern hemisphere, based on how storms rotate in this part of the world and the forward progression of the storms. The area I'm standing in. That's the area the strongest wins will be expected. Offshore of the island, this island had the highest wind gusts ever observed in Japan. Last time they had winds this strong were in the 1960s. That was on the top of Mt. Fuji. By the way, about the speed you would have for a commercial airliner as it is taking off at your local airport. So here's the storm system. The typhoon is still sitting there, 11:00 a.m. local time, falling apart quite rapidly. It is a mountainous region but it will produce on the order of 200 meters to 300 meters of rainfall. That on top of what has already occurred in recent days. A recipe for a disaster life threatening scenario, especially when you consider the population, when you put them together, you're talking about a lot of people in a small area and a lot of rainfall to go around -- Guys?</s>BARNETT: All right, Pedram. Thanks a lot. We'll see you next hour. The daughter of the late actor, Paul Walker, is suing Porsche, claiming defects on one of its cars contributed her to father's death. According to the lawsuit, the Porsche Correa GT lacked adequate side- door reinforcement bars and had defective fuel lines. The automaker says it hasn't yet seen the lawsuit. Paul Walker and his friend were killed in the car crash in California two years ago. Police determined it was speed that caused the accident.</s>CHURCH: A German newspaper reports that Volkswagen managers knew diesel emissions were being manipulated as early as 2007. That's based on a letter from the electronics firm, Bosc (ph). It says it delivered software that showed diesel cars running cleaner during testing than during actual driving. Volkswagen is accused of using that software in millions of vehicles to cheat on smog tests. The company wouldn't comment on the new report but says, quote, "The manipulations are not excusable."</s>BARNETT: Now, a potential breakthrough in the search for life on Mars. We'll have the details on NASA's announcement about flowing water on the red planet just ahead.</s>IVAN WATSON, CNN SENIOR INTERNATIONAL CORRESPONDENT: I'm looking forward to this. We're going to meet some old friends that we encountered in very dramatic circumstances more than a year ago. And they're right up here.</s>CHURCH: And a special reunion after a desperate and chaotic rescue from ISIS. The emotional story, next.