Bubble Tax News Today

The trump people in april was that they were going to reduce the number of brackets. we now have seven brackets. the first plan had three bracket s and then expanded to four brackets under the house plan and now were back to seven brackets. >> thats potential bubble tax that secret hidden bracket for the high income households and its complicated and i think the messaging is a little bit wrong here. yeah, you want to get democrats on board particularly as you reach out to middle class families a...

To chad pergram with more. what are we looking at with here, chad? >> this is the markup session in the ways and means committee where they go through the bill line by line over the next several days. probably by thursday. then they will report out a bill. we expect some changes, possibly something on the individual mandates. something that we found out about this bill here is that theres actually a sixth bracket that deals with taxing the very wealthy. in other words, if you pay a million dolla...

File ires here. it would bring in about $50 billion in revenue. thats not a lot. if this goes through, neil, this new bubble tax, its important because this is the first time that the top tax bracket for filers for the most wealthy would be above 40% since the 1986 reagan tax cuts. >> neil: a lot of them are paying at or near that with the medicare sur taxes and the like. so a lot of them have had a chance to chew on this the last few days. theyre brooding. theyre not happy with this, are they? ...