Page 2 - Capping Deductions News Today

The only way to avert things? >> im not in favor of patchwork solutions to a macro problem. whether its capping deductions or raising rates, entitlements are an issue and we got the deal with entitlements, two-thirds of all federal spending and discretionary spending is part of the problem. all three have to be addressed in a macro plan or youre not going to solve the problem. >> i want to ask you a quick question on susan rice. do you believe the benghazi incident disqualifies her to be secreta...

It was lowered to 28%. we can take that approach again. >> you know, you brought up the fact that you are in real est e estate. one of the items that will be on the table is the mortgage deduction and one of the kr criticisms that the white house had, for instance on the boehner plan, is there were no details there on deductions. how do you envision just dealing with the mortgage deduction tax credit? >> well, the idea that i like the most is by capping deductions in the aggregate so you dont pi...

Remarks, whether he was out of line or he was on the mark in just a couple minutes right here. as lawmakers face off over the nations fiscal crisis. to claim the presidents insistence on raising taxes on the wealthy is not about money or tackling our debt or deif i side --our debt or deficit issut about embarrassing republicans. >> you saw secretary geithner over the weekend on sunday shows very clearly express the presidents position, talked about the proposal the president has put forward and ...

Nightmare situation. it could not be a cleaner case for republicans defending only the tax cuts for the top 2%. this is very clear. mitt romney tried to parse it and say, well, maybe well get revenue from capping deductions. maybe well go after the mortgage interest or some other deductions. that was litigated. they lost. its simple and clear to everyone that 98% of the tax cuts could go through tomorrow, today, any time if boehner got out of the way. but he still has the rejectionists in the la...

But this whole thing here, i think boehner has never accepted the fact that the rates have to go up at the top. theres something about deductions and all this finesse. they lost the debate. if theres any issue that came out of the campaign, the president is dead right on this, he made his case clear. the polls show it. the public wants to have some tax fairness. they dont want the top 2% to hold this thing up. boehner doesnt want to hear that. why not? is he unable to hear it? does he not want t...

Ill say one other thing. you know, we went into this, if you think back a few weeks, thinking we were going to have major tax reform. this was going to be an opportunity like 1986 to overhaul the tax code and get rid of all these loopholes. i think that prospect has faded dramatically. we may end up capping deductions as a way to raise revenues or something like that. but the notion of going in and doing a wholesale rewriting of the tax code which would be wonderful just does not seem within the...

Now senator bob corker say they will ignore the decades old pledge that was signed by 241 house members and senators. he says he believes it is a huge game-changer. >> when youre $16 trillion in debt the only pledge we should make to each other is to avoid becoming greece. republicans should put revenue on the table. were this far in debt. we dont generate enough revenue. capping deductions will help generate revenue. raising tack rates will hurt job creation. bill: this is the heart of the matt...

Instance you can hear the hum in the air at their distribution centers as they gear up for what they hope will be the 50th day of the year. president obama helped juice retail members themselves with christmas shopping at a virginia book store. this morning the white house is warning what could happen with retail sales if government spending and massive tax hikes kick in at the end of the year. its something retailers have already been talking about shoppers are uncertain. >> its the leading hea...

Not mine. dont do it to me. >> bret: i mentioned before, mitt romney and paul ryan campaigned on this. they got hammered over not having the specifics on what kind of deductions they were going to cut out. this is mitt romney at the debate. >> my plan is bring down rate and deduction and exemption and credit at the same time so the revenue stays in and we bring down rate to get people working. >> bret: went on to say that capping deductions for upper tier. that is where we are not a surprise. >>...

Anti-tax increase. this time its lindsey graham. >> when youre $16 trillion in debt, the only pledge we should be making is republicans should put revenue on the table. were this far in debt. we dont generate enough revenue. capping deductions will help generate revenue. i think grover is wrong when he says we cant cap deductions and buy down debt. what do you do with the money? i will violate the pledge only if the democrats will do entitlement reform. >> publisher and former pennsylvania gover...