Page 3 - Capping Deductions News Today

Its time to start acting in the interest of the country, as lindsey graham said. you cant do it by capping deductions. as bill clinton said, the math does not add up. unless you specify the deductions that you want to get rid of or the ones that we need to reduce, they are the ones that are massively unpopular. >> governor, what i think lindsay graham was saying is that the reductions and deductions would be on the higher income earners. you wouldnt tell somebody who is in the middle class that ...

Church back home, and if a beau dis monk is wishing me well i will take whatever good vibes he can give me. >> it might take prayers. joining me brendan, former communications director for nancy pelosi, and mark mckinnon, distributor to the daily beast. what about the need for prayer, brendan? youve been through budget negotiations and saw the democratic leader nancy pelosi said over the weekend that there is no give on the, you know, fundamental demand about some adjustment on tax rates. >> rig...

What you can get if you limit deductions. in fact, the romney plan, capping deductions at $17,000 i think everyone agrees it would give you more than the president is asking for this 1.6 trillion. >> alisyn: thats right. thats what the tax policy center did he dued that romneys plan capping at 17,000 bring in more. how can both sides be so far apart? are they just playing chicken with each other okay i will let you go off the fiscal cliff. you let me go of o00 fiscal cliff whats going to happen?...

Point. they still really want that -- to say that they want to tax the wealthy. but i do think that there is some wiggle room from them, the top economic adviser cited at least $1 trillion in revenue, which is slightly different than the $1.6 trillion that the president had been talking about. and so i think that we may see that threshold of 250 creep up a little bit. and i also think that the administration may be looking at other ways to tax the wealthy, like, capping deductions, tax deduction...

"losing never feels good." >> we were surprised at the outcome. e we knew this was going to be a close race. we thought we had a good chance of winning. it just wasnt enough at the end of the day. i respect the process is done and i congratulate the president on the race. we now have divided government like we did before. the divided government didnt work. were going to have to make this divided government work. >> and there are new signs that the word compromise may not be such a dirty word in ...

Worried. 68% say the $600 billion in automatic tax increases and spending cuts would have a major effect on the u.s. economy. 44% say it would have a major effect on their own financial situation. and theres little confidence both sides can work together and find a compromise. only 38% say the president and congress will reach an agreement. as we continue to take a serious look at the issues facing the country, today the issue is taxes. weve got the alternative minimum tax, child tax credit, est...

Do you think were going to get that in the end? >> i actually do. they are these taboos. if youre a republican, you didnt talk about the need for more revenues. we needed to do something about the deficit, but it all had to come from spending. the republicans got their way. remember the talks about boehner and the negotiations on the debt ceiling. he got 98% of what he wanted. so the conversation used to be we will cut the deficit through spending cuts. now within the space of a week, the same p...

By the way, it was 17,000 in terms of capping deductions and then it went to 25 and all of thats -- again, its a symbol of a group that has no clue how to make this math add up and you cant make it add up. there are not enough offsets to pay for the $5 trillion cut full stop. >> dana, whats the politics of this? you throw out a plan, you back it up with 1.3 trillion, which has you 3.5, 3.8 really trillion off. what are the politics of that? are they trying to throw out something to make it look ...

>> the devils in the details. the angel is in the policy. >> can you go into a debate, erin, with just kind of talking around it, the devils in the details, loopholes without specifying which loophole deductions without saying which ones? doesnt he have to be more specific tonight and really show that he has a detailed plan that is superior or at least equal to what the president has been saying? >> he does and in the past couple of days he has done some of that. he floated the idea of capping d...

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