Page 102 - Deductions News Today

Article. if the senate bill becomes law, americans earning $30,000 a year or below would pay higher taxes beginning in 2021. the projected increase stems from the repeal of the aca mandate. how does the republican party sell the idea of actually raising taxes on the lowest income americans? >> a lot of the things is i dont think a lot of the american public is concerned about 2027, 2025. theyre concerned about 2018 and 2019. what they do see is the doubling of the standard deduction. 69% of amer...

Year if the cuts arent passed by christmas? >> well, look, as i say, this is an extraordinary circumstance, this bill, because it really pushes to the edge, i think, the inherent core strain in the republican coalition. president trump was elected primarily because he ran best -- he ran better among working class white voters than any candidate since 1984, yet in the health care bill and again in the tax bill they are pursuing an economic agenda that sublimates the needs and interests of those v...

Thats not good public policy. its a concentration of the wealth among the super, super wealthy, and the poor are left out of the equation because the inevitable tax cut that this tax bill will inevitably lead to program cuts because there is an extraordinary deficit that is created by this tax cut thats underway both in the house and the senate. kelly: so congressman, under the senate plan, it appears that there are many wrinkles, as kristin pointed out with the plan, that will have to be ironed...

That are going to get hit the hardest on the deductions and losing the state and income tax and property tax deductions on their states. at the end of the day, republicans cant make the mistake of mitt romney of saying 47% of americans dont pay federal income taxes. but about everyone in american, whether youre minimum wage or not is paying 39% taxes on every dollar they make. its fees, local taxes, local assessments. so taxes are a concern to everyone. its just a matter of what you identify pol...

Trump likes to pride himself on, grace, is being a new yorker. he has spent a lot of his time and money and real estate efforts in new york. and yet, i guess the question for a lot of people now is whats his role in this? what are we going to see from him? we see mayor de blasio standing in front of trump tower making the case against the tax bill. is the president a person who can win over some of those republicans? >> its going to be hard with the deductions go away. the math is clear in terms...

By christmas. >> chris, how do you see it? >> the main goal of tax reform for the trump add min is station. to fix the corporate tax rate. and they said congress and senate figure out how to get it through and how you can affect the individual tax rate. they have a limited box they can deal with. theyre trying to jump start the economy, focus on the corporate tax rate first and see where they can cut taxes for the rest of us down the line. it is difficult to get into that box but theyve cut acro...

Language in the bill. it makes it more difficult for them. some of the deductions are going to be taken. but lets get to the corporate side. the corporate tax cut. 20%. 3 to 20%, for the corporate tax rate is great. >> that will help. but you say it will help small businesses as well. we grow on this point. >> yeah, first of all, look at fox news. the company that you work for, they employ many small businesses. contractors and people that clone your offices and supply them with services. these ...

Need to agree on legislation. this obamacare provision is something they did not have in the house, mells, melissa, 13 house members voted against their version and they had entirely different concerns. a lot of those members were from high tax states and they were worried about how federal deductions for state and local taxes were handled. so a whole lot of gaps that still need to be closed up before they take this to the floor. melissa? >> melissa: everybody has a different thing they want. he...

Blasio, on a different end of the political spectrum from the president out in front of trump tower railing on the tax plan. schumer is going to be trying to impress upon this president as much as possible the effect this is going to have in new york, in his home state, but in other states, and some of these members of congress who represent these districts, yes, new york is a blue state. statewide, but there are districts that could be vulnerable that are held by republicans, and if this tax bi...

Spent more time tweeting with the tax plan and selling the tax plan. there are lots of questions out there. he could explain why republicans get state and local deductions, why this tax plan keeps corporate cuts. why would only generate 100 exceed $9 billion in revenue, but it would blow a $1.5 trillion. time is money with tax reform and the president hasnt had time to sell this like what we saw with health care. tax reform is his baby, he should be out there and tweeting about tax reform. >> an...