Page 103 - Deductions News Today

You take away those deductions and you replace that with a $24,000 deduction and that winds up being a tax increase for many new yorkers. you talk about the average new yorker. a hard working, middle class taxpayer. in new york thats a schoolteacher and a firefighter, a police officer and a nurse. a construction worker and a bus driver. making $200,000 as a family income doesnt make them rich. thats middle income here. but that will result in eliminating those deductions for those hard-working p...

Reasons. particularly to new jersey and new york is the state and local taxes. >> why? you fat cats from these big states on the east coast, you want to help the wealthy. middleclass dont file for the s.a.l.t. deductions. >> this has been in the code since 1913. it is a matter of federalism. we shouldnt pay taxes on taxes. thats what happens when there is no deductibility of s.a.l.t. >> why taxes on taxes? you get deductions for the federal side. state and local, thats for you. thats on your mun...

Democrats. wouldnt this be a better bill if instead of lowering the corporate tax trite 20% they lowered it to say 23% or 24% and we were launching $1 trillion national infrastructure as part of this bill? wouldnt that be a better proposal? wouldnt it be better to have incentives like a proposal that i have thats also bipartisan that said if americans sell their appreciated investments, they can defer their capital gains if they invest the proceeds in areas of our country that have been left beh...

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Break. what do all the changes mean when it comes down to filing taxes. republican on the ways and means committee and certified public accountant. we couldnt have a better guest. welcome. >> thanks. >> dana: before we get to all these questions what do you think the chances are that you could get this done before christmas like the president wants? >> i think the goal is there. the house wants to get it done. the senate wants to get it done. we have two willing bodies to get it done. its going ...

But saying that the government -- look, i dont believe in left wing social engineering anymore than i believe in -- so the problem with this bill is the republicans have overpromised what it will do. the problem you have now is we are essentially a full employment, so the big problem is the wage gap. but there is no bill, right, thats going to make up the wage gap. unless you want to go with wage and prize controls. like nixon did. and you dont want to do that. >> you could do double the deducti...

Business expenses. a new amendment denies the deductions making it more expensive to cover it up. that will help victims, telling cnn settling secretly and writing it off, companies make it harder for others to come forward and seek justice. the house tax bill had a similar amendment. it was not included in the final version. >> someone wrote into the tax law you can write off a sexual harassment payment? >> yep. you can write off sexual assault claims. if you have a settlement regarding that, y...

Johnson, susan collins, murkowski, john mccain, jeff flake. they are very skeptical of what they see. but we are at the beginning the process. leadership think they can be one over. >> heard nancy pelosi and my conversation with secretary steve mnuchin that is a giveaway for corporations and the wealthy. distantly enough impose or been taken so far we can question how much people know about the details of the bill. not very popular. >> no, i think is more than 50 percent so the majority of ameri...

35% rate. the effective rate is probably around 18%. go ahead and make it 20% permanent. >> but get rid of the deductions. >> they wont deal with the deductions. so its kind of a really difficult time to actually -- because you have on the republican side deficit reduction. thats got to be important. i do think we can do things that will actually grow the economy. i have a fundamental disagreement with you in terms of if we give the lower class a tax cut, because they dont pay -- >> they dont pa...

Could help those victims by banning companies from deducting sexual harassment payouts from their tax bill. you heard me right. right now, companies can write off legal settlements for sexual assault and harassment, they can write it off their taxes as ordinary business expenses. so, a new amendment denies these deductions, creating some transparency, making it more expensive for companies to cover up misconduct. democratic senator bob menendez, who proposed the amendment, says that will help vi...