Page 104 - Deductions News Today

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...

Potentially moderate republicans even more than they might have been before because youve basically, you know, instituted something that is going to kick up overall costs for the middle class even if its not necessarily pure taxes and like you said, those are only short term as well. but even if you can make the argument on taxes, the bottom line is you are paying more out of your pocket because you have to cover more health insurance costs, thats your bottom line right there. >> and there are t...

Immediately generate one and they dont sunset. they are permanent. both the corporate and rates. thats an important key to get growth. this is about sustained growth and about getting our economy growing again. we cannot survive at one and a half percent. we have to get three-4%. this will give us a chance to give us the same growth. eric: but people are squawking about the state and local tax deduction in the top cap at the house and nothing in the senate. they think this affects big blue state...

Charitable deductions 70% of americans do not itemize. we have to look at it from that standpoint. eric: the standard tuxes gone from 12000 back to back 24000. you are a cpa and if you make a 30 or 40000 you save, 50000 is a 60000. one hundred to 200,000 you save a bundle. forty-one grand and if you make more than a million you are a rich use a $21000. you think desperately see those numbers do you think thats fair and appropriate and should state? >> one thing i know we have to make sure the mi...

>> the reason to make the corporate tax cut permanent because its the most pro growth policy. >> when have lowering -- >> there are many examples. canada and germany. they raised other taxes so they could lower their corporate rate -- >> is that what you do -- >> look, ive been on record in the obama administration was on record of lets try to find ways to reduce the corporate rate paid for by getting rid of deductions within the corporate system. what does not make sense is lets pay for a big c...

Welcome back to state of the union. im jake tapper. right now its the tale of two republican tax plans on capitol hill. tax republicans passed a tax cut which speaker paul ryan hailed as a defining moment for our country, but in the senate republicans are working to pass a tax bill with some significant differences including on key points such as the corporate tax rate and state and local deductions. according to members president trump told house republicans in a closed door meeting that the se...

>> lets talk about those property taxes. because home ownership, analysts are expecting home values could drop to the extent some homeowners could be left underwater with mortgages. is this related to the elimination of the federal deductions for the state and local taxes? >> well theres that and state and local property taxes or local property taxes in the case of the senate bill are also eliminated as a deduction. thats not true in the house. theyre capped at $10,000 in the house version of th...

And what weve tried to do in this bill is come up with a compromise and that as you pointed out earlier theres two current deductions in the tax code as it relates to state and local taxes. one is presumably income tax and sales taxes and others and the other is property taxes, so what i fought for and we were successful in including is to separate out, keep the property tax deduction, cap it at $10,000 , but property taxes are different in that theyre not related in your capacity to pay. you ge...

Know corporate taxes are going down. its a little trickier than just saying if youre at this income bracket your taxes are going down by this much. it really depends on the certain deductions that you take, obviously the big fight in the house was the state and local tax deduction depending on if you were in a high tax state already, youre able to deduct those taxes from your tax bill. republicans counter and say were doubling the standard deduction, were making it easier, were lowings ra ining ...

Deduction you phase in. but they will lose popular deductions and thats not good for working men and women across this country. >> i agree with chris that when you take away a big deduction, really lets be honest. thats the same thing as a thanks increase. if you come from a big thanks state like new jersey, like new york and california. even if you are a conservative living in those states, you will have a big thanks increase due to no fault of your own because you dont get to write off those t...