Page 105 - Deductions News Today

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...

Deductions, so that a couple making $24,000 would pay no income tax at all. so i dont think those allegations are fair, but never theless, there are provisions of the bill that i would like to see changed, and keeping that top rate for individuals where it is for people making more than $1 million is one change, and i would also like to see the business taxes, which do need to be reduced in order to insent vise the creation of higher wages in this country, but it does not need to be reduced all ...

Concerns. have a bunch of senators, 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...

That you may not get now that weve doubled the standard deduction and lets take a look at the entire package and by the way, eric, there are plenty of planning opportunities in this new tax package as well and i think in the end we have to be able to look at it in its entirety. thats why im concerned about the seven individual on the senate side there already say no. that plan is not even written yet and lets see what the is in it and lets see the entirety. we have a tax-cut people will end up w...

Final conference committee report. let me go back back to one of the facts that you just asserted and thats the notion of how much the current state and local tax deduction is. yeah thats that amount of money but within the current tax code, so for example, its basically a trueism to assert that its currently this valuable but what were saying is lets shed this whole tax code. its a loser. it is not helping us, its holding back growth and if we do that and you change these deductions within the ...

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...

The senate. what are you hoping the senate will keep because they are likely to do away with a lot. >> i think the biggest thing that the senate can do to keep would be the repeal the individual mandates. that brings in approximately $338 billion. keep in mind when the affordable care act went through -- >> but that goes to another area. that would not then be the sell on tax reform. >> but it would lower the debt that much. i mean, over a ten-year period of time. so yes, thats significant. >> b...

Youll get an extra $600 credit for every child. and then the rates go down. so it simply isnt true -- she spl may have some special circumstances. >> how can you be sure? i dont know her personally. but it sounds like a woman who has looked at the tax plans and has determined even with those pieces that you just pointed out that her taxes are still going to be going up. i mean we look at some of these deductions that people often take that are being eliminated like the student loan deductions fo...

Less in $75,000 a year will see their taxes rise and 2027, thats not american, thats taking from the poor and giving to the rich. its reverse robinhood. you might even call this the ivanka, don jr., and eric retirement plan. thats how bad it is. >> wow. scott, lets talk about more polling here. this is a new quinnipiac poll, it shows that almost two to one, they think that the proposals benefit the wealthy at the expense of the middle class. some of the potential casualties that keith just talke...

Individual deductions. so who wins? quested taxes the court will be the rich people and high tax states. this a lot of benefits the new york economy of lowering the corporate rate. >> they want you to believe this trickle-down tax breaks to the rich will pay for themselves. it never has. -- they never have. >> the present was the bill in his desk by christmas. but it will be tight. >> thank you caroline, thank you! >> in the last hour we heard from one of the republican supporters of the house b...