Page 106 - Deductions News Today

That keith just talked about here, teachers who pay out of their own pockets for school supplies would no longer be able to deduct them. student loans, student loan interest would also no longer be deductible. do you worry about the optics of this bill when it already seems unpopular before its even out of the gate, even though as you said its going through regular order? >> well, number one, a lot of the deductions are going away because the standard deduction is being doubled. the child tax cr...

Credits are going up as well. so what theyre trying to do is take away a lot of the individual deductions so they can bring the rates down for everybody. number two, im not surprised about this polling because every time donald trump and the republicans throw out a piece of legislation, we get nothing but yarns and canards and old wooif tales spun by the democrats telling us, you know, this, that, and other. its just not true. lets take this private jet thing for instance, this is not a tax incr...

Both house and senate bills give individual tax cuts. the senate version repeals the individual mandate of obamacare. it also gets rid of the deduction of state and local taxes. the house bill retains $10,000 in deductions. they cut the corporate tax rate from 35% to 20%. >> the peoples taxes that will go up are the rich people in high-tax states. but theres a lot of benefit of the new york economy of lowering the corporate rate to 20%. >> republicans want you to believe that the trickle-down ta...

Because there is no good path politically for them. taxes was also very interesting. as we mentioned tax reform freshly passed the house yesterday. the senate has their own plan. it is going too look different than the proposal that made it through the house. lets look at the areas where they dont agree. the question of the mandate. thats a biggie repealing the mandate and the deductions on whether the estate tax remains. these are major differences. there are many, many others. lets talk about ...

A lot of your case to state and local government. you are in a high tax state for that reason. theres also an analysis that shows even many taxpayers will benefit, but we hear that -- this entire move, this entire bill is trying to get away from all the credits and deductions and exemptions that really do favor the upper class and favor the wealthy and well-connected. they rarely favor the middle class or the lower class. >> shannon: i want to make sure we talk about some of things we talked abo...

Currently trump heirs would owe a 40% tax on money they inherited over a certain amount. though most heirs end up paying closer to 17% after loopholes and deductions. but based on bloombergs billionaire index, the president is worth $2.86 billion. trumps heirs could potentially save more than a billion dollars if this bill becomes law. and donald trump were to pass away after 2024. that is a sizable savings and its worth noting that trump claims that hes worth significantly more than that $2.8 b...

A lot of your case to state and local government. you are in a high tax state for that reason. theres also an analysis that shows even many taxpayers will benefit, but we hear that -- this entire move, this entire bill is trying to get away from all the credits and deductions and exemptions that really do favor the upper class and favor the wealthy and well-connected. they rarely favor the middle class or the lower class. >> shannon: i want to make sure we talk about some of things we talked abo...

That are richer for parents than they have on the books right now. but, it eliminates the deduction, bunch of deductions. it eliminates the medical deduction. there are thousands of families who plan their budget around being able to deduct their medical expenses because they have chronic illnesses. eliminates the deduction for student loan interest. it eliminates the state and local income tax. >> that could hurt in new york, new jersey, illinois, california. in fact, 13 gop congress members di...

Yesterday, was a number of members of congress who are actually going to raise taxes on their constituents through the state and local deductions. we know that bill moving through the senate as well as the house as your reporter just mentioned it is going to increase taxes for those people who are making under $75,000 over the next -- for the nx ten years. thats really unpopular and not even close to what they are selling on it. if you look at the bulk of whats in the bill it is cuts for the top...

And cuts deductions for state and local taxes, college loans and medical expenses. a lot of controversy about that. lets talk more about this. joseph perry joins us, a tax and business services leader. richard fowler. fox news contributor. they are predicting taxes for many in the middle class will be cut but in 10 years the middle class could get slammed. is this plan really a benefit? >> i think if you take a look at the overall bill as what they were trying to achieve simplification, corporat...