Page 107 - Deductions News Today

>> some republicans, 5 in new york, four in new jersey, three in california and one in north carolina say they are not for it because it wont lower their taxes because they are such highly taxed state so states have to make taxes lower. >> why should somebody from minnesota or montana be penalized in new york state they pay too much on taxes. >> it is albanys problem. >> or trenton. taxes wont be lowered, the president ran saying they would be lower and that bothers me. that is what he ran on. w...

Remember this when somebody says that corporations need a bigger tax cut than you do. theres many reasons that american companies are not competitive. tax rates are one of them. mike kelly is a republican. he represents pennsylvania. thanks for coming on. >> thank you, tucker. >> tucker: i was talking to somebody in any neighborhood. a dentist. voted for trump. conservative. he said under this tax plan, i would get a tax increase as a dentist. and all these left-wing companies like apple and yah...

Interest deduction. have the medical expense deductions. there are good things in both bills and we need to bring the good things of both bills together and also make an important improvement on the state and local tax deduction. >> bill: what is the number, is there a number when it comes to state and local taxes for you? >> well, first off i would say i support fully keeping the state and local tax deduction. if we go past that for a second whats the best policy if you were to make a change? i...

Orrin hatch doesnt come from a wealthy background or an upper middle class. more of a poor background and he highlighted that. so sort of barking up the wrong tree when you talk to orrin hatch who comes from a very modest background. but i want to throw up a poll regarding the gop tax plan and how voters feel whether or not it favors the rich. 59%, a majority say yes. now, the bill has a lot of issues. obviously it is going to decrease the taxes for many. the argument that both republicans and d...

Be saddled with about $20,000 more in debt. there are two big winners here, willie, its corporate america, who has been doing really, really well over the last few years, profits are up, and the chinese government. because its 1.5 trillion, but then we borrow that with interest over 10 years. its going to be more like $2.3 trillion that we will borrow primarily from the chinese and maybe the saudi arabians. thats debt thats going to go on to the family in akron, ohio or youngstown, ohio. theyre ...

Remember this when somebody tells you that corporations need a bigger tax cut then you do. there are many reasons that american companies may not be competitive in world markets. tax rates are one of them. myy kelly is a republican, representing pennsylvania, thank you for coming on. i was talking to some of my neighbors yesterday, and a dentist who voted for trump, conservative, he said under this tax plan i would get a tax increase as a dentist, and all of these left-wing companies like apple ...

Exclusion for profits kprooefsly excluded -- so in that regard, long standing loophole going back to 197 for at least limited partners will be repealed. and that probably is a good thing. but as far as other loopholes go, i dont think deducting state and local tax is a loophole. >> but -- >> if you look at president trumps amt in that year, most people would quickly have a knee jerk reaction and say well the amt is the result of losing the state and local tax deduction because that was an add un...

Today. >> the vast number of americans that dont have high tax states its not fair that they are subsidizing a few states. so again the peoples taxes who are going to go up are the rich people in high tax states. >> eric: there is treasury secretary mnuchin. >> a lot of folks live in high tax states. lets be clear here. what the bill does it keeps a lot of loopholes in place. loopholes for corporate jet owners or people who own yachts. millionaires and billionaires have benefits. if youre a youn...

Do. you couple that with a lot of the deductions that middle-class americans, we do away with the amt and we also are expanding the child care tax credit and we added an adult dependent tax credit. its responding to the changing demography. it is a lot to like, people like senator wyden who are always try to raise taxes while his party is in the minority because they always overregulated over tax americans. hes a cherry picking the numbers. they all have different assessments of this. a lot of i...

Teachers can take for school supplies. some will increase graduate students taxes by roughly 400%. how is that good for the middle class? >> well, let me first say this. in my district we estimate about 70% of income tax filers do not itemize that is these deductions arent particularly relevant. now theyll have doubling of the standard deduction and their rates are coming down. >> but for these -- >> this is most everybody. >> but for students and teachers, particularly this particular group, ar...