Page 110 - Deductions News Today

Allowed. you have $15 to 20,000 theyre losing in deductions. people tell you other pluses in the bill will make up for that. i havent seen that yet. it would hit every -- i would say most of the taxpayers in my district a good number of them would see their taxes go up because of this. >> sandra: mick mulvaney, as we understand it, there has been an exchange between you two. he was scheduled to come on this program in this hour. he canceled on us 30 minutes before his appearance. we dont know wh...

Strictly factual. >> no. the simplest way is the average family income is $60,000 in virginia. that family making $60,000 with two kids is going to get $1200 back. there is a middle-class tax cut. are there going to be some moving parts for businesses and deductions and complexities? sure. but on average the small businesses are going to get a tax cut, the c corporations are going to get a tax cut. in the middle class is getting a tax cut. we wish we could do more, but we are limited by 1.5 tril...

>> no. the simplest way is the average family income is $60,000 in virginia. that family making $60,000 with two kids is going to get $1200 back. there is a middle-class tax cut. are there going to be some moving parts for businesses and deductions and complexities? sure. but on average the small businesses are going to get a tax cut, the c corporations are going to get a tax cut. in the middle class is getting a tax cut. we wish we could do more, but we are limited by 1.5 trillion. if senator s...

And he was senate chairman of the senate budget committee. you are the perfect person to speak to about this. let me put up for our viewers the headlines from what we know about the senate plan. it repeals obamacares individual mandate, which was the least popular component and boosts the child tax credit to $2,000 per child, and lowers several middle income tax rates and the corporate tax rate is reduced to 20%. do you like this plan? >> well, i like the corporate side. i think the individual s...

Obviously, all the deductions will be claimed by a lot of people. we minimize the number of people that are going to itemize. >> harris: i ask all of this because its our money and they want to know how its going down. everybody is watching this saying, theyre talking, theyre negotiating. you talk about conference. that is a good thing for people outside the glass saying are they going to do whats best for the rest of everybody else. senator thune, thank you. >> we want people to keep more of wh...

You want to give them the break so that they can build their business and start getting cash flow and start getting income and dont smack them with a high tax rate when they are just getting successful. nurture it and then to top their tax rate ideal at 25%. >> bret: in some of these big states state and local taxes on the individual is a big deal. you take that out, the senate plan does not. >> speaker ryan: they take it out completely. >> bret: they take it out, but you still have it and im sa...

Republican voters who said, we sent you to washington, reexpect results. lets look at the political imperative on the other side. i looked at the cook political reports rates of all the house members. there are 37 house members in toss-up races or lean republican races and 17 of them are in california, new york and new jersey. places that would be hit by these state and local tax deduction changes. >> getting rid of allowing deductions if you have high local taxes. >> right. its hard to separate...

>> ha, ha, ha. do you hear them laughing? but its not funny. when you actually look at this bill, there are real cut cuts for the rich and for corporations and for everyone else, its a hope, hope and aspire. how is that funny? >> this is their primary dilemma as they try to speed toward a vote in the coming few days or a week. there is not enough evidence here that this benefits the middle class. theres not enough evidence that it doesnt benefit the rich and corporations and the real estate busi...

These deductions theyre getting rid of. college tuition seems like another one that frankly is a bigger hit to some of the northeastern states as well? >> well, theres so many provisions, and the fact is this bill is still a moving target. for example, the house eliminated the medical expense deduction for people who have extraordinarily high medical costs. thats back in. in the senate version, im pleased to say, but this really is still not a final product, but one of the other problems about i...

They keep seven brackets tweaking while the house cuts it down to four tax level. the bottom line is it may go up, may go down. and key is that middle class deductions. its become a point of contention among house republicans saying members of congress saying they wont vote if the bill kills state and local deductions. the mortgage interest deduction changes are to hit home buyers in some cases. this is a popular deduction. its being cut in half of a cap of a million dollars for married couples ...