Page 111 - Deductions News Today

Taxpayers in every state, gets a tax cut. im sure there are going to be people out there, higher income people who can utilize all the loopholes that are other, hire an accountant or a tax lawyer. utilize a bunch of loopholes in the tax code and by losing some of those loopholes, they may not be as well off. but the whole purpose of this is to take with the loopholes, so you can lower everybodys tax rates across the board. the whole purpose of this is to take away loopholes and give everybody a ...

Complicated. by and large its a cut for everyone but you look through the various income brackets and depending on which deductions and exemptions you are losing, some middle class families can see tax increases. >> eric: getting rid of the interest on extreme medical situations and some college interest. that sort of things can really affect people. >> exactly. this will be such a difficult thing for republicans to defendinging into the mid-terms. they need a win. both leaders of both the house...

Competitive in what is still unfortunately a global economy. you have to cut that down. neil, i was on the plane with ronald reagan at the asia summit. i can remember we got a phone can on air force one. we were told we could get a top rate of 26% on the personal but we would have to give up some deductions. i yelled take it. eventually we got it to 28%. reagan got it down to 28%. unfortunately capitol gains went back up to 26%, too. this is not across the board for everyone. i wonder how that w...

People down there dont pay enough taxes. that argument weve heard over and over. if you actually look at the details of this, do you believe that gop lawmakers have actually looked at them all? when you go from itemizing to standardized, think about all those charitable deductions that people cant write off anymore. the fact that student loans narnt there. medical expenses. are people really understanding what the impact is here? >> these tax bills, i lived through the reagan tax cuts and the bu...

Dramatically on buying a new car, or building another house, or expanding. they are spending would have to be cut back, how was that good? >> one of the things it does is it doubles the standard deduction, or nearly doubles at $224,000 from the current level. that helps offset some of those losses. and lets remember, too, for the vast majority, about 80% of the people who benefit from the deductions of state and local income deductions, that might impact some folks in some high tax states and hi...

Get the folks who raise their hands the last time around who said that theyre worried it might actually end up paying more. who is out there in that category? some people got shy. you stand up in the back, sir. we got a mic on you, great. explained to speaker paul ryan why you look at the numbers and you are afraid you might actually pay more. >> my name is dan and im old enough to remember ronald reaga ronald reagan, and what he was trying to do with tax cuts. ive got a mortgage, i got a kid wa...

Remainder of the state local tax deductions which is a big issue in some of the highly populous states. this senate eliminates those deductions entirely. hugely controversial in places like new york, new jersey, california. house plan cuts the rate of corporate taxes to 20% effective in 2018. the senate plan makes the same cut but it doesnt kick in until 2019 and neither is retroactive to 2016, as many had originally hoped. >> they told us they would be no math. >> martha: [laughs] >> bret: pen ...

Job, they could have an income over $300,000, but our property taxes and state income taxes would be at least 25 and $30,000, the cost of living is much higher purity for them to lose that deduction in addition to that losing other deductions as personal exemptions, which comes to $18,000 for a family of four, that brings up definitely being a tax increase from them, thats wrong. again, these are not wealthy people, they are hardworking people, and there very high cost part of the country. some ...

Deductions. you can fit your taxes literally on a postcard. by doubling the standard deduction, that says 9 out of 10 taxpayers dont have to use itemize deductions. they can take the standard deduction and get lower taxes. we are talking about the 10% of americans remaining who are very high income earners. >> martha: who pay 70% of the taxes in the country. >> representative ryan: absolutely. no dispute there. they may have a disproportionate amount of loopholes they may not get their taxes low...

Rely on the deduction. kevin brady called it non-negotiateiable. >> we want people to keep more of what they earn regardless of wherever they live including the high tax states. you saying the white house will not accept a total elimination and that wont fly even if the senate passes it? >> thats what im saying. >> okay. im not saying that chairman brady doesnt think its important for all americans, blue or red to keep their deductions, but i will point out a fact which is that in the house re...