Page 112 - Deductions News Today

>> harris: sounds like a deal breaker. our next guest remains unknown, lets bring it in congressman lees eldon who hails from long island. thank you for being here, you and i have been talking sometime sitting across from each other like this, has anything changed in your eyes in terms of getting tax reform? >> as we discussed last time, it is progress to have the property tax deduction up to $10,000 but when i write all the numbers in the current plan for my constituents, i have middle income c...

Will get rid of their ability for state taxes will only affect higher earners, not the lower middle class and the ability to write off -- take a stand arpd deduction which is higher will impact them better. it gets complicated. i dont think chuck schumer will give sound advice to the gop. he will message. >> bill: his larger point the suburbs will make you pay a price for it. some middle class voters see the rates go up. some upper middle income americans might see a deduction in the rate but on...

Victories and victories across the country including in georgia, new new hampshire, washington state and mayorial races in my state. it showed hugely motivation and turnout. the question, of course, whether that will be sustained and i can tell you a lot of people were really upset that donald trump and republicans tried to take away their access to affordable health care and they are going to be really mad when they -- if they try and pass this huge give away to big corporations thats going to ...

In line with other industrialized nations in the world, wont that boost those corporations, boost growth, boost wages and boost jobs? >> so a couple of things, chris, you know that the effective u.s. corporate tax rate is much lower. some people put it around 20% because corporations take a lot of these deductions, but we could do corporate tax reform but we should do it in a way that doesnt boost the national debt by 1.5 trillion and still ask middle-income taxpayers to pay for it. you know abo...

In line with other industrialized nations in the world, wont that boost those corporations, boost growth, boost wages and boost jobs? >> so a couple of things, chris, you know that the effective u.s. corporate tax rate is much lower. some people put it around 20% because corporations take a lot of these deductions, but we could do corporate tax reform but we should do it in a way that doesnt boost the national debt by 1.5 trillion and still ask middle-income taxpayers to pay for it. you know abo...

It is a sliding rule or they are going to use, all of the state and local tax deductions, the deal is off, is are you your? >> i hear it differently, obviously he is very passionate about representing his constituency and obviously that issue about those deductions is really a big deal, especially to those delegations, new york, california, but i hear from leadership that they are at 218, they have growing confidence of a have the numbers to get through the house and the key here is that the sen...

>> rick, an optimistic outlook from the house ways and means chairman kevin brady. he said they have a good tax reform plan and house and they will pass it by thanksgiving. >> our republicans in the house know it is time to deliver the honest economy and grow these paychecks by getting rid of this current tax code. >> this as peter king lays out some of his concerns. >> right now there are two republican tax plans. one in the senate and one in the house. for individuals, there are seven brackets...

To 39 1/2. whats this all about, chris? what is coming next when he gets back on wednesday. >> they want to simplify the tax code. they have a problem. all these deductions and the individual mandate which is another thing, not a deduction. but these all have parties that are attached to them. special interests or constituents who make money off this. maybe you would want to be careful adding too much to the plate here. if republicans can get the top rates down and get the corporate rate down it...

Every step of the way. our republicans in the house, thats exactly what we are going to do. >> there are 7 brackets, four in the house, mortgage interest payments up to a million dollars. the house cuts that in half. the most clearing difference, eliminates state and local deductions and in this last one has republicans in high-taxed states like new york, new jersey and california very worried about democrats like chuck schumer blasting it. >> if state and local is in this bill, its a dagger to ...

Deductions for state and local taxes, does not repeal the estate tax, delays the 20% corporate tax cut by one year and keeps deductions for medical expenses and student loans. republican leaders in the house and senate are working to make progress on passing their bills in a push to pass comprehensive tax reform by years end. joining us now from raleigh, north carolina, politicos daniel littman. coauthor of "the political playbook." what do you think, ambitious or impossible? >> theyre actually ...