Page 113 - Deductions News Today

>> 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...

That margin and the scope of the 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...

Youre exactly right that in all of these analyses if you take each tax bracket there is a net tax cut but would you agree that there are going to be a sizable number of middle-class families, families that, for instance, now get the state and local tax deduction, families that have big medical expenses they can deduct, families that are deducting the interest for their student loans, that there are a lot of those families that could actually be losers in this bill? >> i dont, chris, and here is ...

Chris: good, thank you. i want to go through some other big differences between the house and senate plan, technical but important as you well know to every individual taxpayer. for wealthy people and businesses, your bill, the house republican bill, repeals the estate tax over six years and cut it is corporate rate to 20% right away. the senate plan delays that corporate rate cut a year and does not repeal the estate tax ever. but with the money that the senate plan saves while you eliminate th...

Of those people now. >> hardly anybody pays it because they have very complicated tax preparers. do you think this thing is going to get passed? we reached out to the jct who wrote that summary saying it would be a positive for middle income earners and they said they dont do interviews. you said once they get down to the detail, thats where problems arise. i was down on the hill a few days ago, talking to the united way who is pleading with senate leaders to not pass this bill because of what i...

Differences between their two bills. in the house plan, it allows the deduction of $10,000 in property tax, repeals the estate tax over six years, cuts the corporate tax rate to 20% and eliminates the deductions for medical expenses and student loans. i dont even understand why you would do that. the senate plan eliminates all deductions for state and local taxes, does not repeal the estate tax, delays the 20% corporate tax cut by one year and it keeps deductions for medical expenses and student...

Now for our what in the world segment. republicans worship he at the altar of ronald reagan because he plea sidresided over a massi reform. even donald trumpe at the altar of ronald reagan because he presided over a massive tax reform. even donald trump at the altar of ronald reagan because he presided over a massive tax reform. even donald trumpat the altar of ronald reagan because he presided over a massive tax reform. even donald trump is a fan of ray begans a r reagans. >> we need a tax code...

Chris: but would you agree and youre exactly right that in all of these analyses if you take each tax bracket there is a net tax cut but would you agree that there are going to be a sizable number of middle-class families, families that, for instance, now get the state and local tax deduction, families that have big medical expenses they can deduct, families that are deducting the interest for their student loans, that there are a lot of those families that could actually be losers in this bill?...

Minister of justice. both countries. >> as for the lodge investigation into russias election meddling and potential collision between the trump campaign in russia, robert mueller has questioned various members of the team expected to speak with the president. his white house communications director break. of the president requests all right, if you so much. >> publicans in both houses of congress to get to work this week on their separate versions of tax reform legislation.the main differences b...

>> well, there are going to be more people in the individual in the zero bracket. there will be more people that take advantage of the new deductions about 70% of the taxpayers now that file dont file itemized anyway. the estimate on this bill is that 90% of the taxpayers that file will take advantage of that new double deduction which means the arguments about things like state and local tax deductibility and million dollars of loans that whether that can be deducted or not all are focused on t...