Page 114 - Deductions News Today

For it, you get a smaller tax break. except to further complicate things, you can make the case for special treatment and get a more generous tax break. again the accountants and lawyers might be salivating. the simplest proof of the complexity is this. the 1986 bill got rid of so many loopholes and deductions, that despite a massive cut in rates, it was actually designed not to increase the deficit at all. the current plan will explode the deficit by at least $1.5 trillion and probably more bec...

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...

Except to further complicate things, can you make a case for a special treatment and get a more generous tax break. the lawyers and accountants must be salivating. the simple proof of the plans complexity is this, the 1986 bill got rid of so many loopholes and deductions that despite a massive cut in rates, it was actually designed not to increase the deficit at all. the current plan will explode the deficit by at least $1.5 trillion, and probably more because of all the fuzzy math involved in p...

. for our "what in the world segment," republicans worship at the altar of ronald reagan and admire him more than anything else, perhaps because he presided over a massive tax reform in 1986. even donald trump who doesnt often praise his republican predecessors says hes a fan of reagans and wants to follow his plan on taxes. >> we need a tax code that is simple, fair and easy to understand. >> trump is right. american taxpayers and businesses spent $8.9 billion a year, billion, doing taxes, co...

Tax deductions, how democratic they this small meeting the middle class will get the tax cut early in the attacks increased later on. is this true? >> theyre making all sorts of apples and other fruits. first, for folks in high tax jurisdictions, we done the calculations. they get a tax cut. for the folks in the second part of this, in our model, only 6% of the population who pay taxes will itemize. those deductions are for only folks that itemize. eric: what about the middle class? >> then you ...

Its going to be really pro growth. >> senate majority leader mitch mcconnell admitted he misspoke when he said that not everybody is going to get a tax cut. what do you tell in the suburbs of philadelphia, a lot of upper middle class folks may not see a tax cut because of the way some of the deductions go away. what do you tell those folks who think, wait a minute, im not going to get a tax cut, even though i have been voting republican and been promised that id get this tax cut? >> the vast maj...

Constituents and i think the issue of dating and local deductions will be a big problem in the house. >> we are in favor of the deduction as a matter of moving the deduction as a matter of economic policy. >> yes but if you listen to these congressman issa youre creating winners and losers. and of course you are. you have you know they are there judgment finding was a talk about this big tax cut and i think that is the biggest problem with the way they have approached this. they keep talking 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...

>> thats what im saying. 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 sav...

Thats why its good to have people on who dont necessarily agree with everything youll do looking at it. but were looking at it very closely, so are a lot of interest groups around the country, lobbyists and were finding out the impact of the proposed bill, whether its the senate bill or the house bill, is what we anticipated. that was it largely benefits the wealthiest americans and really doesnt give much relief to the middle class. >> yeah. well, we heard your colleague congressman john larson...