Page 116 - Deductions News Today

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...

Specifications and their financial circumstances. now, in the next couple of weeks, expect to see a lot of heated debate on capitol hill among republicans on how the house plan and the senate plan are going to be reconciled. keep in mind that each chamber has put out a different plan and there are some key differences that we have seen come out of the house and the senate. just to point out a couple of the key ones, the number of tax brackets is different in the house plan versus the senate plan...

Patchwork of the loophole of deductions, we dig into complications.the republicans spell this out. essentially what we have this country is that the rest of america needs to bail out blue states of california, new york city because their state charges the citizens so much. so we do need to get rid of the loopholes and deductions for that means certain individuals in the states may pay more but that is a sign that the government, taxing citizens too much. >> do think that this will presidents goa...

Coming with stinging election day defeats and disturbing news out of alabamas senate race not helping their agenda. >> thats why the gop needs to deliver on tax cuts, any tax cuts if for no other reason than to notch a win ahead of elections next year, which is where we start. senate republicans have come out with their own tax plan, its one that diverges on many points from the house gop tax plan that came out last week. but the same basic formula stays in place. huge tax cuts for businesses an...

Trickle-down through the economy and thats good for the economy. >> so heres the thing. reagan tax cuts did this, took the tax rates down from in the 40s to in the 30s for corporate america. it doesnt actually end up increasing wages. >> gary cohn also knows better. he was the president of the goldman sachs. welcome to the global economy. america made a decision, we decided to make amazon one of the most powerful companies in the world. we want cheap goods and we want them quickly. those cheap g...

And local because they are taxing them so much. thats where they need to focus the energy. i dont see that as big obstacle. you cannot delay a corporate tax cut, we did that in 1981 and 1982, 82 we had delay. thats got to go in my view. and its not tax reform if youre going from 7 brackets to 7 brackets and keeping a number of deductions. whole point of this is to get people not having to itemize and take a generous standard deduction of 24,000 and get a tax cut and file taxes on a postcard. tha...

And so theres -- shes the kind of person who could run for congress down the road. one of six people i featured in a piece, rising stars. liberian refugee got elected. >> my generation is fading away. new politicians are arriving every day for you to cover the next 40 years. >> the tax man, house ways and means kevin brady. they are obsessed with getting this over the finish line. it is a real challenge. a lot of blue statehouse republicans that could see some of their taxes raised because the l...

>> lets talk about taxes, senate bill introduced yesterday or finally, we learned whats in it. very different from the house. and i get it. this is the legislative process as paul ryan had said. but these are very different bills, plus youve got the clock ticking to this sort of deadline thats been republicans have put on passing this thing. and then youve got the -- if you can call the sales pitch from paul ryan. listen to this. >> once you take away the deductions a lot of people are going to ...

Version of the bill and it does as you note reveal some pretty significant differences with the house bill theyre working on right now. differences that should not be downplayed because it certainly reveals the amount of work that the house and senate have to do to get to their self-imposed deadline of by the end of the year getting this done. so lets look at the differences between house and senate bill. some of the biggest sticking points here, the senate bill, they keep the tax brackets as th...

New tax plans on capitol hill. we have the details from both republican tax plans and several key differences setting up the senate and the house for potentially a dramatic showdown in the upcoming weeks when it comes to cutting the corporate tax rate to 20%ful the house wants it to happen immediately, but the senate wants to delay by a year, a big problem for president trump who insisted immediate tax cuts are necessary to spur the u.s. economy. another difference. the house bill would e 4ri8 n...