Page 118 - Deductions News Today

This to convince those people this is a good deal for them? >> first off the message has to be right. everyone is getting a tax reduction and lower middle income folks get the most. but the higher middle income folks are still getting a break. the upper income folks dont get a tax break. the problem is now with messaging to make sure people understand what they are actually getting in tax reform. it goes into the article. >> the article i just referred, though, suggests that when they lose their...

Here to break down the plans, we have economics reporter joining us right now. thanks very much for joining us. lets go through the differences in these two plans. a key difference between the two plans is the number of tax brackets between the house version and the senate version. explain who it helps and doesnt. >> they wanted to collapse the number down to 230ur, the idea being you can file on a postcard. they want to have more brackets in the senate. in the middle class, you will see people ...

See how much you can save with sofi. the leader in student loan refinancing. just two days after a nationwide drubbing at the polls, republicans were hoping to turn the page today. senate republicans were going to unveil a new tax bill, their last, best chance to actually pass some kind of, any kind of major legislation this year. but then the roy moore news broke. suddenly republicans, including majority leader mitch mcconnell, had to deal with yet another bombshell. accusations in "the washi...

Your bank account week after week or bimonthly, however you get paid, thats the number that really matters. congress is messing around with the personal exemptions and the standard deductions and moving money from one pocket to another, which like you pointed out, ends up being higher taxes for many individuals throughout the brackets, and that something everybody should be concerned about. >> neil: the banking industry, the home banking industry more to the point, they are very concerned all of...

It signed before the end of the year. heres the issue. the senates bill out yesterday has some crucial differences from the house bill. one of the biggest differences, the 20% corporate tax rate would be delayed until 2019. well, the stock market reacted negatively to that detail. the bill also takes a different approach to tax brackets and certainly popular deductions. the house majority leader planned to vote on their version of the bill next week. by imagine back with me. jason johnson and ma...

Suddenly republicans, including majority leader mitch mcconnell, had to deal with yet another bombshell. accusations in "the washington post" that roy moore, the partys senate nominee in alabama, had sexual contact with a 14-year-old. who he picked up outside of court where her parents were having a custody case. republican senators found themselves bombarded with questions not about tax brackets and allowable deductions but about whether they would still stand by a man now accused of molesting ...

These. this doesnt actually make anything simpler for regular people. a bit of a smoke and mirrors thing, but the house plan, this one, stuck pretty close to the goal of reducing the number of tax brackets. reduced from seven to four. current code, seven. these are the four. notice the top bracket is the same with the house as the current law. the senate on the other hand sticks to the current search but drops the top rate down from 39.6% to 38.5%. then there are deductions. i want to start with...

The wealthy. if someones getting a tax cut, im not upset that theyre getting a tax cut. >> reporter: the senate plan keeps popular deductions for medical expenses and student loan interest, but gets rid of all individual state and local tax deductions. the states likely hit hardest? new york, new jersey, california and illinois. none of them have republican senators. what do you say to middle class americans who may be worried that they could actually see their taxes go up eventually under this ...

This as we gave more money into your pockets, middle class. but a lot of conservatives governing philosophy is dont cut taxes from the bottom and take from the rich, and its tax cuts up at the top and let it trickle down and thats at the center of the house bill being debated. we will see what the senate puts out today. you are right, the independent analysis say this is largely a tax cut for corporations and wealthy, and then its kind of a pheurb phaurb of tax cuts down lower on the pay skill a...

We should be getting more detail from the senate side in the next hour, so well bring that to you. so lets take a deeper look in the tax plans house and senate. i have with me political analyst mark preston and actor economist ben stein, also the author of the capitalist code, it can save your life. so, gentleman, welcome. here we go. mark preston just first to you on some of the top lines coming out of the senate tax reform proposal. how do you see it? >> well, there are a couple things we have...