Page 119 - Deductions News Today

Theres high state and local taxes, if you cant take those deductions anymore youre not going to be very happy. so i dont see who this benefits except corporations and people like donald trump who have a lot of partnership income. so i dont understand why hes saying hes going to be a big loser in this. hes a master of misdirection, so i guess thats an example of this. >> theres an analysis that say some in the middle class will pay more. but tonight the white houses budget director said president...

Correspondent for "vanity fair" and richard payner, there is some red flag for the president. only 35% of the people approving how the president is handling tax, whats the problem here? >> don, i dont understand this plan, a, i dont understand whos going to benefit or certainly not going to benefit the middle class or donald trumps wealthier friends, basically the tax rates dont change, except for corporations. if you are a corporate executive or a shareholder, this is going to be great for you....

Are senior citizens. i dont have that same report in front of me. but keep in mind, what youve just done is assumed away a big piece of the tax code. dont feel bad. a lot of people do that. they focus on a piece of the bill they dont like. >> but it effects millions of people. i understand theres winners and losers. >> true but what youre ignoring is the fact were doubling the standard deduction. you have to itemize in order to take those deductions. youve got to report. i dont. but my guess is ...

On payments. they wanted to eliminate that so all these different deductions on the chopping block. and again if you look at those one in four americans facing potential tax increase, thats going to bring in about $99 billion in revenue but immediately hand that over because the top 1% are going to see $100 billion worth of tax breaks. so basically taking money out of the hard working americans to give to richest. brooke, you mention that is not popular thats why you are seeing 31% and im shocke...

Combination of the two, we wont sign it. the principles are straightforward. he wants lower taxes on hard workers and he wants it to be easier for them to pay their taxes. thats one principle. the other is he wants that lower corporate rate. if those two things are violated, hes not going to sign a piece of legislation, so i know theres been a lot of discussion about what if and you know, what asunltss you can make. at the end of the day, if we believe this is a middle class tax increase, hes no...

Lets talk about the estate tax, they are saying if you are itch waing this at home if you dont exexperiment to die with more than 5.5 millions did to pass onto your children this doesnt impact you. if you have more money than that or a couple and exexperiment to have more than $11 million, right now youll be taxed on that. but gop wants to double that. not have to be taxed on $22 million. when you pass away on the estate tax. they also want to do things like takeaway the state and local income t...

>> hes saying that in many cases, if we get rid of the deductions, the wealth yes benefit from, then those individuals will not be getting the same sort of tax relief that middle income families will be getting. >> if the estate tax is completely eliminated, and lets say he is worth $10 billion, which he says forbes magazine says hes worth $4 billion which is less, even if youre with $4 billion and you dont pay the estate tax, 30%, 40%, this family is going to save billions of dollars. >> the re...

The fight anymore because theyre going to get demagogued and they will lose the argument. >> it gets rid of the a and t. $31 million -- the few details, the scant details we have about this, he had paid $31 million. that would go away. >> it gets rid of it but changes some of the other rules out there. particularly if you wanted to take advantage of the passthrough rate at 25%, if youre in a white collar professional service. >> state and local taxes. >> -- there are also things with real estate...

Way, because his family stands to benefit in a huge way depending how much you think donald trump is worth. heres the fourth one. the corporate tax rate. the trump gop plan would be to drop the corporate tax freight 35% statutory rate its at now to 20% its not what most companies pay. effective rate, average companies pay, 18.6%. if you dont get rid of a lot of deductions, 35% becomes 18.6%, how low does 20% become? talking with congressman davis of illinois. thank you for being with us. >> than...

Over whats to be done about salt. the state and local deductions over on the house there is a partial repeal that is being proposed. on the senate side it is a full repeal that is being talked about. but as you said, brooke, a lot of things are still up in the air. none of these details that we are seeing are finalized, of course, because these discussions are still taking place. one big point that you noted, the question of whether to include the individual mandate repeal in obamacare, whether ...