Page 120 - Deductions News Today

New york and california and they have to reason to keep taxes low. maybe this will put a burden on them if they see wealthy people leaving their state and relocating their businesses and homes to places like nevada and florida. other than that we need to go to a fair tax, a flatter tax. stop the deductions, stop the nonsense and stop the shell game. bottom line, cut spending. neither is bold enough to do it. >> i want to get this down to robert here, slamming the gop tax plan and then go to mari...

Other issues. where the house version allows for some deductions for state and local taxes. the senate version is eliminating that all together. thats partially because there are no republican senators who represent the highest tax states. and as a result, they dont feel like theyve got anything to lose by doing that. back with me now is cnbc editor at large john harwood and msnbcs garrett haake on capitol hill. while we were talking about this, while paul ryan was talking, the senate came out w...

Exemptions and deductions, you have to have more money than 258 billion, excuse me, 270 billion they chosen to spend by lowering the rates over all. for example, people in places like connecticut and new york, some will see taxes go up. i have an important question in that regard. hold on alexis. is it really appropriate for a waitress in alabama making $35,000 a year to send taxes to washington for a new york attorney that makes two or three million a year to enjoy the benefit of bigger public ...

They are already paying a lower rate because of all the deductions which are not going to get closed on this plan. >> make an argument that he will get killed on this. amt was a huge gift to him. >> the amt is the alternative minimum tax, something that wealthy people pay. if you look at the minimal amount of information we have, $31 million of the $38 million he payed on billions of dollars of income was that a.m.t. all right. hes looking at getting rid of a tax point a that is really benefitin...

Ten-year span of this bill, at the end of that period, that same family would get a tax increase on todays tax policy of $500. so theres actually baked into this tax increases as a back end for middle class folks. i have to tell you, i just want to show you a list of the deductions going away or being just reduced dramatically. mortgage interest, student loan tuition, medical expense is the big thing for people that have huge medical problems. you can write off medical expenses up to 7.5% of the...

It help this or that group. every group should be helped by economic growth. i think marco rubios clip you just had was excellent right on point. i want everyone to pay more taxes. those people who dont have jobs all of a sudden get jobs, have income and pay taxes. those who have jobs will get higher incomes and pay more in taxes. all the corporations will as well because they use less deductions, less tax sheltering, less takes evasion and pay more in taxes. this is a growth bill that will yiel...

Its unclear where its coming from but remarkable were even having this conversation. >> really remarkable pap response from the trump camp on this? >> reporter: there has not. shillers lawyers issued a statement decrying what they called selective leaking about this, but no response so far from the white house. >> ken, thanks very much. ken delanian, nbc news intelligence and national security reporter. on capitol hill, the house ways and means committee finished marking their version of the t...

This is the third swing at this. >> i agree with you on something, which is i think the fault of this bill is you guys just mentioned loopholes. i dont think this bill closes enough of the loopholes. i wou put a cap on the deductions and let that -- make them pay their fair share. >> go ahead and do it. that would then wind up helping raise your revenues so that you would then remove the burden out of the middleclass. you didnt do that. ill tell you what you did do. you are slipping punches like...

What do you think, dana? >> dana: for his heart is thats going to be for many republicans in high tax states. california, new england, new jersey. in the senate, they are not many republican senators in high tax states. so they dont care. from a policy perspective, it matters more to them -- they dont think those deductions should be there at all. so i think if youre worried about that, the senate is not going to do anything. >> juan: jesse, in the senate version, the mortgage interest deduction...

Unfair to them. you know, the job holders in this country, they are saying a gosh, we have jobs. we have two or three jobs in our household. but we are white and knuckling it up to the end of each month, it is because youre paying regulations, taxes, energy cost, and this president is doing what he can to improve all of that on behalf of the working man working woman. >> harris: i just want to say this. you and i talked a few weeks ago, and you had a number of a 4,000 as an average, those number...