Page 122 - Deductions News Today

Theyre $400 away from a financial crisis in their family. thats who needs relief in this country. and by the way, when you get our tax rates down on our businesses as deeply as the bill were proposing, thats good for everybody. thats good for jobs, wages, economic growth. and so this isnt an appropriations bill. this is an economic growth bill. this is a middle income fairness bill. this is a fairness bill which is if you have an accountant and you can navigate all these loopholes and deductions...

>> neil: you talked about im simplicity. i remember that when you took out and index card and showed us. its a great allure. i talked to a lot of people saying simplicity is one thing but i want a lower net pay. i want my taxes to go down whether its on an index card or a 50-page tax form, a lot of people are crunching numbers and chagrinned to find out with losing some write-offs and deductions in order to pay for this, that its not that big. what do you say to that? >> what youll see is across...

Doesnt mean the bill that was introduced earlier this week and marked up this week in the ways and means committee still isnt subject to changes. but the goal is, lets get it across the floor and just like the saturday morning cartoon show years ago, if we pass a bill, senate passes a bill, then we work out differences and get one to the presidents desk thats really going to be great for the middle class and lower income families in this country. >> i dont know if great is the thing. average, $1...

2 tax brackets. we got rid of all these deductions, exemptions and exclusions that were anti-growth. is there anything even close to this anywhere in this world? that was the tax bill of the century. >> sandra: i think im picking up what you are laying down there. its always good to get your perspective. thank you. >> picking up what you are laying down is the connie francis phrase if youll remember. it is a great line. >> sandra: did i say he offers perspective? art laffer, we appreciate you co...

Thats who needs relief in this country. by the way, when you get our tax rates down on businesses as deeply as were dropping them in the bill we are proposing thats good for everybody. jobs, wages, economic growth. this isnt an appropriations bill. it is an economic growth bill. this is a middle income fairness bill. a fairness bill. if you have an accountant and can navigate the deductions and loopholes, you can get a good deal. but why do we want to have a tax code that is so rigged? dont we w...

Paying a lot of taxes and i used to be able to deduct all of those taxes on my federal income tax, and now i cant anymore, that is a big hit. there are other things. student loan interest, you use to be able to deduct sets, now you want people to. for some people, people who didnt itemize, the fact that the standard deduction is going to double, is a big advantage, but if you did itemize, this is very complicated, and all people care about is how this is going to affect their taxes. >> harris: s...

Kellyanne conway was making a pretty good case for the president wanting to get this done. what you think customer >> look, the republican congress is in a very tight spots. the president wants a win win. they want to win the economy. if they wanted to reinforce their strongest suit and pass the tax cuts that the president believes will spur economic growth, however, the legislation so far is wildly unpopular. these american electorate is looking at a strong economy, concerned about losing key d...

Estate tax, family farms falls under that business type of bracket. the big thing they really need to do a better job of explaining is, yes, a lot of these deductions are going to go away, but the big bet is if we double the standard deduction for the middle income family, a family of four $59,000 a year will get about $1,200 a year back. >> we have the bill. there are winners and losers. people between 20,000 t$20,000 $40,000. they see on average a tax increase. whats weird in this bill is they...

Businesses to than american companies could be more competitive and be able to bring dollars back to this country to create jobs here. and we need to simplify the tax code, to lift the burden that this complex tax code places on everyday americans. those three principles are all reflected in the bill being considered in the house. >> shannon: i will read some of the critiques. "they say there is a hidden new tax bracket. some people pay more taxes." they are worried about the mortgage interest d...

Millions may face higher taxes right away and that could grow over time. the tax writing committees are still fighting over the gop bill. the study finds it will hit american households differently, even if they earn the same amount of money. let me give you an example. a middle class household earning $75,000 to $100,000, 84% get a tax cut. 11% will pay more. the difference is due to the complexity of the bill. its a mix of rate cuts, eliminated deductions and expiring tax credits. it depends o...