Page 124 - Deductions News Today

>> tucker: not every group in d.c. loves the plan and one of the most upset of the realtors mad about the deductions he will be eliminating for mortgage interest. >> with preserved in the house version $500,000 mortgage that you can deduct the interest. thats an awfully big home, and mostly every single part of this country. we are cutting out lots of loopholes throughout the whole tax plan, so there will be people who dont like bits and pieces, but people understand this is a pass-fail exercise...

Investments. >> the exchange between susan dell bennie and thomas bar troll just illustrated how the plan cracks down on deductions by workers while leaving business expenses untouched. >> well, a teacher in my district who buys pens, pencils, paper for their students be able to deduct the expense from his plans. >> they would have teacher expens expenses. >> will a corporation that buys the same for it workers be able to deduct those costs from its tax returns under this plan? >> the general de...

Mad about the deductions he will be eliminating for mortgage interest. >> with preserved in the house version $500,000 mortgage that you can deduct the interest. thats an awfully big home in mostly every single part of this country. we are cutting out lots of loopholes throughout the whole tax plan, so there will be people who dont like bits and pieces, but people understand this is a pass-fail exercise. its critical to the economy, and we are going to get it done. >> tucker: thank you.as >> tha...

Unprecedented scale or hurricane maria recovery efforts will fail. thats what the official overseeing puerto ricos finances told congress. he said the us territory needs money to restore housing, water and the electric grid. thats where it all begins. the power authority says 60% of the island is still without electricity. the longest blackout in american history by a long shot. this after hurricane maria hit in september. officials there have said that the storm caused as much as $95 billion in...

>> we have to do both. just like any business thats in financial trouble back home you have to do two things. you have to cut spending and get the costs under control. you have to get new revenue. you have to grow as well. tax reform is that half of the equation. getting people back to work, getting companies growing, stop sending our jobs overseas can help us in a big way grow revenues. in fact, if we just get away from this obama 1.8% economy. economists think will last for a decade forward. w...

And local taxes. some gop lawmakers have criticized that limit. also, a well-known think tank has retracted their report after admitting that they made a mistake. they pulled it back and now working to get the new figures in and expect to rerelease it today. gerri willis is here. the committee voted down amounts from democrats. >> two amendments from democrats. one was a circuit breaker incase the deductions blew out the deficit. another says they dont like the idea youre getting rid of the stat...

Kennedy being rich. theres nothing wrong with being rich. theres something wrong with being poor. we want to make the poor richer. >> neil: what would ronald reagan think of these provisos he in here, a real rate that balloons north of 45% -- >> he would gag. we cut the highest rate from 50% to 20% and cut the corporate rates. we raised the lowest rate. we went 14 brackets to two brackets. we got rid of the deductions. just the things that these guys are putting back in. we had it and passed 97 ...

Disappointed. steve: why is that? >> because, the people who pay ou out the individuals who pay most of the tax now, will pay even more if this tax plan goes through. there is no cut in the tax rate paid by the top 1%. there is a big cut in the deductions which richer people are allowed to deduct. steve: stuart, we had both kevin brady and kevin mccarthy on this program on friday, and they both said nobodys taxes are going to go up. >> well, taxes, tax rates, thats true. nobodys tax rate goes up...

Concerns. theyre concerned about cutbacks in state and local tax deductions in high-tax states and concerned about the elimination of the student loan deduction. some medical deductions as well. speaker ryan maintains theyre on track to move this thing through the house by thanksgiving and he says the senate is only a week or so behind. a lot of people think its very optimistic thinking. >> sandra: heading up for a busy week. thank you. >> bill: coming up next hour house majority whip steve scal...

By saying to an individual, you cant deduct it, but corporations can. so this is really a gift to corporate america. and then saying, these people will pass it on to their workers. they never have. >> you dont buy that argument. what about the -- deductions that -- >> so then the deductions. and thank you for bringing that up. what they do is, its a slight of hand, a ponzi scheme. they spread out this banquet for the wealthiest americans, and throw a few crumbs to the middle class, and then they...