Page 129 - Deductions News Today

>> i give you an a for pivoting. lets dive in i know thats what you want to do. lets get into the details, where the detectivil waits. the local and state deductions that people in blue states like new york, new jersey, connecticut, california, people have been relying on being able to deduct their local and state taxes. if those go away, those people get hurt. >> so i dont believe so. heres why. we want families, regardless of where you live, including in those high tax states. by the way, im s...

This is not a slam dunk politically. you have today things like people already asking why are they getting rid of deductions for student loans for medical expenses? one of the small business association represent the number of small businesses around the country today came out against the tax plan as written. so the republicans have quite a bit of work to do. its a mixed bag for the middle class an end it explodes the deficit. this is going to be a challenge by the end. >> gillian: a quick piggy...

Popular deductions. it depends where you live, how much money you take and the deductions you take. the goal is to cut. that is the centerpiece. the white house says that will grow the economy. >> is the goal more to cut taxes for businesses than individuals. joining us is senior economics analyst, former adviser to the trump campaign, stephen moore, and chief economist at jpmorgan chase. anthony, is this primarily a middleclass tax cut? >> it clearly is not. when you look at the numbers, $1.5 t...

The bill doubles the standard deduction. increases child tax credit. preserves 401(k) retirement plan. caps the deduction for new markets at $500,000. >> corporate tax rate would go from 35-20%. helps pay for it bib endi inini deductions that many families rely on. one of the most popular, state and local taxes. bill is criticized across the political spectrum. chuck schumer said it stinks. republicans senator marco rubio tweeted the bill is just a start and it doesnt go far enough to help worki...

Deductions known as salt will disappear. the lobbying, fighting, the president goes off to asia, leaving this to be rushed through, basically. >> you will led me to my question. the realty to realtors arent happy. >> small business groups arent happy either. i think what youre going to see, who is happy, corporate america in general. this is the center piece of this thing. yesterday you saw paul ryan and republicans really trying to sell this as middle class. and they say that $1100 for a family...

Issue. its one of those -- its a choice between very two difficult reasoned approaches. at this particular time, we have to get the economy going again. >> youre saying lets do the easy stuff, cut taxes first, and do the harder stuff like cut spending later. >> steve, i dont know that tax reform is ever easy, and im glad to hear you say that, because over the next few weeks, it is going to get very difficult. i dont see it as an easy task. >> i dont disagree with that. let me move onto one other...

In 31 years because its extremely difficult and requires major tradeoffs. those major tradeoffs the elimination of the deductions people like. that section i was talking about, thats limiting the mortgage interest rate deduction for new home buyers from $1 million to $500,000, something very popular with people. other deductions that are important to certain republican lawmakers, those in the northeast, state and local tax deduction, the majority will be repealed, on property limited to $10,000 ...

Youre talking about states like new york, new jersey, california, if there was ever an incentive to mover out of those states to go to florida and texas, now is the time starting in 2018 because those are legitimately tax increases by losing those deductions. heather: right, still up for debate. they can make changes before its fully approved but you think that wont happen? >> i would say this is pretty close to being stone, lets call quick dry cement, i think its going to stick. they think they...

Its greed, that they have real trouble and theyre stuck. on the one hand to pay for the tax breaks for the wealthiest and the biggest corporations who doesnt pay a 35% actual tax. the top thousand i believe it is pay 16%. >> hmm. >> but that they are stuck. they have to eliminate deductions that the middle class needs. thats very unpopular and its unpopular particularly in their district, sort of middle class, upper middle class suburban districts. if they eliminate them, the deficit goes up and...

About a trillion dollars of reductions on the corporate side. the reason why theyre doing that is the republican belief and their stated position that the help on the corporate side will help boost income, wages. that will be crucial. their ability to sell that idea that not just tax cuts on the individual side z as you lose significant deductions across the board on things like student loan debt, scaling that back a bit, that the boost from the economy on the corporate side will help things out...