Page 130 - Deductions News Today

Property tax deduction, removing the income tax deduction all together chlgt those are hairy issues, particularly northeastern republicans have already stated unequivocally they will be against the bill if they dont see changes the big question right now is what will win out, the political imperative here to move forward to do something, anything legislatively or the fact that these details, these in the weeds provisions could make or break peoples political and policy potentially policy futures...

About $1 trillion reductions on the corporate side. that latter point matters a lot. reason theyre doing that is republican belief and stated position that help on the corporate side help boost income for individuals and wages. that will be crucial, sell idea that tax cuts on individual side, lose significant deductions on student loan debt, mortgage rate deduction that boost from the economy on the corporate side will help things out. if it doesnt sell, could have problems. if it does, could be...

Sense of it all and will tell us who wins and loses. >> this package is branded as a tax cut for the middleclass. its going to cut all of these tax cuts up from 7 to 4. cutting that to 4. couples making up to $90,000 a year, individuals making up to 45 grand, you will pay 12%. then 25%, 35% as incomes rise. the plan keeps the top rate of 39.6% for families making more than a million dollars a year. this nearly doubles the standard deduction. $12,000 for single filers. 24 grand for couples on. th...

On a post coward. imagine thats all you have to do. steve: this is how much i made. this is how much i spent on some of the limited deductions still out there. the student loan interest deduction is gone. medical interest deduction gone. continue to keep the charity deduction. however, if you live in a high tax state. the state and local taxes will be gone. but you will get a 10,000 deduction for your state property tax. abby: places like new york, new jersey. what this means, rob, you think abo...

Enough. the reason were going with the simple postcard style approach and eliminating a lot of special provisions on the business side to to get back to a balanced budget over time. you cant do one or the other. we do both. >> do you believe in good faith? >> i just made the case that it is growth plus eliminating so many of the special provisions in the tax code so we can simplify it. the only way to lower the rates for everyone, families in the local small businesses, you got to get rid of a l...

Joining us now, the chairman of the ways and means committee, congressman kevin brady of texas. mr. chairman, always a pleasure to have you on. thank you for being with us. we have specific questions about the plan, but i want to ask you broadly, you are certainly a fiscal conservative. there can be no denying that. this plan at a trillion and a half dollars has a lot to make up on the backside. where do you pay for this program? how do you pull it off, and if the answer is by growing the econom...

Only 300 billion is individual tax cuts, about $100 a person a year over ten years and not -- >> just go over that again. personal taxation, 300 billion. all the rest of it on the business side. >> business or estate tax. there are those rate cuts and get rid of deductions including the personal exemption and people dont think about. $4,000 to take off your tax bill income every year for yourself, $4,000 for your spouse and dependent and some families -- >> exemption is better than a deduction. ...

Thats a big promise to see. and hell have to wrangle 50 of the 52 republicans to go along with the bill that is release ld. >> leigh ann cadwell there, you can catch the latest tomorrow morning. this is what people want to know, what is in it for me? heres the answer. on the plus side for some americans, the number of tax brackets would shrink from 7 to 4. the standard deduction would double and the childcare tax credit goes up. nothing changes in your 401(k), by the way. businesses would get ...

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 suburb an districts. if they eliminate them, the deficit goes uponed there a h-- there are a handf...

Nobody in the middle class is going to see taxes up. hes going to write a check with his mouth that the caucus cant cash here. theres no glarn tee thuarantee happen. >> right. for example, they used this example with the republicans yesterday, a couple making $59,000 a year, not a great high seller but a good solid middle class salary, they will have their taxes cut $1182. now, that doesnt seem like a lot, except for the fact that they are paying $1500 some. so they will only pay $400 after this...