Page 131 - Deductions News Today

Make them broader, so the people who are paying 25% are now paying 15%. the people at 15% are -- many of them are not paying at all. and people 35% are paying 25%. but the only way to do that is to get rid of some of the special deductions and credits. >> popular stuff. people love the deductions of student loans. >> they were put in because the rates were so high. thats why you -- i want to encourage cow to do this because the rates were so high you wont spend your money this way. thats the cor...

Think about what you typically get done over a three-week period at work. this is what republicans are facing right now, 20 working days, 20, to meet their self-imposed deadline to get this massive $1.5 trillion tax overhaul to the presidents desk. 20 days. as republicans sell the plan, they insist they will be able to pay for it. >> the answer is growth and eliminating a lot of the special provisions and deductions and the tax codes. you have to do both. we know certainly we will grow the econo...

Live in connecticut, live in california. >> the highest income 5%, which are, are you now making that the middle class? they itemize and have to take more than the $24,000 in deductions. the 94% of americans the conversation doesnt apply that were having. >> its actually not just -- >> $10,000, youre able to deduct for your property taxes, just not -- >> not a property owner that doesnt apply to you. >> right. >> rich people all own property. right? >> no. this is, this is an argument you made g...

Of the political costs and challenges. if you want the lower tax rate, turning sickly cows into cash cows find a lot a lot to pay for that. >> dana: my next guest says the house republican tax bill cuts some popular deductions to deliver lower rates to workers, but every tax break has its fans, and powerful lobbying groups backing it, which shouldnt lead to winners and losers to what makes it to the presidents desk. join me now is wall street general writer richard rubin who created that wonderf...

Elizabeth warren, bernie sanders and others who has made it their business to take on the establishment. i think they took on the establishment for a long time and lost in part because of the rigging in 2016. but you can expect them to have much more success going forward in part because the center of gravity of the democratic party today is on the left. not the center left but far left with the emergence of people like bernie sanders and elizabeth warren and cory booker and kamala harris. a spo...

Instead of a million dollars. and the plan would eliminate deductions for state and local income taxes. a big problem for places with big rates. like california, connecticut and new york. speaker ryan and his house can afford to lose 22 votes. five votes, five of these republicans are already coming out saying they cannot support the bill in its current form. one of the people in that graphic, congressman lee zeldin is joining us live from capitol hill. congressman, thank you. congressman, lets ...

>> shep: what about folks from high tax states? >> we hear it from a lot of people from new york or new jersey fighting for the status quo to keep the state and local tax deductions. >> i think we should keep the deductibility of state and local taxes. its been in the tax code since 1913. in new jersey says a lot more revenue to washington and then we received back. i dont want to exacerbate that situation. >> they say those deductions were on the chopping block back in the 1980s and survive. he...

Interest tax deductions. all of those things make it much more fair, much more beneficial to all -- >> please answer the direct question. because, in fact, when it comes to corporate taxes, youre not actually closing any of the loopholes, youre just lowering the rate. so those corporations will still be able to employ all of those loopholes and essentially pay even less. >> no, they will not be able to use those loopholes. were taking hose loopholes out of it. >> which ones? >> what were doing i...

One, getting rid of the income tax deduction, a factor for higher income people and getting rid of the death tax, ep hads out. >> that will irver, ever, ever affect the middle class person. >> youre switching. talked about the high rates of income taxes. hit higher income people in connecticut and new jersey. >> you pay state tax. state income tax. not only the rich pay it. >> right. in terms of its a percentage -- first of all, the first $24,000, if youre a married couple, the first $24,000 of ...

200 billion is the estate tax repeal. 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 -- >> ...