Page 132 - Deductions News Today

Mortgage interest deduction, and your 401(k), and there has been confusion and controversy about whether that should be preserved. >> he seemed to suggest that 401(k)s will not be touched. >> some of the high-tax states, there are republicans who really do not want to have to sell that to their middle class voters that you are not going to be able to write off your state and local deductions. >> he revealed a little there, too, you are going to feel pain if you live in new york, new jersey, cali...

Actually start to see real tension with the president playing out in the public. >> let me get your thoughts, bianna, also on the republican tax cut plan, 400-page legislation that was unveiled today. clearly there will be lower taxes paid by a lot of americans but with a lot on the deductions going away, i assume some americans will see their taxes go up. >> especially those that are looking to buy a new home when theyre cutting the mortgage interest deduction as well. i think the best gauge is...

Jobs. we will insource them. this will be a big start of that. an interesting dynamic over the last few months, would this be tax reform or a tax cut? what they came out with is more about the tax cut version. my only complaint, i wish they had taken on more of the special interest groups that trump promised to drain the swamp. get rid of more and more deductions that are taken by special interest groups because most americans think the system is rigged for the wealthy and powerful lobbyists beh...

Why should we have to tax it again? pass it on to the next generation. thats one of the beauties of our country. >> theyve increased the tax exempt status for states -- for individuals 5.5 million its going to go up to 11 million for couples and -- >> 20 million. >> and then above that, you would pay tax above 20, $22 million under the new legislation. 22 million. not a lot of small farms are worth $20 million, right? >> there are plenty of farms worth well over that in our area. we have some fa...

Hill as republicans react to the unveiling of the new tax plan, of particular note, changes to deductions for state income taxes, property taxes and your mortgage payments. cnns sunlen serfaty on capitol hill. new yorkers, new jersey, california, a lot of states in this country very concerned about that. youve been talking to some representatives and what are you hearing? >> well, the devil here is in the details, john, and thats what were hearing from members who are putting their eyes for the ...

Steve moore, chairman of the economic council advisers under president obama steve. steve, here we go. lets start with your overall ranking is you like the plan. start with the amt. its been around a long time, four decades, put in place so rich people couldnt use deductions. here is why it matters. 2005, trump paid $38 million in federal taxes. 31 of the 38 were amt. lets be clear here, steve, you are okay with this. the president would get a massive $31 million tax cut just in that one year. >...

Also two huge economic stories developing right now. president trump has nominated a current federal reserve governor, jerome powell to head the u.s. central bank. first pick by president obama for the would replace the current fed chair janet yellen. the first time in four decades a new president hasnt asked the current fed chair to stay for a second term. also earlier, the president joined house republicans in rolling out their new tax bill which would sharply reduce corporate taxes. middle in...

That would be felt by taxpayers living in states voted -- largely those blue states that hillary clinton won in 2016. some are already suggesting the bill you put forward is designed to target those americans living in those states that tend to vote for democrats, and you know a lot of republicans in those states are already opposing the legislation, lee zeldon of new york said im a no on this bill in the current form. we need to fix the state and local tax deductions. why are you eliminating th...

Or not. doubles the standard. cuts the deductible on mortgage interest in half. repeals state and local tax deductions which is huge for a lot of people, eliminates property tax deduction to $10,000. repeal the alternative minimum tax, amt, which was put in place to ensure wealthy americans could use deductions to avoid taxes. lee zeldin, who supported trump came out against the bill. the president says tax reform is going to be in the bag by christmas. >> we are giving them a big, beautiful chr...

Rather have it on any size home but i think thats a good thing to keep in place so people can afford to buy a house and deduct that interest. i think thats a very important thing and i think its a good compromise. >> the republican plan would also repeal the deductions for medical expenses, student loan interest and dependent care assistance accounts. are you worried about how that potentially could hurt your constituents? >> no, because, you know, it might do that in one part of it but the othe...