Page 133 - Deductions News Today

>> i told many people, it sounds like you were in the room, so we will leave it at that and hear about more at 11:15. >> chief business correspondent, christine romans. i think what we did learn is the 39% tax rate will still exist. we dont know where it will phase in. the number they talked about is, what, a million dollars? >> a million, and maybe below there. this has been called toxic to cut taxes to the richest americans, and the president calls it the tax cuts for the middle class. let me ...

But you dont have a balanced indi diet with just candy. >> we dont know this is a balanced tax plan yet. were still early in this process. even though its been going on for nine months or so. or longer as republicans have been talking about this. there is a lot of work to be done just in the house and when the senate takes a swat at this. the questions about whether or not this thing will ever come close to balance without using gimmicks or relying on economic growth projections and also the thi...

Thats the central part of this. they are selling it as middle class tax reform, but the company tax reform is what they are selling. the philosophy and you can debate this, if you cut the taxes for companies, that will create jobs and add wages for american workers. when you look at this for the big high tax states like new jersey and california and i dont know if getting rid of this will cancel out what they lose from the state and local deductions. thats something that gop congress people are ...

Is it the corporation hit that they are going to benefit more and the public seems to not be in a place to want corporations to benefit more? whats the most, biggest vulnerability for republicans politically? >> i think the conjunction of that with the people who are going to face tax increases as a result of the plan. i think people dont mind other people or even businesses getting the tax cuts as much as theyre going to mind getting a tax increase themselves. so there are upper middle class pe...

Some dials we can do up and down when either something expires or the extension of certain types of credits or deductions, we will make the one and a half trillion dollars because we dont have a choice. we have to get these numbers to meet the reconciliation rules of the senate. this is a step that drives the american people crazy and we understand because it drives us nuts, too. >> harris: you bring up a great indication, does that mean the senate bill is going to be all that different from wha...

39.6 for high income americans. doubles the standard deduction to 12,000 for single filers, 24,000 for married couples. establish the new family credit which includes creasing the child tax credit from 1,000 to 1600. no changes to pretax treatment of 401(k) plans. eliminate deductions for state and local income and sales tax. that could be a problem for some congressmen. on the corporate side, goes from 35% to 20%. maximum tax rate on pass-through income. eliminates incentives and rewards compan...

Bunch of facts, run for the hills. no question, the vast majority of benefits from these cuts go to those at the top of the scale. he wasnt able to deal with your estate tax question, wasnt able to deal withant fact you eliminate state and local deductions, some pay higher taxes. didnt bring up the fact the way they expand the child tax credit is fought going to reach low-income people. so while you can find some middle income households who will get a break, youll find many whose taxless go up ...

35%. were also told there will be that 39.5% tax that some call the millionaires tax. this notable doesnt have the income threshold for that 39.5% tax rate. as you know, thats important because it affects people potentially were hearing who make as a couple more than $750,000. thats the lower threshold were hearing. it could go higher than that. i would point to that as an important still unanswered question. so im going to talk you through a little bit more of what we do now know and explain wh...

What are a generational statement on taxes. so big, so sweeping, so across the board, even if the top richest in the country are included that it has a lot of folks wondering whether this is reaganesque or the beginning of something that could be. were going to talk to the guy behind that gop tax bill, kevin brady. high school first interview since this went down with us shortly. first, to peter doocy in washington with how this went down today. hey, peter. >> neil, i just caught up with the fir...

Here on the tax room other than washington, we need a fresh start. >> the plan that you introduced today would limit the deductible for mortgages on newly purchased homes to $500,000. doesnt that hurt americans who live in areas with a high cost of living and they need a mortgage thats a lot more than $500,000? >> so not when you put in place the tax relief protecting more of the first dollars they earn, this new family credit, in fact, you put that altogether, families are better off and we kno...