Page 134 - Deductions News Today

Disciplined and persevering to make sure that we have the opportunity to determine our future. >> first im going to say these kids are behaving better than my kids do at church. fantastic job, guys. any questions. kevin, come up here. yeah. >> [ inaudible ] like you guys worked hard last night to make sure you committed the corporate rate deductions while parts are of the individual on family credit are temporary. how do you square this. >> we are focused on increasing paychecks in a major way a...

Interest of those student loans and now youre repealing that. why? >> because as you know were limited by about $1.5 trillion we have to deal with and i taught college 20 years. so i think it would be better to have an economy where the kids to get a job when done graduating from school, which they couldnt do if you put in the democrat tax plan and if you continue the current status quo, the average worker hasnt had a wage increase in 30 years. this isnt rocket science. >> and why -- do that and...

Higher education benefits. that could, frankly, mean any number of things. charitable deductions will be preserved. and so will the home mortgage deduction, although interestingly, it will not be, it does not seem, for newly purchased homes that cost more than $500,000. so i would look for that to potentially cause some problems with members who come from areas where property costs and the cost of living is very high. new york, washington, d.c., as you know, $500,000 doesnt go quite as far as it...

Portion of very rich people. >> okay. good. thats a -- thats a small point, but youre kind of missing the whole tax package here. were going to generate economic growth -- >> im asking you why -- asking you why -- talk about middle class. hold on. talk about the deductions proposed to be eliminated. mortgage interest rate for home purchases over 500 grand. medical expenses deduction. people who have really high medical bills are able to duct it from the taxes. people who already cant afford thei...

Get it to work. there we go. it eliminates estate tax entirely in six years. many deductions here popular with families and businesses that are now gone. including itemized deductions for medical expenses applying to people with thousands in medical expenses. for adoption, student loan and deductions state and local income tax and entertainment deduction for business and elimb beate alternative minimum tax based on, look at president trumps leaked 2005 return, the one page that we have a copy of...

This bill gets on to the house floor? >> weve been doing quite a bit of that. were meeting and talking with our members who had concerns who come from these high tax states. we dont negotiate in the media. what we did, we added the bill from its original. you and i have known each other for a long time. dont take it personally, dana. but lee was pointing to the fact is, we are making sure every middle income taxpayer is a winner here. in a state like that where you have higher middle taxpayers, ...

Of identifiable middle class people whose taxes are going to go up because of the deductions they get rid of. i think theres going to be hell to pay. i mean, theyre going to light it on fire. >> president trumps base, george, are also not republicans. there were republicans who for years and years have cared about the deficit. are we now just going to throw that out the window and say that doesnt matter to the gop? >> theyre not republicans and they barely pay taxes. top 1% of american earners p...

Originally they decided to be revenue neutral. thats essentially the math problem. every time they put their finger on the scale in favor of, say, people in new york and new jersey who want to be able to keep those deductions, they lose something from over here. they got to hit people elsewhere. one of the ways theyre doing that is changing the rates around repatriation. so bringing corporate money back from overseas now potentially taxed at a higher rate. again, those handouts that members got ...

Deductions, for instance, for college education or for health care, this is possibly going to hurt you. the alternative minimum tax is going to be eliminated and the plan is to eliminate the estate tax which the administration says is about middle class people but its not. theyre going to eliminate this after six years. until then, the exemption remains. charitable donations remain, but because of the increase in the standard deduction, the expectation is its going to actually reduce the number ...

Going to be? >> might as well. it really is a gift to the american people, particularly those, i have a 2-year-old. her future being in a country that is growing and has lots of economic opportunity. >> harris: there are a couple of criticisms that are already coming and i like to hit you with those so maybe we can make sense of some of the language. some of the new york and new jersey and west coast republican leaders are saying that this does not do enough at the state and local tax deductions...