Page 135 - Deductions News Today

$500,000. it could really effect the housing market. it gets rid of popular deduct n deductions to help offset medical expenses the legislation provides meaningful relief for millddle class families. >> this plan is for the middle class families in this country that deserve a break. the families living paycheck to paycheck and just keep getting squeezed. >> for many families having an additional amount of money will make a real difference. >> a short trip across the aisle and you will find that ...

New jersey, and california. also states that typically voted democrat. "the wall street journal" also reports that the plan is to eliminate the medical expense deduction. this only generally kicks in for people with fairly high medical expenses. but if youre one of those, thats a big deal. it also eliminates the student loan interest deduction which is also a big deal for people. the other is doing away with the deduction for 401(k) contributions. we have learned in the past hour that there are ...

When you start talking about touching folks 401(k)s or eliminating wildly popular deductions for people who itemize, how are they going to sell that to trump voters? >> right. this is the problem. if you look at the new polling out, it shows the nbc poll that shows that 25% think what they perceive as the republicans tax proposal is a gooded y. 30% think its a good idea. 40% dont have an opinion. theres not a ground well here. people in the obama exchanges are furious. their providers are leavin...

Sticking point here? >> this has been a meddlesome problem all along. ideally, there would be bipartisan support for this legislation, but in order not to alienate key demographics in the democratic party, they want to try to maybe reach a compromise with the state and local tax deductions, which will disproportionately affect areas in new jersey, new york and california where you have a lot of blue state-type voters. i think the issue is, if removed, its a big pay for. if you preserve the deduc...

That, by limiting state and local deductions or maybe phasing them out for the well-to-do to get democratic votes and turns out you wont get a one? >> i think that sometimes, neil, we have the best hopes and aspirations for our colleagues on the democratic side to vick for something and they rarely do. we have to write this this is pro growth. get the economy growth. it needs to be about growth. if we can get democrats in for this, that would be wonderful. im certainly hopeful there will be some...

Serve. >> some said this is the demise of the republican party, because the party failed on repealing and replacing obamacare. would you be willing to risk all of that in order to retain the state deductions >> would you vote against it? >> i am a member of the problem solvers caucus and we put forth a proposal on the health care and its similar to what senator hatch and chairman brady of weighs and means have suggested. i think that we can do two things at once -- >> on this, are you willing to...

Proposed fourth bracket, so weve heard for millionaires, is a terrible idea, if you believe in the power of supply side tax reform. so is the question is are we really getting any genuine pro-growth tax reform at all, because the republicans have sacrificed the possibility of a bipartisan deal. >> i feel like whats really going on right now is that paul ryan knows that if he never gets a tax cut passed and signed by a president, he never existed. my frustration -- >> if the tree falls in the for...

Everybodys taxes will go down to mccord there will be people in america that will go up as what the president because the biggest tax cut in american history? >> architects code is very cap located, so many deductions and loopholes. you can lower taxes in an area, and increase them, because all the mess. that is what we want to clear out. we want to clear out complexity and simplicity. what i do know. we can improve the lives of every american, dana, by lowering their taxes to keep more, simplif...

Presidents thinking. >> reporter: but you obviously do, it sounds like. >> well have to see what happens. as i have said before, these things are a centipede. there is always another shoe that drops. >> it is a mccain-ism from senator john mccain a few minutes ago. the republicans would be rather talking about tax reform than donald trumps mood. so today, thats what a lot of folks in the gop are doing. house leaders are making last-minute changes to their tax bill before tomorrows expected rollo...

House chairman kevin brady original tax plan prohibited the local or state taxes from federal taxable income, but on monday brady told reports the ability to duct property taxes from federal income would be one of three deductions. americans would be able to claim under the new simplified plan. republican lawmakers are expected to meet today to resolve any remaining issues. however, senator susan collins, key republican vote, told bloomberg she does not support the elimination of the estate tax ...