Page 136 - Deductions News Today

Release on wednesday. will all taxpayers be better off under this plan? >> look, when you do take away deductions, you are taking away something that has helped a big portion of the country. so these congressmen from high-tax states like new york, new jersey, connecticut, california. theyre saying if you dont keep in the deduction of state and local income taxes, my constituents will go up in taxes. thats what peter king is saying. governor comeau tweeted saying all new yorkers will get a tax in...

Much money as they can. if it means lowering the amount of money that we contribute tax-free to our 401ks, if they change the cap and maybe put a cap in place for the state and local deductions. if you make more than 300,000 or 400,000 you wont be able to deduct it. if you make below that number you will be able to deduct it. maybe thats another $400 billion. the entire state and local tax deduction. the elimination of that brings 1.3 trillion. how do you pay for tax cuts for the middle class? >...

The white house around 8:30 p.m. to talk about stopping the repeal of the deductions for state and local taxes. lets break down where we are. on wednesday we get the details. first, your 401(k). right now you can contribute up to $18,000 before taxes to your 401(k). theyre negotiating a deal where they would cap it at $2,400 pretax. but then expand how much you could put into your 401(k) after tax. youd have to pay taxes today on the remaining amount. thats one thing that is on the table. the ot...

District. in fairness kevin brady and others are working to get rid of that. my concern is there would be a tax increase for my district. i havent seen the final package yet. when i do ill go through it myself. ill submit it to experts because i cant vote for anything which is going to increase taxes on my constituents. im a ronald reagan, jack kemp disciple. i believe in growth economics and across the board tax cuts but i dont think we should take away deductions that would allow taxpayers alo...

Trump administration is looking at. i can tell you the market reaction is negative. listen, 70 points is not a lot when the market is at 23,000 going to 24. its a stiff drop the minute the story -- >> neil: dropped 100 points. >> yeah, hit the wire. why are the markets going up? because of a real tax cut. they think its a tax cut. both on the individual side and the corporate side. we know the individual side is -- they may even raise taxes. >> neil: madison, i want to pursue that with you. that...

As far as getting democratic support, especially in light of the other theater here. they have to rally republicans and theres a lot of republicans worried about deficits and paying for things. what do you think? >> bryant schwartz broke it on your show, the fbn show, that this was in the -- this was in the works about a week ago. that the phase-in of the corporate tax cut is in the works. the fact that its still on the table now, where a day before the house vote on the budget, which would incl...

Getting rid of it having a saner tax code will benefit. >> but when have personal deductions taken away -- [inaudible] please, just lower my taxes. i dont understand why this is so hard. cut across the board and make it so middle-class like mom like me doesnt have to spend thousands of dollars year for an accountant. i dont care about your deductions. cut everything. cut it. im desperate. im begging you, please. were out here and struggling. all we want to do is be able to keep more of our money...

>> shepard: republicans in the house of representatives are set to release their tax bill on wednesday. were waiting to see which deductions could get the axe. gop leaders say their tax plan will protect americans 401(k) accounts and announced a partial compromise on state and local taxes. some republicans threatened to vote against the tax bill if they were done away with. adam shapiro with details. hes live on capitol hill. hi, adam. >> hi, shep. one of the things to point out to you too about...

Up, a more limited legislative package. >> and bob, when you go in and you have to close loopholes, $4 trillion worth of loopholes, ive been through a process where weve had to cut spending. thats tough. and ive been through a process where we tried to close tax loopholes. you know what you do when you start doing that? you duck. because the traffic from k street over to the hill is jammed. thats when it gets really ugly. because at the end of the day, you have all those lobbyists on k street to...

Property tax, there are compromises that are moving forward. republicans and democrats are talking about it. for her to complain only because she wants to get involved, because she knows that trump won her state. and she wants to say, work with republicans, and we know that tax reform is going to get done anyway. if this is why i believe like claire mccaskill is speaking up. >> melissa: for the record, gucci sandals at the pride parade was not appropriate. lets not do that again. lets talk about...