Page 137 - Deductions News Today

Worse off. theyll see lower marginal rates. if you look at the two, its very often that people come out ahead and in many states way ahead. >> congressmen are not happy about losing the deductions. >> shepard: what are you hearing from democrat theres? >> the democrats are already attacking. chuck schumer on the floor of the senate said what you would expect, this will benefit the wealthy and nancy pelosi and others that will lay out how to attack the tax reform bill, benefitting the wealthy and...

Make sure that taxes are supply -- simplified and lower. >> neil: would you be surprised if they were raised? >> if they were raised, a lot of people would be unhappy. i would be unhappy. they should go down for the middle class, this is something that we promised to the american people and the president and congress continue to promise. we cant kick the can down the road. we need comprehensive tax reform and tax cuts. >> neil: if were to pass -- >> this is not reform. if you can look at what he...

Thats a claim be in may. 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 ...

The question is what deductions will stay and go. two of the hottest issues are 401(k) contributions and state and local tax deductions. also on wednesday, executives from facebook, google and twitter will face lawmakers. all three companies are sending their top lawyers to answer questions about russian ad buys and other interference that may have taken place around the election. the week wraps up with a big jobs report. the numbers are likely to rebound from the los of 33,000 jobs in septemb...

There for the middle class, this is the tax plan that is there for the middle class. >> the average middle class family is going to get about a 4,000 to $9,000 increase in therere wages because the federal government wont be taking it from them. we doubled the standard deductions so the first $24,000 that a couple makes is not taxed at all. we increased the child tax credit and the daycare credit for children. that hits the middle class very strong. let me say this. the tax plan that is out ther...

Them. >> sound like a whole host of surprises in store for lots of folks. we will keep our eye on this and hope to talk to you about it some more. thanks for joining us. leland: this week, republicans will begin to pull back the curtain on their tax reform plan. they promised its focus on helping the middle class. now theyll have to define the middle class and settle what popular deductions will stay in the bill. even the mortgage interest induction on the possible chopping block. how much tax-f...

President trump over those 401ks and whether this is affecting that and we will see on wednesday when the tax bills are rolled out and thats in there in fact and there is wrinkling right now on another area that is a big sticking point and its the state and local deductions and how congress will handle those and theres republicans in the big tax states like new jersey, new york and california and they dont want to see those go away. obviously, it will negatively impact their constituents and we ...

Congressman and congresswoman in those high tax states like new york, peter king already said i can not vote on this. >> well the one thing that im from california. and a lot of that happens to do with the state politics more liberal raising taxes and having the federal government write it off. what you really want to look at and weve been sitting down with all those individuals, kevin brady numerous meetings and a lot of great ideas they proposed dealing with the property tax portion and the on...

Point when it comes to some itemized deductions. another possible stumbling block in the gop tax reform plan it may propose limits on 4o1k contributions to pay for tax cuts. president trump is saying that he is flexible. >> 4o1 kays are very important and important because that is one of the great benefits to the middle class. i didnt want that to go to four and thats why i ended it quickly. >> kevin brady said it could be on the table. >> 4o1 kays are very important and when you find out in our...

Like u.s. dollar have you begun to get in on some of the specific details here? >> well, a lot of what chairman brady from the ways and means as well as people from the house and the white house and the senate have all been working to prepare this framework in the details are supposed to be released on wednesday so we can see all the details on how they fit into the framework. but overall, we are pushing out how we get rates lower. rates lower for everybody whether as individuals or working fami...