Page 138 - Deductions News Today

Those deductions dont mean as much because if you have your tax rate lower, you dont have to pay as much even if you dont have deductions. we want to make sure we keep the faith and their like retirement savings and childcare credit and making sure that the support working families. >> i understand you want to keep them in there. can you say now definitively i wont vote for a bill that doesnt protect 401(k) deductions as they stand today or since you havent seen the bill, if everything negotiabl...

>> neil: he did mention a very good point that the president might be deleveraging committees that could sort out how you pay for these taxes, if thats what you have to do and by ruling out a 401 (k), by ruling out lets say a deduction for state and local tax he didnt do the latter. hes open to all of that but he then makes it more difficult to get these tax cuts. >> i think he makes it easier. lets take some of these things off the table the gop is negotiating among the gop. lets take these thi...

Out of the house. i know hes spoken with you several times on your shows on the fox business network and fox news channel. >> neil: i take no honor there i think hes spoken with the cartoon channel. >> frankly, i think its a little bit weird but having said that the devils really going to be in the details of course republicans want tax reform of course they want tax cuts and the economy to grow and want all of this great stuff. they just cant agree how to do it and the problem is youre just shi...

Line extended by a million by american express. and unfortunately the middle class will suffer in all of this, whether its the loss of benefits that are going to be taken away from them as well as the fallacy that somehow theyre going to benefit from major, major tax cuts, which theyre not. >> amanda, do you want to comment on that? >> yeah. i mean there obviously are a lot of complaints about the new tax plan, but heres the thing. the ultimate goal is tax relief for a majority of people, prefer...

Congress are representing different districts. most who didnt vote for the budget are concerned about state and local income taxes and i spoke to some of them and they are concerned as we move forward and we have to look at these things. im pretty unique saying i support reducing taxes and not looking to shift because some of these changes will shift tax expenses of somebody else. that is what they are concerned about, constituents. we have to bring these tax rates down. we had a hearing a coupl...

It was 215, we got 216. there are members from some states where there are high state and local taxes that did have concerns. i think well address those this week and what well do in the final product, we put it out and were listening to them. that has been an issue, especially for states like mine in tennessee where we have low taxes and were trying to make sure that theres equity in what each state pays and what they can write off. its still an issue that were addressing and i give credit to m...

Take that benefit away for the upper income right? >> ben: you could take it away for the upper income and i dont object to that particularly although i guess it would be quite a loss, but-- >> adam: i agree. >> ben: it will hurt me. >> neil: finish bens thoughts. >> ben: im not going to like it but look weve got to have some offsets. we cant just cut taxes without offsets otherwise we have blowing up the deficit to get so large it will blow up. kennedy: how about cutting spending though? >> ben...

Any democratic vote to pass. its not just democrats opposing the plan. 20 republicans voted against the budget measure. 11 from the high tax states of new york and new jersey, and those representatives want to keep the state and local tax reduction. its used mainly by middle class families in their states. so representative kevin brady, whos going to help write the bill hinted a dom promize could be on the way. another sticking point to the tax plan, the fate of the 401(k) tax break. the bill ma...

What do you think about that headline? are you ready for this job? >> i am and im excited about this. look, this only happens once in a generation. we are an overtaxed nation. the prospect of lowering taxes on americans, simplifying it, getting rid of all these special deductions and loopholes. but more importantly getting people bigger paycheck, getting america back. this is an exciting task. our committee and conference are up to this. >> jon: you say were an overtaxed nation. you barely got t...

Thats the preserve in exchanges for that. >> there is broad agreement with cutting tax rates, but many disputes when it comes to how to make up the money loss or added to the deficit, there is huge disagreements about how to make that up. >> whether its through deductions or what you can put away in your 401(k), you will never get agreement about that or whether you add to the deficit. its not allowed when you are dealing with the lines of reconciliation. >> and 10 years and then the questions o...