Page 141 - Deductions News Today

To control spending. folks sort of locked in to what was tradition republican orthodoxy here on controlling government spending said this doesnt do enough. and you had some people who treated the budget vote as a proxy fight for tax reform, really what it is. the budget is sort of designed in this sense, to be a vehicle for this tax bill. but you saw a number of republicans from high state tax states pushing back on this, saying that it was going to hurt their state if theyd get rid of the state...

All of these think tanks and all of these bought and paid for experts and all of these lobbyists, that whole industry wants us to deliver. so the rest of the question then becomes, whats it going to take to get there? >> right. >> and notice every place they go, its just another punch in the gut to hard-working families. so they start out by saying, well were going to raise the bottom tax rate from 8% to 10%. like wait, what? do you think that we ought to raise taxes on people at the bottom end ...

Capitol hill pushing his tax legislation overhaul. but what is that? there are so many details that need to be filled in, so lets bring in cnns money chief business correspondent christine romans. what do we know and what does it mean? >> what are the sticking points for republicans, thats the big question, too. the tax framework is very vague, so thaction-writing committees can fill in those details. there are three key areas that are the fine print here that will be a problem. first, adding to...

Preliminary positioning on that. i think tax reform is whats gonna unite the republican party. i think theyll deliver attend of the day. i predict by tend of the year. i also predict some democrats will come on board or face peril in the 2018 elections. >> dana: what do you think of that, joe trippi? do you think democrats will have to say why are we going to stand in the way of tax reform? >> i dont know if there will be democrats or not. depends what the final package looks like. i do think th...

People who dont make any contribution and when nine out of ten americans can fill out their taxes on a post card we think well get more compliance and later well have more opportunities to lower the rates -- >> that is not an answer to the question. >> well, sure it is, some rates will go up. >> there is some talk about getting rid of the deductions. >> a lot of special -- >> congressman, respectfully, loophole is in the eye of the beholder. >> not at all, you should tell people there is a looph...

>> there is some talk about getting rid of the deductions. >> a lot of special -- >> congressman, respectfully, loophole is in the eye of the beholder. >> not at all, you should tell people there is a loophole. >> pro sports leagues have a loophole. >> no, no, get rid of that. but -- >> but congressman, you and i both know -- >> i do believe well get rid of the loopholes that are enjoyed by professional sports leagues and by other means in the tax code because we have a 70,000 page tax code that...

Campaigned on. and so one of the similar live cases is to eliminate the tax benefits to benefit the taxpayers in states poorly managed. if many cases, midwest states have lower tax rates and they are subsidizing those who take huge deductions in states like new york and california that are highly taxed. that is the presidents preference. to answer your question, if those deductions begin to face resistance, then theres probably an interest to say, well, if -- we dont want to lower taxes for the ...

The roof. >> right. well, they keep some of those deductions in. and there could be a compromise around a hard cap on those levels, on the state and local, but, yeah, they have solve that. and thats -- >> lets talk about the dems for a minute. the democratic party. i dont see a leader yet. i could defend the democrats and say its too early in the process. barack obama is still looming over as the most popular guy out there, hillary in defeat, nancy pelosi, not so much a big deal. chuck schumer s...

Hill about taking away other deductions in tax reform, like the mortgage deduction, which is popular with so many americans. a working draft of this bill is expected to be released around capitol hill some time next week. back to you. >> okay, joe. thank you very much for all of that. so the pentagon will brief lawmakers this week on that deadly ambush in niger, but some senators are already working to limit the war powers that congress gave the president after 9/11, everything weve been talking...

To pay for at least part of this bill seem to keep coming off of the table. the president has indicated he wants to protect 401(k) plans. he said that in a tweet just about 24 hours ago. heres the tweet. there will be no change to your 401(k). this has always been a great and popular middle class tax break that works and it stays. now, there had been talk around the hill of reducing the pre-tax amount of money workers can save in their 401(k)s as a way to pay for this bill, as required by senate...