Page 142 - Deductions News Today

Grappling right now with what to do about the state and local deductions. of course most republicans are in favor of the elimination for that, and theres a couple dozen and a couple dozen matters in a debate like this. and in terms of how to effect tax breaks for the very wealthy, and when you look at all the pieces, theres such a slim margin for error on all of these fronts, and all of these amendments are going to come down to one or two votes. and then how much bang do you get for your buck i...

Get tax are formed on. >> martha: the president obviously isnt afraid to let the american people know where he stands. again today he was pushing apparently in that meeting for 15% corporate tax rate. i think we all know thats what he would like to see. but there is the art of the deal and the negotiation puts out that marker and i think even if he falls short of it in the end, a little bit short of it in the end, he considers that it win. he doesnt seem to mind letting people know where he stan...

Fans. lets go over the specifics of president trumps tax plan. it reduces the amount of taxes and number of tax brackets so instead of seven there are three with middle income taxers taxed 25%. while everyone will pay less in taxes, the wealthiest, those making more than $730,000 a year would do much better than the rest, keeping $130,000 more of their ners would see about $60 more a year after taxes. middle, $660 and the top 20%, those earning $150,000 or more, would have about $8500 more in th...

That. i think most people believe whether its bob corker or jeff flake, that they wont go out with any sort of pettiness. more or less say hey, their faction of the republican party is fading. but theyll do the right thing. having said that, a lot of complications with the individual tax rates particularly as the administration holds steadfast at a 20% rate for american corporations. we saw amazing corporate earnings today. every one of those would have been better if our tax rate was 20%. >> ne...

Call it tax cuts. it will be the biggest cuts ever in the history of this country and i think that there is tremendous appetite and spirit for it. not only by the people were dealing with in congress but for the people out there that want to see something. >> sandra: john roberts is live on the north lawn. good morning, john. >> bill: good morning to you. big conference call yesterday for the republican party. the president and vice president on that call. tax cuts was the subject. the president...

This is part of lets find something to broaden the base, but the reality is that americans dont save as much as they probably should. this has been the most successful saving incentive we have had. and to do it just for budgetary reasons is probably going to wrong direction. >> so we are not -- raise your hand if you have a 401(k) you put money into. all of us. a lot of americans as jim talked about is a primary way people save money. president trump seems to understand this is creating a raucou...

The moment. many senate democrats say they think it could pass if brought to the floor, but many are saying lets not bring up health care again. we have to get tax cuts done. and the president said that on the call yesterday to house republicans trying to walk them through, talk them through a tax cut. when it comes to getting rid of the deductions and cleaning up the code, thats not a republican priority. look at ivanka trumps efforts on the family tax reduction. thats something that many conse...

Right now if you live in wyoming. all things being equal you pay more tax than someone that lives in new york. that is just not fair and it is something we are hoping to change and we hope the house and senate think so. >> some are saying though that those taxpayers and those days will end up with disproportionately paying for the tax cut bill if this is -- question be careful because some of the reasons it is so hard to do tax reform, is that you can always go in and look at one provision is a ...

To the very rich. at the fourth bracket but it still does nothing in the terms of offsetting things like doing away with state and local deductions. >> that is a big issue! >> how about home mortgage? imagine, no home mortgage deductions? >> they are not saying that. >> while they are making the case. and also less in terms of retirement contributions. these are things that would squeeze the middle class to the middle class is not going to benefit because of the added tax. >> this issue is a big...

This morning on twitter for the 401k. saying there will be no change to the 401k, always a great and popular middle class tax break that work. it stays. that was in response to suggestions that perhaps republican leaders were looking to cap pre-tax deductions to your 401k. >> sandra: any moment now we could learn the fate of sergeant bowe bergdahl. a judge deciding the sentence for the army deserter right now at fort bragg. well bring it to you the moment we find out. >> bill: also president tru...