Page 143 - Deductions News Today

Chairman kevin brady saying to reporters tonight "i feel like we are in a good position to approve it this week," the budget. "once its approved, we will announce the date of the markup plus the date of the text." that means specifics. back with the panel. chuck, their prospects seem like they are kind of turning along here. if the house does approve the budget, maybe they speed up the time frame. >> i have had republicans on capitol hill emphatically tell me over and over again we are doing thi...

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 deal. for state l...

Been in office. do you agree with his statement? >> well, i can only speak for the house of representatives. we have passed health care reform in 274 other bills that represent the principles that the republican conference is dedicated to. they are waiting on the senate to do something about it. >> do you agree that feuding and bickering helps the process? >> i think we want to healthy interchange of ideas. you take state and local tax deduction. there are people from new york saying we cant do ...

I want to start by talking about this tax reform proposal that looks luke its gaining steam coming week. there is some reporting out, for example, about 401(k) contributions that suggests that perhaps middle class taxpayers may get hurt in this in a way we didnt fully understand. could you vote for a tax reform proposal that limited what americans could save in those retirement accounts? >> the conversations ive had with president trump is completely different from what im seeing coming out with...

Disproportionately beneficial 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 add...

Chuck really thinks of his tax plan. take a listen. >> heres the thing, schumer, i like schumer. before he knows the plan, oh, this is for the rich. he doesnt even know what the plan is and hes screaming its for the rich. he did it with health care, too. this is for the rich. everybody is going to go into hospitals, its goings to be terrible, the world is coming to an end. didnt even know what the plan is. thats okay. were all learning politics, right? he said that. he says the same thing becaus...

Theres always a reason and the 87 crash was the worst ever in a short period of time happened one of the leading causes was tax, they were talking in the ways and means committee about removing tax breaks a distortion from mergers an acquisitions and the whole market globally crashed because just talking about it which gets to the reform issue and we had a bad reform package you could get the market to crash because of action. for example, were removing 401 (k) and ira contributions deductions c...

There are too many opaque exemptions and deductions. lower the rate, get rid of that stuff. its hard to do it in a way that is revenue-neutral. its going to have deficits going out there. its hard to do any tax reform that way. so they have to figure out a way to pretend that 10 years out, it will be better. and theres a lot of debate within the republican party among them. so just saying were going to grow our way out of this, its nonsense. it will help. it will be progrowth, but not enough to ...

A schedule. rand paul sent this tweet out last night. nearly all republican senators just failed a litmus test on cutting spending. he is the only one who voted no. he also sent out this tweet about tax cuts. im all in for tax cuts at real donald trump responding to the president. the biggest and boldest cuts possible and soon. >> bill: what do you tell to your constituents $20 trillion in debt not good enough for us. when will you do something about it? your plan relies on growth in the future ...

Deficit go up in order to get the tax cuts as low as possible and there are others who just do not agree. it needs to be revenue neutral. you have to find the revenue savings elsewhere. and that might come from things like how much of a deduction do you allow for home mortgages or state and local income taxes and do you remove some of those deductions. there is a lot still to be figured out in terms of what it will look like in a tax bill that comes out of the house versus the senate. >> melissa...