Page 144 - Deductions News Today

Going to see $4,000 per family on average of tax relief. that is what the american people are wanting to see. before we have to keep in mind that what the president set up to capitol hill was simply a framework and the structure. it wasnt legislation. the negotiating starting point so as her as just mentioned, there are a lot of republicans who dont like the idea that these deductions for middle-class americans including the president, which when he re-looked at that structure and said i dont li...

Close to $500 billion in cuts to medicare, combined to these big tax cuts for very wealthy people. so i really hope we can actually do the bipartisan deal, its a small step, but in the scheme of things, it would be a good thing for the country and for consumers. >> senator, lets continue on the elements of the proposed tax reform bill. what happens to the state and local tax detuxs, theyre talking about eliminating? whats going to happen to that? >> well, theyre proposing to eliminate the deduct...

Altar because of petty partisan politic. >> harris: all right. real quickly, so republicans and some democrats are agreeing on this. those state and local deductions on the federal tax form. im seeing it on my social media. people who say theyre conservative. saying that $4,000 off set that the tax cuts would give us doesnt take up room to help continued to pay when i cant deduct my state and local taxes on my federal tax return. thats part of this plan. what do you say to that? >> a few things,...

The deduction for state and local taxes? the pressure comes on those states that have decided to educate their children to a higher standard. connecticut, new jersey, new york and california. >> my public school education. >> at exactly the time when the country should be raising educationally standards for world competition and increase our standard of living. we are going to put incentives to go to a lower -- >> for economic advancement, if you want to take kids out of the inner city, give the...

Youre going to 110, this is going to spin out of control. >> right. >> dont talk to me about economic benefits in the stock market because were headed for a cliff. >> sure. and much has been said about how the deficit hawks ofie yester yr are muted. >> nobody talks about the yester year deficit. voters dont look at the deficit, thats not at the top of their list. >> i think thats correct. but the issue here is, it sounds like theres an impasse putting flesh on the bone here. like, the question i...

Minus the corporate tax. its not that salt is negotiable. what we are focused on right now is making tweaks to the system to make sure we have a middle income tax cut and the people in new york, new jersey, connecticut and others arent hurt too much by the elimination of state and local deductions. >> bret: you off talk to about growth and getting the economic engine growing. there are concerns about -- from deficit hawks. are you concerned you can get them over the finish line if you have senat...

Getting what government money. if you get a tax credit for something, thats not listed. and if you look at all of the tax goodies out there, the loopholes, the credit that we get and deductions, thats more than our entire discretionary budget. its $1.25 trillion a year are given away in tax preferences, deductions and credits and if we dont get a handle on that and dont have reform, then just tax cuts arent going to do it. we have to get tax reform and people need to know what tax preferences, c...

And special set-asides in the code, there are thousands of them. its government politicians in reality. >> they dont pay that rate. ibm is not paying 25%. so you cut their rate, what is it going to do for the average worker? nothing. they were never paying that rate. >> its going to make them much more competitive. >> show me where. >> its going to increase jobs. >> where? >> we have an unemployment rate of 40%. you lower the corporate rate, youre going to bring jobs home, youre going to increas...

If you leave the money offshore, you dont pay taxes. trillions of dollars are sitting offshore this is all about making american business competitive. i have repeated this, that over 70% of this is passed on to the worker that the corporate tax is borne by the worker. kevin, the cea, has done the research, and theres going to be other economists who, with that. >> bret: corporate tax of 20% is, its not going to change. >> thats our bottom line. we need to do that to make it competitive. >> bret:...

On who the lobbyists are. the democrats and republicans oppose too often clearing these reductions out. lets clear them out. lower rates for every american. thats the fair thing to do. lets lower the rates for people. thats what tax reform needs to be, along with lowering the rates. >> why is it better for the average american to lower the corporate tax rate or get rid of the estate tax? because the rich americans and corporations are not paying that money, anyway. how does it help the average a...