Page 62 - Deductions News Today

New reports including from social media this past week that tax returns appear to be smaller. its just one of the headlines making business news. the others includes this surprising number here. more than seven million americans are behind on their car loan payments. inequality is reaching levels we havent seen since just before the great depression. and fallout from amazon walking away from its deal with new york city. ron insana joining me. the average tax return is down about 8.7% this year...

Context of the recent tax cuts, u.s. corporations pay the lowest amount to the u.s. government than they have in history. the contribution of fennel revenues is at a multi-- federal revenues is at a multiyear low. the benefits that were acare ci to individuals, 23% on average, 13% points of that came from the tax cut. so in addition, there are other reasons why some companies dont pay taxes when they reinvest aggressively in their companies they have costs and deductions and write-offs that exis...

They pay more than the bottom 90%. the rich already do pay their fair share, robert. >> robert? >> first of all, steve moore, nobody hates the rich just because youre saying to the rich we expect more from you in terms of -- >> theyre saying fair. what is fair? >> erin, i think it means paying the same kind of share that is corresponding to the pain that is actually being attributed. that is for most of our history since the second world war, certainly the first three decades after the second wo...

>> out front now, robert rice, labor secretary under president clinton, and steven moore, informal white house adviser. bernie sanders wants to raise social security taxes and investment taxes, 6 1/2% there, this is the latest proposal from a democrat. >> it sure is and youre exactly right, erin, that almost every democratic presidential candidate is coming out with some new plan to raise taxes even higher on the one who came before them. look, i hate it. i think we should have a flat tax in thi...

Taxes. can you clear it up for us? >> people are disupappointed wi what theyre getting. we knew the tax bill was going to be small dollars for people, it was going to be regressive, favoring the rich. i wanted to con scentrate on wh we call salt, the saturday and local tax. these are organized by what percentage of residents used the local deductions in the past years. maryland, they were the most frequent users of it. you can see disproportionately the states in which the tax deduction was hist...

Deductions were not used are historically red states. when the republicans took aim at this provision, nobody should be confused about elections having consequences. now we can see the consequences. lets take a look at house prices. can you see in these city, the nationwide in black but then phoenix, new york, los angeles, you can see there was a pretty steady increase both in house prices and in the rate of growth of house prices right up until where the bill was passed. and then after the bill...

They say salt deductions unfairly subsidize those high tax states. the high taxes in new york. the real estate data shows a growing number of big earners are packing up and moving south to low tax states, buying property in miami to escape the salt taxes now. and last week, seemed open for a minute to revisit the salt deduction cap. governor cuomo will make his case. >> i bet he does. this week marks one year since the massacre in parkland, florida. now, an author, who sworn off covering any m...

Andrew cuomo has been critical of the 20,017 taxable limiting deductions for state and local taxes. other states like new jersey and california have also been pushing for changes. rob: the average tax refund is already down so far this year. will you be getting less money? that is the question on a lot of peoples minds, we are asking the us international trade commission and professor at the university of maryland, one of our favorites, peter morici. a lot of people are nervous if they are used ...

Reform based in december 2017. the centerpiecer piece of the administration so far. if you live in new york or california, youll take a hit. changes made to the federal deductions for state and local taxes. $10,000 cap or the deductions for constituent and local referred to as salt. previously, there was no opener limit. so high income filers will have a bigger tax bill. thats the way it goes. consequencely a lower tax refund. one expert reminded me that a focus on tax refunds does not always me...

>> yeah, yeah, and they told me, "fbi search warrant." so, i opened the door. i was completely shocked. i was baking banana bread. >> reporter: butina cut a deal, eventually pleading guilty to conspiracy to act as a foreign agent. now, federal prosecutors say shes cooperating. >> truth is my best defender here. >> and kyra is with us now, youve talked to her before, off the record, so, why do this interview? why now? >> reporter: thats right. ive met with her in jail twice. she clearly wants to ...