Page 63 - Deductions News Today

Thanking the treasury and irs employees saying theyre getting these returns through the system processed efficiently here. so heres whats going on. the new tax code changed a lot. it lowered most individual tax rates. it nearly doubled the standard deduction. according to the tax policy center, about 80% of you, 80% of tax filers, you got a tax account, you did. about 5% of people will pay more, so white smaller tax refund? for many its because those workers took home more money in their paychec...

Compares to just a little over $2,000 for the tax year 2017. now filing season is open. it opened days after the government shutdown. the treasury secretary steven mnuchin said we thank the treasury and irs employees who have been working diligently to ensure that theyre processing these efficiently. the new rates doubled the standard deduction and some workers saw a bump in the take home pay after employers started using the new irs income tax withholding tables. experts have said people could ...

>> california too. >> yeah. i think it could affect the real estate markets in a lot of those places because if you cant write off the state and local tax deductions and all of those deductions in the high cost home ownership states theres a period of adjustment here. >> sounds like a 2020 issue. ahead the lawyer for the boss of "the national enquirer" firing back at allegations of extortion. and what president trump wants you to know about his workday and his executive time. it looks like g...

>> sure enough, businesses dont pay taxes. people do. businesses do collect taxes and do a very good job of it so i would have a flat tax, business net sales and personal income with no deductions for exemptions and everyone pays the same tax rate. if you made ten times as much siding you will pay ten times as much in taxes. thats the way it should and then you have a really efficient system and we double gdp in five years. steve: elizabeth warren yesterday, amy glover start today and is basil s...

>> sure enough, businesses dont pay taxes. people do. businesses do collect taxes and do a very good job of it so i would have a flat tax, business net sales and personal income with no deductions for exemptions and everyone pays the same tax rate. if you made ten times as much siding you will pay ten times as much in taxes. thats the way it should and then you have a really efficient system and we double gdp in five years. steve: elizabeth warren yesterday, amy glover start today and is basil s...

Extra money in your bank account and have it actually compound and grow. i many just saying the irs is not doing anything for you with it so why not you take your money? >> what are you sitting at home like this guy saying we owe $2,fl$2 $2,400 and we always get money back. what is he doing? >> the issue with that is probably more complex. maybe his income changed dramatically this year if you look at folks in the northeast that used to rely on those state and local tax deductions, that changed ...

Sunsets on the individual side in 2025 and reverts to 2016 levels, so those deductions we dont have today, state and local income taxes, mortgage rate deductions and the like, will go back in 2025 to the levels we saw prior to the enactment of this particular rule. so, its going to be a while, but unless congress and the president agree to some changes, this is where we are for the moment. >> given elizabeth warren, who kicked off her presidential bid officially yesterday, and her populist messa...

Required the deficit not increase by more than $1.5 trillion over a ten year period, in 2025 the individual component of this tax law reverts to 2016 levels. all those deductions come back. so were going to have to wait six years, but in the meantime effectively you dont have those deductio deductions. hopefully your company will have figured out the withholding schedules a little better this year than next year. youre paid in appropriately. not much is going to change in the next couple of year...

Tax code that occurred when this was immeanted meant some corporations underwithheld the amount of tax a typical employee would pay, and so thats why you might be seeing a smaller refund. in the case of some independent contractors, you might have paid estimated taxes that were too small because of some big changes that occurred to the tax code for individuals. so, corporations have gotten the benefit and individuals are effectively footing the bill. >> so wait a second, when the president touts...

Either receive a smaller than expected refund or they mayo money to the government. according to the government accountability office 30 million people are expected to owe the irs this tax season, 3 million more than if the law hadnt been changed. ron, thank you for joining us this morning. >> thanks, phillip. >> during the presidents state of the union address he taughted this. why are people getting back less money? >> some of us who analyzed this way back when when it was in the proposal stag...