Page 81 - Deductions News Today

Paying $50,000 in state and local taxes and claiming $40,000 in shareable deductions. that was one of the examples that "usa today" used two-point out that this individual would pay close to $2,000 more in taxes. it doesnt seem like a realist example. >> i dont think anyone in america feel sorry for that person, someone who is making a million a year and paying under $2,000 more every year. thats -- you make a great point. thats exactly it. the media can decide what they are going to show you, a...

Know about it. the beating heart of our plan is is a tax cut for working families. >> but the "washington post" point out that the president will save millions under the tax bill personally, which will insure a financial windfall for him and his family in a way that is virtually unprecedented in american political history. the article quotes a tax professor who says hes not even aware of a single provision in the bill that disadvantages the president or his family. other than the change to state...

No longer be tax free like work-related expenses and tax prep fees. make charitable donations ahead of time. if your tax rate falls next year, 2017 deductions will be more valuable. a married company making $1,000 donation, they currently have 28% tax rate, saving $280. next year it is $220. so you get the math there. everyones tax bill is different. it depends on your income, where you live, your children. cnn has a simple tax calculator to help you on cnnpolitics.com to figure out what your ta...

Trump supporters here say bring it on. if deductions are capped, if state and local property taxes and real estate taxes are capped at $10,000, you dont think thats going to hurt the middle class? >> it will hurt, but again, if you look at it from the standpoint of the tax, that may be the case. but the overall effect of the tax bill i think will more than make up for that. >> reporter: in this diner full of trump supporters, shelly schwartz wasnt afraid to say she thinks the tax plan is a disas...

There are some americans, middle class americans who will get about a 1,500 to $1800 tax break to start. in less than a decade, that basically one shot tax break will be gone. thats the reality. there will be a little bit there. it will be gone. and as it relates to companies, and i want to applaud the companys who are saying and doing the right thing, which they are not required to do, of course, going to up salaries. but as just as many companies seeing reports of, that they are going to use t...

>> reporter: this waitress agrees. >> you know what, the wealthy and the corporate america are creating jobs in this country. >> reporter: this, despite the fact she will probably be paying more to uncle sam. >> i have a daughter in college. im a single mom. i have my own home. i have no problem paying if its going to make this country stronger. >> reporter: this man, who also voted donald trump, did not want to show his face, but did use the cnn tax calculator to do some quick tax math. as of 2...

Down, and his aftertax income will go up by 7.3%. >> i live in new jersey, any reduction i get there, ill more than lose by not being able to deduct the property taxes which i spend now currently about $40,000. >> and youre okay with this plan hitting these high tax states? >> overall for the country, i think it will definitely be a plus. >> reporter: even with some deductions being capped at $10,000 in high tax states, trurch supporters say bring it on. if deductions are capped, state and prope...

Washington, d.c. see it. >> hour fox polls taken just before the senate and house voted on this thing only 30% of americans were in favor of it. dont they understand it or dont they like whats in the bill >> i think theyll like it. when they get that paycheck and look at the deductions in the withholding on that and see they are getting more money in their pocket i think theyll have a very different view of this. there has been a lot of misinformation put out there by democrats. probably helped ...

So much here for americans. by the way we have the single spaced sheet we can post somewhere for you of all the deductions and exemptions and special interest that are gone. ainsley: i feel its a lot about choice. giving americans choices. you dont have to buy into obamacare. you are not going to be penalized if you dont want to do it. if you want to send your child to a private school but you obviously pay taxes so you are paying for the public schools, now you can do it without paying the extr...

Is a major tax cut for wealthy people, for the corporations. and it still keeps many of the deductions that were -- that have been in the current tax code for quite some time. this changes a lot of the brackets. it lowers rates. but in terms of truly simplifying the code and getting some of the clutter out of the tax code, that didnt happen in the way that president trump and other republicans envisioned a few months ago. >> and then there was, again, this scene yesterday on the steps, and i wan...