Page 82 - Deductions News Today

System, the highest earners more able to leave will move to florida or texas or other low-taxed states. the fear, theyll lose those people. there are two ideas starting to take shape. first relates to the income tax side. the idea, switch from an income tax to a payroll tax. the weird thing about this bill is that companies can still deduct state and local income taxes. the idea, run the tax through the company. the company takes the deduction, passes it along to the worker. the worker still pay...

Money in their pocket and they will see it that early and he went on to say, youll still be able -- most americans -- will be able to follow their taxes on the size of a postcard. >> and that is the postcard test that i referred to earlier. a lot of people, if you dont do a lot of deductions, you will be able to follow this postcard. it will be a little bigger than people thought. seven brackets versus the four, which was in the original house legislation, they went up to seven in the final vers...

Are. heather: that is is for individuals, the joint tax brackets as well. there are seven of those as well. >> they correspond together and it falls into you are single or married so basically -- heather: that is one of the promises market, some are saying 80% of taxpayers will get a tax-cut in 2018 but if you look through someone like nancy pelosi that is not through. what is true? >> i dont think nancy pelosi is right, i do believe 80% will get tax benefits. i say that because the vast majorit...

Child tax credit double. but a new study shows americans making $75,000 a year or less will actually see their taxes go up within a decade. while wealthy americans will continue to see a tax cut. tonight, republicans insist this bill will benefit the middle class. >> you guys go do your homework on the thing. >> reporter: you dont trust the analysis? >> are you kidding? $40,000 single mom is going to get over $1,000 back. >> reporter: americans who live in states where taxes are highest could pa...

And his family, as do 63% of independents and 32% of republicans agree with that. the house speaker paul ryan says when people feel like they have more cash, theyll be happy. so what are the othd odds that americans come around to this plan once it takes effect? >> i dont think theyll be happy at all. theyll realize the value of their largest asset, which is their home, is going to be worth less, because it will cost more for them to operate their home, because they can have fewer deductions. th...

Non-eye glazing rundown of why this is certainly almost not true. how sarah sanders dealt with it today. >> how does he figure this is going to cost him a lot of money? >> look, we expect that it likely will certainly on the personal side could cost the president a lot of money. >> unless cost suddenly means save, its hard to see how thats true. yes, the bill sharply cuts deductibility of state and local taxes which could be considerable for a new york billionaire, but the top personal rate fall...

Disproportionate number of the spending. what do you think? >> top 1% spend a lot as well as pay a lot in taxes. so they really stuck to it the blue states in a sense that, you know, they can no longer deduct state and local taxes above the 10,000 property tax limits. so i dont think its enough to have the rich or the wealthy move to a different state. i think that the rich actually reducing the rate from 39.6 to 37% on that top rate will be a net positive. but youre right. some of those deducti...

This off and -- in terms of obstacles and road blocks, not nearly as many as a lot of folks thought there would be? >> i was somewhat surprised. there are all these details in the bill that affect various lobby groups and positive or often negative directions. the changes that reduce the value of the deductions for mortgage interest and property tax are negative for home builders, realtors, other lobbies that are traditionally powerful in washington. i was impressed how republicans were able to ...

Semantic distinction that hes making between spending in the tax code and spending outside of the tax code. tax economists dont make this distinction at all. if you give someone a tax break, the tax economist believes thats spending. the treasury department counts that as spending. paul ryan dont say thats spending. they only say its spending when we write a check to somebody, right? so what he failed to do and what hes been promising to do for five years now is get rid of all the tax spending i...

The tax bill caps the state and local tax deduction at $10,000. so if you prepay this years property taxes, you can deduct them under the old rules for 2017. but, remember, real estate taxes are at the local level. and each jurisdiction is different. even just calling around this morning to different tax offices you are going to get different rules for different municipalities. so check with your local office to see if you can pay right now and check with your accountant. also, defer any income ...