Page 83 - Deductions News Today

It i scared the heck out of the parliamentarian sitting next to me. i almost broke the thing i got a little excited. ainsley: what is your message for the people who live in the high tax state? listen as americans its going to be great for our country if you look at the numbers and read the bill. for the folks watching us that do live in the high tax states. how can you promise them -- we were told the president was running. he said everyones taxes were going to gown down. people voted for him f...

Tax rates come down. 80% of people will get -- heather: who are those people? middle-class americans or the extremely wealthy? >> predominantly middle-class americans because those were the people not itemizing their deductions. the 20 who is not included in that? is not getting a tax break? >> who is not getting a tax break is high earners, not superwealthy, high earners in high tax states like we are in new york, california, new jersey, those people will have tax increases. heather: a couple o...

>> im not sure if hes done a side by side but i know there are a number of provisions that would negatively impact the president personally. >> we dont know what they are for sure. its impossible to know for sure because the president keeps his tax returns secret. key measures though will help the president, his family and his businesses like doubling the estate tax exemption on pass throughs. they make up the majority of the trump business empire. there are many tax goodies like reducing the ta...

By next year, their rate falls, so they only save $220. its one of the reasons that charities are concerned. theyre hoping that people dont hold back next year on charitable deductions. >> and again, if youre one of the people who may lose insurance because premiums go up, theres nothing you can do right now to get ready for that necessarily. christine romans, thanks so much being with us. joining us now, jackie kucinich, brian lands, and symone sanders. im struck by the comments that mitch mcco...

>> thats not true. the tax policy center looked at this bill and compared it to the bush tax cut. 27% of those tax cuts went to the top 1%. in this tax bill, 83% of the tax cuts go to the top 1%. >> thats not true, 80% of the middle class is going to get a tax cut, "the washington post" has a tax cut calculator. you can put in your deductions. >> that doesnt contradict what i said. you are saying everybody is getting a tax cut and that is technically true. people are going to get a very tiny tax...

Brackets and the child credits and the standard deductions, its in the improvement of the economy surrounding them. thael thats the best they can get. >> thank you very much, douglas holsic. i want to get back to garrett haake on capitol hill where the bill is passing. and still with us, msnbc political analyst josh earnest who served as press secretary to president obama. rejoining me now. charlie sykes, out there in the heartland, is this going to be popular? >> well, let me start by saying, i...

Commission and wait for the 2018 tax rate, and pay work related expenses and pay tax fees now, pay your tax fees now, and make charitable contributions now, and your 2017 deductions will be more valuable. say you are a married couple making 160 grand and you want to make a $100 donation, and next year the rate falls so they only save $220. its one of the reasons charities are concerned fewer people will itemize deductions. >> you think we will go over 25,000 today? >> we might. were really close...

Deductions and when we close loopholes they may not see it that way, sure. on average, everybody is going to benefit. average tax cuts for families for your viewers the median family in america is going to get $205 tax cut. thats rea205 -- $2,005 tax cut. thats real money. steve: some of those individuals with deductions with stuff might get a tax hike, but they would be few and far between according to what youve said. however, do you think ultimately the result of this tax cut bill is people i...

Table and talk about it and was discussed in exactly the same way. >> harris: you might call that a dupe. >> >> jessica: susan collins did get her amendments. she is very clear about that. democrats look to susan collins as a hero because of what she did during the healthcare debate she ended up killing that bill. the fact that she then signed something or voted for something that took away the individual mandate i think is where the frustration is more than they think because she is a woman she...

The 503-page tax bill still means a lot of paperwork for taxpayers. the president insisting, time and time again, hes going to pay big league under the plan. >> its not good for me, believe me. this is going to cost me a fortune, this thing, believe me. >> reporter: also not true. heres how president trump stands to benefit. income taxes for the ultra rich will drop. business owners, including those in commercial real estate like the trumps, get a big break from whats known as a pass-through ded...