Page 84 - Deductions News Today

Be bad for the high tax states because some of these other cuts and deductions. i think we are putting pressure on local officials to lower the taxes. >> bret: obviously democrats view it differently. their perception of the middle class. here are the leaders of the house and senate. >> the economy is not going to take off through the wealthy will do better. there will be a lot of dividends, stock buyback. not too much job creation. >> delivering the champagne to their parties. this isnt about a...

Estate. that was the bulk of the taxes he paid that year, lowering the tax burden on pass throughs. pass throughs pay taxes through an owners tax return and make up the majority of the trump business order. commercial real estate for example, like reducing the tax on income from real estate investments and larger deductions on commercial property. and an interesting development emerging from the tax vote. bipartisan daca bill will be on the floor in january. >> flakes vote on taxes has been li...

>> neil: all right. if your tax cut is the kind that really is built on a higher just general exemption and write-offs so it doesnt factor charitables, deductions, are you going to be inclined to do any of that? the archbishop of washington is here with us. very good to have you. thank you. >> thank you. good to be with you. >> neil: so your concern is what? in this new tax environment. people might have less incentive to give to charity? >> im not certain that theres going to be that type of im...

These are what would be middle class in new york, california, new jersey. really raising the taxes by not lowering the top rate and getting rid of the deductions, which i think is necessary. that is not tax reform. that is something that reagan did not do that, george bush didnt do that and donald trump is doing that. so what hes doing here with congress and trump is doing, they are allowing some very, very -- allowing corporations to make a lot of money, a lot of very rich people that work in p...

I think going to realize that the value of their largest asset, which is their home is going to be worth less because its going to cost more for them to operate their home because they can have less fewer deductions, their capped at $10,000 for state and local taxes. the biggest component of state and local taxes are property taxes. people are going to be poorer as a result of having to pay more in taxes as a result of their property. >> stephen, ill give you the last word. >> i think when ameri...

Minute here. people also see a double standard deduction. so what that likely means is that most people will file a more simple, simplified version of their taxes. it will be less likely you will itemize your deductions, but this is also something thats going to hurt people in high tax states. we talked a lot about this, places like new jersey, potentially connecticut, where joe is. where you cant deduct as many state and local taxes as you would have under current law. so i think the central qu...

I dont think people have an issue with paying taxes. they have a problem with money being spent in a way that is wasteful. when you look across the country, whether a republican or democrat, what you want to know is your money is being spend to make sure schools are better, roads are drivable. >> neil: we pour a lot of money in both and get squad for it. >> weve cut money in a lot of areas when it comes to educational funding. cutting deductions for student interest rates and allowing deductions...

Process but again he has been someone who negotiated with leadership and has been able to get things that he wanted out of this bill. the other republican senators who have been able to buck the party at various stages have gotten what they wanted. rubio got the expanded child tax credit. murkowski got the opening of the national wildlife refuge for oil drilling. they got increased deductions for medical expensing. everybody who has been the kind of person who has been willing to drag their feet...

Filing and they did double standard deductions to make things easier for folks but have they made good on that promise? >> not that i understand. as i understand it, this bill is going to add a lot of complicated provisions. i think the tax preparers of america are probably feeling pretty good or they are going to be making a lot of money, so, no, i do not think this bill ends the complexity of the current system. >> do you have a real estate llc, senator? have you looked over or e-mailed how th...

Corporate rate cuts. the middle class cuts are modest and last seven or eight years. theyre a little nervous about the end of the deductions and they are looking at republicans that are looking nervously at the polling on this. its almost always in that range. the opposition of mid 50s support. low to mid 30s. these are worse than obamacare numbers in 2010. president trumps approval numbers are worse than obamas in 2010. >> everyone remembers in mid-terms what happened to the democrats. >> unles...