Page 85 - Deductions News Today

To raise interest rates. they havent done that in the past. its been 0 for 8 years. weve had $4 trillion in the bank vaults. $700 billion deficits, both of which are hugely stimulative. >> shannon: you have some g.o.p. folks to convince. republican out of new york has said: >> yeah. lee is a great guy. hes got to represent his district. i totally respect that. the tax bill isnt the park to talk about redistribution of income. you want to efficiency. our plan, tax reform, we didnt get it perfect....

Along. and what we have continued to talk about consistently here and every time we have talked about taxes. >> the president has said tax bill will cost him a fortune. actually not the case. 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. again the presidents focus hapt been necessarily at all on himself. but its been on the four principles that we laid out. number one, an...

It will be the lowest rate they have seen in 40 years. the family ies will double the standard deductions. come february, check your checks. you will get a raise in your payroll of what youre going to see based upon what happened today. >> this was a historic day. if youre somebody who has been working really hard, and you want to keep more of your hard-earned money, this is an historic day for you. if youre in an american like those of us here that are tired of seeing jobs shipped overseas, bec...

What deductions youre taking. most people wont itemize. people -- the vast majority will do the simple form. thats part of the simplification and how you get middle class tax cuts. the first 24,000 is a zero bracket. >> neil: thanks, senator. a long night ahead of you. no doze or whatever works for you. >> just the energy of good tax reform. >> neil: just the adrenaline. thanks, senator. merry christmas to you. all right. ive told you this would be like me giving you dietary advise. prominent de...

Republicans, 89% democrats. and it seems to be the same argument made with obamacare. by the way, made to me personally by number of your party which is eventually when people feel the impact this will ultimately become popular. is that going to work? >> i think time will tell -- >> oh, congressman, time is everything, right? >> thats right. >> you think that people will eventually come on board with this, given how unpopular it is now and how much political it is? >> hallie, some people will. i...

Taxpayers is where you live. the bill puts a $10,000 cap on state and local deductions. folks in high state taxes including california and new jersey, new york will likely take a big hit. keep in mind while the corporate rate is permanent, much of the individual cuts expire in a decade. by the time this bill comes to a finish, the wealthy will get 100% of all the breaks. americans will get tax cuts initially. the commit will most likely improve in the first and second quarters of the year. in a ...

To raise interest rates. they havent done that in the past. its been 0 for 8 years. weve had $4 trillion in the bank vaults. $700 billion deficits, both of which are hugely stimulative. >> shannon: you have some g.o.p. folks to convince. republican out of new york has said: >> yeah. lee is a great guy. hes got to represent his district. i totally respect that. the tax bill isnt the park to talk about redistribution of income. you want to efficiency. our plan, tax reform, we didnt get it perfect....

Getting to the question you first asked me how people will respond to this bill, one of the ways they will be responding is if -- is they will be finding in many cases that their premiums are going to significantly increase. now i happen to believe, as you know, the united states should join the rest of the industrialized world and do medicare. the individual mandate, though, said that if you are young and healthy, you have to be part of the overall pool. if 13 million people drop out of that po...

Republicans, they will [ inaudible ] the day they supported this bill. >> one point youre right -- >> one point? >> and that i will grant you is that they will regret it because actually where youre wrong and right is that -- >> wrong and right. >> republican donors are getting slammed. republican donors who live on the coast in california, the really deep pocketed ones who fund the presidential campaigns, all the independent expenditures -- >> high tax areas. >> the states that have the s.a.l.t...

Loopholes, this is not a reform, its a tax cut. we already heard from republicans they may need an ancillary bill to help fix this. >> what about those postcards, stephanie? >> for real, because all these complications still exist, thats only going to give more business to tax accountants. as long as those accountants, as long as those structurers are employed, that will benefit the super rich. the joe smith on the street is never going to be able to afford those people. >> 100%. you know, they ...