Page 86 - Deductions News Today

It is not the case. that there are all of those taxes going to rich people. >> what about all of the other aspects of it and the analysis for the tax policy center with 42 percent of the benefits to the top one percent? >> i do not agree with those numbers. this is all about middle income tax cuts. as a matter of fact, i researched, you grew up in chicago. the median family that makes $50,000 is going to get extra money back. close to $2000. in a family making $150,000 in illinois will get over ...

37% today treasury secretary long -- secretary mnuchin says it flattens when you take into account the deductions that are eliminated. >> the reason we lower the top rate we get rid of a lot of deductions a good part of the country that have state and local taxes that isnt just the case that there are all those taxes going to rich people. >> democrats dont like the corporate tax rate 35 down a 21% saying that is too big adding $1 trillion to the deficit but bernie sanders if democrats retake the...

Campaign promises on taxes are officially not happening with this final bill. >> there are many deliveries in the bill the president made promises on. it does simplify the tax code. eliminates oil and gas production credits. also eliminates many deductions that families and businesses were taking, such as specifically lobbying expenses. helping to drain the swamp. promises he made he delivered on. certain industries here that made it impossible to deliver on every single one of those. delivered ...

Deductions. it makes the tax system more complicated for millions of americans. especially those involved in these pass-through companies. who are going to have an even more complicated tax system to deal with and will not have any chance of looking at filing on a postcard. >> chris, i cannot disagree. americans will thought taxes on the postcard or virtual electronic postcard for just about simplifying taxes. and signifying the business system. there will always be people who complain that are ...

Cutting out all of the deductions. it makes the tax system more complicated for millions of americans. especially those involved in these pass-through companies. who are going to have an even more complicated tax system to deal with and will not have any chance of looking at filing on a postcard. >> chris, i cannot disagree. americans will thought taxes on the postcard or virtual electronic postcard for just about simplifying taxes. and signifying the business system. there will always be people...

Terrific bill as you put it. first fairness. this was senate democratic leader chuck schumer had to say about it. >> god bless wealthy people. im glad we have them. but they do not need a tax break. >> let me pick up on that because critics note the tax rate for top earners dropped from 39.6 percent to 37 percent. the top corporate tax rate is cut from 35 percent to 21 percent. and the owners are so-called pass-through companies get a 20 percent deduction. the tax policy center analyzed the earl...

Version of the republican tax plan. >> we talked about this a lot. it is something that then-candidate donald trump repeatedly promised to eliminate. >> many of your friends, theyre hedgefund guys, the carried interest deduction, a lot of other deductions that, trfrankl it is a joke. it is money they dont need. they want it because theyre used to paying no taxes. i would take carried inters e out and id let people making hundreds of millions of dollars a year pay tax. right now, theyre paying li...

Deduction should certainly feel pressured to be better stewards you have their taxpayer dollars. the people who take the state and local tax deduction like a lot of other credits and deductions are high income earners. people not living as much money in a high state like new jersey they will benefit from tax reform that allows them to increase the standard deduction. we will go from 70% of people taking the standard deduction to probably 9 and 10. both simplicity and relief offered in the plan a...

37% today treasury secretary long -- secretary mnuchin says it flattens when you take into account the deductions that are eliminated. >> the reason we lower the top rate we get rid of a lot of deductions a good part of the country that have state and local taxes that isnt just the case that there are all those taxes going to rich people. >> democrats dont like the corporate tax rate 35 down a 21% saying that is too big adding $1 trillion to the deficit but bernie sanders if democrats retake the...

Going to fill out taxes on that postcard or a virtual electronic postcard. this is about simplifying taxes and the business system. so there will always be people who complain theyre losing tax breaks, but this is about making it simple for the american public. eric: colin, i mean, a postcard? do you think theyre going to get to that? h&r block is not going to be happy. you hardly understand any of it, youre sitting in your living room, dining room table, i mean, sometimes i just give up. i pay,...