Page 87 - Deductions News Today

The top rate is because we are getting rid of lots and lots of deductions and theres a big part of the country that has date and locals. as a matter of fact complaining about taxes going up on rich people in new york. its just not the case that theres all those taxes going to rich people. reporter: democrats campaigning against republicans next year who voted for the bill pointing out the corporate tax rate it slashed from 35% to 21% in its permanent while individual cuts expire in 2025. they do...

Not itemize the deductions. theyre going to double the marriage deduction. >> its unpopular. look at the polling. you might see the 2018 taxes. thats when its going to be there. we have the 2018 mid terms coming. >> the democratic party has any kind of taxes. its really bad. >> let me finish. let me finish. >> no. >> quickly. quickly. >> at the end of the day while weve had this from everybody else, ill take mine and tell you it will create a competitive job system, it will raise wages and give ...

Welcome back. republicans are hoping to pass their tax cut bill this week and give president trump a chance to sign the bill into law before christmas. the bill does this -- it lowers the corporate tax rate from 35% to 21%. it lowers the top individual rate from 39.6% to 37%, and as an added bonus to those at the top, it raises the income level where that rate kicks in. but the bill also nearly doubles the standard deductions for taxpayers who do not itemize, potentially a big help for lower and...

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 ...

Money on local services like education. so what it means to an average american is that they are going to get a $6,000 tax increase if they had actually itemized deductions. >> so you get an increase average -- >> an increase in taxes. >> in taxes, increase in taxes in those states. youre really paying twice. >> correct. >> and youre paying it to subsidize getting a trillion dollars cut to the corporations -- >> exactly, who, by the way -- >> and be ready to pass. >> exactly. that is why there a...

Business side, structural reform, 35 to 21 and territorial system where it is earned instead of taxing it twice when it comes to the us. >> expensive on new investment. >> extended by congress but this is a marginal improvement on the individual side but not really a reform with the same deductions and credits but on the whole represents progress. >> significant pro growth on the business corporate side, individual side most people will get a tax cut, maybe not some of us in new york or californ...

Promises that candidate donald trump made on taxes? >> chuck, there are many deliveries here in the bill that the president made promises on. one, it does simplify the tax code. some of the things youre not talk being is it eliminates oil and gas production credits. it also eliminates many deductions that families and businesses were taking, such as specifically lobbying expenses. its helping drain the swamp. there are promises he made that hes delivering on. there are certain things here that m...

>> even high tax states consider paying some of your state and local brought taxes now. those will be taxed at 20,000 in 2018. if you have high mortgage debt, make a big payment now. no deductions on those lines. if youre alaska, florida, nevada, texas, wyoming and new hampshire and tennessee and you would like to buy a new car, do it before the end of the year. you could deduct the tax this 2018 that wont be an option. other breaks that may go away. deductions to charities. writing off charitie...

A pair of key holdouts in the senate flipped in flavor of the new version. with the house expecting to hold a vote this tuesday. they are following all the details from our washington bureau we did not see a final bill until last night. what is in it. some major cuts. the final version actually keeps seven tax brackets. they started 10% and then they go on up to 37%. the corporate tax rate has slashed lashed from 35% to 21%. the individual mandate while retaining a deduction for medical expenses...

People happy. i was at the salvation army and spoke with an older lady who packed her cart to the brim with toys and she was concerned about charitable tax credit, what would you say to folks who have been in this season of giving? >> they are continued, our deductions, the mortgage deduction, 750,$000 for two homes, deductions from healthcare, student education, graduate education, many deductions preserved for the american people. >> you have to be in your 50s to understand, we havent seen thi...