Page 89 - Deductions News Today

Deductions, theres a silver lining. most will benefit increase in a standard dediction, sing dicted. >> the final version of the tax bill would create seven tax practices. they start at 10 percent. 12, 32, 35 and 35 percent. we have heard about simplifying but how account president claim this is a tax cut for all. david schweitzer joins us. hes on a house ways and means committee. >> i appreciate you having me. >> theres criticism all over the left. minority leader says the gops

Bill. you cant even remotely call it tax reform. they realized the things they wanted to clean up in the code, it is too politically tough so they put it all back in. >> in the past weve had bipartisan tax reform. >> bipartisanship. what is that? >> i know. it was before some of our viewers time. and partisan tax cuts. this is a little bit of a blend of both in that it is a partisan vehicle but theyve tried to stuff about $6 trillion worth of are are tax cuts. they are paring back the state and ...

Simpler and at this as another complexity, its another deductive, another loophole, its moving in the opposite direction of the original plan to lower taxes for all. this goes back to favoring a certain group. >> we already have the tax credit and we do double it, but we also disallow the personal exemption. thats how you overcome that. it was a simple location as you know and we also doubled the standard deduction, which is a terrific simplification for about 90% of the americans. doubling it, ...

Like about the bill. i dont love everything in the bill, poppy, and if theres a chance to fix it i think they should because the carried interests. >> i dont think its changing in the next three hours. well see. austin, i am old enough to recall when president obama liked corporate tax cuts and he said bring them down to 28%. >> first, poppy, i agree with you. they ought to change the name of the bill to how to get away with murder. when barack obama proposed cutting the corporate rate, you will...

Seen even from republicans on this, david. why havent you seen them jubilant? why are they treating this or selling this like it is the absolute best plan? >> david: we have to get a final bill. we could be better cheerleaders for what we are doing because there is a lot of good in this bill. for all those folks who dont want to pay for a health care plan, we will repeal that. we will give a child tax credit. the bill look to help induce double the standard deductions. >> sandra: is there more w...

Corporations. so they include sole proprietorships partnerships limited liabilities corporations, llc and s orpgs corporations. calmed pass-throughs because the business income pass throughs to the individuals tax returns. deductions as a business that individuals cant take and the remainder to the individual and they pay at the personal tax rate not the corporate tax rate. many think of pass-through businesses and small, local businesses but thats actually misleading. there are a lot of large c...

Good for, you know, my husband, certain people in certain tax brackets but i dont think it addresses all the concerns that the middle-class, especially the blue-collar working class, puts over into that white house with their vote. what do they want? they want jobs, they want to see money in their fists, they arent getting the check thats cut for $200, when you look at the deductions, they are for the rich. what kind of peoples are itemizing their deductions? lower middle-class americans in this...

But, i mean, the reality is some of those things that you mention not being there we got knocked out. for example, this johnson amendment, that is basically citizens united 2.0 that the republicans have been pushing. they want to get the churches into politics. we are talking about billions of dollars and billions of dollars worth of deductions. democrats got together and got it knocked out. but what people still need to remember is the bottom line, the breaks for the multinational corporations,...

Get done. im worried about john mccains health, there are rumors that he is -- i love john mccain, i think hes one of the great heroes of america, but were really worried about his health. >> a couple things, i think its interesting, you started on the messaging, i also think that democrats have not handled the messaging of this very well. >> how so? >> to the point of itemized deductions, if they are too lazy or cant afford someone to itemize deductions for them, then yes they get a benefit, bu...

Economic activity by u.s. multi nationals to locate in the u.s. but theres going to be a heck of a lot more of it. and i think it should lead to about a 15% capital increase and thats a heck of a lot of gdp. >> the president made a promise about this bill. he made it again and again and again. i remember in an interview i did with him when he first even talked about a tax policy during the campaign. here is his promise. >> you know, many of your friends, theyre hedge fund guys and you have the c...