Page 90 - Deductions News Today

Black women, 60, 70, $80,000, married couples are going to see a 2,000, $3,000 reduction in their taxes. i think it will be popular and 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. >> we wish him well. angela? >> 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...

Highest number there. >> that is correct. i think the question of the wisdom of crowds where people sense generally the process, the fact that there have been no hearings. the fact they havent waited for any detailed analysis. the fact that you cant sit with your tax planner and try to figure out what this is going to mean for you suggests that something is happening that is a little bit untoward. and i think they are probably right. whenever you hear the alternative minimum tax, that is code fo...

Yet. certainly, 21 is a very great difference. >> that 21% rate puts more revenue in the treasury, so legislators in exchange, could drop the top individual rate to 37%, lower than either the senator hospitals originally intended. in that trade-off solves a big problem. lawmakers and high-tech states like kentucky, connecticut, new york, california, and others, had feared that cuttingl deductions would increase taxes on their constituents. this fix presumably keeps g.o.p. lawmakers from those hi...

Bigger paychecks, a more simple system. just doubling the standard deductions means 9 out of 10 people can fill out their taxes in a form like a postcard. so the results are going to be what sells this bill, not the confusion before it passes. on entitlement reform, ive long said there are two things you have to do to get this debt under control. reform the entitlement programs which are an autopilot and grow the economy. we had three reconciliation packages prepared for this congress. the first...

Middle class tax cutses are modest and short shelf life. for americans, 81% get a tax cut immediately. that goes down to 14% that have a tax cut by the year 2027. and a fourth will pay more. the largest share helping out the top 1% along with a few other provisions like, like look at this, doubling the estate tax exemption, raising the threshold for the individual alternative minimum tax, reducing pass-through businesses lowering their tax rate, all these help very rich people and businesses. no...

Originally proposed that was favored by president trump. >> 20 is my number. so im not negotiating that number. >> reporter: the deal fully repeals the corporate alternative minimum tax but keeps the individual amt for people making over $500,000 a year and families making at least one million. president trump stands to benefit from this change to the amt to the tune of tens of millions of dollars. according to his only tax return that is public from 2005. the tax plan would also now allow indiv...

39.6. where they have agreed on at 37%. for the highest individual rate. i asked the house ways and means chairman kevin brady, one of the co-authors of the bill, sherpas of the process, why do that? take a listen. >> those incomes are high in california and new york and new jersey, illinois. they need relief because we are -- were going to allow state and local deductions, property and income and sales, up to $10,000, and so the -- lowering that rate was important for those high tax states whic...

Businesses, essentially lowering their tax rate. the gop argues lower corporate taxes help workers. there is no guarantee it will add jobs or raise wages, contradicting president trumps closing argument that the tax bill is a gift for the middle class. >> we want to give you, the american people, a giant tax cut for christmas. and when i say giant, i mean giant. >> well, one problem, that giant middle class tax cut is smaller than advertised. we cant know for sure without seeing the final bill, ...

Local s.a.l.t. states talked about. those incomes are high in california and new york and new jersey and illinois. they need relief because we are -- were going to allow state and local deductions, property and income and sales up to $10,000, and so lowering that rate was important for those high tax states, which democrats have complained about as well. so this really is a solution theyve been asking for. i think just because the rate is going down, theyre complaining, but in truth this helps f...

We will need to see the final bill to know for sure, but in the past the tax cuts have a short self life. 81% get a tax cut in 2019, but in 2027, only 14% still have that tax cut and one-fourth of people pay more. they worked out a lot of the deductions. the final bill is a tax break for medical expenses, very important for a lot of families and it retains education reductions for student loans and grad school and teacher spending and repeals obamacares individual mandate and that could be a sti...