Page 91 - Deductions News Today

We havent set that final figure 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 keep...

Do so. the negotiators from both houses meeting mostly behind closed doors to hammer out what we now know to be a compromise that looks a lot, quite honestly, like the senate bill. lets go through some of whats in this if we can, starting on the individual side. we know that this agreement will raise the standard deduction from $12,000 to $24,000. this was something that was in the framework from the beginning. theyre keeping it in. they will cut the top tax rate to 37%. that wasnt in either bil...

Rate still puts it far below the current 35% rate which makes it the highest in the developed world. and puts us out of step with more competitive nations. it will allows us to get that top rate reduced to 37% and some other fixes in there. and so, all of the principles remain and the principles are middle-class tax cut, child care tax cut, some of those deductions and credits that the middle class has told us they rely upon. medical expenses, its all in there and thats pretty exciting. just yes...

Everybody. >> we start at the white house, we will look at whats on tap. nbc news kristen welker has more on that. >> reporter: hi, louis, good morning to you. president trump will continue his final push for tax reform today. it comes a day after republicans struck a deal. so whats in the deal? well, they will slash the corporate tax rate to 21% from 35%. they are also going to cut the individual tax rate and theyre going to give more deductions for state and local taxes. perhaps the most contr...

This year they were in the 15% tax bracket. under our plan, they will drop to the 12% bracket. a big drap. instead of itemizing their deductions theyll be able to file their taxes on a single little beautiful sheet of paper. thats good. [ applause ] thats good. and instead of paying $2,600 in income taxes, they will get it down to $2,000. theyll save at least $600 and probably more than that. bryant, ashley, how about saying a few words? do you want to? come on. >> well, thank you, mr. president...

Tax rate in the house 38.5%. in the senate 39.6%. are you considering lowering that at all? considering right now one of the big criticisms is that the wealthiest taxpayers fear that their taxes will go up under these plans. >> you know, its interesting because we seem to get hit by all sides. some say tax relief for the wealthy. others say no there is tax increases for the wealthy. i guess my point is wait for the final bill. i know for the state and -- the salt states where the local governmen...

Before christmas so american families can enjoy it. they will have their taxes reduced and we are still on schedule to get it done. >> bret: this is what we received on capitol hill from the committee, the negotiators. 37% top individual rate. corporate tax rate 20% goes into effect in 2010. 10,000 local tax deduction split between property taxes, income, sales tax. repeals the corporate amt in the senate bill, graduate school stipends preserved and as in the senate bill. medical expense deducti...

Bryant manages a farm equipment store. ashley works in health care. this year they were in the 15% tax bracket. under our plan they will drop to the 12% bracket. its a big drop. instead of itemizing their deductions theyll be able to file their taxes on a single little beautiful sheet of paper. thats good. [ applause ] >> and instead of paying $2,600 in income tax, they will get it down to $2,000. theyll save at least $600, and probably more than that. bri bryant, ashley, how about saying a few ...

>> and the giamomolo family is here from. anthony is a 911 emergency dispatch officer. when theyre not working protecting their citizens, their hands are full of four wonderful children. this year they were in the 25% bracket. they have done everything they can. they itemized deductions. they paid more than $19,000 in taxes. thanks very much, by the way. a lot of money. i like it. under our plan, they will file on a single page and save $2,700. anthony, maybe youd like to say a few words. come o...

Leader. >> harris: is it a big deal that you guys reached in conference committee ideal in principle? havent you had that since january? >> it is a big deal, it is a big deal because there were narrow votes in both houses, a dozen votes in the house, one extra vote in the senate. to find a compromise between two very different bills is quite an accomplishment. although i may not vote for the final bill in its current form i certainly applaud them for finding a way to come to compromise. >> harri...