Page 94 - Deductions News Today

Across-the-board help everybody? the executive director of the black sphere, kevin jackson, democratic strategist scott levinson. good morning to both of you. lets start with you, kevin. this is across the board. when you look at how it benefits the middle-class it doubles the standard deduction and double the child tax credit, preserves college loan and medical expense deductions, doesnt look like armageddon to me. >> i would love donald trump to save you like your tax plan you can keep your ta...

Earners, but middle income earners use. their property taxes or their state taxes. a number of republicans, again, voted against the house bill and have said they will not support a bill that still has those deductions. the bottom line is there is very little political capital involved in taking away the state and local deductions when youre a senator because there are no senators from the places that are affected by this. so, those are the two things that are going to stand in the way. taking a...

Year? >> two things. probably not much. i think theres going to be a deal, but there are two things that are standing between them. one is there are apparently some deficit hawks still around. a few republicans -- >> imagine that. >> who are actually concerned about the damage this will do. the presidents argument and the argument of those around him is this will grow the economy to such a degree that the addition to the deficit will just disappear. again, that doesnt actually bear out. the th...

That was surprising a little bit. i think it will make it through the house. the question is whether or not some of the senate moderates will allow it to remain without some other healthcare legislation to back it up. really this all happened late on friday night. i dont think the process is very defensible but they came to some key agreements in terms of what deductions would be allowed such as state and local -- >> sandra: i dont want to forget to ask you this. you bring up a really important ...

Bad armageddon movie but the fear is out there. >> i kind of agree with nancy pelosi, that we are -- i think the taxes do perpetuate the fiscal armageddon that we find ourselves in the we dont fix our spending problem. this tax plan does add over a trillion dollars to the deficit. it does not pay for herself. so i kind of like seeing nancy pelosi act like a budget hawk. its funny. i get a big kick out of it. but the fact of the matter is, at the end of the day shes lying and they are lying about...

A number of republicans, again, voted against the house bill and have said they will not support a bill that still has those deductions. the bottom line is there is very little political capital involved in taking away the state and local deductions when youre a senator because there are no senators from the places that are affected by this. so, those are the two things that are going to stand in the way. taking away state and local deductions and not satisfying some members that this is actuall...

Government can force you to pay money to a private entity that you dont want their product and being forced to buy it. repealing the individual mandate is a big part of getting rid of obamacare but it also coincidentally helps the tax cut to be a little bit bigger because it reduces some of the costs of the government. >> bill: go ahead on the healthcare issue. >> you are concerned about the middle class and he told me that he is concerned about the middle class, too. he has gone to president ob...

Eyes than me. >> so speaking yesterday, senate majority leader mitch mcconnell offered confidence on being able to get a final bill to president trumps desk. a key swing vote cautioned on the final vote being approved. >> well be able to get to an agreement in the conference. im very optimistic about it. we think this will make a big difference in getting the economy moving again and providing jobs and opportunity for the american people. >> youre discomfortable with your vote on this tax bill. ...

38.5% is the top bracket in the senate. the senate version also keeps popular tax breaks that the house gets rid of like deductions for mortgages, medical expenses and student loans. one thing both versions agree on, permanent corporate tax cuts, the gop argues that will mean higher wages for you. there is no guarantee. the gop argues that will mean higher wages for you. there is no guarantee. it will raise taxes for some people right away for those earning less than $30,000 a year. by 2027, all...

The government running past this saturday to send to the presidents desk, but that maybe easier said than done. there are significant differences between the two versions, the duration of cuts, delays in corporate rates, elimination of state and local deductions, already one senator susan collins despite voting for senates version, theres no guaranty she will support what comes next. >> no, i mean, obviously i want to see what comes out, i believe that the amendments that i added on medical expe...