Page 95 - Deductions News Today

Workforce and giving them skills to compete as opposed to what im afraid, we will see the vast majority of these funds come back and be used for share buyback and dividends. kelly: democrats along with some republicans are concerned about the elimination of the state and local tax deductions in high-taxed states. now that could cause senator susan collins to vote against the final conversation of -- version of the bill. >> no, i mean, obviously i want to see what comes out. i believe that the am...

>> republican leaders say yes, rick and theyre incredibly motivated yet to deliver major legislation this year and this is a corner stone promise of the president. >> were going to get this for christmas look its been alum p of coal for eight years under obama. we finally have a great president, president trump who wants to get the economy moving again and provide real relief for middle class families struggling this bill delivers its a great christmas present and youre going to see this economy...

The rich disproportionately benefitting? i told you theres a variety of ways of looking at this. thats where the fake news can come in. you can argue the number a variety of ways. stanley is with us. he ask very good with the numbers. dan, lets talk about high they come to the conclusion the rich disproportionally benefit, when theyre losing the deductions will pay more? >> thats just a talking point that people come up with, to say that the rich will get a tax break. its simply not true. >> nei...

Income. it is a good thing. were going to achieve economic growth. it is a good thing. >> first of all -- >> i dont know why you all oppose this. >> lets start with something. i take issue with being referred to as "you all," but well put it aside. >> okay. >> number two, were achieving economic growth. lets supercharge it. i agree. >> we can agree on this. >> in terms of simplifying the tax code, what sim plification, what loophole is being closed for corporate america? i agree, our tax rate is...

I believe that the amendments that i added on medical expense deductions, on property tax deductions, on helping retirement security for public employees improved the bill. >> reporter: and they have one other problem, they have to avoid a spinning deadline by this friday to keep the government running with democrats holding out for a deal on daca, but majority leader mitch mcconnell says hes confident it wont be a problem. >> theres no emergency. the presidents given us until ma to address it -...

On 20%. not sure why they might move it. >> they may have to move it to pay for it. both the house and senate bill promising big corporate tax cuts with no guarantee it will add jobs or raise wages. but they also differ on some key points. what does that mean for your tax return? first off, theres no set length for individual tax cuts central promise of the bill. the house bill, the tax cuts are permanent but they expire by 2025 under the senate version. the individual tax rates, the house slims...

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. let me repeat that. there is no guarantee, in fact the current tax plan will likely raise taxes for some people right away for those earning less than $30,000 a year. and the biggest tax cuts to the top earners and eliminating the estate tax. that mostly affects very, very uber wealthy americans. >> that wage increase will ...

Happened really in the senate bill in the dark of night. heather: all right, lets get to ron, ron, do you disagree? >> well, yeah, hillary clinton ran on raising taxes on the same people and on raising spending to the point where they would be higher deficits. this is the issue, is that there is -- there is a real point here, is that the senate bill does raise taxes on tens of millions of americans, a republican bill should raise taxes on no one. house bill is a little bit better. the problem ca...

Those have included. chris: briefly, there are some things that you like better in the senate plan, some things you like better in the house plan but you only passed it in the senate with 1 vote to spare, so the question is, is this going to be a give and take or is the house basically going to swallow the senate plan. >> theres conference committee members from the house and senate will get together to look for the best solutions but we are not that far apart, fundamentally for the american pub...

No guarantee it will add jobs or raise wages. there is some differences here. this is what they have to iron out. lets talk about what it means for your tax return. first off, personal tax cut in the house version is permanent. ? the senate bill, the tax cuts on the individual tax cuts expired by 2025. the individual tax rates, the house slims down to four tax brackets. the senate has seven tax brackets. but lowers most rates including it lowers rates for top earners. the senate version also kee...