Page 97 - Deductions News Today

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...

Up. the issue if you look at the irs numbers in 2015, 2016, theyve been going on. tax on low income and middle class families. they just cant afford it anymore. rachel: this is a tax cut for the rich. >> this bill is so slanted towards the wealthy and powerful and rich tax increases upon millions of -- >> -- 62% of the tax breaks in the senate bill go to the top 1% pete: they say every time. rachel: a lot of complaints i hear of people is very high income who live in very high tax states and tak...

Taxes, it seems to me, looking at these places and looking at your book, is you have simple rates, not too many. >> yes. >> very few deductions, credits. very little of the kind of -- the special gizmos, give-aways to special interests. and you can see that in the fact that the tax code in most of these countries is much shorter than in the united states. the united states tax code, with irs rulings, is 75,000 pages long. >> yeah. >> ive seen european tax codes that are a few hundred pages. >> i...

Your book, because it actually complexifies the code. so many distinctions between partnerships and pass-through entities. it doesnt really get rid of many deductions. it doesnt seem to move us toward that kind of simpler, fairer system. >> well, thats true. but there is some good stuff in this bill. they do get rid of some really -- some of the really stupid exemptions and credits. i make fun of in my book. for example, if you buy $138,000 bmw, hybrid, made in germany, the government gives you ...

Some republicans say just the promise of it has that the stock market on fire. once it is a done deal, that will inspire companies to hire more workers to raise wages. the democrats maintain just because you give a business a huge tax cut, does not mean it rolls onto workers. >> why not require these companies would actually invest some of the money and training the workforce? giving them skills they need to compete as opposed to what i am afraid that we will see the vast majority please come ba...

Taxes, it seems to me, looking at these places and looking at your book, is you have simple rates, not too many. >> yes. >> very few deductions, credits. very little of the kind of -- the special gizmos, give-aways to special interests. and you can see that in the fact that the tax code in most of these countries is much shorter than in the united states. the united states tax code, with irs rulings, is 75,000 pages long. >> yeah. >> ive seen european tax codes that are a few hundred pages. >> i...

Comes out of conference? >> no. i mean, obviously i want to see what comes out. i believe that the amendments that i added on medical expense deductions, on property tax reductions, on helping retirement security for public employees improve the bill. i got a commitment that were going to pass two bills including the alexander murray bill and one that i fought for that will help offset the individual mandate repeal by lowering premiums. and i also got an ironclad commitment that were not going t...

Didnt make her happier on that. at the end of the day, where this lands, it lands in 2019 before the 2020 presidential election. thats where if what they are predicting happens, that people are paying more taxes and 69% of the voters that dont use itemizing deductions. people have to look for a pay increase. >> its interesting you are saying that, they need to sell it in the short term but they timed it to mess it up when he gets re-elected. interesting strategy. this is donald trump pulling an ...

Going to stay where they are and the biggest gains will be at a million dollars. how are republicans going to survive that chart? >> they are going to survive that chart because 69% of the americans dont use itemized detucktio deductions. >> their after tax income will be lower. if that we show that chart again, in the house version of the bill, teachers lose the deduction of school supplies, which the senate realized there was a terrible idea and tried to take it off, but you will have a lot of...

And both of those plans, we will see which one gets us to that goal. in addition we have been looking at the middle income which needs the greatest tax relief. if we look at those as our goal everything that drives us should be towards those goals. there are numbers that are different, if we want to do simplification we need [blooge >> that is a word you brought up. you read through these bills, there is an awful lot of special-interest pork. there are special deductions for microbreweries, $10 ...