Dont Itemize News Today

Chris: schumer says that you take away 70% of the state and local deduction and he points out that one third of taxpayers claim that. he says youre taking away almost three quarters of the value. >> heres a were doing. you see this postcard. this is literally the tax form that nine out of ten taxpayers will use. right now about 70% dont itemize. by doubling the standard deduction we make it so people dont have to itemize their deduction. so instead of having the first half thousand dollars that ...

Here on the tax room other than washington, we need a fresh start. >> the plan that you introduced today would limit the deductible for mortgages on newly purchased homes to $500,000. doesnt that hurt americans who live in areas with a high cost of living and they need a mortgage thats a lot more than $500,000? >> so not when you put in place the tax relief protecting more of the first dollars they earn, this new family credit, in fact, you put that altogether, families are better off and we kno...

That dont itemize, you will certainly pay a significant amount less in taxes and we have to take a portion of that. this debt commission says somewhere between 20%, 15%, 10%, and apply it to this $14 trillion debt. otherwise, if we dont commit some of it to that, we will be stuck with the $14 trillion debt and it will only increase and that is not right. >> chris: senator warner, how close are you to an actual plan and for instance, because we talked about that with senator mcconnell will you of...