Page 14 - Loop Holes News Today

Everybody but they have to find offsets. offsets are the way to pay for them so you dont blow a big hole in the deficit. they dont have a solution yet. well see the legislation next week. as we speak, theyre meeting in the capitol and theyre trying to hash out a way to actually close some loop holes, pay for it without losing republican support. thats where they are. >> neil: an uphill battle to put it mildly. thanks, susan. were finding out more about the cvs deal in talks to buy aetna. it woul...

That this is a real test of their leadership. if they dont pass tax reform, theyll be in a heap of trouble in 2018. there will be a lot of republican voters that say why did we send you up there if you cant do this? >> neil: that was the same pressure when they had to rework the healthcare repeal not once but twice. something happened. >> that puts all the more pressure on republicans to get tax reform done. they already have two eggs on their faces with obamacare. lets remember, we still havent...

Become more competitive. >> neil: in the end, if you think about it, even though you start from a higher level versus the corporate rate that right now is at 35%, they dont all pay that. your rate wont go down as low as some corporations if the presidents rate -- strategy sticks. in other words, it would go to 20% for big guys, 25% for you. >> and thats the big conundrum in the united states now. what were experiencing, the biggest challenge is, you look at the large big players out there and al...

Saw didnt say the president had full confidence in secretary price. she said the review is underway. the words "well see" linger in the air art this point. >> what do you make of it? you think he survives or no? >> i think its very possible he may have to go. what the white house has to look at, theyre not interested in doing major surgery on their cabinet. are other people in trouble like the epa chief, scott pruitt who apparently took some charter travel as well. kellyanne conway was on one of...

In fact, in closing those loop holes which is a going to be a big fight between industries and the republican party. >> the president says the wealthy wont necessarily benefit. he wouldnt benefit. but in one area he would benefit tremendously. the removal of the estate tax. right now the first 11 million or so of the estate for a couple is tax exempt after 11 million there is significant taxes, 30, 40, 50% federal tax. if hes worth, as he says, $10 billion and he doesnt have to pay any tax on hi...

The right of me in terms of deficit. yet at the same time, we have to understand that we have to do two things. we have to grow our economy and control our spending. some people love to make sure that we dont cut the rates enough to create that economic growth but they forget the spending part, neil. you have to do both. ive had a number of great discussions with moderate democrats on tax reform. the devil will be in the detail. this is all about give and takes. its about giving back to the amer...

Critical way that were targeting relief to working families. in addition under the frame work, those caring for the elderly loved and we love these people, but were caring and we take such care of the elderly. other adult dependents will receive financial relief in the form of a $500 tax credit. [applause] were doing everything we can to reduce the tax burden on you and your family by eliminating tax breaks and loop holes. we will ensure that the benefits are focused on the middle class, the wor...

Their estimate. theyre looking at an incomplete tax reform proposal. the president has made it clear, its congress and our constitution that decides that we will introduce and draft the complete bill. thats what well do it. im confident at the end of the day between economic growth and better jobs and better paychecks and eliminating exemptions and deductions and loop holes to lower the rates, at the end of the day we can move this towards a balanced budget. >> neil: that would have to be a lot ...

Under bush. not a lot of evidence of that. now, that said, american taxes are high compared to the rest of the developed world. we look at 35% tax rate, much higher than most european countries, certain asian countries. the president is trying to get it down to really the real rate that most corporations pay is 19% with all the loop holes that we have. tan thats the big question here. okay, lets get it down lower. but can we close the loop holes and make sure that this plan doesnt raise the fede...

Out of the white house are not across the board and everybody gets their taxes caught, would you be disappointed? >> i would. heres why. its incredibly important, i think, that we close loop holes, illuminate special provisions and lower tax rates on every american. its very important for growth in the economy, but its as important today for growth as it was when president kennedy and president reagan working a bipartisan way delivered those same type of tax relief provisions as well. >> neil: i...