Page 16 - Loop Holes News Today

There is no plan. i was thinking, you know, hes trying to put lipstick on a pig, but theres really not a pig, but what there is -- hes mentioned a few things so far, and theres one big loophole that put really wants to open, and thats a special low privileged rate on pass-through business income. taking it all the way down to 15%. that would open up a massive new loophole and invite literally billions in tax avoidance. so this idea that he wants to close loop holes is patently false. >> ali, if ...

We have to pass tax reform. its ultimately helping spur the economy, that which is consumer spending and the belief by job creators that were ultimately going to do tax reform. if we want to bolster what is going on in the economy right now and we want to actually spur it, well pass tax reform. >> molly: richard, what can democrats do here? is there a chance well see republicans reaching out to them? were seeing there may be some forced collaboration on healthcare. where do the democrats stand? ...

London bureau. lets talk about the secret service push back, telling cnn they were not protecting mr. trumps son at the time so there would not have been any screening. the question here, is this just another example of the administration trying to find loop holes, trying to muddy the issue or redirect? >> yeah. jay has met push back from the secret service itself, quite rightly saying that donald trump jr. would not have been a protecty at the time of this meeting. big picture back there. is th...

Norms and not regulations. he as he said he doesnt have to follow some of the rules as of cabinet officials. previous presidents release the tax returns andy vested their assets. something donald trump refused to do. what schwab is doing is drawing attention to the flaws in our system trump has pointed out. maybe one of the aftermaths at the end of the trump presidency is hopefully there is finally a look at ethics in government and what we need to to do to tighten the loop holes. >> you make an...

Donald trump -- oount you know a lot of rules and norms and precedence that apply to presidents and governored presidents in the past are just norms and not regulations. he as he said he doesnt have to follow some of the rules as of cabinet officials. previous presidents release the tax returns andy vested their assets. something donald trump refused to do. what schwab is doing is drawing attention to the flaws in our system trump has pointed out. maybe one of the aftermaths at the end of the tr...

Dole with shell corporations. were trying to push so that the treasury departments put more transparency. something that the european countries are working on. im concerned about this as another vehicle that money is laundered and loop holes in the campaign finances as well. can you address this? >> those are valid concerns. were lagging behind other countries in the world. we dont want to have shell corporations that could have national security implications as well as criminal implications. >>...

It can be simpler and fairer. it is riddled with loopholes and giveaways and we giveaway 1.4 from t trillion in loop holes. we want to keep charitable deductions and mortgage interests. the devil is in the details on this more than any other topic. putting a page out is honestly an insult. its take our daughte to work day, right. if my daughter turned that in to her goverent class they would fail her, right. >> yes. listen, it was like a book report britain written on the b only read the cliff n...

>> of course. we have deficits near $20 trillion. we cant lose much more. this will lose us $2 trillion over ten years. this is a stimulus. i like it. well probably get back half of it. $1 trillion of the two. now the deductions have to make up the point. >> neil: the only loop holes are the deduction for state and local taxes. so new york, new jersey, california, that could be a problem. what do you think? >> well, it is a problem. but the way to look at it, if you have a 7% state tax on top of...

Tax cuts for lower and middle americans. they settle on the fax tax brackets of 10, 25 and 35% that we dont know how that will break out in terms of income. theyre going to double the standard deduction for individual taxpayers. mean a family -- a married family will have $24,000 in income that they will not get taxed on. he will eliminate the debt tax, want to eliminate the amt, throwing a bone to conservatives. allowing a repatriation of capital overseas. thats a bone to corporations as well. ...

Rate on the highest earners. the first year, you can do all sorts of stuff. if he gets the corporate rate down and gets some average rates down, marginal rates -- they have to be marginal rates, not deductions. if he does, it will have a positive impact. once the economy starts going, do the huge tax reform like we did in 1986. which was best of all. >> neil: with us a big percentage drop that you started with and followed suit closing a lot of loop holes. my wife and i regretted the interest ra...