Page 23 - Standard Deduction News Today

Deduct as much as of it next year. >> lets put up a graphic why you might not want to prepay this week and not worry about it. your local tax authority -- if you pay less than $10,000 in state and local taxes. as you said, if youre affected by the amt. but what about charitable giving? this time of year its a ritual to give away to the less fortunate and then take the deduction. does that still hold? >> well, if you dont have a mortgage and dont have mortgage interest next year, youre going to g...

Small compared to the upside is where i get a big deduction in 2017 as opposed to maybe no deduction or limited deduction in 2018. >> is there anyone who wouldnt benefit potentially if they were to pay early? >> so there are some people who might not benefit. and one group might be if the irs recent pronouncement is correct, that if your taxes were not really paid or accrued in 2017, and you paid them in 2017, you might not get the deduction in 2018. and if you wait to make your payment in 2018 ...

>> that can be simply proven to be not true. they were consulted. they didnt want to play ball. they didnt want to help the american people. that is why this is a republican bill. americans will see benefits out of this bill next year. thats my question. if you are scoring at home -- >> um-huh. >> tucker: how do you know if this works and when will you know? >> in january, your paycheck will be bigger. less withholding taken out of your paycheck. you will see that result immediately. even small ...

>> tucker: i believe that. >> that can be simply proven to be not true. they were consulted. they didnt want to play ball. they didnt want to help the american people. that is why this is a republican bill. americans will see benefits out of this bill next year. >> tucker: if you are scoring at home. >> um-huh. >> tucker: how do you know if this works and when will you know. >> in january your paycheck will be bigger. less withholding taken out of your paycheck. you will see that result immediat...

Numbers. heres what we found. heres where some filers will stand in 2018. take a family of four that owns a home in san diego making $150,000 a year. they save $3,559 next year because of a lower tax rate, doubled standard deduction and an expanded child tax credit. california has high state taxes. how about a single mom in kansas city with two children making $45,000. she also saved $1,802 because of a bigger standard deduction and the child tax credit. what if you dont have children? a single ...

American people. but it varies and some americans could end up paying more. so they had us do the numbers. taking $150,000 a year, they save $3500 next year, a lower tax rate, double standard deduction, and expanded tax credit. but california has high state taxes so how about a single mom in kansas city with two children making $45,000, she also saves $1800 thanks again to a bigger standard deduction and child tax credit. but what if you dont have children, a single homeowner in colorado making ...

Thats good. why? a lower tax rate, double standard deduction and expanded child tax credit. but california has high state taxes. how about a single mom in kansas city with two children making $45,000. she saves $1,802. thanks to a bigger standard deduction and that bigger child tax credit. what if you dont have children? a single homeowner in colorado would pay $1,484 more next year. thats because the standard deduction doesnt make up for the lost tax breaks. a single homeowner in a high tax sta...

For the wealthiest highest earners, 39.6% to 37%. current standard deduction is nearly doubled for individuals tos 12ds,000, for couples to $24,000. on the other side of this a whole lot of people lose the ability to deduct their state income taxes. the child credit, the child tax credit increased to $2,000. the refundable part has been raised to $s 1,400. something marco rubio demanded. not this much, demanded it up by a little and got it. he is a yes vote on this and another credit for depende...

Will be voting on tuesday. >> well, im still reviewing the bill. i voted for the bill as it passed out of the house, but so far i like most of what i see in this bill. the tax code is far too complex, its over 70,000 pages long. over two-thirds of my constituents do not itemize, their standard deduction will be doubled and their rates will be lower. the child tax credit will be doubled from $1,000 to $2,000, so there are various things in this bill that i think are very important. so i think so ...

Going to cut off spigot of campaign contributions. >> they did say that. >> heres example. had you exchange on twitter. slightly technical but worth talking about. exchange on twitter how a single mother making certain amount of money would fare under the bill. you tweeted one thing and john cornen, high up in leadership tweeted response. zero income tax, doubling of standard deduction and 2,000 child tax credit. my understanding, thats factually untrue. theyre either lying or dont understand th...