Page 24 - Standard Deduction News Today

Members of congress coming forward, if we dont pass this, 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 cornyn, high up in leadership tweeted response. zero income tax, doubling of standard deduction and 2,000 child tax credit. my understanding, thats f...

And also when we get together and work out our differences between the house and senate bill going forward. >> but tom, youre such a reasonable guy. weve often had you on with other members of congress. and i love you talk to them and you have good relationships. but at some point, we have to just talk about the 800 pound gorilla in the room. this is not a middle class tax cut. this is a corporate tax cut and a tax cut for the wealthy that has sprinkled a little joy to the middle class for about...

Tax this year, don. >> okay. so the richest americans are getting plenty of breaks, you just described some of them, what about the middle class, brianna? >> well the rich are getting nice goodies, then at the same time a lot of the middle class tax breaks, theyre actually going to go away. republicans argue that a bigger standard deduction will make up for that, but just look at some of the optics here, the house bill removes a $250 deduction that teachers can take for buying school supplies fo...

Super rich individuals, only about 80 small farms and businesses will even pay this tax this year, don. >> okay. so the richest americans are getting plenty of breaks. you just described some of them. what about the middle class, brianna? >> well, the rich are getting nice goodies, then at the same time a lot of the middle class tax breaks, theyre actually going to go away. republicans argue that a bigger standard deduction will make up for that, but just look at some of the optics here. the hou...

Cost students and families more than $71 billion over the next decade, don. >> but you mentioned some sort of relief for the middle class. why is it short term? >> well because the tax rates that the middle class, that they do get, they dont last. in the senate version, the vast majority of individual tax cuts expire after 2025. this includes the expanded child tax credit, the bigger standard deduction as well. and then cuts in individual rates. but the corporate tax cut and most of the other go...

Families more than $71 billion over the next decade, don. >> but you mentioned some sort of relief for the middle class. why is it short term? >> well because the tax rates that the middle class, that they do get, they dont last. in the senate version, the vast majority of individual tax cuts expire after 2025, this includes the expanded child tax credit, the bigger standard deduction as well. and then cuts in individual rates. but the corporate tax cut and most of the other goodies for business...

Sherrod brown, senator brown, concerned about, that this is a corporate tax cut that is being sold as a middle class tax cut and it is not that in the end. thats what you will see the fight be as we go forward as the senate marks up its bill and advances its bill, what the senate has and house have. there are a lot of differences in these. one thing not different they both have 20% corporate tax rate. >> so well, theres that. >> its permanent. >> that is permanent. look closer at the house bill ...

Today. the chances of her itemizing with a $24,000 standard deduction for her and her husband are probably very, very low. i think folks have really misunderstood the value of that. that is a key tool, a key part of how we are lowering taxes on so many ordinary americans like her. >> martha: i have to ask you one more question, where does the white house stand -- do you like the senate bill that it was a hospital better, and is the white house in favor of removing the obamacare individual mandat...

Are senior citizens. i dont have that same report in front of me. but keep in mind, what youve just done is assumed away a big piece of the tax code. dont feel bad. a lot of people do that. they focus on a piece of the bill they dont like. >> but it effects millions of people. i understand theres winners and losers. >> true but what youre ignoring is the fact were doubling the standard deduction. you have to itemize in order to take those deductions. youve got to report. i dont. but my guess is ...

Middle-class earners. >> this plan is for the middle class families in this country who deserve a break. it is for the families who are out there living paycheck to paycheck who just keep getting squeezed. about half the country today is living paycheck to paycheck and a lot more people are about a paycheck away from living paycheck to paycheck in this country, and this is going to help give people relief. >> sandra: lets go straight to a chief congressional correspondent as promised, mike emanu...