Page 25 - Standard Deduction News Today

Ordinary americans, middle income families, improve their economic standing. that is really what the focus of tax reform is about. a lot of middle income families have had tough times. if you are trying to save for your kids college education or put aside money for retirement or save for a rainy day it has gotten harder and harder for average american families to be able to do that. that is why we are focussed on tax reform. we are on tax reform because we think it is unacceptable that half of t...

Our congressional correspondent mike emanuel getting reaction on the hill. where does the push in congress stand as of today? >> its a critical stage in terms of getting relative constituency on board with tax reform. paul ryan is speaking to a conservative group in washington the bottom line is those behind this tax reform push recognize they need key groups on board with this plan. ryan talked about tax reform empowering those who work hard >> in reality, this plan is really the single most im...

Progrowth, pro-jobs, pro-worker, profamily, and yes, tax reform that is pro-america. >> jon: karl rove was a former senior advisor and chief of staff, he is also a fox news contributor. when you look at how the trump administration is framing the argument, thats kind of your specialty in advising presidents on strategy, how do you think theyre doing? >> there off to a good start. they made the right decision to lay out a framework to give this contours and work with congress the details to work ...

Theyre hoping to get your taxes down to a postcard-size return every year. and its dramatically simpler. it is real tax reform. dramatically lower tax rates for business, fewer tax brackets for regular people, and a bigger standard deduction and a bigger child tax credit. let me show you those tax brackets. 12% on the lowest. that would be a 2 percentage point increase, but theyre doubling the standard deduction. so the first 24,000 of income would be tax free on the federal level. middle class ...

Will possibly off set that. there is not bipartisan support. im not sure, quite frankly, sandra, that theyre gonna get the votes. i think well see a similar repeat of trying to repeal obamacare even though the freedom caucus is thumbs up. >> sandra: chris, lets get you in here. we know this nearly doubles the standard deduction for 12,000 for individuals, 24,000 for families. basically increases the amount of personal income that is tax free. republicans say that this targets the middle class. >...

Terms of three brackets versus seven but youre talking about a single flat tax. what would that be? >> look, that would be my preference is just a single flat tax thats fair and uniform for everyone. its a big standard deduction and then everyone pays the same simple rate because i think theres power in bold simplicity when businesses invest in plant and equipment and new buildings, right now they depreciate those over a number of years. one of the most pro-growth tax reforms you can do is immed...

Heard a lot about immigration and dreamers program but could soon see movement on another huge republican goal. tax cuts. leaders on the hill are expected to release early proposal in the next couple of weeks. the president met yesterday with a bipartisan group of lawmakers to talk about it. heres what the white house has said it wants. one of the goals, simplify the tax code. reduce the number of tax brackets to three from the current seven and eliminate the alternative minimum tax and the esta...

>> i was, yes. >> we want to talk about what he did when he proposed tax refort back in 1985. it was a tax overhaul. takes a long time. this was reagans rollout. an oval office address for 20 minutes. >> lets take a larger working family, a husband, wife about and four children earning $26,000 a year. right away under our plan, the value of that familys personal exemptions is $12,000. add to this the new higher standard deduction, and if they save an ira, they could be lowering it by $18,000. th...

Washington has ever been presented with less detail than what the trump administration rushed out today. when president reagan announced, just announced his tax reform plan, he spoke to the country from the oval office for 21 minutes. here is just 30 seconds of what president reagan had to say. >> now lets take a larger working family, husband, wife, and four children, earning an income of $26,000 a year. right away under our plan, the value of that familys personal exemptions would be $12,000. ...

Rate for the first $24,000 that a couple earns. the larger standard deduction also leads to simplify indication because far fewer taxpayers will need to itemize which means their tax form can go back to that one simple page that i talked about earlier. families in this country will also benefit from tax relief to help them with child and dependent care expenses. we are going to repeal the alternative minimum tax. the amt creates significant complications and burdens which require taxpayers to do...