State Deductions News Today

I mean, thats a big risk. are you willing to take that? >> well, we actually, along with broward county, are already experiencing that. we have been having defunction ductions from the state now. i believe we are starting our third month. so this is kind of where we have been. the new addition to the sanctions is they are trying to deduct the additional funding we received when we got the project safe grant from the u.s. department of education to make us whole from the state deductions. its int...

That they could be docked school pay, funding might be held back. thats a big risk. are you willing to take that? >> well, we actually along with broward county are already experiencing this. weve been having deductions from the state now. i believe were starting our third month. and so this really is kind of where weve been. the new addition to the sanctions is that they are trying to deduct the additional funding that we received when we got the project safe grant from the u.s. department of e...

25%. there is some hope among some people, if they are going to have an increase in taxes, they restore the state and local state deductions that got trimmed in the trump administration. that might soften the pain a little. >> they are going to have to if they want those votes. and a lot of democrats saying they will not vote for it unless the salt fix is in there. he says that the top 1% pay zero income taxes. >> i debate that. we just came out of a pandemic where businesses were closed all acr...

Tomorrow, is to produce legislation that will allow californians to provide a charitable contribution to the city of california. in turn, what they can do is take a deduction, a federal deduction, which would be 100% tax credit. it is a work-around against this draconian measure that has stated the local tax and state deductions in california. >> its a work-around that some legal experts that we have talked to said, man, that will be potentially problematic here given this does set up california...

Ambush to be orchestrated by militants of the islamic state. jonathan was layed to rest a few weeks later in florida. >> republicans in the house and senate are working on their separate versions of the tax reform plan but sticking points remain. gop lawmakers in high-taxed states are saying that eliminating local, state deductions could hurt constituents. we want to talk this through. minnesota congressman jason lewis who sits on house budget committee, thank you so much for being with us today...

They cheat me. the republicans couldnt even hear them. couldnt even hear them, instead they said man, we got a show return on investment for our donors. thats, thats whats happened in washington. >> you know, they are now walking to this tax fight and i wonder what you make of it. just talk about a little bit back and forth on 401ks. youve got the president who has good political instincts frankly saying dont go after 401ks, theyre like we might go after 401ks, are they going to come over state ...

Good political instincts frankly saying dont go after 401ks, theyre like we might go after 401ks, are they going to come over state deductions, things that a lot of people use and comfortable so they can cut taxes on the top? >> so im just going to turn your question the other way. they start by saying weve got to cut taxes for the richest in this country. for the biggest corporations for the richest americans. because thats what our donors expect us to do. thats what the people who fund all of ...

Knocking out state deductions. >> dana: right. lot of them in the northeast are also in california. youve got a lot of members of congress saying i dont think we can do that, but they have to pay for it some way. president trump said theyre much more united as a party than the democrats. >> not at all. no. we have a very good relationship. honestly, when you look at -- when you take a look at whats happened with hillary clinton and bernie sanders and the hatred and the division and the animosity...

Company and not employees, we could deduct a lot of our expenses and then under this plan pay 15% when somebody sitting next to us is paying 35% under this plan, or 35.6. there is a built-in unfairness right on the top of this one. >> ali, you saw that steve mnuchin wouldnt guarantee the middle class wouldnt be affected by this. what do you make of his lack of a guarantee there? >> it depends where you are and who you are. if you deduct, like, student interest or you deduct a student loan intere...

Could be a good idea at this stage. many deductions could expire. take all you can now and dont take them in increments. you should also make up for lost time. that means considering catching up contributions to retirement funds. take a look at that. you should also take state deductions on lease income. even states with no income tax may offer a deduction on that income. they call it free money for a reason. you are always better off putting the maximum amounts allowed into your 401 k. think ab...