Page 27 - Tax Changes News Today

Nation thinks congress and the president will be unable to reach a deal meaning major tax changes for every american. molly, you broke it down. do it one more time. >> taxes going up for almost everyone immediately if we go over the fiscal cliff and it will take a toll on family budgets. the numbers from the tax policy center, for those whose taxes go up, this is the average hit on top of what they already pay. below $10,000, they pay an average of $300 more. down the chart, between 40 and 50,00...

Raising income rates on everyone, and if he can blame that on republicans, this might be the way to get na started. >> im going to have to disagree on the politics of what james says, dan. i think the president cant let that alternative minimum tax hit because the pressure from his own party and from senators up for reelection in 2014, the democrats, would be enormous. >> i kind of agree, james, i think that would be an achilles heel for the democrats, the third rail as we say, they dont want to...

Presidents base criticized him in their mind from negotiating from a point of weakness. a lot of that, he could be going for that base, they have a long way to go before republicans will play. >>guest: they do. talking of the political bases on the conservative side, there is a lost treasure on speaker boehner to not give in on what is the holy grill for them, which is not raising tax rates. so speaker boehner reiterated today that he would be willing to wipe out some deductions and make other t...

>> i am disappointed in where we are and disappointed in what has happened over the last couple of weeks. going over the fiscal cliff is serious business. i am here seriously trying to reresolve it. >>reporter: a lot of people wonder if speaker boehner is trying to show he is fighting against some of the tax changes and he will come along to a deal. vice president biden went to a costco in washington, today, proclaimed himself optimistic there will be a deal and bought a big screen tv and and an...

What would make them agree to tax hikes on the rich if they didnt get spending cuts? its the one thing they dont want and they are holding sort of those middle class taxes and the other side they are holding them hostage, right, the democrats say that. but they are sort of holding out -- we are not going to raise tax for anybody until we get our spending cuts. >> reporter: jay carney in one of his other answers to a question suggested the pressure on republicans and everyone, is that there is a ...

Earlier today when the president had an event at the white house following on that meeting you mentioned with unions yesterday he highlighted the idea of just focusing in the short term on this tax changes. the president said that would give us quote more time next year to work together on a comprehensive plan to bring down our deficit. what i pressed jay carney on is he now splitting this negotiation into two. let, deal with raising tax on the rich, lowering tax on the middle class. take a list...

Are going to do. jay carney says they have a plan on the table to achieve savings in medicare and medicaid. as you know, the big part of this story developing is top democrats like deck dur begin in the senate are saying they dont want to -- dont want to deal with changes to medicare and medicaid. so you have republicans like john boehner the house speaker saying you cant just make tax changes in the short term and promise down the road you will cut spending, you will reform medicare. this is wh...

Credit inably argue theyre voting to cut taxes because we would restore all the clinton era rates for evening. so they could say, well, gee, digit want to go there, but thats the reality. so i think it helps with that road block. and, remember, this isnt a one-day event. the economy doesnt go in the tank on january 1st or january 2nd. the one potential immediate change is in the social security tax holiday which i never agreed with. were borrowing money. i think that puts social security at risk...

Republicans like jeff sessions, the budget chairman in the senate, say theyre willing to negotiate on all these tax rates, tax changes, et cetera, but they want to make sure there are spending cuts to go with them. take a listen. >> our democratic colleagues all they want to talk about more taxes, more taxes more revenue. theyre not telling us where the money is going. theyre not assuring us that the money will be used to pay down the debt. >> reporter: so we really are where weve been for some ...

Amount of deficit reduction, tax changes, spending changes, and then congress would fill in the blanks of that framework in early next year. i do think that because republicans to some degree why chastened by the election defeat of mitt romney and the fact that democrats gained seats in the senate are more in a mood to compromise and the president realizes that the fiscal cliff and the huge deficits are hanging over his administration and legacy, so everybodys got an incentive to compromise, esp...