Page 6 - Tax Decrease News Today

Without time to read the full bill, republican senators narrowly pass a major tax overhaul. >> its the largest tax decrease in the history of our country, by far. >> democrats say the whole process was a sham. rin senator tim scott is here to respond. # hello, im jake tapper in washington, where the state of our union is trying to keep up in this insanely busy news week. with republicans inches away from passing their tax bill which will have profound consequences for the public, this morning ...

Because of you we have broken every record in the history on rnc. [applaus [applause] >> over $120 million! (applaus (applause). >> great job. outstanding we have a lot of folks that helped with the campaign. we are going to talk about the campaign last night. last night 3:00 in the morning, i said, call me, you can call me. largest tax decrease in the history of our country by far. and where is is he, my friend, where -- [applause] >> you guys look at my friends.

Terms of their pay check. >> sandra: senator, sorry to interrupt. its a very simple question. does everybody in the middle class get a tax cut or not? >> i think everybody does get a tax cut on this. one of the things thats missing in the joint tax study and is missing is this issue with regard to individual mandate. they view that as somehow a tax increase. sandra, thats going to be a tax decrease because, remember, you have millions of american families who are paying that tax, the individual ...

Theyre saying those will go away. it wont be permanent. overall the republicans seem to think the argument that most people will get a tax decrease will work even if you have millions who will get a tax increase. the tax increases are spread out a lot. the target of the tax increases is particularly people in california, new york, new jersey because of getting rid of the state and local income taxes. those people dont vote for republicans already. part of the thing going on here is there are som...

Shows by the joint committee on taxation that every income bracket will see a tax decrease and thats sorely needed. 50% of americans are living paycheck to paycheck and they need tax relief and our bill will deliver that. >> i get thats what the analysis shows and everybody can sit here and select which facts and analysis and numbers they want to argue about. why arent the american people getting behind this. if they believe the numbers, who doesnt want more money in their pocket at theened of e...

The president has weighed in during his trip. he said he wants congress to cut the top tax rate and the unfair as he put it and highly popular individual mandate in obamacare. >> the president is really asking for two simple things. he wants to reduce the corporate tax rate. he wanted 15% originally now bucking for 20%. he wants to make sure the middle class does not get a tax increase. they get a substantial tax decrease. its a winning proposition. what really has to happen is the house and sen...

Trillion tax cut into a $1.5 trillion hole. theyre basically willing to spend $1.5 trillion of deficit money, of debt accumulated over time, but the plans all add up to about 5 trillion. so you have to get rid of some of that if you want to get it into law. a lot of republicans believe theyll end up with some sort of tax decrease for individuals, man a little bit more around the edges of that, but the sort of larger tax reform is something theyll have to hold off for another day. >> while youre ...

He gave me a super bowl ring a month ago which was very nice. he left this beautiful ring and i immediately give it to the white house and they put it someplace and thats the way it is. >> how great. >> hes a goodman. he said to me, you have to do us all a favor. give the tax decrease to the middle class. we dont need it. we dont need it. we dont want it. give it to the middle class. >> donald trump is testing a new line in his sales pitch for the gop tax plan. that his tax cuts are a gift from ...

That republicans are asking. senator corker who president trump has had a twitter feud in the last several days said he wouldnt vote for a package if it increases the deficit. the democrats, its one of their biggest charges. this tax decrease would lead to an increase in the deficit. so thats absolutely one of the more controversial questions that different people have different answers to. >> jon: jeff mason, reuters correspondent waiting for the event at the white house. >> melissa: one of the...

For individual taxpayers. a lot for business. two, it would significantly increase the national debt and, three, it is really, really bad news for blue states, new york, connecticut, california, that have high state and local taxes. so lets take a quick look at some of the numbers. its a $5.8 trillion tax cut on the top line, $3 trillion allegedly for individuals, but in fact they eliminate a number of important itemized deductions for individuals, particularly state and local taxes. so on avera...