Page 14 - Write Offs News Today

This budget to get to tax reform. even if you dont like it. 20 republicans just could not stomach it. they voted against it anyway. 11 of the 20 were from new york and new jersey. those are states with very high state and local taxes. the lawmakers say that they want to make sure deductions for those high taxes, state and local, stay in place. otherwise they may bail again. neil? >> neil: thanks, peter. so where to from here? they are going to meet and hammer out a tax cut accord. but those effo...

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The wealthy will not be included or even if they are, with, you know, curtailing their write-offs and deductions, some might be paying a little bit more. how do you think the base, the republican base will respond to that? the markets dont seem to care. what are your thoughts? >> the markets will be moved by the critical components which the base supports. lowering the overall tax rate. we have a couple trillion offshore. if we could repatriate some of those monies, if we drop the capitol -- cor...

Than the top 1% and corporations, but its there. >> neil: we dont know -- >> lets talk real politics here. if you think -- if president trump thinks hes going to cut a deal with the democrats and get it through a republican congress that raises taxes, its not happening. its not going to happen. >> neil: what do you mean raising taxes? youre bye-bye -- buying the gary cohn line and eliminating the write offs -- >> heres where its problematic. if the corporate tax cut is 25% instead of 20, thats n...

That you were touching on here, this notion of who pays taxes and who doesnt. close to half pay no income taxes at all generally because of write-offs and allow wednesdays. when i got out of grad school, that number was in the teens. so its more than doubled in ten years. kidding. but what im saying here is, thats what is out of whack with the system, right? its just disproportionately -- >> i agree. i do understand that we need a social safety net in place for those below the poverty level brac...

So complicated. pedestrians like me to do not do tax returns as a living, but politicians will be able to run away with certain elements of the tax return when they are billionaires, write-offs that can be done, but if it was illegal, wouldve been a problem. he said im not going to release them. but amazing, always the chance that they are looking like the ones that rachel maddow god, and -- >> totally imbalanced, totally right. >> he made a lot of money, paid a lot of money. >> pingback $350 mi...

Taxes. the white house dismissed the motion saying its illegal to steal and publish tax returns and the media continue to be make this a part of their agenda and the president will focus on his including tax reform to benefit all americans. the white house position the president made a lot of money and paid a lot of money in taxes. >> well, a lot of folks say thats what we learned and others are looking at writeoffs the president may have taken. legal? what do we know about that? >> he took a lo...

No more tax than legally required. he took fairly substantial write-offs on the two pages of tax returns. write off of $105 million left over from the $$118 left over. he was eligible for a charitable donation, the conservative easement he took on his golf course in new jersey. he promised he would never develop that into anything other than green space, golf course and he gets a charitable deduction for that. thats common practice. some people bundle those things together and sell them as tax b...

Sending their workers and families on to the exchanges and finally youll hear a lot of desperation from cancer patients when they discover these obamacare exchange plans woken let them go to any specialty cancer hospital, even though the data show that, for example, women with ovarian cancer live longer when theyre treated at a high volume cancer hospital. >> the argument is that all those problems not withstanding -- theyre big ones -- but theyre still going to see premiums for those in these e...

Bret? >> bret: doug, thank you. one of the suggestions discussed for increasing revenue involves limits on tax deductions as you heard in ed henrys piece. that brings us to the issue of charitable giving and whether the limits on write-offs would limit peoples willingness to write checks. here is chief national correspondent jim angle. >> more than 200 representatives of charitable organizations from across the country came to washington today. to urge lawmakers to be careful not to hurt charity...