Page 7 - Write Offs News Today

Cut because of concerns on how much it costs. watch. >> it just came down to the fiscal issues and my concern about the long-term debt. again, many, many aspects of this bill are very, very good. >> in the end, corkers opposition will not likely matter because of the republicans on the fence like susan collins came on board giving mitch mcconnell a much needed win their colossal failure on repealing and replacing obamacare. the president has already been touting the start market has been on fire...

Gone up 116%. i would expect a mom and dad to have problems feeding their kids. >> and that is something the democrats have contended from the start. we want to have a conversation about dealing with those who are -- these insurers pulling out of the marketplace. higher premiums for anyone is certainly not a benefit. and it didnt help with the executive order that was signed by trump in taking away some of those subsidies for those -- who needed those premiums to be reduced. >> chris? >> but als...

Their values. >> stunning how quickly the allegations blew up here on capitol hill. >> sandra: when lawmakers return next week the hot policy issue will be tax reform. whats the latest on that this morning? >> we had the senate roll out its plan yesterday afternoon. then a significant step in the house with the ways and means panel passing its proposal late yesterday afternoon. setting up a likely vote on the house floor next week. >> for too long our taxes have been so complex we had to have al...

This. there is a move in congress to do something about taxes. one of the suggestions is to get rid of for the most part the mortgage interest deduction. if that happens because you are the property guy, is that going to impact the houses people buy? >> there is different opinions on that. they are talking about maybe capping it after 500,000. there is no write off. so up to 500,000, of course, depending on the part of the country you live in you could buy quite a place and get the write off. in...

>> neil: you talked about im simplicity. i remember that when you took out and index card and showed us. its a great allure. i talked to a lot of people saying simplicity is one thing but i want a lower net pay. i want my taxes to go down whether its on an index card or a 50-page tax form, a lot of people are crunching numbers and chagrinned to find out with losing some write-offs and deductions in order to pay for this, that its not that big. what do you say to that? >> what youll see is across...

It also slashes rates on pass-through businesses in which owners report their earnings after expenses as personal income to just 25%. it taxes corporations on u.s. income only, not worldwide income, the way theyre taxed now, and it gives business immediate write-offs on the full cost of new equipment. but these big giveaways to corporate america have to be paid for somehow and the tax writers do it off the backs of middle class families. the bill limits deductions on new mortgage interest and pr...

The next sentence. whos the taxpayer? middle class. paying for subsidize the rich tax write-offs, what youre saying you want me to do. level the playing field, help the poor. thats what were doing and now youre upsaebt it. >> upset about it. >> a lot of rich people in new york, yes. a lot of people, more people, who are struggling to get by, and who really benefit and rely on those tax breaks. congressman, we have to leave it there. running out of time. >> and were helping them out, right, yep. ...

A conflict of interest there. stocks selling off on a report that this is a distraction. thats one thing. but the corporate tax rates that are going to be cut will be cut all right, but might be spread out over as much as five years. then news that the upper income might not be getting their own bracket but could be a higher bracket and with their write-offs likely going as well, they could pay more taxes than they do already. not good for that bunch. not good for the aggressive position republi...

That means interest rates are going to go up and middle class pays. one way or another, middle class is being shafted by this. >> can i respond? look, first of all, this is one of the few times that robert reich and i agree. i think we both agree -- >> on the middle class getting shafted? >> thats a good thing for america. i dont want to see those trimmed. i dont think donald trump does either. what ive been recommending, i wonder what you think about this, bob, is why not just take away all the...

Get rid of those, stephanie. lets clear them out of the code and let the rate be the rate. thats the better way to do it. its fair for every american to do it that way. >> but what does it do to the average american? using the state tax, for example. this plan, the president said over and over, its not going to help me. then finally steve mnuchin said, i concede, meaning i admit it will help wealthy americans. then this argument, no, we need to do it for farmers. i cant find a farmer where its g...