Page 48 - Tax Changes News Today : Breaking News, Live Updates & Top Stories | Vimarsana

200 billion is the estate tax repeal. only 300 billion is individual tax cuts, about $100 a person a year over ten years and not -- >> just go over that again. personal taxation, 300 billion. all the rest of it on the business side. >> business or estate tax. there are those rate cuts and get rid of deductions including the personal exemption and people don't think about. $4,000 to take off your tax bill income every year for yourself, $4,000 for your spouse and dependent and some families -- >> exemption is better than a deduction. >> yes. >> leaving you another kind of deduction. >> yes. the...

Popular tax break and it stays. we have fox team coverage. mike emanuel on capitol hill. but we begin with john roberts at the white house. i think important today for the president to reassure people that rumors of tax changes, 401k plan is important to put those to rest. >> reporter: there are a lot of people, dana, who are involved in making tax policy who say the numbers aren't adding up so we have to get money where we can. rather than letting people put $18,000 or soon $18500 a year over the age of 50, even more than that, maybe we cap it at somewhere below $3,000. that sent shock waves ...

Secretary mnuchin are pushing these tax changes. if congress could get off its duff and work an eight-hour day instead of a two-hour day. david: it seems this congress is always on vacation. it's kind of easy to say it's all congress's fault. on the other hand, you think of how they've failed time and again to get together, just the republican block alone. >> yeah, no, i think that's a great point and the president, you know, he was criticized for not being focused and all of that sort of stuff when he was running for president. that was one of the reasons why so many people, oh, he's not goin...

The idea that you can still sell a tax cut by arguing that it will pay for itself, i don't think you can find an economist who's not being paid to say otherwise, who would agree with that. that doesn't mean that there are never any growth effects from tax changes. of course there are. but a tax cut like this is poorly designed in that regard, and it would never come near near close to paying for itself. i suspect that the estimates we're seeing so far that's going to add a couple of trillion to the ten-year deficit are very much on target. >> all right. it's a complex subject. jarod, thank you...

It's not just a positive for the markets. we're looking at americans in general and our paychecks, higher wages, more jobs, economic growth. if you want to be re-elected from your constituent, you're a republican, you have to get this done. >> lauren: gary, let's say we don't get meaningful tax changes in 2017. does the market correct itself? >> oh, heck yeah and the market will be looking forward to nancy pelosi speaker of the house in 2018. i don't think the republicans lose the senate. if they lose the house, look out. all of a sudden you know nothing gets done. when the market knows someth...