Tax Ed News Today : Breaking News, Live Updates & Top Stories | Vimarsana

>> hire, everyone. it's 4:00 in new york on a very busy day of news and more details on what promises to be a blockbuster hearing on the january 6 hearing and we'll have much more on that. we begin with the verdict in the alex jones trial where a jury has just awarded nearly $1 billion in damages to the family members of the sandy hook victims, people who suffered from the lines that alex jones started spreading hours after the massacre. harry lipman joins us, a former u.s. attorney and former deputy assistant attorney general. let me just not go the down the rabbit holes of alex jon...

When people see the chart that a person making $80,000 a year gets 22% tax out of their whole salary. that's not actually how the system works. instead of brackets, it's probably more helpful to think of our system as a series of baskets. so let's say you make $80,000 a year as a single p person. the first $9700 you make is at 10%. so that's $970 for uncle sam. the next chunk of income up to $39,475 is charge d at a rate o 12%. and the rest of the $80,000 is tax ed at 22%. right now, the highest marginal tax rate is 37% for all income over $510,310. that means a person who makes $600,000 is ef...

That's noncapitalistic, just take a look at what was perhaps the wealthiest country in the world and today the people are starving to death, it's called venezuela. >> now, in defense of the billionaires, some of them, warren buffett, mike bloomberg and others, the gateses, they're giving away their money, they're giving away their wealth. but $50 million in assets would pay a 2% on their net worth, which means if you're a school teacher who makes $50,000 a year but you inherited a lot of stuff, artwork, jewelry, whatever, from parents, you could be tax ed on those assets even though they don't...

Of that with the failure of health care? >> it just ups need to make sure tax reform gets passed. the republicans in the house and senate can't afford to head into the mid-term elections without being able to say they did something, that there was some meaning. legislation that they passed. obviously health care hasn't gotten anywhere, they haven't been able to make any head way on the health care issue. they'll need to make head way on tax reform, get legislation to get passed and go to the voters and say we lowered your tax ed and this is what we did. >> do you blame john mccain for the fail...