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>> that law was december 3 1st 20shgs 14. if you were looking to do a short sale or loan modification, be prepared for a big tax loop next we're. >> if the bank is forgiving $200,000 of your mortgage, they wouldn't count that as income, meaning that you are overall income for the year is not only what you are making, but the debt is forgiven, which is going to kick you into a higher tax bracket and have you tax liability for you. >> just because a bank agrees to a short sale or loan modification, you are not necessarily off the hook. make sure you read the fine print. >> a deficiency is basica...

>> that law was december 3 1st 20shgs 14. if you were looking to do a short sale or loan modification, be prepared for a big tax loop next we're. >> if the bank is forgiving $200,000 of your mortgage, they wouldn't count that as income, meaning that you are overall income for the year is not only what you are making, but the debt is forgiven, which is going to kick you into a higher tax bracket and have you tax liability for you. >> just because a bank agrees to a short sale or loan modification, you are not necessarily off the hook. make sure you read the fine print. >> a deficiency is basica...

Getting a letter rate, because you know what? is it. >> in talking about this hundred million dollar wealth in an estate, they practiced tax loop holes available only to the top 1 hers of americans. as much as i would like to go after her on taxes, i would really like to go after her on something because you can go after something and govern americans. >> and be relatable. >> just because income and equality would be a policy issue, doesn't mean you can't talk about income equality. and it doesn't mean you are in a more nuances way. look, republicans think mitt romney would have been wise to t...

Taxpayers will have fewer deductions and exemptions. >> number cruncher congressman paul ryan was equally unable to list a single loop hole the romney/ryan tax plan would close. >> it's difficult to accept your word if you're not going to specify which tax loop hoholes you're willing to close. don't voters have a right to know which loop holes you're going to go after? >> mitt romney and i based on our experience think the best way to do this is show the framework, outlines of the plan and work with congress to do this. that's how you get things done. the other thing -- >> isn't that a secret ...

Congress in 2013 is going to have to deal with all this stuff. you're right. it's not happening now. >> he missed an opportunity obviously on the key issue that might appeal to democrats when he could have done it so there are a lot of questions as to why now. why when it's too late? having said that, everybody was teed up yesterday framing the president's proposal. he actually did frame it and here is his definition of fair. >> i reject the idea that asking a hedge fund manager to pay the same tax rate as a plumber or teacher is class warfare. i think it's just the right thing to do. either w...