Stay updated with breaking news from Tax Preference. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Alicia Munnell and I argue that the tax break for retirement savings is ineffective and those funds would be better used to address Social Security’s funding shortfall.
Ultimately we have to reorient our laws to make invest wanted a priority. for example, if you want to return money to shareholders with a buy back, that's fine. you many be taxed the same you would as a dividend. if you are going to reinvest your profits in building for the future, that's where you put your tax preference. that's where you make for example expensing permanent incentive of tax code. treat everything fairly but incentivize the behavior good for america ultimately our job is to identify the right priorities and have public policies that reflect those priorities. >> tucker: why wo...
Ultimately we have to reorient our laws to make invest wanted a priority. for example, if you want to return money to shareholders with a buy back, that's fine. you many be taxed the same you a would as a dividend. if you are going to reinvest your profits in building for the future, that's where you put yourfe tax preference. that's where you make for example expensing permanent incentive of tax code. treat everything fairly but incentivize the behavior good for america ultimately our job is to identify the right priorities and have public policies that reflect those priorities. >> tucker: wh...
Code for most individual filers. more will take itemized deduction. the bill doubles the standard deduction and takes away the exemption. the doubling isn't as great as it sounds. you can exclude 16% of your income automatically than you otherwise would. that change will mean a lot fewer people will choose to write off mortgage interest, state and federal taxes. for those people, filing will be simpler. on the other hand, there are some business provisions in here that are very complicated, including a tax preference for only certain kinds of businesses that are owned directly by individuals. ...
Times they come through. >> i have about a minute left. another part people get upset. trump and his family. truly alone could save up to $20 million tax returns. his heirs up to a billion dollars. >> that's up to him. that's really not true. there is a big provision that gives a tax preference to people who own tax through businesses. where you pay tax on individual tax returns. we know he owns those businesses. and if they repeal the estate tax they'll get a tax cut on that. >> thanks. turning now to white house, barring big game hunters bringing animals killed in africa back in our country....