Page 14 - Write Offs News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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 they're 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 property taxes. it gets rid of deductions altogether on state and local income taxes, student loan in...

The next sentence. who's the taxpayer? middle class. paying for subsidize the rich tax write-offs, what you're saying you want me to do. level the playing field, help the poor. that's what we're doing and now you're 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 we're helping them out, right, yep. >> thanks for being here. >> good. >> we will continue this conversation. i have no doubt. tha...

A conflict of interest there. stocks selling off on a report that this is a distraction. that's 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 republicans are taking getting cuts done after this. [vo] when it comes to investing,

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? >> that's a good thing for america. i don't want to see those trimmed. i don't think donald trump does either. what i've been recommending, i wonder what you think about this, bob, is why not just take away all the write offs and tax deductions for the high income people for people who make over 500,000 peopl...

Get rid of those, stephanie. let's clear them out of the code and let the rate be the rate. that's the better way to do it. it's 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, it's 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 can't find a farmer where it's going to help their family. it's this argument if you clean it up, things will be better. clean...