Bloomberg and the reporter from the Washington Post. What do you think the major changes are . Guest this is touching 100 of the American Economy in every taxpayer will be affected. For individuals, they are changing the structure of the brackets. People who take the standard adduction will get a larger standard deduction. Many of the credits and deductions people are used to taking will be eliminated. Side, business toporations will go from 35 20 . Let businesses will earnings pastor to individuals. Changes on the International Earnings of american companies. Thingsre a lot of little that have an effect on lives. Credit, vehicle tax people who bought an electric things little tesla january 2 next year, its going to cost 7,500 more. Thats a big change. Its a big change or a lot of people. You first saw what they were trying to do, what was your thought . Guest homeowners are going to be affected by this. Two of the revenue raisers are eliminating these eight in local deduction. Now, yo
Jct the hated amt that is being repealed. But unless a future congress extended that repeal it would expire 2025, along with the new seven tax brackets, slightly adjusted in the revision. New standard deductions, take deduction double, almost for a single filer, 24,000 for joint filers, those would expire if in the extended. Child cac credit and passthrough income tax for qualified individuals Business Owners those would expire without extension. It is important to remember, this does deliver tax reform as the republicans have promised to the middle class. Here is what we heard from mark short, earlier this morning when he was speaking with Maria Bartiromo on how the white house views all of this. One is, it very much is middle income tax relief. 80 of the people paying penalty on obamacare taxes are those earning 50,000 or less. It is, as your panel said, regressive tax. It hurts lowest and middle income families the most. Repealing the tax will be beneficial to working families. Repo
Your screen. We want to get your reaction to the white house proposal. With president in trumps Economic Council director, gary cohen, in the Briefing Room yesterday on what this means for individuals. [video clip] taxes andgoing to cut signify the tax for by taking the current seven tax brackets we have today and reducing them to only three brackets. A 10 bracket, a 25 bracket, and a 35 bracket. We are going to double the standard eduction so that a married couple wont pay any taxes on the first 24,000 of income they earn. So, in essence we are creating a zero tax rate for the first 24,000 that a couple earns. The larger standard deduction needs to simplification, because far fewer taxpayers will need to itemize. Was the top economic adviser for the president yesterday outlining what it means for individuals. Of worse, there is the business side of this as well. We want to know your thoughts this morning. Start tiling and so we can get your phone calls. Return to let washington know w
Former bush 43 spokesperson mercedes schlapp. Is this latest distinction, mercedes from the Obama Administration, president obama himself purportedly he had given the new president to be a heads up on general flynn a game changer . How would you describe it . I dont see this comment from these Obama Administration officials to be necessarily a gamechanger in any way. I think that President Trump at the time did have faith in Michael Flynn. I do believe that following what we have seen in these events that happened in the months, in january, february, where flynn had to resign, flynn continues to be that reoccurring nightmare that does not to away for the Trump Administration. Were all anticipating see what happens with the sally yates testimony which i think will be very telling in terms of these warnings that were given to the Trump Administration. But i just dont see it necessarily, what this actually brings what is a gamechanger, after the president and his team said no longer they
Flights to europe. Homeland Security Officials set to meet but Airline Officials to go over details today. A Massive Wildfire raging this morning. The pictures of the place in georgia that only 12 contained. It is still growing. With the very latest. Snap shares freefall after the first Earnings Report is a Public Company. The company lost money. A closer look as investors are eyeing the ipo priced at 17 a share of the stock down 22 right now. Average every six days and then a call for an overhaul after Public Workers say that is for sixfigure payout. The Cannes Film Festival after just one year. Registered year. Register the giant will not be able to compete for the festivals top prize coming out. Others come at this morning. Fox Business Network Dagen Mcdowell. Former Goldman Sachs partner, Peter Kiernan and pollster lee carter. Great to see you. Good morning. Good morning. So great to be with you. Trade to the fallout begins with james comey. I think this is about as screwed up in e