The Australian Taxation Office (ATO) has announced it will update its guidance on the tax deductibility of financial advice. The ATO is due to review its position on the tax deductibility of fi
primarily from large u.s. companies say the new rules create competitive disadvantages lead to job losses and thwart innovation. asking congress to move back to immediately deductibility before the end of the year. for people who say hey, listen, big companies have had a good run here, they are making a lot of profits, got a balance the book somewhere. what do you say? that s money that goes into r and d if it exists. if it doesn t exist it doesn t go into r and d. 70% of r and d there is a direct tie to jobs. and if we are less competitive than even other western countries that s where the r and d investments will go where it s incentivized. bret: you are excited about the future. but are you skeptical, are you worried about what china is doing? i think we are all worried about china. i mean, this is a bipartisan agreement that china is a facing threat in a number of ways. partner and global partners we have to get after and they are a market in some ways.
distinction between the red and blue states. some of the red and blue states are, indeed, trying to do something on taxes. but they re doing it in a very targeted way. there could be rebates, they re talking about cutting the gas tax or food taxes, but they re very concerned about equity. so they won t drop the tax on upper income whereas republican governors, by and large, are suggesting broad-based taxes. to your point about inflation, inflation cuts into everybody s income. and these governors are trying to put tax cuts in that like kim reynolds in iowa, a 4% flat tax a by 2026, which will benefit everybody from low income to higher income. and it s going to be a very interesting demonstration effect between conservative tax policy, broad-based tax policy and the targeted d perhaps temporary ones democrats are instituting. paul: perhaps another factor here, kim, is the deductibility of state and local taxes against
across the bow to the democrats leaky boat. if they try to move full steam ahead nevertheless, they are going to start taking on water. it is up to the rest of us to put pressure on these wavering moderate politicians. if they go along with this madness their careers are over and that is the angle. time is the president of the committee to unleash prosperity. as you noted, this bill is one big contradiction of what the democrats promised they were going to deliver. explain why that is. it keeps getting worse. every version is worse than the last and the latest version, the biggest spending in the bill is this tax break for blue state billionaires, they will raise the salt on deductibility of state and local taxes to 80,$000. you have to be pretty rich to pay 80,$000 of state and local
campaign didn t work harder on this problem that was created in washington and in fact, some democrats in washington are trying to solve now about the deductibility of state and local taxes. it was an amazing thing. we re going to have to break it there. stewart stevens, anat, thank you bother for starting us off. really appreciate it. thank you! thank you. . and coming up, it was a big night last night for democrats in boston, but it is always a big night for democrats in boston elections but this one was special. this was something we have never seen before. that s next. ng we have never seen before. that s next. new vicks convenience pack. dayquil severe for you. and daily vicks super c for me. vicks super c is a daily supplement with vitamin c and b vitamins to help energize and replenish. dayquil severe is a max strength daytime, coughing, power through your day, medicine. new from vicks.