minute here. people also see a double standard deduction. so what that likely means is that most people will file a more simple, simplified version of their taxes. it will be less likely you will itemize your deductions, but this is also something that s going to hurt people in high tax states. we talked a lot about this, places like new jersey, potentially connecticut, where joe is. where you can t deduct as many state and local taxes as you would have under current law. so i think the central question here is what are businesses going to do with this windfall and republicans seep saying, look, they will hire more people. they will increase wages. democrats say, they re going to help their shareholders. you know, our economy is shifting in kind of a fundamental way. there are a lot more people working in the gig xi. they don t necessarily have salary and benefits. they re not necessarily paying taxes like american versus traditionally. i think there will be a real question here for co
american people. but it varies and some americans could end up paying more. so they had us do the numbers. taking $150,000 a year, they save $3500 next year, a lower tax rate, double standard deduction, and expanded tax credit. but california has high state taxes so how about a single mom in kansas city with two children making $45,000, she also saves $1800 thanks again to a bigger standard deduction and child tax credit. but what if you don t have children, a single homeowner in colorado making 70 grand would pay $1400 more next year because that s the standard deduction doesn t make up for that. in a single homeowner they might hit hard, a new yorker making half a million dollars would pay
that s good. why? a lower tax rate, double standard deduction and expanded child tax credit. but california has high state taxes. how about a single mom in kansas city with two children making $45,000. she saves $1,802. thanks to a bigger standard deduction and that bigger child tax credit. what if you don t have children? a single homeowner in colorado would pay $1,484 more next year. that s because the standard deduction doesn t make up for the lost tax breaks. a single homeowner in a high tax state. they may get hit hard. a new yorker making half a million dollars, see that there, pays $6,470 more next year. that s because of higher tax rate and losing the unlimited state and local tax deduction. the senate intelligence committee investigating russian election meddling is not just putting the trump campaign under
20% go eliminate the estate tax and double standard deduction. it is reform and simplification so we are covering everything. there has never been anything like it. rob: a group of house republicans submitted an alternative tax plan to house ways and means committee chairman kevin brady. new york is one of several states that could get heard from that tax plan. jillian: the houston astros your 2017 world series champion. ground ball right side could do it. world champions! first time in franchise history! rob: those people in la played for those tickets, a heartbreaker, astros taking game
burdensome tax code. we make the 0 bracket bigger, get rid of the 10% bracket and reducing the 15% rate down to 12%. the plan would reduce the existing 7 brackets or eight down to a simple four. it would be 0%, 12%, 25% and 33%. the key is expansion of the represent bracket, including those that would traditionally fall into the bottom 2 bracket under the complicated current system. the plan double standard deduction for individuals and families and cutting corporate rate from 30% to 20%. donald from call for bipartisan support for this plan, and a more than a massive tax-cut for wealthy and corporations, nancy pelosi issued a statement