they change the cut or the cap on mortgage interest rate deduction. i need to bring somebody into this who doesn t actually have a vote but he has a whole lot of say. steve bannon. how does this bill work for president trump s base? steve bannon going on and on, saying we need to do stuff for the american worker, the american people. this bill clearly is a cut for corporations. howard shultz, former ceo of starbuck, said corporations don t need it. it is a hope and aspiration help for the middle class and poor. let s just take a look at education. look at this, number one, if you take away people s ability to write off their state and local taxes, people move to pay more taxes for better schools. you re already hitting middle class families right there on that issue. then next, they said, you know, you can no longer write off graduate school too wigss. so educators and people who want to advance their degrees, they re no longer going to have the opportunity. and senate bill has an
and changes they want to see. a handful of republicans that have come out and said they will vote against it if changes are not made and in particular they are concerned about two changes in the gop s tax plan, one being a 500,000-dollar cap on the mortgage interest rate deduction, the other being the elimination of deduction for state and local taxes. those changes don t mean much if you live in a state like wyoming and idaho with low housing and cheap housing but folks with higher taxes and more expensive real estate like new york, new jersey, california, they ll likely be paying more in taxes than they do now but at least in those two categories. gop lawmakers in those states are pushing for changes. there might be the sugar high of growth for a year or so but you are going to be stuck with debt that s going to be passed onto these children, for a tax cut per people at the very top. and you heard that from the top democrat in the house ways means committee and democrats argue th
in 31 years because it s extremely difficult and requires major tradeoffs. those major tradeoffs the elimination of the deductions people like. that section i was talking about, that s limiting the mortgage interest rate deduction for new home buyers from $1 million to $500,000, something very popular with people. other deductions that are important to certain republican lawmakers, those in the northeast, state and local tax deduction, the majority will be repealed, on property limited to $10,000 as a cutoff. you have lawmakers from those states saying that s not enough, i come from a high tax state, you can t punish my constituents. the question right now is, can republican leaders convince their lawmakers or make enough changes to convince their conference, at least 218 of them, that the overall economic picture, what this bill will do is more important than those individual provision, those individual provisions home builders will be fighting for tooth and nail, realtors fighting fo
about a trillion dollars of reductions on the corporate side. the reason why they re doing that is the republican belief and their stated position that the help on the corporate side will help boost income, wages. that will be crucial. their ability to sell that idea that not just tax cuts on the individual side z as you lose significant deductions across the board on things like student loan debt, scaling that back a bit, that the boost from the economy on the corporate side will help things out. if that doesn t sell, they could have problems. if it does, they could be in a good place. most democrats didn t see it. how are they reacting. they are enthusiastic that they finally have a plan. this is an opportunity they haven t done at all this year and that s accomplish a major legislative goal. the removal of popular duktsz, issues like the mortgage interest rate deduction, issues like state and local tax deduction, they are capping the
became a leader on ways and means and shown the direction of so much in this bill. thank you, mr. leader. some time ago i was grocery shopping about 11:00 at night in south dakota and a woman came down the aisle towards me and she had her hand full of coupons and her cart full of generic food and she said, cyst ti, when is going to get better. health care costs have gone up, electricity has gone up, i had to carpool into town to go to work and waiting for my friend to give me a ride home, i missed my son s basketball game and daughter s doctor s appointment. today this bill, i know, is going to bring relief to her and help things get better. she was in the forefront of my mind while working on the details of this package. the lower rates for everybody, the simplicity, the mortgage interest rate deduction, the family tax credit. i hope you understand how much it s been expanded to not just take into account a child tax