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MSNBCW MSNBC Live With Velshi And Ruhle September 27, 2017 15:00:00

Fewer people will actually pay tax at that rate. Now, let me tell you what else they want to do. They want to nearly double the standard deduction. 12,000 for individuals. 24,000 for married couples. Thats the justification for raising the lowest tax rate from 10 to 12 that a whole lot of people arent actually going to pay for. The plan also calls for the elimination of the socalled marriage penalty. Raising the tax credit for a child under 17 by a yet to be specified amount. And look for a new 500 tax credit for nonchild dependents. That replaces the idea that you can actually otherwise claim nonchild dependents. In addition, the plan calls for repealing the estate tax. What a lot of republicans call the death tax. This benefits generally speaking the wealthy. It also repeals the Alternative Minimum Tax. At lot of you might say i pay the Alternative Minimum Tax ....

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Detailed text TV channel - MSNBC - September 27, 2017:15:07:00

right. so the average income for one of these pass through businesses in america is over $750,000. say that again. $750,000 for most pass through businesses. right? the average household, the median household income in the united states is $59,000. yes, while there are some legitimate businesses that use this pass through system that will benefit from being able to write off your expenses and then pay 25% opposed to the 35% that the personal tax rate will be or 39.6% today. don t be fooled into thinking this is about all small businesses. this still overwhelmingly supports those who are higher earners in this country. those are the details we ve got right now. some of it has been reported by the washington post this morning. the plan aims to cut taxes by more than $5 trillion over ten years. and here s the interesting part. it s going to recoup participant of that. you ll keep the mortgage tax breaks and charitable tax ....

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