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Let s talk about this new gop tax bill ignited quite the stamp speed among property owners scrambling to prepare their 2018 tax bill. long lines at county tax offices like this one. this was in california. popping up around the country particularly in high taxed states. that s because common day many homeowners won t be able to deduct their local state and property taxes in full. the new law caps deduction at $10,000. if are you in a 25% tax category, and you deduct $10,000 of real estate taxes, then that s going to save you $2500 on taxes. i know we ll get it in this year pand write it off but not sure about next year. oh, boy the three counts with the highest tax bills in the country are all in new york. ....
But it also means we need to get revenue. and this time revenue from eliminating a lot of the tax breaks and tax loopholes that disproportionately benefit very wealthy people. how much money could you raise in revenue that would in any way affect the deficit? i mean, you d have to raise so many billions of dollars. and how can you do it through reform without raising the rates? that s what i can t understand. well, the president has a plan on the table that first of all says for high-income earners you still get to take a bunch of the deductions but your total deductions are going to be capped at a 28% value. right? so if you have a mortgage interest deduction, you get to take it, but instead of 39 cents on the dollar for someone in that tax category you get a 28-cent on the dollar deduction. it limits the value of your deductions without taking them away. that raises a substantial amount of money. getting rid of oil and gabs subsidies. getting rid of tax breaks for hedge fund mana ....
Breaks and tax loopholes that disproportionately benefit very wealthy people. how much money could you raise in revenue that would in any way affect the deficit? i mean, you d have to raise so many billions of dollars. and how can you do it through reform without raising the rates? that s what i can t understand. well, the president has a plan on the table that first of all says for high-income earners you still get to take a bunch of the deductions but your total deductions are going to be capped at a 28% value. right? so if you have a mortgage interest deduction, you get to take it, but instead of 39 cents on the dollar for someone in that tax category you get a 28-cent on the dollar deduction. it limits the value of your deductions without taking them away. that raises a substantial amount of money. getting rid of oil and gabs subsidi subsidies. getting rid of tax breaks for hedge fund managers. those are other things you can do, chris. but how does that you ve got a liberal ....
To create a set of benefits for employees to close the gap. here is the interesting thing, mr. wilson, many states have within their constitution you cannot adjust pension plans for employees. so, for all the people who are currently, they d be grandfathered in what you re saying, it would be for new employees and how would you get away with doing that. three options, existing benefits off the table because of the constitution, and tax increases what the current guy is doing. that should be off the table because new york has the highest in the country and new benefits for new employees and once we become clear how big the problems are, i think that s the only solution left. your third point of your specific plan is mandates. what do you mean by that. right now we have the highest property taxes and number one in every tax category. it s a bad thing. exactly. the highest property tax in the country and that s driven by rules, passed by the legislature in abney that dictate t ....
And now you have 31 democrats who have signed a letter to nancy pelosi saying that they do in fact favor the republican plan. number 2, all economists do not believe what the president said so he just said most economists believe that people in that tax category, the top 2% would not spend the money. most economists believe that they would spend the money and stimulate the economy. and had a very important third point which at the moment is leaving my mind. i will say that. it s interesting where most economists, it s hard to get them to agree but four or five dentists agree with the toothpaste. so easy to get the dentists in line as opposed to economists. you were talking about how many democrats are lining up against the president. 31 in all now. who shrunk the speaker? indeed. the blue dogs sent the speaker of the house a letter yesterday and it said in parts, in recent weeks, we have heard from a ....