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18-Nov-2016 14:29

'I think that it takes your breath away to believe that you can, on Monday, talk about a bill and actually begin considering it formally that would remake the American economy with such flimsy amounts of information that are available,' said Sen.Ron Wyden, a Democrat from Oregon, who is the ranking member of the Senate Finance Committee, which will deal with the Senate bill.

'The Republicans from California have gone straight down the line like lemmings to the sea to vote against the interests of their constituents, against the interests of our states,' said Nancy Pelosi (center) on Thursday The plan unveiled by House Speaker Paul Ryan and House Ways and Means Committee Chairman Kevin Brady on Thursday calls for a ,000 cap on deductions for state and local property taxes.The popular retirement savings plan, 401(k)s ended up not being touched, though as of Wednesday, House Ways and Means Chairman Kevin Brady, a Republican from Texas, had wanted them on the table.Tax deductions would be capped at 0,000 on new mortgages. However, the bill would allow people to deduct the first ,000 of local property tax from their federal tax bill.The Wall Street Journal reports that the student loan interest deduction and the medical expense reduction are also being cut.

American can still deduct donations to charity, but Democrats and also the National Council of Nonprofits fears that fewer taxpayers will take advantage of it because there is less of an incentive to itemize with the standard deduction being raised.

Gina and Fred are over 65 and have an adjusted gross income of ,000 a year.

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