Cohn Says State, Local Tax Deductions 'Not a Red Line'

The video discusses a proposed tax plan focusing on curtailing state and local tax deductions to fund tax cuts. It highlights the impact on high tax states and the goals of the plan, which include lowering rates and simplifying the tax code by removing loopholes. The discussion also covers the effects on American families, particularly the wealthier 25% who use itemized deductions. The video concludes with the non-negotiable aspects of the proposal, emphasizing the importance of maintaining business tax rates and providing tax cuts for middle-income Americans.

What is the primary reason for proposing the limitation of state and local tax deductions?

• To penalize high-tax states

• To simplify the tax filing process

• To fund tax cuts without increasing the deficit

• To increase federal revenue

Who is Mr. Roskam, and why is he significant in the discussion of tax deductions?

• A member of the Senate Finance Committee

• A representative from a low-tax state

• An advocate for increasing state taxes

• A key figure in the House Ways and Means Committee

What are the two main goals of the tax plan as discussed in the video?

• Increasing tax revenue and reducing government spending

• Providing tax cuts for the wealthy and increasing tariffs

• Lowering tax rates and simplifying the tax code

• Eliminating all deductions and increasing corporate taxes

What percentage of American families use itemized deductions, according to the video?

• 50%

• 75%

• 25%

• 10%

What is considered a 'red line' in the tax proposal?

• Increasing the business tax rate

• Eliminating all tax deductions

• Raising taxes on middle-income Americans

• Reducing the corporate tax rate