On Tuesday the House passed the Republican Tax Plan by a 227-203 margin. Politico Tax Reporter Aaron Lorenzo explains the path forward for this legislation in the Senate, and how individuals and corporations will be impacted.
Lorenzo says he expects the GOP plan to pass the Senate, and signed by President Trump before the end of the year. The bill is a $1.5 Trillion tax cut which nearly doubles standard deduction, and cuts the corporate tax rate from 35 percent to 21 percent. Lorenzo says he expect retail to be a big winner, because they do not face a big margin.
According to a recent Gallup Poll, more than half of Americans say the proposed tax cuts would not help their families financial situation, and would not help the U.S. economy.
Hunter Biden on Wednesday defied a congressional subpoena to appear privately for a deposition before Republican investigators who have been digging into his business dealings, insisting outside the U.S. Capitol that he will only testify in public.
The Supreme Court agreed on Wednesday to take up a dispute over a medication used in the most common method of abortion in the United States, its first abortion case since it overturned Roe v. Wade last year.
Shawn Fain, the international president of the United Auto Workers union who recently won large raises for his workers, is taking aim at a new target: New Jersey lawmakers who are delaying votes on a bill to ban smoking in Atlantic City’s casinos.
