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.
The House Education and Workforce Committee opened an investigation into MIT, the University of Pennsylvania and Harvard University after an anti-Semitism hearing on Tuesday.
The son of North Dakota Sen. Kevin Cramer was charged with manslaughter and fleeing an officer after a police pursuit ended in a crash that killed the sheriff's deputy.
Hunter Biden has been indicted on nine tax charges in California as a special counsel investigation into the business dealings of President Joe Biden’s son intensifies against the backdrop of the looming 2024 election.
The police department in the remote north woods Minnesota town of Ely faces the same challenges of recruiting and keeping new officers as countless other law enforcement agencies across the country. So it's offering a unique incentive: canoes.
