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.
A Texas judge on Thursday granted a pregnant woman permission to obtain an abortion in an unprecedented challenge to the state’s ban that took effect after Roe v. Wade was overturned last year.
House members voted again Thursday to punish one of their own, targeting Democratic Rep. Jamaal Bowman for triggering a fire alarm in one of the U.S. Capitol office buildings in September when the chamber was in session.
A Nevada grand jury indicted six Republicans who submitted certificates to Congress falsely declaring Donald Trump as the winner of the 2020 presidential race.
But even as he lashed Republicans for their stance, Biden stressed that he is willing to “make significant compromises on the border,” if that’s what it takes to get the package through Congress.
