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.
Zach Montellaro, Deputy National Editor at Politico, joins Cheddar to discuss what you need to know ahead of the debate between Kamala Harris and Donald Trump.
Barron's Ideas Editor, Matt Peterson, joins Cheddar to talk about the current state of the election and how Trump and Harris are tackling economic issues.