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.
President Joe Biden has ended the immediate threat of a government shutdown, signing a temporary spending bill a day before much of the government was to run out of money.
A gag order that barred Donald Trump from commenting about court personnel after he disparaged a law clerk in his New York civil fraud trial was temporarily lifted Thursday by an appellate judge who raised free speech concerns.
Chinese President Xi Jinping signaled that China will send new pandas to the United States, calling them “envoys of friendship between the Chinese and American peoples.
A jury on Thursday convicted the man who broke into former U.S. House Speaker Nancy Pelosi’s San Francisco home seeking to hold her hostage and attacked her husband with a hammer of federal charges of attempted kidnapping and assault.
