Jon Greenberg, staff writer for Politifact, breaks down some of the rhetoric from the left and the right around the GOP tax reform bill.
Chris Ruddy of Newsmax claimed that the GOP bill would bring in $3 trillion of offshore funds back into the economy from large U.S. corporations receiving a tax cut overseas. But just how true is this? Politifact has rated the statement half true. Greenberg notes that while corporations are receiving a reduction in overseas taxes, 45% of the $3 trillion made overseas is already in the U.S.
Greenberg also weighs in on House Minority Leader Nancy Pelosi's statement that the GOP bill would "sabotage" the healthcare of 13 million Americans. Greenberg details just what happens when the individual mandate is repealed. He explains that the repeal of the individual mandate will cause healthy people to leave the marketplace, which will cause costs to go up for those that are sick. That means some of those people won't be able to afford health insurance anymore. Politifact's overall rating of Pelosi's statement: half true.
Stocks fell into the red on Wednesday after new data heightened fears over inflation. Vince Lorusso, Co-Founder and portfolio manager at Changebridge Capital, joins Cheddar News' Closing Bell where he says recent history suggests investors to buy the dips.
Iran is continuing to crack down on illicit bitcoin mining in the Islamic Republic after 227 mining rigs were seized. Businesses looking to run legal bitcoin mining operations have had to seek approval since 2019.
Tatenda Musapatike, Founder of the Voter Formation Project and former Political Ad Specialist at Facebook, joined Cheddar to discuss the outsized role social media plays in politics.
Amazon founder Jeffrey Bezos took to the stage at the U.N.'s COP26 Climate Summit to unveil a new plan to combat climate change, but some say it might do more harm than good. Justine Calma, Science Reporter at The Verge, joined Cheddar to discuss.
Rep. Ritchie Torres of New York talks about the importance of the historical Build Back Better Act and how these bills could help millions of Americans across the country.
Pfizer has asked the FDA to expand authorization of COVID booster shots for all adults. The agency is expected to grant the request in the coming weeks, allowing vaccinated Americans as young as 18 to get boosted before the holidays. Dr. Bayo Curry-Winchell, Regional Clinical Director at Carbon Health, joined Cheddar to discuss.
The Justice Department has filed a lawsuit to block Penguin Random House from acquiring its rival Simon & Schuster. The DOJ hopes this will block the merger, which it says would ultimately hurt authors and consumers nationwide. Barry C. Lynn, executive director of the Open Markets Institute, joined Cheddar to explain what the lawsuit signals about the Biden administration's approach to cracking down on antitrust, and why Amazon might be next.
