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 Greenberg details just what happens when the individual mandate is repealed.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.
The tax deadline in the U.S. is on April 18 this year, and some filers may still not be able to complete their return by then. Cheddar has partnered with Jackson Hewitt to let you know what you can do should you blow the deadline.
With tax day just five days away, David Ragland, Certified Financial Planner, Certified Divorce Financial Analyst and Chief Executive Officer of IRC Wealth joined Cheddar's Opening Bell to break down everything you need to know ahead of the upcoming tax deadline.
Russia has defaulted on some of its foreign debt as a tidal wave of western sanctions threatens its economy. The credit ratings agency S&P has placed Russia under "selective default" after it tried to pay its latest obligations in rubles. Russia now has a 30-day grace period to resolve the issue, but Moscow is threatening to take legal action. George Seay, Annandale Capital's CEO, joined Cheddar to break down what this means, and how Russia defaulting on its debt might impact the global economy.
China's zero-covid policy may pose a wide-ranging threat to the local, and overseas economy. Analysts voicing concern on the strict lockdown in Shanghai as businesses and ports remain shuttered, potentially threatening the global supply chain. Shehzad H. Qazi, Managing Director, China Beige Book International joined Cheddar's Opening Bell to discuss.
The consumer price index in March rose by 8.5% from a year ago, the fastest annual gain since December 1981 and one-tenth of a percentage point above the estimate. The rise in prices is driven by strong consumer demand, supply-chain disruptions and skyrocketing energy costs related to Russia's invasion of Ukraine. Heather Boushey, Council of Economic Advisers Member for President Biden, joined Cheddar's Opening Bell to give her reaction to the latest inflation numbers.
As China faces backlash from its response to Russia's invasion of Ukraine, the U.S. is strengthening its relationship with India. India is expected to become one of the top three economic powers in the world over the next 10 to 15 years, bolstered by technological advances and the manufacturing sector. Samir Kapadia, CEO and Principal of The Vogel Group, joined Cheddar to discuss the state of India's economy, and how it can only grow from here.
With the midterms just a few months away, record-setting inflation is weighing on the minds of voters. According to a recent CNN poll, a majority of voters said the state of the economy will play a key role in how they cast their ballot, and 55% said the same of inflation. Joseph Zeballos-Roig, Economic Policy Reporter for Insider, joined Cheddar to discuss how inflation could shape the 2022 midterms, and ultimately determine the balance of power in Congress.
The Brooklyn subway attack is the latest in a string of high-profile crimes that have plagued New York City. The surge in crime comes as cities across the country are trying to recover from the pandemic and bring life back to a sense of normal. Joseph Giacalone, professor at John Jay College and retired NYPD sergeant, joined Cheddar's Opening Bell to explain what's behind the rise in crime, and what can be done about it.
After failing to take control of northern and western Ukraine, Russia is shifting its focus to the east. As both sides continue to pour reinforcements into the region, officials are expecting more conventional combat involving tanks, artillery, and aircraft that could shape the war's biggest battles yet. Doug Collins, a former Georgia congressman, joined Cheddar to discuss the change in Russia's tactics.
Catching you up on what you need to know on Apr 14, 2022, with the U.S. sending $800M to Ukraine, updates on the subway shooting in Brooklyn, Gov. Abbott putting a pause on his southern border truck inspections, migrants being bused from Texas to Washington, DC, the travel mask mandate extending until May 3, and more.
