Democratic Congressman Hakeem Jeffries represents the eighth district of New York. He believes the Republican tax plan will protect millionaires and hurt middle-class Americans. The Congressman says that, despite an emphasis on reducing the federal deficit, the current plan will increase it by over a trillion dollars.
"This is really a smokescreen that has been put forth to pretend as if it's going to benefit everyday Americans," he says, "when the GOP tax proposal is really all about helping out millionaires, billionaires, and big corporations and showering them with a massive tax cut, exploding the deficit by about $1.5 trillion."
One of the key points of the GOP's policy is the elimination of state and local tax deductions for individual Americans, which could hit the constituents of high tax states like California and Jeffries' own New York. The White House argues that it's the states' decision to tax residents so much and that they shouldn't get a break because of it.
But Jeffries points out that the GOP's plan still allows corporations to deduct their state and local taxes. "The only reason it's being done, is because this is all about big business and wealthy Americans."
Democratic leaders Chuck Schumer and Nancy Pelosi declined an invitation by President Trump to meet with him at the White House and discuss tax reform. Congressman Jeffries believes that was a wise decision, because the President is not actually interested in reaching a bipartisan agreement.
Republicans also need to pass a short-term spending bill to fund the government, or it will shut down on December 8th. Congressman Jeffries says it would be unreasonable if Republicans try to blame a government shutdown on Democrats when the GOP holds both houses of Congress and the White House.
On this episode of Cheddar Reveals Richenda Sandlin-Tymitz, Marketing & Content Manager at Alaska Tour & Travel, breaks down when and how to plan your best trip to Alaska; Kristen Miller, Acting Executive Director, Alaska Wilderness League, discusses the Arctic National Wildlife Refuge and the oil drilling that threatens it; Cheddar gets a look at Curiosity Stream's 'The Magic of the Wild.'
Kristen Miller, acting executive director, Alaska Wilderness League, discusses the Arctic National Wildlife Refuge and the oil drilling that threatens it.
The Department of Treasury is warning Americans to expect delays on their tax returns this year as the IRS manages staffing shortages due to the pandemic.
The United States and Russia remain distant following a meeting between high-level officials for the two countries in Geneva, Switzerland. The nations remain conflicted over Washington's concern of a potential invasion of Ukraine by Russia and Moscow dispute with NATO expanding into former Soviet states. Hagar Chemali, host of Oh My World on YouTube and former spokesperson for the U.S. Mission to the U.N., joined Cheddar's "News Wrap" to give her take about the careful diplomatic negotiations underway. "I would expect more rounds," she said about the talks. "Both sides really remain adamant that we're not going to talk about Russia's proposal, and Russia doesn't want to talk about anything but its proposal. So once they start talking about the other items on the table, and there are a few other items, that's when negotiations can start."
Markets closed the day mixed, and well off their lows of the day following a market meltdown earlier in the session. The Nasdaq staged a comeback late in the day, even amid ongoing worries about the Federal Reserve raising interest rates. Doug Flynn, certified financial planner and co-founder of Flynn Zito Capito, joined Cheddar News' Closing Bell to discuss the markets' close and what's driving the major indexes.
Eli Yokley, Senior Reporter at Morning Consult, joins Cheddar News to discuss how Americans are prioritizing economic issues over the pandemic when it comes to voting.
President Biden's disapproval rating hit a new high in December according to a poll from CNBC and Change Research, as Americans expressed their disapproval over the current state of the economy. This comes just months after the president signed a historic infrastructure bill back in November that was promised to bring a surge of jobs, especially in the manufacturing sector.
Change Research Senior Pollster Nancy Zdunkewicz spoke to Cheddar News about just what is driving the President’s disapproval rating.
