Christmas Comes Early for the GOP: Tax Reform Passes
Early Wednesday morning the Senate passed its tax reform bill, hours after it was sent back to the House for a re-vote. Romina Boccia, Deputy Director at The Heritage Foundation, joins Cheddar to discuss how the bill will impact small companies and what she wishes was included in the legislation.
She predicts there will be more foreign direct investments into American companies, which will drive wages and create jobs in the U.S. It will encourage major corporations to move their headquarters to America. The corporate tax rate will drop from 35% to 21%, bringing American closer to the world's average, she says.
Plus, many are concerned about the removal of the state and city tax deduction. Boccia explains you can still deduct up to $10,000 with the cap now. She says only very wealthy individuals will feel an impact.
New York City could pay out $13 million to racial injustice protesters, many of whom were arrested and beaten during the protests after George Floyd's murder.
At a House hearing on Wednesday, two IRS whistleblowers accused the Justice Department of giving Hunter Biden special treatment in his tax evasion case due to political concerns.
Border Patrol does not have protocols for assessing medical needs of children with preexisting conditions, according to an independent report made public Tuesday on the death of an 8-year-old girl from Panama who was in federal custody.
