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.
U.S. states could face some hurdles as they experiment with road usage charging programs aimed at one day replacing motor fuel taxes, which are generating less each year, in part due to fuel efficiency and the rise of electric cars.
The defiance of restrictions in North Dakota on what bathrooms transgender students can use in public schools and universities shows that it's not exactly clear how bathroom laws will play out in local communities after being enacted in at least 10 states with Republican-controlled legislatures.
The Supreme Court on Monday left in place an appellate ruling barring a North Carolina public charter school from requiring girls to wear skirts to school.
The U.S. Department of Transportation is awarding almost $1.7 billion in grants for buying zero- and low-emission buses, with the money going to transit projects in 46 states and territories.
Vice President Kamala Harris said Supreme Court conservatives caused a healthcare crisis in America and blasted abortion bans in Republican-led states.
To many observers, the efforts to roll back two policies that disproportionately help Black students and other students of color reflect a backlash to racial progress in higher education.
