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.
President Joe Biden ordered the United States military to carry out retaliatory airstrikes against Iranian-backed militia groups after three U.S. service members were injured in a drone attack in northern Iraq.
Donald Trump's lawyers are telling a federal appeals court that he was acting within his role as president when he pressed claims about “alleged fraud and irregularity” in the 2020 election.
The Supreme Court says it will not immediately take up a plea by special counsel Jack Smith to rule on whether former President Donald Trump can be prosecuted for his actions to overturn the 2020 election results.
A Congressional oversight committee has opened an investigation into the safety of an Osprey aircraft, weeks after a deadly crash off the coast of Japan that killed eight airmen.
