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. officials say efforts ordered by President Joe Biden to strengthen defenses against Chinese espionage helped identify last week’s spy balloon — and determine that similar flights were conducted at multiple points during the Trump administration.
Control of Disney's Orlando area theme parks may soon go to a board chosen by Governor Ron DeSantis. Republican lawmakers unveil the bill that would give Republicans authority over the state's largest employer.
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Republicans said President Joe Biden allowed China to spy on the U.S. by not shooting the balloon down sooner while Democrats said similar incursions happened during the Trump administration.
