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. Treasury Secretary Janet Yellen said former President Trump's policies toward China have left the nation "more vulnerable" and more isolated in the global economy.
A federal grand jury in Montana has indicted two men accused of killing about 3,600 birds, including bald eagles and golden eagles, and selling them on the black market.
Republican presidential candidate Vivek Ramaswamy tried to sway Iowa voters during Wednesday night's CNN Republican presidential town hall in Des Moines.
A judge says Donald Trump’s 2020 election interference case in Washington will be put on hold while the former president further pursues his claims that he is immune from prosecution.
The Supreme Court on Wednesday said it will hear an appeal that could upend hundreds of charges stemming from the Capitol riot, including against former President Donald Trump.
The Federal Reserve kept its key interest rate unchanged Wednesday for a third straight time, and its officials signaled that they expect to make three quarter-point cuts to their benchmark rate next year.
