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.
Israeli fighter jets hit targets in the Gaza Strip minutes after a weeklong truce expired on Friday, signaling that the war with Hamas has resumed in full force.
Democrats on the Senate Judiciary Committee voted Thursday to authorize subpoenas for two prominent conservatives who arranged luxury travel and other benefits for Supreme Court justices, but Republicans planned to object to the legitimacy of the action.
Someone in China created thousands of fake social media accounts designed to appear to be from Americans and used them to spread polarizing political content in an apparent effort to divide the U.S. ahead of next year's elections, Meta said Thursday.
The House voted on Friday to expel Republican Rep. George Santos of New York after a critical ethics report on his conduct that accused him of converting campaign donations for his own use. He was just the sixth member in the chamber's history to be ousted by colleagues.
