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.
Stocks closed broadly lower Tuesday after Russia sent forces into Ukraine’s eastern region and the U.S., European Union and U.K. responded with economic sanctions.
President Biden says he’s “convinced” that Russian President Vladimir Putin has decided to launch a further invasion of Ukraine, saying Friday he has “reason to believe” it will occur in the "coming days."
The crypto lobbying boom kicked off last year, sparked by a broadly-worded provision in the bipartisan infrastructure bill. Cheddar's Alex Vuocolo takes a deeper look.
U.S. stocks ended Wednesday's session mixed following the release of the minutes from the Federal Reserve’s most recent meeting, and amid ongoing tensions between Russia and Ukraine. Dan Eye, Chief Investment Officer at Fort Pitt Capital Group joined Cheddar News' Closing Bell to discuss.
Applications for U.S. unemployment benefits rose last week, but remain near historically low levels, reflecting relatively few layoffs across the economy
As we celebrate Black History Month, Cheddar is highlighting prominent Black Americans who are carving their own historic paths and trailblazing in their fields. Today we feature activist Tamika Mallory.
