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.
A controversial crypto provision, which would impose tax-reporting requirements on a broad cross-section of digital asset holders, slipped into the Senate infrastructure bill despite pushback from the industry's nascent lobbying arm.
Prices for U.S. consumers rose last month but at the slowest pace since February, a sign that Americans could gain some relief after four months of sharp increases that elevated inflation to its fastest pace in more than a decade.
Senate Majority Leader Chuck Schumer is conceding that Democrats face a tough pathway to delivering a $3.5 trillion package for family, health and environment programs to President Joe Biden’s desk.
Kathy Hochul will become the state’s first female governor once Cuomo's resignation is effective in two weeks.
Gov. Andrew Cuomo says he will resign over a barrage of sexual harassment allegations in a fall from grace a year after he was widely hailed nationally for his detailed daily briefings and leadership during the darkest days of COVID-19.
With a robust vote after weeks of fits and starts, the Senate has approved the $1 trillion bipartisan infrastructure plan.
Members of the U.S. military would be required to have the COVID-19 vaccine beginning Sept. 15, under a plan announced by the Pentagon on Monday and endorsed by President Joe Biden.
Canada is lifting its prohibition on Americans crossing the border to shop, vacation or visit, but the United States is keeping similar restrictions in place for Canadians.
Earth is getting so hot that temperatures in about a decade will probably blow past a level of warming that world leaders have sought to prevent.
The Biden administration has announced that federal student loan payments will remain suspended through January 2022, extending a pause that was scheduled to expire next month.
