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.
A gag order that barred Donald Trump from commenting about court personnel after he disparaged a law clerk in his New York civil fraud trial was temporarily lifted Thursday by an appellate judge who raised free speech concerns.
Chinese President Xi Jinping signaled that China will send new pandas to the United States, calling them “envoys of friendship between the Chinese and American peoples.
A jury on Thursday convicted the man who broke into former U.S. House Speaker Nancy Pelosi’s San Francisco home seeking to hold her hostage and attacked her husband with a hammer of federal charges of attempted kidnapping and assault.
