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.
Battles between Israel and Hamas around hospitals forced thousands of Palestinians to flee from some of the last perceived safe places in northern Gaza, stranding critically wounded patients, newborns and their caregivers with dwindling supplies and no electricity, health officials said Monday.
Secret Service agents protecting President Joe Biden’s granddaughter opened fire after three people tried to break into an unmarked Secret Service vehicle in the nation’s capital, a law enforcement official told The Associated Press.
Republican presidential candidate Tim Scott says he is ending his 2024 bid for president in a move that surprised his donors and stunned his campaign staff.
House Speaker Mike Johnson unveiled his proposal on Saturday to avoid a partial government shutdown by extending government funding for some agencies and programs until Jan. 19 and continuing funding for others until Feb. 2.
