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.
The National Zoo's three giant pandas, Mei Xiang, Tian Tian and their cub Xiao Qi Ji. on Wednesday began their long trip to China, leaving behind an empty panda exhibit with no certainty that pandas ever would again take up residence there.
Palestinians living in the heart of Gaza’s largest city said Wednesday they could see and hear Israeli ground forces closing in from multiple directions, accelerating the exodus of thousands of civilians as food and water become scarce and urban fighting between Israel and Hamas heats up.
Ivanka Trump began testifying Wednesday in the civil fraud trial that is publicly probing the Trump family business, making an appearance she tried to prevent.
Wednesday night is the third Republican presidential primary debate with five candidates set to take the stage. Columnist and political analyst Jonathan Harris spoke with Cheddar News to explain what to expect from a reduced field of candidates, what topics are on tap to discuss and which candidates have the momentum.
Treasury Secretary Janet Yellen is accusing the GOP of playing politics with IRS funding with a new round of budget cuts in a recent aid bill that would slash $14 billion from the agency in order to fund aid to Israel.
