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.
President Joe Biden has met with new House Speaker Mike Johnson at the White House. Johnson was joined by Democratic leader Hakeem Jeffries as they discussed Biden's request for nearly $106 billion for Israel, Ukraine and other national security needs.
The new leader of one of the chambers of Congress that will certify the winner of next year's presidential election helped spearhead the attempt to overturn the last one, raising alarms that Republicans could try to subvert the will of the voters if they remain in power despite safeguards enacted after the 2021 attack on the U.S. Capitol.
