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.
U.S. Sen. Bob Menendez of New Jersey faced a new charge Thursday that he conspired to act as an agent of the Egyptian government, a remarkable accusation against a Democrat who had a powerful role in U.S. policy as head of the Senate’s Foreign Relations Committee.
An Israeli ground offensive in the Gaza Strip would further escalate the war raging since Hamas launched its unprecedented attack, killing hundreds of civilians.
A retired bank official testified that former president Donald Trump obtained hundreds of millions of dollars in loans based on financial statements that have since been deemed fraudulent.
More than 90% of the people killed by a 6.3-magnitude earthquake in western Afghanistan last weekend were women and children, U.N. officials reported Thursday.
Millions of Social Security recipients will get a 3.2% increase in their benefits in 2024, far less than this year's historic boost and reflecting moderating consumer prices.
