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 Biden administration is finalizing a new rule that would cut federal funding for colleges that leave graduates with low pay and high debt after graduating.
The Biden administration is finalizing a new rule that would cut federal funding for colleges that leave graduates with low pay and high debt after graduating.
The second Republican debate last night saw several candidates try and stray away from frontrunner former president Donald Trump. Jonathan Harris, columnist and political analyst, broke down some of the most memorable moments of the debate.
U.S. Sen. Bob Menendez of New Jersey pleaded not guilty on Wednesday to federal charges accusing him of pocketing bribes of cash and gold bars in exchange for wielding his political influence to secretly advance Egyptian interests and do favors for local businessmen.
