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.
Mexico's largest railroad company said it was suspending operations of its cargo trains due to the massive number of migrants that are illegally hitching rides on trains moving toward the U.S. border.
California regulators on Tuesday ordered one of the country’s oldest bottled water brands to stop using some of the natural springs it has relied on for more than 100 years to market its products throughout the western U.S.
The U.S. Census Bureau asked the Biden administration Tuesday for permission to test questions about sexual orientation and gender identity for people age 15 and above on its most comprehensive annual survey of life in the country.
President Joe Biden made a robust case before the U.N. General Assembly on Tuesday that the world must remain united in defending Ukraine against Russian aggression.
