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.
Nine current or former Northern California police officers were charged Thursday in a federal corruption investigation that found evidence they committed civil rights violations and fraud in an effort to get a pay raise and lied on reports to cover up the use of excessive force, U.S. authorities said.
President Joe Biden opened a historic summit with Japan and South Korea at Camp David on Friday focused on strengthening security and economic ties at a time of increasing concerns about North Korea’s persistent nuclear threats and China’s provocations in the Pacific.
A Texas woman was arrested and has been charged with threatening to kill the federal judge overseeing the criminal case against former President Donald Trump in Washington and a member of Congress.
The prosecutor in Atlanta who obtained an indictment this week against former President Donald Trump and 18 others wants to take the case to trial in March.
