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.
Water infrastructure across the country is vulnerable as climate change makes storms more unpredictable and destructive, flooding low-lying drinking water treatment plants and overwhelming coastal sewage systems.
Iran has transferred five Iranian-Americans from prison to house arrest in exchange for billions of dollars frozen in South Korea, U.S. and Iranian officials said Thursday, in a deal that comes after months of heightened tensions between the two countries.
