On Tuesday the House passed the Republican Tax Plan by a 227-203 margin. Politico Tax Reporter Aaron Lorenzo explains the path forward for this legislation in the Senate, and how individuals and corporations will be impacted.
Lorenzo says he expects the GOP plan to pass the Senate, and signed by President Trump before the end of the year. The bill is a $1.5 Trillion tax cut which nearly doubles standard deduction, and cuts the corporate tax rate from 35 percent to 21 percent. Lorenzo says he expect retail to be a big winner, because they do not face a big margin.
According to a recent Gallup Poll, more than half of Americans say the proposed tax cuts would not help their families financial situation, and would not help the U.S. economy.
Why not tax the millionaires? That question won't seem to go away as Congress begins drafting a package of tax breaks and spending cuts for President Donald Trump’s “big, beautiful bill."
X, the social media platform owned by Trump adviser Elon Musk, is challenging the constitutionality of a Minnesota ban on using deepfakes to influence elections and harm candidates.
Elon Musk intends to focus more on his job as Tesla CEO, but it’s unclear if the billionaire will be able to solve a big problem of his own making.
President Donald Trump said Tuesday he has no plans to fire Federal Reserve Chair Jerome Powell, just days after saying he would like to fire him.
Starting next month, the Education Department says student loans that are in default will be referred for collections.
President Donald Trump repeated his attacks Monday against the chair of the Federal Reserve, demanding that the central bank lower its key interest rate.
