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.
In a defeat for gay rights, the Supreme Court's conservative majority ruled Friday that a Christian graphic artist who wants to design wedding websites can refuse to work with same-sex couples.
House Republicans are divided as they prepare impeachment proceedings against President Joe Biden. Florida Gov. Ron DeSantis said he will eliminate several government agencies if elected. And the White House confirmed that President Biden is using a CPAP machine to deal with sleep apnea.
The Supreme Court ruled Thursday that colleges and universities must stop considering race in admissions, forcing institutions of higher education to look for new ways to achieve diverse student bodies.
Former President Donald Trump is trying to turn the tables on the advice columnist who won a $5 million jury award against him in a sexual abuse lawsuit, saying in a countersuit that she owes him money and a retraction for continuing to insist she was raped even after a jury declined to agree.
Former president Donald Trump continued to deny wrongdoing amid his investigations and criminal case as House Speaker Kevin McCarthy faced criticism for his backtrack on his support for Trump.
