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.
More than $200 billion may have been stolen from two large COVID-19 relief initiatives, according to new estimates from a federal watchdog investigating federally funded programs that helped small businesses survive the worst public health crisis in more than a hundred years.
Using chainsaws, heavy machinery and controlled burns, the Biden administration is trying to turn the tide on worsening wildfires in the U.S. West through a multi-billion dollar cleanup of forests choked with dead trees and undergrowth.
The Supreme Court ruled Tuesday that state courts can act as a check on their legislatures in redistricting and other issues affecting federal elections, rejecting arguments by North Carolina Republicans that could have transformed contests for Congress and president.
Ron DeSantis asked a federal judge to throw out a lawsuit from Walt Disney Co. that accused the Florida governor of violating its contract with the state for his recent actions against the company.
Florida Gov. and 2024 presidential candidate Ron DeSantis outlined key immigration policies in Texas on Monday, vowing to end birthright citizenship along with mass detention and deportations.
New Zealand acknowledged it has an aging Boeing 757 so prone to breakdowns they had sent an empty backup to ensure Prime Minister Chris Hipkins didn't get stranded in China, where he is leading a trade delegation.
Delaware state Sen. Sarah McBride announced Monday she's running for the U.S. House of Representatives. Already the first openly transgender state senator elected in the country, she'd be the first transgender member of Congress if she wins in November.
