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.
Hackers have broken into a Washington, D.C. health insurance marketplace and stolen sensitive personal data including Social Security numbers and home addresses of members of Congress, their employees and family members.
Senate Republican leader Mitch McConnell suffered a concussion after a fall at a local hotel and remains hospitalized “for a few days of observation and treatment,” a spokesman said Thursday.
Norfolk Southern's CEO is apologizing to Congress on Thursday and pledging millions of dollars to help East Palestine, Ohio, recover from the fiery hazardous materials train derailment as senators investigate.
The RESTRICT Act seeks to proactively tackle dangerous technology, including TikTok, according to a bipartisan group of senators that includes Mark Warner (D-Va.).
