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.
President Joe Biden is proposing a plan to raise the Medicare tax on high-income Americans and push for additional drug price negotiations to fund the program through 2050.
Boy Meets World star Ben Savage has officially announced his plans to run for Congress in the seat currently occupied by Rep. Adam Schiff, D-Burbank, who is now running for the seat of outgoing U.S. Sen. Dianne Feinstein.
If measures of the U.S. economy keep coming in hot, as they did in January, the Federal Reserve will likely have to raise interest rates even higher than it has already signaled — and keep them there longer — Chair Jerome Powell will likely warn in testimony to Congress on Tuesday.
Gov. Josh Shapiro says Norfolk Southern has pledged several million dollars to cover the cost of the response and recovery in Pennsylvania after last month’s derailment.
Federal agriculture officials are proposing a new rule that would clarify the meaning of meat labels that say foods are “Made in the USA.”
Researchers have uncovered a network of tens of thousands of fake Twitter accounts created to support former President Donald Trump and attack his critics and potential rivals.
Gunmen kidnapped four U.S. citizens who crossed into Mexico from Texas last week to buy medicine but were caught in a shootout that killed at least one Mexican citizen, U.S. and Mexican officials said Monday.
Senate Intelligence Committee Chair Mark Warner, D-Va., has introduced a bill setting down a plan for banning foreign technology such as video-sharing app TikTok.
Railroad unions report that workers for Norfolk Southern who were present at the derailment and chemical spill site in East Palestine, Ohio, have been falling ill.
The House Ethics Committee announced is launching an investigation into embattled Republican Rep. George Santos.
