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.
The Supreme Court says it will take up a Republican-led challenge to the Consumer Financial Protection Bureau, a case that could threaten how the consumer watchdog agency functions.
U.S. first lady Jill Biden says there's “pretty much” nothing left to do but choose the time and place for President Joe Biden's reelection announcement.
Transgender youth in Tennessee would be banned from receiving gender-affirming care under legislation currently headed to Republican Gov. Bill Lee’s desk.
The U.S. Environmental Protection Agency ordered Norfolk Southern on Tuesday to pay for the cleanup of the East Palestine, Ohio train wreck and chemical release.
Carter, at age 98 the longest-lived American president, had a recent series of short hospital stays, but has now “decided to spend his remaining time at home with his family," said The Carter Center in a statement.
