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.
U.S. officials say efforts ordered by President Joe Biden to strengthen defenses against Chinese espionage helped identify last week’s spy balloon — and determine that similar flights were conducted at multiple points during the Trump administration.
Control of Disney's Orlando area theme parks may soon go to a board chosen by Governor Ron DeSantis. Republican lawmakers unveil the bill that would give Republicans authority over the state's largest employer.
Thousands killed in Turkey earthquake, Ohio train derailment danger, and Europe bans Russian diesel imports. Here is everything you Need2Know for Monday, February 6, 2023.
Republicans said President Joe Biden allowed China to spy on the U.S. by not shooting the balloon down sooner while Democrats said similar incursions happened during the Trump administration.
A huge, high-altitude Chinese balloon sailed across the U.S. on Friday, drawing severe Pentagon accusations of spying and sending excited or alarmed Americans outside with binoculars
