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.
Futures rebounded this morning in reaction to positive news from Merck that its covid-19 treatment pill is 50 percent effective at preventing hospitalizations and death. It comes after a rocky month on Wall Street, which saw all the major averages post their worst months in over a year. Chris Vecchio, Senior Analyst, at DailyFX joined Wake Up with Cheddar for more.
Makena Kelly, Politics reporter at The Verge, joined Cheddar News to break down Thursday's congressional testimony from Facebook's global head of security, as the company comes under fire for its plans to attract kids.
U.S. weekly jobless claims rose to 362,000 for the week ending September 25th, higher than the 335,000 economists had expected. This figure is also slightly higher than the 351,000 reported a week earlier. Louis Cordone, Senior Vice President of Data Strategy at AST joined Wake Up with Cheddar to discuss.
Former French President Nicolas Sarkozy has been found guilty of illegal campaign financing linked to his 2012 bid for reelection after $54 million was spent on fake invoices. Sarkozy was sentenced to one year in prison.
