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.
A woman has taken command of the U.S.S. Constitution for the first time in its 224-year history. Cmdr. Billie J. Farrell on Friday became the 77th commanding officer of the warship that earned the nickname Old Ironsides.
China has flown 39 warplanes toward Taiwan in its largest such sortie of the new year, amid tensions over the island's future.
New York City Mayor Eric Adams plans to convert his first paycheck this week into two cryptocurrencies.
House Speaker Nancy Pelosi on Thursday reversed her position on efforts from rank-and-file members to restrict or ban members of Congress from trading stock in individual companies while in office.
The 40-page paper was widely seen as the first step in doing just that, but the document provides only partial hints as to if the Fed is supportive of a central bank digital currency.
The People's Bank of China (PBOC) announced on Tuesday that 261 million individuals, or about a fifth of the country's population, have now set up digital yuan wallets.
The number of Americans applying for unemployment benefits rose to the highest level in three months as the fast-spreading omicron variant disrupted the job market.
At a Wednesday news conference to mark his first year in office, President Joe Biden is admitting that the pandemic has exhausted and demoralized many Americans.
Starbucks is no longer requiring its U.S. workers to be vaccinated against COVID-19, reversing a policy it announced earlier this month.
The Biden administration will begin making 400 million N95 masks available for free to U.S. residents starting next week.
