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 Biden administration on Tuesday quietly launched its website for Americans to request free at-home COVID-19 tests, a day before the site was scheduled to officially launch.
Just 27% of voters aged 18-29 approve of the job Biden is doing as president, according to a survey from The Economist and YouGov late last year. Santiago Mayer, executive director of Voters of Tomorrow, joins Cheddar Politics to discuss why President Biden is losing support among young voters.
Jesse Lehrich, co-founder of Accountable Tech, joins Cheddar News to discuss it being one year since Trump was exiled from social media and the former President's new platform 'Truth Social.'
Cliff Albright, co-founder of the group Black Voters Matter, joins Cheddar Politics to discuss why he boycotted President Biden's voting rights speech this week, and the push from Senate Democrats to debate and vote on the Freedom to Vote Act and the John Lewis Voting Rights Advancement Act.
Senator Jon Ossoff (D-Ga.) has teamed up with fellow Democratic senator and former astronaut Mark Kelly to introduce the Ban Congressional Stock Trading Act, a bill to essentially end stock trading by sitting lawmakers. From the other side of the aisle, Senator Josh Hawley (R-Mo.) introduced his own legislation to enact something similar. The dueling bills come at a time when it's popular to constrain members of Congress from owning and trading stocks. Karl Evers-Hillstrom, a business and lobbying reporter at The Hill, spoke to Cheddar about the significance of the bills, and what they could mean for lawmakers, their families, and staffers moving forward.
A second Starbucks location in the U.S. has officially voted to unionize. On Monday, the National Labor Relations Board announced workers at the Starbucks store located in the Buffalo, NY suburb of Cheektowaga voted 15-9 in favor of being represented by Workers United, an affiliate of the Service Employees International Union. The New York Times reports votes were tallied in December but remained inconclusive as the union challenged the ballots of several employees it said did not work at the store. A Starbucks spokesperson has said that it may appeal the labor board's decision, which comes as several other Starbucks stores across the country are also pushing to form a union. Danka Dragic, shift supervisor for the second Starbucks store in the country to unionize, joined Cheddar News' Closing Bell to discuss.
Earlier today, Minnesota Republican Representative, Tom Emmer, introduced a bill that would prevent the Federal Reserve from issuing a central bank digital currency directly to American consumers. According to the Congressman from Minnesota, requiring Americans to open a fed account to access a digital currency, would "put the Fed on insidious path akin to China's digital authoritarianism." Rep. Tom Emmer joined Cheddar's None of The Above to discuss more.
Sixteen of the country's most prestigious universities have been hit with a lawsuit claiming those schools illegally conspired to eliminate competitive financial aid offers for students. Just some of the schools mentioned include Yale, Brown, Columbia, UPenn, and Cornell. Author of "Who Gets In and Why" and Professor of practice at Arizona State University, Jeff Selingo, joined Cheddar to discuss more.
