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 number of Americans applying for unemployment benefits fell for the seventh straight week to a pandemic low of 268,000.
The House has voted to censure Republican Rep. Paul Gosar of Arizona for posting an animated video that depicted him killing Democratic Rep. Alexandria Ocasio-Cortez with a sword.
Jacob Chansley, the spear-carrying Jan. 6 rioter whose horned fur hat, bare chest and face paint made him one of the more recognizable figures in the assault on the Capitol, has been sentenced to 41 months in prison.
Russian officials on Tuesday rejected accusations that they endangered astronauts aboard the International Space Station by conducting a weapons test that created more than 1,500 pieces of space junk.
President Joe Biden has signed his hard-fought $1 trillion infrastructure deal into law before a bipartisan celebratory crowd on the White House lawn.
President Joe Biden says his administration will help improve public safety and justice for Native American communities.
Democrat Beto O’Rourke is running for governor of Texas. The former El Paso congressman announced his decision Monday.
Longtime Trump ally Steve Bannon has appeared before a judge to face federal contempt charges for defying a subpoena from a House committee investigating January’s insurrection at the U.S. Capitol.
As inflation continues to heat up faster than expected, those on the side of seeing it as a transitory issue tied to the pandemic remain steadfast in their position. Cheddar's Alex Vuocolo takes a look at team transitory and its critics.
Michigan’s attorney general says she drank too much booze before a big football game between Michigan and Michigan State.
