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 North American wolverine will receive long-delayed federal protections under a Biden administration proposal released Wednesday in response to scientists warning that climate change will likely melt away the rare species’ snowy mountain refuges.
Hundreds of high school students in South Florida walked out Tuesday in support of a principal and staff who were reassigned for allowing a transgender student to be on the girls' volleyball team.
