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.
An appeals court has suspended Rudy Giuliani from practicing law in New York because he made false statements while trying to get courts to overturn Donald Trump’s loss in the presidential race.
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The Supreme Court has ruled that a Pennsylvania public school wrongly suspended a cheerleader over a vulgar social media post.
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Federal Reserve Chairman Jerome Powell testified before the House Select Subcommittee on the Coronavirus Crisis on Tuesday.
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