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.
Presidents Joe Biden and Xi Jinping are heading into their big meeting at a country estate in California on Wednesday hoping to stabilize U.S.-China relations after a period of tumult.
Israeli forces are raiding Gaza’s largest hospital, where hundreds of patients, including newborns, have been stranded with dwindling supplies and no electricity.
Nikki Haley's campaign is investing heavily in Iowa and New Hampshire as the presidential hopeful will be appearing in $10 million worth of TV, radio, and digital ads starting in December.
Paul Pelosi, husband of former House Speaker Nancy Pelosi, testified Monday in the trial of the man accused of breaking into his home and attacking him in October last year.
