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.
Simon Shuster, Senior Correspondent at TIME, discusses his recent article, how the friendship between Musk and Trump may affect US spending, “DOGE” and more.
MarketWatch's Hannah Erin Lang joins Cheddar to discuss how economists are viewing Trump's immigration policy and how it will affect the job market in America.
Nathan Bomey, reporter at Axios, joins Cheddar to unpack what Elon Musk and Vivek Ramaswamy will do as heads of the Department of Government Efficiency. Watch!
Cheddar's Dave Briggs and Peter Green unpack details on Trump and Harris' economic plans. Do people understand tariffs? Who will add more to the debt? Watch!
