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.
President Joe Biden has met with new House Speaker Mike Johnson at the White House. Johnson was joined by Democratic leader Hakeem Jeffries as they discussed Biden's request for nearly $106 billion for Israel, Ukraine and other national security needs.
The new leader of one of the chambers of Congress that will certify the winner of next year's presidential election helped spearhead the attempt to overturn the last one, raising alarms that Republicans could try to subvert the will of the voters if they remain in power despite safeguards enacted after the 2021 attack on the U.S. Capitol.
