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.
More than 90% of the people killed by a 6.3-magnitude earthquake in western Afghanistan last weekend were women and children, U.N. officials reported Thursday.
Millions of Social Security recipients will get a 3.2% increase in their benefits in 2024, far less than this year's historic boost and reflecting moderating consumer prices.
Palestinians in Gaza lined up outside bakeries on Thursday after spending the night in pitch darkness surrounded by the ruins of pulverized neighborhoods, as Israel launched new airstrikes and said it was preparing for a possible ground invasion.
Republicans on Wednesday nominated Rep. Steve Scalise to be the next House speaker and will now try to unite around the conservative in a floor vote to elect him after ousting Rep. Kevin McCarthy from the post.
The number of U.S. citizens confirmed to have been killed in the Israel-Hamas war has risen to at least 22 with at least 17 more Americans unaccounted for, the State Department said Wednesday. That's an increase in the death toll from 14 the day before, in a war that has already claimed more than 2,200 lives on both sides.
