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.
The stunning removal of Kevin McCarthy as speaker has left the House adrift as Republicans struggle to bring order to their fractured majority and begin the difficult and potentially prolonged process of uniting around a new leader.
New York City is challenging a unique legal agreement that requires it to provide emergency housing to anyone who asks for it, as the city's shelter system strains under a large influx of international migrants who have arrived since last year.
Warned to mind his out-of-court comments, former President Donald Trump returned to his New York civil fraud trial Wednesday as lawyers on both sides closely questioned an accountant who prepared financial statements at the heart of the case.
The third day of former president Donald Trump's civil fraud trial kicked off earlier Wednesday in New York, a day after a judge imposed a limited gag order on Trump.
The National Zoo's three giant pandas — Mei Xiang, Tian Tian and their cub Xiao Qi Ji — are set to return to China in early December with no public signs that the 50-year-old exchange agreement struck by President Richard Nixon will continue.
Speaker Kevin McCarthy plans to force a vote Tuesday on the far-right effort to oust him from his leadership position and insists he will not cut a deal with Democrats to remain in power, setting the stage for an extraordinary and unpredictable showdown on the House floor.
