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.
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.
Hunter Biden pleaded not guilty on Tuesday to three federal firearms charges filed after a plea deal imploded, putting the case on track toward a possible trial as the 2024 election looms.
Speaker Kevin McCarthy is facing an extraordinary referendum on his leadership of the House after Rep. Matt Gaetz, a longtime critic, moved to launch a vote to oust him from the helm.
