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.
With House Speaker Kevin McCarthy's latest funding plan in ruins and lawmakers leaving town for the weekend, there's no endgame in sight as hard-right Republicans push dangerously closer to a disruptive federal shutdown.
A judge rejected Hunter Biden's request to attend his next court hearing virtually.
Free Covid tests are making a return thanks to the federal government.
The Biden administration said it's allowing about 100,000 Venezuelan migrants already in the U.S. to work and live legally in the country.
The U.S. sent two prototype drone ships to Japan to start testing surveillance and possible attacks against China.
A judge rejected Hunter Biden's request to appear virtually at his next court hearing.
House Republicans clashed with Attorney General Merrick Garland on Wednesday, accusing him and the Justice Department of the “weaponization” of the department's work in favor of President Joe Biden 's son Hunter.
The Federal Reserve left its key interest rate unchanged Wednesday for the second time in its past three meetings, a sign that it’s moderating its fight against inflation as price pressures have eased. But Fed officials also signaled that they expect to raise rates once more this year.
The Biden administration announced Wednesday that it is providing $600 million in funding to produce new at-home COVID-19 tests and is restarting a website allowing Americans to again order up to four free tests per household — aiming to prevent possible shortages during a rise in coronavirus cases that has typically come during colder months.
The Pentagon began a new effort Wednesday to contact former service members who may have been forced out of the military and deprived of years of benefits due to policies targeting their sexual orientation, starting with those who served under “Don't Ask, Don't Tell."
