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.
Mexico's largest railroad company said it was suspending operations of its cargo trains due to the massive number of migrants that are illegally hitching rides on trains moving toward the U.S. border.
California regulators on Tuesday ordered one of the country’s oldest bottled water brands to stop using some of the natural springs it has relied on for more than 100 years to market its products throughout the western U.S.
The U.S. Census Bureau asked the Biden administration Tuesday for permission to test questions about sexual orientation and gender identity for people age 15 and above on its most comprehensive annual survey of life in the country.
President Joe Biden made a robust case before the U.N. General Assembly on Tuesday that the world must remain united in defending Ukraine against Russian aggression.
