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 latest CNN poll found that President Joe Biden and former President Donald Trump are in a statistical tie ahead of next year's presidential election.
U.S. District Judge David Ezra stopped short of ordering Texas to dismantle the wrecking-ball sized buoys on the Rio Grande but called them a threat to safety and relationships between the neighboring countries.
Four months after a civil trial jury found Donald Trump sexually abused and defamed advice columnist E. Jean Carroll, a federal judge has ruled still more of the ex-president’s comments about her were libelous. The decision means an upcoming second trial will concern only how much more Trump has to pay Carroll.
