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.
Sentencing of former Proud Boys national chairman Enrique Tarrio for a plot to attack the U.S. Capitol in a failed bid to stop the transfer of presidential power after Donald Trump lost the 2020 election.
The U.S. government is taking a big step toward forcing a defiant Tennessee company to recall 52 million air bag inflators that could explode, hurl shrapnel and injure or kill people.
The top prosecutors in all 50 states are urging Congress to study how artificial intelligence can be used to exploit children through pornography, and come up with legislation to further guard against it.
