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.
A former organizer of the far-right Proud Boys extremist group was sentenced on Thursday to 17 years in prison for spearheading an attack on the U.S. Capitol to prevent the peaceful transfer of power from Donald Trump to Joe Biden after the 2020 presidential election.
Former President Donald Trump has pleaded not guilty and waived arraignment in the case accusing him and others of illegally trying to overturn the results of the 2020 election in Georgia.
