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.
Justin Jones and Justin Pearson, the two Tennessee state representatives who were expelled by House Republicans earlier this year, won back their seats.
Tennessee Reps. Justin Pearson and Justin Jones, who became Democratic heroes as members of the “Tennessee Three,” reclaimed their legislative seats Thursday after they were expelled for involvement in a gun control protest on the House floor.
