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.
Capitol Police Chief Tom Manger said the false alarm "may have been a bogus call" but that law enforcement agencies are ready to stop any attempt to disrupt the court case of former President Donald Trump, who was indicted Tuesday on charges of trying to overthrow the 2020 election.
The federal judge assigned to the election fraud case against former President Donald Trump has stood out as one of the toughest punishers of rioters who stormed the U.S. Capitol in an attack fueled by Trump's baseless claims of a stolen election. She has also ruled against him before.
