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 Pentagon is pulling back about 1,100 active military troops from the U.S.-Mexico border.
Vice President Kamala Harris rejected an invitation from Florida Gov. Ron DeSantis to debate new standards in Black history education in that state.
Clinics in Indiana have stopped abortion services ahead of the state's enactment of a total ban.
Vice President Kamala Harris has publicly declined Florida Gov. Ron DeSantis' invitation to debate new standards in Black history education in Florida.
New Jersey is mourning the loss of Lt. Gov. Sheila Oliver, who passed away at the age of 71.
Trump is facing a new set of felony charges after a federal grand jury indicted him on crimes related to his attempt to overturn the 2020 election.
The Justice Department's four-count indictment Tuesday accuses the former president of assaulting the underpinnings of democracy in a frantic but ultimately failed effort to cling to power.
Thousands of Marines backed by advanced U.S. fighter jets and warships are slowly building up a presence in the Persian Gulf. It’s a sign that while America’s wars in the region may be finished, its conflict with Iran over its advancing nuclear program continues to worsen, with no solutions in sight.
President Joe Biden has decided to keep U.S. Space Command headquarters in Colorado, overturning a last-ditch decision by the Trump administration to move it to Alabama. The choice ended months of thorny deliberations, but an Alabama lawmaker vowed to fight on.
Parents and faith leaders have sued to stop Oklahoma from creating what would be the first religious public charter school in the nation.
