After a procedural snafu last night, the House officially passed tax reform this morning. Now the bill goes to President Trump's desk to be signed into law.
Jack Hunter, Editor at Rare Politics, explains what happened that forced the House to vote on the bill for a second time. Since Congress is attempting to pass legislation using budget policy, there are a special set of rules that have to be followed. The Senate claimed that the House violated those rules in multiple ways.
President Trump could sign the bill into law as soon as tonight. However, even if it gets signed this week, Americans won't feel the effects of tax reform until next year. Hunter walks through some of the ways your taxes could be impacted.
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These are the top stories, from Wall Street to Silicon Valley, that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
The internet can be a toxic place ー but it doesn't have to be, according to Deepak Chopra. The bestselling author and new age advocate is helping to build a healthier internet through a new Amazon Alexa skill that delivers his daily "intentions." The skill is a result of a partnership with A.I.-provider LivePerson's innovation lab, LivePerson Studios.
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Parkland shooting survivor and March for Our Lives co-founder Delaney Tarr worries people will keep dying at the hands of gun violence until "everyone has a story." "It's that mentality of, 'It's not important to vote on because it hasn't happened to us yet.' But, increasingly, every community in this country is affected by gun violence," she told Cheddar Big News on Thursday. "If we don't start voting on it now like it is one of the most important issues ー because it is ー then people are just going to keep dying."
Americans seem to agree on at least one thing: no one likes a traffic jam — and congestion is at its all-time worst. Transportation was a prominent subject of this year's midterm elections. Election Day hosted over 300 transportation and infrastructure initiatives on the ballot, and on both the state and local levels, a number of newly-elected officials are now faced with the task of shaping that legislation and policy.
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The Dow Jones Industrial Average closed 500 points higher on Wednesday, following a Midterm election that returned the U.S. House to Democratic Party control. But Samantha Azzarello, global market strategist for JPMorgan ETFS, told Cheddar not to expect an overheated market in the next Congress. "We're not going to have another pop and another overheating of growth in 2019 and 2020," she said.
President Trump announced on Twitter on Wednesday that Jeff Sessions will be resigning and Matthew G. Whitaker, chief of staff to Sessions will be the new Acting AG. President Trump declined to comment on Sessions only an hour before in his post-election presser.
Voters in San Francisco gave overwhelming support on Tuesday to a measure that would tax big tech for the sake of the homeless. And not everyone in the Silicon Valley stronghold is happy.
