Republicans celebrated their first legislative win of the year Wednesday, after both houses of Congress passed a sweeping tax reform package.
But one Democratic congresswoman told Cheddar there’s still hope for constituents who remain opposed to the bill.
“Stay mobilized, let your voice be heard,” Representative Bonnie Watson Coleman (D-NJ) said Wednesday morning, after the Senate voted, but before the House reconvened. “Nothing is permanent but death and taxes, and we can do something about these taxes and we can do something about the makeup of this Congress.”
The president and his party leaders gathered Wednesday afternoon to praise the benefits of the tax system overhaul, which drops the corporate tax rate from 35 to 21 percent, nearly doubles the standard deduction for individuals, and lowers the tax rate for most income brackets.
While the GOP says the long-overdue changes will provide a boost to the economy, Democrats dispute that claim and say the bill will largely benefit the wealthiest Americans and balloon the deficit.
The bill does appear to be broadly unpopular. A recent CNN poll found that 55 percent of respondents opposed the legislation, a 10 percentage point increase since last month. Still, it passed the House by a vote of 224-201 Wednesday afternoon, with only 12 Republican naysayers.
Republicans also took to Twitter to cheer the victory. President Donald Trump posted a gif that read “Tax Cut for Christmas”.
For full interview [click here](https://cheddar.com/videos/rep-bonnie-watson-coleman-d-nj-says-voters-can-change-the-makeup-of-congress-in-2018).
President-elect Joe Biden's choice of Janet Yellen for treasury secretary isn't rattling many cages on Wall Street where analysts expect her to hew closely to outgoing Secretary Mnuchin's policies.
President Donald Trump has pardoned former national security adviser Michael Flynn, taking direct aim in the final days of his administration at a Russia investigation that he has long insisted was motivated by political bias.
Gripped by the accelerating viral outbreak, the U.S. economy is under pressure from persistent layoffs, diminished income, and nervous consumers, whose spending is needed to drive a recovery from the pandemic.
U.S. consumers increased their spending by a sluggish 0.5% in October, the weakest gain since April when the pandemic first erupted and a sign that Americans remain wary with the virus resurging across the country and threatening the economy.
Bob Pinnegar, president of the National Apartment Association, discusses the impending housing crisis should a stimulus bill fail to materialize quickly.
Here are the headlines you Need2Know for Tuesday, November 25, 2020:
Scottish lawmakers have unanimously passed legislation that will make period products freely available to anyone who needs them.
The General Services Administration has ascertained that President-elect Joe Biden is the “apparent winner” of the Nov. 3 election.
President-elect Joe Biden has chosen former Federal Reserve Chair Janet Yellen to serve as treasury secretary, a pivotal role in which she would help shape and direct his economic policies.
Jennifer Horn, a co-founder of the Lincoln Project and former New Hampshire GOP chair, had sharp words for Republicans for sticking with President Trump.
