Democratic Congressman Hakeem Jeffries represents the eighth district of New York. He believes the Republican tax plan will protect millionaires and hurt middle-class Americans. The Congressman says that, despite an emphasis on reducing the federal deficit, the current plan will increase it by over a trillion dollars.
"This is really a smokescreen that has been put forth to pretend as if it's going to benefit everyday Americans," he says, "when the GOP tax proposal is really all about helping out millionaires, billionaires, and big corporations and showering them with a massive tax cut, exploding the deficit by about $1.5 trillion."
One of the key points of the GOP's policy is the elimination of state and local tax deductions for individual Americans, which could hit the constituents of high tax states like California and Jeffries' own New York. The White House argues that it's the states' decision to tax residents so much and that they shouldn't get a break because of it.
But Jeffries points out that the GOP's plan still allows corporations to deduct their state and local taxes. "The only reason it's being done, is because this is all about big business and wealthy Americans."
Democratic leaders Chuck Schumer and Nancy Pelosi declined an invitation by President Trump to meet with him at the White House and discuss tax reform. Congressman Jeffries believes that was a wise decision, because the President is not actually interested in reaching a bipartisan agreement.
Republicans also need to pass a short-term spending bill to fund the government, or it will shut down on December 8th. Congressman Jeffries says it would be unreasonable if Republicans try to blame a government shutdown on Democrats when the GOP holds both houses of Congress and the White House.
Catching you up on what you Need to Know on Mar 18, 2022, with updates on the war in Ukraine, President Biden’s meeting with Xi Jinping, Meta removing a deepfake video of Volodymyr Zelenskyy, Britney Griner, vaccine updates, and tech news.
As the Russia's invasion of Ukraine continues, medical experts are worried conditions in active warzones will exacerbate the current pandemic — or even give rise to other contagions. Dr. Daniel Fagbuyi, a war veteran and former Obama administration biodefense appointee, joined Cheddar News to discuss the ongoing danger of COVID-19 on top of the war, as well as the potential for new variants to emerge. "I mean just large volumes of people definitely is a breeding ground. That's the worst case," he said. "Two things don't mix: war-conflict and a virus, a potential pandemic virus."
Award-winning journalist, entrepreneur, and host Soledad O'Brien spoke to Cheddar about empowering women through her own podcast on financial literacy this Women's History Month.
Six House lawmakers are calling on Meta to stop paid ads from Chinese news companies that push Russian misinformation regarding the war in Ukraine. Matt Skibinski, General Manager, NewsGuard Technologies joins Cheddar to discuss the role of social media in this war.
Reva Shakkottai, Senior Vice President and financial advisor at RBC Wealth Management, joins Cheddar News' Closing Bell, where she elaborates on factors besides Wednesday's Fed decision that led to gains across the major indexes on Thursday, including new home construction and jobless claims data.
Art Hogan, Chief Market Strategist at National Securities, joins Cheddar News' Closing Bell, where he breaks down Fed Chair Jerome Powell's speech following the U.S. central bank's decision to raise rates and explains why Powell's comments move the markets more than the Fed decision itself.
Representative Adam Schiff (D-Calif. 29th District) joined Cheddar News at South By Southwest to discuss the variety of sanctions that the United States has placed on Russia since its invasion of Ukraine began last month and the impacts they are having both domestically and abroad. With rising gas prices, especially in states like California, Schiff noted that the American people are willing to make sacrifices in order to uphold their values and suggested that crisis may be a warning to shift away from fossil fuels. "At the end of the day though, this ought to be a wake up call that we need to stop our reliance on this oil economy and move to renewable sources of energy," he said. Schiff also explained his remarks about the January 6 commission investigating those closest to former President Trump and touched on a disturbing case in San Francisco where the police department used rape kit samples to ID a murder suspect.
Markets opened lower as the Federal Reserve announces plans to hike interest rates by a quarter point, while signaling six additional rate hikes later this year. Gary Schlossberg, Global Strategist, Wells Fargo Investment Institute, joined Cheddar's Opening Bell to discuss.
