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.
Tim Davis, Partner and Executive Managing Director at Steward Partners, joins Cheddar News' Closing Bell, where he discusses what activity we could expect to see from the crypto market this week as the Fed decision approaches, the prices of Bitcoin and Ether struggle to find a spark, and the industry continues to digest President Biden's executive order on crypto.
Russia may be asking China for help with its war in Ukraine, according to several reports citing unnamed U.S. officials. Russia is reportedly calling on its ally for military and economic assistance, in an attempt to avoid punishment from sanctions imposed by the U.S., Europe, and Asia, which have hammered Russia's economy. Chinese and Russian officials denied the reports. Meanwhile, top U.S. and Chinese officials are meeting today, with both countries confirming the conflict in Ukraine will be the meeting's main topic. Edward Wong, diplomatic correspondent for the New York Times, joins Cheddar News' Closing Bell to discuss.
A Ukrainian drone company is using its technology to help defend its home nation during the ongoing war with Russia. Valerii Iakovenko, co-founder and CEO of DroneUA, joined Cheddar News to discuss its efforts to help against the invasion. "These drones can be used to do strikes more precise and even cheap drones, even simple technologies can help to make a defensive possibilities more precise," he said.
Following the Texas Supreme Court's decision to end further challenges against the latest abortion restrictions, Texas saw a 60 percent decrease in abortions performed in the state — with an exodus of patients seeking care in other parts of the country. President, and CEO of Planned Parenthood Federation of America, Alexis McGill Johnson, joined Cheddar News at South by Southwest 2022 to discuss the impact of the court's ruling on reproductive health care in the Lone Star State and beyond.
Damian Mason, farm owner, agricultural economist and author of "Food Fear" joined Cheddar News to talk about how the Russian invasion of Ukraine is putting pressure on commodities, which could lead to a 20 percent price hike according to the United Nations. “Russia and Ukraine are responsible for about 35 percent of exports, 35 percent of grain exports, specifically wheat,” said Mason. He also added, "You've got Russia saying, 'we're going to hoard and hold back our wheat,' which of course crimps global supply, and you've got Ukraine that maybe won't even get harvested."
In order to qualify for one of the coveted first retail licenses in New York's adult-use cannabis program, you'll have to have a conviction on cannabis-related charges or have an immediate family member who does. It's part of the latest effort by New York lawmakers to create a diverse and inclusive industry — but some advocates still have reservations. Amber Littlejohn, the executive director of the Minority Cannabis Business Association, joined Cheddar News' Closing Bell to discuss. "We definitely applaud the state of new york, but ultimately the devil will be in the details as to whether or not this actually works out to create equity in the cannabis industry," she said.
David Daley, senior fellow for FairVote, joins Cheddar News to discuss the Supreme Court denying the GOP's challenge to congressional maps in North Carolina and Pennsylvania.
