Rep. McEachin (D-VA): "The American People" Lose From Tax Reform Bill
GOP negotiators are still hammering out the final details of the party’s tax plan, in a reported effort to have the proposal on President Trump’s desk by next week. A CBS News poll from last week found that 53 percent of people nationwide disapprove of the GOP tax bill, while only 35 percent approve.
Democrats argue that the bill raises the national deficit over $1 trillion, hurts the middle class, and makes the rich richer. Rep. Donald McEachin (D-VA) added another woe to the mounting list: the proposed tax reform would actually hinder Trump’s aggressive military buildup promises.
“The American people are the losers under this bill,” he said, enumerating all of the issues he sees with the proposed legislation. “In addition, in a state like mine (Virginia), where military spending is so important, they’re robbing the military as well from buildup.”
For full interview [click here](https://cheddar.com/videos/rep-donald-mceachin-d-va-says-the-gop-tax-plan-has-caused-the-party-to-lose-all-credibility).
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Catching you up with what you need to know on Apr 12, 2022, with Russia concentrating forces in eastern Ukraine, rising inflation, severe weather from Minnesota to the Gulf Coast, Philadelphia brings back its indoor mask mandate, PG&E pays $55 million for wildfire settlement, and more
President Joe Biden is visiting corn-rich Iowa to announce he’ll suspend a federal rule preventing the sale of higher ethanol blend gasoline in the summer.
The March consumer price index showed a 1.2 percent month-over-month increase and 8.5 percent increase from a year ago, which was the highest reading since 1981.
U.S. stocks saw a jump in the final hour of Thursday's session, and ultimately closed slightly higher for the day. Tim Pagliara, Chief Investment Officer of CapWealth, joined Cheddar News' Closing Bell to discuss. "The markets have had to digest a lot of action from the federal reserve this quarter and it's affecting everything from mortgage rates to how they value stocks," he said.
Rukmani Bhatia, Senior Federal Affairs Manager at Giffords, joined Cheddar News' Closing Bell to discuss the importance of regulating ghost guns as a way to curb U.S. gun violence, which kills more than 40,000 Americans every year.
Gary Schlossberg, Global Strategist at Wells Fargo Investment Institute, joined Cheddar News' Closing Bell to discuss the dire situation caused by Russia's war on Ukraine, as the region is key for exporting grains and corn, and as the UN Food & Agriculture Organization says food prices rose to the highest levels ever in March.
