Senator Sheldon Whitehouse: Tax Reform Is a "Historic Error"
As the Tax Cuts and Jobs Act makes its way to the White House, one Democrat lawmaker is pulling no punches with his criticism of Republicans who are calling the tax package historic.
Cheddar caught up with Senator Sheldon Whitehouse (D-RI) who calls the bill a “scam,” and a “historic error.” He says that the 80 percent of the benefits of the tax code package will go to the one percent in the long-haul.
“From what I see, it looks like it’s being done essentially as what people in politics call donor maintenance: keep the fellas who fund your party happy,” he said. “As an exercise in donor maintenance it is indeed historic, but in terms of flow through to the American public, and giving benefit to the normal family, I don’t see that happening.”
Republicans, however, argue that the bill is beneficial for the American people. The party says that Americans will have more jobs and the economy will see a boost. The tax plan currently cuts corporate taxes from 35 to 21 percent.
Some companies companies cheered on the news by announcing bonuses for their employees. AT&T announced that 200,000 of its employees will get $1,000 bonuses, and that it will increase its U.S. capital expenditure to $1 billion. AT&T was trending on Twitter shortly after, with users theorizing that the move was a political play to get the government to approve its contentious merger with Time Warner.
Still, Whitehouse encourages unhappy voters to let their voices be heard at the ballot box. He says that Democratic congress members on Capitol Hill will be doing everything they can to alleviate the pressure that the bill will cause in property taxes, SALT, and the student community.
“If you want things different, you got to vote in a different power structure here in Washington,” he said. “If you like what’s happening? If you like all of the self-dealing for the donor class, great. Keep voting Republican.”
For full interview [click here](https://cheddar.com/videos/senator-sheldon-whitehouse-d-ri-the-tax-reform-bill-is-a-historic-error).
The airline industry says it is contending with staff shortages that threaten to hamper operations amid the COVID resurgence, andDelta Airlines CEO Ed Bastian called on the CDC to revise its guidance for vaccinated workers who test positive from a 10-day quarantine to just five. Chuck Liberman, chief investment officer and managing partner at Advisors Capital Management LLC, joined Cheddar to talk about the current guidance on isolation and why he believes the omicron variant calls for more relaxed guidance given its reportedly mild symptoms.
Schools are shutting down in droves as the highly contagious omicron variant surges across the country. Denisha Merriweather, director of public relations and content marketing at the American Federation for Children, an advocacy organization for vouchers and tax credits for school choice, joined Cheddar's "Opening Bell" to discuss the impact of remote learning on children. She argued that school districts have to be more proactive about the steps they are taking to engage students, and if they are unable to form better teaching methods, parents should be able to find alternative schools.
The boys discuss President Biden's plans to send out free rapid tests as the testing supply chain starts to buckle ahead of the holidays. Also, why aren't Americans having more babies, and The Matrix returns.
With the Build Back Better plan essentially out of the picture, economists are highlighting what the country might lose without the provisions designed to strengthen it. Among other things, this includes no more monthly payments for tens of millions of families, no universal Pre-K for 6 million children a year, and no billions of dollars in tax incentives for climate initiatives. Grace Segers, staff writer for The New Republic, joined Cheddar to discuss the various impacts on the economy without President Biden's spending bill.
Electric vehicle companies took a tumble Monday after Senator Joe Manchin killed Biden's 'Build Back Better' plan. Shares of Tesla, Lucid, and Rivian all fell rapidly as the plan had included significant incentives for the growing EV sector. Rich Steinberg, former executive at Nissan, BMW and Electrify America joined Cheddar's Opening Bell to discuss.
Michael Robinson, Chief Technology Strategist at Money Map Press, joins Cheddar News' Closing Bell, where he explains why small and mid-cap stocks heating up during Tuesday's session is a very good sign for a stock market that ended the day's session sharply higher.
Coming off a 2021 campaign where the prices of Bitcoin, Ether, and other cryptocurrencies reached unpreceded levels, Bitwise Asset Management CIO Matt Hougan and OpenNode Co-Founder & CTO João Almeida join Cheddar News' Crypto Craze: The Year of the Token to discuss the ways the crypto market can soar even higher in 2022.
