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).
U.S. stocks close Monday's session slight higher Monday as investors continue to monitor whether the economy will successfully avoid a recession. For many, fears over inflation and rising interest rates. Tommy Mancuso, president and co-founder of the Bad Investment Company, joins Cheddar News' Closing Bell to discuss.
Bill Nye the Science Guy is back but on an even smaller screen. America’s favorite science teacher has racked up more than eight million followers on TikTok, and he joined Cheddar News to talk about his success on the platform, having fun but also being serious about scientific topics like tackling climate change, and his newest hosting project "The End is Nye," a streaming show on Peacock that examines disasters — both natural and manmade. "There are six episodes. We have big disasters. Things go terribly wrong, and then we show you how things could have gone right," he explained.
Cheddar Politics takes a look at the Biden Administration's effort to center inflation concerns in the White House's economic policies. Reuters White House reporter Jeff Mason joins Cheddar News to discuss what the White House is doing and what more it can do to help fix economic issues.
In another round of sweeping sanctions against Russia for its war on Ukraine, European Union leaders have agreed to ban the vast majority of Russian oil by the end of the year. But, the embargo covers only Russian oil brought in by sea, allowing an exemption for fuel imported via pipeline. Christine McDaniel, a senior fellow with the Mercatus Center, discusses just how significant this deal is, and what impact it might have on the global energy sector.
Catching you up on what you need to know on Monday, June 6, 2022, a string of mass shootings across the country this weekend, UK Prime Minister Boris Johnson faces a no-confidence vote this morning, and Tropical Storm Alex floods Miami.
U.S. stocks closed Friday's session near session to cap off the week in the red. The disappointing end to the day and week follows a lukewarm May jobs report from the Labor Department and comes as investors continue to eye future rate hikes from the Federal Reserve. Callie Cox, U.S. Investment Analyst for eToro, joins Cheddar News' Closing Bell to discuss.
While the United States struggles with mass shootings, other countries have had success with gun regulations - often after their own mass shootings. On this Gun Awareness Day, Cheddar's Shannon LaNier reports on steps some other countries have taken to stop gun violence.
Join Cheddar News as we break down the Need 2 Know headlines this morning including Gun Violence Awareness Day, how to prevent mass shootings, and the president's comments on gun control.
