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).
President Joe Biden has gotten a second booster dose of the Pfizer COVID vaccine, and he used the occasion Wednesday to call on Congress to pass billions of dollars in additional funding to fight the pandemic.
Catching you up on what you need to know on March 30, 2022, with updates on what is happening in Kyiv, the FDA releases plans for a fourth dose of COVID vaccines, COVID subvariant BA.2 becomes dominant variant in the U.S., employees at Conde Nast form a union, and more.
Maine Sen. Susan Collins says she'll vote to confirm Judge Ketanji Brown Jackson, giving Democrats at least one Republican vote and all but assuring Jackson will become the first Black woman on the Supreme Court.
A NASA astronaut is back on Earth after a yearlong, record-setting spaceflight. He caught a Russian ride from the International Space Station on Wednesday with two cosmonauts.
Florida Governor Ron DeSantis has signed the controversial so-called ‘Don’t Say Gay' bill into law, banning classroom instruction on gender identity and sexual orientation in kindergarten through third grade. Gary Fineout, reporter at Politico, joins Cheddar News to discuss.
U.S. stocks closed Tuesday's session near session highs. The Dow Jones Industrial Average rose 350 points, after rising more than 400 points at its session high. Shares were also impacted positively by optimism around peace talks in Ukraine. Nancy Prial, Co-Chief Executive Officer & Senior Portfolio Manager of Essex Investment Management, joins Cheddar News' Closing Bell to discuss.
Sylvia Jablonski, CIO at Defiance ETFs, breaks down the factors leading to the market's strong start to the week and discusses what investors should be focusing on when it comes to the Russian invasion of Ukraine and inflation.
Bitcoin surged to its highest level on Monday since January 2nd. The gains also come after a late Sunday rally for the cryptocurrency, when it surpassed the key price of $45,000, and also turned positive for 2022. Matt Hougan, CIO of Bitwise Asset Fund, joins Cheddar News' Closing Bell to discuss what is behind the recent rallies for Bitcoin and other cryptocurrencies.
