Sen. Chris Van Hollen (D-MD): House and Senate tax reform bills are “rotten”
The bipartisan battles on Capitol Hill are heating up as the end of the year approaches, and Congress must agree on a budget bill to avoid a government shutdown. Senator Chris Van Hollen (D-MD) told Cheddar on Tuesday that a shutdown would be “a big mistake.”
“While there are, of course, many differences on this,” he said, “we need to find a way to bridge them in order to keep the government going.”
The congressman noted that there are plenty of pressing issues that need to be addressed by the end of the year, including the Republican Tax Plan, and the DREAM Act. Van Hollen says that DACA should be at the top of the list, and criticizes the Republicans for pushing the tax bill through so quickly.
The bill was first introduced to the House in early November, and passed the Senate within a month, with a tally of 51-49 votes. The next step is for a committee to reconcile the differences between both bills before it reaches President Donald Trump’s desk. Many critics argue that the bill favors the rich, and will be a burden for the middle class in the long run. Meanwhile, some Republicans contend that the tax will encourage corporations to bring business home, and offer greater tax relief.
Van Hollen agrees with Democratic Leader Nancy Pelosi that the bills should be scrapped. He argues that both tax bills introduced to Congress, which would increased the national deficit by $1.3 trillion, are “rotten.” Beyond increasing debt, Van Hollen says that by 2019, the bill will make foreign stockholders $31 billion richer, at the cost of the middle class. The congressman says the reason is that over one-third of stocks held in U.S. corporations are owned by foreign stockholders.
“In that same, year those Americans that are going to be paying more in taxes are going to contribute about $29 billion,” he said. “Take it from the pocket of a middle class American family, transfer it to foreign stockholders.”
President Biden announced a ban on Russian oil and natural gas imports to the U.S. in response to its invasion of Ukraine, a move he warned could lead to an even greater surge in gas prices. The ban is prompting a conversation about the current oil production levels in the U.S. and whether or not the industry can ramp up production to soften the blow to American families at the gas pump. Clark Williams-Derry, Energy Finance Analyst with the Institute for Energy Economics and Financial Analysis, breaks down the state of the U.S. oil industry and how the ban might impact production levels here at home.
PepsiCo, Coca-Cola, McDonald’s, and Starbucks are the latest American food brands to have halted business operations in Russia after having faced scrutiny and criticism for originally failing to do so amid the country's invasion of Ukraine.
As Russia intensifies its war on Ukraine, President Biden announced a ban on oil imported from the aggressor nation. Critics of Russia have said this would be the best way to force Putin to pull back, but curbs on Russian oil exports are expected to send already skyrocketing oil and gas prices even higher, further impacting consumers, businesses, financial markets, and the global economy. Leslie Beyer, CEO of the Energy Workforce and Technology Council, joined Cheddar News' Closing Bell to discuss. "It's certainly going to increase pricing, but it is the right thing to do," she said. "The industry itself has already pulled out of the significant portion of its operations in Russia."
Sports Betting in the U.S. is booming. According to industry experts, we could see another boom this year as more states move towards statewide legalization of sports wagering. While this comes as huge news for fans, there are some very real concerns as to whether or not sports betting potentially poses a threat to public health. Senior Clinician at the Caron Treatment Centers, Eric Webber, joined Cheddar to discuss more.
The Biden administration has made gender policy a core part of how it governs. The president established the first Gender Policy Council. It's on the same level as the National Security Council, Domestic Policy Council and National Economic Council, putting the interests of women and other underserved groups at the table for the most important policy discussions.
Cheddar News sat down with Jennifer Klein, executive director and co-chair of the White House Gender Policy Council, to discuss the council's work and its significance during Women's History Month.
State Representative Jessica González, Vice Chair of the Texas House LGBTQ Caucus, joins Cheddar News to discuss the latest Texas anti-transgender directive.
The United States Secretary of Agriculture, Tom Vilsack joins None of the Above to discuss the newly emerging conflict in Europe, what it means for agriculture in the states, dairy and meat consumption, and how the department is planning to promote climate-smart agriculture.
Tens of thousands of people have fled Ukraine in attempts to escape the Russian Invasion. According to the U.N. neighboring countries like Poland, Hungary, and even Romania have seen half a million refugees. While the hospitality is being welcomed by many, it also highlights the mistreatment of migrants and refugees from the Middle East and Africa. Professor of Philosophy and Director of Politics at Northeastern University Serena Parekh, joined Cheddar, to discuss more.
As Russia unleashed war in the country of Ukraine, global leaders have started inflicting punishment on Vladimir Putin's regime via commercial and financial penalties. According to President Joe Biden Putin's aggression is "a flagrant violation of international law and it demands a firm response from the international community".However, the main question is will these sanctions actually work. Partner at Jenner & Block LLP, Rachel Alpert, joined Cheddar to discuss more.
