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.”
As we celebrate Black History Month, Cheddar is highlighting prominent Black Americans who are carving their own historic paths and trailblazing in their fields. Today we feature Ketanji Brown Jackson, the first Black woman SCOTUS nominee.
Russia's invasion of Ukraine went hand in hand with cyberattacks against Ukrainian government websites and financial institutions. Cheddar News speaks with cybersecurity expert Karim Hijazi, CEO of Prevaillon, on why the Russian cyberwarfare is concerning to other nations.
Florida legislation being called the 'Don't Say Gay' bill would restrict some discussion of sexual orientation and gender identity in classrooms with young students. Jon Harris Maurer, public policy director at Equality Florida, joins Cheddar News to discuss.
President Joe Biden promised during his campaign to focus on stable and ally-focused foreign policy, and the Russia-Ukraine crisis seems like an opportunity for him to focus on that tactic after last year's chaotic Afghanistan withdrawal. So far, Biden and western allies have banned together to sanction Russian banks, billionaires, and even President Vladimir Putin himself. Meanwhile, Biden has not deployed U.S. troops to intervene directly in Ukraine. Jack Detsch, national security reporter at Foreign Policy, joins Closing Bell to discuss why Biden is focusing on a sanctions-based, ally-focused strategy, what impact sanctions could have on Russia's economy, and more.
As Russia continues its attack on Ukraine, protests are popping up in major cities across the U.S., including across the street from the United Nations in New York City.. Chloe Aiello reports.
