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House of Representatives Tag

Democrats, who now control the House of Representatives, are using their committee powers to wage an all out war on Donald Trump regarding his personal finances, including businesses. This use of government power to go after all things Trump is not new. Various state Attorney Generals, particularly Tish James in New York, have signaled a desire and intent to subject Trump's personal and business finances to extreme scrutiny looking for a crime.

President Donald Trump presented his agenda in front of Congress on Tuesday night. For the first time since he announced his candidacy, Trump sounded presidential and smooth. Kemberlee reported he will speak about these topics:
  • Tax and regulatory reform
  • Making the workplace better for working parents
  • Obamacare reform
  • Education
  • Rebuilding the military
  • Taking care of veterans

House Intelligence Chairman Devin Nunes announced there is no evidence of communication between President Donald Trump's team and Russian officials:
“There is no evidence that I’ve been presented [by the intelligence community] of regular contact with anybody in the Trump campaign,” Rep. Devin Nunes (R-Calif.) told reporters. “The way it sounds like to me is, it’s been looked into and there’s no evidence of anything there.”

House Republicans desperately want to reform taxes, but so far the only plan they have developed has gained no leverage. That's because border adjustment makes up a majority of the plan, which few, including top retailers, want anything to do with. The border adjustment is a tariff. It adds a tax on imports, which will inevitably raise prices on consumers. Common sense economics: A business must make a profit in order to supply goods and services. It cannot do that without money. In order to make money when a tax is added or raised, the business must raise the price on its goods in order to make that profit.

The Republicans in the House have suggested to overhaul the tax code with a "border-adjustment" proposal, but it has caused a massive split with companies before anyone has even drafted legislation. I brought up this proposal when President Donald Trump explained that he would make Mexico pay for a border wall by placing a 20% tax on imports because it mirrors the House GOP's plan. I also mentioned how these plans will screw the consumer and businesses have started speaking out against it:
Some retailers and other big importers doubt the dollar would rise that much. They warn of tax bills that would exceed profits, forcing them to pass costs to consumers. Some are in the early stages of working on an alternative plan they can present to lawmakers, says a person familiar with those plans.
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