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A TAXING DAY

The Story

The Senate unwrapped its tax plan yesterday.

What's going on?

Last week, House Republicans announced their plan to overhaul the US tax code for the first time in decades. And now, the Senate's doing the same. They have some differences in opinions.

How so?

Both cut the corporate tax rate to 20% to incentivize companies to do business in the US. But the Senate wants it to start in 2019, a year later than the House. The Senate plan also calls for seven tax brackets (which is how the gov decides how much you're taxed based on your salary). The House wants to make things less complicated with four. But while the House won't let you write off major medical expenses, the Senate says 'nah, you good.'

What does this mean for me?

Depends on your personal situation. If you're paying off student loans, you might prefer the Senate bill, because it's keeping student loan deductions. If you own real estate, you might prefer the House bill, because it lets you deduct some property tax interest. Helpful for states with high property taxes like NY, NJ or CA. If you have a 401(k), breathe easy, both plans are keeping that safe.

theSkimm

President Trump wants to pass a plan by the end of the year, but it's unclear whether the Senate and House will be able to get on the same page in time.

REPEAT AFTER ME...

What people are talking about…

Roy Moore. Yesterday, the Republican from Alabama - who's running in a special Senate election next month - was accused of sexual misconduct. With a 14-year-old. This allegedly happened back in the '70s. Several others say they were targeted by Moore around this time too. He denies any wrongdoing. But Senate Majority Leader Mitch McConnell (R-KY) told Moore he needs to GTFO of the running if the allegations are true. Meanwhile, Louis C.K. is also accused of misconduct by five women, who say he did things like masturbate in front of them. This isn't the first time accusations like these have come out against him. Add him to the list that includes Harvey Weinstein, James Toback, Jeremy Piven, Mark Halperin, Kevin Spacey, Dustin Hoffman, and so many more.

What to say when your friend gets mad at you...

Where is this coming from? Tensions between Saudi Arabia and Lebanon are getting worse. Last week, Lebanon's prime minister resigned while visiting Saudi Arabia. He blames terrorist group Hezbollah and its backer, Iran, for basically taking over his country. Saudi Arabia nodded along. Reminder: Saudi Arabia and Iran do not play nice. Earlier this week, Saudi Arabia blamed Iran and Lebanon for a failed missile attack heading toward its capital. All of this seems to have prompted Saudi Arabia to do things like accuse Iran of committing an act of war. And cut off land, air, and sea access to Yemen, where the missile was launched from. But now the former Lebanese PM's not taking calls. And some people are reportedly saying 'wait, holy s*** is Saudi Arabia holding him against his will?' If that wasn't weird enough, now Saudi Arabia told its citizens in Lebanon to come home.

What to say when your friend can't find her wallet…

Venmo's fine. Russia is giving Venezuela an assist, saying that the country can restructure the $3 billion it owes Russia. Basically they're pushing back all the dates on the calendar that said 'pay Russia.' Reminder: Venezuela has been going through a really hard time for years. It's run by a repressive socialist leader accused of corruption, has been on the verge of default, and many of its citizens are starving. Many say Russia has stepped in to help because it likes having a friend with an oil supply. But while Russia's easing of loan payments is a nice break for Venezuela, the country still has around $100 billion in total debt to worry about. This also comes as the US is having zero tolerance for Venezuela, and recently sanctioned 10 Venezuelan gov officials it says were undermining that country's democracy.

What to say when Apple says it's fixed the "I" problem...

Let's do a check. Twitter put a pause on its blue check verification system after a white supremacist slipped through the cracks. He was a verified a**hole.

What to say when a coworker crosses a line…

Out of bounds. China arrested LiAngelo Ball and two other UCLA players for shoplifting. And could keep them under house arrest for 20 days.

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