Bessent calls on Congress to scrap ‘revenge tax' from Trump bill after G7 strikes deal
Treasury Secretary Scott Bessent asked House and Senate Republicans on Thursday to scrap the so-called 'revenge tax' on foreign investments from their versions of President Trump's sweeping tax bill.
In a post on X, Bessent said he asked GOP lawmakers to strike Section 899, which would have imposed a tax of up to 20 percent on investments from countries with economic policies deemed unfair to U.S. businesses, from their legislation.
Bessent said the provision was no longer necessary after the U.S. and its partners in the G7 reached a 'joint understanding … that defends American interests.'
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Politico
an hour ago
- Politico
Senate Republicans explore tweaks to pension plan after parliamentarian ruling
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Hamilton Spectator
an hour ago
- Hamilton Spectator
Meet the Senate parliamentarian, the official tying Republicans in knots over their tax bill
WASHINGTON (AP) — A few Republicans reacted with indignation Thursday after the Senate parliamentarian advised that some of the measures in their tax and immigration bill could not be included in the legislation. Sen. Tommy Tuberville, R-Ala., tweeted on X that Senate Parliamentarian Elizabeth MacDonough should be fired, 'ASAP.' Rep. Greg Steube, R-Fla., intimated that she was partisan, asking why an 'unelected swamp bureaucrat, who was appointed by Harry Reid over a decade ago' gets to decide what's in the bill?' It's hardly the first time the parliamentarian's normally low-key and lawyerly role has drawn a blast of public criticism. MacDonough also dashed Democratic plans over the years, advising in 2021 that they couldn't include a minimum wage increase in their COVID-19 relief bill. Later that same year, she advised that Democrats needed to drop an effort to let millions of immigrants remain temporarily in the U.S. as part of their big climate bill. 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She worked briefly as a Justice Department trial attorney before returning to the Senate in 1999, this time as an assistant in the parliamentarian's office. She was initially appointed parliamentarian in 2012 by Democrat Harry Reid of Nevada, Senate majority leader at the time. She was retained by Sen. Mitch McConnell, R-Ky., when he became majority leader in 2015. She helped Chief Justice John Roberts preside over Trump's 2020 Senate impeachment trial and was beside then-Sen. Patrick Leahy, D-Vt., for Trump's second trial the following year. Trump was acquitted both times. When Trump supporters fought past police and into the Capitol in hopes of disrupting Congress' certification of Joe Biden's Electoral College victory, MacDonough and other staffers rescued those ballots and hustled mahogany boxes containing them to safety. MacDonough's office, on the Capitol's first floor, was ransacked and declared a crime scene. Can the Senate ignore the parliamentarian's advice? Yes. The parliamentarian makes the recommendation, but it's the presiding officer overseeing Senate proceedings who rules on provisions in the bill. If there is a dispute, it would be put to a vote. Michael Thorning, director of structural democracy at the Bipartisan Policy Center, a think tank, said he doubts Republicans will want to go that route. And indeed, some Republican senators said as much Thursday. 'It's the institutional integrity, even if I'm convinced 100% she's wrong,' said Sen. Kevin Cramer, R-N.D. Thorning said lawmakers from both parties view MacDonough as 'very much an honest broker.' 'And the Senate relies on her,' Thorning said. 'Sometimes, those decisions cut your way, and sometimes, they don't. I also think members recognize that once you start treating the parliamentarian's advice as just something that could be easily dismissed, then the rules start to matter less.' Have parliamentarians been fired? Majority leaders from both parties have replaced the parliamentarian. For more than three decades, the position alternated between Robert Dove and Alan Frumin depending upon which party was in the majority. Thorning said the two parliamentarians weren't far apart though, in how they interpreted the Senate's rules and precedents. MacDonough succeeded Frumin as parliamentarian. He said the small number of calls Thursday for her dismissal 'tells you all people need to know about the current parliamentarian.' 'Senators know this isn't somebody playing politics,' Thorning said. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
UPI
an hour ago
- UPI
Trump tries to rally support for troubled budget bill
1 of 10 | President Donald Trump rallies budget bill support during the "One, Big, Beautiful Event" in the East Room of the White House on Thursday. Photo by Ken Cedeno/UPI | License Photo June 26 (UPI) -- President Donald Trump held a "One Big, Beautiful Event" rally on Thursday afternoon to garner support for the federal budget bill that he wants passed before Independence Day. Trump was backed by dozens of supporters who represented many occupations while addressing attendees at the event held in the East Room of the White House. "We're cutting $1.7 trillion in this bill, and you're not going to feel any of it," Trump told media and other event attendees. "Your Medicaid is left alone. It's the same," Trump said. "Your Medicare and your Social Security are strengthened." He said Democrats would cut Medicare and Medicaid benefits in half and asked people to contact their senators and representatives to support the budget bill. "Almost every major promise made in the 2024 campaign already will have become a promise kept," Trump said. "That's very important." He said the budget bill would eliminate federal income taxes on tips, overtime pay or Social Security. A reconciliation bill before the Senate would limit the income tax deduction on tips to the first $25,000, though. The president also said a trade deal has been reached with China and another might be coming with India, but he did not elaborate on them. House Speaker Mike Johnson, R-La., and several members of Trump's Cabinet attended the event, including Treasury Secretary Scott Bessent, Attorney General Pam Bondi and Agriculture Secretary Brooke Rollins. Trump held the rally after the Senate parliamentarian earlier ruled several provisions in the Senate reconciliation bill violate Senate rules. Senate Parliamentarian Elizabeth MacDonough nixed provisions that would have limited the use of healthcare provider taxes by states that recently expanded Medicaid coverage but did not increase Medicaid under the provisions of the Affordable Care Act. Those proposed changes would cost states more to provide Medicaid coverage. MacDonough is still reviewing the Senate reconciliation bill and might issue more objections to proposed measures. The House already passed the bill, but the Senate is trying to hammer out a reconciliation package that would pass both chambers and be ready for signing by the Fourth of July. Rep. Majorie Taylor Greene, R-Ga., already has said she intends to vote against the reconciliation bill, The Hill reported. New York Republican Rep. Nick LaLota also is skeptical of the package and a potential limit on state and local tax deductions for taxpayers. He said changes being made in the Senate reconciliation package make it impossible for a reconciliation bill to win approval in the House.
