Trump's 'One Big Beautiful Bill' Heads To His Desk - The Arena with Kasie Hunt - Podcast on CNN Podcasts
Pamela Brown speaks with Republican and Democratic members of Congress after the House of Representatives narrowly passed President Trump's domestic policy agenda, sending it to his desk to be signed into law. The panel weighs in and also discusses the Supreme Court's agreement to review transgender athlete bans.
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The Hill
25 minutes ago
- The Hill
Trump signals deference to farmers on undocumented workers
President Trump late Thursday signaled deference to farmers in the U.S. who employ undocumented migrants, aiming to shield some of them from his administration's deportation efforts. 'Farmers, look, they know better. They work with them for years. You had cases where, not year, but just even over the years where people have worked for a farm, on a farm for 14, 15 years and they get thrown out pretty viciously and we can't do it. We gotta work with the farmers, and people that have hotels and leisure properties too,' Trump told the crowd at the 'Salute to America' event in Des Moines, Iowa. The president indicated during his speech, which formally kicked off the year-long celebration of the 250th anniversary of the nation's founding, that his administration is working on legislation that would permit some migrants without authorization to stay in the country and keep working on farms. 'We're gonna work with them and we're gonna work very strong and smart, and we're gonna put you in charge. We're gonna make you responsible and I think that that's going to make a lot of people happy,' Trump said, acknowledging that 'serious radical right people, who I also happen to like a lot, they may not be quite as happy but they'll understand.' Trump then turned toward Secretary of Agriculture Brooke Rollins, who was in attendance, and asked if 'they'll understand that.' 'You're the one that brought this whole situation up. Brooke Rollins brought it up and she said, 'So we have a little problem. The farmers are losing a lot of people,' and we figured it out and we have some great stuff being written,' the president said in Iowa, the state that has over 86,000 farms. 'Let the farmers be responsible.' The White House has gone back and forth on the issue of migrant labor on farms and in the hotel industry. The administration has directed immigration agents to mostly halt raids at hotels, plants and farms in early June, though it reversed course days later. Later in June, Trump said during an interview on Fox News that a temporary pass would be issued to migrants in the hospitality industry and on farms to allow their employers to have more control. 'I cherish our farmers. And when we go into a farm and we take away people that have been working there for 15 and 20 years, who were good, who possibly came in incorrectly. And what we're going to do is we're going to do something for farmers where we can let the farmer sort of be in charge,' Trump said on Fox News's 'Sunday Morning Futures' with Maria Bartiromo. 'The farmer knows he's not going to hire a murderer.' During his speech in Iowa, the president warned that if the farmers do not do a 'good job, we'll throw them out of the country.' 'We'll let the illegals stay and we'll throw the farmer the hell out, okay? Get ready, farmer,' he said.
Yahoo
27 minutes ago
- Yahoo
AICPA submits recommendations for transition to EFDS
The American Institute of CPAs (AICPA) has submitted recommendations to the Department of the Treasury concerning the transition to an electronic federal disbursements system (EFDS), as mandated by Executive Order 14247, Modernizing Payments To and From America's Bank Accounts. The order stipulates that all federal payments should be processed electronically by ceasing issuance of paper checks by 30 September 2025 and aims to enhance efficiency and security while reducing costs. The AICPA supports the move towards electronic payments but highlights the challenges it poses, particularly for taxpayers without a US bank account. This includes seniors and the unbanked population, who may be excluded from the system due to international banking regulations that restrict automated clearing house transfers with non-US financial institutions. The AICPA's letter references a Treasury Inspector General for Tax Administration report indicating that nearly seven million taxpayers received refunds through non-electronic means in the latest tax year. The AICPA's recommendations include exceptions for individuals and entities not based in the US or without a US bank account, and exemptions for temporary non-US individuals. It also suggests expanding the capabilities of the Electronic Federal Tax Payment System to allow business accounts to process payments on behalf of individuals, and delaying the implementation for trusts and estates until the IRS can address specific administrative issues. Furthermore, the AICPA proposes guidance for applying exceptions for qualified taxpayers, extending the timeframe for implementing the order, seeking statutory authority for the mandates, and involving stakeholders in establishing the rules for the transition. AICPA senior manager for Tax Policy & Advocacy Daniel Hauffe said: 'For many years, the AICPA has advocated for and supported the modernisation of the IRS and its payment systems; although this executive order is a step in the right direction, there are many considerations before implementing changes, which means updated processes and carefully tailored rules will need to be developed.' 'The AICPA's recommendations allow for the modernisation of the IRS' tax payment systems while mitigating the impact of the administrative burden on taxpayers, tax practitioners and the IRS, that could be caused by this executive order.' In June 2025, the AICPA also expressed concerns regarding the pass-through entity tax state and local tax (SALT) deductions in recent reconciliation bills. "AICPA submits recommendations for transition to EFDS" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27 minutes ago
- Yahoo
Are Texans Most Likely To Lose the Most Due to Tariffs?
The Trump administration's campaign of taxing foreign governments in an effort to 'Make America Great Again' may have unforeseen domestic ramifications. This is particularly true in the state of Texas, as its economy is intimately tied to its southern neighbor Mexico. In fact, some analysts foresee nothing short of a calamity for the Texas economy if the tariffs go forth as planned. But that's also a big 'if.' Read Next: Check Out: Here's a look at the potential effect on the Texas economy due to the Trump administration's tariffs as currently planned. One of the problems with economic indicators is that some are lagging, meaning they only give a picture of what has already happened. On that level, Texas looks A-OK, as job growth was good in the first quarter of 2025. But according to the Dallas Federal Reserve Bank, which has more up-to-date information on economic trends and sentiment, business activity is weakening. And this is before the full effect of the tariffs are even being felt. Be Aware: Every month, the Dallas Fed conducts a manufacturing outlook survey to gauge the real-time, on-the-ground response of businesses to various economic stimuli. In the first quarter of 2025, manufacturing activity actually picked up a bit in Texas, but some of that was likely due to orders being pulled forward ahead of the implementation of tariffs. The fact that manufacturing activity is now rapidly declining, with the index actually turning negative in April, helps validate that theory. Perhaps not surprisingly, businesses are uncertain about the future due primarily to the tariff policy. According to the Dallas Fed, the uncertainty level among Texas businesses has reached multiyear highs, and this in and of itself can hurt economic prospects. Businesses that are unsure what to expect may opt to hunker down and reduce capital expenditures or even hiring until the path ahead becomes more clear. This self-imposed slowdown can exacerbate the economic damage created by the actual tariffs themselves. Texas is the leading trade state in the country, so tariffs on foreign countries are likely to affect it disproportionately. Mexico is the state's No. 1 trading partner, according to the Office of the Governor of Texas, to the tune of $272.3 billion worth of goods exchanged in 2023 alone. And it's not just one-way trade either. Mexico is both the leading source of imports and the top export market for Texas. The bottom line here is that when Mexico is subject to tariffs, it also has a large effect on the state of Texas. According to Trade Partnership Worldwide, Texas businesses could see a $47 billion economic loss. And a Perryman Group analysis found that a sustained 25% tariff on Mexican goods could cost the state over 287,000 jobs. Although no one can tell with 100% accuracy what the final tariff policy will be — and how it will affect Texans — there are some steps you can take to prepare. Just as businesses are hunkering down in the wake of the tariff uncertainty, it makes sense as an individual to boost your cash reserves as well. Since any type of economic contraction could lead to job loss, it's best to sock away at least three to six months' worth of income in a savings account. From a longer-term perspective, it can make sense to upskill yourself so that your value as an employee can outlast any economic turndowns. This will help ensure job security even beyond the potentially temporary tariff issues. If you have the luxury of flexibility, consider exploring other industries that might be less affected by tariff concerns than, for example, construction and auto manufacturing. Service-oriented industries are a good option, as are businesses that don't source materials or trade with tariff-impacted countries like Mexico. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates Are You Rich or Middle Class? 8 Ways To Tell That Go Beyond Your Paycheck This article originally appeared on Are Texans Most Likely To Lose the Most Due to Tariffs? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
