AI Titans Struggle to Use Rising Clout to Block State Regulation
Staunch opposition from a handful of Republican lawmakers is endangering the tech industry's drive to attach a ban on state regulation of artificial intelligence to Donald Trump's tax bill.
But AI titans' success in persuading the Trump administration and Republican congressional leaders to at least initially incorporate the controversial proposal into the party's centerpiece legislation is a stunning demonstration of their ascendant influence in Washington.
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The Hill
11 minutes ago
- The Hill
Lawmakers remove ‘revenge' tax provision from Trump's big bill after Treasury requests its removal
WASHINGTON (AP) — Congressional Republicans agreed to remove the so-called revenge tax provision from President Donald Trump's big bill Thursday after Treasury Secretary Scott Bessent asked members of Congress to do so earlier in the day. The Section 899 provision would allow the federal government to impose taxes on companies with foreign owners, as well as investors from countries judged as charging 'unfair foreign taxes' on U.S. companies. The measure was expected to lead many companies to avoid investing in the U.S. out of concern that they could face steep taxes. Bessent said in an X post that he made the request to lawmakers after reaching an agreement with other countries on the Organization for Economic Co-operation and Development Global Tax Deal. He said that after 'months of productive dialogue,' they would 'announce a joint understanding among G7 countries that defends American interests.' After he made the request, Senate Finance Committee Chairman Mike Crapo, R-Idaho, and House Ways and Means Committee Chairman Jason Smith, R-Missouri, said 'we will remove proposed tax code Section 899' from the bill and 'Congressional Republicans stand ready to take immediate action if the other parties walk away from this deal or slow walk its implementation.' The removal of the provision will provide 'greater certainty and stability for the global economy and will enhance growth and investment in the United States and beyond,' Bessent said in his post. An analysis by the Global Business Alliance, a trade group representing international companies such as Toyota and Nestlé, estimates that the provision would cost the U.S. 360,000 jobs and $55 billion annually over 10 years in lost gross domestic product. The Global Business Alliance was among several groups that signed a letter addressed to Senate Majority Leader John Thune of South Dakota and Senate Finance Committee Chairman Mike Crapo of Idaho, warning of the consequences of Section 899. The removal of the provision adds a wrinkle to Republicans' plans to try to offset the cost of the massive package. The non-partisan Congressional Budget Office estimates that the bill would spike deficits by at least $2.4 trillion over the next decade. Republicans are rushing to finish the package this week to meet the president's Fourth of July deadline for passage. Earlier Thursday, the Senate parliamentarian advised that a Medicaid provider tax overhaul central to the spending bill does not adhere to the chamber's procedural rules, delivering a crucial blow to Republicans, who are counting on big cuts to Medicaid and other programs to offset trillions of dollars in Trump tax breaks. ___
New York Times
13 minutes ago
- New York Times
As a Mamdani Victory Looms, Anti-Muslim Attacks Roll In From the Right
Even before Zohran Mamdani claimed victory in New York City's Democratic mayoral primary, he had become a target of racist attacks from the far right. Those attacks have only intensified in the wake of his commanding performance on Tuesday, with Republican elected officials and right-wing media figures accusing him of promoting Islamic law, supporting terrorism and posing a threat to the safety of New Yorkers, especially Jews. There has been nothing subtle about it: Stephen Miller, the architect of the Trump administration's immigration policy, called Mr. Mamdani's apparent win 'the clearest warning yet of what happens to a society when it fails to control migration.' Representative Andy Ogles, Republican of Tennessee, accused Mr. Mamdani of supporting terrorists and asked Attorney General Pam Bondi to strip him of his citizenship and deport him. Representative Nancy Mace, Republican of South Carolina, shared a photo of Mr. Mamdani preparing for an Eid service while dressed in a kurta, writing, 'we sadly have forgotten' the Sept. 11 attacks, which occurred when Mr. Mamdani was 9 years old and living in Manhattan. And Charlie Kirk, the head of Turning Point USA, a leading group for conservative youth, sought to connect him to those attacks even more directly. '24 years ago a group of Muslims killed 2,753 people on 9/11,' he wrote. 'Now a Muslim Socialist is on pace to run New York City.' The attacks on Mr. Mamdani, who would be the first Muslim mayor of New York City if elected, deal in well-worn Islamophobic and anti-immigrant tropes. To some, they carry echoes of the 'birther' conspiracy theory Donald J. Trump stoked for years before he was elected president, when he falsely claimed that President Barack Obama was Muslim and born in Kenya. Mr. Obama is Christian and was born in Hawaii; Mr. Mamdani is Muslim and was born to Indian parents in Uganda. But like the 'birther' attacks, the vitriolic barbs being aimed at Mr. Mamdani seek to paint him as a shadowy, dangerous figure who bears no resemblance to the candidate himself. Want all of The Times? Subscribe.
Yahoo
13 minutes ago
- Yahoo
Starbucks wants you to sit down again. Will it work?
Starbucks is trying to get back to its roots as a local coffee shop as part of its turnaround plan. The company is redesigning stores with comfortable seats and tables, new espresso bars and other elements to try to draw customers back. CNN goes inside a new store in Bridgehampton, New York that's a model for Starbucks' plans. 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
