How Holdout Alaska Senator Shaped Trump's Megabill
With two GOP senators firmly opposed and Sen. Susan Collins (R., Maine) likely to vote 'no,' the senior senator from Alaska was the pivotal vote for Trump's legislative agenda. Murkowski, a patient and often inscrutable moderate Republican, was dead set on amending the bill to benefit her constituents and softening the blow from spending cuts in the package.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNN
34 minutes ago
- CNN
UPenn reaches agreement with Trump administration on transgender athletes and erases Lia Thomas' records
The University of Pennsylvania will block transgender athletes from female sports teams and erase the records set by swimmer Lia Thomas as part of an agreement with the federal government, the Department of Education said. The agreement comes as part of the Trump administration's broader restrictions on transgender people, as it steps up its efforts to ban transgender athletes from competing in women's sports nationwide and serving in the military. Thomas, a UPenn graduate, won the 2022 NCAA championship in the women's 500-yard freestyle. Thomas is a transgender woman. 'Penn has always followed — and continues to follow — Title IX and the applicable policy of the NCAA regarding transgender athletes,' UPenn President J. Larry Jameson said in a news release Tuesday. In February, the NCAA announced an overhaul of its transgender athlete policy to limit transgender participation in women's sports in response to Trump's executive order. The White House in March cut off $175 million in federal funds for Penn related to the transgender athlete issue. It's not clear whether that money will be restored. 'Penn will continue to adhere to these new rules,' Jameson added. Thomas' records have been removed from a UPenn list of all-time school records in women's swimming. A note at the bottom of the document reads, 'Competing under eligibility rules in effect at the time, Lia Thomas set program records in the 100, 200 and 500 freestyle during the 2021-22 season.' CNN has reached out to the NCAA for comment regarding the agreement. The US Department of Education's Office for Civil Rights said in a statement Tuesday that an investigation found UPenn violated Title IX by 'permitting males to compete in women's intercollegiate athletics and to occupy women-only intimate facilities.' Title IX prohibits sex-based discrimination at any academic institution that receives federal funding. 'We will review and update the Penn women's swimming records set during that season to indicate who would now hold the records under current eligibility guidelines,' Jameson said. UPenn also agreed to issue a statement specifying that it 'will adopt biology-based definitions for the words 'male' and 'female' pursuant to Title IX' and consistent with two executive orders on transgender athletes from President Donald Trump, according to the Department of Education. The school says it will also apologize to female student athletes who lost to Thomas during the 2021-2022 swim season. 'We recognize this and will apologize to those who experienced a competitive disadvantage or experienced anxiety because of the policies in effect at the time,' Jameson said. In February, Trump signed an executive order titled 'Keeping Men Out of Women's Sports' with the goal of banning transgender women from competing in women's sports. 'With this executive order, the war on women's sports is over,' the president said during a signing ceremony surrounded by dozens of women and some young girls in athletic uniforms. Some critics claim transgender athletes have an unfair advantage in sports, but that's not what the research shows. While research is limited and ongoing, a 2017 review in the peer-reviewed journal Sports Medicine found 'no direct or consistent research' showing trans people have an athletic advantage. A more recent October 2023 review of the research concluded that sex differences do develop following puberty, but many are 'reduced, if not erased, over time by gender affirming hormone therapy.' Physical attributes that could work in a trans girl's favor, like height or limb length, for example, appear to be 'less malleable,' the study said, but it also pointed out that there are no efforts to restrict cisgender athletes who are taller than average or exceptionally gifted physically in any other way. The executive order is two-pronged, leaning on compliance with Title IX, which prohibits discrimination on the basis of sex in education programs or activities that receive funding from the federal government, as well as federal engagement with the private sector. Ahead of the signing, a White House official said that the new action would take the opposite position on Title IX from the Biden administration, which established a rule that schools are violating Title IX when they ban transgender students from participating on sports teams. The Trump administration's position on Title IX, the official previously said, is 'if you're going to have women's sports, if you're going to provide opportunities for women, then they have to be equally safe, equally fair, and equally private opportunities, and so that means that you're going to preserve women's sports for women.' Thomas became the first transgender athlete to win an NCAA Division I title in 2022 after finishing first in the women's 500-yard freestyle event. A former swimmer on the men's team at UPenn, Thomas has come to personify the ongoing debate on trans women's participation in sports and the balance between inclusion and fair play. Thomas previously told the SwimSwam podcast she realized she was trans the summer of 2018, but kept it to herself, wary that coming out would take away her ability to swim. 'The very simple answer is that I'm not a man,' she told Sports Illustrated in March. 'I'm a woman, so I belong on the women's team. Trans people deserve that same respect every other athlete gets.' In February, three former athletes at UPenn's women's swimming program sued the school, the Ivy League Council of Presidents and athletics organizations, claiming they violated federal law to allow Thomas to compete against them. Thomas has not commented publicly on the latest lawsuit. Despite her expressed intention to keep swimming competitively after college, Thomas has been barred from international events by the rules of World Aquatics, which only qualify transgender athletes who have not experienced biological puberty. The Court of Arbitration for Sport denied Thomas' challenge to the rule, making her ineligible for most elite competitions, including the 2024 Olympics. This story has been updated with additional details.
CNBC
38 minutes ago
- CNBC
What the Senate Republican tax-and-spending bill means for your money
Senate Republicans on Tuesday approved their version of President Donald Trump 's multitrillion-dollar tax-and-spending package, which could broadly impact millions of Americans' wallets. Similar to the House's One Big Beautiful Bill Act advanced in May, the Senate legislation aims to make permanent Trump's 2017 tax cuts, while adding new tax breaks for tip income, overtime pay and auto loans, among other provisions. If enacted, the bill could also slash spending on social safety net programs such as Medicaid and SNAP, end tax credits tied to clean energy and overhaul student loans. The spending package could still see changes as it returns to the lower chamber for approval. But a House floor vote could come this week to meet Trump's July 4 deadline. Here are some of the key provisions to watch — and how those measures could affect household finances. How to read this guide Follow along from start to finish, or use the table of contents to jump to the section(s) you want to learn more about. 'SALT' deduction Since 2018, the $10,000 cap on the state and local tax deduction, known as SALT, has been a critical issue for certain lawmakers in high-tax states such as New York, New Jersey and California. The SALT deduction — which lets taxpayers who itemize deduct all or some of their state and local income and property taxes — was unlimited for filers before 2018. But the alternative minimum tax reduced the benefit for some wealthier Americans. A sticking point for some House lawmakers, the lower chamber approved a permanent $40,000 SALT limit starting in 2025. That benefit begins to phaseout, or decrease, for consumers who have more than $500,000 of income. The Senate version of the bill would also lift the cap to $40,000 starting in 2025. It also begins to phaseout at $500,000. Both figures would increase by 1% yearly through 2029, and the $40,000 limit would revert to $10,000 in 2030. If you raise the cap, the people who benefit the most are going to be upper middle-income. "If you raise the cap, the people who benefit the most are going to be upper middle-income," since lower earners typically don't itemize tax deductions, Howard Gleckman, senior fellow at the Urban-Brookings Tax Policy Center, previously told CNBC. The Senate bill also preserves a SALT cap workaround for pass-through businesses, which allows owners to avoid the $10,000 SALT limit. By contrast, the House bill would eliminate the strategy for certain white-collar professionals. — Kate Dore The child tax credit gives families with qualifying dependent children a tax break. It's a credit, so it reduces their tax liability dollar-for-dollar. Trump's 2017 tax cuts temporarily boosted the maximum child tax credit to $2,000 from $1,000, an increase that will sunset after 2025 without an extension from Congress. If enacted, the Senate bill would permanently bump the biggest credit to $2,200 starting in 2025 and index this figure for inflation starting in 2026. Momo Productions | Getty Meanwhile, the House version of the bill lifts the top child tax credit to $2,500 from 2025 through 2028. After 2028, the credit's highest value would revert to $2,000 and be indexed for inflation. However, the proposed bills wouldn't help 17 million children from low-income families who don't earn enough to claim the full credit, according to Elaine Maag, senior fellow in the Urban-Brookings Tax Policy Center. — Kate Dore Older Americans may receive an extra tax deduction under the legislation. Both the House and Senate called for a temporary enhanced deduction for Americans ages 65 and over, dubbed a "bonus," in their respective versions of the "big beautiful" bill. The Senate proposed raising the deduction to $6,000 per qualifying individual, up from $4,000 proposed by the House. The full deduction would be available to individuals with up to $75,000 in modified adjusted gross income, and $150,000 if married and filing jointly. Notably, the Senate version would phase out at a faster rate for taxpayers who are above those thresholds. Ultimately, middle-income taxpayers may benefit most from the enhanced deduction, Howard Gleckman, senior fellow at the Urban-Brookings Tax Policy Center, recently told CNBC. The senior bonus is in lieu of eliminating taxes on Social Security benefits, which had been touted by the Trump administration, since changes to Social Security are generally prohibited in reconciliation legislation. — Lorie Konish As Republicans seek to slash federal spending, Medicaid, which provides health coverage for more than 71 million people, has been a target for those cuts in both House and Senate versions of the bill. The Senate version would cut more than $1 trillion from Medicaid, compared with more than $800 billion in cuts in the House version, according to Congressional Budget Office estimates. New federal work rules would require beneficiaries ages 19 to 64 who apply for coverage or who are enrolled through an Affordable Care Act expansion group to work at least 80 hours per month. Adults may be exempt if they have dependent children or other qualifying circumstances such as a medical condition. Notably, the Senate version of the bill proposed stricter limits on exemptions for parents, limiting it to those with dependent children ages 14 and under. The proposed Medicaid changes would also require states to conduct eligibility redeterminations for coverage every six months, rather than every 12 months based on current policy. About 7.8 million people could become uninsured by 2034 due to Medicaid cuts, the CBO has projected, based on the House bill. — Lorie Konish Both Senate and House versions of the "big beautiful" bill propose cuts to food assistance through the Supplemental Nutrition Assistance Program, or SNAP, formerly known as food stamps. The cuts in the Senate bill may ultimately affect more than 40 million people, according to the Center on Budget and Policy Priorities. That includes about 16 million children, 8 million seniors and 4 million non-elderly adults with disabilities, among others, according to CBPP, a nonpartisan research and policy institute. Many states would be required to pay a percentage for food benefits to make up for the federal funding cuts. If they cannot make up for the funding losses, that could result in cuts to SNAP benefits or states opting out of the program altogether, according to CBPP. The Senate proposal also seeks to expand existing work requirements to include adults ages 55 to 64 and parents with children 14 and over. Based on current rules, most individuals cannot receive benefits for more than three months out of every three years unless they work at least 20 hours per week or qualify for an exemption. For about 600,000 low-income households, food benefits could be cut by an average of $100 per month, according to CBPP. — Lorie Konish The Senate's version of Trump's budget bill also included a new savings account for children with a one-time deposit of $1,000 from the federal government for those born in 2024 through 2028. Starting in 2026, so-called " Trump accounts," a type of tax-advantaged savings account, would be available to all children under the age of 8 who are U.S. citizens, largely in line with the House plan advanced in May. To be eligible to receive the initial seed money, both parents must have Social Security numbers. Parents would then be able to contribute up to $5,000 a year and the balance will be invested in a diversified fund that tracks a U.S. stock index. Earnings grow tax-deferred, and qualified withdrawals are taxed as long-term capital gains. Republican lawmakers have said these accounts will introduce more Americans to wealth-building opportunities and the benefits of compound growth. But some experts say a 529 college savings plan is a better alternative because of the higher contribution limits and tax advantages. — Jessica Dickler Lower student loan limits, fewer benefits Key changes may be in store for student loan borrowers. For starters, Republicans would limit how much money people can borrow from the federal government to pay for their education. Among other measures, the Senate plan would: Cap unsubsidized student loans at $20,500 per year and $100,000 lifetime, for graduate students; Cap borrowing for professional degrees, such as those for doctors and lawyers, at $50,000 per year and $200,000 lifetime; Add a lifetime borrowing limit for all federal student loans of $257,500; Cap parent borrowing through the federal Parent PLUS loan program at $20,000 per year per student and $65,000 lifetime; Eliminate grad PLUS loans. These allow grad students to borrow up to their entire cost of attendance minus any federal aid. Going forward, there would be just two repayment plan choices for new borrowers: Student loan borrowers could enroll in either a standard repayment plan with fixed payments or an income-based repayment plan known as the Repayment Assistance Plan, or RAP. The bill would also nix the unemployment deferment and economic hardship deferment, both of which student loan borrowers use to pause their payments during periods of financial difficulty. — Jessica Dickler and Annie Nova The Senate bill creates a tax deduction for car loan interest, similar to a provision in the House bill. Certain households would be able to deduct up to $10,000 of annual interest on new auto loans from their taxable income. The tax break would be temporary, lasting from 2025 through 2028. There are some eligibility restrictions. For example, the deduction's value would start to fall for individuals whose annual income exceeds $100,000; the threshold is $200,000 for married couples filing a joint tax return. Cars must also be assembled in the U.S. In practice, the tax benefit is likely to be relatively small, experts said. "The math basically says you're talking about [financial] benefit of $500 or less in year one," based on the average new loan, Jonathan Smoke, chief economist at Cox Automotive, an auto market research firm, recently told CNBC. — Greg Iacurci The Senate passed the No Tax on Tips Act in late May, a standalone legislation that would create a federal income tax deduction of up to $25,000 per year on tip income, with some limitations. The tax break would apply to workers who typically receive cash tips reported to their employer for payroll tax withholdings, according to the summary of the bill. The Senate version of the One Big Beautiful Bill Act includes a similar provision: qualifying individuals would be able to claim a deduction of up to $25,000 for qualified tips. However, the Senate version would not apply to taxpayers whose income exceeds $150,000, or $300,000 for joint filers. Should the bill go into effect as drafted, the Secretary of the Treasury will publish a list of occupations that typically received tips on or before Dec. 31, 2024. The provision would apply to taxable years between Dec. 31, 2024, and Dec. 31, 2028. — Ana Teresa Solá The House and Senate bills would provide a temporary tax break for overtime pay, a campaign promise from Trump. The House-approved bill would create a deduction for "qualified overtime compensation" of $160,000 or less from 2025 to 2028. The deduction is "above the line," meaning the tax break is available regardless of whether you itemize deductions. By contrast, the Senate bill offers a maximum $12,500 above-the-line deduction for overtime pay, and $25,000 for married couples filing jointly, from 2025 to 2028. The tax break begins to phase out once earnings exceed $150,000, and $300,000 for joint filers. — Kate Dore EV, clean energy tax credits The Senate bill, like its House counterpart, would end consumer tax credits tied to clean energy. It would end a $7,500 tax credit for households that buy or lease a new electric vehicle, and a $4,000 tax credit for buyers of used EVs. These tax credits would disappear after Sept. 30, 2025. Additionally, it would scrap tax breaks for consumers who make their homes more energy-efficient, perhaps by installing rooftop solar, electric heat pumps, or efficient windows and doors. These credits would end after Dec. 31, 2025. An aerial view shows solar panels atop the roofs of homes on February 25, 2025 in Pasadena, California. Mario Tama | Getty Images Many tax breaks on the chopping block were created, extended or enhanced by the Inflation Reduction Act, a 2022 law signed by former President Joe Biden that provided a historic U.S. investment to fight climate change. The tax breaks are currently slated to be in effect for another seven or so years, through at least 2032. — Greg Iacurci Section 199A pass-through business deduction Another key provision in the House and Senate bills could offer a bigger deduction for so-called pass-through businesses, which includes contractors, freelancers and gig economy workers. Enacted via Trump's 2017 tax cuts, the Section 199A deduction for qualified business income is currently worth up to 20% of eligible revenue, with some limits. This will expire after 2025 without action from Congress. The House-approved bill would make the provision permanent and expand the maximum tax break to 23% starting in 2026. Meanwhile, the Senate measure would make the deduction permanent but keep it at 20%. — Kate Dore
Yahoo
40 minutes ago
- Yahoo
FBI, DHS warn of lone wolf attacks on July 4 in NYC and San Francisco
NEW YORK — The FBI and Department of Homeland Security have said lone wolf attacks pose the biggest threats to July 4 celebrations this year in New York City and San Francisco. Intelligence bulletins sent out ahead of the holiday warn of copycat attacks and homegrown extremists, according to ABC News. 'We are concerned about the potential threat of copycat attacks inspired by the 2025 New Year's Day vehicle-ramming attack in New Orleans and continued messaging (from foreign terrorist organizations, or FTOs) calling for attacks against Western targets,' two such bulletins read. Officials warn that attackers in New York City and San Francisco could be motivated by a broad-range of grievances, with particular concern over outrage tied to the conflict between Israel and Hamas. 'Of these actors, U.S.-based violent extremists supporting FTOs and (domestic violent extremists) not linked to FTOs represent two of the most persistent threats,' the bulletins say. 'Lone offenders, in particular, remain a concern due to their ability to often avoid detection until operational and to inflict significant casualties.' The agencies specifically cite worries of 'malicious actors and violent extremists' entering July 4 event areas and First Amendment-protected demonstrations with 'weapons, chemical irritants, bodily fluids or other hazardous materials.' Drones could also pose a threat, authorities say. The warning comes weeks after an Egyptian man in Boulder, Colorado used Molotov cocktails to attack a march in support of Israeli hostages, leading to at least one death. A lone shooter killed seven and wounded dozens of others during a 2022 Fourth of July parade in Highland Park, Illinois, while the New Year's Day attack in New Orleans claimed the lives of 14 victims. _____
