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21 minutes ago
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Kevin O'Leary Rejects Trump's Tariff Rebate Plan, Says Taxpayers Want To See The National Debt Paid Down
President Donald Trump recently suggested that revenue from tariffs could be returned to Americans in the form of rebate checks. He floated the idea as a way to give back to "people of a certain income level," noting that the U.S. is generating "so much money" from tariffs. The concept drew attention, especially as Trump said that tariffs once funded the federal government entirely — before the income tax was permanently established in 1913. Tariffs are taxes placed on imported goods, and while they're paid by importers, the added costs can trickle down to consumers. Shop Top Mortgage Rates Your Path to Homeownership Personalized rates in minutes A quicker path to financial freedom Don't Miss: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can Accredited Investors: Grab Pre-IPO Shares of the AI Company Powering Hasbro, Sephora & MGM— O'Leary Pushes Back: "Pay Down the Debt" But Kevin O'Leary, investor and chair of O'Leary Ventures, disagrees with using tariff revenue this way. "No. I tell you the idea I like — and I think every taxpayer likes better than this idea — use any excess capital to reduce the national debt," O'Leary told Fox News. O'Leary emphasized that America's growing debt isn't just a current burden — it's a long-term risk for future generations. With interest rates elevated, the cost of servicing the national debt increases, and a large portion of that debt is held by foreign entities. "Let's use any excess cash anywhere to get to that balanced budget and start paying down that debt," O'Leary urged. A Debate Within the GOP? O'Leary hinted that discussions about what to do with tariff revenue may be happening behind the scenes within Republican leadership. "Within the administration itself, this is a big debate going on," he said, suggesting there's pressure internally to shift attention toward fiscal responsibility. Trending: $100k+ in investable assets? – no cost, no obligation. He praised current efforts to lower tax rates and increase U.S. competitiveness but warned that the cost — an estimated $3 trillion addition to the national debt — means America now needs to focus on balancing the budget. Alternative Ideas for Reducing Debt In addition to using tariff revenue, O'Leary proposed another strategy: generating income from domestic energy resources. For example, he pointed to the National Petroleum Reserve in Alaska — a large government-owned oil reserve — as a potential source of revenue. "We could open up the NIR in Alaska and put a tariff on that oil like they do in Norway and just use it all for debt reduction," he This Could Affect Everyday Americans O'Leary believes that reducing the national debt is critical for America's long-term financial health. He pointed out that when interest rates rise — or even remain high — the cost of servicing the debt increases. Much of that debt is held by foreign creditors, which he says makes the issue even more pressing. Whether or not Trump's rebate idea gains traction, O'Leary's response highlights a broader debate about the best use of government revenue. For taxpayers, especially those nearing or in retirement, questions about the national debt are becoming harder to ignore. Read Next: How do billionaires pay less in income tax than you?. Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Kevin O'Leary Rejects Trump's Tariff Rebate Plan, Says Taxpayers Want To See The National Debt Paid Down originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
21 minutes ago
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United Football League team coming to Ohio
The United Football League (UFL) is coming to an Ohio city, according to our media partners, WBNS-10 TV. [DOWNLOAD: Free WHIO-TV News app for alerts as news breaks] A spokesperson with the premier spring football league told our media partners that a team will be located in Columbus starting in the 2026 spring season. TRENDING STORIES: Homeowners burning weeds leads to Montgomery County house fire, firefighters say At least 2 hurt in local apartment fire; 8 units displaced Soulja Boy arrested on suspicion of weapons charge during a traffic stop The new team will play at the Historic Crew Stadium, which is located at One Black and Gold Boulevard. 'The UFL selecting Historic Crew Stadium to host a team's home games is a further testament to the first-class fan experience at our venue, as well as advances our commitment to bringing unique major events to Columbus that highlight our city and promote economic impact in the region. It's also the result of Columbus' continued growth and its long-standing passion for supporting sports,' the spokesperson told WBNS-10's Dom Tiberi. This move comes after entrepreneur Mike Repole joined the league's ownership group. 'Football has clearly established itself as America's most popular sport, with tremendous momentum and demand,' Repole said in a media release by UFL. 'There's no better time than now to build a strong, sustainable spring league that unites players, teams, and fans. I'm honored to join the United Football League's ownership group as we work to create something truly lasting and game-changing.' Repole told ESPN that the league is planning to relocate two home markets. One of the new locations will be Columbus. The UFL currently operates eight teams as a spring football league in the following cities: Arlington, Texas Birmingham, Alabama Detroit, Michigan Houston, Texas Memphis, Tennessee San Antonio, Texas St. Louis, Missouri Washington, D.C. There are currently 10 games during the regular season, which are divided between the USFL and XFL conferences, according to WBNS-10. Details on the new team are expected to be announced at a later date. [SIGN UP: WHIO-TV Daily Headlines Newsletter]
Yahoo
21 minutes ago
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Chris Christie likens Trump to 'petulant child' over labor statistics chief's firing
WASHINGTON − Former New Jersey Gov. Chris Christie called President Donald Trump's firing of the Bureau of Labor Statistics chief "irresponsible" and likened his response to weaker-than-anticipated jobs numbers to "the action of a petulant child." The Trump ally turned critic said in an appearance on ABC News that the firing was classic Trump. "When he gets news he doesn't like, he needs someone to blame because he won't take the responsibility himself, and this is the action of a petulant child. Like, you give me bad news, I fire the messenger," Christie told "This Week" host George Stephanopoulos. Trump ordered the removal of Erika McEntarfer, the U.S. commissioner of Labor Statistics, on Aug. 1 after the Labor Department said the U.S. economy added a mere 73,000 jobs in July. The Bureau of Labor Statistics also revised down totals for May and June by a combined 258,000 jobs. The president accused McEntarfer, a 20-year veteran of the federal government appointed to the position by Biden, of politically driven data manipulation. He did not provide evidence for the charge. Trump said she would be replaced by "someone much more competent and qualified" in a Truth Social post announcing the firing. "Important numbers like this must be fair and accurate, they can't be manipulated for political purposes." President Trump orders firing: Labor statistics chief removed after weak jobs report He wrote in another post, 'In my opinion, today's Jobs Numbers were RIGGED in order to make the Republicans, and ME, look bad.' Christie invoked his eight years as New Jersey governor and said in his experience, "it would be almost impossible for anyone to try to rig these numbers because so many people are involved in putting them together." "All she's doing is being a conduit of the information," he said. "So it's irresponsible, from a position of facts, but it also shows you the way he manages." White House defends Labor Statistics chief's firing Trump economic advisers defended the president's decision elsewhere on television, with National Economic Council chair Kevin Hassett arguing on NBC News that the bureau needs a "fresh set of eyes." 'There have been a bunch of patterns that could make people wonder. And I think the most important thing for people to know is that it's the president's highest priority that the data be trusted and that people get to the bottom of why these revisions are so unreliable,' Hassett said on "Meet the Press." Trump also went on the attack, alleging in a post on Aug. 3 that McEntarfer "did the same thing just before" the 2024 presidential election − inflating and then revising down former President Joe Biden's jobs numbers. "I then won the Election, anyway, and she readjusted the numbers downward, calling it a mistake, of almost one million jobs. A SCAM!" he claimed. Revisions to monthly estimates are common, and in December 2024, the Labor Department said 15,000 fewer jobs were created in the month of November than its initial estimate. BLS said 7,000 more jobs than it projected were created in October. Trump appeared to be referencing an announcement BLS made in August 2024, three months before the election, when the agency reduced its estimate by 818,000 for jobs created between April 2023 and March 2024. It was the largest downgrade in 15 years. In an interview on CBS News' "Face the Nation," U.S. Trade Representative Jamieson Greer did not repeat Trump's claim that the data was "rigged" but argued that "there were enormous swings in the jobs numbers" during last year's presidential campaign. "And so it sounds to me like the president has real concerns," he said in the interview that taped Aug. 1. "There are always revisions, but sometimes you see these revisions go in really extreme ways. And it's, you know, the president is the president. He can choose who works in the executive branch." Contributing: Joey Garrison This article originally appeared on USA TODAY: Christie likens Trump to 'petulant child' after jobs data firing
