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India.com
an hour ago
- India.com
Donald Trump trapped in his own net! US 446 Companies gone bankrupt, includes popular brands like…
U.S. President Donald Trump imposed tariffs on foreign countries to boost America, but the move seems to have backfired on him only. After the tariff announcement in April, the bankruptcies among U.S. companies has increased. In July alone, 71 major companies declared bankruptcy. U.S. Companies Go Bankrupt So far this year, 446 major U.S. companies have gone bankrupt, which is 12% higher than the pandemic year of 2020. July's 71 bankruptcies were the highest monthly number since July 2020. Trump had imposed a 10% tariff on foreign goods in April, and coincidentally, bankruptcies began to rise that same month. In the first half of 2025, 371 large U.S. companies went bankrupt, with 63 companies filing for bankruptcy in June alone. The list includes several popular brands like Forever 21, Joann's, Rite Aid, Party City, and Claire's. Also Read: After China, UK, now its India's turn…, Trump makes big statement over trade deal, will he target India too Add as a Preferred Source Donald Trump's Highest Tariffs In 90 Years Small-cap companies have been hit the hardest. By the end of 2024, 43% of Russell 2000 companies were in the red which is the highest since 2020. During the 2008 financial crisis the figure was 41%. With Trump's tariff war underway, effective U.S. tariffs now at 17.3% are the highest since 1935 despite multiple revisions. Bankruptcies are spread across sectors like 70 companies in industrials, 61 in consumer discretionary, 32 in healthcare, 22 in consumer staples, 21 in IT, 13 in financials, 11 each in real estate and communication services, 7 in materials, 4 each in utilities and energy. US Unemployment And Inflation On Rise Tariffs may worsen inflation and unemployment. In July, 11% of small businesses reported very poor sales which is an indicator of rising unemployment. Small businesses employ 62.3 million people and about 45.9% of the U.S. workforce. Among young Americans aged 20–24, unemployment averaged 8.1% over the past three months, the highest in four years and comparable to 2008 crisis levels. Story Highlights Donald Trump Tariffs Impact On American Companies Trump Tariffs link to US companies bankruptcy US Bankrupt companies number increases US Inflation and unemployment on rise Although Trump has been pressing for rate cuts, analysts believe the Fed may reduce rates by only 25 basis points in September.
Time of India
2 hours ago
- Time of India
August 2025 stimulus buzz: Is another check coming in your bank account? Check details
Are you expecting a possible fourth stimulus check or looking for other inflation relief or tax refunds from the IRS this year? On July 25, President Donald Trump floated the idea of sending American taxpayers a tariff rebate check, saying, 'We have so much money coming in, we're thinking about a little rebate. But the big thing we want to do is pay down debt. But we're thinking about a rebate.' A few days after the president's tariff rebate comments, Missouri Republican Sen. Josh Hawley announced the American Worker Rebate Act of 2025 aimed at sending checks to Americans. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Tinnitus Keeps You Up at Night? Try Sleeping Like This Derila Ergo ALSO READ: $63 billion in tax relief for America's seniors? Here's when the new changes in Social Security will begin Will you receive stimulus check in August? There have been speculations and rumours on social media that a fourth stimulus check of $2,000 might be received by Americans. But there has been no official confirmation from Congress or the IRS to support this claim and any such news should be taken with caution as it could be misinformation or attempted fraud. Live Events There has been no indication that a fourth stimulus check will be issued as a result of cost-cutting measures. Any form of stimulus payment issued by the US government would have to be approved by Congress. The first stimulus check was for up to $1,200 for individuals and $2,400 for married couples, plus $500 per qualifying child under the age of 17. While the second stimulus check was up to $600 per individual, $1,200 for married couples and $600 per qualifying child under 17. The third stimulus check was for $1,400 per eligible individual and married couples filing jointly received an additional $1,400 for each qualifying dependent. ALSO READ: DC airport on high alert after traveler diagnosed with world's most contagious disease. What steps should you follow? Can you claim stimulus payment now? The window to claim or file for the first stimulus payment (distributed in March and April 2020), the second stimulus check (sent by Jan. 15, 2021), or the third stimulus check (issued between March and December 2021) has now closed. For the third and final stimulus payment, the filing deadline was April 15, 2025, marking the three-year limit to request any tax refunds, including the $1,400 Recovery Rebate Credit for 2021. It is best to work directly with the Internal Revenue Service (IRS) or a reputable tax professional to address missing stimulus payments or claim the relevant Recovery Rebate Credit on your tax return, if eligible. Where is my tax refund? On the site, taxpayers who filed their returns can see their refund status on the "Where's My Refund?" tool. To see the status, you must enter the following information: Your Social Security or individual taxpayer ID number (ITIN) Your filing status The exact refund amount on your return Once the information is entered, you will see one of the following: Return Received – The IRS received your return and are processing it. Refund Approved – The IRS approved your refund and are preparing to issue it by the date shown. Refund Sent – The IRS sent the refund to your bank or you in the mail. It may take five days for it to show in your bank account or several weeks for your check to arrive in the mail. ALSO READ: IRS confirms new $1,400 payment for millions in US: Check eligibility and how much money you will receive How long will it take for my refund to be deposited? The timeline for your refund depends on how you filed the tax return. If you file electronically, your return is processed much faster than if you file a paper return and wait for a check. According to the IRS, most refunds are issued in less than three weeks. The IRS advises taxpayers not to depend on receiving a refund by a specific date, particularly when making significant purchases or paying bills. Some returns may need further review, which could take more time. Why is my refund delayed? There are a bevy of reasons why a tax return gets delayed. Here are the most common reasons, as per the IRS: The return has errors, is incomplete, or is affected by identity theft or fraud. The return needs a correction to the child tax credit or recovery rebate credit amount. The return has a claim filed for an earned income tax credit or additional child tax credit or includes a Form 8379, Injured Spouse Allocation PDF. The time it takes a taxpayer's bank or credit union to post the refund to the taxpayer's account. Who is getting inflation checks? Several states, including New York, have sent or are sending out " inflation relief checks " to residents who paid higher sales taxes due to inflation. These are one-time payments with varying amounts based on income, with individuals earning up to $75,000 receiving $200, and married couples filing jointly earning up to $150,000 receiving $400. Pennsylvania, Georgia and Colorado also offered inflation refund checks to property owners or taxpayers in the same vein, but call them "rebate checks" with differing criteria and qualifications.
Time of India
3 hours ago
- Time of India
Florida Turnpike crash: Why Lt. Gov. Collins flew to California after truck driver Harjinder Singh's arrest shocked prosecutors
Florida Lt. Gov. Jay Collins traveled to California this week following the arrest of Harjinder Singh, a semi driver accused of making an illegal U-turn that caused a fatal crash on the Florida Turnpike. The accident left three people dead, and prosecutors are now seeking Singh's extradition back to Florida. The crash and victims According to the Florida Department of Highway Safety and Motor Vehicles, the incident took place on August 12 in St. Lucie County. Singh allegedly attempted an illegal U-turn on the Turnpike, leading to a collision with a minivan. Three passengers in the van were killed: a 37-year-old woman from Pompano Beach, a 54-year-old man from Miami, and a 30-year-old man from Florida City who was driving. 🇺🇸ILLEGAL IMMIGRANT TRUCK DRIVER KILLS 3 IN HORROR CRASHHarjinder Singh, in the U.S illegally since 2018, casually pulled a tractor-trailer into an 'official use only' median on Florida's Turnpike - blocking every oncoming lane with zero warning.A black minivan plowed into… Singh's arrest and immigration background Singh was arrested in California earlier this week after flying there one day after the crash. At his court appearance, he indicated he was willing to sign extradition papers to return to Florida. Florida troopers, with assistance from ICE, later confirmed that Singh entered the U.S. illegally through the Mexico border in 2018. He later obtained a commercial driver's license in California. FDHSMV Executive Director Dave Kerner said Singh faces vehicular homicide charges and immigration violations. 'At the conclusion of his state charges, he will be deported,' Kerner stated. Collins and state leaders respond Collins, posting on X, said he was traveling to California 'to ensure this individual is extradited back to Florida.' He is scheduled to speak Thursday at Stockton Metropolitan Airport. Gov. Ron DeSantis also commented, criticizing California's immigration policies. 'They invite people to come illegally. They provide benefits. They provide a lot of different things. Honestly, some of them get treated better than blue-collar Americans,' he said in St. Cloud on Tuesday. I am deeply honored to be Florida's Lieutenant Governor. Serving the people of our great state has always been a privilege, and I am committed to upholding the values and principles that make Florida exceptional. I look forward to working with Governor Ron DeSantis and our… Extradition process Florida prosecutors are moving forward with the extradition request to bring Singh back to face state charges. Singh's willingness to sign the papers may speed the process. Officials have confirmed that once state proceedings conclude, Singh will also face deportation proceedings for his immigration violations. To stay updated on the stories that are going viral follow Indiatimes Trending.
