Latest news with #BeautifulBill
Yahoo
4 hours ago
- Politics
- Yahoo
Asm. Dr. Jasmeet Bains announces 2026 run for Congress for Rep. David Valadao's seat
BAKERSFIELD, Calif. (KGET) — Assemblywoman Dr. Jasmeet Bains (D-Delano) has announced her bid for California's 22nd Congressional District Wednesday morning. Bains will be looking to unseat Republican incumbent Rep. David Valadao of Hanford in the 2026 election. Trump tells Texas Republicans to redraw the state congressional map to help keep House majority In a post on X, Bains emphasizes her career as a family doctor, directly calling out Valadao for voting yes on the 'Big, Beautiful Bill' and 'for the largest cut to health care in history.' Bains joins fellow Democrat Randy Villegas in opposing Valadao. 17 News will have a candidate profile with Bains. Check back for updates. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Time of India
8 hours ago
- Business
- Time of India
Ghosted: Elon Musk changed his phone number after fight with Trump, all messages remained unread
Elon Musk changed his phone number after his massive fallout with President Donald Trump. Elon Musk took some major steps to distance himself from the Donald Trump administration when he understood that he was at a point of no return, the way he waged his war against the president and his 'Big, Beautiful Bill'. While he unfollowed several members of the administration, he also changed his phone number to remain unreachable. Speaker Mike JohnsMon revealed on the latest episode of Pod Force One that he did not know that Elon changed his phone number and sent him a long message after the big blow-up. But the messages were going somewhere else and he never read them, Mike revealed. 'I sent him a long text message, and then his phone number changed, because after the blow-up, something happened with his,' Johnson told The New York Post's Miranda Devine. '[Later I] realized I was sending it out into the ether somewhere and he never read it, so I look forward to meeting with him in person,' the Speaker said. Elon Musk was reached out to through a third party, Johnson confirmed. On what irked Elon Musk so much that he went to the extent of registering a third party 'America Party', Johnson said Elon Musk got unhappy over a very short period of time. 'I mean, he generally knew what we were doing, and we talked about it. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Tại sao CFD tiền mã hóa có thể phù hợp với danh mục đầu tư của bạn IC Markets Tìm hiểu thêm Undo I mean, he knew for months, many months we worked on this, and I was keeping him apprised of it.' 'The final product maybe didn't meet all of his expectations in terms of what we're doing, for example, with electric vehicles and the Biden mandates and all of that,' Johnson told Devine. 'But there are other things as well.' 'But look, I let other people judge that. I've got to keep my eyes on the prize and keep going forward, and I'm trying to be a peacemaker in all of it.' 'Look, Elon is a genius,' the Speaker said. 'He does things that I can't even fathom, but one of his fields of expertise was not necessarily crafting legislation, right?' Will there ever be a patch-up? Johnson said there will not be any overnight patch-up between Trump and Musk. 'We can't fix this stuff overnight, but we have a plan to do it, and I think that's going to be pleasing to everybody who's worried about our deficit and our debt," Johnson said.
Business Insider
15 hours ago
- Business
- Business Insider
Palantir Stock (PLTR) Hits Record High: 3 Reasons the Rally Isn't Over
Palantir Technologies (PLTR) surged to a new all-time high on Monday, gaining nearly 5% as investor excitement around its AI-driven government and commercial contracts continues to build. Year-to-date, PLTR stock has gained around 97%. Despite the sharp rally, several key catalysts suggest that Palantir's upward momentum may still have plenty of room to run. Let's dig in. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. 1. Government AI Budgets Are Set to Surge Palantir continues to secure major contracts with U.S. defense and intelligence agencies and is actively involved in key federal AI initiatives, such as the U.S. Navy's tech modernization program and Project Stargate, a national security-focused AI plan. In Q1 2025, Palantir's U.S. government revenue grew 45% year-over-year. Notably, Palantir is strongly involved in two key areas where President Donald Trump plans major spending: defense and energy. Its software is already used by the U.S. military, NATO partners, and big energy companies. As the government rolls out large funding for infrastructure and national security through the proposed 'Big, Beautiful Bill,' Palantir is expected to see even more contract opportunities. 2. Wedbush Sees More Upside Ahead for PLTR Stock Recently, Wedbush's four-star-rated analyst Daniel Ives raised his price target on PLTR stock to a Street-high $160 while maintaining his Buy rating. The new target suggests more than 7% upside from current levels, reflecting continued confidence in the company's long-term AI potential. Ives called Palantir 'one of the best AI plays in the world' and also suggested the company could eventually reach a $1 trillion valuation. While he acknowledged that the stock is expensive, Ives views Palantir as the clear leader poised to tap into trillions in future AI spending. He also thinks Wall Street is underestimating the potential of Palantir's U.S. commercial AI platform (AIP), which he says could generate over $1 billion in annual revenue in the next few years. 3. Palantir's Low-Code AI Platform Sets It Apart From the Competition Palantir's AI platform stands out because it's easy to use, making it accessible even for people without a technical background. It helps businesses quickly build and roll out AI tools across multiple industries. With strong security and customization features, it's hard for competitors to match. As more companies look for simple, powerful AI solutions, Palantir is in a great position to lead and grow its market share. Is Palantir a Good Stock to Buy? Turning to Wall Street, analysts have a Hold consensus rating on PLTR stock, based on three Buys, nine Holds, and four Sells assigned in the last three months. The average Palantir share price target is $106.71, which implies a potential downside of 28.5% from current levels.
The Hill
a day ago
- Politics
- The Hill
Trump admin limits bond hearings for those seeking release from immigration detention
U.S. Immigration and Customs Enforcement (ICE) is directing attorneys to no longer allow bond hearings for those in the U.S. illegally, forcing them to remain in detention while fighting their deportation. A new memo, confirmed by the agency and the Department of Homeland Security, said migrants should be detained 'for the duration of their removal proceedings,' a process that can take months or years. Immigrants typically can move to be released on bond if they are not determined to be a public safety threat. A new memo from acting ICE Director Todd Lyons would largely end that practice, likely swelling the number of people held in detention centers as the Trump administration ramps up enforcement and targets more long-term residents. An ICE spokesperson framed the memo as 'clos[ing] a loophole to our nation's security based on an inaccurate interpretation of the statute.' The Washington Post first reported the memo. The move comes as the so-called Big, Beautiful Bill sets aside $45 billion in new funding to more than double current detention capacity, allowing the U.S. to hold more than 100,000 people in immigration detention. The Department of Homeland Security referenced the funding in the bill as aiding their efforts to detain those fighting their deportation implying without evidence that all those held without bond have criminal backgrounds. 'Politicians and activists can cry wolf all they want, but it won't deter this administration from keeping these criminals and lawbreakers off American streets—and now thanks to the Big Beautiful Bill, we will have plenty of bed space to do so,' Assistant Secretary for Public Affairs Tricia McLaughlin said in a statement.
Miami Herald
a day ago
- Business
- Miami Herald
What you need to know about Trump's 'One Big, Beautiful Bill'
What you need to know about Trump's "One Big, Beautiful Bill" Ever since the first Trump Administration passed the Tax Cuts and Jobs Act (TCJA) in 2017, with most of its provisions expiring on December 31, 2025, observers have speculated about what would happen next. That question was finally answered on July 4, 2025, when President Trump signed the "One Big, Beautiful Bill (OBBB)" into law. His signature legislation makes the 2017 tax cuts permanent, along with several other important provisions. At 870 pages, the OBBB also contains a long list of additional changes that will affect taxpayers for years to come. Wealth Enhancement has broken down the list into some key highlights. Here's what to know about the new tax law. Estate and gift tax exemptions The TCJA doubled the lifetime gift and estate tax exemption, meaning that far fewer families would be subject to federal estate taxes. The expiration of the TCJA would have meant that many more people would face federal estate tax liabilities, but the new law has made the higher exemption amounts permanent. The OBBB increases the lifetime gift and estate tax exemption to $15 million per person ($30 million per married couple) starting in 2026. This will be indexed for inflation annually. This allows families a more long-term approach to wealth transfers without the uncertainty of potential tax increases from expiring tax provisions. People will have greater flexibility in deciding whether to gift during their lifetime or wait until death for the "step-up" in cost basis on assets. Tax cuts made permanent One of the top headlines of the OBBB is the fact that it permanently enacted the tax cuts that were enacted during the previous Trump administration. Federal income tax brackets will remain unchanged at 10%, 12%, 22%, 24%, 32%, 35%, 37%, indexed for inflation. This is a key point for taxpayers across income levels, particularly high-income earners. Without this change, tax brackets were previously scheduled to revert to 2017 levels, adjusted for inflation. This would have resulted in higher taxes for many people. The OBBB did not adjust the corporate tax rate, which was reduced from 35% to 21% when the TCJA was enacted. In addition, the TCJA created a new temporary provision called the Qualified Business Income Deduction (QBI). This 20% deduction was designed to help small business owners who were unable to benefit from the reduced corporate tax rate. Under the OBBB, the 20% QBI deduction for qualified business income (§199A) will remain unchanged and become permanent, along with an extended phaseout range. This will allow more people to qualify for this deduction. Standard deduction The OBBB slightly enhances and permanentizes the increased standard deduction amounts enacted under the TCJA. For 2025, the standard deduction is now $15,750 for individuals and $31,500 for married couples who file jointly. The law also creates an additional "Senior Bonus Deduction" of $6,000 for taxpayers ages 65+, effective in 2025. This provision is temporary and subject to phaseout, but while in effect, it has the potential to create a significant tax planning opportunity for seniors, whether they are utilizing the standard deduction or itemizing their deductions. Itemized deductions Under the OBBB, the standard deduction will receive a temporary enhancement from TCJA levels in 2025. For those itemizing their deductions, state and local taxes (or SALT) were capped at $10,000 under the TCJA. This cap in turn created the Pass Through Entity Tax (PTET) loophole, whereby state and local taxes are paid at the entity levels and passed down to shareholders in the form of a deduction that is not subject to the SALT cap. The OBBB will also increase the SALT cap to $40,000 (subject to phase out) starting in 2025, while keeping the PTET loophole in place. The SALT cap will likely increase the number of taxpayers taking the itemized deduction, especially in states with higher tax rates, such as New York, New Jersey, and California. In addition, the TCJA temporarily capped mortgage acquisition debt at $750,000 and temporarily eliminated miscellaneous itemized deductions. These changes were made permanent by the OBBB. New "above the line" deductions The new tax law is designed to create benefits for taxpayers who receive tips and overtime pay. It allows deductions for qualified tips and qualified overtime compensation. These measures are temporary and subject to phaseouts and caps. These changes could provide significant tax savings for service and hourly employees. However, it's important to note that Social Security and Medicare still apply, so earnings are not entirely tax-free. There is also a new tax deduction of up to $10,000 for car loan interest on new cars assembled in the United States. This deduction is subject to a cap. For taxpayers who make charitable cash donations, there will be a deduction available for non-itemizing taxpayers up to $1,000 (single) or $2,000 (married filing jointly) starting in 2026. Clean energy credits People who are interested in investing in energy efficiency updates for their homes or buying "clean" vehicles need to be aware that green energy tax credits previously scheduled to expire in 2032 will now expire within a year. Clean vehicle credits will now expire on September 30, 2025, while energy-efficient home improvement credits and residential clean energy credits will expire on December 31, 2025. Depreciation The OBBB restores 100% bonus depreciation for property placed in service from January 19, 2025. This is now permanent. Under Section 179, starting in 2026, the maximum deduction amount will increase to $2.5 million (with a phase-out threshold at $4 million). Our tax specialists recommend these strategies: Strategic timing of asset purchases Immediate expensing of qualified propertyMaximize deductions to significantly lower taxable income and tax liabilityConsider combining bonus depreciation and Section 179 for optimized tax benefits Real estate focus: Consider a cost segregation study to help make the most of bonus depreciation by reclassifying assets into eligible categories. Opportunity Zones The new tax law includes changes to Opportunity Zone (OZ) investments. These investment opportunities were created as part of the TCJA as a way for investors to invest in underserved communities in exchange for tax benefits. The new law accelerates the expiration of the current OZs to December 31, 2026 (two years early). It creates a new round of permanent, rolling 10-year designated zones starting in 2027. This strategy offers a 10% step-up in basis for investments held for at least five years. This increases to 30% for qualified rural OZs. For investors who are already invested in Qualified Opportunity Zones, any eligible capital gains invested before January 1, 2027, would be subject to the existing law and, as such, subject to gain inclusion on December 31, 2026. For investors who are considering QOZ investments in the future, these changes and enhancements are a positive sign. Other notable provisions Trump accounts: Tax-preferred savings account for children will provide an initial $1,000 federal subsidy per child born 2024-2028. Health savings accounts: The House proposed major changes in its initial bill, but the Senate did not include these in the final version. Personal exemptions: These have been suspended permanently. Alternative minimum tax: Increased exemption and phaseout thresholds have been made permanent. 529 plans: These educational savings accounts have been expanded to include home schooling and post-secondary credentials (including Certified Public Accountant or Certified Financial Planner). Child tax credit: Slight enhancement ($2,200); this is now permanent. 1099 MISC/NEC reporting requirements: Increased threshold to $2,000. This story was produced by Wealth Enhancement and reviewed and distributed by Stacker. © Stacker Media, LLC.
