Latest news with #BigBeautifulBill
Yahoo
3 hours ago
- Business
- Yahoo
Iowa democrats urge against the Big Beautiful Bill
SIOUX CITY, Iowa (KCAU) — Iowa democrats are calling on republicans in Washington to vote against the Big Beautiful Bill, saying it would be devastating to Iowans on Medicaid. More than 700 thousand Iowans receive Medicaid; nearly half are children. Advocates say many hospitals, particularly in rural Iowa, could also be forced to close labor and delivery services, sending soon-to-be moms hundreds of miles for care. Story continues below Top Story: UnityPoint Health to acquire MercyOne Siouxland Lights & Sirens: Sioux City Police Department: Deadly March stabbing justified Sports: Local Iowa high school boys soccer playoff highlights and scores (5-29-25) Weather: Get the latest weather forecast here They also say hospitals will have to start picking and choosing what services they want to offer. According to the Congressional Budget Office, nearly 94 thousand Iowans would lose health insurance if the bill passes. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
4 hours ago
- Business
- Yahoo
Voices for Independence speaks on local effects of Medicaid cuts
President Trump's proposed budget, dubbed the 'Big Beautiful Bill,' includes the largest cuts to Medicaid funding in history, totaling $600 billion, which has already passed in the House. The bill, if passed by the Senate, threatens to cut essential Medicaid services for 20% of Erie County residents, including over 100,000 children. Advocates warn that the only Medicaid service safe from cuts would be nursing home placement. Eagle's Nest Leadership Corp.'s new athletic center finally complete Shona Eakin, CEO of Voices for Independence, expressed concern that the bill could lead to cuts in food stamps, prescription drugs, and durable medical equipment, stating, 'Everything else could potentially be on the chopping block.' Kathy Hertzog, founder of Voices for Independence, emphasized the importance of Medicaid, saying, 'I really truly believe that without Medicaid, without my direct care workers, my personal care assistants, I would be dead.' Advocates for people with disabilities have gathered to oppose the bill, highlighting the potential impact on home healthcare services that enable residents to perform daily activities. Erie Cancer Wellness Center presented with nearly $26,000 donation Supporters of the bill argue that it will reduce waste, fraud, and abuse by imposing more requirements on recipients. Aaron Troisi, Political Director of United Homecare Workers of PA, countered that accountability should focus on providers rather than removing Medicaid recipients from their health insurance. As the Senate prepares to vote, the future of Medicaid services in Pennsylvania hangs in the balance, with advocates urging a 'no vote' to protect vital services for vulnerable populations. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now All facts in this report were gathered by journalists employed by WJET/WFXP. Artificial intelligence tools were used to reformat from a broadcast script into a news article for our website. This report was edited and fact-checked by WJET/WFXP staff before being published. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
4 hours ago
- Business
- Yahoo
Congressman Langworthy advocates for no taxes on overtime in visit to Elmira Heights
ELMIRA HEIGHTS, N.Y. (WETM) — Congressman Nick Langworthy (NY-23) was in Elmira Heights on Friday touring the facility of CAF USA while speaking with workers and advocating for no taxes on overtime pay, a major component of President Trump's proposed Big Beautiful Bill that passed in the house in May. The frame of a transit train was in the background at CAS USA as Langworthy took to the podium and spoke to the press on Friday, May 30, about passing a new tax code and implementing no taxes on overtime. Langworthy said that eliminating the tax on overtime would help working families ensure people have more take-home pay in their pockets, and help workforce shortages. 'I'm a strong believer that there is a great dignity in work and we need to lift more people, more of our neighbors into the dignity of work,' Langworthy said. 'As a country, we must always reward hard work, because ladies and gentlemen, this country was built on hard work,' Langworthy said. Langworthy said this bill would reward hard work not punish it. This would be done by not taxing people who were previously reluctant to work overtime and reducing the squeeze on working families. Langworthy argued that money would then be spent in the local economy at area businesses and other things to better the lives of families. No taxes on overtime pay: What to know about tax break in GOP budget bill So how would no taxes on overtime work? The no taxes on overtime pay would put more money in the pockets of Americans making under a certain threshold of $160,000 a year, according to Langworthy. This is something that wouldn't be seen on a paycheck but would have to be claimed from a person's taxes the following year, according to a report from Nexstar's The Hill. The bill wouldn't be in play for long either if passed, Langworthy said it would start working in 2025 and end in 2028, adding that because it's a new tax it would have to be tested before being made a permanent. 'Under the budget reconciliation process, we have to get scores on any of the proponents we have,' Langworthy said. 'This is what we can fit in now, that doesn't mean we don't want to make it permanent, but we're able to make some of the Trump tax cuts of 2017 permanent in this bill,' he said. 'This is a new tax, obviously, it has to go into effect, see how it works, and then hopefully at that point, we can make it permanent before it expires again,' he said. Langworthy used the term 'score' when referring to no taxes on overtime which is a congressional term for a bill's impact on federal spending. This explains why bills are implemented for a short period after they're passed before they need to be renewed or made permanent. How would Trump's budget bill affect the child tax credit? Critics of no taxes on overtime pay have come out and said that the bill would leave out billions in federal revenue, with The Hill reporting $164 billion through 2028, Congressman Langworthy said the opposite on the issue. 'In America, if you work hard you should take home more of your money, not worry about the IRS,' Langworthy said. 'Now, too many people in Washington D.C., they think it's their money. I've heard way too much in the debate about this bill talking about how we can't afford certain tax breaks, it's the other way around,' Langworthy said. 'The American people can't afford too much more of Washington, we need to shrink Washington and grow western New York and the Southern Tier, not the other way around,' he said. Langworthy believes no taxes on overtime would bring more people to work and create more output whereas critics of the bill think employers would be more reluctant to give overtime. The bill is now in the hands of the Senate where changes will be made and voted upon before it returns to the House. Langworthy said no tax on overtime is a fundamental part of the Big Beautiful Bill, and he would fight to keep it in the bill if the Senate requests to remove it. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Time of India
4 hours ago
- Business
- Time of India
Memo to Musk
You got plenty to worry about Musk has left the DOGE building. It's hard to say who's happier – Musk himself, or his baiters – but odds are, Vivek Ramaswamy marked the day with a platter of cheese enchiladas. Like taxes and death, Musk's exit was a given. US law allowed him a maximum of 130 days, and he left with one remaining. As an EV maker, he knows the importance of reserve charge. And range anxiety is a terrible thing. You aim to drive $2tn out of the federal budget but stall at $160bn. That's 8% mission accomplished. Poor, but better than a hat-trick of SpaceX's Starship failures in five months. So, Musk should pull over and take stock. On the net worth front, allying with Trump has been good for him. Yes, some Teslas were burnt, and Tesla stock nosedived, but it's much higher than at this time last year, and Musk is about $175bn richer than he was at the same time. And while he's leaving after describing Trump's Big Beautiful Bill as disappointing, Trump's not nursing a grudge – 'He will, always, be with us…Elon is terrific.' That means, govt contracts for SpaceX won't dry up, and Lil X can pick his nose in the Oval Office. What Musk should worry about is BYD's fast-charging tech, Tesla's falling sales, bursting Starships, and Neuralink's competition. Nobody will remember Musk as Trump's beancounter, but as 'Rocket Man' – who once went shopping for Russian ICBMs to launch satellites – he has better odds. Facebook Twitter Linkedin Email This piece appeared as an editorial opinion in the print edition of The Times of India.
Miami Herald
5 hours ago
- Business
- Miami Herald
Scott Galloway sounds alarm on major threat to U.S. economy
Depending on who one is speaking with, the national debt either is - or is not - an important issue in American fiscal policy that is given the degree of attention it deserves. Scott Galloway, New York University professor and popular podcaster, minces no words on how he feels about the "Big Beautiful Bill" that was passed on May 22 by the House of Representatives and its effect on the debt and other important slices of the U.S. economy pie chart. Don't miss the move: Subscribe to TheStreet's free daily newsletter For one, there is little disagreement that the rising national debt affects government spending, economic stability, and long-term financial planning. As the federal government borrows to cover expenditures exceeding revenue, interest payments on the debt consume a growing portion of the budget. The passage of the bill in the House introduces new fiscal measures that may impact the trajectory of the national debt and government spending. Supporters argue that the bill provides tax relief for working families. They highlight that the bill reduces the tax burden on middle-class Americans, including an expanded child tax credit and eliminating taxes on tips and overtime pay. Critics argue the bill adds trillions to the deficit, cuts Medicaid and Supplemental Nutrition Assistance Program (SNAP) benefits, weakens federal oversight, and focuses on tax cuts for wealthy Americans. Related: Shark Tank's Kevin O'Leary sends strong message on Social Security One of the key concerns surrounding the increasing debt is the cost of servicing it. As interest rates fluctuate, higher payments on the debt reduce funds available for other priorities, including Social Security and other retirement programs. This dynamic raises questions about the sustainability of retirement plans for millions of Americans. If debt servicing costs continue to grow, policymakers may face difficult decisions about entitlement reforms, tax changes, or adjustments to retirement benefits. Galloway explains in no uncertain terms his view of the national debt, the recently passed bill and what Americans might expect. In his No Mercy / No Malice newsletter, Galloway wastes no time offering his assessment of the bill and its effect on the national debt. "Last week, the fiscal lunatics proved they are still running the asylum," he wrote. "House Republicans sent the Senate a budget that adds $3.8 trillion to the deficit. Trump's 'Big Beautiful Bill' pairs unfunded tax cuts for the wealthy with a combined $1.1 trillion reduction in spending on programs including Medicaid and SNAP." But Galloway's criticism is not necessarily aimed at one political party more than the other. "Raise taxes or cut spending?" he asked. "The answer is yes. Note: Both parties engage in this consensual hallucination - taxes went down during the Biden administration and spending (YTD) has gone up under Trump." More on the U.S. economy: Dave Ramsey sounds alarm for Americans on Social SecurityScott Galloway warns Americans on 401(k), US economy threatShark Tank's Kevin O'Leary has message on Social Security, 401(k)s The most rapidly expanding expense in the federal budget isn't defense or health care, Galloway asserts. It's the cost of servicing the national debt. Even if this $3.7 trillion proposal fails to become law, interest payments alone are projected to reach $13.8 trillion over the next ten years, creating long-term financial challenges for future generations. "We're basically cosigning a subprime mortgage for our grandchildren while giving the wealthy a trust fund top-off," Galloway wrote. The first baby boomers reach 79 this year. Despite advancements in health, aging remains inevitable, he explains. A $124 trillion wealth transfer is underway, but most Americans won't benefit - only 2% control half of it. Related: Dave Ramsey sounds alarm for Americans on Social Security Galloway argues that smart taxation raises revenue with minimal harm. While Americans instinctively reject the estate tax as a "death tax," it primarily affects dynastic wealth, not ordinary estates. Unrealized capital gains comprise most high-net-worth inheritances, avoiding taxation almost entirely, Galloway claims. The budget bill worsens this, cutting estate tax revenue while reducing funding for federal programs aimed at helping the less well-off. Galloway explains his proposal as follows: Related: Jean Chatzky warns Americans on Social Security, 401(k)s The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
