Latest news with #CatherineCortezMasto
Newsweek
a day ago
- Business
- Newsweek
Coffee Shop Adding 'Tariff Adjustment' to Bill Sparks Debate
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A coffee shop has begun putting a "tariff adjustment" surcharge on customers' orders, according to Democratic Senator Catherine Cortez Masto. The Nevada senator posted a picture of the receipt to X, which showed a 10-percent markup on a $4.50 order, alongside the caption: "Donald Trump claims other countries will pay his tariff taxes. Here's the reality in Reno." Donald Trump claims other countries will pay his tariff taxes. Here's the reality in Reno: — Senator Cortez Masto (@SenCortezMasto) July 27, 2025 Cortez Masto did not specify whether she took the image or where it was taken. When approached for comment, a spokesperson for the senator told Newsweek that it was taken in a "locally-owned coffee shop" in Reno. Why It Matters The post has already amassed hundreds of thousands of views and set off a debate over whether this reflects the impact of President Donald Trump's tariffs on the American consumer or is simply a case of companies exploiting contemporary political issues to justify hiking their prices. What To Know Many major companies have already announced that they will be implementing price hikes to mitigate the impact of President Trump's tariffs, given the higher expenses those reliant on imported items will be forced to pay. Shein, Walmart and Target are among those that have said the change may need to come into effect, and over half (54 percent) of the American companies surveyed by insurance company Allianz in May said they would have to raise prices to offset tariff costs. However, amid episodic postponements and cancellations, as well as recently finalized trade deals with a handful of nations, Trump's tariffs have not yet translated into major widespread price increases. According to the minutes of the most recent Federal Open Market Committee meeting, members of the central bank's rate-setting body said that it could take some time before these increased costs are passed on and become visible to the consumer. U.S. Sen. Catherine Cortez Masto (D-NV) speaks at the Nevada Democratic Party's election results watch party at Aria Resort & Casino on November 05, 2024, in Las Vegas, Nevada. Coffee in Berlin. U.S. Sen. Catherine Cortez Masto (D-NV) speaks at the Nevada Democratic Party's election results watch party at Aria Resort & Casino on November 05, 2024, in Las Vegas, Nevada. Coffee in Berlin. Ethan Miller // picture-alliance/dpa/AP Images However, recent tariff increases on Brazil—especially significant for coffee shops—threaten to push up both the cost of beans and the beverage in the U.S. Some in the comments of Senator Cortez Masto's X post made this point, while also backing her statement that the price increases serve as evidence of the impact of tariffs on everyday consumers. However, many doubted the authenticity of the receipt or accused the unnamed coffee shop of price gouging and taking advantage of political issues for financial gain. Others argued that businesses can spare customers such tariff charges by sourcing coffee domestically. "This is just a coffee shop taking advantage of their customers under the guise of tariffs," one wrote. "How about naming this Reno business so people can quit supporting their predatory efforts?" Similar outrage followed the move reportedly considered by Amazon in April to display how much of an item's final cost was due to tariffs. The company later said that this was only briefly under consideration for its Amazon Haul business, after the White House called this a "hostile and political act." What People Are Saying A spokesperson for Senator Catherine Cortez Masto told Newsweek: "This receipt is from a locally-owned coffee shop in Reno, Nevada. Nevada's small businesses run on razor-thin profit margins. These aren't large corporations, they're small businesses stuck with higher costs due to Trump's reckless blanket tariffs." A commenter on the senator's post wrote: "The revenue from tariffs that is coming into our government to pay down debt is astronomical. Of course there will be a small cost past along if you purchase products from a tariffed country." "That's not a tariff. That's just a coffee shop ripping off its customers," another said. "The tariff would be on the cost of the coffee beans at time of entry." What Happens Next? The dozens of countries that have not yet secured a trade deal with the U.S., including Brazil—America's top coffee-supplying nation—have until Friday to do so and bring down their tariff rates. Speaking to Fox News on Sunday, Commerce Secretary Howard Lutnick said that there will be no further tariff extensions beyond August 1. "No extensions. No more grace periods. August 1, the tariffs are set. They'll go into place," Lutnick said.
Fibre2Fashion
6 days ago
- Business
- Fibre2Fashion
CORCA gains bipartisan support to tackle organised retail crime in US
The Combating Organized Retail Crime Act (CORCA) is gaining momentum following a Senate Judiciary Committee hearing chaired by Senator Chuck Grassley (R-Iowa). The legislation, co-sponsored by Senator Catherine Cortez Masto (D-Nev), seeks to establish a coordinated multi-agency response to tackle the escalating threat of organised retail crime across the United States. CORCA aims to enhance collaboration between law enforcement and the retail industry, improve data sharing, and provide stronger tools to investigate and prosecute retail and supply chain crimes. With 26 bipartisan Senate co-sponsors and endorsements from 38 state attorneys general, the bill has garnered wide support from over 260 businesses and numerous national associations, United States Senate Committee on the Judiciary said in a press release. CORCA co-sponsored by Senators Grassley and Cortez Masto, is gaining strong bipartisan support. The bill aims to enhance coordination between law enforcement and retailers to combat organised retail crime. Backed by 260+ businesses, 38 attorneys general, and major industry groups, CORCA seeks swift passage to protect supply chains, workers, and public safety across the US. Retailers, law enforcement agencies, and logistics leaders have come forward to urge the swift passage of CORCA. The National Retail Federation and its business coalition called the legislation a 'commonsense' and 'essential' step in protecting public safety and safeguarding consumer access to goods. Similarly, the National Association of Attorneys General noted that the bill would supply necessary resources to combat this 'nationwide epidemic'. Law enforcement backing was echoed by the National Police Association, which praised CORCA for enabling unified efforts between the public and private sectors. The American Trucking Association highlighted the growing risk to truck drivers from cargo theft and endorsed the bill as a tool to bolster federal enforcement. State-level stakeholders expressed similar sentiments. Brenda Neville, president of the Iowa Motor Truck Association, commended the bill's impact on securing freight and protecting Iowa workers. In Illinois, a state ranking among the top three in cargo thefts, Matt Hart of the Illinois Trucking Association called on Senator Durbin to back the legislation, while California's trucking industry also voiced strong support. The Association of American Railroads reported a 40 per cent surge in cargo theft last year and stressed the need for a Federal strategy. The Retail Industry Leaders Association warned of the broader criminal links tied to retail theft, including human trafficking and drug smuggling, urging for a more coordinated response. Major corporations have also endorsed the bill. The Home Depot welcomed the creation of a federal coordination centre, while Ulta Beauty supported real-time data sharing across jurisdictions. American Eagle Outfitters' chief global asset protection officer Scott McBride issued a personal plea to lawmakers, urging unity to curb these crimes. With companion legislation already introduced in the House of Representatives David Joyce (R-Ohio) and Susie Lee (D-Nev), stakeholders from across sectors hope for rapid passage of CORCA during the 119th Congress to effectively dismantle organised retail crime networks and secure America's supply chains. Fibre2Fashion News Desk (SG)
Politico
14-07-2025
- Business
- Politico
Disaster relief done — what next?
Presented by WELL, LOOK AT THAT: It wasn't exactly a unicorn, but something relatively uncommon happened last week — Congress enacted a narrow, uncontroversial tax provision. With good reason, too: The Senate cleared a bipartisan measure, H.R. 517 (119), by unanimous consent Thursday that would offer quicker relief from tax filing deadlines for those affected by natural disasters, in large part in response to the deadly flooding in Texas. In essence, the measure empowers the IRS to offer filing relief to taxpayers in areas where a state has declared an emergency. Until now, the agency could delay filing deadlines only for disasters declared by the federal government, which can take longer to materialize. Sen. Catherine Cortez Masto (D-Nev.), one of the measure's sponsors, noted that only one county in Texas had received a federal declaration as of Thursday, while a state emergency had been proclaimed in more than 20 counties. The House had passed the measure unanimously in March, so the Senate's action last week sends it to President Donald Trump's desk. 'This bill will allow those impacted by a natural disaster to have certainty that tax filing deadlines will be extended earlier in the process, and sometimes before the disaster occurs, so they can focus on their safety,' said Mark Koziel, the president of the American Institute of CPAs. MORE ON THAT in a second, but first — welcome to a special Bastille Day version of Weekly Tax. Not with a bang, but with a…: Today marks 160 years since an English mountaineer named Edward Whymper led the first successful ascent of the Matterhorn, the Alps peak along the border of Italy and Switzerland. (The descent, meanwhile, was far less successful.) Help us reach new heights. Send your best tips and feedback. Email: bbecker@ bfaler@ and teckert@ You can also reach us on X at @berniebecker3, @tobyeckert, @brian_faler, @POLITICOPro and @Morning_Tax. Want to receive this newsletter every weekday? Subscribe to POLITICO Pro. You'll also receive daily policy news and other intelligence you need to act on the day's biggest stories. LOOKING AHEAD: Outside events clearly prompted the quick congressional action on the natural disaster filing bill. But it's worth noting that's far from the only measure of its kind that lawmakers have looked at this year. In fact, Senate Finance Chair Mike Crapo (R-Idaho) and Sen. Ron Wyden of Oregon, the top Democrat on the tax-writing panel, released draft legislation early this year that would make broad reforms in tax administration. Across the way, the House Ways and Means Committee has cleared a string of other proposals aimed at making life easier for taxpayers. All of that prompted some speculation that the two parties might be able to work together on sweeping tax administration legislation this year or next. We'll see about that. This Congress might only be about a quarter over, but it's unclear whether the bruised feelings over the GOP megabill will subside enough for any real bipartisan tax action in the coming months. Some key Republicans have talked up areas for potential cooperation on taxes. But there's also some chatter within the GOP about doing another partisan budget reconciliation measure — or maybe two — while they have full control, which likely wouldn't help the chances for a bipartisan tax package. NOT SO FAST! A nonprofit group is trying to stop a proposed settlement that would give churches an official OK to wade into political activity. Americans United for Separation of Church and State announced Friday that it had asked a federal court to allow it to defend what's known as the Johnson Amendment, which bars certain tax-exempt groups from endorsing candidates and other types of politicking. The group is seeking to intervene after the IRS and religious groups challenging the Johnson Amendment reached a settlement, as part of which the agency said that the decadeslong ban on weighing in on political campaigns didn't apply to churches. Essentially, the IRS also noted that it was just coming clean on a longstanding unwritten rule — that it had rarely enforced the Johnson Amendment when it came to religious groups. In many ways, that's more broadly true of how the agency has handled the ban on political activity for nonprofits. But AU, the separation of church and state group, argued that the Johnson Amendment 'protects the integrity of both our elections and nonprofit organizations, including houses of worship.' 'The Trump administration's radical reinterpretation of the Johnson Amendment is a flagrant, self-serving attack on church-state separation that threatens our democracy by favoring houses of worship over other nonprofits and inserting them into partisan politics,' added the group's president, Rachel Laser. Advocates for nonprofits have long worked to preserve the Johnson Amendment, making it a top lobbying priority for both the 2017 Trump tax cuts and the most recent megabill. Those groups argue that allowing churches and other nonprofits more leeway to be political will erode the nonpartisan mission of most organizations and how they're viewed by the public at-large. DOWN GOES THE DST: Brussels has prepared to ditch plans for a digital tax to help ease trade negotiations with the U.S., as our Gregorio Sorgi noted Friday. At least that was the plan: The European Commission's list of upcoming taxes isn't scheduled to be released until Wednesday, and the report about Brussels dropping its DST came before Trump threatened to bump up tariffs on the EU to 30 percent. In return, European leaders threatened their own 'proportionate countermeasures,' leaving the path forward decidedly unclear. But taking a step back: The EU's willingness to scrap its digital tax would be just the latest example of the U.S. getting its way without having to rely on Section 899, the so-called revenge tax that was dropped from the GOP megabill over concerns that it would impede foreign investment. (Worth noting: Brussels is also considering a broader tax on big companies that would also hit tech titans affected by a DST.) Canada discarded its digital tax a couple weeks ago, just hours before payments were due, as part of its trade negotiations with the U.S. And Treasury Secretary Scott Bessent's agreement with the G7 to stop parts of the global tax deal from applying to the U.S. — most notably an undertaxed profits rule that allowed other countries to tax American companies that didn't meet minimum tax thresholds — paved the way for Republicans to drop Section 899 from the megabill. Next question, though: What's the broader impact of that G7 agreement on a global tax pact where around 140 countries signed on to the framework? Top officials at the Organization for Economic Cooperation and Development, which led negotiations on the agreement, have argued that the side deal strengthens the overall pact. But Mindy Herzfeld of Tax Notes isn't so sure, arguing that other countries might now seek their own carve-outs from the global tax deal, even if none of them has the same clout as the U.S. 'It remains uncertain whether the exceptionalism of the United States will hold at a time when its broader withdrawal from multilateral commitments has weakened the dollar and confidence in its systems,' Herzfeld wrote. Around the World Bloomberg: 'UK Wealth Tax Given 'Zero Chance' Amid Cash Crunch for Reeves.' Reuters: 'German upper house of parliament approves $54 billion corporate tax relief package.' Reuters, again: 'Ferrari Chair John Elkann settles inheritance tax dispute in Italy.' Around the Nation WEWS: 'Ohio GOP plans to override Gov. DeWine school vetoes in order to provide property tax relief.' KTOO: 'Bill requiring car rental apps to collect Alaska taxes avoids second veto.' Washington State Standard: 'Megabill's elimination of tax credits for clean energy projects could cost WA $8.7 billion.' Also Worth Your Time Wall Street Journal: 'Investors Get New Breaks on Capital-Gains Taxes in Trump Law.' Bloomberg: 'Trump Tax Law Quietly Takes Aim at Popular Perk: Office Snacks.' Tax Notes: 'Oversight of IRS AI and Data Analytics Faces Setback.' Did you know? Mountains in California, Colorado and Nevada have all been named after the Matterhorn.
Yahoo
12-07-2025
- Business
- Yahoo
Senate Republicans block attempt to roll back massive tax hike on professional gamblers
WASHINGTON (AP) — Senate Republicans on Thursday blocked an attempt to reverse a little-noticed provision from their tax and spending cuts law that professional gamblers warn could be the end of their industry. Democratic Sen. Catherine Cortez Masto of Nevada sought unanimous passage of a bill that would roll back the change on gambling tax deductions, but Republican Sen. Todd Young of Indiana objected, stalling the proposal for now. The emerging fight over the gambling provision is likely only the beginning of the fallout from the new tax law and its impact on the country. Spanning more than 900 pages, the bill signed into law by President Donald Trump last week contained a slew of provisions changing federal programs and the tax code, many of which lawmakers admit they are only now beginning to fully digest. 'My understanding is many Republicans, many Democrats did not even know it was part of that process,' Cortez Masto said of the gambling provision. Under the new tax law, starting in 2026, individuals can only deduct 90% of their gambling losses up to the amount of their winnings. That's a change from the previous rule, which allowed gamblers to deduct 100% of their losses, up to the amount they won. The change will only significantly impact those who gamble larger amounts and who take the extra steps to itemize and deduct their losses. But for those individuals, the impact could be steep. In practice, for example, under the old rule, someone who wins $100,000 and loses $100,000 could deduct the full $100,000 in losses and owe nothing. Under the new rule, they would only be able to deduct $90,000 and would still owe taxes on the remaining $10,000, despite having lost all their winnings. 'This new amendment to the One Big Beautiful Bill Act would end professional gambling in the U.S. and hurt casual gamblers, too,' Phil Galfond, a professional poker player, said on social media just days ahead of the bill's final passage. The provision was included in the bill's text released on June 16 by Senate Finance Committee Chair Mike Crapo. Some senators have said they weren't aware of the provision, and it only publicly came to light days ahead of the bill's passage, with professional gamblers and media figures drawing attention to it. 'Now I see Republican senators walking all over the Capitol saying they didn't even know anything about this policy," said Sen. Ron Wyden, the top-ranking Democrat on the Senate Finance Committee. 'The fact is, when you rush a process like this, this way, and cram in all of these policies that you haven't really thought about, you risk consequences for people back home. That is what is going on here,' Wyden. said The provision is estimated to generate over $1.1 billion in tax revenue over eight years. The entirety of the tax break and spending cuts bill will increase the deficit by nearly $3.3 trillion from 2025 to 2034, according to the nonpartisan Congressional Budget Office. Republicans say it was a necessary procedural change tied to the reconciliation process, which allowed them to pass the sweeping bill without Democratic support. Young, the Indiana Republican who objected to Cortez Masto's bill, said he supports the policy but would only agree to undo it if Democrats accepted other provisions in return. 'I strongly support the underlying bill, but will have to object unless you can agree to my request,' Young said on the Senate floor. Thursday's attempt by Cortez Masto won't be the last. On Wednesday, she introduced a bill that will first have to go through committee, but has bipartisan support, to restore the full gambling deduction. In the House, Nevada Democratic Rep. Dina Titus has also introduced a bill attempting to return to the previous standard. ___
NBC Sports
11-07-2025
- Politics
- NBC Sports
Senate effort to quickly undo gambling tax change fails
The big, beautiful bill was, in many ways, too big. The sweeping piece of legislation includes changes to the law that arguably wouldn't have happened if they'd been processed one at a time. One such change relates to gambling. Previously, every dollar lost applied against every dollar won. The gambler's income was the net winnings, if any. Now, the losses are capped at 90 percent. Which can create income without winnings. Both the House of Representatives and the Senate have launched efforts to undo the change to the tax laws regarding gambling. Via Joey Cappelletti of the Associated Press, an effort in the Senate to quickly fix the situation has failed. Senator Catherine Cortez Masto (D-Nevada) requested unanimous passage of a bill that would undo the revision. Senator Todd Young (R-Indiana) objected. And that was enough to block it. 'My understanding is many Republicans, many Democrats did not even know it was part of that process,' Cortez Masto said, regarding the change to gambling taxes. Young's objection means the bill will have to go through the usual process of committees and floor votes and what not, in both the House of Representatives and the Senate. 'Now I see Republican senators walking all over the Capitol saying they didn't even know anything about this policy,' Senator Ron Wyden (D-Oregon) said. 'The fact is, when you rush a process like this, this way, and cram in all of these policies that you haven't really thought about, you risk consequences for people back home. That is what is going on here.' And now what's going on is an effort to turn the clock back to the days before the big, beautiful bill made life a lot uglier for gamblers.
