Latest news with #CommitteeForAResponsibleFederalBudget
Reuters
11-07-2025
- Business
- Reuters
Trump's tariff collections expected to grow in June US budget data
WASHINGTON, July 11 (Reuters) - The U.S. Treasury Department on Friday will reveal the strength of President Donald Trump's tariff revenues in its June budget data, as collections from multiple waves of new import duties start to build into a substantial government revenue source. The budget data, due at 2 p.m. EDT (1800 GMT), is expected to show that customs receipts topped $100 billion for the first nine months of the current fiscal year for the first time. In a preview of the results, the Congressional Budget Office forecast that gross customs receipts driven by tariffs rose by $50 billion in the first eight months of the fiscal year, which runs from October 1, 2024 to September 30, 2025. That forecast represents a nearly 90% increase from the $55.6 billion collected in the year-ago period and implies about a $20 billion increase in June customs duties, after record collections of $22.8 billion in May. "I think we'll see something in the neighborhood of $25 billion of customs duties for June," said Marc Goldwein, senior policy director for the Committee for a Responsible Federal Budget, a Washington-based fiscal watchdog group. The net take from tariffs would be lower because increased tariff revenues would imply lower payroll and income tax payments, he said. Treasury Secretary Scott Bessent earlier this week suggested a steeper ramp-up in tariff collections, telling a cabinet meeting that the U.S. had taken in about $100 billion in tariff income so far this year, with that figure possibly growing to $300 billion by the end of 2025. A Treasury spokesperson said Bessent was referring to the calendar year - essentially the period since Trump returned to office - and not the fiscal year. Reaching $100 billion in tariff revenue from January through June would imply a much bigger June tariff haul of about $37 billion, since 2025 calendar-year gross customs duties collections through June totaled $63.4 billion, according to Treasury data. Reaching $300 billion in tariff collections by December would imply an exponential increase in collections in the coming months and steep and broad tariff increases from current levels. Bessent added that the CBO has estimated tariff income will total about $2.8 trillion over 10 years, "which we think is probably low." Trump has set a new August 1 deadline for higher "reciprocal" tariff rates set to kick in on nearly all U.S. trading partners, with room for negotiations with some countries in the next three weeks for deals to lower them. Those duties will bring in "the big money," Trump said. Since those remarks on Tuesday, the U.S. president has put his tariff assault into overdrive, announcing 50% levies on copper imports and goods from Brazil and a 35% tariff on Canadian goods, all due to start on August 1. The Trump administration is preparing more sector-based tariffs on semiconductors and pharmaceuticals.
Yahoo
11-07-2025
- Business
- Yahoo
Trump's tariff collections expected to grow in June US budget data
By David Lawder WASHINGTON (Reuters) -The U.S. Treasury Department on Friday will reveal the strength of President Donald Trump's tariff revenues in its June budget data, as collections from multiple waves of new import duties start to build into a substantial government revenue source. The budget data, due at 2 p.m. EDT (1800 GMT), is expected to show that customs receipts topped $100 billion for the first nine months of the current fiscal year for the first time. In a preview of the results, the Congressional Budget Office forecast that gross customs receipts driven by tariffs rose by $50 billion in the first eight months of the fiscal year, which runs from October 1, 2024 to September 30, 2025. That forecast represents a nearly 90% increase from the $55.6 billion collected in the year-ago period and implies about a $20 billion increase in June customs duties, after record collections of $22.8 billion in May. "I think we'll see something in the neighborhood of $25 billion of customs duties for June," said Marc Goldwein, senior policy director for the Committee for a Responsible Federal Budget, a Washington-based fiscal watchdog group. The net take from tariffs would be lower because increased tariff revenues would imply lower payroll and income tax payments, he said. Treasury Secretary Scott Bessent earlier this week suggested a steeper ramp-up in tariff collections, telling a cabinet meeting that the U.S. had taken in about $100 billion in tariff income so far this year, with that figure possibly growing to $300 billion by the end of 2025. A Treasury spokesperson said Bessent was referring to the calendar year - essentially the period since Trump returned to office - and not the fiscal year. Reaching $100 billion in tariff revenue from January through June would imply a much bigger June tariff haul of about $37 billion, since 2025 calendar-year gross customs duties collections through June totaled $63.4 billion, according to Treasury data. Reaching $300 billion in tariff collections by December would imply an exponential increase in collections in the coming months and steep and broad tariff increases from current levels. Bessent added that the CBO has estimated tariff income will total about $2.8 trillion over 10 years, "which we think is probably low." Trump has set a new August 1 deadline for higher "reciprocal" tariff rates set to kick in on nearly all U.S. trading partners, with room for negotiations with some countries in the next three weeks for deals to lower them. Those duties will bring in "the big money," Trump said. Since those remarks on Tuesday, the U.S. president has put his tariff assault into overdrive, announcing 50% levies on copper imports and goods from Brazil and a 35% tariff on Canadian goods, all due to start on August 1. The Trump administration is preparing more sector-based tariffs on semiconductors and pharmaceuticals. Sign in to access your portfolio
Yahoo
11-07-2025
- Business
- Yahoo
Trump's tariff collections expected to grow in June US budget data
By David Lawder WASHINGTON (Reuters) -The U.S. Treasury Department on Friday will reveal the strength of President Donald Trump's tariff revenues in its June budget data, as collections from multiple waves of new import duties start to build into a substantial government revenue source. The budget data, due at 2 p.m. EDT (1800 GMT), is expected to show that customs receipts topped $100 billion for the first nine months of the current fiscal year for the first time. In a preview of the results, the Congressional Budget Office forecast that gross customs receipts driven by tariffs rose by $50 billion in the first eight months of the fiscal year, which runs from October 1, 2024 to September 30, 2025. That forecast represents a nearly 90% increase from the $55.6 billion collected in the year-ago period and implies about a $20 billion increase in June customs duties, after record collections of $22.8 billion in May. "I think we'll see something in the neighborhood of $25 billion of customs duties for June," said Marc Goldwein, senior policy director for the Committee for a Responsible Federal Budget, a Washington-based fiscal watchdog group. The net take from tariffs would be lower because increased tariff revenues would imply lower payroll and income tax payments, he said. Treasury Secretary Scott Bessent earlier this week suggested a steeper ramp-up in tariff collections, telling a cabinet meeting that the U.S. had taken in about $100 billion in tariff income so far this year, with that figure possibly growing to $300 billion by the end of 2025. A Treasury spokesperson said Bessent was referring to the calendar year - essentially the period since Trump returned to office - and not the fiscal year. Reaching $100 billion in tariff revenue from January through June would imply a much bigger June tariff haul of about $37 billion, since 2025 calendar-year gross customs duties collections through June totaled $63.4 billion, according to Treasury data. Reaching $300 billion in tariff collections by December would imply an exponential increase in collections in the coming months and steep and broad tariff increases from current levels. Bessent added that the CBO has estimated tariff income will total about $2.8 trillion over 10 years, "which we think is probably low." Trump has set a new August 1 deadline for higher "reciprocal" tariff rates set to kick in on nearly all U.S. trading partners, with room for negotiations with some countries in the next three weeks for deals to lower them. Those duties will bring in "the big money," Trump said. Since those remarks on Tuesday, the U.S. president has put his tariff assault into overdrive, announcing 50% levies on copper imports and goods from Brazil and a 35% tariff on Canadian goods, all due to start on August 1. The Trump administration is preparing more sector-based tariffs on semiconductors and pharmaceuticals. Sign in to access your portfolio
Bloomberg
09-07-2025
- Business
- Bloomberg
Why Elon Musk's Third Party Plans Face Big Hurdles
Elon Musk, the single biggest Republican donor in the 2024 elections, says he wants to create a new political party to lower the US national debt, which currently stands at $37 trillion. After spending more than $290 million in 2024 to help elect President Donald Trump and secure a Republican majority in Congress, Musk very publicly broke with Trump and his party over their 'One Big Beautiful Bill,' which the Committee for a Responsible Federal Budget warns could boost the debt by as much as $5 trillion over a decade.
Daily Mail
04-07-2025
- Business
- Daily Mail
Social Security tax break means $6,000 more a year for those who fit a particular criteria
Some seniors are about to get a major Social Security tax break as a result of Donald Trump's 'big, beautiful bill.' The bill offers a $6,000 tax deduction for individuals 64 and over who pay income tax on their Social Security benefit because they earn over a certain threshold. However, the deduction starts phasing out for individuals who earn more than $75,000, or $150,000 for couples. Those earning $175,000 or over - $250,000 for couples - are not entitled to the deduction at all. 'This amounts to the largest tax break in American history for our nation's seniors,' the White House Council of Economic Advisers wrote in a recent report. However, 64 percent of seniors do not earn enough to pay taxes on Social Security anyway, and therefore will not benefit from the break. For those it does affect, the break will only last until 2028 when Trump leaves office. The $6,000 measure falls short of Trump's initial promises to remove all taxes on Social Security income. Wealthy retirees will receive the 'significant' tax break until 2028 However, the White House argues it comes close with 88 percent of seniors now no longer subject to tax on the benefit. 'The One Big Beautiful Bill delivers on President Trump's promise of no tax on Social Security,' a spokesperson for the White House said in a statement. This is a 'substantial tax break' for upper-middle class Americans who pay taxes on retirement benefits, Marc Goldwein, from the Committee for a Responsible Federal Budget, told Axios. However, for the millions of senior citizens who live in poverty and therefore are not taxed on their benefit it offers no relief at all, he added. The added cost will also bring forward the expected date at which Social Security and Medicare are estimated to run out of funds. The cost of the new tax deductions will see that date moved forward by a year, to 2032, according to analysis from the Committee for a Responsible Federal Budget. Some have questioned whether seniors are the group most in need of a tax break given their assets have soared in value over their lifetimes. 'As a whole seniors in this country are the wealthiest cohort in the history of the known universe,' Goldwein said. The $6,000 measure falls short of Trump's promises to end all taxes on Social Security income Social Security relies on its trust funds to provide monthly benefit checks to around 70 million Concerns over the long-term future of Social Security are pushing retirees to begin banking their checks as early as possible, even though delaying their claims could lead to higher payments. Every year you delay taking a Social Security payment after full retirement age you receive a significant increase in payments up to the age of 70. Benefits taken for the first time at age 70 would be 76 percent higher than if they were claimed at 62, according to Boston University economist Laurence Kotlikoff. Therefore, someone who put off claiming until they were 70 instead of 62 would end up with more dollars in their pocket if they live to at least 80.
