Latest news with #Congress.
Jordan News
22-05-2025
- Business
- Jordan News
Dollar Declines Amid Financial Concerns
اضافة اعلان Financial concerns and weak demand for U.S. Treasury bonds pushed the dollar to a two-week low against the Japanese yen on Thursday, coinciding with U.S. President Donald Trump's attempt to "pass a comprehensive spending and tax-cut bill in Congress."According to Bloomberg News, the dollar dropped to 143.27 yen in early Asian trading — its weakest level since May 7. Meanwhile, the euro held steady in recent trading at $1.1330, after rising 0.4% on Wednesday and marking gains for the third consecutive British pound also remained steady at $1.3426, while the Swiss franc edged up slightly by 0.1% to 0.8245 against the the cryptocurrency, rose 1.6% in recent trading to $110,049.82, after earlier reaching an all-time high of $110,636.58.— (Petra)
BBC News
04-04-2025
- Business
- BBC News
Trump extends deadline to keep TikTok running in US
US President Donald Trump has extended the deadline to comply with a law that requires TikTok's parent company "ByteDance" to sell the popular video app to an American 75-day extension comes as the administration finalises a plan to keep the popular app running in the social media platform, which is used by 170 million in the US, initially went dark for several hours before Trump took office as the app prepared to shutter in the US due to a law passed by Congress."The Deal requires more work to ensure all necessary approvals are signed," Trump posted on social media platform Truth Social on Friday. This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest can receive Breaking News on a smartphone or tablet via the BBC News App. You can also follow @BBCBreaking on X to get the latest alerts.
NBC News
13-03-2025
- Business
- NBC News
The state and local tax deduction could change amid Trump's tax cuts debate. Here's what to know.
As lawmakers debate President Donald Trump 's tax cuts, a key deduction could become a sticking point in 2025 tax negotiations, policy experts say. Enacted via the Tax Cuts and Jobs Act, or TCJA, of 2017, there's currently a $10,000 limit on the federal deduction on state and local taxes, known as SALT. Residents who itemize tax breaks cannot deduct more than $10,000 in levies paid to state and local governments, including income and property taxes. That could change amid tax negotiations with lawmakers from high-tax states like California, New Jersey and New York. Since 2018, the SALT cap has been a hot-button issue among certain lawmakers from those high-tax states. Before TCJA, the SALT deduction was unlimited, but the so-called alternative minimum tax reduced the benefit for some higher earners. The TCJA SALT provision will expire after 2025 without action from Congress. Although Trump enacted the $10,000 SALT cap in 2017, he reversed his position last year on the campaign trail, vowing to 'get SALT back' if re-elected. He has renewed calls for reform since being sworn into office. 'I'd love to see something happen on SALT,' Trump said in a Fox News interview on Sunday. However, it's unclear how the provision will ultimately change amid competing tax priorities and a limited budget. 'The SALT cap is a major revenue raiser,' said Garrett Watson, director of policy analysis at the Tax Foundation. 'That's the balancing act.' Trillions of dollars in tax breaks enacted via TCJA are scheduled to expire after 2025, including lower tax brackets, a bigger child tax credit and a 20% deduction for pass-through businesses, among others. Extending individual and estate tax provisions would reduce revenue by $3.9 trillion over the next decade, according to the Committee for a Responsible Federal Budget. One SALT reform proposal, which aims to raise the SALT cap to $20,000 for married couples filing jointly, would further decrease revenue by $170 billion, the organization estimates. Other plans have called for a higher SALT deduction limit or raising the cap for taxpayers under a certain income threshold. The budget is 'too small' for tax agenda With control of both chambers of Congress, Republicans plan to use a process known as 'reconciliation' to enact Trump's tax agenda. Currently, the House Republicans' budget blueprint authorizes $4.5 trillion in tax cuts through 2034, though it could change in Senate negotiations. That's an 'almost unfathomably large number and somehow too small for the current agenda,' unless lawmakers include offsets to pay for the proposed tax cuts, said Andrew Lautz, associate director for the Bipartisan Policy Center's economic policy program. 'If there is a major tax deal this year, it seems almost certain that SALT will be part of the discussion,' he said.
Al Etihad
05-03-2025
- Politics
- Al Etihad
Trump says Zelensky ready for Russia talks, mineral deal
5 Mar 2025 09:54 Washington (AFP)US President Donald Trump said on Tuesday that Ukraine's leader Volodymyr Zelensky has told him Kyiv was ready for talks with Russia and finalisation of a US minerals deal, days after a White House clash."I received an important letter from President Zelensky of Ukraine. The letter reads, 'Ukraine is ready to come to the negotiating table as soon as possible to bring lasting peace closer. Nobody wants peace more than the Ukrainians,'" Trump said in an address to Congress."He said, 'My team and I stand ready to work under President Trump's strong leadership to get a peace that lasts. We do really value how much America has done to help Ukraine maintain its sovereignty and independence," Trump earlier on Tuesday said he wanted to "make things right" with Trump after their jaw-dropping clash the Oval Office, Vice President JD Vance accused Zelensky of being ungrateful for US assistance and Trump berated the wartime leader as not having "cards" to left without signing an agreement pushed by Trump for the United States to secure control over Ukrainian mineral Trump administration later said it was suspending all military assistance to Congress, Trump said, "Regarding the agreement on minerals and security, Ukraine is ready to sign it at any time that is convenient for you.""I appreciate that he sent this letter. Just got it a little while ago," Trump said."Simultaneously, we've had serious discussions with Russia and have received strong signals that they are ready for peace," he said. "Wouldn't that be beautiful?"
