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Time of India
5 hours ago
- Business
- Time of India
No Tax for Americans? Here's what Donald Trump's new tax break means for taxpayers in USA?
USA Senate has unanimously passed the " No Tax on Tips " Act. However, the tax break is being incorporated into the "One, Big, Beautiful" budget bill being negotiated by House Republicans, which would be effective from 2026 through 2028, as per a report. The federal tax code requires that every tip be reported as income. In the tax code and in this legislation, the term "cash tip" applies to tips given in bills and coins, on a credit or debit card, or via the business' electronic payment system. It has not yet been determined whether tips that go directly to a server via a service like Venmo or PayPal would qualify as cash. Service charges, which are legal in some places, are added by the business and do not count as tips, according to NYT News Service. No Tax on Tips by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like बैंगलोर में बिक्री के लिए विला (कीमतें जांचें) Villas for Sale in Benglore Undo Under the legislation being negotiated in the House, tip income would be exempt from federal income taxes. That amount would be subtracted from reported income as an "above the line" deduction on a tax return. That would reduce how much income tax is owed. The tips would still have to be tracked and reported, NYT News Service reported. There is debate over who would benefit from the measure, which applies to all tipped workers in the restaurant business, including not only servers but also baristas, food delivery drivers and anyone holding out a payment screen after they have sold you food. According to government data, there are more than 2 million tipped restaurant workers in the United States. Live Events It would put more money in the pockets of tipped workers, like servers and bartenders, who interact directly with customers. Those employees would be able to deduct up to $25,000 in tips, unless they earned more than $160,000 in a year. (The amount will rise over time.), as per NYT News Service report. FAQs Q1. Has the USA passed 'No Tax on Tips' Act? A1. The USA has passed the 'No Tax on Tips' Act. Q2. Who is President of USA? A2. President of USA is Donald Trump .
Time of India
a day ago
- Business
- Time of India
Donald Trump's USA may witness massive exodus of scientists, biggest beneficiary will be China, warns report
Scientists in the USA have warned that Donald Trump administration's move to cut spending on science will set off a brain drain. Scientific leaders say that's risking the way American science has been done for years and the preeminence of the United States in their fields, as per a report. China and Europe are on hiring sprees. An analysis by the journal Nature captured the reversal: Applications from China and Europe for graduate student or postdoctoral positions in the United States have dropped sharply or dried up entirely since President Donald Trump took office. The number of postdocs and graduate students in the United States applying for jobs abroad has spiked, NYT News Service reported. A university in France that created new positions for scientists with canceled federal grants capped applications after overwhelming interest. A scientific institute in Portugal said job inquiries from junior faculty members in the United States are up tenfold over the past two months, as per the report. Play Video Play Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 30:33 Loaded : 0.27% 00:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 30:33 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Travel-Ready Steaming with Philips Steamer Philips Garment Steamers Learn More Undo American science finds itself fighting on several fronts as the Trump administration seeks to cut budgets and seal borders, to punish universities for their liberalism and federal health agencies for their responses to COVID, according to NYT News Service report. Federal science budgets have been slashed. Stricter immigration policies have spread fear among international scientists working in the United States and those who had hoped to. Graduate and postdoctoral students have had their visas canceled or worry they will. The administration cut off funding for international students at Harvard University -- a judge blocked the move, but other universities worry about being next, the NYT News Service reported. Live Events FAQs Q1. Who is President of USA? A1. President of USA is Donald Trump. Q2. Are there any challenge before American science? A2. American science finds itself fighting on several fronts as the Trump administration seeks to cut budgets and seal borders, to punish universities for their liberalism and federal health agencies for their responses to COVID, according to NYT News Service report.
Economic Times
a day ago
- Business
- Economic Times
US pushes countries for best offers by Wednesday as tariff deadline looms
NYT News Service FILE -- The Yangshan Port in Shanghai, Feb. 1, 2025. Trump administration officials are getting a second chance to try to sever ties with China by starting a trade war, imposing export controls and revoking student visas. (The New York Times) The Trump administration wants countries to provide their best offer on trade negotiations by Wednesday as officials seek to accelerate talks with multiple partners ahead of a self-imposed deadline in just five weeks, according to a draft letter to negotiating partners seen by Reuters. The draft, from the office of the United States Trade Representative, provides a window into how President Donald Trump plans to bring to a close unwieldy negotiations with dozens of countries that kicked off on April 9 when he paused his "Liberation Day" tariffs for 90 days until July 8 after stock, bond and currency markets revolted over the sweeping nature of the levies. The document suggests an urgency within the administration to complete deals against its own tight deadline. While officials such as White House economic adviser Kevin Hassett have repeatedly promised that several agreements were nearing completion, so far only one agreement has been reached with a major U.S. trading partner: Britain. Even that limited pact was more akin to a framework for ongoing talks than a final deal. In the draft, the U.S. is asking countries to list their best proposals in a number of key areas, including tariff and quota offers for purchase of U.S. industrial and agricultural products and plans to remedy any non-tariff barriers. Other requested items include any commitments on digital trade and economic security, along with country-specific commitments, according to the letter. The U.S. will evaluate the responses within days and offer "a possible landing zone" that could include a reciprocal tariff rate, according to the letter. It was unclear which countries would receive the letter, but it was directed at those with active negotiations that included meetings and exchanges of documents. Washington has been engaged in such talks with the European Union, Japan, Vietnam and India, among others. A USTR official said trade talks were ongoing. "Productive negotiations with many key trading partners continue at a rapid pace. It is in all parties' interest to take stock of progress and assess any next steps." 'REGARDLESS OF ONGOING LITIGATION' Tiffany Smith, vice president of global trade policy at the National Foreign Trade Council, welcomed the USTR moves. "We are encouraged that USTR is moving negotiations ahead as quickly as they can," she told Reuters, adding that trade deals that removed barriers for U.S. companies abroad and lowered U.S. tariffs would be "a win-win if they are done in a way that returns predictability and stability to trade relationships." Trump's ambitious - and often frenetic - tariff policy is a pillar of his "America First" economic agenda as he seeks to reshape U.S. trade relationships, reduce trade deficits and protect American industries. Republican lawmakers are also banking on tariffs to add to federal revenue and offset the cost of the tax cut legislation now working its way through Congress. Trump's tariff policies have taken investors on a rollercoaster ride. In May, U.S. stocks held their biggest rally of any month since November 2023, but that was after global indexes had cratered under the barrage of Trump's tariff announcements through February, March and early April. Stocks were little changed on Monday afternoon after Trump announced a surprise doubling of tariffs on steel and aluminum imports on Friday at an event in Pittsburgh. Meanwhile, the legality of the approach used for imposing the most sweeping of his tariffs has been cast into doubt. Last Wednesday, the Court of International Trade ruled that Trump had overstepped his authority with tariffs devised under the International Emergency Economic Powers Act, including the "Liberation Day" levies and earlier ones imposed on goods from Canada, Mexico and China related to Trump's accusations that the three countries have facilitated the flow of fentanyl into the U.S. Less than 24 hours later, an appeals court temporarily paused that decision. The tariffs at the center of the legal dispute are expected to remain in effect as the case plays out. The draft letter to trading partners warns them not to believe the tariffs will be sidelined if the court rules against Trump's use of the IEEPA. "Regardless of ongoing litigation concerning the President's reciprocal tariff action in U.S. courts, the President intends to continue this tariff program pursuant to other robust legal authorities if necessary, so it is important that we continue our discussions on these matters," the draft says.
Time of India
3 days ago
- Politics
- Time of India
Donald Trump's proposed budget cuts 90 per cent funding. Shocking details here
The Trump administration's proposed budget for 2026 slashes about 90 per cent of the funding for one of the country's cornerstone biological and ecological research programs. Known as the Ecosystems Mission Area, the program is part of the U.S. Geological Survey and studies nearly every aspect of the ecology and biology of natural and human-altered landscapes and waters around the country, as per a report. The 2026 proposed budget allocates $29 million for the project, a cut from its current funding level of $293 million. The budget proposal also reduces funds for other programs in the USGS, as well as other federal science agencies, NYT News Service reported. The budget still needs to be approved by Congress and scientists are seizing the opportunity to save the EMA. In early May, more than 70 scientific societies and universities signed a letter to Interior Secretary Doug Burgum, urging him not to eliminate the program. Abolishing the EMA was an explicit goal of Project 2025, the blueprint for shrinking the federal government produced by the conservative Heritage Foundation. That work cited decades-long struggles over the Interior Department's land management in the West, where protections for endangered species have at times prevented development, drilling and mining. The EMA is also a core part of federal climate research. The Trump administration has sharply reduced or eliminated funds for climate science across federal agencies, calling the study of climate change part of "social agenda" research in an earlier version of the budget proposal. Live Events "It's appalling," said Peter Groffman, an ecosystems ecologist at the City University of New York and a leader of the Ecological Society of America. "This is a division that does very important work, and does it very well," Groffman said. Universities and other institutions are unlikely to be able to carry on the work, he said. There are no immediately apparent plans from the administration to transfer EMA research to other federal agencies. The EMA runs dozens of biology and climate science centers, cooperates with universities in 41 states to identify and carry out pressing ecology and environmental health research, and more. Here is a snapshot of its work. FAQs Q1. What does proposed US Budget 2026 state? A1. The 2026 proposed budget allocates $29 million for the project, a cut from its current funding level of $293 million. Q2. What is full form of USGS? A2. The full form of USGS is United States Geological Survey.
Time of India
4 days ago
- Health
- Time of India
200 miles of sublime pain on a Hindu pilgrimage in Pakistan
Pilgrims, arriving by bus, camp overnight on the desert plain in front of the Chandragup mud volcano during their journey to the Hinglaj Devi temple in the Balochistan Province of Pakistan, May 1, 2025. (NYT News Service) HINGOL NATIONAL PARK, PAKISTAN: When Amar Faqira's 3-year-old son abruptly lost movement in his foot last year, doctors offered little hope. As panic gripped his family, Faqira made a vow - if the boy recovered, he would make a 200-mile pilgrimage through blistering plains and jagged terrain to the Hinglaj Devi temple, a site sacred to the Hindu minority in Pakistan. It is also where Pakistan's largest annual Hindu festival is held, usually in mid-April. When the child regained strength a year later, Faqira set off in late April on a seven-day walk to the temple, nestled deep in the rust-coloured mountains of the restive Balochistan . The goddess "heard me and healed my son," Faqira said before the trek, as he gathered with friends and family in his neighbourhood in Karachi. "Why shouldn't I fulfill my vow and endure a little pain?" Faqira and two companions, wearing saffron headscarves and carrying a ceremonial flag, joined thousands of others on the gruelling journey to Hinglaj Devi. Along a winding highway and sun-scorched desert paths, groups of resolute pilgrims - mostly men but also women and children - trudged beneath the unforgiving sky, in heat that reached 45Celsius. Some bore idols of the deity, and all chanted "Jai Mata Di" . The pilgrimage is an act of spiritual devotion as well as cultural preservation. Pakistan's Hindus number about 4.4 million and make up less than 2% of the country's population, which is more than 96% Muslim. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Doutora: bolsas nos olhos sem cirurgia (em qualquer idade) Revista Saúde & Beleza Saiba Mais Undo Hindus are often treated as second-class citizens, systemically discriminated against in housing, jobs and access to govt welfare. For many, the pilgrimage to Hinglaj Devi is comparable in significance to the Haj in Islam, a once-in-a-lifetime obligation of faith. The yearning to make the journey is also strong among Hindus in India though it is very difficult for Indians to receive visas to travel to Pakistan. States bordering Pakistan have deep spiritual links to Hinglaj Devi that are rooted in traditions predating the Partition. For much of the 20th century, the Hinglaj Devi temple remained inaccessible. The pilgrimage gained momentum only in the 1990s. A transformative shift came in the early 2000s with the construction of the Makran Coastal Highway, which links the rest of Pakistan to the Chinese-operated Gwadar deep-sea port. The highway brought unprecedented access to the temple -- it became possible to make the bulk of the journey by vehicle, taking some of the sweat out of the endeavour. Still, thousands continue to make the journey by foot. They are considered the more spiritually devoted. "The real pilgrimage is in the pain, the feeling," said Faqira on the fourth day of his trek. One of his two companions collapsed from heat exhaustion after walking nearly 70 miles and had to return home by bus. Faqira carried on, his feet blistered and bandaged. Each pilgrim walks with a personal vow. Minakshi, part of a group of women dressed in yellow and red, undertook the journey to ask the goddess for a son. Nearby, 60-year-old Raj Kumari was making her seventh pilgrimage, praying for her grandson's well-being. Also on the trek was a childless couple, married since 2018. Hinglaj Devi temple is one of the sites where the remains of Sati, goddess of marital devotion and longevity, fell to Earth after her self-immolation. For many of the faithful, the pilgrimage begins with a symbolic trek to a sacred mud volcano rising from the barren landscape near the Makran Coastal Highway. At the summit, devotees toss coconuts and rose petals into the bubbling crater to seek divine permission to proceed. Many also smear volcanic clay on their faces and bodies. The next stage takes pilgrims to the Hingol River for a ritual bath. From there, they continue 28 miles to the Hinglaj Devi temple, set within a natural cave. The complex houses four shrines, the most revered being the Nani Mandir. After reaching the shrines, devotees complete the pilgrimage with an arduous, hourslong trek across seven mountains, before returning to the temple to pray.
