Latest news with #R-N.C.
Axios
4 days ago
- Business
- Axios
Scoop: Treasury officials defend "revenge tax" from wary GOP senators
Top Treasury officials are privately explaining to GOP senators that Section 899 of the House-passed budget bill is already forcing foreign countries to the negotiating table, according to administration officials. Why it matters: Critics are calling the provision a "revenge tax." But the Trump administration sees Section 899 as an important tool — like tariffs — to help negotiate better deals for American multinational corporations. While Trump officials are signaling to senators a willingness to make changes to the provision, they are also making the case for why it should stay in Trump's "one, big beautiful bill," officials said. Some Republican senators, including Sen. Thom Tillis (R-N.C.), have expressed reservations about the provision. Zoom out: On his first day in office, Trump promised to undo the Biden administration's plan to impose a global minimum corporate tax. He signed an executive order that it "has no force or effect." Section 899 is an attempt to give the White House more power to negotiate with the Organization for Economic Co-operation and Development, a collection of 38 market-based economies, which has also been critical of Trump's trade policies. While the original outline of the global minimum tax rates was included in President Biden's Inflation Reduction Act, it ultimately required foreign countries to come to a common agreement on how to tax multinational corporations. Republicans howled at that process and argued that it usurped Congress' constitutional power to establish tax rates. They also had policy concerns with a global minimum tax. Zoom in: Section 899 of the House-passed budget bill is designed to penalize countries that impose taxes on U.S. companies, including a global minimum tax of 15% as well as a digital services tax. It allows the U.S. to increase tax rates for foreign direct investment on countries it claims has unfair tax policies. Wall Street is worried that a potential tax on foreign investment could harm U.S. assets and the broader economy. But there's some indication that European countries are open to modifying their policies in order to mollify the Trump administration, Bloomberg reported. The other side: A coalition of trade associations, led by the Global Business Alliance, wrote to Senate Majority Leader John Thune (R-S.D.) and Senate Finance Committee Chair Mike Crapo (R-Idaho) to call for the removal of the provision. "As the budget reconciliation process advances, we urge you to uphold the pro-growth principles embedded in the Tax Cuts and Jobs Act (TCJA) and avoid tax increases that would undermine American jobs, innovation, and long-term economic growth," the coalition wrote. The bottom line: The Trump administration is essentially arguing to senators that Section 899 might never have to be used.
Epoch Times
22-05-2025
- Business
- Epoch Times
Lawmaker Introduces Bill to Ban Foreign Adversaries From Buying Land
Rep. Pat Harrigan (R-N.C.) introduced a 'While American families are being priced out of their own communities, hostile regimes are buying land with cash and zero accountability,' Harrigan said in a The bill targets foreign adversary nations such as China, Iran, North Korea, and Russia, which all have For example, according to the Library of Congress, China allows foreign residents to buy real estate if they have resided locally for a certain length of time and meet other requirements. Iran allows foreign residents to buy real estate for personal or business use. Harrigan said foreign adversaries have exploited loopholes to purchase U.S. farmland and property near critical infrastructure while banning Americans from buying land in their countries, creating a 'double standard.' The bill, titled the Real Estate Reciprocity Act, also adds a 50 percent tax on other real estate purchases by citizens and entities of foreign adversary nations, exempting refugees accepted by the United States and public companies regularly traded on U.S. exchanges. Related Stories 5/19/2024 1/4/2024 In the U.S. Agriculture Department's latest foreign holdings Foreign investors from adversarial nations—China, Iran, North Korea, and Russia—represented less than 1 percent, according to the report, with Chinese investors holding 277,336 acres and North Korea none. Five Chinese companies made up the vast majority—94 percent—of farmland holdings: Murphy Brown LLC (Smithfield Foods) with 89,218 acres, Brazos Highland Properties with 86,994 acres, Murphy Brown of Missouri (Smithfield Foods/WH Holdings) with 43,091 acres, Harvest Texas LLC with 29,705 acres, and U.S. Agri-Chemicals Corp. with 11,263 acres. States that have seen the most Chinese investment in farmland have introduced measures to block future investment. Texas, where Chinese firms hold the most U.S. farmland with 123,708 acres, has passed similar North Carolina, with 44,263 acres held by Chinese companies, introduced In Missouri, which has 42,905 acres held by Chinese companies, the governor in 2024 issued an executive order Utah, where Chinese firms hold 33,035 acres of farmland, in 2024 signed a Florida, where Chinese firms hold 12,798 acres, was one of the earlier states to introduce legislation. In 2023, it enacted a law that blocked Chinese citizens from purchasing real estate or land. The law was
Yahoo
20-05-2025
- Politics
- Yahoo
GOP lawmakers want Trump to take a tougher line with Putin
Republican lawmakers are urging President Trump to take a much tougher line against Russian President Vladimir Putin on ending the war in Ukraine, arguing that Putin is not serious about peace. Senate Majority Leader John Thune (R-S.D.) said Monday that the Senate has a Russia sanctions bill that is 'ready to go' if the White House gives him the green light, noting the legislation has strong bipartisan support. Republican confidence in Trump's approach to the peace talks fell after Putin and Russian Foreign Minister Sergey Lavrov skipped a round of talks with American negotiators in Istanbul last week. Trump tried to jump-start the talks Monday by speaking to Putin for more than two hours in a phone call, but the conversation failed to achieve a breakthrough on the war in Ukraine. 'I think Vladimir Putin is a liar and that they're always going to ask for too much, and they're going to use that as a pretext to continue to kill, rape and kidnap Ukrainians,' Sen. Thom Tillis (R-N.C.) said. Tillis said administration officials 'need to lean into Putin and let him know that we'll be there for the duration if he doesn't come to terms' on a peace deal. Sen. Roger Wicker (R-Miss.), the chair of the Senate Armed Services Committee, said Trump needs to take a harder line in talks with Ukraine. 'They should be treated as the aggressors that they are, as the war criminals that they are, particularly Mr. Putin,' Wicker said. 'Our negotiators should realize that there's not a word of truth that comes out of Vladimir Putin's mouth. 'He will never keep any promise that he ever makes. He is totally interested in domination of his neighbors. That needs to be recognized,' Wicker warned. Sen. John Cornyn (R-Texas) said he's worried Putin is 'stringing the U.S. and President Trump along' though he 'applauded' Trump for making an effort to end the war. 'You can't have a peace deal without good-faith negotiators on both sides, and I'm concerned that Putin is not negotiating in good faith; he's just stringing the U.S. and President Trump along,' he said. Cornyn noted that Trump said Monday that Russia and Ukraine need to negotiate directly. 'We'll see what comes out of that, but based on Putin's past behavior, I'm not real optimistic,' he said. Trump posted on Truth Social after his call with Putin that Russian and Ukraine would 'immediately start negotiations toward a Ceasefire.' Asked later Monday if he thinks Putin is truly interested in reaching a peace deal, Trump said, 'I do.' Trump, however, backed away from Secretary of State Marco Rubio's comments predicting the president would meet face-to-face with Putin to negotiate a peace deal. GOP lawmakers are growing increasingly skeptical that Trump can persuade Putin to agree to a deal and believe he needs to take a harder line by threatening tougher sanctions. Thune, who in the past has criticized Putin and Russia's invasion of Ukraine, said Monday that the Senate has a bipartisan bill ready to place tough sanctions on Russia if Trump wants to go in that direction. 'If the White House concludes that tougher sanctions are in order, we're here for it. We've got a bill ready to go that has an overwhelming bipartisan majority of senators on it. And if sanctions is a necessary part of getting the Russians to the table to negotiate in good faith, then so be it,' Thune said. 'We'll try and work with the administration on that,' he added. Sens. Lindsey Graham (R-S.C.) and Richard Blumenthal (D-Conn.) introduced legislation in April to place sanctions against Russia and actors who support Russia's aggression in Ukraine. The measure, which has more than 70 co-sponsors, would place tariffs on countries that purchase Russian oil, gas, uranium and other products. Graham has been in touch with European ministers to negotiate a broader sanctions agreement against Russia. Thune declared after Russia invaded Ukraine in February 2022 that 'the United States, NATO, and Ukraine must not back down to Vladimir Putin's demands to undermine regional security or yield to his visions of remaking a malign Soviet sphere of influence.' Trump promised during the 2024 campaign to end the war in Ukraine within 24 hours of being sworn into office, but he has failed to gain much traction with Putin over the past four months. Finland President Alexander Stubb said at a security conference in Estonia that Trump is losing patience with Russia. Stubb has been in contact with Graham on the sanctions package that could come to the Senate floor. Trump's relationship with Putin has frayed over the past three months as the Russian president has failed to demonstrate any real interest in a peace deal. Putin on Monday declined to agree to the Trump administration's proposal for a 30-day unconditional ceasefire, which Ukraine had agreed to. Trump, nevertheless, put a positive spin on the day's talks, calling the 'tone and spirit' of the conversation 'excellent.' Vice President Vance said earlier this month that Russia is asking for 'too much' to end the fighting. 'Right now, the Russians are asking for a certain set of requirements, a certain set of concessions, in order to end the conflict. We think they're asking for too much,' he said at a conference in Washington. Putin has demanded that Ukraine withdraw its troops from four regions of the country partially occupied by Russian troops, something Zelensky rejected Monday. Zelensky met with Trump during Pope Francis's funeral in Rome this month and again with Vance and Rubio this past weekend. The Ukrainian president said after meeting with Vance and Rubio that he 'reaffirmed that Ukraine is ready to be engaged in real diplomacy.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
20-05-2025
- Politics
- The Hill
GOP lawmakers want Trump to take a tougher line with Putin
Republican lawmakers are urging President Trump to take a much tougher line against Russian President Vladimir Putin on ending the war in Ukraine, arguing that Putin is not serious about peace. Senate Majority Leader John Thune (R-S.D.) said Monday that the Senate has a Russia sanctions bill that is 'ready to go' if the White House gives him the green light, noting the legislation has strong bipartisan support. Republican confidence in Trump's approach to the peace talks fell after Putin and Russian Foreign Minister Sergey Lavrov skipped a round of talks with American negotiators in Istanbul last week. Trump tried to jump-start the talks Monday by speaking to Putin for more than two hours in a phone call, but the conversation failed to achieve a breakthrough on the war in Ukraine. 'I think Vladimir Putin is a liar and that they're always going to ask for too much, and they're going to use that as a pretext to continue to kill, rape and kidnap Ukrainians,' Sen. Thom Tillis (R-N.C.) said. Tillis said administration officials 'need to lean into Putin and let him know that we'll be there for the duration if he doesn't come to terms' on a peace deal. Sen. Roger Wicker (R-Miss.), the chair of the Senate Armed Services Committee, said Trump needs to take a harder line in talks with Ukraine. 'They should be treated as the aggressors that they are, as the war criminals that they are, particularly Mr. Putin,' Wicker said. 'Our negotiators should realize that there's not a word of truth that comes out of Vladimir Putin's mouth. 'He will never keep any promise that he ever makes. He is totally interested in domination of his neighbors. That needs to be recognized,' Wicker warned. Sen. John Cornyn (R-Texas) said he's worried Putin is 'stringing the U.S. and President Trump along' though he 'applauded' Trump for making an effort to end the war. 'You can't have a peace deal without good-faith negotiators on both sides, and I'm concerned that Putin is not negotiating in good faith; he's just stringing the U.S. and President Trump along,' he said. Cornyn noted that Trump said Monday that Russia and Ukraine need to negotiate directly. 'We'll see what comes out of that, but based on Putin's past behavior, I'm not real optimistic,' he said. Trump posted on Truth Social after his call with Putin that Russian and Ukraine would 'immediately start negotiations toward a Ceasefire.' Asked later Monday if he thinks Putin is truly interested in reaching a peace deal, Trump said, 'I do.' Trump, however, backed away from Secretary of State Marco Rubio's comments predicting the president would meet face-to-face with Putin to negotiate a peace deal. GOP lawmakers are growing increasingly skeptical that Trump can persuade Putin to agree to a deal and believe he needs to take a harder line by threatening tougher sanctions. Thune, who in the past has criticized Putin and Russia's invasion of Ukraine, said Monday that the Senate has a bipartisan bill ready to place tough sanctions on Russia if Trump wants to go in that direction. 'If the White House concludes that tougher sanctions are in order, we're here for it. We've got a bill ready to go that has an overwhelming bipartisan majority of senators on it. And if sanctions is a necessary part of getting the Russians to the table to negotiate in good faith, then so be it,' Thune said. 'We'll try and work with the administration on that,' he added. Sens. Lindsey Graham (R-S.C.) and Richard Blumenthal (D-Conn.) introduced legislation in April to place sanctions against Russia and actors who support Russia's aggression in Ukraine. The measure, which has more than 70 co-sponsors, would place tariffs on countries that purchase Russian oil, gas, uranium and other products. Graham has been in touch with European ministers to negotiate a broader sanctions agreement against Russia. Thune declared after Russia invaded Ukraine in February 2022 that 'the United States, NATO, and Ukraine must not back down to Vladimir Putin's demands to undermine regional security or yield to his visions of remaking a malign Soviet sphere of influence.' Trump promised during the 2024 campaign to end the war in Ukraine within 24 hours of being sworn into office, but he has failed to gain much traction with Putin over the past four months. Finland President Alexander Stubb said at a security conference in Estonia that Trump is losing patience with Russia. Stubb has been in contact with Graham on the sanctions package that could come to the Senate floor. Trump's relationship with Putin has frayed over the past three months as the Russian president has failed to demonstrate any real interest in a peace deal. Putin on Monday declined to agree to the Trump administration's proposal for a 30-day unconditional ceasefire, which Ukraine had agreed to. Trump, nevertheless, put a positive spin on the day's talks, calling the 'tone and spirit' of the conversation 'excellent.' Vice President Vance said earlier this month that Russia is asking for 'too much' to end the fighting. 'Right now, the Russians are asking for a certain set of requirements, a certain set of concessions, in order to end the conflict. We think they're asking for too much,' he said at a conference in Washington. Putin has demanded that Ukraine withdraw its troops from four regions of the country partially occupied by Russian troops, something Zelensky rejected Monday. Zelensky met with Trump during Pope Francis's funeral in Rome this month and again with Vance and Rubio this past weekend. The Ukrainian president said after meeting with Vance and Rubio that he 'reaffirmed that Ukraine is ready to be engaged in real diplomacy.'
Yahoo
09-05-2025
- Politics
- Yahoo
Trump signals he may pull nomination of US attorney in DC given GOP opposition
President Trump indicated he may pull the nomination of Ed Martin, his controversial pick for U.S. attorney in D.C., amid faltering Senate GOP support. During an Oval Office press conference, Trump said he was 'disappointed' that Martin did not garner enough GOP backing to advance out of the Senate Judiciary Committee. 'To me it was disappointing. I'll be honest, I have to be straight. I was disappointed, a lot of people were disappointed, but that's the way it works sometimes. So it works and he wasn't rejected, but we felt it would be very — it would be hard. And we have somebody else that we'll be announcing over the next two days, who's going to be great,' Trump said. Martin's office did not immediately respond to request for comment, but the lawyer acknowledged the development as well as news of the selection of a new pope, posting a photoshopped image online portraying himself as the head of the Catholic Church with the words 'plot twist.' The shift in plans comes after Sen. Thom Tillis (R-N.C.), a member of the panel, said Tuesday he would not back Martin, effectively sinking his nomination given the tight margins in the Senate. Martin, who has never served as a prosecutor, has been serving in the role on an interim basis and has already taken a number of remarkable moves in his short tenure. He otherwise is set to continue serving as interim U.S. attorney until May 20. A former 'Stop the Steal' speaker, Martin represented several Jan. 6 defendants in trials, while one of his first moves in his current post was to reassign or dismiss prosecutors on those cases. He also simultaneously represented one client while moving to dismiss charges against him as U.S. attorney, doing the same for all cases in the wake of broad pardons issued by Trump on his first day in office. He also wrote a public letter to Elon Musk threatening to use his prosecutorial platform to go after those who 'even acted simply unethically,' later launching investigations into two Democratic lawmakers, including Senate Minority Leader Chuck Schumer (D-N.Y.). Martin has sent letters to Georgetown University threatening to investigate the school over its diversity, equity and inclusion policies, and more recently he sent letters to a D.C.-based medical marijuana dispensary saying it was 'operating in violation of federal law.' It may not be the end of the road for Martin, however, as Trump lavished praise on the attorney. 'I just want to say it is unbelievable, and hopefully we can bring him into, whether it's DOJ or whatever, in some capacity,' Trump added. Sen. Dick Durbin (Ill.), the top Democrat on the Senate Judiciary Committee, took to the Senate floor Thursday to bash Martin, noting the attorney's prior praise for a Nazi sympathizer. 'Nearly every day, new disqualifying information surfaces,' he said, also pointing to reporting from ProPublica indicating Martin ghostwrote posts attacking a judge. He noted a speech Martin gave in support of Tim Hale-Cusanelli, a Jan. 6 defendant who has made a number of antisemitic remarks. 'Mr. Martin said, 'Tim Hale is an extraordinary guy. I got to know him really well. I'd say we're friends.' Friends with a Nazi sympathizer. This is who the president believes should be the U.S. Attorney for the District of Columbia. Ed Martin now claims that despite these five interviews that we know of, he was not aware of Mr. Hale-Cusanelli's anti semitic commentary or pension for donning a Hitler mustache until after he had presented him personally with an award last July,' Durbin said. Martin later apologized in an interview with The Forward. 'I denounce everything about what that guy said, everything about the way he talked and all, as I've now seen it,' Martin told the outlet focused on Jewish issues. 'At the time, I didn't know it.' Updated at 12:47 p.m. EDT Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
