Latest news with #TrumpTaxBill
Bloomberg
9 hours ago
- Automotive
- Bloomberg
Elon Musk Urges Americans Take Action to ‘Kill' Trump Tax Cut Bill
Elon Musk is on a mission to block President Donald Trump's tax bill after he tried — and failed — to convince Republican lawmakers to preserve valuable tax credits for electric vehicles in the legislation, according to a person familiar with the matter. The Tesla Inc. chief executive officer personally appealed to House Speaker Mike Johnson to save the tax credit, the person said, requesting anonymity to discuss a private conversation. The House version of the tax measure calls for largely ending the popular $7,500 electric car subsidies by the end of 2025.
Yahoo
a day ago
- Business
- Yahoo
Trump Obscures Medicaid Cuts in Bid to Pass Massive Tax Bill
(Bloomberg) -- Donald Trump publicly resisted Medicaid cuts — until his budget director, Russell Vought, convinced the president that reductions to heath coverage for low-income people, embedded in the Republican tax bill, were just weeding out fraud and abuse. Where the Wild Children's Museums Are Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry The Global Struggle to Build Safer Cars At London's New Design Museum, Visitors Get Hands-On Access LA City Council Passes Budget That Trims Police, Fire Spending Trump has readily adopted that rhetoric, repeatedly declaring that his signature bill contains 'no cuts' to the social safety program, even as the non-partisan Congressional Budget Office estimates at least 7.6 million people would become uninsured if the bill takes effect. Republicans are betting they can win the semantic — and thus the political — battle over the future of Medicaid. At stake is a multi-trillion dollar tax bill, the cornerstone of Trump's economic agenda, which Republicans are relying on to counter the effects of tariffs that threaten to slow down economic growth. The Medicaid cuts of about $723 billion represent a major bill payer for GOP priorities, a significant negotiating point for fiscal hawks and a key way Republicans are paying for major tax cuts. But at least five senators have expressed reservations about the way the cuts could hit rural hospitals or working-class people. Trump can't lose more than three Republican senators and pass the measure. One former Trump official said the plan is to message Medicaid robustly this week, starting with the definition of 'cut.' 'Republicans just need to explain the policies they are pursuing. I don't think it will hurt them in the midterms,' said Brian Blase, president of the Paragon Health Institute who worked at the National Economic Council during the first Trump term. Yet Democrats view the cuts quite differently and see them as a welcome talking point in a year in which they've struggled to attack the president's agenda. Causing millions of Americans to lose health insurance while cutting taxes for businesses and wealthy people seems like an easy way to paint Republicans as out of touch. Rahm Emanuel, a former Democratic House lawmaker, former mayor of Chicago and former White House chief of staff who is considering running for president in 2028, said he'd contrast the boosts for billionaires like Elon Musk, Jeff Bezos and Tim Cook against children whose coverage could be at risk. 'Democrats should make this simple. Don't complicate it and don't go through the reimbursement rate,' Emanuel added. The Congressional Budget Office is slated to put out a more detailed analysis of the House bill on Wednesday. An analysis by the left-leaning Center on Budget and Policy Priorities says, potentially, 15 million people could lose health coverage by 2034 under the House bill. People would lose Medicaid because that legislation tightens eligibility requirements for working adults and asks them to prove their eligibility more often. The bill does not extend premium tax credits, which helped people afford the cost of Obamacare, and it would raise the cost of doctor visits for Medicaid enrollees, among other changes. It would also ask states to pay for a greater share of its residents' Medicaid coverage and the administrative costs of the work requirements. Republicans are trying to win the Medicaid messaging wars by zeroing in on two changes, which their polling shows is palatable to a majority of Americans. This includes excluding immigrants legally in the US from Medicaid coverage (undocumented immigrants already cannot access Medicaid) and making sure that adults without disabilities work if they want to receive the federal health insurance program. In 2023, two-thirds of adults ages 19-64 on Medicaid already worked, while the remaining one-third of enrollees are in school, disabled or caring for a family member, according to the Center on Budget and Policy Priorities. Much of the Republican polling on the issue from Paragon Health Institute, or from the Club for Growth, posits the Medicaid issue as one where Republicans are battling fraud or abuse within the system — and this has been the talking point that has resonated with Republican voters. 'President Trump pledged to protect and preserve Medicaid, and that's exactly what The One, Big, Beautiful Bill does by kicking illegal immigrants off of the program and implementing commonsense work requirements. Prioritizing welfare for illegal immigrants over American citizens is par for the course for Democrats, but it's not what the American people voted for,' White House Spokesman Kush Desai said in a statement. One Trump adviser says Republican lawmakers remain nervous about the political pitfalls of Medicaid cuts, so the party should go on the offensive. Republicans have also played with the timing of when the work requirements would take effect in the states. In an earlier version of the House bill, they would not occur until 2029 — after Trump had left office. As it stands in the House bill, the Medicaid work requirements would start in December 2026 shortly after the midterm elections. Trump himself told House lawmakers not to touch the federal program when they visited the White House to discuss the overall tax bill. Part of his reluctance stemmed from polling that showed danger for Republicans in 2026 if they altered Medicaid, but the assurances of Vought and others' have helped the president support the House bill and its changes, according to Trump advisers. A senior administration official said Vought was one of several people pushing for the policies in the House bill because he knew it would help lawmakers pass it. It was approved by a narrow margin. Earlier: Trump Tax Bill Narrowly Passes House, Overcoming Infighting Trump is heavily involved in making sure Republican senators back the tax bill because he would like it to pass as early in the summer as possible, so he can show a major economic policy accomplishment for his first year back in office. Senator John Barrasso of Wyoming said on Tuesday that Trump is 'very actively involved in the machinations in the Senate, while Senator Chuck Grassley of Iowa said, 'the disabled, pregnant women, seniors in nursing homes and all those people, there isn't a one of them that is going to lose Medicaid.' Michael Karpman, a principal research associate at the Urban Institute, emphasized that much of budget savings Republicans tout is expected to directly result from people losing health insurance coverage, based on states' past experiences implementing work requirements. He called budget savings 'a euphemism' on a call with reporters in May. 'This is kicking people out of the program who really rely on it,' Karpman said. --With assistance from Erik Wasson, Kailey Leinz and Rachel Cohrs Zhang. YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
a day ago
- Business
- Yahoo
House SALT deal will have to change, Senate leader Thune says
(Bloomberg) — Senate Majority Leader John Thune believes the deal that led the US House to increase the maximum deduction for state and local taxes to $40,000 will have to be changed in his chamber, according to his office. Where the Wild Children's Museums Are Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry The Global Struggle to Build Safer Cars At London's New Design Museum, Visitors Get Hands-On Access LA City Council Passes Budget That Trims Police, Fire Spending The Senate has begun deliberations over the President Donald Trump's massive 'Big Beautiful Bill' that narrowly passed the House on May 22, with several Republican senators expressing concerns over its cost as well as cuts to Medicaid and clean energy tax credits. Ryan Wrasse, a Thune spokesman, did not provide details about how, exactly, the deal might be revised. Republican lawmakers from states like New York and California demanded that the SALT cap be raised well above the $10,000 limit established in Trump's 2017 tax overhaul. House Speaker Mike Johnson eventually agreed to the new $40,000 cap. Thune's remarks were reported earlier by Politico. Earlier: Trump Tax Bill Narrowly Passes House, Overcoming Infighting The tax measure would also extend tax cuts from Trump's first term that are to expire on Dec. 31, along with new tax relief, including temporarily exempting tips and overtime pay from taxes. Representative Nick LaLota, a New York Republican, indicated that a reduction in the SALT benefit could jeopardize passage of the bill in the House. 'No Salt. No Deal. For Real,' he posted on X Tuesday night. —With assistance from Erik Wasson. YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? ©2025 Bloomberg L.P. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
a day ago
- Business
- Bloomberg
Balance of Power: Early Edition 6/03/25
On the early edition of Balance of Power, Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz discuss the Senate making possible changes to the Trump Tax Bill. On today's show, Bloomberg's Tyler Kendall, Bipartisan Policy Center Senior Vice President Bill Hoagland, ROKK Solutions Partner Kristen Hawn, Bluestack Strategies Founder Maura Gillespie, Bloomberg Economics Chief Geoeconomics Analyst Jennifer Welch, Bloomberg's Riley Griffin. (Source: Bloomberg)
Yahoo
3 days ago
- Business
- Yahoo
‘Huge middle finger': MN Lt. Gov. on Trump tariff impact
Republicans are facing growing backlash from angry constituents over the Trump tax bill. Minnesota Lt. Gov. Peggy Flanagan Minnesota joins The Weeknight to discuss how Democrats should be channeling the momentum.
