Latest news with #TrumpTaxCuts
Fox News
4 hours ago
- Business
- Fox News
Evening Edition: Elon Musk Says Spending Bill ‘Undermines' DOGE
Elon Musk, former DOGE head and major supporter of President Trump, says he is 'disappointed' by the cost the 'one big, beautiful bill' passed by Republicans in the House last week. The 'One Big Beautiful Bill Act' passed 215 to 214 in the House but with all Democrats and two Republicans voting against the bill. Republicans feel the the bill is a victory for President Trump that delivered key campaign promises, including extending his 2017 tax cuts. FOX's Ryan Schmelz speaks with Grady Trimble, Washington correspondent focused on legislation, big tech and business policies for FOX Business Network (FBN), who says the two endeavors maybe at odds with each other but the spending cuts will continue. Click Here To Follow 'The FOX News Rundown: Evening Edition' Learn more about your ad choices. Visit
CBS News
a day ago
- Business
- CBS News
Elon Musk says he's "disappointed" by Trump's "big, beautiful bill" and what it means for DOGE
Elon Musk says he is "disappointed" by the price tag on the domestic policy bill passed by Republicans in the House last week and heavily backed by President Trump, the billionaire who recently stepped back from running the Department of Government Efficiency, or DOGE, told "CBS Sunday Morning" in an exclusive broadcast interview. "I was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decreases it, and undermines the work that the DOGE team is doing," Musk said. Musk's comments appear to put him at odds with Mr. Trump, who has championed the massive spending package. The legislation — which still needs to pass the Senate — would extend Mr. Trump's signature 2017 tax cuts, boost border security spending, impose work requirements on Medicaid and roll back clean energy tax credits. The tax provisions of the package, titled the "One Big Beautiful Bill Act" after Mr. Trump's name for the bill, would increase the deficit by $3.8 trillion by 2034, according to the Congressional Budget Office. "I think a bill can be big or it can be beautiful," Musk told CBS News, "but I don't know if it can be both. My personal opinion." Musk was a near-constant presence in the early months of the Trump administration, with his DOGE staffers sweeping through virtually every government agency to make widespread cuts — drawing concern from Democrats and even some Trump allies, as well as numerous legal challenges. Musk, who is also the CEO of Tesla, SpaceX and the social media platform X, has said he will dial back his involvement in government. See more of the interview with Elon Musk on "CBS Sunday Morning" on June 1.
Yahoo
4 days ago
- Business
- Yahoo
Trump's 'Big Beautiful Bill' Passes House: Taxes, Student Loans, Medicaid And What Else Is Changing For American Families
President Donald Trump's 'big beautiful bill' has been approved by the House, marking a significant step towards its potential impact on Americans' finances. What Happened: The bill, passed on Thursday, is a comprehensive piece of legislation that extends the President's 2017 tax cuts and introduces substantial alterations to the tax system, reported Business Insider. The bill also contains measures related to Medicaid and the Supplemental Nutrition Assistance Program (SNAP). Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — The bill covers a range of tax measures, such as eliminating taxes on tips and overtime pay, introducing a $4,000 tax deduction for seniors earning under $75,000 a year, and raising the child tax credit from $2,000 to $2,500 through 2028. It also makes Trump's 2017 tax cuts permanent and increases the state and local tax deduction limit from $10,000 to $40,000. The bill proposes ending income-driven student loan repayment plans, including Biden's SAVE plan, and introducing two new options: the Repayment Assistance Plan and a standard repayment plan. Low-income Americans on Medicaid and SNAP are set to see major changes, including a monthly 80-hour work requirement for certain childless Medicaid recipients by 2026 and expanded SNAP work requirements for adults aged 55 to 64. The bill proposes 'Trump accounts,' offering $1,000 government deposits for babies born between Dec. 31, 2024, and Jan. 1, 2029, along with tax incentives and reduced long-term capital gains tax rates for It Matters: The bill, which is part of Trump's tax-and-spending package, has been narrowly passed by the House with a 215-214 margin. The bill may boost the economy short term, but experts warn it could raise fiscal deficits due to tax cuts and increased defense spending. However, the bill has also been criticized for potentially exacerbating wealth inequality. A report by Oxfam America suggests that the proposed tax cuts would disproportionately benefit the affluent, further stacking the odds against ordinary citizens. Meanwhile, an economics professor analyzed that the top 10% of households would receive approximately $3.1 trillion in tax cuts over a decade. The 10-year Treasury yield dipped to 4.53% on Thursday, but remains elevated, reflecting investors' increased demand for compensation due to fiscal risk. Stock markets showed mixed reactions, with the S&P 500, tracked by SPDR S&P 500 (NYSE:SPY), edging 0.039% higher to close at $583.09 on Thursday, while Invesco QQQ Trust, Series 1 (NASDAQ:QQQ) climbed 0.19% to close at $514. Read Next: Hasbro, MGM, and Skechers trust this AI marketing firm — Invest before it's too late. Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to grab 4,000 of its pre-IPO shares for just $0.30/share! Image via Shutterstock Send To MSN: Send to MSN Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article Trump's 'Big Beautiful Bill' Passes House: Taxes, Student Loans, Medicaid And What Else Is Changing For American Families originally appeared on 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
Yahoo
5 days ago
- Business
- Yahoo
U.S. House passes Trump's One Big Beautiful Bill
WASHINGTON, D.C. (WNCT) — The U.S. House of Representatives passed the One Big Beautiful Bill with support from Congressman David Rouzer. 'Thursday morning marked an exciting and historic victory for the American people with House passage of President Trump's One Big Beautiful Bill,' Congressman Rouzer said. 'This monumental legislation is a win for hardworking families in North Carolina and across the nation.' One Big Beautiful Bill includes: Makes the Trump Tax Cuts permanent. The largest border security investment in history which will permanently secure our borders. Incentivizes Made-In-America: Rewards new factories built in the U.S.A., lowers tax rate for those producing in the U.S.A. Buy an American car and get a Made in America Auto Tax Break. No tax on tips, no tax on overtime. Slashes taxes on Social Security, offering historic tax relief to seniors. Delivers bigger paychecks. Unleashes American energy. Updates our air traffic control system to ensure Americans fly safely and efficiently. Funds the Golden Dome, invests in American shipbuilding, and modernizes our military. Protects Medicaid and SNAP for every eligible American by removing waste, fraud, and abuse within these programs. 'It's a testament to the unwavering commitment of House Republicans and President Trump to securing our borders, improving our economy, and ensuring American workers come first,' Rouzer said. 'I'm proud to support this bill which will boost job creation, reduce burdensome regulations, and strengthen our national security.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
6 days ago
- Business
- Yahoo
Not done yet: US Senate Republicans plan changes to House's Trump tax-cuts bill
By Bo Erickson WASHINGTON (Reuters) -U.S. Senate Republicans said on Thursday they will seek substantial changes to President Donald Trump's sweeping tax and spending bill after it narrowly won approval in the House of Representatives, in a sign that significant hurdles remain for the package. Just hours after House Republicans passed it with only one vote to spare, senators from Trump's party outlined a range of objections to the package, which encompasses many of his top domestic priorities. That could make it more difficult for Congress to settle on a final version for Trump to sign into law. "I expect there will be considerable changes in the Senate," said Republican Senator Ted Cruz of Texas. Republicans broadly agree on the main planks of the legislation, which would extend Trump's 2017 tax cuts, tighten eligibility for health and food benefits, review many green-energy incentives and fund Trump's immigration crackdown. But many of the same fractures that threatened the bill's passage in the House are at play in the Senate. Some lawmakers raised concerns about cuts to the Medicaid health care program, noting that the coalition of voters who powered Trump's November election victory and whose support they will need to hold control of Congress in the 2026 midterm elections rely on the bill. Others repeated the concerns of House counterparts that the measure does not sufficiently cut spending. The nonpartisan Congressional Budget Office estimates it will add $3.8 trillion to the federal government's $36.2 trillion in debt. Republicans control the Senate by a 53-47 margin, and they have invoked special rules that will enable them to pass the package with a simple majority, rather than the usual 60-vote threshold required for most legislation. That will allow them to bypass Democrats, who blast the bill as a giveaway to the rich. That gives them a little more room for disagreement than their counterparts in the House, where a narrow 220-212 margin requires near unanimity. MEDICAID EYED Senators Josh Hawley of Missouri and Susan Collins of Maine said they were worried the House version could cut Medicaid health benefits for low-income Americans too deeply. Hawley also said he had spoken with Trump and discussed closing a tax loophole that allows wealthy private equity investors to lower their tax payments. "They ought to close the carried interest loophole," Hawley said. The move could raise more tax revenue. Senator Thom Tillis of North Carolina, meanwhile, said he would push for deeper spending cuts to lower the deficit. "We're definitely going to have to seek more savings," he told reporters. Collins and Tillis both will be defending seats seen as competitive in next year's election. Senator Ron Johnson of Wisconsin, a hard-right conservative and fiscal hawk, said he would not vote for the bill as written, saying it needed broader across-the-board spending cuts. Senator Rand Paul of Kentucky likewise said it did not cut spending enough, and objected to the inclusion of a $4 trillion debt-ceiling increase that would head off a possible default sometime this summer. "I'll consider voting if they take the debt ceiling off of it," he said. They will have to contend with others who aim to increase the bill's total cost. Hawley called for expanding a $2,500-per-child tax credit, while Tillis cautioned against quick cancellation of green-energy tax incentives, which he said would disrupt companies that have grown to depend on them. Senator Mike Rounds of South Dakota questioned the accounting assumptions that underpin the bill, saying they did not take economic growth into account. While debating the tax cuts initially passed in 2017, during Trump's first term, congressional Republicans also argued that they would pay for themselves by stimulating economic growth. The CBO estimates the changes increased the federal deficit by just under $1.9 trillion over a decade, even when including positive economic effects. In the end, Senate Republicans will face the same reality that their House counterparts did. Their party's undisputed leader, Trump, wants the bill passed and can be expected to continue to apply pressure until it is. "It's time for our friends in the United States Senate to get to work, and send this Bill to my desk AS SOON AS POSSIBLE!" Trump wrote on his Truth Social service early Thursday. So far the Republican-controlled Congress has not rejected any of his legislative requests. The Senate is not expected to take up the bill in earnest until early next month, after its week-long recess for the Memorial Day holiday. Any changes it makes to the bill will need to be negotiated with, and ultimately passed by, the House before Trump can sign the bill into law. Top Senate Republican John Thune of South Dakota spoke carefully as he addressed the bill's prospects in his chamber. "They gave us a good product to work with," Thune told reporters on Thursday. "But we want to have — and have — senators who want to write our own bill." (Writing by Andy Sullivan; Editing by Scott Malone and Alistair Bell) 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
