Latest news with #U.S.HouseofRepresentatives
Epoch Times
3 hours ago
- General
- Epoch Times
House Democrats Protest Over Temporary Detention of Staffer at Rep. Nadler's Office
WASHINGTON—Two high-ranking Democrat members of the U.S. House of Representatives, on June 3, have written a letter in protest against the detention of a member of Rep. Jerry Nadler's (D-N.Y.) staff at his constituency office in New York. A video, dated on May 25,
Yahoo
4 hours ago
- Business
- Yahoo
Tennessee advocates urge Sen. Blackburn, Hagerty to vote against Medicaid, SNAP cuts
NASHVILLE, Tenn. (WKRN) — Patient advocacy groups and anti-hunger organizations urged Tennessee Senators Marsha Blackburn and Bill Hagerty to vote against a provision in President Donald Trump's 'Big Beautiful Bill' that could reduce federal spending on Medicaid and SNAP benefits by hundreds of billions of dollars over the next decade. Organizations, including the American Cancer Society, the American Lung Association, and the Tennessee Caregiver Coalition, stood in front of Sen. Blackburn and Sen. Hagerty's Nashville offices Tuesday to push back against the proposed cuts. 'These programs exist for a reason, and it's for the people who need it the most, so whenever we look at cutting it, I think it's informative to look at who we would be taking from, what we would be cutting, what that would mean for Tennessee families,' said Ashlie Bell-Seibers, director of Family Voices of Tennessee, a program of the Tennessee Disability Coalition. TN EV industry could stall under 'Big Beautiful Bill' tax credit cuts The proposed cuts would reduce federal spending on Medicaid by at least $600 billion over the next decade and reduce federal spending on SNAP by at least $300 billion over the next decade, according to the Congressional Budget Office. For Tennesseans, that means an estimated 77,000 could lose access to Medicaid, according to an analysis by the Kaiser Family Foundation, and 57,000 could lose access to SNAP benefits, according to the Center on Budget and Policy Priorities. Jeannine Carpenter with the Chattanooga Area Food Bank told reporters Tuesday 1.1 million Tennesseans are food insecure, and the cuts to SNAP could be devastating for those who can't afford to put food on the table. 'These SNAP cuts hurt our neighbors, they hurt the people working in our hospitals, in our factories, they hurt the people who might be next door to you, and you don't realize it,' Carpenter said. However, Republicans argue the cuts are to eliminate waste, fraud, and abuse. 'Reduce spending and permanently lower taxes for families and job creators, secure the border, unleash American energy dominance, restore peace through strength and make government work more efficiently,' Speaker of the U.S. House of Representatives, Mike Johnson, said. Advocates in Tennessee hope they see beyond the budget line and consider the lives behind it. 'A trillion dollars isn't just fraud, waste, and abuse. It's vital services, it's healthcare, it's in-home nursing that's keeping families working, keeping families together, and it could be devastating, it will be devastating if those cuts are made,' Bell-Seibers said. ⏩ The U.S. House of Representatives has already passed the 'Big Beautiful Bill.' The Senate is set to debate the bill soon. Republicans hope to send the bill to President Trump's desk by July 4. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
2 days ago
- Business
- Yahoo
In N.C., all eyes on Senator Tillis as IRA tax credits hang in balance
Now that the U.S. House of Representatives has passed a measure to kill nearly every federal tax credit there is to support the clean energy transition, gobsmacked advocates and industry leaders in solar, wind, and electric vehicles are looking desperately to the Senate to amend it. In North Carolina, that means all eyes turn to senior U.S. Sen. Thom Tillis, a second-term Republican up for reelection next year in this steadfast purple state, which is already reaping benefits from the clean energy economy. 'Sen. Tillis is going to be so important, along with other voices,' said Stephen Smith, executive director of the nonprofit Southern Alliance for Clean Energy, 'because he has indicated that we don't want to whipsaw 180 degrees back and forth between approaches to energy policy.' Tillis is among four Senate Republicans who signed an April letter urging a targeted approach to reforming renewable energy tax incentives rather than a wholesale repeal. The four signatories alone could sink the House measure if they joined Senate Democrats in opposing it. The senator's stance, the economic benefits of clean energy, and bipartisan support among voters for solar, wind, and efficiency all give advocates in the state some cause for cautious optimism. So does the reality that solar and batteries are the quickest, cheapest way to solidify the nation's 'energy dominance,' a frequently stated goal of President Donald Trump. 'We need energy today and tomorrow,' said Chris Carmody, executive director of Carolinas Clean Energy Business Association, a trade group. 'Not only are renewables and storage the lowest-cost option, they're also the fastest to build.' The clean energy economy has an intricate foothold in North Carolina. Largely owing to its acres upon acres of solar fields, the state was home to the fourth most solar capacity in the country last year, supporting over 7,000 jobs, according to the Solar Energy Industries Association. And the region doesn't just use solar equipment, it also makes it: Vietnamese panel manufacturer Boviet Solar opened its first U.S. plant in Greenville, North Carolina, in April, with plans for expansion next year that would create over 1,300 local jobs. The Tar Heel State is also a leader in the emerging electric vehicle supply chain, with lithium mines, Toyota's massive battery plant in Randolph County, and EV factories all in the works. Its robust manufacturing sector already produces a number of renewable energy components. In all, North Carolina boasts over 109,000 clean energy jobs, the ninth most in the country, per the national nonprofit E2. The federal tax credits that helped spur this economic activity were first enacted decades ago with bipartisan support. Combined with favorable state policies, that means that wind, solar, and battery storage were on the rise during the first Trump administration and before. But the incentives were undoubtedly supercharged by the Inflation Reduction Act of 2022. The landmark climate law extended the tax credits for large wind and solar projects and rooftop solar through 2032, then tapered them down over several years. It enacted new and expanded incentives for rooftop solar, EV purchases, and energy-efficiency improvements, set to end around the same time. It also included an advanced manufacturing incentive, designed to spur domestic production of minerals, battery components, and more. This 10-year runway of economic certainty sparked a wave of clean energy development across the country. After the passage of the climate law in August 2022, E2 says 27 new projects were announced in North Carolina alone, representing an investment of over $21 billion. Experts say the House Republicans' budget measure, which cleared the chamber by just one vote, would imperil all of these economic gains. The tax credits that benefit large clean energy projects will last until 2028, but only for those that begin construction within 60 days of the bill's passage, an impossibility for most. 'Unless your project is shovel-ready and has gotten every permit, there's no project, in any type of energy, that can go from zero to begin in 60 days,' Carmody said. The rare developer who can begin construction that quickly faces another seemingly insurmountable hurdle: It must document that no component of its project, no matter how small, is linked to a 'Foreign Entity of Concern' such as China. That requirement also applies to the advanced energy manufacturing tax credit, rendering that incentive all but useless even though it's extended beyond 2028. 'It's never been done before for any industry. It's incredibly onerous,' said John Szoka, CEO of the Conservative Energy Network. 'We have a global interconnected economy. We definitely want more manufacturing back in the U.S., and I agree with the president 100% on that. But the way that [provision] is worded, it's almost impossible to meet.' The House bill abruptly eliminates at year's end an array of tax credits for EVs and charging infrastructure. Combined with the poison-pill provision on foreign components in advanced manufacturing, the termination of those incentives could kneecap the state's burgeoning EV sector. 'The bill passed by the House takes a sledgehammer to North Carolina's EV industry and undermines efforts to build secure and reliable access to critical minerals,' said Ben Prochazka, the North Carolina-based executive director of the Electrification Coalition, a national nonprofit. 'Removing these credits would pull the rug out from under the auto and aligned battery industries at a critical time, immediately putting North Carolina jobs at risk,' he said. Individual consumers are dealt perhaps the sharpest blow by the House bill. Like the EV incentives, the credits for rooftop solar, energy-efficiency improvements, and the like would be eliminated at the end of this year. Studies show the resulting spike in demand for gasoline and increased electricity use will raise costs for everyone. Tillis' office didn't respond to a request for comment. But the letter he penned in April — along with Sens. Lisa Murkowski of Alaska, Jerry Moran of Kansas, and John Curtis of Utah — echoes concerns flagged by clean energy advocates and businesses. 'For energy credits that provide a direct passthrough benefit to ratepayers, repeals would translate into immediate utility bill increases, placing additional strain on hardworking Americans,' the senators warn. They advocate a 'balanced' approach to reforming the tax incentives. 'We caution against the full-scale repeal of current credits, which could lead to significant disruptions for the American people and weaken our position as a global energy leader,' the letter says. Noting the 'substantial' investments American companies have already made 'based on the current energy tax framework,' the senators also write that a complete repeal would inject uncertainty into the market — jeopardizing capital allocation, long-term project planning, and job creation. After the passage of the House bill just before Memorial Day weekend, Politico reported that Tillis wasn't backing away from his letter. 'We have a lot of work that we need to do on the timeline and scope of the production and investment tax credits,' the incentives that mostly benefit large wind and solar projects, he told Politico. 'Undoubtedly, there's going to be changes.' Carmody says the comments fit with Tillis' track record. 'We applaud his position so far and his effort to support a stable and predictable tax system here,' Carmody said. 'Sen. Tillis is long acquainted with energy business in North Carolina, and he understands the need for certainty for all kinds of industries.' Polls show Tillis would be on firm political ground if he stood up for the state's clean energy economy. The most recent survey from Conservatives for Clean Energy shows 72% of all voters in North Carolina, including 55% of Republicans, favor politicians who 'support policies that encourage renewable options.' Asked specifically about 'President Trump's American energy dominance policy,' only a quarter of the state's voters, including just under half of Republicans, said they agreed with his plan to 'expand fossil fuel production while limiting … renewable energy sources like wind and solar.' The conservative case for extending renewable energy tax incentives is straightforward, said Szoka, who is a former Republican legislator in the North Carolina House of Representatives. 'All forms of energy generation are subsidized in the United States. Every single one — some that have been around longer than newer technologies,' he said, noting that the oil and gas sector has access to tax deductions worth up to 80% of drilling costs. 'I've got nothing against the oil and gas industry,' Szoka added. But there's no reason it should continue to receive tax benefits while those for renewables are so abruptly axed, he said. Szoka and other conservatives say renewables shouldn't get incentives indefinitely, and they aren't committed to the timelines in the Inflation Reduction Act. They also say the fact that the law was passed with only Democratic votes makes it susceptible to attack from the Republican trifecta. The hope is that a bipartisan approach will be more durable, said Mark Fleming, head of Conservatives for Clean Energy, which covers six Southeast states, including North Carolina. 'I'm very glad to see Sen. Tillis and others in the Senate step up,' to foster a debate about individual tax provisions, Fleming said, 'rather than having a knee-jerk [partisan] reaction.' Still, political tribalism has become a powerful force in policymaking. After all, 21 House Republicans went on record supporting clean energy tax incentives. None voted against the final bill. 'So, that doesn't bode well,' Smith said. 'We are hopeful that Tillis is going to lead and hold his ground firmly.'
Miami Herald
2 days ago
- Automotive
- Miami Herald
Your Car Loan Just Got Cheaper as New Bill Allows Tax Write-offs on Interest
The U.S. House of Representatives has passed President Trump's sweeping tax bill, nicknamed the "Big Beautiful Bill," which includes an above-the-line deduction of up to $10,000 in car loan interest. In other words, taxpayers who itemize deductions or claim the standard deduction wouldn't pay tax on auto loan interest up to $10,000. However, your income and the vehicle type you purchase determine your eligibility. The deduction would be phased out by $200 for every $1,000 of modified adjusted gross income above $100,000 for single filers and $200,000 for joint filers, according to the Tax Foundation. Single filers earning above $149,000 and joint filers making over $249,000 wouldn't qualify for an auto loan interest write-off. Qualifying individuals or joint filers could receive the deduction for auto loans taken out in 2025 through 2028 each year until the temporary write-off expires, the Detroit Free Press reports. Additionally, the deduction only applies to cars with their final assembly in the United States. Qualifying vehicle types include SUVs, cars, trucks, vans, motorcycles, all-terrain models, and RVs. If the proposed legislation passes through the Senate and becomes law, drivers can expect to receive the highest deduction during a loan's first year since most monthly payments cover interest rather than principal. The average new car loan for May carries a 4.77% average interest rate for those with a FICO credit score ranging from 781 to 850, according to Bankrate. A credit score between 661 and 780 incurs a 6.40% rate, and the next-lowest tier, 601 to 660, jumps to 9.59%. Credit scores between 501 and 600 carry a 13.08% average interest rate on a new car loan, while 300 to 500 ratings incur a 15.75% rate. If the average driver pays $2,000 on auto loan interest in a year, they'd save $400 on their taxes. Leases, commercial vehicles, and salvage titles would not qualify for auto loan interest deductions. Whether the bill includes interest deductions for used vehicles or only new ones is unclear. While all Americans would welcome auto loan interest write-offs, Trump's bill also proposes that hybrid owners pay $100 more yearly to register their car, and electric vehicle (EV) owners pay a $250 annual registration fee. The fees are projected to generate around $40 billion over the next decade for the Highway Trust Fund (HTF), which pays for various transportation infrastructure projects. While many Americans would welcome auto loan interest tax write-offs, a deduction that hasn't been available since Ronald Reagan's presidency, the proposed legislation's impact appears relatively minimal. "I don't know of many people who would decide that they can buy a car because they're going to cut their taxes by $400. So, we don't think it's as exciting a proposition for driving more vehicle sales," Cox Automotive chief economist Jonathan Smoke said, according to Bankrate. Additionally, the expected sharp rise in already-high vehicle prices due to Trump's auto import tariffs would further offset any savings. Copyright 2025 The Arena Group, Inc. All Rights Reserved.
NBC News
5 days ago
- Business
- NBC News
U.S. foreign tax bill sends jitters across Wall Street
While U.S. President Donald Trump's tariffs play out in U.S. courts, another one of his proposed laws could weaponize the American tax system. Investment banks and law firms warn this step could prove to be as significant as the impact of duties on investors. The 'One Big Beautiful Bill Act,' which passed through the U.S. House of Representatives last week, includes the most sweeping changes to the tax treatment of foreign capital in the U.S. in decades under a provision known as Section 899. The bill must still gain the Senate's approval. 'We see this legislation as creating the scope for the US administration to transform a trade war into a capital war if it so wishes,' said George Saravelos, global head of FX research at Deutsche Bank on Thursday. 'Section 899 challenges the open nature of US capital markets by explicitly using taxation on foreign holdings of US assets as leverage to further US economic goals,' Saravelos added in the note to clients, under the subtitle 'weaponization of US capital markets in to law.' Section 899 says it will hit entities from 'discriminatory foreign countries' — those that impose levies such as the digital services taxes that disproportionately affect U.S. companies. France, for instance, has a 3% tax on revenues from online platforms, which primarily targets big technology firms such as Google, Amazon, Facebook, and Apple. Germany is reportedly considering a similar tax of 10%. What does the proposed tax do? Under the new tax bill, the U.S. would hit investors from such countries by increasing taxes on U.S. income by 5 percentage points each year, potentially taking the rate up to 20%. Emmanuel Cau, head of European Equity Strategy at Barclays, suggested that the mere passage of the tax legislation could make dollar assets less valuable for foreign investors. 'In our view, this is a risk for those companies generating US revenues, and domiciled in countries that have enacted Digital Services Taxes (DST) or are implementing the OECD's Under Taxed Payment Rule (UTPR),' Cau said in a Friday note to clients. He highlighted companies such as London-listed Compass Group, which provides catering services to U.S. schools, and InterContinental Hotels, which owns at least 25 luxury hotels in the U.S., are likely to be affected by the proposed law. 'Given US net international investment position is sharply negative, there is indeed scope for capital outflows if indeed S899 passes through the Senate in its current form,' he added. The impact of the bill won't be limited to European companies or individuals from those states. The bill 'could significantly increase tax rates applicable to certain non-U.S. individuals and business, governmental, and other entities,' said Max Levine, head of U.S. tax at the law firm Linklaters. This means it could also ensnare governments and central banks, which are large investors of U.S. Treasuries. France and Germany, for instance, held a combined $475 billion worth of U.S. government bonds as of March. The proposed tax would lower returns on U.S. Treasuries for those investors as 'the de facto yield on US Treasuries would drop by nearly 100bps,' Deutsche Bank's Saravelos added. 'The adverse impact on demand for USTs and funding the US twin deficit at a time when this is most needed is clear'. 'It's very bad,' said Beat Wittmann, chairman of Switzerland-based Porta Advisors. 'This is huge — this is just one piece in the overall plan and it's completely consistent with what this administration is all about.' 'The ultimate judge for this is not our opinions, it's the bond market,' Wittmann added. 'The U.S. bond market is discounting these developments, and we have seen in the last few weeks, that if there was a safe haven move, investors clearly prefer German bunds.' Large Australian pension funds with U.S. investments have also been reportedly concerned by the bill, since Australia operates a medicines subsidy scheme that is opposed by large U.S. pharmaceutical companies. Legal experts at the Mayer Brown law firm suggest that 'significant changes' could be made to the bill as it passes through the U.S. Senate before it's enshrined into law by Trump. 'As such, there may be questions about whether the provisions of the proposal that override tax treaties could be included in the US Senate's version of the tax bill,' Mayer Brown's experts said.
