Latest news with #USHouseCommittee
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Business Standard
26-05-2025
- Business
- Business Standard
Bond vigilantes stirred by US tax bill cloud foreign inflows to India
The spread between the benchmark 10-year Indian and US bonds has shrunk to a level last seen over two decades ago Sai Aravindh Mumbai Listen to This Article Narrowing interest rate spreads between the US and Indian bonds, driven by a slump in the world's largest bond market, have clouded inflows into the domestic debt market. However, experts see only a minimal impact on Indian equities. 'It's a rather odd situation,' says Madan Sabnavis, chief economist at Bank of Baroda, describing the current state of the US economy—where bond yields are rising, the dollar is weakening, growth is slowing, inflation is poised to rise, and the Federal Reserve remains on hold. All this as the US House Committee cleared President Donald Trump's 'big, beautiful' tax bill, which threatens
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Business Standard
22-05-2025
- Business
- Business Standard
Trump's 'big beautiful bill' on tax cuts gets US House committee approval
US House Committee on Wednesday (local time) cleared President Donald Trump's sweeping tax cut and spending bill, Reuters reported. The vote comes after days of internal fighting amongst the Republicans and has now set the stage for a floor vote in the full House on Thursday (local time). Trump's One Big, Beautiful Bill Trump's big beautiful bill is a 1,000-plus page legislation that calls for roughly $3.8 trillion in tax cuts, most of which would come by extending many of the tax cuts announced by Trump during his first presidency in 2017. To offset the lost revenue partially, Republicans have proposed phasing out or repealing the clean energy tax credits, passed during Joe Biden's presidency. It includes a temporary boost in the standard deduction, a $1,000 increase for individuals, bringing it to $16,000 for individual filers, and a $2,000 benefit for joint filers, bringing it to $32,000. The report suggests that the deduction will help in reducing the amount of income that is subject to income tax. The passing of this bill is crucial for Trump to further his agenda during the second term of his presidency, and would imply a big political victory for the US President. He further hopes to improve his approval rating, which currently stands at 47.3 per cent, the report added, citing polling data.
