Latest news with #USHouseofRepresentatives
Yahoo
an hour ago
- Business
- Yahoo
Kentucky public schools depend on federal funding. We can't afford to lose it.
Because our social media feeds and cable news networks have focused on hot-button issues in education, you may have missed an important development. The US House of Representatives passed a resolution to cut education and workforce funding by $330 billion over the next 10 years. Commentators and pundits debate education funding and dismiss investments as waste without ever defining the term. Unfortunately, a critical voice is missing from this much-needed conversation: educators. As CEO of the Ohio Valley Educational Cooperative (OVEC), I work with an incredible team of education experts to support 14 Kentucky public school districts as they work to educate the next generation. We do so by spearheading programs and initiatives that help teachers develop professionally, learn new skills in the classroom and even recruit new Kentucky teachers. Programs like Teach Tech Kentucky, which empowers teachers to include technology and computational thinking into their existing curricula, are helping fuel tomorrow's workforce. Additionally, OVEC's teacher apprenticeship program is primed to bring new teachers into classrooms so our students receive more individualized instruction. Opinion: We have money to fight Kentucky's opioid crisis. Let's not waste it. While we fill a vital role, districts rely heavily on federal support to maintain quality educational experiences for students, recruit and retain high-quality teachers and ensure student success in the classroom, workplace and community. To understand the potential impacts on Kentucky public schools, teachers and students, it is important to know the facts. That means understanding how much districts currently receive from the federal government. The Kentucky Center for Economic Policy (KCEP) conducted a study and analyzed districts' budgets from across the state to determine how much federal funding districts receive. The study found that OVEC districts — and Kentucky public schools more broadly —can't make ends meet without federal funding. According to KCEP, OVEC districts collectively receive $413 million in federal funding per year. On average, approximately 18% of an OVEC district's funding comes from the federal government. The numbers vary from district to district, but some areas in our region could lose 24% of their funding if federal education funding is eliminated. Opinion: We are business leaders. Tariffs will trigger cost-of-living crisis in Kentucky. Resources that students rely on through programs like free and reduced school lunch, Title I and the Individuals With Disabilities Education Act all are at risk if federal education dollars are cut. These funds are also used to assist students prepare to join the workforce. There is no doubt that the future of Kentucky public schools is on the line, and while education may be a hotly contested subject, one thing we all can agree on is Kentucky's kids are a worthy investment. Urge your congressional representatives to fund our future and protect investments in education funding. Tell us what you think. Submit a letter to the editor. Jason Adkins is the CEO of Ohio Valley Educational Cooperative (OVEC). This article originally appeared on Louisville Courier Journal: Federal funding cuts will put KY public education at risk | Opinion
Sydney Morning Herald
4 days ago
- Business
- Sydney Morning Herald
Australia news LIVE: Albanese condemns new Trump tariffs; Ukraine drones destroy 41 Russian air-craft; Piastri wins Spanish GP
Latest posts Latest posts 6.41am Australian business alarmed by Trump's proposed foreigner tax A proposed new tax on foreigners buried in the 'big, beautiful bill' championed by US President Donald Trump has alarmed the Australian business community in New York, with multinationals, super funds and high-net-worth individuals all liable to be hit. Section 899 of Trump's key taxation bill, which has passed the US House of Representatives and now heads to the Senate, would impose 'increased rates of tax on foreign persons of discriminatory foreign countries', starting at 5 per cent and increasing annually to as high as 20 per cent. 6.40am Watch: Ukraine drone attack destroys Russian aircraft A surprise drone attack destroyed 41 Russian aircraft worth $11 billion in an operation dubbed 'Spider's Web' and personally overseen by Ukrainian President Volodymyr Zelensky on Sunday. Explosive-laden drones were snuck into Russia after being hidden in the roofs of wooden sheds, which were loaded onto trucks and driven to the perimeter of the air bases. The strikes hit five air bases across Russia, and took place hours before the next round of peace talks were due to occur in Istanbul, Turkey. Footage from the attack shows aircraft up in flames after the drones attacked. 6.27am What's making news today By Daniel Lo Surdo Hello and welcome to the national news blog. My name is Daniel Lo Surdo, and I'll be helming our live coverage this morning. Here's what is making news today: Prime Minister Anthony Albanese has condemned Donald Trump's move to double steel and aluminium tariffs to 50 per cent over the weekend, days after the Court of International Trade found Trump overstepped his authority to add a baseline 10 per cent tariff on all goods. Albanese called the doubling of steel and aluminium tariffs an 'inappropriate action' by the Trump administration, and an 'act of economic self-harm'. Ukrainian secret services have destroyed 41 Russian aircraft at five air bases worth $11 billion on Sunday, in a surprise attack launched by explosive-laden drones snuck deep into Russia on trucks. Ukraine security officials said the drones were hidden in the roofs of wooden sheds, and driven close to the air bases before flying out and attacking. The ASX is expected to edge up after Wall Street closed an encouraging month with a quiet day of trading on Friday. Futures point to a slight gain for the Australian sharemarket at the open, as companies continue to navigate the challenges of Donald Trump's on-and-off tariffs. Oscar Piastri has won the Spanish Grand Prix from pole position on Sunday to extend his Formula One championship lead over McLaren teammate Lando Norris, who finished second. Piastri and Norris were joined by Charles Leclerc on the podium.
The Age
4 days ago
- Business
- The Age
Australia news LIVE: Albanese condemns new Trump tariffs; Ukraine drones destroy 41 Russian air-craft; Piastri wins Spanish GP
Latest posts Latest posts 6.41am Australian business alarmed by Trump's proposed foreigner tax A proposed new tax on foreigners buried in the 'big, beautiful bill' championed by US President Donald Trump has alarmed the Australian business community in New York, with multinationals, super funds and high-net-worth individuals all liable to be hit. Section 899 of Trump's key taxation bill, which has passed the US House of Representatives and now heads to the Senate, would impose 'increased rates of tax on foreign persons of discriminatory foreign countries', starting at 5 per cent and increasing annually to as high as 20 per cent. 6.40am Watch: Ukraine drone attack destroys Russian aircraft A surprise drone attack destroyed 41 Russian aircraft worth $11 billion in an operation dubbed 'Spider's Web' and personally overseen by Ukrainian President Volodymyr Zelensky on Sunday. Explosive-laden drones were snuck into Russia after being hidden in the roofs of wooden sheds, which were loaded onto trucks and driven to the perimeter of the air bases. The strikes hit five air bases across Russia, and took place hours before the next round of peace talks were due to occur in Istanbul, Turkey. Footage from the attack shows aircraft up in flames after the drones attacked. 6.27am What's making news today By Daniel Lo Surdo Hello and welcome to the national news blog. My name is Daniel Lo Surdo, and I'll be helming our live coverage this morning. Here's what is making news today: Prime Minister Anthony Albanese has condemned Donald Trump's move to double steel and aluminium tariffs to 50 per cent over the weekend, days after the Court of International Trade found Trump overstepped his authority to add a baseline 10 per cent tariff on all goods. Albanese called the doubling of steel and aluminium tariffs an 'inappropriate action' by the Trump administration, and an 'act of economic self-harm'. Ukrainian secret services have destroyed 41 Russian aircraft at five air bases worth $11 billion on Sunday, in a surprise attack launched by explosive-laden drones snuck deep into Russia on trucks. Ukraine security officials said the drones were hidden in the roofs of wooden sheds, and driven close to the air bases before flying out and attacking. The ASX is expected to edge up after Wall Street closed an encouraging month with a quiet day of trading on Friday. Futures point to a slight gain for the Australian sharemarket at the open, as companies continue to navigate the challenges of Donald Trump's on-and-off tariffs. Oscar Piastri has won the Spanish Grand Prix from pole position on Sunday to extend his Formula One championship lead over McLaren teammate Lando Norris, who finished second. Piastri and Norris were joined by Charles Leclerc on the podium.
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First Post
28-05-2025
- Business
- First Post
Trump's remittance tax sours Indian view of US dream
President Donald Trump's 'One Big Beautiful Bill' includes a 3.5 per cent excise tax on remittances sent abroad by non-US citizens. India, the world's largest recipient of overseas remittances, received approximately $129 billion in 2024, with 28 per cent originating from the US read more The proposed legislation could tax remittances and dwindle the flow of money from US to India. AI-generated representational image The US House of Representatives narrowly passed President Donald Trump's 'One Big Beautiful Bill' on May 22, which includes a 3.5 per cent excise tax on remittances sent abroad by non-US citizens and non-nationals. The proposed legislation, if approved by the Senate, could significantly impact millions of Non-Resident Indians (NRIs) in the United States, many of whom regularly send money to family members in India. Under the bill, individuals on H1B, L1, and F1 visas, as well as Green Card holders, would be subject to the tax starting January 1, 2026. For instance, a $1,000 transfer to India would incur a $35 tax, reducing the amount received to $965. The tax cannot be offset against federal or state taxes and is in addition to any existing taxes paid. STORY CONTINUES BELOW THIS AD India, the world's largest recipient of overseas remittances, received approximately $129 billion in 2024, with 28 per cent originating from the US, according to the World Bank. The Global Trade Research Initiative (GTRI) warns that the new tax could decrease remittances to India by 10-15 per cent, representing a loss of $12-$18 billion annually. Additionally, Trump's administration has tightened immigration rules, significantly limiting international student admissions and imposing stricter conditions for work visas. These combined measures have led some Indian nationals to reconsider plans for studying or working in the US. Strained India-US relations The move, combined with restrictions on international students and critical comments on India-Pakistan issues, is straining US-India relations. President Trump has claimed credit for brokering a ceasefire between India and Pakistan following escalating tensions earlier this month. He stated that US intervention prevented a 'bad nuclear war' between the two nations, asserting that trade negotiations played a key role in de-escalating the conflict. However, Indian officials have refuted these claims, emphasising that the ceasefire was a result of direct military-to-military communication between India and Pakistan, without third-party mediation. India's Ministry of External Affairs reiterated that the understanding was reached bilaterally and warned against external narratives that could misrepresent the situation. The combination of the remittance tax proposal and contentious statements regarding international diplomacy has led some Indians to reconsider plans to study or work in the US, potentially affecting long-term bilateral trade negotiations and diplomatic relations. With inputs from agencies
The Star
26-05-2025
- Business
- The Star
Ringgit strengthens against US$ amid tariff shock effects
KUALA LUMPUR: The ringgit continued to strengthen against the US dollar at opening today, driven by tariff shocks that are expected to negatively impact the US economy, said an analyst. At 8.04 am, the local note rose to 4.2100/2410 versus the greenback from Friday's close of 4.2285/2345. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the recent tax cut legislation passed by the US House of Representatives is expected to widen the fiscal deficit and increase government debt levels. "The sovereign rating downgrade by Moody's Ratings, which occurred prior to the legislation's approval, has pushed US Treasury yields higher, with 30-year bonds exceeding the 5.0 per cent mark, making borrowing more expensive. "As a result, markets are now at a critical crossroads, as the US dollar, traditionally seen as a safe-haven currency, is having that status revisited,' he told Bernama. As such, the ringgit is expected to remain positive in light of the weak US dollar, he added. Mohd Afzanizam said the current US$/RM support and resistance levels are at 4.0942 and 4.2624, respectively. "Assuming the ringgit strengthens by a further 0.5 per cent this week, the US$/RM pair could settle around 4.2103, within a range of 4.22 to 4.23," he said. At the opening, the ringgit traded higher against a basket of major currencies and ASEAN currencies. It appreciated against the British pound to 5.7016/7436 from 5.7072/7153 at Friday's close, gained vis-à-vis the euro to 4.7918/8271 from 4.7985/8053, and rose against the Japanese yen to 2.9490/9709 from 2.9502/9546. Against regional peers, the ringgit improved against the Singapore dollar to 3.2775/3022 from 3.2891/2940 last Friday, and strengthened against the Thai baht to 12.9173/13.0252 from 12.9744/13.0012 previously. The local note also rose vis-à-vis the Philippine peso to 7.61/7.68 from 7.65/7.66, and increased against the Indonesian rupiah to 259.6/261.5 from 260.7/261.1 previously. - Bernama
