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AU Financial Review
28-05-2025
- Automotive
- AU Financial Review
America Inc raises the stakes in fight with Canberra over tax
American car giant Ford has enlisted the United States tax authorities to help fight a dispute with the Australian Tax Office, as experts warn that Donald Trump's 'America First' policy agenda will further sour Canberra's fraught relationship with US companies. Ford's move to bring in the US Internal Revenue Service comes as the ATO fights for billions of dollars of disputed taxes with major US corporations, including oil major ExxonMobil, aluminium manufacturer Alcoa, gold miner Newmont and PepsiCo.
The National
28-04-2025
- Business
- The National
Richard Murphy: The US economy is on a cliff edge, Wile E Coyote-style
You will probably be familiar with him. He runs off the edge of a cliff, quite often. He maintains his forward momentum for a short while, his legs pumping furiously, until he looks down and realises not only is further forward progress impossible but that he will inevitably crash to the ground, as, of course, he does. The metaphor appeared entirely appropriate to me when applied to the US economy and to the country as a whole. As I've been saying in this column, on my blog and on my YouTube channel, Donald Trump is going to crash the US economy. Nobody has taken my warnings more seriously than people in the US – my audience there has grown enormously in recent months. Whether that is because there is a form of masochism deep in some parts of the American psyche that likes to be told by a person with an English accent (which I have) that they are heading for disaster, or that people in that country find something that resonates in my warnings, I do not know. But what I am sure of is the fact that if we stand back and look at where the US is, it must crash soon. A president cannot create the scale of havoc that Trump has, within his own country and beyond. without massive consequences arising. Trump has declared a trade war. He is fuelling US inflation. He is harming US financial markets. He is threatening US jobs. He is reducing the profitability of US companies. They will react by reducing the level of investment they make in the US economy, with inevitable consequences for the level of employment. In addition, Trump has undermined the rule of law. He is also seeking to wreck the US Internal Revenue Service (the equivalent of HM Revenue & Customs), which is looking likely to lose about one-third of its staff in the space of little more than three months. This is likely to destroy its capacity to operate, and so to collect the taxes the US government needs to function. The number of staff being sacked by the federal government might well affect the US unemployment rate. US foreign relations are in tatters. Russia is laughing. Ukraine and Gaza are at massive risk. Canada and Greenland rightly wonder what happens next. Put all that together, and that feeling that Wile E Coyote had just before his descent began is one that many astute people in the US are now feeling. The rest are going to catch up soon. What happens then? No-one knows. We are in uncharted territory. However, assuming that domestic stability can be maintained (and that cannot be guaranteed in a country with so many guns), the US economy is, at best, going to have an uncomfortable recession, and as likely a depression. READ MORE: Kate Forbes: For Scotland to thrive, it must look east A depression means the country might face a prolonged downturn in economic activity, typically lasting longer than three years. Depressions usually result in high unemployment and widespread business failures. The world has not seen one since the 1930s. Trump might just manage another, almost a century later. That does not mean Scotland needs to suffer to quite the same extent, but there are two reasons to worry. The first is that when the US sneezes, the rest of the world tends to catch a cold – US economic downturns tend to be mightily contagious. The second can be summed up in two words: Rachel Reeves. The Chancellor is still desperate to do a trade deal with Trump, as if his word is worth relying upon when, time and again, he has already proven it to be worthless. Worse still, her dedication to her fiscal rules suggests she is capable of making things very much worse in the UK, and so in Scotland, than they might need to be. What I think we can be sure of is that she will do too little, too late, and then only what is necessary to appease the City of London, not to provide security to the people of Scotland. We are in deep trouble, it is time to stop pretending otherwise. We are already almost certainly over that cliff. All we are waiting to find out is when our furious efforts to prevent the fall might fail. Scotland and its political leadership need to work out now what they might do in response. There is no point looking to London for help. So, what is that response going to be? That is what I want to know.
The Guardian
19-04-2025
- Politics
- The Guardian
Trump news at a glance: Maryland senator says Ábrego García moved from notorious El Salvador prison
Maryland senator Chris Van Hollen revealed that Kilmar Ábrego García had been moved from El Salvador's notorious Cecot prison – where he was sharing a cell with 25 other inmates – to a detention center with better conditions. Van Hollen met with Ábrego García, whom the Trump administration admits it mistakenly deported, and said that he had been left 'traumatized' after facing threats in the Cecot facility. Van Hollen also accused El Salvador's government of planting two margarita glasses between him and Ábrego García for the meeting to make it appear as if they were enjoying a leisurely cocktail. Jennifer Vasquez Sura, Ábrego García's wife, expressed relief to learn her husband is alive after Van Hollen's trip. Trump said on social media the senator 'looked like a fool yesterday standing in El Salvador'. Read the full story Trump said the US would 'pass' on brokering a peace deal between Ukraine and Russia unless there were signs a settlement could be reached 'very shortly', while Kyiv said it had signed a memorandum with the US over a controversial minerals deal. Read the full story Donald Trump is replacing the acting commissioner of the US Internal Revenue Service after the treasury secretary, Scott Bessent, reportedly complained to the president that the agency head had been appointed without his knowledge and under the instruction of the Doge leader, Elon Musk. Read the full story The Trump administration has replaced – a website that once provided Americans with access to information about free tests, vaccines, treatment and secondary conditions such as long Covid – with a treatise on the 'lab leak' theory. Read the full story The justice department's civil rights division is shifting its focus away from its longstanding work protecting the rights of marginalized groups and will instead pivot towards Trump's priorities, including hunting for non-citizen voters and protecting white people from discrimination, according to new internal mission statements seen by the Guardian. Read the full story A federal court has blocked the sweeping termination of staff at the top US consumer protection agency, a day after the Trump administration moved to axe about 1,500 of the agency's 1,700 workforce, while officials investigate whether the action violated existing judicial orders. Read the full story The American Civil Liberties Union asked the US supreme court to block the deportation of a new group of Venezuelan men detained in Texas. A US-born American citizen who was detained in Florida has been released. Republicans in nearly half of state legislatures have proposed bills to require documentary proof of citizenship to vote. The Trump administration has spared the jobs of federal employees who provide services for Elon Musk's companies, SpaceX and Starlink, raising a new round of conflict of interest questions around Doge. Catching up? Here's what happened on 17 April 2025.
Yahoo
12-04-2025
- Business
- Yahoo
3 tips for last-minute tax filing
The US Internal Revenue Service (IRS) received fewer tax returns by the end of March than it did the previous year as more Americans delayed filing. National Association of Tax Professionals director of tax content Tom O'Saben joins Wealth host Brad Smith to share some tips for last-minute tax tips. To watch more expert insights and analysis on the latest market action, check out more Wealth here.
The Guardian
24-03-2025
- Business
- The Guardian
Trump news at a glance: reports of IRS data deal spark fears for undocumented migrant workers
The US Internal Revenue Service is reportedly nearing a deal to allow immigration officials to use tax data to support Donald Trump's deportation agenda. Under the proposed data-sharing agreement, said to have been in negotiations for weeks, Immigration and Customs Enforcement (Ice) could hand over the names and addresses of undocumented immigrants to the IRS, raising concerns about abuse of power from the Trump administration and the erosion of privacy rights. If access to this confidential database is agreed on, it would mark a significant shift, likely becoming the first time immigration officials have relied on the tax system for enforcement assistance in such a sweeping way. Under the agreement, the IRS would cross-reference names of undocumented immigrants with their confidential taxpayer databases, a move that would breach the long-standing trust in the confidentiality of tax information. Such data has historically been considered sensitive and thereby closely guarded, so the reported deal has raised alarm bells at the IRS, according to the Washington Post. Here are the key US politics story from Sunday: The potential shift in taxpayer data use, from once being used to rarely build criminal cases to now reportedly becoming instrumental in enforcing criminal penalties, aligns with many of the more aggressive immigration policies Trump is pursuing. Read the full story Usha Vance, the wife of US vice-president JD Vance, will travel to Greenland this week as President Donald Trump clings to the idea of the US annexing the strategic, semi-autonomous Danish territory. Vance will visit Greenland on Thursday with a US delegation to tour historical sites, learn about the territory's heritage and attend the national dogsled race, the White House said in a statement. Read the full story Chuck Schumer rejected calls to give up the top Democratic position in the Senate after he voted for Republicans' funding bill to avoid a government shutdown, saying on Sunday: 'I'm not stepping down.' Schumer has faced a wave of backlash from Democrats over his decision to support the Republican-led bill, with many Democrats alleging that the party leader isn't doing enough to stand up to Donald Trump's agenda. Read the full story Bernie Sanders is not running for president. But he is drawing larger crowds now than he did when he was campaigning for the White House. The message has hardly changed. Nor has the messenger, with his shock of white hair and booming delivery. What's different now, the senator says, is that his fears – a government captured by billionaires who exploit working people – have become an undeniable reality and people are angry. Read the full story Donald Trump's second administration has shown an 'unprecedented degree of resistance' to adverse court rulings, experts say, as part of a forceful attack on the American judiciary which threatens to undermine the rule of law, undercut a co-equal branch of government and weaken American democracy. Read the full story Trump's breach of the justice department's traditional independence last week was neither shocking nor surprising. His speech quickly faded from the fast and furious news cycle. But future historians may regard it as a milestone on a road leading the world's oldest continuous democracy to a once unthinkable destination. Read the full story Three major wildfires that broke out in one North Carolina county still recovering from Hurricane Helene have exploded to burn more than 3,000 acres combined as South Carolina's governor declared an emergency in response to a growing wildfire in the Blue Ridge mountains. Bald eagle that went viral for incubating a rock dies after fierce storms in Missouri. Murphy, who lived to 33, took in the rock in 2023 and tried to hatch it, captivating hearts, and later fostered two eaglets. Luigi Mangione lawyer says arrest flaws invalidate evidence – but will it work? Pennsylvania attorney for suspect in UnitedHealthcare CEO Brian Thompson shooting claims police violated his client's constitutional rights in arrest.
