Latest news with #WaysandMeansCommittee
Yahoo
4 days ago
- Business
- Yahoo
Exploring a run for governor, Randy Feenstra touts work on Trump's 'big, beautiful bill'
SIOUX CENTER — As he explores a run for governor, U.S. Rep. Randy Feenstra touted his work on the federal tax and spending policy bill moving through Congress, saying he was a 'key author' of the legislation. 'I was very close to the administration on helping write this bill, not only the tax portion of it, but also the (agricultural) portion of it,' he said at his annual Feenstra Family Picnic in Sioux Center May 30. Feenstra, a Republican, recently voted with other members of his party to advance Republican President Donald Trump's sweeping budget bill. Feenstra sits on the House Agriculture Committee, which oversaw changes to the Supplemental Nutrition Assistance Program, or SNAP, including about $300 billion in spending cuts over the next ten years. He also serves on the tax-writing Ways and Means Committee. Iowa's U.S. House Republicans have championed the bill's passage, but it's drawn the ire of Democrats who fear the cuts will harm those who lose access to benefits. "I'll tell you what, we're not going to hurt anybody," Feenstra told reporters. "I mean, what we did with SNAP is making sure that we're getting rid of waste and fraud. Sitting on the Ag Committee, we had a lot of discussions about this, and I want to tell you, anybody that's on SNAP will stay on SNAP unless you're an illegal." Speaking to the crowd, Feenstra aligned himself with Trump, who remains deeply popular among Iowa Republicans, particularly in this deeply conservative pocket of northwest Iowa. 'The bill reflects the mandates that Trump talked about in all of his stump speeches when he was running this campaign,' he said. It comes as Feenstra gears up for an expected gubernatorial run, during which he'll need to appeal to the deep-red voters expected to make up the Republican primary electorate. Feenstra announced May 13 he was forming an exploratory committee to weigh a run for governor, and he has aggressively made moves toward a formal campaign. He announced ahead of the event that his campaign had raised more than $3.2 million. And he recently launched a $400,000 advertising buy across the state, making him the first declared or potential candidate to air television ads. 'Randy is swiftly consolidating support for his exploratory bid for governor,' his campaign senior advisor Brian Dumas said in a statement. '… From President Trump's biggest donors in Iowa, coupled with those that have historically stood behind Governors Reynolds and Branstad, his coalition of support is broad and deep.' But Feenstra avoided talking about the prospect as he spoke to the crowd of supporters. Instead, he focused on his work in Congress and highlighted his commitment to advancing Trump's agenda. Lt. Gov. Chris Cournoyer introduced Feenstra, praising his 'workhorse' mentality. 'Randy led the fight to ban China from buying American farmland,' she said. 'He stood with President Trump every step of the way to secure our border and stand with our border patrol agents. … And most recently, as a member of the House Ways and Means Committee, he helped write President Trump's 'one big, beautiful bill.'' Cournoyer previously announced that she would run for state auditor in 2026, a position currently held by Democrat Rob Sand. 'We've got to get her to win,' Feenstra said. Sand announced May 12 he would mount a gubernatorial bid. Feenstra referenced his potential rival only briefly, saying that Sand is 'going on to other things' and opening up the auditor seat for Cournoyer. Feenstra was joined by U.S. Rep. Jim Jordan, an Ohio Republican who serves as chair of the House Judiciary Committee. Jordan has been a mainstay on the Iowa political speaking circuit, and he joined U.S. Rep. Zach Nunn a day earlier for an event in Des Moines. Brianne Pfannenstiel is the chief politics reporter for the Des Moines Register. Reach her at bpfann@ or 515-284-8244. Follow her on X at @brianneDMR. This article originally appeared on Des Moines Register: Randy Feenstra highlights Trump ties as he explores run for governor
CNBC
27-05-2025
- Politics
- CNBC
Charles Rangel, former longtime N.Y. congressman who represented Harlem, dies at 94
Charles Rangel, the Democratic former congressman from New York who championed his Harlem community on Capitol Hill for almost five decades, died Monday, his family said. He was 94. City College of New York spokesperson Michelle Stent confirmed Rangel's death in a statement, saying he died at a hospital in New York. Politicians and supporters remembered Rangel, known as Charlie, for his years in public service and deep roots in New York City. He was born in Harlem and was first elected to Congress in 1970, representing a congressional district that was first drawn up in the 1940s and allowed the neighborhood's majority Black voters to send one of their own to Washington. Rangel served for so long that he earned the nickname the "Lion of Lenox Avenue," referring to one of Harlem's primary corridors. "Charlie Rangel was a great man, a great friend, and someone who never stopped fighting for his constituents and the best of America," Senate Minority Leader Chuck Schumer, D-N.Y., said Monday on X. "The list of his accomplishments could take pages, but he leaves the world a much better place than he found it." New York Mayor Eric Adams said on X that he was "sad to lose a dear friend and exemplary model of devotion and courage." The Rev. Al Sharpton called Rangel a "trailblazing legislator and an unshakable force in American politics." Former New York Gov. Andrew Cuomo also honored Rangel as his "mentor and friend." "He had that Harlem fire in his heart and a joy in his soul that no battle could extinguish," Cuomo said in a statement, adding that "he never forgot where he came from." Rangel, a veteran of the Korean War, was a high school dropout but eventually went to college on the G.I. Bill, getting degrees from New York University and St. John's University Law School. In 1970, he defeated legendary Harlem politician Adam Clayton Powell to start his congressional career. During the next 40-plus years, he became a legend himself — a founding member of the Congressional Black Caucus, dean of the New York congressional delegation and, in 2007, the first Black chair of the influential Ways and Means Committee. "I have always been committed to fighting for the little guy," Rangel said in 2012. Two years earlier, he had stepped down from the Ways and Means Committee amid an ethics cloud. The House would later censure him in a 333-79 vote, citing nearly a dozen ethics violations that included breaching a gifts ban, improper use of influence and failure to disclose income. After the censure, Rangel rose before his colleagues in sorrow. "I know in my heart I am not going to be judged by this Congress," he said. "I'll be judged by my life in its entirety." Rangel remained in Congress and won the 2012 primary. His Harlem district overwhelmingly voted him in again as Barack Obama won a second presidential term. Despite the political stain later in his career, his time in Congress was exceedingly busy. According to the City College statement, Rangel sponsored 40 bills and resolutions that became law. His significant legislative accomplishments include championing the national Empowerment Zone program, the Low-Income Housing Tax Credit and the Affordable Care Act, which Obama signed into law in 2010. Rangel was chairman of the Ways and Means Committee when the Affordable Care Act was being heavily debated in Congress, and he was under pressure from the ethics investigations. In a 2009 interview with Time, he was defiant when he was asked about his legacy. "Well, as Rhett Butler once said in 'Gone With the Wind,' if I'm gone, quite frankly, I don't give a damn," he told the magazine. Rangel served in Congress until 2017, when he retired. He lamented to The New York Times in 2016, when his eventual successor, Rep. Adriano Espaillat, was poised to become the first Dominican American elected to Congress, that he feared that meant his Harlem district would no longer have a Black representative. "Can you tell the people in Boston that some day you won't have an Irish congressman?" Rangel said. Rangel was the last surviving member of the so-called Gang of Four — a group of Black political figures who wielded great power in city and state politics. The others were David Dinkins, New York's first Black mayor; Percy Sutton, who was Manhattan Borough president; and Basil Paterson, a deputy mayor and New York secretary of state. The Congressional Black Caucus said in a statement Monday that its 61 members were mourning the loss of Rangel. "His legacy is one of tireless advocacy, historic firsts, and dedication to justice and equality," the caucus said. "May he rest in power and everlasting peace." Rangel is preceded in death by his wife, Alma, a social worker whom he met in a Harlem ballroom in the 1950s; she died in 2024. The couple shared two children.
Politico
26-05-2025
- Politics
- Politico
Former US Rep. Charles Rangel of New York has died at age 94
NEW YORK — Former Democratic US Rep. Charles Rangel of New York, an outspoken, gravel-voiced Harlem Democrat who spent nearly five decades on Capitol Hill and was also a founding member of the Congressional Black Caucus, died Monday at age 94. The family confirmed the death in a statement provided by City College of New York spokesperson Michelle Stent. He died at a hospital in New York, Stent said. Rangel, a veteran of the Korean War, defeated legendary Harlem politician Adam Clayton Powell in 1970 to start his Congressional career. During the next 40-plus years, he became a legend himself — a founding member of the Congressional Black Caucus, dean of the New York Congressional delegation, and in 2007, the first African-American to chair the powerful Ways and Means Committee. He stepped down from that committee amid an ethics cloud, and the House later censured him. But he was reelected and went on to serve in Congress until 2017.
CNN
26-05-2025
- Politics
- CNN
Former Congressman Charlie Rangel dies at 94
Charles B. Rangel, the former New York lawmaker whose trailblazing career saw the high school dropout represent Harlem for four decades in Congress, died on Monday. He was 94. Rangel's death was announced by the City College of New York, where after retiring from Congress in 2017 he served as Statesman-in-Residence and launched the Charles B. Rangel Infrastructure Workforce Initiative to boost infrastructure jobs in areas of Manhattan and the Bronx that he called home. First elected to Congress in 1970, Rangel would eventually serve 23 terms in the body, where he co-founded the Congressional Black Caucus and became the first Black chairman of the influential Ways and Means Committee.
Forbes
22-05-2025
- Business
- Forbes
Inside The $5 Trillion ‘Beautiful Bill' Shaking Up America's Economy
Early Thursday morning, the U.S. House of Representatives passed President Donald Trump's audacious One Big Beautiful Bill Act in a razor-thin 215 to 2014 vote, setting the stage for a seismic shift in U.S. tax policy. This 1,116-page behemoth, now headed to the Senate, seeks to cement the 2017 Tax Cuts and Jobs Act while rolling out bold new tax breaks for families, workers, and businesses. With a price tag topping $5 trillion, the bill promises immediate relief but ignites fierce debate over its long-term fiscal impact. Here's what you need to know about its game-changing provisions, potential pitfalls, and what's next for taxpayers and entrepreneurs. House GOP's Trump-aligned budget resolution aims to boost median-income families' take-home pay by ... More up to $5,000 yearly with extended tax cuts, new exemptions, and expanded child tax credits. The bill's cornerstone is the permanent extension of the 2017 TCJA, locking in the top individual income tax rate at 37% instead of reverting to 39.6% after. The House Ways and Means Committee estimates this could boost take-home pay for a median-income family with two children by $4,000 to $5,000 annually and increase real wages by $2,100 to $3,300 per worker, though economic conditions may vary these gains. From 2025 to 2028, the bill eliminates federal income taxes on tips, overtime pay, and interest on loans for American-made cars, providing relief to service workers, hourly employees, and auto buyers. Households earning $30,000 to $80,000 annually could save up to $5,000 a year if they benefit from multiple exemptions—such as a tipped worker with significant tip income, an hourly worker earning overtime, and a family financing an American-made car—though savings vary based on individual circumstances. The Child Tax Credit will rise from $2,000 to $2,500 per child through 2028, then revert to $2,000 and adjust for inflation. The refundable portion is capped at $1,400 per child, as noted in a recent Kiplinger report. A new requirement for both parents to have valid Social Security numbers for joint filings may exclude some citizen or legal resident children, though the exact number—previously estimated at 4.5 million—remains unconfirmed and requires further analysis. Seniors over 65 will gain a $4,000 tax deduction from 2025 to 2028, complementing their existing higher standard deduction, providing significant relief for retirees. Entrepreneurs are poised to benefit significantly. The bill enhances the Section 199A deduction for qualified business income from 20% to 23%, lowering the effective tax rate to 28.49% and making it permanent. Combined with immediate expensing of business investments, this could impact around 26 million small business owners, according to a news release from the Job Creators Network. The bill also introduces 'MAGA accounts,' tax-advantaged savings plans for children. These accounts may include a government contribution of up to $1,000 for babies born between 2025 and 2028, as outlined in Investopedia, and allow families to contribute up to $5,000 annually. Funds can be used tax-free for higher education, post-secondary credentials, small business loans, or first-time home purchases. The bill's tax cuts are projected to cost over $5 trillion over a decade, per early estimates from the Joint Committee on Taxation, and could add $3.3 trillion to $5.3 trillion to the national debt, according to the Committee for a Responsible Federal Budget. To offset this, the bill repeals clean energy incentives, including the $7,500 clean vehicle credit, set to end on December 31, 2025, potentially increasing costs for electric vehicle buyers and renewable energy investors. A new 5% excise tax on international remittances by non-citizens, including green card and H1B visa holders, will raise the cost of sending money abroad, impacting immigrant families. Additionally, the bill replaces the 1.4% excise tax on private college endowments with a tiered system, reaching up to 21% for endowments exceeding $2 million per student, and imposes a 21% tax on nonprofit organizations' sale or licensing of names and logos, which could strain their budgets. .@NFIB The One, Big, Beautiful Bill "is one of the most pro-small business pieces of tax legislation ... More in recent history." Middle-class families, service workers, small business owners, and retirees stand to gain immediately from tax exemptions, the expanded CTC, and seniors' deductions. The National Federation of Independent Business, in a letter shared on X, hailed it as one of the most pro-small business tax bills in recent history. However, the repeal of clean energy credits may deter sustainable investments, and the remittance tax could disproportionately affect immigrant communities. The bill now heads to the Senate, where the budget reconciliation process, requiring only 51 votes, could expedite passage. Critics, including Democrats and fiscal conservatives, warn that the debt increase could drive higher interest rates or necessitate future tax hikes, with proposed spending cuts, like Medicaid work requirements starting in 2029, offering only partial relief. Proponents argue that economic growth spurred by the tax cuts will mitigate debt concerns, though this remains speculative. Securities offered through Kestra Investment Services, LLC, (Kestra IS), member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC, (Kestra AS) an affiliate of Kestra IS. Beacon Financial Services is not affiliated with Kestra IS or Kestra AS. Beacon Financial Services does not provide legal or tax advice.
