Latest news with #taxCuts
Washington Post
02-07-2025
- Business
- Washington Post
Wisconsin Republicans look to Democrats to pass state budget deal
MADISON, Wis. — The Wisconsin Legislature pushed to pass a compromise state budget Wednesday, with Democratic votes expected to be needed to approve the deal reached between Gov. Tony Evers and majority Republicans. The two-year spending plan would affect nearly every person in the battleground state. Income taxes would be cut for working people and retirees, sales taxes would be eliminated on residential electric bills and it would cost more to get a driver's license, buy license plates and title a vehicle.
Wall Street Journal
02-07-2025
- Business
- Wall Street Journal
The Problematic Politics of Trump's Bill: More Lower-Income Americans Are Voting GOP
To understand why Republicans have struggled to unite behind their domestic-policy bill that cuts taxes and Medicaid, look at how much progress the party has made on one of its other primary goals: winning support from working-class Americans. About 15 years ago, in 2009, Republicans represented 26 of the 100 lowest-income House districts, according to Census data. By 2023, they represented 56—more than half. At the same time, Democrats came to dominate the wealthiest House districts, representing 69 of the 100 where incomes are highest.
New York Times
02-07-2025
- Business
- New York Times
The Disaster That Just Passed the Senate
This is an edited transcript of an episode of 'The Ezra Klein Show.' You can listen to the conversation by following or subscribing to the show on the NYT Audio App, Apple, Spotify, Amazon Music, YouTube, iHeartRadio or wherever you get your podcasts. I'm taping this introduction on Tuesday, July 1. The Senate passed Donald Trump's 'big beautiful bill' just moments ago in a 50-50 vote, with Vice President JD Vance as the tiebreaker. This bill is a bad piece of legislation — trillions of dollars in tax cuts, very much tilted toward the rich, with savage cuts to Medicaid, nutrition assistance and green energy. Even with those cuts, we can expect more than $3 trillion to be added to the national debt over 10 years. And befitting a policy like that, the bill is hugely unpopular: A poll from late June found nearly two-to-one opposition to the bill. Vulnerable Republicans do not seem excited to run on the wreckage it's going to create. Thom Tillis, the Republican senator from North Carolina — a state Trump has won over and over again — just announced he's stepping down at the end of this term, in part over the Medicaid cuts. But bad policy only matters if people know about it, and a lot of people don't. Those of us hearing about this bill — even those of us covering it — can't keep the whole package in mind. The Times has a great list of nearly all the provisions, and a lot of them would be major policy fights on their own. But in part because of that — and because the Trump administration is flooding the zone with so many other major policy fights — it has been hard to focus attention on what is passing and what can actually be done about it. Want all of The Times? Subscribe.
CNA
30-06-2025
- Business
- CNA
S&P 500, Nasdaq end at records, adding to big quarterly gains
NEW YORK: Wall Street stocks rose again Monday (Jun 30) amid optimism over trade negotiations and US tax cut legislation to conclude the final session of the second quarter at fresh records. The S&P 500 finished at 6,204.95, up 0.5 per cent for the day and about 10.6 per cent for the quarter. The tech-rich Nasdaq Composite Index climbed 0.5 per cent to 20,369.73, which was also record, while the Dow Jones Industrial Average gained 0.6 per cent to 44,094.77. "Investors are feeling optimistic that we had a very strong quarter with reasons to feel optimistic," said CFRA Research's Sam Stovall, who cited easing trade tensions and fewer worries about inflation as drivers. The latest records came after Canada rescinded taxes impacting US tech firms, setting the stage for negotiations to resume between Washington and Ottawa after President Donald Trump abruptly broke off talks on Friday because of the tax. Trump administration officials have said they are making progress on trade deals with major partners and could unveil trade agreements in the coming months. An aggressive tariff plan announced by Trump in early April initially battered financial markets, but Trump has backed off many of the most onerous provisions. Analysts have also cited investor enthusiasm about Trump's massive tax cut legislation currently being debated in the Senate. The measure also contains controversial cuts to health benefits for low-income populations and heavy spending on deportation programs. Large banks, including Citigroup and JPMorgan Chase, advanced after the Federal Reserve on Friday gave the industry a passing grade on stress tests, a finding that could boost givebacks to investors through shareholder repurchases and dividend hikes. Shares of Facebook parent Meta rose 0.6 per cent and touched an all-time record as the company extends an aggressive recruitment drive of top artificial intelligence talent, luring some experts from other companies with US$100 million bonuses.
Zawya
30-06-2025
- Automotive
- Zawya
Jordan: Cabinet overhauls vehicle import rules, slashes taxes, bans damaged car imports
AMMAN — In a sweeping reform aimed at 'enhancing road safety, protecting consumers, and improving the quality of vehicles,' the Cabinet on Saturday approved a comprehensive overhaul of the vehicle sector, including significant tax cuts and tighter import regulations. The decision, announced following a session on Saturday chaired by Prime Minister Jafar Hassan, introduces amendments to the 2025 Special Tax Bylaw, with immediate and long-term implications for car buyers, importers, and the wider automotive market. Under the new measures, the government will reduce the total tax burden, both general and special, on various types of vehicles. Taxes on gasoline-powered cars will drop from 71 per cent to 51 per cent, a reduction of 28 per cent, while hybrid vehicles will see taxes fall from 60 per cent to 39 per cent, marking a 35 per cent decrease. Under the new decision, the special tax on electric vehicles (EVs) has been unified at a flat rate of 27 per cent, regardless of the car's value or category. This replaces the previous system that had planned increases of up to 55 per cent over the next three years. Customs duties on scooters and motorcycles will be cut from 45 per cent to 33 per cent, a 26 per cent reduction. Tougher import standards and salvage ban The new decision also stipulates stricter regulations on vehicle imports to align with international safety and quality standards. Under the new regulations, all imported passenger cars, including gasoline, hybrid, and electric models, must now comply with one of the recognised technical regulations from Europe, the United States, the Gulf Cooperation Council (GCC), or Saudi Arabia. The new rules also prohibit the import of EVs that are more than three years old, including the year of customs clearance. Furthermore, vehicles classified as 'salvage' or 'junk', including those damaged by fire, flooding, or deemed unrepairable in their country of origin, will no longer be allowed into Jordan. The government says this is a key step towards improving vehicle quality and ensuring public safety. The new import regulations will take effect on November 1, 2025. After that date, no vehicles will be cleared unless they meet the updated compliance and safety standards. The Jordan Standards and Metrology Organisation previously announced that September 1, 2025, will be the final deadline for clearing EVs that had received past exemptions from conformity evaluation rules. This move is expected to nullify approximately 50,000 existing exemptions granted to non-compliant EVs in recent years. A Broader reform vision Ministers say that the measures are part of a broader structural and fiscal reform plan designed to modernise Jordan's vehicle market, reduce financial burdens on citizens, and promote long-term sustainability. 'This package addresses longstanding distortions in the sector, improves consumer access to safer and more affordable vehicles, and supports environmental goals through reduced emissions and congestion,' the government said in a statement. With this reform, the government aims to restore balance in the vehicle import system, improve regulatory oversight, and promote higher quality standards across the board, it said.
