Latest news with #taxbreaks
Washington Post
an hour ago
- Business
- Washington Post
The Latest: Trump's tax cuts and tariff hikes spark concerns
President Donald Trump faces the challenge of convincing Republican senators, global investors, voters and even Elon Musk that he won't bury the federal government in debt with his multitrillion-dollar tax breaks package. The response so far from financial markets has been skeptical. Meanwhile, Trump's doubling of tariffs on foreign steel and aluminum could hit Americans in an unexpected place: grocery aisles. The announcement Friday of a staggering 50% levy on those imports stoked fear that big-ticket purchases from cars to washing machines to houses could see major price increases.
Yahoo
5 hours ago
- Business
- Yahoo
Nebraskans have a couple of questions
Nebraska's congressional delegation is shown in Washington. From left: U.S. Rep. Mike Flood, R-Neb., Nebraska Gov. Jim Pillen, U.S. Sen. Pete Ricketts, R-Neb., U.S. Rep. Adrian Smith, R-Neb., U.S. Sen. Deb Fischer, R-Neb., and U.S. Rep. Don Bacon, R-Neb. Feb. 5, 2025. (Courtesy of Nebraska Governor's Office) Welcome to another 'What If?' press conference, questions for Nebraska's congressional delegation in Washington. Since our last session, the White House has tried to shutter the U.S. Department of Education, our tariff 'policy' resembles a yo-yo, the inaptly-named 'big, beautiful bill' has uglied up the nation's balance sheet, and curious Americans have taken to looking up both 'emoluments' and 'original sin.' Let's start with the aforementioned BBB. The House kept vampire hours to pass it by a single vote, after which the yays, apparently in a fit of sleep-deprived hubris, congratulated themselves before the bill went to the Senate. We have a couple questions: Your own accounting firm, the Congressional Budget Office, determined the BBB gives 60% of its tax breaks to the top fifth of the income bracket, yet cuts food assistance and health care to millions of poorer Americans. How does this benefit the country and what problem does it solve? The five of you belong to a political party that has historically railed against deficits. The CBO projects the BBB will add $3.8 trillion to the nation's deficit over the next decade. Please explain what the economic advantage is here, given the dismal history of such cuts: See Reagan 1981, G.W. Bush 2001 and 2003 and Trump 2017 for details. We'll move on. During a recent congressional hearing the Secretary of the Department of Homeland Security couldn't come up with the meaning of habeas corpus when she was asked to define it. This comes on the heels of recent interviews in which high-ranking administration officials, including the president, couldn't guarantee that federal detainees would be given due process. Hmm? Assuming you still support habeas corpus and due process, when and how should Congress intervene when the administration ignores these most basic of principles in a country in which the rule of law is paramount? This next question is actually a matter of math. According to the Partnership for Public Service, using numbers from the federal Office of Personnel Management, 'in absolute numbers, the federal workforce is slightly smaller than it was 50 years ago, even as the U.S. population has increased by nearly two-thirds during that time period.' Even though the courts have tied up or reversed much of the Department of Government Efficiency's work, how do you square those numbers with DOGE's scorched-earth policy, especially since the American public has been provided scant evidence of findings of waste, fraud, and abuse, the triplex premise on which DOGE hangs its hat? Time to talk tariffs. To date, even a casual observer would conclude that the president's on again, off again tariff proclamations have roiled markets and created uncertainty with little resulting economic benefit. As you know, Article I, Section 1 of the U.S. Constitution gives only Congress the power to levy tariffs. Even though previously enacted laws allow Congress to let the president set tariffs in certain situations, could you explain and defend the 'qualifying' situation in which we find ourselves and detail how Congress sitting on the sidelines at this juncture in the levying of tariffs benefits Americans? The president has pulled $2.5 billion from Harvard University, threatened its tax-exempt status, tried to block enrollment of foreign students and pretty much wants a say in whom it should hire and what it should teach. All this to curb what he says is Harvard's anti-semitism, a charge which, while acknowledged in part by the school, remains without specifics. (Nevermind that the president hosted a cryptocurrency dinner during which a number of coins carried virulently anti-semitic names.) Some have argued that Harvard is simply the poster child for the administration's 'war on higher education,' in the guise of eliminating DEI, CRT, essentially any voice contrary to its liking. First, should the government be telling colleges and universities what to teach, who should teach it and who is allowed to learn? Please respond to the following quote as it relates to social studies and history curricula. 'History is not there for you to like or dislike. It is there for you to learn from. And if it offends you, even better, because you are less likely to repeat it. History is not yours to change or destroy. It belongs to all of us.' Could you explain what problem is solved by closing the Department of Education, which, as you know, sets no curriculum? Finally, does it ever occur to you that some in Washington have no idea what they are doing or worse, know what they are doing, know it's bad for America and do it anyway? Asking for some friends. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Washington Post
a day ago
- Business
- Washington Post
Can Trump fix the national debt? Republican senators, many investors and even Elon Musk have doubts
WASHINGTON — President Donald Trump faces the challenge of convincing Republican senators, global investors, voters and even Elon Musk that he won't bury the federal government in debt with his multitrillion-dollar tax breaks package. The response so far from financial markets has been skeptical as Trump seems unable to trim deficits as promised.
Irish Times
4 days ago
- Business
- Irish Times
Tax-break ‘enhancement' being considered for companies carrying out research and development
The Government is weighing up a possible boost to tax breaks for companies doing research and development (R&D) in the Republic, according to Minister for Finance Paschal Donohoe . Speaking to US investors at the American Chamber of Commerce Ireland annual dinner on Thursday, Mr Donohoe confirmed that he had been looking at ways of 'enhancing' a tax credit that returns 30 per cent of R&D spending to companies. 'We greatly value the feedback we are receiving, including as part of our recent public consultation, and this remains a key focus for my officials and I ahead of the Budget later this year,' he told the audience. Around 1,800 companies benefit from the tax break, one of several designed to attract and retain investment. READ MORE The American chamber represents US companies in the Republic, which employ 211,000 workers here and support a further 168,000 jobs in other businesses. The Minister pointed out that the relationship works both ways, as 770 Irish companies employ more than 200,000 in the US, while they have invested $350 million (€307 million) there. He also noted that Irish aviation companies are US manufacturer Boeing's biggest customers, with orders for more than 900 of its passenger jets, worth $120 billion. These include Ryanair, which has ordered 150 of Boeing's new 737 Max 10 aircraft, with an option for 150 more, and leasing groups Aercap, Avolon and SMBC Aviation Capital. Mr Donohoe was speaking a day after the US Court of International Trade blocked the country's president, Donald Trump , from imposing sweeping tariffs on imports. Last week he threatened to charge 50 per cent on all goods from the EU, but rowed that back to July 9th following a call with European Commission president, Ursula von der Leyen. Mr Donohoe cautioned that tariffs were counter-productive, driving inflation and hurting consumers. [ White House vows to fight court ruling that Trump's 'liberation day' tariff scheme is illegal Opens in new window ] 'There are no winners in this, least of all the US taxpayers who will bear the burden of higher costs,' he said. 'Even a 10 per cent tariff could have a significant effect on Irish investment and the wider economy. It represents a huge challenge to Irish exporters to the US.' He welcomed the contacts between Ms von der Leyen and Mr Trump. Paul Sweetman, American chamber chief executive, said the organisation was there to support members in responding to trade turmoil. Winners of the 2025 American Chamber of Commerce US-Ireland Business Awards Global Leadership: Martin Cotter, president of Analog Devices, Europe, Middle East and Africa Global Impact: Alltech Global Community: Microsoft and Maynooth University, STEM Passport for Inclusion.
BBC News
5 days ago
- Business
- BBC News
Elon Musk 'disappointed' by Donald Trump's 'big, beautiful' tax bill
Elon Musk has criticised one of the signature policies of his close ally, US President Donald week, the US House of Representatives narrowly passed what Trump calls his "big, beautiful" bill, which includes multi-trillion dollar tax breaks and a pledge to increase defence spending. It will now head to the the titan Musk told the BBC's US partner CBS News he was "disappointed" by the plan, which he felt "undermines" the work he did for the president on reducing was enlisted as Trump's cost-cutting tsar - ending funds for US foreign aid among other projects - before announcing he would step back. He also recently said he would cut his political spending. "I was disappointed to see the massive spending bill, frankly," Musk said in the interview with CBS Sunday Morning, a clip of which was released by the broadcaster before went on to argue that Trump's plan "increases the budget deficit, not just decreases it". It is thought that the legislation could increase the deficit - or the difference between what the US government spends and the revenue that it receives - by about $600bn (£444bn) in the next fiscal year. Furthermore, the bill "undermines the work that the Doge team is doing", Musk said, using the acronym of the cost-cutting advisory body the Department of Government Efficiency. Referring to Trump's moniker for the bill, Musk told CBS: "I think a bill can be big or beautiful. I don't know if it can be both." US House passes Trump's 'big, beautiful' tax and spending billA look at the key items in the bill Musk's intervention highlights the ongoing tension within Trump's Republican Party over the tax and spend plans, which faced an uneasy passage through the House due to opposition from different wings of the a policy priority of Trump's, the legislation pledges to extend soon-to-expire tax cuts passed during his first administration in 2017, as well as provide an influx of money for defence spending and to fund the president's mass comments on the issue imply a growing distance from Trump, who he helped to propel back to the White House last year with donations of more than $ come after the billionaire recently pledged to step back from Doge. He also said last week that he planned to do "a lot less" political spending in the future, and that he was committed to leading electric car company Tesla for another five faced protests, boycotts and a drop in sales over Musk's work as the Doge chief, including his controversial efforts to lay off thousands of federal workers and curb foreign defended his actions during last week's comments, saying: "I did what needed to be done." Trump and his allies justified the cuts as a matter of weeding out what they saw as fraud and abuse within federal spending.
