Latest from Boston Globe
Boston Globe
38 minutes ago
- Business
- Boston Globe
Seniors score, gamblers get rolled in Trump's ‘big beautiful bill'
One is a tax break that falls short of Trump's promise to eliminate taxes on Social Security benefits, but still delivers welcome — though temporary — relief for some seniors. Advertisement The other is a last-minute change to the IRS's treatment of betting losses that has set off howls of protest from gamblers and could squeeze Massachusetts' cut of gaming revenue. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Here's a rundown. Promises made, promises kept — sort of As congressional Republicans scrambled to put together a package of tax cuts and spending increases demanded by Trump, they were also under pressure to deliver on their leader's vow to do away with taxes on Social Security income. It was an impossible order to carry out — and not just because it would blow up the federal budget. Changes to Social Security aren't allowed under So, in an adroit bit of budgetary legerdemain, GOP lawmakers instead crafted a tax break specifically for filers 65 and older. Advertisement This 'enhanced deduction' — $6,000 for individuals ($12,000 for couples) — is set to expire after Trump leaves office. It comes on top of the standard deduction available to all taxpayers ($15,000 for individuals and $30,000 for couples in 2025), as well as the existing bonus deduction for filers over 65 ($2,000 for an individual, $3,200 for a couple). There are important caveats: Congress didn't eliminate taxes on Social Security income; the deduction is a back-door way to reduce seniors' taxable income, including the retirement benefits. Taxpayers under 65 aren't eligible, even if they receive Social Security. The full deduction is limited to individuals with taxable income of less than $75,000 ($150,000 for joint filers). It shrinks at higher income levels, disappearing altogether for individuals with taxable income of more than $175,000 ($250,000 for couples). The temporary change will mostly help middle- and upper-middle class taxpayers, A losing proposition Republicans slipped a last-minute change into their bill that lowered the amount of gambling losses that can be used to offset income from winning bets. The result: Some gamblers could end up owing taxes Republicans said the change was necessitated by the budget reconciliation rules, the details of which are so arcane they defy my powers to explain. A longstanding tax provision allowed gamblers to deduct 100 percent of their losing bets, up to the amount of their winnings. For example, a high roller or professional gambler with $100,000 in losing bets in a year could use that amount to offset up to $100,000 in wagers that paid off. In the new bill, the deduction limit has been dropped to 90 percent, which in the scenario above would leave the gambler with taxes owed on $10,000 — even though they had no net earnings for the year. 'No one should have to pay taxes on money they didn't win,' Representative Dina Titus, a Nevada Democrat, Advertisement Titus is a co-sponsor of the FAIR BET Act, which would permanently restore the 100 percent offset. Rufus Peabody, a professional sports bettor, 'More likely than not, I would owe more money in taxes than I actually made in 2026 if I continue betting,' Peabody said. 'And so, as it stands, it becomes untenable to be a professional gambler.' Unless the change is reversed, casinos such as the Encore in Everett and online betting apps including Boston's DraftKings could see a falloff in revenue as gamblers back away. Massachusetts, which has raked in $2.4 billion in tax revenue since casino and sports betting began in the state, could see its budget take a hit. As always, Congress giveth and it taketh away. This time, seniors are happy to take what they can get. Gambler, on the other hand, rolled snake eyes. Larry Edelman can be reached at
Boston Globe
an hour ago
- Boston Globe
Fall River assisted living residents describe escape from deadly fire: ‘It was just a disaster'
Here's what residents told the Globe about what happened Sunday night. Man describes breaking window to escape Monday morning outside the Timao Center at 371 Bay St., Gabriel House residents tried to make sense of what had happened the previous night. Advertisement Michael Pimentel, 72, who has lived at the facility for eight years, said he was dozing off Sunday night when the fire broke out. It was 'pitch black, smoke up the yin-yang,' he said. When the alarms went off, Pimentel, who has a congenital condition with his left hand and has two prosthetic legs, went into a bathroom, he said. He stood up and tried to open a window, but it only opened a few inches, he said. 'I could only get it open that much, and I'm screaming at the firemen to help me out and other people. I finally got fed up with that and I stood up and I grabbed the top of that window and I ripped it right off the hinges,' he added. Advertisement 'Then I took the top window, brought that down, and ripped that one off. Then I banged out the screen to give me plenty of room for them to take me out,' Pimentel said. He said he saw flames 10 feet tall at one point. 'It was pretty traumatic,' he said. People were yelling, banging on windows to get out, resident says Some displaced residents stood outside the Timao Center smoking cigarettes Monday, and workers from the assisted living facility hugged them or asked them how they were doing. Shirley Cambra, 75, who has lived at Gabriel House for six years, was outside sitting in a walker smoking with another resident. Cambra said that around 9:30 p.m. on Sunday, she was outside with four other residents at Gabriel House. She said smoke was everywhere and fire was shooting out of an AC unit. 'All these lights are flashing inside, and people are banging [on the windows] wanting to get out,' Cambra said. 'They're yelling and I couldn't help. I kept going 'Wait a minute, wait a minute.'' Cambra said she doesn't know who the nine people are who died. 'I feel terrible,' she said. 'There's no way we could've helped them.' 'It was just a disaster,' she continued. 'Worse thing I ever saw in my life.' 'I was just hoping I was going to make it,' man says Around 9:30 p.m. on Sunday, firefighters pulled Neal Beck from his third-floor window at Gabriel House. 'I was just hoping I was going to make it,' Beck, 78, said on Monday outside of the Timao Center. 'I was thinking about jumping out the bathroom window, but thank God I didn't because it's too high.' Beck was in bed when the fire alarms went off. When he opened the door to the hallway, he found that the 'whole place is full of smoke,' he said. Advertisement 'I went out and I couldn't see nothing and shut that door. That smoke was horrible stuff,' he said. Beck said his room smelled of burning rugs and plastic. Upon hearing that nine people had died, Beck shook his head in disbelief. 'Oh my God, that's outrageous,' he said. 'I'm totally shocked. It's unreal.' Beck said he has lived at Gabriel House for about five years and described it as 'nice' and 'cordial.' 'Thank God God was on my side and I was able to get out,' Beck said. Ava Berger can be reached at
Boston Globe
an hour ago
- Business
- Boston Globe
Jack's Abby brewing up a deal to expand in New York
Advertisement 'This will take us from being a relatively small supplier in New York ... to a top 10 craft beer supplier in New York,' Hendler said. 'Whether this deal ends up working for everybody or not hinges on whether we can get the New York market to grow for Sloop.' Today, roughly 70 percent of Hendler's production volume is attributed to its brands, while 30 percent is for contract jobs. With this deal, as Sloop becomes a Hendler Family Brewing brand, that percentage of contract work will drop to 20 percent. The deal with Sloop is expected to close later this summer, likely leading to at least seven more jobs at the Framingham plant; financial terms were not disclosed. Unlike previous deals, such as those involving Advertisement 'Two independent craft breweries walk into the deal,' Hendler said. 'Two independent craft breweries walk out of the deal, both better positioned to succeed for the long term.' The Hendler-Sloop deal is just the latest example of consolidation and cooperation amid the Against this backdrop, Hendler is continuing to consider other opportunities to add more brands to its portfolio and its Framingham production line. Whether that involves equity investments, or unusual licensing partnerships like the one with Sloop, remains to be seen. 'We'll either be pioneers or idiots,' Hendler joked. 'Hopefully, the former.' This is an installment of our weekly Bold Types column about the movers and shakers on Boston's business scene. Jon Chesto can be reached at
Boston Globe
an hour ago
- Business
- Boston Globe
Republic Services sees mounting frustration from towns, officials amid worker strike
Advertisement 'The City of Boston is already experiencing service disruptions as a result of this strike,' the Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Republic and Teamsters Local 25 have held two negotiating sessions since approximately 400 workers walked off the job, but have yet to end the standoff. On Friday, the two sides met for nine hours, aided by a federal mediator, but remained far apart. They are scheduled to meet again on Tuesday. Union officials said that Republic upped its wage offer, but workers would still earn less than those at other waste management companies. The union also said the company 'refused to budge' on providing health insurance that is more comprehensive than the plan Republic now offers. Advertisement 'We tried everything to get a settlement,' Local 25 President Tom Mari said. 'We even proposed a delay in implementing our health insurance proposal to replace the inferior company health insurance, which would have been a savings to the company. But it was to no avail.' A Republic spokesperson said union is spreading falsehoods. He said the company's proposal on Friday included a pay increase of about 43 percent over five years, with an immediate 16 percent wage increase. The company said 45 percent of its Greater Boston Teamsters drivers earned more than $100,000 last year. Republic said it offers a 'comprehensive health and welfare plan,' and pays 100 percent of the premiums. The Teamsters' proposal, the company said, 'offers no significant benefit at a substantially higher cost.' Stella Tannenbaum can be reached at
Boston Globe
an hour ago
- Entertainment
- Boston Globe
Elmo's hacked X account posted racist messages. Sesame Workshop is trying to regain control.
Advertisement X did not immediately respond to a request for comment. Elmo's social media account has lately become a place for mental health awareness. Last year, the red fuzzy monster, eternally 3 ½, caused a sensation when he asked: 'Elmo is just checking in! How is everybody doing?' It prompted responses from then-President Joe Biden and Chance the Rapper.
