Trump suggests an 80 percent tax on imports from China
President Trump announced on Friday that the U.S. could reduce tariff pressure on China, cutting the import tax from 145% to 80%. “China’s 80% tariffs seem right! Until Scott B,” Trump mentioned in a post regarding Treasury Secretary Scott Bescent, hinting at future discussions. The suggested new tariff rates align with Trump’s earlier idea of […]
Trump Responds Following News About Possible Tax Hike for the Wealthy
The Pro Trump News homepage adds 60 new headlines every day. Check it out. Recent reports from the White House suggest an initiative to raise taxes on the wealthy in order to maintain tax cuts for lower and middle-income citizens. The tax rate for the highest earners is set to increase from 37% to 39.6%. […]
Refundable Tax Credits Are Simply Aid
On Thursday’s episode of “Mornings with Maria” on FBN, Sen. Rand Paul (R-KY) discussed how illegal immigrants might exploit refundable tax credits. He referred to these credits as “welfare,” indicating that they can be accessed by illegal immigrants if their children are born in the U.S. “Refundable tax credits are essentially welfare,” Paul stated. “The […]
Trump’s Tax Cuts Will Not Lead to an Increase in the Trade Deficit
Global Demand for Dollars Is Not Influenced by Fees In a previous piece, I addressed the notion that tax cuts inevitably lead to higher interest rates and consequently, trade deficits. But what about the following discussion? Does a larger deficit result in a stronger dollar, which in turn means a widening trade gap? That connection […]
Long Island village hit with shocking 87% property tax increase as residents point fingers at office mistake.
In a recent decision, the Long Island suburb approved an 87% property tax increase for Wolop’s homeowners. Officials have described this substantial hike as necessary for the ongoing management and maintenance of the area. At a village board meeting, leaders indicated that the tax issues stem from how the county has assessed properties over the […]
SALT caucus turns down proposal for $30,000 deduction limit from tax committee
A group of moderate House Republicans has decided to reject the GOP leadership’s proposal, which aims to increase the state and local tax (SALT) deduction cap to $30,000 as part of a broader bill that includes key legislative priorities from Trump. The House Ways and Means Committee, responsible for the tax aspects of this GOP […]
Tax Cuts from Trump Will Not Increase the Trade Deficit
Weak links in twin deficit chains Recently, there’s been discussion about President Trump’s tax cuts potentially enlarging the trade deficit. This notion stems from what is known in economic circles as the “Twin deficit” hypothesis, which suggests that the fiscal deficit and trade deficit are closely linked, rising and falling together. The reasoning appears straightforward. […]
Five Republican Governors from Blue States Stand Firm on State and Local Tax Deduction During Budget Dispute
Five Republican lawmakers from traditionally Democratic states are pushing for an increase in state and local tax credits as part of Trump’s proposed legislation. Representatives Andrew Garbarino (R-NY), Nick Larota (R-NY), Mike Roller (R-NY), Young Kim (R-CA), and Tom Keene Jr. (R-NJ) are advocating for higher federal deductions for state and local taxes, often referred […]
Wikipedia’s Parent Foundation CEO to Resign After Ed Martin Raises Tax Exemption Concerns
Mariana Iskander, the CEO of the Wikimedia Foundation, which operates Wikipedia, has reportedly stepped down. This announcement comes just two weeks after allegations surfaced accusing the foundation of breaching its 501(c)(3) tax-exempt status by allowing misinformation from foreign sources to proliferate on its platform. Iskander has indicated she will continue in her role for a […]
Concerns grow among businesses as US-China tax treaty may be revoked before trade talks.
As Treasury Secretary Scott Bescent readies for trade discussions in Switzerland, there’s growing concern among businesses regarding the potential cancellation of a tax treaty between the United States and China. American firms operating in China could face difficulties in retrieving profits. Business groups warn that if this treaty is terminated or scaled back, they may […]