200 Marines sent to Florida to support ICE, U.S. Northern Command says
Service members from Marine Wing Support Squadron 272 will 'focus on administrative and logistical tasks' and are 'specifically prohibited from direct contact with individuals in ICE custody or involvement in any aspect of the custody chain,' the command said in a statement.
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Yahoo
31 minutes ago
- Yahoo
Trump signs ‘One Big Beautiful Bill' into law: What that means for your money
President Donald Trump signed the so-called One Big Beautiful Bill (OBBB) into law Friday, a budget that will have far-reaching repercussions on millions of Americans' bank accounts, for better and worse. The legislation is extensive, including hundreds of provisions that touch everything from individual rates to student loans to the estate tax. It attempts to pay for the included tax breaks by slashing spending on social safety net programs like Medicaid and nutritional benefits, as well as green energy programs. Even with these cuts, it is expected to add $3.1 to $3.5 trillion to the national debt over the next 10 years. Along with provisions directly affecting Americans' personal finances, it earmarks hundreds of billions of dollars for the president's deportation efforts. It also creates a dual-class tax structure: one for citizens and their families, and another for those with at least one immigrant member, regardless of whether they are documented or not. Various analyses of the bill's provisions find it will benefit wealthy Americans far more than lower-income earners. In fact, after-tax-transfer income for the lowest-earning 20% of Americans drops by an estimated $245 next year, increasing to a loss of $1,385 annually by 2033, according to the Penn Wharton Budget Model (PWBM). Future generations are also 'uniformly worse off,' according to PWBM. 'All future generations experience one-time welfare losses, ranging from -$22,000 for the lowest income quintile to -$5,700 for the highest,' the analysis reads. 'A middle-income child born today would see a $9,800 loss.' The Yale Budget Lab finds similar outcomes: It estimates changes to taxes and Medicaid and SNAP would lead to a $700 decrease in income for the lowest 20% of earners, while the top 1% would see a $30,000 increase. Republicans say it will have positive effects throughout the economy. 'There's a view that there's a lot of potential economic growth from the bill that will have a positive impact on the economy,' says Marc Gerson, member at Miller & Chevalier and former majority tax counsel for the U.S. Ways and Means Committee. The legislation, which totals almost 1,000 pages, is far-reaching, and the details of how many provisions will be implemented still need to be worked out. For example, while it calls for no federal taxes on some tips and overtime, the IRS still needs to write those regulations for businesses and individual taxpayers to follow. All that said, exactly how it will affect people is unknown at this time. Additionally, many of the individual tax cut provisions are temporary, lasting generally through 2028 (this differs by provision, though, and will be noted if the information is available). Here's what financial advisors and experts say Americans need to know about the OBBB now. The bill makes permanent certain provisions from the 2017 Tax Cuts and Jobs Act (TCJA), including lower individual tax rates compared to what was in place before then: 10%, 12%, 22%, 24%, 32%, 35%, 37%. That said, these rates have been in place since the 2018 tax year, so many taxpayers are already accustomed to them. It also eliminates personal and dependent exemptions, and some itemized deductions while keeping the doubled standard deduction (compared to pre-TCJA). Under the bill, the standard deduction for 2025 is $15,750 for single taxpayers, $31,500 for joint filers, and $23,625 for heads of household. 'If you don't qualify for new tax benefits, your tax outcome may look similar to last year's since many provisions under the TCJA are being made permanent,' notes TurboTax. For the super wealthy, the bill makes permanent the doubling of the estate tax exemption from the TCJA. For decedents dying in 2026 and beyond, up to $15 million (and $30 million for couples) is exempt from the federal estate tax, and this exemption will be indexed for inflation. That mostly benefits individuals with estates in excess of $7.5 million, says Jane Ditelberg, director of tax planning at Northern Trust Wealth Management, the old exemption amount. 'Locking in the $15 million exemption indefinitely brings certainty to families planning major wealth transfers,' says Ditelberg. 'For more than two decades, taxpayers have faced a moving target, with the applicable rules changing depending on the year of death. This takes that risk off the table.' Under the bill, the child tax credit is increased from $2,000 per child to $2,200, and is subject to annual inflation increases. The bill requires the taxpayer claiming the credit, the taxpayer's spouse, and the child to have Social Security numbers. In place of eliminating taxes on Social Security, Americans 65 or older will see a temporary 'bonus' deduction of up to $6,000 on their income taxes. This will be available to single filers making a modified adjusted gross income up to $75,000, or couples making up to $150,000, for tax years 2025 to 2028. Car buyers will be able to deduct up to $10,000 of interest per year on new auto loans. This is limited by income: it phases out for single filers with incomes above $100,000 (and $200,000 for married couples). It also only applies to cars assembled in the United States. This is available for those who itemize and those who do not. The bill provides above-the-line deductions for some tip income and overtime pay for certain workers, fulfilling one of Trump's campaign promises. That said, there are important restrictions to keep in mind about both. Those with tip income can deduct up to $25,000 for qualified tips from their federal tax bill, phasing out for those with income above $150,000. This is in place for tax years 2025 to 2028. 'It's essential to understand that this deduction doesn't directly reduce your taxes dollar-for-dollar, and your actual tax savings will depend on your tax rate,' notes TurboTax. Those earning overtime pay can deduct up to $12,500 ($25,000 for married couples filing jointly), depending on income. Like the tipped income provision, this is available for tax years 2025 through 2028 and phases out for income above $150,000. Because many tipped workers are low-income, almost 40% already don't pay federal taxes on their tips, says Meg Wheeler, certified public accountant and founder of The Equitable Money Project. Additionally, tipped workers should know they will still technically owe state and employment taxes like Social Security and Medicare on their tips—it's still reportable income. This is not a total exclusion from paying taxes. 'We know that lots of tipped workers don't necessarily report all of their tips. So just even right there, that will be an interesting shift,' says Wheeler. 'I also am curious about whether or not this pushes more employers or even more employees to want to move to a tipped model, because they think this is helpful.' Gerson says these provisions—which the IRS will need to write guidance on before they are implemented—may create additional discrepancies on how workers are taxed in the same workplace. That can lead to headaches for business owners, as well as create tension among employees who are compensated differently. 'If you take a restaurant, you have some people who are tipped and will benefit from the exclusion, and then you have people that aren't tipped and won't benefit from it,' he says. 'It just has an impact on workforce dynamics. Some people [may] no longer want to be salaried because they can get in overtime.' The bill makes a number of changes to the federal student loan program starting in 2026, many of which will make payments higher for borrowers. The bill reduces the number of income-based repayment plans, phasing out the Income-Contingent Repayment (ICR), Pay As You Earn (PAYE) and Saving on a Valuable Education (SAVE) plans starting in July 2026. Current borrowers will have two years to switch to a version of the Income-Based Repayment (IBR) plan, the standard repayment plan, or the Repayment Assistance Plan (RAP), a new offering. New borrowers, meanwhile, will only be able to enroll in the RAP. 'Many existing borrowers will see higher monthly payments under these new plans, though the current iteration of the bill at least allows more time to change plans,' says Kate Wood, loans expert and writer at NerdWallet. 'As of now, student loan forgiveness still appears to be on the table, though RAP requires up to 30 years of repayment first, a longer repayment timeline than any current plan.' One of the big differences, says Wheeler, is that RAP has a minimum monthly payment. This is different from some of the current income-based repayment plans, which allow some borrowers to pay very low amounts or nothing at all, depending on their earnings. 'Now, all of a sudden they have to jump up to this minimum just because that's the rule, that's the law,' says Wheeler. 'I think that's going to be, right off the bat, a huge issue.' It also lowers the limits on graduate school loans, eliminates the federal Grad PLUS program altogether, and caps Parent PLUS borrowing. These changes apply to new loans starting July 1, 2026. While the high cost of graduate school has been a target of people who want to reform the student loan system in the U.S., experts say limiting how many federal loans borrowers can take out won't solve much. Instead, it means they will have to rely on private loans—which have fewer protections for borrowers and potentially higher interest rates—or skip higher education altogether. Those attending professional school for law or medicine may have the most to lose. One of the more contentious aspects of passing the bill was what to do with the cap on state and local tax deductions, or the SALT cap. Trump's 2017 tax bill put a cap of $10,000 on it; that cap has been increased to $40,000. This is one of the most expensive provisions in the bill. Taxpayers in California, Illinois, New Jersey, and New York stand to benefit the most: They account for 40 of the 50 top congressional districts affected by the cap. The cap reverts to $10,000 in 2030. 'It's increased relief, but it is temporary,' says Gerson. 'And so it's something that Congress will have to revisit.' The bill establishes so-called Trump accounts, which are a new type of tax-favored account for newborns. Children born between 2025 and 2028 will receive $1,000. The bill makes dramatic cuts to Medicaid, which is the health care program for low-income, disabled, and some senior Americans. It will also affect those who have Affordable Care Act (ACA) health care coverage. People on Medicaid will face strict new work requirements for able-bodied adults, and eligibility checks will increase from every 12 months to every six months. Estimates put the number of those losing health coverage at around 16 million Americans. 'It's very likely that people will lose coverage even if they still qualify, just due to the administrative burden,' says Kate Ashford, investing specialist at NerdWallet. 'It's also likely that some hospitals in rural areas that rely on Medicaid funding will reduce services or close, meaning that people in those communities may have to travel far or go without care if they get sick or injured.' Americans with ACA health insurance coverage will have to re-verify eligibility for tax credits each year, adding an additional hurdle to renewing. It also does not extend the ACA subsidies that help many Americans afford their coverage. 'If those expire, ACA health insurance costs will go up substantially, placing real stress on people's budgets and potentially resulting in people dropping health insurance,' says Ashford. 'Many immigrants who are legally residing in the U.S. will also lose access to ACA subsidies, forcing many of them to end coverage and raising rates for people who remain on plans.' Allowing the subsidies to expire will also raise costs substantially on small business owners who rely on ACA coverage, says Ashford, as will the Medicaid cuts. She says small business owners and other entrepreneurs may find that health insurance coverage is now too expensive to enter the field. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
44 minutes ago
- Yahoo
Trump says tariff letters to 12 countries signed, going out Monday
By Andrea Shalal (Reuters) - U.S. President Donald Trump said he had signed letters to 12 countries outlining the various tariff levels they would face on goods they export to the United States, with the "take it or leave it" offers to be sent out on Monday. Trump, speaking to reporters aboard Air Force One as he traveled to New Jersey, declined to name the countries involved, saying that would be made public on Monday. Trump had earlier on Thursday told reporters that he expected a first batch of letters to go out on Friday, a national holiday in the United States, though the date has now shifted. In a global trade war that has upended financial markets and set off a scramble among policymakers to guard their economies, Trump in April announced a 10% base tariff rate and additional amounts for most countries, some ranging as high as 50%. However, all but the 10% base rate were subsequently suspended for 90 days to allow more time for negotiations to secure deals. That period ends on July 9, although Trump early on Friday said the tariffs could be even higher - ranging up to 70% - with most set to go into effect August 1. "I signed some letters and they'll go out on Monday, probably twelve," Trump said, when asked about his plans on the tariff front. "Different amounts of money, different amounts of tariffs." Trump and his top aides initially said they would launch negotiations with scores of countries on tariff rates, but the U.S. president has soured on that process after repeated setbacks with major trading partners, including Japan and the European Union. He touched on that briefly late on Friday, telling reporters: "The letters are better ... much easier to send a letter." He did not address his prediction that some broader trade agreements could be reached before the July 9 deadline. The shift in the White House's strategy reflects the challenges of completing trade agreements on everything from tariffs to non-tariff barriers such as bans on agricultural imports, and especially on an accelerated timeline. Most past trade agreements have taken years of negotiations to complete. The only trade agreements reached to date are with Britain, which reached a deal in May to keep a 10% rate and won preferential treatment for some sectors including autos and aircraft engines, and with Vietnam, cutting tariffs on many Vietnamese goods to 20% from his previously threatened 46%. Many U.S. products would be allowed to enter Vietnam duty free. A deal expected with India has failed to materialize, and EU diplomats on Friday said they have failed to achieve a breakthrough in trade negotiations with the Trump administration, and may now seek to extend the status quo to avoid tariff hikes.
New York Post
2 hours ago
- New York Post
Mexico President expects boxer Julio César Chávez Jr. to be deported, hopes he serves sentence in home country
Mexican President Claudia Sheinbaum said on Friday she expects boxer Julio Cesar Chávez Jr. to be deported to Mexico to serve a sentence for alleged arms trafficking and organized crime, after he was arrested by ICE in Los Angeles on Thursday. Chávez was found to be in the country illegally last week after he made fraudulent statements on a 2024 application for permanent residency based on his marriage to a US citizen. Advertisement 'The hope is that he will be deported and serve the sentence in Mexico,' Sheinbaum said during her daily news briefing Friday, referring to charges that Chávez faces for arms and drug trafficking. The 39-year-old boxer, according to his attorney Michael Goldstein, was picked up on Wednesday by a large number of federal agents while he was riding a scooter in front of a home where he resides in the upscale Los Angeles neighborhood of Studio City, near Hollywood. The arrest came only days after the former middleweight champion lost a match against influencer-turned-boxer Jake Paul in Anaheim, California. 5 Julio Cesar Chavez Jr. enters the ring before his fight against Jake Paul at Honda Center in Anaheim, Calif. on June 28, 2025. via REUTERS Advertisement 5 Chavez Jr. throws a Punch at Paul during their cruiserweight boxing match. AP Chávez split his time between both countries. Immigration and Customs Enforcement officers detained Chávez for overstaying a tourist visa that he entered the US with in August 2023 and expired in February 2024, the US Department of Homeland Security said. According to the department, Chávez Jr. has been charged with several crimes while in the US. On Jan. 22, 2012, the California Highway Patrol arrested Chávez and charged him with DUI alcohol/drugs and driving without a license. Advertisement On June 23, 2012, the Superior Court of California, County of Los Angeles, convicted Chávez of the offense of driving under the influence of alcohol and sentenced him to 13 days in jail and 36 months' probation. 5 Mexican President Claudia Sheinbaum speaks at the National Palace in Mexico City on June 25, 2025. REUTERS 5 Julio César Chávez Jr. was arrested Wednesday by Immigration and Customs Enforcement (ICE) agents in Studio City, Calif. Department of Homeland Security On Jan. 14, 2023, a District Judge issued an arrest warrant for Chávez for the offense of organized crime for the purpose of committing crimes of weapons trafficking and manufacturing crimes, in the modality of those who participate in clandestinely bringing weapons, ammunition, cartridges, explosives into the country; and those who manufacture weapons, ammunition, cartridges and explosives without the corresponding permit. Advertisement On Jan. 7, 2024, the Los Angeles Police Department arrested Chávez and charged him with Illegal possession of an assault weapon and manufacture or import of a short-barreled rifle. The court convicted Chávez of these charges.' DHS also suspects Chávez is allegedly believed to be an affiliate of the Sinaloa Cartel, a designated Foreign Terrorist Organization. Chávez's application was based on his marriage to a US citizen, who is connected to the Sinaloa Cartel through a prior relationship with the now-deceased son of the infamous cartel leader Joaquin 'El Chapo' Guzman, according to DHS. According to DHS, in December 2024, US Citizenship and Immigration Services had made a referral to ICE that Chávez was an 'egregious public safety threat,' but he was allowed to reenter the country on Jan. 4, 2025 after records indicated the Biden Administration had not made him an immigration enforcement priority. 5 Chavez Jr. poses for pictures during a weigh-in before his bout against Canelo Alvarez in Las Vegas, Nevada on May 5, 2017. LatinContent via Getty Images The Biden administration allowed Chávez to re-enter the country and paroled him into the country at the San Ysidro port of entry, accorrding to DHS. The Associated Press contributed to this report.
