Millions of Americans are set to be 'punished' by hidden tax trap
They did all the work - saved for a down payment, purchased a home, paid the mortgage - then waited for the home value to grow. It's the quintessential American dream.
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Daily Mail
10 minutes ago
- Daily Mail
Nashville hands over land beneath city to Elon Musk
Nashville is getting a serious makeover thanks to Tesla billionaire Elon Musk. Musk's The Boring Company has plans to build a futuristic underground tunnel in Tennessee that will transport passengers from the city center to the airport in just eight minutes using electric vehicles. But while the project has support from the state's federal lawmakers, local leaders aren't so sure. One representative called it a 'vanity project for the wealthy' and it has been dubbed the 'Music City Loop'. The tunnel will run 10 miles from the city center to the airport on Nashville's south-east corridor, with its entrance just steps from the airport. The privately funded project will supposedly shuttle Tennesseans between downtown and the airport in only eight minutes. That's a big saving in time from downtown to the airport, which takes about 30 minutes by taxi, rideshare, or bus. The company plans to use electric vehicles to connect city hotspots, similar to an already operating Boring system in Las Vegas. Musk and The Boring Company seemed to have the full support of Republican lawmakers at a press conference announcing the project on July 28. Republican Tennessee Governor Bill Lee said he was excited by the tunnel. 'They could have taken their next underground loop anywhere, but they saw something unique about Tennessee,' he said. 'The best part of all of it is it's 100 percent privately funded. There will be no cost to Tennessee taxpayers.' John Ray Clemens, chair of the Tennessee House Democratic Caucus, hammered the privately funded project as 'fiscally irresponsible and legally suspect'. 'No responsible executive would give away unrestricted and unlimited underground property rights to an unhinged billionaire, who Donald Trump doesn't even trust anymore, and grant him and his company exclusive access rights beneath our city and a monopoly to profit in perpetuity.' The project has yet to receive approval from the Metro Nashville Council or the mayor's office, and Nashville Mayor Freddie O'Connell was notably absent from the event. In a brief statement about the project, he said: 'We are aware of the state's conversations with The Boring Company, and we have a number of operational questions to understand the potential impacts on Metro and Nashvillians.' Yet, United States Senator Marsha Blackburn seemed to think the impact would be overwhelmingly positive. She posted on X that the company 'couldn't have picked a better new home for their state-of-the-art tunneling technology than Nashville'. She wrote: 'I look forward to seeing the tremendous impact of this investment in our city!' State Representative Aftyn Behn called the tunnel a 'privatization of public infrastructure,' noting that it was designed to benefit a select few 'not the people who actually live and work here'. In his press release about the 'Music City Loop' Behn wrote, 'It's a vanity project for the wealthy, and once again, the Lee administration is rolling out the red carpet for billionaires while working families are stuck in traffic.' 'We rank at the bottom in livability, and yet instead of investing in roads, schools, and transit that benefit everyday Tennesseans, they're floating billion-dollar boondoggles for the ultra-rich,' stated state Senator Heidi Campbell. The decision seems to be just as divisive among citizens as it is among local lawmakers. One local posted on Reddit afterwards: 'And the grift continues. This isn't a much-needed or desirable project. This is a grift meant to line the pockets of the world's richest person. The goal was never providing a decent or even acceptable transit service.' Another commented: 'Could've had a great light rail system and instead get this utter nonsense.' A third wrote: 'What a complete waste of money that could be going to build transit that's actually useful.' Regardless of the public's opinion, The Boring Company is ready to go full speed ahead. Construction will begin immediately following the approval process, according to the Tennessee state government. It could be operational as early as Fall 2026.
Reuters
10 minutes ago
- Reuters
Latest Trump tariffs unlikely to budge, top negotiator says
Aug 3 (Reuters) - The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday. Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union. Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs. "A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set." Greer also said recent trade talks with Beijing had been "very positive" and were focused on the supply of rare earth magnets and minerals. "We're focused on making sure that the flow of magnets from China to the United States and the- and the adjacent supply chain can flow as freely as it did before ... and I'd say we're about halfway there."
Economist
40 minutes ago
- Economist
AstraZeneca's falling out with Britain
Illustration: Klaus Kremmerz I N A COUNTRY struggling to find reasons for cheer, British life sciences offer a ray of hope. The £108bn ($145bn) industry employs more than 300,000 people, many in high-value jobs, and Britain is a genuine global power. No wonder ministers like to boast about it. Sir Keir Starmer, the prime minister, has said it could be 'the rocket fuel for our stagnant economy'. Victory in the European Championship is a rare moment of national joy But the men seem to benefit more Torness is closing in on its 40th birthday No. But that might not be the point Despite signs of American misgivings A mighty rise in electricity costs has complicated the drive for clean power
