Bessent Expects China to Fulfill Agriculture Purchases
During five hours of testimony, Bessent didn't provide specific details of the trade framework that US officials agreed to with China in London this week, saying 'we are in the midst of constructing' the deal and 'it will be a much longer process'
In his prepared remarks, Bessent credited President Donald Trump's policies for a slowdown in US inflation and said he had challenged a 'decades-old status quo' on trade
The Treasury secretary pushed for passage of the tax bill, arguing it will raise wages and spur manufacturing, and warned that failure to pass the measure and allowing 2017 tax cuts to expire would be 'cataclysmic' and 'a disaster for working Americans'
Bessent said there's a lot of misinformation about section 899 of the tax bill, the so-called revenge tax, citing overseas companies worried that other governments may seek to usurp US tax authority: 'This is a fiscal bill, not a revenge bill,' he said
Bessent said it 'remains to be seen' whether the tax bill will add to the nation's debt, but he pushed back against Democratic lawmaker criticism of the bill, saying, 'I find it very difficult to be lectured to by people who created the largest deficit in history'
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Newsweek
a minute ago
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First Plan For 2030 Census Revealed
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Forbes
a minute ago
- Forbes
How To Protect Business Interests With A Prenuptial Agreement
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Regardless of when you started your business—before or during marriage—your spouse will likely have a right to participate in the business's appreciation during the years you were married. A court will see this increase in value as partly attributable to your marriage and to your spouse. Say you left for work every day for a decade while your partner sacrificed a potential career to stay home and take care of the kids. Or your spouse contributed behind the scenes as your sounding board or brainstorming partner. There are countless ways a court sees a marriage as contributing financially or otherwise to a person's career and business success, and they're prone to award the non-business spouse a share in the profits upon divorce. How Can A Prenup Protect My Business Interests? A prenuptial agreement allows you to categorize your assets as separate property or marital property. You and your future spouse get to predetermine how your assets and debts will be distributed in the event of a divorce. Imagine the headaches, confusion and legal expenses you can avoid by having these conversations now as opposed to during a divorce when you're less likely to negotiate harmoniously. In your prenup, classifying your present and future business interests as separate property can protect them from being divided in a divorce. You can also categorize intellectual property as separate property and include a confidentiality clause to prevent your partner from sharing or using your trade secrets and privileged information against you or in competition with your business. If you're in a situation where you and your spouse started a business together, a prenup will allow you both to clarify the responsibilities and protocol should a divorce happen in the future and help ensure your company continues to run smoothly throughout the process. How Do Courts Divide Property Without A Prenup? States apply one of two distinct approaches when dividing marital property in a divorce: community property and equitable distribution. Community Property: In the United States, only nine states apply community property law. These states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. In these states, everything acquired during marriage is assumed to be community property and is generally divided equally regardless of who earned the property. Property acquired before marriage or during the marriage as inheritance, gift or personal injury settlement is classified as separate property and is usually safe from distribution. Equitable Distribution: Alternatively, states that follow equitable distribution attempt to divide assets and debts fairly (and not always 50/50) based on the circumstances. 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If your shares and voting rights are split with your ex-spouse during a divorce, your ex-spouse might become an unwanted partner with influence over the trajectory of the business. If you're stuck in a situation where your ex-spouse is about to receive voting rights in your company, you could offer to buy them out. Of course, this could significantly alter the cash flow of your business or deplete your personal finances. Depending on your partner's willingness to find a solution, there are ways around sacrificing control of your business; they just might be pricey. Your company's governing documents (i.e., bylaws, operating and partnership agreements) should address the issues discussed above. For example, your operating agreement can limit a future ex-spouse to a financial payout with no voting or control rights. The language in your governing documents should align with the terms of your prenuptial agreement. Conclusion Entering a lifetime commitment through marriage is similar to entering a business partnership minus the romantic aspect, of course. You are merging your life with someone else's. You wouldn't invest in a business without having an agreement in place to outline the expectations of the parties involved. It stands to reason that you and your future life partner could similarly benefit from an agreement clarifying financial expectations and how you might divide assets and debts in the future. The information provided here is not legal advice and does not purport to be a substitute for advice of counsel on any specific matter. For legal advice, you should consult with an attorney concerning your specific situation. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Associated Press
a minute ago
- Associated Press
US applications for jobless benefits fall for sixth straight week, remain at historically low level
WASHINGTON (AP) — The number of Americans filing for jobless aid fell for the sixth straight week, hitting the lowest level since mid-April. The Labor Department reported Thursday that jobless claims for the week ending July 19 fell by 4,000 to 217,000. That's fewer than the 227,000 new applications analysts were expecting. Applications for unemployment aid are viewed as representative of layoffs. Earlier in July, the Labor Department reported that U.S. employers added a surprising 147,000 jobs in June, adding to evidence that the American labor market continues to show resilience despite uncertainty over President Donald Trump's economic policies. The job gains were much more than expected and the unemployment rate ticked down 4.1% from 4.2% in May. Though the job market is broadly healthy by historical standards, some weakness has surfaced as employers contend with fallout from Trump's policies, especially his aggressive tariffs, which raise prices for businesses and consumers. Most economists believe the import duties make the economy less efficient by reducing competition. They also invite retaliatory tariffs from other countries, hurting U.S. exporters and potentially driving businesses to freeze hiring or cut staff. The deadline on most of Trump's stiff proposed taxes on imports were extended again until Aug. 1. Unless Trump reaches deals with countries to lower the tariffs, economists fear they could act as a drag on the economy and trigger another bout of inflation. Companies that have announced job cuts this year include Procter & Gamble, Workday, Dow, CNN, Starbucks, Southwest Airlines, Microsoft, Google and Facebook parent company Meta. The Labor Department's report Thursday showed that the four-week average of claims, which evens out some of the weekly volatility, declined by 5,000 to 224,500. The total number of Americans collecting unemployment benefits for the week of July 12 remained stable, rising by just 4,000 to 1.96 million.
