South African Consumer Confidence Recovers in Second Quarter
A quarterly index measuring consumer sentiment climbed to -10 in the three months through June from -20 in the previous quarter, FirstRand Ltd.'s First National Bank said in an emailed statement on Thursday.
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Forbes
an hour ago
- Forbes
Does Trump Spending Bill Eliminate Social Security Taxes? What To Know
The Social Security Administration (SSA) and President Donald Trump claimed Thursday the president's domestic policy bill will 'eliminate' taxes on Social Security, but that's not quite accurate: while the bill does give a new tax break for seniors, it's purposely not tied to their benefits—though the legislation still could speed up Social Security's insolvency. President Donald Trump holds a rally at Iowa State Fairgrounds on July 3 in Des Moines, Iowa. Copyright 2025 The Associated Press. All rights reserved. The SSA sent a mass email to Social Security recipients celebrating the passage of the spending bill, according to The Washington Post and various social media reports, which included a press release that claims the bill 'eliminates federal income taxes on Social Security benefits for most beneficiaries.' Trump also repeated claims Thursday evening that the bill eliminates taxes on Social Security—a campaign promise he made before the election—saying at a rally in Iowa that the bill delivered 'no tax on Social Security for our great seniors.' The claims echo a campaign promise of Trump's that would be hard to actually enact, since changes to Social Security benefits must get 60 votes in the Senate. In actuality, the bill does not make any direct changes to taxing of Social Security benefits, as senators are not allowed to make changes to Social Security through the reconciliation process, which was used to pass the spending bill and allows budget-focused policies to pass with only a simple majority of votes. The bill does provide an enhanced tax credit for senior citizens ages 65 and older, which provides a maximum tax credit of $6,000 through 2028 that's calculated based on the taxpayer's income. Though the group affected by that tax credit significantly overlaps with Americans who receive Social Security benefits, the tax credit is not tied to Social Security, and will not affect any Social Security recipients younger than age 65, such as people with disabilities. The White House and Social Security Administration have not yet responded to requests for comment. Trump is expected to sign the spending bill into law at 5 p.m. EDT Friday, after the House approved the final version of the bill on Thursday. How Does The Senior Tax Credit In Trump's Bill Work? The tax credit in Trump's policy bill applies specifically to taxpayers who turned 65 during that tax year or are older, and who have a Social Security number. Those taxpayers are given a $6,000 tax credit per year through 2028 if they make $75,000 or less after other tax deductions, or $150,000 in the case of married couples filing jointly. For those earning more than $75,000 annually, the $6,000 tax credit goes down by 6% of whatever the taxpayer earns above $75,000, or $150,000 filing jointly. That means if someone earns $100,000 after other deductions, for instance, they would subtract 6% of $25,000 ($1,500) from their $6,000 tax credit. That math means no one who earns more than $175,000 annually, or $250,000 filing jointly, will receive the deduction. Can Trump Still Get Rid Of Taxes On Social Security Payments? Trump has promised to eliminate taxes on Social Security benefits since before the election, but in order to do so he would have to get 60 votes in the Senate, which is unlikely given Republicans' narrow majority. Trump's proposal to eliminate Social Security taxes has been controversial, as experts predict it would make Social Security run out of money faster. The nonpartisan Committee for a Responsible Federal Budget (CRFB) projected in 2024 that exempting taxes on benefits would result in Social Security and Medicare receiving $1.6 trillion less in revenue between 2026 and 2035 than if the current rules stayed in place. That would cause Social Security to become insolvent in 2032, followed by Medicare in 2030—one and six years sooner than currently projected, respectively. The spending bill's provisions will still speed up Social Security's insolvency, the CRFB projects, even though it doesn't affect Social Security directly. The legislation will make Social Security and Medicare run out of money in 2032, one year sooner than had previously been projected, the CRFB predicts, based on other tax cuts in the bill that reduce the amount of revenue that's used to fund Social Security and Medicare. Which Policy Is Better For Taxpayers? The policy bill's senior tax credit is actually likely more beneficial for many taxpayers than getting rid of taxes on Social Security payments, according to the Tax Foundation, a center-right think tank. While eliminating taxes on Social Security payments would most benefit higher earners, lower-middle-class and middle-class seniors in the 20%-40% income percentiles save more money through the $6,000 tax credits. The Tax Foundation projects people in those middle percentiles would see their after-tax income go up by between 0.7% and 0.9% after the tax credit, versus only going up by 0.1% to 0.4% from a tax cut on Social Security payments. The top 20% of earners, who aren't eligible for the $6,000 tax credit, meanwhile, will only see their income rise by less than 0.05%, versus the 0.6% bump in after-tax income they could have gotten without taxes on Social Security. The bottom 20% of earners are largely unaffected by either policy, as they already aren't taxed on Social Security payments and largely have their tax liability wiped out through other deductions before the senior tax credit would apply. Key Background Changes to Social Security have long been considered a 'third rail' in politics, and Trump repeatedly vowed ahead of the election that he would not make any changes to people's Social Security benefits. Since taking office, Social Security has continued to be a source of concern, however, as Trump and former advisor Elon Musk falsely claimed the SSA was subject to widespread fraud and abuse and imposed staffing cuts that reportedly hamstrung the agency. Trump's vow to eliminate taxes on Social Security payments was one of several tax-related pledges the president made on the campaign trail, along with a 'no tax on tips' pledge and a proposal to eliminate taxes on overtime. While the policy bill did not include the Social Security tax provision, it did deliver on Trump's other campaign promises, exempting tax on tips for up to $25,000 and taxes on overtime for up to $12,500 for single filers. Those policies will both phase out in 2028, like the senior tax credits. Further Reading Forbes House Passes Trump's Signature Spending Bill, Meeting July 4 Deadline By Zachary Folk Forbes Senate Passes Trump's Megabill: Here's What's In And Out By Sara Dorn Forbes How Trump Could Affect Social Security And Medicare—Group Warns Funds Could Run Out In 6 Years Under His Plans By Alison Durkee Forbes Here's What We Know About Trump And Musk's Social Security Plans—As Agency Reportedly Mulls Cutting Phone Services By Alison Durkee
Yahoo
2 hours ago
- Yahoo
Orano's uranium joint venture in Niger on brink of bankruptcy
French uranium mining company Orano has announced that its joint venture with Niger, SOMAIR, is facing bankruptcy due to export restrictions imposed by the country's military government, according to a Reuters report. The development follows the seizure of control of the mine in December 2024 by the government, which also revealed plans to nationalise the mine. The mining sector in West Africa is undergoing significant changes as governments seek to assert greater control over their natural resources. Orano, which holds a majority stake in SOMAIR, has been in a year-long dispute with Niger, leading to the suspension of uranium production. The company has communicated SOMAIR's deteriorating financial situation to the authorities since October 2024. Niger accounted for 15% of Orano's uranium supply when the local unit was fully operational. The company states that the insistence of the Nigerien authorities on maintaining production costs has brought SOMAIR to the brink of financial collapse. Despite current challenges, the main mineworker's union in Niger has stated that production at the mine will continue. The union has accused Orano of sabotage - a charge it denies. Orano has pointed out that its state-owned partner, SOPAMIN, has avoided sharing production costs during periods of low uranium prices. This forced Orano to bear an unfair share of the financial burden by having to purchase additional uranium above its shareholding to maintain the financial stability of the mine. Amidst rising uranium spot prices, which have seen a 7% increase in the first sixth months of 2025 and reached a seven-month high of $79 per pound in late June, Orano emphasised its right to legal action without further specifying its next steps. It has expressed a desire for the remaining financial resources of the venture to be allocated towards paying employee salaries and maintaining industrial facilities. The situation in Niger reflects a broader trend in the region, with Mali placing Barrick's Loulo-Gounkoto gold complex under state control, and Burkina Faso and Guinea seeking more significant mining shares from Western companies while showing interest in Russian partnerships. "Orano's uranium joint venture in Niger on brink of bankruptcy" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
New York Post
2 hours ago
- New York Post
Elon Musk teases plans for ‘America Party' after fury over Big, Beautiful Bill Act
Billionaire tech mogul Elon Musk spent July 4 publicly plotting a strategy for his proposed 'America Party' to gain control of the balance of power in Washington following next year's midterm elections. Peeved by Republicans' passage of the One Big Beautiful Bill Act, Musk declared on X that 'Independence Day is the perfect time to ask if you want independence from the two-party (some would say uniparty) system! 'Should we create the America Party?' the 54-year-old South Africa-born billionaire polled his followers, more than 62% of whom had answered 'yes' as of 2:30 p.m. 'One way to execute on this,' Musk continued, 'would be to laser-focus on just 2 or 3 Senate seats and 8 to 10 House districts.' 4 Tech baron Elon Musk has been publicly flirting with the idea of forming some sort of third party. REUTERS 4 House Speaker Mike Johnson has been forced to navigate an ultra-slim majority in the lower chamber. AP 'Given the razor-thin legislative margins, that would be enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people.' Last month, Musk dramatically turned against President Trump and his second-term agenda legislation, calling it 'pork-filled' and a 'disgusting abomination.' Publicly, the Tesla and SpaceX has cited concerns about the bill's impact on the deficit, to which the legislation is projected to add about $3.9 trillion over the next decade. Musk served as the driving force behind the Trump administration's Department of Government Efficiency (DOGE) cost-cutting initiative, causing fierce personal and professional backlash. 4 Senate Republicans have a 53 to 47-seat majority. Getty Images 'What good is Doge saving $160B when this bill increases the debt ceiling by $5T? It makes [a] mockery of the work,' Musk groused on X Tuesday. Trump and GOP leaders have alleged that Musk's animus is really motivated by rollbacks to Biden-era green energy tax credits, which are expected to harm Tesla. 'Utterly insane and destructive. It gives handouts to industries of the past while severely damaging industries of the future,' Musk had complained last week ahead of the Senate's passage of the megabill. Over recent days, Musk has amplified social media posts by Sen. Rand Paul (R-Ky.) and Rep. Thomas Massie (R-Ky.), who voted against the measure due to deficit concerns. 4 President Trump has traded barbs with Elon Musk, but largely held back against his former billionaire buddy. AP Trump and his allies have set their sights on ousting Massie in a Republican primary, but Musk has indicated he intends to support the legislator's expected re-election effort in 2026. As the world's richest man, Musk's pockets run deep, with an estimated net worth of $405 billion. During the 2024 election cycle, Musk doled out a whopping $290 million to support Trump, according to financial disclosures. Republicans currently hold a 53-47 majority in the Senate and a 220-212 majority in the House of Representatives.
