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Newsweek
15 minutes ago
- Newsweek
IRS Wants New Carve Out for Pastors
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The IRS says pastors who endorse political candidates from the pulpit should not have to risk losing their tax-exempt status — and now it's asking a federal court to interpret the law accordingly. In a joint legal filing, the IRS and a coalition of Christian media and religious groups urged that the Johnson Amendment is not enforced against sermons and religious speech delivered through "usual channels of communication" during worship services. That interpretation, if adopted, would carve out a broad exemption for faith-based political endorsements made in churches. A sign outside the Internal Revenue Service building is photographed May 4, 2021, in Washington. A sign outside the Internal Revenue Service building is photographed May 4, 2021, in Washington. Associated Press The request came in a filing submitted in Texas federal court, where the IRS and the National Religious Broadcasters Association — a prominent evangelical media consortium — are seeking to end an ongoing lawsuit over the issue. The filing asks the court to prohibit the government from enforcing the Johnson Amendment against the plaintiffs. The Johnson Amendment, enacted in 1954 and named after then-Sen. Lyndon B. Johnson, bars tax-exempt organizations, including churches, from formally endorsing or opposing political candidates. Although seldom enforced, it has long been a source of tension between religious groups and federal regulators. The plaintiffs, which include the NRB and several religious leaders, filed the lawsuit last August, arguing the amendment violates their First Amendment rights — specifically, the freedoms of speech and religious exercise. In Monday's court filing, the parties called for the Johnson Amendment to be interpreted so it "does not reach communications from a house of worship to its congregation in connection with religious services through its usual channels of communication on matters of faith." The IRS has historically avoided applying the Johnson Amendment to church sermons or similar religious messages involving electoral politics. Still, faith-based groups have continued to view the rule as a looming threat to free expression. President Donald Trump campaigned on repealing the Johnson Amendment and in 2017 signed an executive order directing the Treasury to ignore it. "I will get rid of and totally destroy the Johnson Amendment," Trump said at that year's National Prayer Breakfast, "and allow our representatives of faith to speak freely and without fear of retribution." Earlier this year, Republican lawmakers introduced legislation aimed at permanently repealing the amendment. This article includes reporting by the Associated Press. This is a breaking news story. Updates to follow.
USA Today
19 minutes ago
- USA Today
'No extensions will be granted': Trump vows new tariff deadline is a firm one
President Trump says he's not extending his latest deadline for higher tariffs beyond Aug. 1, when he's warned new countries will pay higher rates. WASHINGTON ― President Donald Trump says he's not extending his latest tariff deadline any further as the latest the Republican's administration escalates its pressure campaign on longtime U.S. allies to negotiate new trade deals. Trump said he's sticking to a new Aug. 1 starting date for higher tariffs to go into effect as he sends letters to leaders of nations across the world alerting them to new U.S. tariff rates on goods from their countries. "There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025," Trump said in a July 8 post on Truth Social. "No extensions will be granted." More: Trump announces tariff hikes on 14 countries including Indonesia and South Africa Since returning to the White House in January, Trump has taken an on-and-off-again approach to his tariff regime ‒ routinely threatening new fees on goods that he retreats from later. His past efforts have earned him a nickname among Wall Street financial analysts called "TACO trade," an acronym that stands for "Trump always chickens out." Steep "reciprocal" tariffs that Trump initially imposed in early April ‒ but soon after paused for 90 days amid market turbulence ‒ were set to go back into effect July 9. But Trump on July 7 extended the deadline to Aug. 1 after his administration has struggled to secure trade deals with other nations during the pause. More: Trump says 25% tariffs coming for Japan and South Korea as trade war escalates again Trump on Monday announced new tariff rates for 14 countries ranging from 25% to 40%. He said each will go into effect Aug. 1. They include 25% tariffs on imports from Japan and South Korea, major U.S. trading partners. Dozens of more letters to additional countries are expected to go out July 8 and July 9. More: Trump erupts when asked about 'TACO trade' ― a new nickname mocking his tariff approach The new tariffs would more than double, and in some cases quadruple, the fees on imports. Since April, the Trump administration has been imposing a 10% universal tariff on goods from most countries. Top White House trade adviser Peter Navarro had predicted the administration would reach 90 trade deals in 90 days because of the threat of higher tariffs facing countries. But so far, Trump has reached trade agreements with only the United Kingdom and Vietnam. Reach Joey Garrison on X @joeygarrison.
Yahoo
19 minutes ago
- Yahoo
Trump Media files for 'Crypto Blue Chip ETF' with SEC
President Donald Trump continues to expand his crypto-related offerings, this time with a planned exchange-traded fund tied to the prices of five popular cryptocurrencies. Trump Media & Technology Group, a Florida company that operates the Truth Social media platform, announced Tuesday it had filed paperwork with the Securities and Exchange Commission for approval to launch the 'Crypto Blue Chip ETF' later this year. The proposed ETF would have 70% of its holdings in bitcoin, the world's most popular cryptocurrency, 15% in ethereum, the second-most popular, and 8% in solana, a cryptocurrency popular in the meme coin community. The fund would hold 5% in the cryptocurrency developed by the company Ripple and 2% in the crypto created by the exchange which will act as the ETF's digital custodian. Trump Media previously announced plans for a crypto ETF with just bitcoin and ethereum. It's unclear if the company plans to move forward with that ETF offering. Trump Media did not immediately return a request for comment. Cryptocurrency-based ETFs make it easier for investors to gain exposure to cryptocurrencies without having to buy them directly. These funds have exploded in popularity since bitcoin ETFs began trading in U.S. markets last year. The SEC released new guidelines last week for crypto ETF issuers as part of the Trump administration's push to create a more welcoming regulatory environment for crypto-related companies. The agency has also dropped or paused several enforcement actions against crypto companies since Trump took office. Trump was once a bitcoin skeptic who has since warmly embraced the cryptocurrency industry, which has showered him with campaign and other types of contributions. Ripple, for example, was one of the biggest donors to Trump's inaugural committee. While the Trump administration has pushed for crypto-friendly regulations and laws, the Trump family has aggressively sought to expand its crypto-related businesses. That dynamic has led to allegations of corruption from Democrats and concern among some crypto enthusiasts that the president may be undermining their efforts to establish credibility and stability for the industry. At a news conference last month, Trump dismissed any notion that his family's investments were improper and touted his administration's efforts to make the U.S. the world capital for crypto. 'If we didn't have it, China would,' Trump said. Alan Suderman, The Associated Press Sign in to access your portfolio
