Latest news with #HouseWaysAndMeans
Bloomberg
11-06-2025
- Business
- Bloomberg
Bessent Expects China to Fulfill Agriculture Purchases
Thanks for joining us. Here are five key takeaways from Treasury Secretary Scott Bessent's testimony and remarks during a House Ways and Means Committee hearing: 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'
South China Morning Post
11-06-2025
- Business
- South China Morning Post
US Treasury chief slams ‘unreliable' China at House hearing on Trump trade policy
US Treasury Secretary Scott Bessent slammed Beijing on Wednesday for its aggressive export policies, urged it to be a more dependable partner and depicted China's disjointed economic structure as hurting not only the US but the entire globe. 'China currently has the most unbalanced economy in the history of the world,' Bessent, a former hedge fund manager, told the powerful House Ways and Means Committee. 'They cannot be allowed to export their way back to prosperity, not only for working Americans but for working citizens around the world.' Noting his return hours earlier from two days of negotiating with China in London, Bessent said this week's bilateral agreement offered Beijing a chance to become a more balanced economic player. The deal could also help China boost its domestic consumption rather than extend a long-standing pattern of excessive production distorting the global economy, according to the Treasury secretary. But Bessent urged vigilance. 'China has proven an unreliable partner,' he testified before adding that 'we will see' if it is more reliable this time.
LBCI
11-06-2025
- Business
- LBCI
Treasury chief says 'possible' to rebalance US-China economic ties
U.S. Treasury Secretary Scott Bessent said Wednesday it was possible to rebalance economic relations with China if Beijing proved a "reliable partner in trade negotiations" after two days of talks in London to cool tensions. "If China will course-correct by upholding its end of the initial trade agreement we outlined in Geneva, and I believe after our talks in London they will, then the rebalancing of the world's two largest economies is possible," Bessent told lawmakers at the House Ways and Means Committee. AFP
Bloomberg
10-06-2025
- Business
- Bloomberg
Senate Parliamentarian to Rule on Trump Tax Provisions
House Ways and Means Chair Jason Smith says some minor provisions in the House-passed tax-cut package may have to be dropped to meet Senate budgetary rules, but the bulk must remain intact for House Republicans to agree. (Source: Bloomberg)
Yahoo
07-06-2025
- Business
- Yahoo
Mixed feelings on property tax proposal
Ohio House Republicans have unveiled a plan to address concerns over property tax. State representative David Thomas, who represents southern Ashtabula County, has been working with the House Ways and Means Committee on the legislation. Property tax has become a bigger issue for residents through the state as property values rise significantly, and people's incomes do not, Thomas said in a recent press conference, detailing legislation introduced earlier this week. 'Ohio has a crisis,' Thomas said in a press conference. He is new to the State House, but spent six years as Ashtabula County Auditor. Thomas and Ways and Means Committee Chairman Bill Roemer said they are seeking to put multiple tax reduction ideas into one bill. Thomas said it will be the most significant tax changes since 1976. Thomas said property tax has become too dominant in the funding structure for services at the local level, and he hopes to create ways to reduce property taxes by January. The legislation includes the elimination of inside millage, which would cost Ashtabula County $5.7 million per year, and the city of Ashtabula $700,000 per year. Inside millage has been seen as a guaranteed base funding and is not voted on by voters. Thomas said he hopes local governments go to the voters if they need additional funds and reduce the burden on property owners, who have seen up to 30% increased value in their property. The legislation would tweak the Homestead Act to provide more assistance to senior citizens. Another goal of Thomas and other House Republicans is to put teeth in the county budget commission, which would have the power to review the financial need of different government entities. Thomas said the commission has been active in Ashtabula County, but not in many counties across the state. The group, which consists of the county auditor, treasurer and prosecutor would be another tax watchdog. Thomas said the proposed legislation would cut an average of $850 from property tax bills statewide. Ashtabula County Commissioner Casey Kozlowski said he is not in favor of the bill. He said the loss of $5.7 million would be very difficult for the county to deal with. 'I believe this is pushing the burden on local governments,' he said. The legislation came without input from local governments, and no fair solution can come without local interaction, Kozlowski said. 'We are providing a lot of these services on behalf of the state,' he said. He said state-funded mandates have increased without funding required to provide the services. He suggested the state taking over certain aspects of government such as courts — through the Ohio Supreme Court — public defenders and the Board of Elections, might be a way to go. Kozlowski said he believes in property tax reform, but not this particular plan. Ashtabula City Manager Jim Timonere said the proposal is absurd, forcing local governments to bear the brunt of the reductions. He said the city would lose about $700,000 of inside millage. The budget process and property tax reform unfolding at the same time has been a challenge, Timonere said. 'Nobody knows what is coming,' he said. Another interesting part of the state financial picture is a proposed income tax reduction in the Senate budget proposal, which is presently being debated. Thomas said some sort of compromise on the income tax proposal is likely. The deadline for the state budget to be approved is June 30.
