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Black America Web
a day ago
- Business
- Black America Web
Senate Approves Trump's Budget Bill After VP Vance Breaks Tie Vote
Source: JIM WATSON / Getty President Donald Trump's sweeping budget proposal, dubbed the 'Big Beautiful Bill,' narrowly passed the Senate on Tuesday after Vice President JD Vance cast the tie-breaking vote. The bill passed along razor-thin margins, with three Republican senators, Rand Paul, Susan Collins, and Thom Tillis, joining all 47 Democrats in opposition. The Senate had been locked in a marathon session since early Monday, debating 46 proposed amendments in what was nicknamed a 'vote-a-rama,' before ultimately passing the legislation midday Tuesday. The bill includes $4.5 trillion in extended tax cuts, originally passed during Trump's first term in 2017, which are set to expire at the end of this year unless Congress takes action. It also includes $350 billion for enhanced border security and enforcement measures. Republican opposition centered largely on steep Medicaid cuts, over $1 trillion, that critics say would disproportionately harm low-income families and rural health providers. 'I strongly support tax relief,' Senator Collins said, 'but I cannot support a bill that would harm Medicaid-dependent hospitals and nursing homes.' Senator Paul cited concerns over the national deficit, referencing Congressional Budget Office estimates that the bill would add more than $3 trillion to the federal deficit over the next decade. Senate Democrats attempted to delay the bill's progress, forcing a 16-hour reading over the weekend and criticizing reductions to Medicaid and food assistance programs. The legislation now moves to the House, where Republicans hold a slim majority. House Speaker Mike Johnson warned that the bill may undergo further changes, despite pressure from Trump to finalize it before the Fourth of July. 'We added everything in there for everybody,' Trump said Tuesday. 'It's a big, beautiful economic development bill. Great for the border, great for tax cuts. But it's not easy.' Senate Passes Trump's 'Big Beautiful Bill' With Tie-Breaking Vote From VP Vance was originally published on
Toronto Sun
05-05-2025
- Politics
- Toronto Sun
AGAR: No point in waiting for the throne speech — here it is
US President Donald Trump speaks during an announcement that Washington, DC, will host the 2027 NFL Draft, during an event in the Oval Office of the White House in Washington, DC, on May 5, 2025. Photo by JIM WATSON / AFP via Getty Images I am going to beat the government to the punch and give my throne speech today. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account First, I wouldn't have the king read my throne speech. Why attack U.S President Donald Trump's threat to our sovereignty, saying we are not a serious country, by having our sovereign, a man from another country, read the speech? As we face another postal strike, I'd step in. Yes, the post office is a Crown corporation. They run their own business, but that notwithstanding, I am taking over. No discussion about how to save the post office. We are having a discussion about what part of the post office needs to be saved and what needs to be blown up. It is not fair for taxpayers to lose billions of dollars to keep a dying business afloat. We need a whole new model and that starts today. Once-a-week delivery is enough in today's world and would allow a severe cutback in personnel and expenses. I'd immediately craft the law to keep dangerous repeat offenders behind bars. A person with a conviction for a violent crime would have NO chance of bail if charged again. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Sure, they still have a presumption of innocence on the new charges, but staying in jail awaiting trial should be a consequence of the initial conviction. Actions have consequences. I would build pipelines and lean into Canada, exploiting our considerable resources. To those people who want us off carbon fuels, I would say I agree with the idea that we should do our part in reducing carbon emissions. But I would match that to our contribution to the problem, which is negligible. There is no reason to punish the people who are not part of the problem. When Quebec says it doesn't want pipelines, effectively cutting off Atlantic Canada, I would say fine, it can also get along without transfer payments. I would eliminate everything that stands in the way of building housing. Land transfer taxes, systems that forces developers to spend several years getting permission to go ahead, backing off the nimbies because while they may own their home they don't own the neighbourhood and adopting a philosophy of build, build, build and make all other decisions based on that mantra. This advertisement has not loaded yet, but your article continues below. To that goal, I would manage immigration at a much lower level than has been and likely will be done. It is simple supply and demand. I would not let anyone in who doesn't have proof of the ability to contribute by bringing the skills we need. As for refugees, we also cannot take all comers. We are not the world's saviours. We take those we can and reluctantly tell the rest that we can't help right now. I'd also tell both immigrants and refugees that we will decide where they live for the first five years. If the courts have an issue with it, well, that is what the notwithstanding clause is for. If we need people in Moose Jaw, then that's where they go. Even though I know this would be politically unpopular, I would not respond to Trump with retaliatory tariffs. Tariffs are destructive to the economy, cause unemployment and ramp up prices. Doubling up by retaliating harms Canadians, so why do it? We'll ride it out with Trump. We will experience damage, but we don't have to act like him. Toronto Blue Jays Columnists Canada Toronto & GTA Toronto & GTA
Newsweek
25-04-2025
- Business
- Newsweek
IRS Issues Guidance For Those Facing May 15 Tax Deadline
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. As the May 15 filing deadline approaches, the Internal Revenue Service (IRS) is urging tax-exempt organizations to review filing requirements and avoid common mistakes that could result in penalties or loss of tax-exempt status. Why It Matters Failure to comply with filing requirements can lead to significant consequences, including automatic revocation of tax-exempt status. The IRS noted that three consecutive years of missed filings will result in such a revocation. Organizations can mitigate these risks by utilizing authorized e-file providers and ensuring that all schedules and necessary documents are included. The May 15 deadline serves as a critical checkpoint for nonprofits that operate on a calendar-year schedule, a majority of tax-exempt groups. Those who miss the filing deadline are subject to late penalties, and the IRS advises that submitting Form 8868 for a six-month extension can help organizations buy time to complete their returns properly. Signage for the Internal Revenue Service (IRS) is seen outside IRS headquarters in Washington, DC, on April 15, 2025. Signage for the Internal Revenue Service (IRS) is seen outside IRS headquarters in Washington, DC, on April 15, 2025. JIM WATSON/AFP via Getty Images What To Know The IRS emphasized that the filing due date for exempt organizations is the 15th day of the fifth month after the end of the organization's accounting period. For most groups, that translates to a May 15 deadline. Forms due include the Form 990 series (990, 990-EZ, 990-PF), Form 990-N for smaller organizations, Form 990-T for unrelated business income, and Form 4720 for certain excise taxes. E-filing requirements have expanded, meaning that even smaller organizations that file a Form 990-N must submit their returns electronically through the IRS website. Larger organizations must use an IRS-authorized e-file provider to submit Forms 990, 990-EZ, 990-PF, and 990-T for the 2023 tax year. The IRS also reminds filers that extending the filing date through Form 8868 does not delay any payments that may be due. Organizations with business income tax liabilities should make those payments on time to avoid accruing penalties and interest. Common filing errors include submitting incomplete forms, failing to attach required schedules, and using the wrong forms altogether. In such cases, the IRS will reject the return, and organizations must resubmit promptly to avoid being classified as not filing at all. What People Are Saying Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "One of the positive developments through the IRS in recent years is how the process for nonprofits having to file has become more online-friendly and easier to complete. Whether you file with a e-postcard or have to use one of the lengthier forms, May 15th is the deadline to make sure you meet. If you know your organization is going to fail to submit by that date, you need to make plans to file for an extension." Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "All tax-exempt organizations must still file their returns by the 15th day of the 5th month after the close of their tax year. But beyond that, there could be major changes on the horizon." "The current administration is closely examining how some organizations operate and there's growing concern that those involved in DEI initiatives could face scrutiny. While nothing has officially happened yet, we've already seen moves to challenge the tax-exempt status of private institutions like Harvard. This could signal a broader effort to reassess how certain organizations maintain their exempt status moving forward." Michael Ryan, a finance expert and the founder of told Newsweek: "Everything has to be filed electronically now, which IMO is actually a blessing in disguise. Electronic filing is so much faster, and you get that little confirmation right away instead of wondering if your forms are sitting in some mail room somewhere." What Happens Next The IRS filing deadline for tax-exempt organizations is May 15. The IRS also offers a free virtual workshop for nonprofits at "If you're feeling a little overwhelmed by all this and honestly, who isn't? The IRS actually has some decent free training resources," Ryan said. "I checked it out last year and it was surprisingly helpful."
