Latest news with #MikeCrapo
Yahoo
09-07-2025
- Business
- Yahoo
GOP Senators Stunned by Terrible Rule in Budget Bill They Voted For
In the latest installment in 'Dude, What Law Did I Just Pass?' some Republicans were shocked to learn of a provision in Donald Trump's behemoth budget bill that will tax gambling losses, HuffPost reported Tuesday. Under the new provision, gamblers will no longer be allowed to deduct 100 percent of their losses from their income tax, and instead will only be allowed to deduct 90 percent. 'Now, for example, gamblers who win $100,000 but lose $100,000—coming out even—would still be required to pay taxes on $10,000,' according to HuffPost. The provision was apparently added at the last minute by Idaho Senator Mike Crapo, chairman of the Senate Finance Committee. Republican senators, who had been in a mad rush to see Trump's tax and spending legislation passed by the Fourth of July, admitted that they didn't know what the provision was. 'If you're asking me how it got in there, no, I don't know,' said Iowa Senator Chuck Grassley during an interview on Tuesday. Texas Senator John Cornyn admitted, 'I don't know anything about it. I'm not sure what it does.' 'I was so focused on Medicaid, I wasn't looking for other reasons to be against the bill,' said North Carolina Senator Thom Tillis, one of just three Republicans to vote against the bill. 'But that would be another one.' Already, bipartisan efforts have sprung up in the House and Senate on provisions to repeal the rule, concerned that it will attract big bettors to black-market gambling in an attempt to escape the rule.
BBC News
30-06-2025
- Politics
- BBC News
Two people shot dead in Idaho as firefighters respond to brush fire
Update: Date: 02:29 BST Title: 80-year-old resident: This has never happened before Content: Coeur d'Alene resident Linda Tiger, 80, tells the BBC she was shocked by the shooting. 'This has never happened here,' says Mrs Tiger, who has lived in the city for nearly 30 years. 'But it goes to show that that no one is safe from this kind of mental sadness.' She says she has been staying indoors as 'all Coeur d'Alene is supposed to shelter in place, but I see people walking around because they haven't heard the news'. Coeur d'Alene is a city of around 56,000 people. It is near the border with Washington state. Update: Date: 02:19 BST Title: 'Horrific reports out of Coeur d'Alene' Content: Mike Crapo, a senator for Idaho, says on X that he is "monitoring the horrific reports out of Coeur d'Alene". 'I urge local residents to follow recommendations of law enforcement," the Republican adds in the post, external. "My prayers are with victims and first responders.' Crapo's fellow Idaho senator, Jim Risch, posts that he and his wife Vicki were monitoring events in Kootenai County. "We pray for the safety of our brave first responders," says Risch, also a Republican. Update: Date: 02:16 BST Title: At least one active shooter firing at police - Idaho officials Content: We're hearing from local police that least one active shooter was firing at law enforcement with a high-powered rifle near the city of Coeur d'Alene. "We are actively taking fire sniper as we speak," said Sheriff Norris from the Kootenai County Sheriff's Office in press conference a short while ago. "We don't know how many suspects are up there, and we don't know how many casualties there are." He adds that the suspect or suspects show "no sign of wanting to surrender". Idaho Governor Brad Little is warning people to stay clear of the area as law enforcement continues respond to the incident. "This is a heinous direct assault on our brave firefighters," he writes in a post on X. Update: Date: 02:13 BST Title: Two shot dead in Idaho as firefighters respond to brush fire Content: Two people have been fatally shot in a mountain community in the western US state of Idaho while responding to a brush fire, say officials. Kootenai County Sheriff's Office Robert Norris says at least one active shooter was firing at law enforcement with a high-powered rifle near the city of Coeur d'Alene. "If these individuals are not neutralised quickly, this is going to be a likely a multi-day operation," says Norris, adding that officers had reported bullets coming from various directions. Residents have been asked to avoid the scene on Canfield Mountain. Stay with us as we bring you current updates on the manhunt and investigation.
CNN
27-06-2025
- Business
- CNN
The ‘revenge tax' is dead before it even started
Source: CNN The Treasury Department and Congress on Thursday moved to kill a so-called revenge tax that was set to raise taxes on foreign investment and had spooked Wall Street and global business leaders. Treasury Secretary Scott Bessent on Thursday announced a deal with G7 partners that will exclude US companies from some global taxes in exchange for the US dropping Section 899 from Republican's 'One Big Beautiful Bill Act.' Bessent said in a post on X that he would ask Congress to remove Section 899 from the budget bill. Senator Mike Crapo and Rep. Jason Smith, who co-chair the joint committee on taxation, said in a statement Thursday that following Bessent's request, they would remove Section 899 from the bill. Section 899 was a tax code tucked in to President Donald Trump's budget bill that would have raised taxes on the income earned from US assets held by individuals or businesses in other countries with taxes the US perceived as unfair for American businesses. The provision would 'facilitate penalty taxes on foreign companies operating in the US if their home country is deemed to have a 'discriminatory' tax system,' analysts at Citi said in a note. The tax code was considered a 'revenge' tax because it was designed to retaliate against a global tax framework agreed upon in 2021 by the Biden administration and the Organization for Economic Cooperation and Development, according to Mark Luscombe, principal federal tax analyst at Wolters Kluwer. Former Treasury Secretary Janet Yellen had negotiated a tax agreement with other OECD countries that included setting a global minimum tax rate of 15%. Republicans had opposed the agreement and thought it was unfair, arguing it ceded authority on taxation, Luscombe said. The 'revenge tax' also was set to retaliate against digital services taxes, or taxes on US tech companies that provide services to users in other countries. Digital services taxes were perceived as 'discriminatory' by the Trump administration, said James Knightley, chief international economist at ING. Trump had previously signed an executive order on his first day in office announcing that tax deals agreed upon between the Biden administration and the OECD were null. Bessent's announcement leaves room for how the United States and other countries might negotiate on taxes. 'The Trump Administration remains vigilant against all discriminatory and extraterritorial foreign taxes applied against Americans,' Bessent said in his post on X. 'We will defend our tax sovereignty and resist efforts to create an unlevel playing field for our citizens and companies.' The so-called revenge tax, which had stirred debates on Wall Street and law firms across the Atlantic, is moot before it even went into effect. There had been back-and-forth debates in recent weeks about the implications of Section 899 and whether it would push global investors away from the United States. The provision had sent shivers up Wall Street's spine as it appeared to be another protectionist policy that would penalize global investors who put their money in the United States. 'Great concern had been expressed by Wall Street and affected stakeholders about the enactment of Section 899 and its impact on foreign investment in the United States, particularly in view of its complexity, potential scope of application and compliance obligations,' attorneys at law firm Holland & Knight said in a note. 'Those concerns have been alleviated for now.' International business groups were in Wasington in recent weeks negotiating with lawmakers. Jonathan Samford, CEO of the Global Business Alliance, which opposed Section 899, told CNN the provision would have 'squandered opportunity and more investment' and contributed to 'further isolation.' 'We're very pleased that President Trump and the administration have pursued this negotiation, and as a result, called for withdrawal of this punitive and discriminatory provision,' he said. 'I commend Chairman Smith and Chairman Crapo for focusing on making the United States the most competitive it can be.' Republicans this week had begun hinting that Section 899 might be negotiable. Director of the National Economic Council Kevin Hassett said in an interview with Fox Business on Wednesday that Section 899 might not be included in the final budget bill. 'You can try to retaliate, but it's probably better to work out an agreement than just have a tax fight, just like we're having tariff fights,' Luscombe said. See Full Web Article
Arab News
26-06-2025
- Business
- Arab News
Lawmakers scrap ‘revenge' tax provision from Trump's big bill after Treasury requests its removal
WASHINGTON: Congressional Republicans agreed to remove the so-called revenge tax provision from President Donald Trump's big bill Thursday after Treasury Secretary Scott Bessent asked members of Congress to do so earlier in the day. The Section 899 provision would allow the federal government to impose taxes on companies with foreign owners, as well as investors from countries judged as charging 'unfair foreign taxes' on US companies. The measure was expected to lead many companies to avoid investing in the US out of concern that they could face steep taxes. Bessent said in an X post that he made the request to lawmakers after reaching an agreement with other countries on the Organization for Economic Co-operation and Development Global Tax Deal. He said that after 'months of productive dialogue,' they would 'announce a joint understanding among G7 countries that defends American interests.' After he made the request, Senate Finance Committee Chairman Mike Crapo, R-Idaho, and House Ways and Means Committee Chairman Jason Smith, R-Missouri, said 'we will remove proposed tax code Section 899' from the bill and 'Congressional Republicans stand ready to take immediate action if the other parties walk away from this deal or slow walk its implementation.' The removal of the provision will provide 'greater certainty and stability for the global economy and will enhance growth and investment in the United States and beyond,' Bessent said in his post. An analysis by the Global Business Alliance, a trade group representing international companies such as Toyota and Nestlé, estimates that the provision would cost the US 700,000 jobs and $100 billion annually in lost gross domestic product. The Global Business Alliance was among several groups that signed a letter addressed to Senate Majority Leader John Thune of South Dakota and Senate Finance Committee Chairman Mike Crapo of Idaho, warning of the consequences of Section 899. The removal of the provision adds a wrinkle to Republicans' plans to try to offset the cost of the massive package. The non-partisan Congressional Budget Office estimates that the bill would spike deficits by at least $2.4 trillion over the next decade. Republicans are rushing to finish the package this week to meet the president's Fourth of July deadline for passage. Earlier Thursday, the Senate parliamentarian advised that a Medicaid provider tax overhaul central to the spending bill does not adhere to the chamber's procedural rules, delivering a crucial blow to Republicans, who are counting on big cuts to Medicaid and other programs to offset trillions of dollars in Trump tax breaks.
Al Arabiya
26-06-2025
- Business
- Al Arabiya
Lawmakers Remove ‘Revenge' Tax Provision From Trump's Big Bill After Treasury Requests Its Removal
Congressional Republicans agreed to remove the so-called 'revenge tax' provision from President Donald Trump's big bill Thursday after Treasury Secretary Scott Bessent asked members of Congress to do so earlier in the day. The Section 899 provision would allow the federal government to impose taxes on companies with foreign owners, as well as investors from countries judged as charging unfair foreign taxes on US companies. The measure was expected to lead many companies to avoid investing in the US out of concern that they could face steep taxes. Bessent said in an X post that he made the request to lawmakers after reaching an agreement with other countries on the Organization for Economic Co-operation and Development Global Tax Deal. He said that, 'after months of productive dialogue, they would announce a joint understanding among G7 countries that defends American interests.' After he made the request, Senate Finance Committee Chairman Mike Crapo, R-Idaho, and House Ways and Means Committee Chairman Jason Smith, R-Missouri, said, 'We will remove proposed tax code Section 899 from the bill, and Congressional Republicans stand ready to take immediate action if the other parties walk away from this deal or slow-walk its implementation.' 'The removal of the provision will provide greater certainty and stability for the global economy and will enhance growth and investment in the United States and beyond,' Bessent said in his post. An analysis by the Global Business Alliance, a trade group representing international companies such as Toyota and Nestlé, estimates that the provision would cost the US 360,000 jobs and $55 billion annually over 10 years in lost gross domestic product. The Global Business Alliance was among several groups that signed a letter addressed to Senate Majority Leader John Thune of South Dakota and Senate Finance Committee Chairman Mike Crapo of Idaho warning of the consequences of Section 899. The removal of the provision adds a wrinkle to Republicans' plans to try to offset the cost of the massive package. The non-partisan Congressional Budget Office estimates that the bill would spike deficits by at least $2.4 trillion over the next decade. Republicans are rushing to finish the package this week to meet the president's Fourth of July deadline for passage. Earlier Thursday, the Senate parliamentarian advised that a Medicaid provider tax overhaul central to the spending bill does not adhere to the chamber's procedural rules, delivering a crucial blow to Republicans who are counting on big cuts to Medicaid and other programs to offset trillions of dollars in Trump tax breaks.
