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Time of India
07-07-2025
- Business
- Time of India
Texas just blocked these 4 countries from buying land — the new law shakes things up, here's what it means
Which countries are affected and why? Live Events What's actually banned under the new law? FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Texas recently passed a law that has already sparked national debate. With national security in mind, the state is prohibiting citizens and businesses from four countries from purchasing landand the consequences could be will reportedly now prohibit China, Russia, Iran, and North Korea from purchasing land beginning September 1, 2025. The purchase of land and property by specific foreign nationals and entities is being outlawed by a major U.S. move is being framed as a national security measure, but critics believe it will lead to racial discrimination. The law imposes stiff penalties and applies to almost all types of property, including homes and Texas Governor Greg Abbott signed Senate Bill 17 into law, making it illegal for people and groups from North Korea, China, Russia, and Iran to purchase real estate in the Lone Star State. These nations are listed as threats in the U.S. Intelligence Community's 2025 Annual Threat Assessment, as per a report by term "real property" as defined by the bill, is broad and includes standing timber, commercial and industrial properties, residential properties, agricultural land, mines, minerals, and groundwater and water are considered state jail felonies under the law, and the civil penalties are $250,000 or 50% of the market value of the property, whichever is higher. Additionally, on September 1, 2025, the bill will go into effect."Gov. Abbott signed our bill to shield Texas from the influence of hostile foreign countries," said State Representative Cole Hefner, who co-authored the bill. "This is about defending Texas—our way of life, our security, and our sovereignty."Since people may be denied business opportunities even if they do not fit into this category, critics of the bill warn that it could result in discrimination. They may cut their losses and declare they will not sell to Asians of any kind after state representative Gene Wu warns that people may be turned away from Asian September 1, 2025, citizens, companies, and governments from China, Russia, Iran, and North Korea will be prohibited from purchasing real estate in includes residential and commercial real estate, farmland, mineral rights, and even water access.
Economic Times
19-05-2025
- Business
- Economic Times
With $258 billion in the black, U.S. Treasury posts historic surplus, experts say it might signal brighter days ahead
The US government saw a significant budget surplus in April 2025. It reached $258.4 billion, the second-highest ever. Tax payments drove this surplus, especially individual income taxes. Revenue reached $850.2 billion, while expenditures were $591.8 billion. Social Security was the largest expense. Despite the surplus, the year-to-date deficit is $1.049 trillion. The national debt continues to rise. Tired of too many ads? Remove Ads Key Drivers of the Surplus Tired of too many ads? Remove Ads US Government Revenue Breakdown Expenditures for April The Fiscal Trend FAQs Tired of too many ads? Remove Ads The US government recorded the second-highest monthly budget surplus in US history of $258.4 billion surplus in April 2025, just behind April 2022's $308.2 billion surplus, as per a first monthly surplus of fiscal year 2025 (which began in October 2024) was driven by an influx of tax payments, according to US Department of the Treasury attributed the surplus to 'large individual tax deposits,' because April was the due date for final payments on last year's taxes and the first instalment of quarterly estimated taxes for most individuals and businesses, reported the government received $850.2 billion in receipts in the month, while expenditures were $591.8 billion, as per the READ: After securing trillion-dollar trade deals from the Middle East, here's what Donald Trump's new approval rating says - are Americans liking him? According to MoneyWise, individual income taxes accounted for $537 billion, which was the largest contributor to government revenue for insurance and retirement receipts were the other highest contributors after income taxes, adding $184 billion, as per MoneyWise. Corporate income taxes provided $94 customs duties, aided by US president Donald Trump's tariffs, contributed $15.6 billion, more than twice April last year's $6.3 billion, although still a fairly modest share of the total, according to the READ: Wall Street icon Steve Weiss plans to sell all his Nvidia shares if they hit this limit; here's the reason he cited On the expenditure side, Social Security was the single largest expenditure at $132 billion, reported MoneyWise. The government also spent $89 billion in net interest on the public debt, $82 billion on Medicare, $76 billion on health programs, and $70 billion on national defence, as per the with the massive budget surplus in April, the broader fiscal trend is still a worry. Between October 1 and April 30, the government took in $3.110 trillion in revenues but spent $4.159 trillion, resulting in a deficit of $1.049 trillion for the year to date, MoneyWise is the reason that the national debt keeps on rising and as of May 18, the outstanding US government debt totalled $36.212 trillion, according to the surplus was driven by a large influx of tax payments, particularly individual income taxes, due to the April filing deadline and the first installment of quarterly estimated US government recorded a surplus of $258.4 billion in April 2025, as per MoneyWise.
