Latest news with #OneBigBeautifulBillActof2025
Business Insider
3 days ago
- Business
- Business Insider
U.S. introduces $250 visa integrity fee, raising barriers for African applicants
Visiting the United States is about to become significantly more expensive for African travellers, following a new policy that introduces a hefty $250 'visa integrity fee' for most nonimmigrant visa applicants. The United States introduces a $250 'visa integrity fee' for nonimmigrant visa applicants from African nations, significantly increasing visa costs. The fee, enacted under the One Big Beautiful Bill Act of 2025, is non-waivable and in addition to existing visa-related fees. Critics argue the new policy creates financial barriers and may discourage travel to the U.S., especially for students, tourists, and business visitors from Africa. This fee is an inside part of the recently signed One Big Beautiful Bill Act, enacted by U.S. lawmakers on July 4, 2025, and is expected to take effect later this year. According to immigration legal firm Envoy Global, the new fee will apply to any foreign national issued a nonimmigrant visa, particularly from an African country, whether as a student, tourist, temporary worker or business visitor. The $250 "visa integrity fee" is non-waivable and non-reducible, and will be charged in addition to existing visa-related fees, including machine-readable visa (MRV) application fees, anti-fraud fees, and reciprocity fees. This means a single visa application for a Nigerian, Ghanaian, or Kenyan citizen could now cost as much as $500, excluding documentation and travel expenses. What this means for African tourists, students' applications African students applying for F-1 and F-2 visas, exchange visitors on J-1 and J-2 visas, and professionals applying for H1-B and H-4 temporary work visas will all be subject to the new levy, likewise African tourists visiting family or attending events in the U.S. will bear the increased cost. Notably, citizens from 42 countries, mostly in Europe, Canada, Bermuda, and a few Asian and Gulf nations, are exempt under the U.S. Visa Waiver Program. These travellers won't be affected if visiting for under 90 days. In contrast, African nations are entirely excluded from the program, perpetuating the continent's disadvantage in terms of access and mobility. As the U.S. prepares to host major global events like the 2026 FIFA World Cup and the 2028 Summer Olympics in Los Angeles, experts warn that the recent visa fee hike could significantly reduce international attendance, particularly from countries in Africa, South America, Asia, and the Middle East. These countries already face long waiting periods and high visa denial rates, which could worsen with the added financial burden. Although the U.S. claims the funds from the fee will go into the Treasury's general fund, there's no indication that the money will be reinvested in improving consular services or reducing processing delays, a longstanding challenge for African applicants. Even while there are claims that the fee is refundable, there are no guarantees or clear mechanisms for reimbursement. Geoff Freeman, President and CEO of the U.S. Travel Association, has strongly criticized the new rule, calling it "a self-inflicted wound." He emphasized the psychology behind the hike, stating that, 'These fees are not reinvested in improving the travel experience and do nothing but discourage visitation at a time when foreign travellers are already concerned about the welcome experience and high prices' For many Africans, including students seeking education, entrepreneurs pursuing U.S. business opportunities, families reuniting, or tourists exploring cultural exchange, the new fee presents both a financial barrier and a symbolic message. As global discussions on travel equity and visa reform continue, the U.S. appears to be moving in the opposite direction, erecting higher walls when the world is calling for more bridges.
Miami Herald
01-07-2025
- Automotive
- Miami Herald
Car buyers have a lot riding on the ‘Big, Beautiful Bill'
Bureaucrats in Washington, D.C., are burning the midnight oil this week to pass President Donald Trump's massive spending bill, officially known as the One Big Beautiful Bill Act of 2025. Despite his campaign promise that lowering the debt was one of his administration's top priorities, Trump's 1,000-page bill would add $3.3 trillion to the nation's debt obligation, which sits at an astounding $36 trillion, according to the U.S. Treasury. The bill will add to the deficit while potentially kicking millions off of Medicaid and Medicare, programs designed for women, children, the disabled and the elderly to get health insurance they could otherwise not afford. Related: President's latest interview gives US automakers much-needed boost The Congressional Budget Office estimates that 12 million Americans could be thrown off insurance rolls if the bill passes. So if we plan to spend less on the health care of our most vulnerable citizens, why is the bill expected to explode the deficit? The short answer is tax cuts. Other than reducing the deficit, President Trump's other big campaign promise was to extend the $3.8 trillion in tax cuts that went into effect during his first term. The cuts are scheduled to expire at the end of the year if Congress doesn't extend them. Some may call attempting to reduce the deficit while also lowering income impossible, but Trump has chosen this path. Income tax cuts are the only ones in the bill. Auto loan tax relief is also on the table. President Trump's bill features a provision to temporarily let car buyers write off up to $10,000 a year in interest paid on qualifying auto loans. The tax breaks would apply to loans taken out between 2025 and 2028. The tax credit would only go to buyers who purchase cars assembled in the U.S. So even if you're buying a Toyota, as long as it's one of the nearly 2 million vehicles the company builds in the States annually, you're eligible. But not popular imported models, even if they're imported by one of the U.S. Big 3 automakers. Related: Ford CEO Jim Farley speaks up about rivals' 'humbling' progress Individual car buyers making more than $100,000 and couples making more than $200,000 would see the benefits begin to phase out. This legislation passed the House of Representatives, but it is not guaranteed to survive the reconciliation process. The Senate version of the bill has one important difference from the House version. More automotive news Elon Musk's robotaxi has a serious problemFire risk recall affects 60,000Jeep, Dodge parent Stellantis doubles down on the US Cars built before December 31, 2024, are not eligible. Also, unlike in the House version, ATVs, trailers, and campers wouldn't be eligible for the credit. It's no secret that the U.S. auto industry has become dominated by foreign brands over the past few decades. While General Motors still has the highest market share at 17% and Ford ranks third with a 13% market share, foreign models from Asia round out the top five, according to Cox Automotive data. So the 25% tariffs he placed on auto imports are playing well in Detroit. Toyota ranks second with 15% U.S. market share, while Korean brand Hyundai ranks fourth with 11%. Toyota's fellow Japanese brand, Honda, is fifth in the market, with 9%. Despite its home-court advantage, Stellantis ranks sixth, with an 8% share. Japanese auto manufacturers produced 3.28 million vehicles in the U.S. Toyota sold over 2.3 million vehicles in the U.S. in 2024, a 3.7% year-over-year increase. Between April 2024 and March 2025, the company built 1.96 million units in the U.S. Honda, Subaru, Nissan, Mazda, and Toyota combined employed nearly 75,000 manufacturing employees in the U.S. last year, so if the bill passes, your favorite Japanese vehicle could be covered. Related: New Stellantis CEO deals with more of the company's old problems The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Time of India
06-06-2025
- Politics
- Time of India
Senior White House officials discuss Trump's ‘One Big Beautiful Bill' aims to do, watch!
Last week, the US House of Representatives passed what President Donald Trump calls his 'one big beautiful Bill'; it is officially titled the One Big Beautiful Bill Act of 2025 (OBBBA) and is over a thousand pages long. Senior White House officials Taylor Budowich, Stephen Miller, Russ Vought, and James Braid discuss President Trump's One, Big, Beautiful Bill. Show more Show less
News18
27-05-2025
- Business
- News18
What Is Donald Trump's ‘One Big Beautiful' Tax Bill? What Does It Promise? Explained
Last Updated: Beyond the 2017 tax cuts, the bill includes no taxes on tips for workers in the service industry. It imposes curbs on Medicaid and raises cap on State and Local Tax Deduction Republicans have passed a sweeping tax and spending bill, which Donald Trump called it 'one big beautiful Bill" and is officially titled the One Big Beautiful Bill Act of 2025 (OBBBA). The more than 1,000-page bill now heads to the Senate, which will have the chance to approve or make changes to it before it reaches Trump. What's In The Legislation That Was Passed By The House? Let us look at the key provisions of the bill. Tax Cuts: The legislation focuses on the provisions extending Trump's 2017 Tax Cuts and Jobs Act. With the cuts slated at this year's end, the extension and new tax cuts have been a key priority for congressional Republicans and the White House. Beyond the 2017 tax cuts, the legislation includes no taxes on tips for workers in the service industry, such as at restaurants and bars. But this exemption will expire at the end of 2028. The package also includes no taxes on overtime. And the new legislation would allow tax deductions on up to $10,000 in interest on auto loans for cars assembled in the US. This provision would be in place until 2029. The bill would also eliminate a longstanding $200 tax on gun silencers, which has been on the books since Congress passed the National Firearms Act in 1934. There is also a provision for a temporary increase of $500 in child tax credit, bringing it to $2,500 through 2028. The package also includes a tax on remittances, imposing a tax on cash payments sent by non-US citizens to family members in their home countries. Medicaid Curbs: Medicaid is a popular entitlement programme that provides government-sponsored health care for low-income Americans. It imposes work requirements for able-bodied adults without children, more frequent eligibility checks, cutting federal funds to states that use Medicaid infrastructure to provide health care coverage to undocumented immigrants and banning Medicaid from covering gender transition services for children and adults. The implementation of work requirements will begin from December 2026. The work requirements would apply to Medicaid recipients without disabilities between the ages of 18 and 65, and those who do not have a child under the age of 7. Increase In State and Local Tax Deduction: The package has an increase in the cap on the State and Local Tax Deduction, which was imposed by the 2017 Trump tax law and currently stands at $10,000. In the new bill, House Republicans have raised the SALT limit to $40,000 for married couples with incomes up to $500,000. Snap Benefits: Reforms have also been added to the Supplemental Nutrition Assistance Program (Snap), used by over 40 million low-income Americans. The new bill requires states to contribute more to the programme, which is also partially funded by the federal government. Savings Accounts For Children: The legislation creates $1,000 savings accounts for children, which were originally titled 'MAGA accounts" — Money Accounts for Growth and Advancement. The name has been updated to 'Trump accounts". Under the plan, the federal government will contribute $1,000 to the accounts of children born between 2024 and 2028. Parents can contribute up to $5,000 a year. The funds, which can begin to be distributed once the child turns 18, can be used for higher education, job training and the purchase of their first home. Border Security Funding: The legislation also includes resources for border security and defence. Among the bill's provisions is $46.5 billion for the border wall, $4.1 billion to hire Border Patrol agents and other personnel and more than $2 billion for signing and retention bonuses for Border Patrol agents. It also includes an additional $1,000 fee for people who are filing for asylum in the US. It has an additional $12 billion for expenses related to border security. What Next? The Senate must approve the bill, and if that happens, it will return to the House for another high-stakes vote. Trump is urging the Senate to get on board. 'It's time for our friends in the United States Senate to get to work, and send this Bill to my desk AS SOON AS POSSIBLE!" the president wrote on social media on Thursday. With the deadline to address the debt limit around the corner, the legislation would raise the debt ceiling to $4 trillion. Treasury Secretary Scott Bessent has urged the Congress to address the debt limit by July, warning that the US could be unable to pay the bills as soon as August without action. Meanwhile, Democrats, who are not in majority in the House, have criticised the bill on provisions related to Medicaid and Snap.
Indian Express
26-05-2025
- Business
- Indian Express
Donald Trump's One Big Beautiful Bill
Last week, the US House of Representatives passed what President Donald Trump calls his 'one big beautiful Bill'; it is officially titled the One Big Beautiful Bill Act of 2025 (OBBBA) and is over a thousand pages long. The focus now shifts to the US Senate, the other house in the US Congress, to deliberate on the Bill. Once both the houses of Congress agree on the Bill — it may go back and forth between the two houses before all issues are reconciled — and pass it, it will be sent to the US President for approval to become the law of the land. However, the passage of the Bill has raised concerns that have significant ramifications both for the health of the US economy and the electoral prospects of the Republican Party, which currently dominates both the federal executive and the legislature. Why is the Bill 'big and beautiful'? President Donald Trump won his second term based on certain key promises. Some of these — such as imposing tariffs on imports from different countries — could be initiated through executive actions. But many others required legislative changes, which is the exclusive preserve of the US Congress (comprising the House of Representatives and the Senate). The OBBB Act essentially encapsulates Trump's policy agenda and campaign promises in 'one big, beautiful' legislative document. There are five key aspects of the OBBB. * The first element is that it extends and makes permanent the cuts to income tax and estate tax that Trump brought in 2017 during his first term. * The second refers to the new tax cuts on things such as overtime, tips, and social security incomes. Overall, the White House claims, 'Americans making between $30,000 and $80,000 per year will see their taxes cut by 15% next year'. * The third big element is spending more on border security (to prevent illegal immigration) and towards the improvement of US military and defence capabilities. * The fourth element is to cut down on 'waste, fraud and abuse' in government spending. * The fifth element is to raise the so-called 'debt ceiling'. The debt ceiling is essentially the limit on how much the US government can borrow. Since the amount to be borrowed has been going up over the years, the US Congress has to, from time to time, formally raise the debt ceiling. Without the debt ceiling being raised, the US government will not be able to pay its bills. What is not so beautiful about the Bill? Overall, there are two broad sets of concerns that have been highlighted by economists and members of US Congress, including several Republicans like Josh Hawley (Senator from Missouri). The first is about the adverse fiscal (having to do with the government budget) impact of OBBB and its macroeconomic implications. While the OBBB is essentially a policy document, each element has its own specific implication for the US Federal budget. As such, tax cuts on the one hand and spending increases on the other have the effect of worsening US government finances. As CHART 1 alongside shows, the US Federal deficit — the gap between what the government spends and what it earns — is already quite high. As of 2024, such borrowings stood at around 6.4% of US GDP, more than double the level that many believe is acceptable. For perspective, that level of federal deficit translates to $1.9 trillion, which is roughly 50% of India's total GDP in 2024. The OBBB is expected to increase federal deficits further and add to the already growing pile of US debt. Each year's deficit adds to the overall debt. As CHART 2 shows, debt to GDP ratio has been rising fast and has already touched the 120% level. At the going rate, many expect it to rise to 200% in the coming decade. Policy experts, including the US Federal Reserve Chair Jay Powell, say that the trends of US deficit and debt (as proportions of GDP) are unsustainable. It is for this reason that global investors are increasingly wary of lending fresh money to the US government. This shows in the US government's falling credit ratings as well as rising bond yields. For instance, on May 17, even before this Bill was passed, Moody's stripped US government debt of its triple A rating. It is for the first time in US history that none of the top three credit rating agencies — Fitch and S&P are the other two — rate US government debt as top notch. Moody's estimates that at the going rate, federal deficits could grow to 9% of US GDP by 2035. As investors pull away from buying US dollar denominated bonds, their prices fall and their yields rise; a trend that is being witnessed at present. Higher yields imply the US government will have to pay a higher interest rate for its borrowings. To be sure, when the market charges higher interest rates for lending money to the US government — which is the most risk-free debt one can extend — the interest rates for everyone (US citizens and US businesses alike) go up in a commensurate manner. The second concern is about the redistributive aspects of the OBBB. Economist Justin Wolfers of University of Michigan has called the Bill 'anti-Robin Hood' for how it transfers the wealth from the American poor to the American rich. It does so by giving tax cuts to the rich while limiting government help to the poor. An analysis of the OBBB by the Congressional Budget Office (CBO), which provides 'objective, nonpartisan information' and helps the Congress make effective budget and economic policy, finds that even though overall this Bill will provide US families with more resources over the next decade, the benefits will not be evenly distributed. 'CBO estimates that household resources would decrease by an amount equal to about 2 percent of income in the lowest decile (tenth) of the income distribution in 2027 and 4 percent in 2033, mainly as a result of losses of in-kind transfers, such as Medicaid (health insurance) and SNAP (Supplemental Nutrition Assistance Program). By contrast, resources would increase by an amount equal to 4 percent for households in the highest decile in 2027 and 2 percent in 2033, mainly because of reductions in the taxes they owe,' it states. Udit Misra is Deputy Associate Editor. Follow him on Twitter @ieuditmisra ... Read More
