Latest news with #taxproposal
Bloomberg
22-07-2025
- Business
- Bloomberg
Trump Weighing Effort to Remove Capital Gains Tax on Home Sales
President Donald Trump said he is considering a proposal to end capital gains taxes on home purchases in a bid to boost the housing market. 'We're thinking about that,' Trump said Tuesday in the Oval Office. 'But would also unleash it just by lowering the interest rates. If the Fed would lower the rates, we wouldn't even have to do that. But we are thinking about no tax on capital gains on houses.'
Globe and Mail
25-06-2025
- Business
- Globe and Mail
Republicans say tax retaliation proposal could be cut from Trump bill if international deal can be reached
A tax proposal that would enable U.S. President Donald Trump to retaliate against countries that impose taxes that he considers unfair could be removed from a sweeping budget bill, if an international deal can be struck before it passes, top White House and congressional Republicans said on Wednesday. The proposal, known as Section 899, is currently part of Trump's tax-cut and spending bill, which Republicans hope to enact as early as Saturday so that the president can sign it into law before the July 4 U.S. Independence Day holiday. House of Representatives Ways and Means Committee Chair Jason Smith told Reuters that the provision could be removed from the legislation if other countries and the European Union agree to suspend taxes such as the 'Pillar Two' global minimum corporate tax. 'If there's an agreement before the bill's passed, I'd see it to come out. But until the European Union treats U.S. businesses fairly, it will be in the bill,' Smith said in an interview. Canadian Chamber of Commerce says Trump's revenge tax would hit investors hard even with proposed changes White House economic adviser Kevin Hassett made similar remarks about Section 899, saying: 'Maybe it doesn't have to be in the bill if they pull those things back ahead of the vote.' Hassett specifically cited Pillar Two and digital service taxes, which impact large U.S. technology companies like Amazon AMZN-Q and Alphabet GOOGL-Q. 'We don't like those things, and we've got a tax response, a tax retaliation, a reciprocal retaliation in the bill,' he said in an interview with the Fox Business Network. 'And so, we're in negotiations over tax issues,' Hassett added. Section 899 would need to pass muster with the Senate parliamentarian, a non-partisan referee of budgetary rules that Republicans must satisfy to fast-track the bill and pass it without support from Democrats. To be included in the legislation, each provision must have a direct and substantial impact on the federal budget. One lobbying source familiar with the negotiations said Section 899 could be disqualified from Trump's One Big Beautiful Bill Act as a negotiating tool that would not necessarily be implemented. The provision would impose a progressive tax burden of up to 20 per cent on foreign investors' U.S. income, raising concerns on Wall Street about the attractiveness of U.S. investments. What Canadian investors need to know about the Trump tax bill Lawmakers have done little to address concerns on Wall Street, despite calls for clarifying language and leeway for the Treasury to exempt countries in negotiations with the Trump administration. The Senate version of the provision would take effect in 2027, one year later than an earlier House version. Senate Republican leaders are aiming to pass the Trump bill as soon as Saturday, and Hassett said the White House would expect the House to vote on full passage later in the day.
Reuters
25-06-2025
- Business
- Reuters
Republicans dangle reprieve from tax retaliation as Trump bill heads toward votes
WASHINGTON, June 25 (Reuters) - A tax proposal that would enable U.S. President Donald Trump to retaliate against countries that impose taxes that he considers unfair could be removed from a sweeping budget bill, if an international deal can be struck before it passes, top White House and congressional Republicans said on Wednesday. The proposal, known as Section 899, opens new tab, is currently part of Trump's tax-cut and spending bill, which Republicans hope to enact as early as Saturday so that the president can sign it into law before the July 4 U.S. Independence Day holiday. House of Representatives Ways and Means Committee Chair Jason Smith told Reuters that the provision could be removed from the legislation if other countries and the European Union agree to suspend taxes such as the "Pillar Two" global minimum corporate tax. "If there's an agreement before the bill's passed, I'd see it to come out. But until the European Union treats U.S. businesses fairly, it will be in the bill," Smith said in an interview. White House economic adviser Kevin Hassett made similar remarks about Section 899, saying: "Maybe it doesn't have to be in the bill if they pull those things back ahead of the vote." Hassett specifically cited Pillar Two and digital service taxes, which impact large U.S. technology companies like Amazon and Alphabet. "We don't like those things, and we've got a tax response, a tax retaliation, a reciprocal retaliation in the bill," he said in an interview with the Fox Business Channel. "And so, we're in negotiations over tax issues," Hassett added. The provision in Trump's One Big Beautiful Bill Act would impose a progressive tax burden of up to 20% on foreign investors' U.S. income, raising concerns on Wall Street about the attractiveness of U.S. investments. Lawmakers have done little to address concerns on Wall Street, despite calls for clarifying language and leeway for the Treasury to exempt countries in negotiations with the Trump administration. The Senate version of the provision would take effect in 2027, one year later than an earlier House version. Senate Republican leaders are aiming to pass the Trump bill as soon as Saturday, and Hassett said the White House would expect the House to vote on full passage later in the day.
Bloomberg
13-06-2025
- Business
- Bloomberg
A US Tax With Big Consequences For Africa
US President Donald Trump is proposing a 3.5% tax on remittances by non-citizens as part of the Republican tax bill currently working through the Senate. On today's episode of the Next Africa podcast we look at why this proposal could have major repercussions for African economies, particularly Nigeria, one of the world's biggest recipients of remittances. Jennifer Zabasajja is joined by Dr Lydiah Kemunto Bosire, the founder of New York based 8B Education Investments, and hears how this makes America less attractive to Africa's brightest students, and Nigeria Bureau Chief Anthony Osae Brown explains how reliant Nigeria is on remittances especially ofF the back of USAID cuts. For more stories from the region, subscribe to the Next Africa newsletter here
Independent Singapore
09-06-2025
- Automotive
- Independent Singapore
Trump-Musk rift deepens, former allies now public foes
WASHINGTON, U.S.A.: Once a visible coalition, the bond between Donald Trump and Elon Musk has taken a jarring meltdown, with pressures, allegations, and political risks piling up on both sides. From allies to adversaries According to the latest Axios report, President Donald Trump made it clear in a Saturday talk that his connection and dealings with Elon Musk are over, and he is no longer interested in fixing or patching it up. 'I would assume so,' Trump stated when questioned if the relationship had been terminated. 'I think it's a shame that he's so depressed and so heartbroken,' he further said in a scathing comment about the tech magnate. Formerly known as an ally of the Trump administration and a supporter of the president's undertakings, Musk has changed course recently, vigorously lobbying against Trump's vital statutory initiatives—a comprehensive tax-and-spend proposal Musk has dubbed a 'disgusting abomination.' The Tesla and SpaceX CEO's headline-making disapproval of the bill impelled Trump to tag him as 'disrespectful to the office of the President.' See also The world's eyes are on Singapore's COVID endgame A warning over political funding In an aggravation that could have bigger and wider-ranging political costs, Trump delivered an indirect threat—Musk would be grappling with unlimited 'serious consequences' if he were to finance Democratic contenders fighting Republicans who back up Trump's purported 'big, beautiful bill.' The statement comes amid escalating pressures over Musk's unfolding political clout and its impact. While he contributed more than US$290 million to Republicans in the 2024 election cycle, Musk has just announced a withdrawal from political spending. Speaker of the House Mike Johnson (R-La.) interjected during ABC's This Week , warning that it would be a 'big mistake' for Musk to hit back against Republicans supporting Trump's regulation. Personal jabs and policy threats As the fight continues to unravel publicly, both men have taken personal jabs at each other. In a recent Oval Office attendance with German Chancellor Friedrich Merz, Trump said he was 'very disappointed' in Musk, asserting that the tycoon had exhaustive information and familiarity with the bill he now disapproves. In response, Musk live-posted refutations on X, even going so far as to infer that Trump was mentioned in the Jeffrey Epstein documents—a post that has since been removed. Trump canned the accusation, labelling it 'old news.' See also Reform Party chief accuses WP of conspiring with PAP The grudge has also morphed into policy ultimatums. Trump dispatched on Truth Social that the 'easiest way' to expurgate federal expenditure would be to abolish government agreements and appropriations tied to Musk's businesses. Asked by NBC if he was sincere, Trump stated he could do it but had not 'given it any thought.' For the time being, what started as a political difference has escalated into an absolute power struggle between two of the most dominant figures in conservative circles—one that could shape and define the narrative heading into November.
