Us Senate Tax Plan

US Senate rejects extension of health care subsidies as costs set to rise

The Senate on Thursday rejected legislation to extend Affordable Care Act tax credits, essentially guaranteeing that millions of Americans will see a steep rise in costs at the beginning of the year. Senators rejected a Democratic bill to extend the subsidies for three years and a Republican alternative that would have created new health savings accounts an unceremonious end to a monthslong effort by Democrats to prevent the COVID-19-era subsidies from expiring on January 1. Ahead of the votes, Senate Democratic Leader Chuck Schumer of New York warned Republicans that if they did not vote to extend the tax credits, "there won't be another chance to act, before premiums rise for many people who buy insurance off the ACA marketplaces. Let's avert a disaster, Schumer said. The American people are watching. Republicans have argued that Affordable Care Act plans are too expensive and need to be overhauled. The health savings accounts in the GOP bill would give money directly to consume

US Senate set to reject extension of health care subsidies as costs rise

The Senate is poised on Thursday to reject legislation to extend Affordable Care Act tax credits for millions of Americans, a potentially unceremonious end to a monthslong Democratic effort to prevent the COVID-era subsidies from expiring on January 1. Despite a bipartisan desire to continue the credits, Republicans and Democrats have never engaged in meaningful or high-level negotiations on a solution. Instead, the Senate is expected to vote on two partisan bills and defeat them both essentially guaranteeing that many who buy their health insurance on the ACA marketplaces see a steep rise in costs at the beginning of the year. It's too complicated and too difficult to get done in the limited time that we have left, said Senator Thom Tillis of North Carolina, who has unsuccessfully pushed his Republican colleagues to extend the tax credits for a short time so they can find agreement on the issue next year. Neither side has seemed interested in compromise. Democrats who forced a ..

State AI law ban dropped from Trump's tax bill after GOP rift over rules

A controversial bid to deter states from regulating artificial intelligence for a decade seemed on its way to passing as the Republican tax cut and spending bill championed by President Donald Trump worked its way through the US Senate. But as the bill neared a final vote, a relentless campaign against it by a constellation of conservatives including Republican governors, lawmakers, think tanks and social groups had been eroding support. One, conservative activist Mike Davis, appeared on the show of right-wing podcaster Steve Bannon, urging viewers to call their senators to reject this AI amnesty for trillion-dollar Big Tech monopolists. He said he also texted with Trump directly, advising the president to stay neutral on the issue despite what Davis characterised as significant pressure from White House AI czar David Sacks, Commerce Secretary Howard Lutnick, Texas Sen. Ted Cruz and others. Conservatives passionate about getting rid of the provision had spent weeks fighting others

Senate Republicans seek support for Trump's big bill in overnight session

The Senate is slogging through a tense overnight session that has dragged into Tuesday, with Republican leaders buying time as they search for ways to secure support for President Donald Trump's big bill of tax breaks and spending cuts while fending off proposed amendments, mostly from Democrats trying to defeat the package. An endgame was not immediately in sight. Senate Majority Leader John Thune of South Dakota is reaching for a last-minute agreement between those in his party worried the bill's reductions to Medicaid will leave millions without care and his most conservative flank, which wants even steeper cuts to hold down deficits ballooning with the tax cuts. Thune declared at one point they were in the homestretch as he dashed through the halls at the Capitol, only to backtrack a short time later, suggesting any progress was elusive. At the same time House Speaker Mike Johnson has signalled more potential problems ahead, warning the Senate package could run into trouble when

Senate holds rare weekend vote to meet Trump's tax, spending cuts deadline

The Senate is taking a key procedural vote during a rare Saturday evening session as Republicans race to pass US President Donald Trump's package of tax breaks, spending cuts and bolstered deportation funds by his July 4 deadline. But the tally was tight and voting came to a standstill as Vice-President J D Vance arrived at the Capitol to break a potential tie. Several Republican senators were registering their opposition to proceeding to open debate on the bill. Republicans are using their majorities in Congress to push aside Democratic opposition, but they have run into a series of political and policy setbacks. Not all GOP lawmakers are on board with proposals to reduce spending on Medicaid, food stamps and other programs as a way to help cover the cost of extending some USD 3.8 trillion in Trump tax breaks. Ahead of the expected roll call, the White House released a statement of administrative policy saying it strongly supports passage of the bill that implements critical aspec

US Treasury deal with G7 kills 'revenge tax' that spooked Wall Street

Section 899, dubbed the 'revenge tax,' was backed by House Republicans and the White House to counter what they saw as discriminatory taxes on US firms by several foreign nations

Senate Republicans unveil new tax-cut plan, slash health coverage for poor

The bill would preserve Trump's first-term tax cuts and create several new breaks that he championed on the campaign trail - including eliminating taxes on tips

Trump urges senators to sign his big bill of tax breaks into law by July 4

President Donald Trump wants his big, beautiful bill of tax breaks and spending cuts on his desk to be signed into law by the Fourth of July, and he's pushing the slow-rolling Senate to make it happen sooner rather than later. Trump met with Senate Majority Leader John Thune at the White House earlier this week and has been dialling senators for one-on-one chats, using both the carrot and stick to nudge, badger and encourage them to act. But it's still a long road ahead for the 1,000-page-plus package. His question to me was, How do you think the bill's going to go in the Senate? Sen. Josh Hawley, R-Mo., said about his call with Trump. Do you think there's going to be problems? It's a potentially tumultuous three-week sprint for senators preparing to put their own imprint on the massive Republican package that cleared the House late last month by a single vote. The senators have been meeting for weeks behind closed doors, including as they returned to Washington late Monday, to revi

Republican proposal to hike tax on millionaires to generate $400 bn

Trump has indicated he is open to higher taxes on the wealthiest Americans, but not all Republicans are convinced it's a good idea

Senators blast health, police officials over illegal sales of e-cigarettes

Senators on Wednesday blasted top health and law enforcement officials for not doing more to combat the rise of illegal electronic cigarettes in the U.S., a multibillion-dollar business that has flourished amid haphazard enforcement. Democrats and Republicans on the Senate Judiciary Committee expressed frustration and exasperation while questioning officials from the Food and Drug Administration and Justice Department about attempts to stay on top of the vaping industry, which has grown to include thousands of flavored, unauthorized e-cigarettes originating in China. Those products, including brands like Elf Bar, have become the most popular choice among American teens who vape. I simply do not understand how FDA and DOJ have permitted thousands of products to remain on store shelves when their manufacturers have not received authorization, or, in some cases, even filed an application, said the committee's chairman, Dick Durbin. The Illinois Democrat displayed a photo of a shelf ..

US Senate's company tax plan boosts penalty on sending profit abroad

The proposal is one legislative piece of a $3.5 trillion tax and spending package that Democrats are now crafting to implement the bulk of President Joe Biden's longer-term economic plans

US Senate approves GOP's $1.5-trn tax plan, House to re-vote

The tax bill will have broad effects on the economy, making deep and lasting cuts to corporate taxes