Donald Trump is returning to the world stage. So is his trolling
WASHINGTON -- A tax break for millionaires, and almost everyone else. An end to the COVID-19-era government subsidies that some Americans have used to purchase health insurance. Limits to food stamps, including for women and children, and other safety net programs. Rollbacks to Biden-era green energy programs. Mass deportations. Government job cuts to "drain the swamp." Having won the election and sweeping to power, Republicans are planning an ambitious 100-day agenda with President-elect Donald Trump in the White House and GOP lawmakers in a congressional majority to accomplish their policy goals. Atop the list is the plan to renew some $4 trillion in expiring GOP tax cuts, a signature domestic achievement of Trump's first term and an issue that may define his return to the White House. "What we're focused on right now is being ready, Day 1," said House Majority Leader Steve Scalise, R-La., after meeting recently with GOP colleagues to map out the road ahead. SEE ALSO | Trump, Trudeau meet at Mar-a-Lago amid tariff threats The policies emerging will revive long-running debates about America's priorities, its gaping income inequities and the proper size and scope of its government, especially in the face of mounting federal deficits now approaching $2 trillion a year. The discussions will test whether Trump and his Republican allies can achieve the kinds of real-world outcomes wanted, needed or supported when voters gave the party control of Congress and the White House. "The past is really prologue here," said Lindsay Owens, executive director of the Groundwork Collaborative, recalling the 2017 tax debate. Trump's first term became defined by those tax cuts, which were approved by Republicans in Congress and signed into law only after their initial campaign promise to "repeal and replace" Democratic President Barack Obama's health care law sputtered, failing with the famous thumbs-down vote by then-Sen. John McCain, R-Ariz. The GOP majority in Congress quickly pivoted to tax cuts, assembling and approving the multitrillion-dollar package by year's end. In the time since Trump signed those cuts into law, the big benefits have accrued to higher-income households. The top 1 percent - those making nearly $1 million and above - received about a $60,000 income tax cut, while those with lower incomes got as little as a few hundred dollars, according to the Tax Policy Center and other groups. Some people ended up paying about the same. "The big economic story in the U.S. is soaring income inequality," said Owens. "And that is actually, interestingly, a tax story." In preparation for Trump's return, Republicans in Congress have been meeting privately for months and with the president-elect to go over proposals to extend and enhance those tax breaks, some of which would otherwise expire in 2025. That means keeping in place various tax brackets and a standardized deduction for individual earners, along with the existing rates for so-called pass-through entities such as law firms, doctors' offices or businesses that take their earnings as individual income. Typically, the price tag for the tax cuts would be prohibitive. The Congressional Budget Office estimates that keeping the expiring provisions in place would add some $4 trillion to deficits over a decade. Adding to that, Trump wants to include his own priorities in the tax package, including lowering the corporate rate, now at 21% from the 2017 law, to 15%, and doing away with individual taxes on tips and overtime pay. But Avik Roy, president of the Foundation for Research on Equal Opportunity, said blaming the tax cuts for the nation's income inequality is "just nonsense" because tax filers up and down the income ladder benefited. He instead points to other factors, including the Federal Reserve's historically low interest rates that enable borrowing, including for the wealthy, on the cheap. "Americans don't care if Elon Musk is rich," Roy said. "What they care about is, what are you doing to make their lives better?" Typically, lawmakers want the cost of a policy change to be offset by budget revenue or reductions elsewhere. But in this case, there's almost no agreed-upon revenue raisers or spending cuts in the annual $6 trillion budget that could cover such a whopping price tag. Instead, some Republicans have argued that the tax breaks will pay for themselves, with the trickle-down revenue from potential economic growth. Trump's tariffs floated this past week could provide another source of offsetting revenue. Some Republicans argue there's precedent for simply extending the tax cuts without offsetting the costs because they are not new changes but existing federal policy. "If you're just extending current law, we're not raising taxes or lowering taxes," said Sen. Mike Crapo, R-Idaho, the incoming chairman of the Senate Finance Committee, on Fox News. He said the criticism that tax cuts would add to the deficit is "ridiculous." There is a difference between taxes and spending, he said, "and we just have to get that message out to America." At the same time, the new Congress will also be considering spending reductions, particularly to food stamps and health care programs, goals long sought by conservatives as part of the annual appropriations process. One cut is almost certain to fall on the COVID-19-era subsidy that helps defray the cost of health insurance for people who buy their own policies via the Affordable Care Act exchange. The extra health care subsidies were extended through 2025 in Democratic President Joe Biden's Inflation Reduction Act, which also includes various green energy tax breaks that Republicans want to roll back. The House Democratic leader, Rep. Hakeem Jeffries of New York, scoffed at the Republican claim that they've won "some big, massive mandate" - when in fact, the House Democrats and Republicans essentially fought to a draw in the November election, with the GOP eking out a narrow majority. "This notion about some mandate to make massive, far-right extreme policy changes, it doesn't exist - it doesn't exist," Jeffries said. Republicans are planning to use a budgetary process, called reconciliation, that allows majority passage in Congress, essentially along party lines, without the threat of a filibuster in the Senate that can stall out a bill's advance unless 60 of the 100 senators agree. It's the same process Democrats have used when they had the power in Washington to approve the Inflation Reduction Act and Obama's health care law over GOP objections. Republicans have been here before with Trump and control of Congress, which is no guarantee they will be able to accomplish their goals, particularly in the face of resistance from Democrats. Still, House Speaker Mike Johnson, R-La., who has been working closely with Trump on the agenda, has promised a "breakneck" pace in the first 100 days "because we have a lot to fix." ___ The story has been corrected to reflect that Lindsay Owens of the Groundwork Collaborative spoke of 'income inequality,' not 'income equality.' The video in the player above is from a previous report.
Daily Post Nigeria Rivers APC congress marks path to statewide dominance – Giadom Home News Politics Metro Entertainment Sport Politics Rivers APC congress marks path to statewide dominance – Giadom Published on November 30, 2024 By Ifunanya Obeme-Ndukwe The South-South National Vice Chairman of the All Progressives Congress, APC, Chief Victor Giadom, has declared the Rivers State congres a pivotal step toward the party reclaiming political control of the state. Speaking during the APC state congress, Giadom assured party members that fairness and equity would guide the party’s leadership decisions moving forward. He commended the Independent National Electoral Commission, INEC, for monitoring the process, assuring that credible leaders will be elected to steer the party for the next four years. Giadom expressed confidence in APC’s position as the strongest political party in Rivers State, noting that the internal challenges faced by the party would be resolved following the conclusion of the state congress. “The process of claiming the Rivers State Government House will start from today.” Details soon... Related Topics: APC rivers Don't Miss Party Crisis: Very critical time for PDP – Utaan calls for unity ahead of NEC meeting You may like Okocha emerges parallel APC chairman in Rivers Rivers crisis: Okocha-led APC defies court order, holds state congress Decentralisation of lottery regulation poses security challenges – APC chieftain petitions Ribadu Edo debt profile was less than N44bn, rose to N485 billion under Obaseki – APC You don’t exist in Anambra, forget winning elections – APGA tells APC Gov Okpebholo elected by Edo people, not selected— APC tells PDP Advertise About Us Contact Us Privacy-Policy Terms Copyright © Daily Post Media Ltd
Donald Trump is returning to the world stage. So is his trollingA savings account is a useful place to allocate $30,000. ASX shares can help investors turn a $30,000 balance in a savings account into a cash machine while providing positives like , and . If $30,000 were sitting in a savings account, it would generate interest. But the capital value wouldn't change, and the income it pays would be stuck at that interest rate unless the RBA were to surprise and increase the interest rate again. Investing in ASX shares means owning a piece of companies that are doing their best to grow profit, increase the underlying value, and pay more cash to shareholders over the longer term. But I'm not suggesting that investors need to become expert stock pickers. We can utilise the power of exchange-traded funds (ETFs) to achieve the returns we're seeking. ETFs are funds we can buy on the ASX in a single transaction that own a basket of shares. Here are three ASX ETFs that could be more useful to own than having cash in the bank. VanEck Morningstar Australian Moat Income ETF ( ) This ETF invests in a portfolio of 25 high-quality, -paying ASX shares that have strong competitive advantages compared to others in the sector, allowing it to continue making large profits. has also delivered capital growth of 12% in the last year. This combination of dividends and possible capital growth can deliver pleasing returns, and that appeals to me more than a savings account. Some of the portfolio's underlying investments include ( ), ( ), ( ) and ( ). Vanguard MSCI Index International Shares ETF ( ) This is one of my favourite ETF investments because of its capability to give Aussies broad exposure to the global share market, which has been one of the best-performing asset classes over the past 10 years. Impressively, the VGS ETF has delivered an average and . With a low management fee and excellent diversification across a wide range of share markets from around the world, the VGS ETF is far more compelling to me than cash in the bank. I think this ETF can continue to and partly due to its diversification with more than 1,350 holdings. VanEck MSCI International Quality ETF ( ) Some investors may think that owning more than 1,300 global businesses is too many. So, why not just own the high-quality ones? The QUAL ETF screens out some of the lower global stocks from its portfolio and only owns shares in companies that make strong earnings for shareholders and have healthy levels of debt. Over the last 10 years, this ASX ETF has returned an average of 15.7% per year. It owns similar businesses to the VGS ETF but allocates more to them because it has fewer holdings — around 300 positions. This seems like a much more appealing option to me, with much more growth potential over the long term than having $30,000 cash in the bank.
Sparkle And Style: DIY Table Settings To Dazzle Your New Year FeastMower woman tells story of avoided scam, warns others to beware
Kosovo arrests blast suspects, Serbia denies involvement
