Google has suspended business activity involving the transfer of hardware, software and key technical services with Huawei. Analysts say that could be a big blow to the...Technologyread more
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Huawei claims it has developed its own operating system for smartphones and laptops for "extenuating circumstances."Technologyread more
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Trump's threat, posted on Twitter, comes amid rising international tensions in the Middle East as the U.S. has dispatched a carrier strike group and bomber task force to the...Politicsread more
Trade tensions between the U.S. and China stalled a global recovery and are continuing to endanger investment and growth, the secretary general of the OECD warned Monday.World Economyread more
Prime Minister Narendra Modi and his Bharatiya Janata Party are set to form the new government again, exit polls from India's month-long parliamentary elections show. But past...Electionsread more
The latest crisis in the uneasy French-German relationship was accelerated by Trump's decision to stop Germany's comfortable and decades-old free-riding on trade and security...Europe Politicsread more
Tax relief for the middle class is the "heart" of the Republican tax plan expected to become law in the coming days, President Donald Trump said Wednesday.
Moments after touting middle-class benefits, however, Trump noted that slashing the corporate tax rate is "probably the biggest factor" in the GOP legislation.
"Our plan also lowers the tax on American business from 35 percent all the way down to 21 percent. That's probably the biggest factor in this plan," he said at a Cabinet meeting. "We've become competitive all over the world. Our companies won't be leaving our country any longer because our tax burden is so high."
The president called it "above all else a jobs bill," contending that changes to the business tax structure would encourage more companies to relocate operations to the U.S. and hire more workers. While hiring is a major piece of the GOP argument for the tax cuts, some company executives have already signaled businesses are more likely to use their tax savings for share repurchases rather than for hiring or worker wage increases.
House and Senate Republicans have promoted the legislation passed by both chambers of Congress this week as primarily a tool to increase wages and take-home pay for workers.
The bill would permanently chop taxes on businesses while temporarily reducing the burden on most, but not all, individual taxpayers. While congressional and independent analyses project most income groups would get a tax cut next year, their benefits under the plan would dissipate as most individual tax cuts expire after 2025.
Republican congressional leaders say they plan to extend those cuts. Democrats have accused them of prioritizing tax breaks for corporations over those for individuals.
After the Senate approved the bill early Wednesday, Senate Majority Leader Mitch McConnell said Americans would "value and appreciate" the plan.
"If we can't sell this to the American people we ought to go into another line of work," he said.