Powell stresses the central bank's independence in a speech that comes amid continuous pressure from the White House to cut interest rates.The Fedread more
More than 300 companies are talking to government officials in Washington about how detrimental the trade war is.Marketsread more
In a text message, Grisham confirmed to CNBC that she will still be working for the first lady even as she takes on her new roles.Politicsread more
Acting Customs and Border Protection Commissioner John Sanders is resigning amid the furor over the Trump administration's treatment of migrant children.Politicsread more
Stocks should rally if the U.S. and China agree to new negotiations and a ceasefire in the trade war, but the economic impact of tariffs will continue.Market Insiderread more
Warren's election reform proposal includes standardized federal election rules, increased federal oversight of elections, and a constitutional amendment guaranteeing voting...Politicsread more
Apple's iOS 13 is coming this fall, but you can already try it on your iPhone with the new public beta. Here are some of the best hidden features.Technologyread more
Investors are piling into gold, sending the precious metal to a six-year high, and analysts think the commodity has established a base to go even higher.Marketsread more
Trump slams Iran on Twitter for issuing a "very ignorant and insulting statement" after the U.S. slapped fresh sanctions on Tehran.Politicsread more
The Conference Board, a business research group, on Tuesday released the June update for its consumer confidence index.Economyread more
Investors plow into the precious metal amid the prospects for lower interest rates, a softer global economy and increased geopolitical tensions.Marketsread more
Sen. Marco Rubio says the GOP "probably went too far" in slashing the tax burden on corporations.
The Florida Republican told the News-Press of Fort Myers that corporations will largely use their major tax cut to buy back shares or increase dividends to shareholders — which "isn't going to create dramatic economic growth."
"If I were king for a day, this tax bill would have looked different. I thought we probably went too far on (helping) corporations," Rubio told the newspaper in the interview published Friday. "By and large, you're going to see a lot of these multinationals buy back shares to drive up the price. Some of them will be forced, because they're sitting on historic levels of cash, to pay out dividends to shareholders."
"That isn't going to create dramatic economic growth. (But) there's a lot of things in the bill that I have supported for a long time (such as) doubling the Child Tax Credit. And it is better — significantly better — than the current code," he continued.
The tax plan that President Donald Trump signed into law last week permanently chops the corporate tax to 21 percent from 35 percent. Republicans say the change — which starts Monday — will drive domestic investment, boost wages and fuel economic growth over time.
At least a dozen companies — including mammoth employers like AT&T and Boeing — announced plans to raise their minimum wages, increase capital investment or hand out employee bonuses after the plan's passage. While Republicans have cheered those announcements, some critics of the corporate tax cut have maintained most of those benefits will likely go to shareholders rather than workers.
Rubio, who sought the 2016 GOP presidential nomination, supported both the Senate GOP's tax bill and a joint House and Senate version that the president signed. He pushed first for a doubling of the child tax credit from $1,000 to $2,000, then for increasing the refundable portion of that credit to $1,400.
During the Senate tax debate, Rubio proposed expanding the credit and paying for it by cutting the corporate tax rate by less than the GOP initially intended.