Powell repeats his pledge to keep the economic expansion going while acknowledging that tariffs and other factors are causing growth to slow.The Fedread more
Stocks opened lower on Friday after China said it will slap new tariffs on U.S. goods.US Marketsread more
China says the new tariffs will begin Sept. 1 and Dec. 15. That's when President Trump's latest tariffs on Chinese goods are to take effect.Marketsread more
On Tuesday, Walmart filed suit against Tesla alleging its solar panels had caused fires in seven of its stores.Technologyread more
The idea came up as the White House brainstorms on ways to avoid a preelection economic slowdown, The Washington Post reports.US Economyread more
The Koch brothers financed one of the most influential political networks in the modern era. The sprawling political empire includes conservative and libertarian nonprofits...Politicsread more
At least three members of Facebook's Libra organization are considering leaving the operation due to intense regulatory scrutiny.Technologyread more
Google on Friday released a new set of community guidelines that are meant to crack down on what employees can say inside the company.Technologyread more
Emails between Facebook employees from 2015 illustrate early actions the company took to investigate third-party use of their data.Technologyread more
Andrew McCabe filed a lawsuit alleging that his removal was part of a scheme by President Donald Trump to remove government employees "because they were not politically loyal...Politicsread more
Falling air cargo demand could be flashing warning signs about the broader economy.Transportationread more
The top Senate tax writer cast doubts Wednesday on the prospect of Congress passing the vague, new tax cuts that President Donald Trump floated this week.
The Republican-controlled legislative branch is "highly unlikely" to approve the proposed 10 percent tax cut for the middle class this year, Senate Finance Committee Chairman Orrin Hatch told reporters, according to Politico. While the retiring Utah Republican said it would "take a real monumental effort" to push a tax bill through, he added that "you can't count out the Congress."
As Republicans try to juice voter enthusiasm and hold control of Congress, Trump proposed a tax cut that appeared to catch congressional leaders and even some White House officials off guard. On Monday, he said "we're putting in a resolution some time in the next week and a half to two weeks" to give middle-income people a 10 percent tax cut "on top of" the decreases the GOP passed last year. The Republican tax plan has sparked criticism for benefiting corporations and the wealthy more than middle-income people.
Hatch's House counterpart, Ways and Means Committee Chairman Rep. Kevin Brady, said Tuesday that he will work with the Trump administration "to develop an additional 10 percent tax cut focused specifically on middle-class families and workers, to be advanced as Republicans retain the House and Senate." Still, passing such a bill before the end of the year appears unlikely.
Democrats are favored to control the House in the next Congress after the Nov. 6 midterm elections. If the party gains control of the chamber, the chances of Trump's proposal passing become even more slim.
Republicans hoped their earlier $1.5 trillion tax cut, approved in December, would boost them as they defended majorities in Congress. But public reception was not as warm as the GOP hoped.
In part to combat lackluster approval for the plan, the House passed a series of bills last month that would in part make individual tax cuts under the law permanent. They are currently set to expire after 2025.
Senate Republicans have said they will try to take up the three House-passed tax bills as they see support for them.