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Ajay Rajadhyaksha is global chair of research at Barclays. Micheal McLean is a public policy analyst at the bank. After two years when the US economy seemed to thump everyone else, the narrative is starting to shift.US stocks are now negative for the year (and are getting hammered by European equities!) the dollar rally has stalled, and bonds have rallied. And this isn’t just a market tantrum; data have started to soften too. The latest bit of bad news was yesterday’s ISM reading, soon followed by more bad tariff news. The Atlanta Fed’s GDP tracker now suggests a 2.8 per…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldThe US House of Representatives has passed a budget resolution that calls for trillions of dollars in tax and spending cuts, in a significant victory for President Donald Trump as he seeks to enact sweeping changes in fiscal policy.The resolution passed by 217 votes to 215 after a campaign by House Speaker Mike Johnson to push Republican holdouts to back Trump’s “big beautiful bill”. The bill, which will kick off another round of budget talks in the Senate, proposes $4.5tn…

Rep. Beth Van Duyne, R-Texas, joins ‘The Bottom Line’ to weigh in on DOGE’s plans to investigate the Internal Revenue Service. Seven former commissioners of the Internal Revenue Service (IRS) have spoken out against what they call “aggressive” cuts to the agency’s workforce under President Donald Trump, saying the move at the tax-collecting agency could increase the nation’s deficit. In an op-ed for The New York Times, former commissioners Lawrence Gibbs, Fred Goldberg, Charles Rossotti, Mark Everson, John Koskinen, Charles Rettig and Daniel Werfel, wrote that “making drastic cuts to accounts receivable as a way to improve cost efficiency just…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldShares of cruise line operators tumbled after US commerce secretary Howard Lutnick indicated the Trump administration was considering cracking down on the loopholes they use to pay low tax rates.“You ever see a cruise ship with an American flag on the back? They have flags of like Liberia or Panama. None of them pay taxes,” Lutnick said during Fox News’ Jesse Watters Primetime show on Wednesday evening.Royal Caribbean Cruises, Norwegian Cruise Line and Carnival Corporation state in their annual financial…

Check out what’s clicking on FoxBusiness.com. The Internal Revenue Service has doled out millions of tax refunds amid the ongoing 2025 tax filing season.  More than 8 million tax refunds have gone out during the 2025 season as of Feb. 7 and, according to the IRS, those refunds have averaged $2,065 each. When taxpayers receive their refunds, addressing debt, socking away money in an emergency fund and contributing to retirement are some good avenues for using those funds, experts said.  TAX TIP: DON’T FILE UNTIL YOU GET ALL NECESSARY DOCUMENTS DebtJonathan Ford Jr., president of JFJ Advisory Services, said paying high-interest…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldDonald Trump has told lawmakers he wants to end the special tax treatment of private equity and hedge fund profits known as “carried interest”, setting up a potential clash with America’s wealthiest financiers. The push by Trump — in a White House meeting on Thursday with Republican leaders from Capitol Hill — comes as the president intensifies talks over a broader tax cut bill he wants passed this year that is core to his domestic economic agenda. Karoline Leavitt, the…

Rep. Carlos Gimenez, R-Fla., on Republican priorities as they seek to pass a single reconciliation bill, Congress certification of the 2024 election and the reauthorization of the House Select Committee on the Chinese Communist Party. Tax filing season is underway and while many taxpayers may be eager to file sooner rather than later to get the process over with, they should be sure they have all the documents they need before doing so. The Taxpayer Advocate Service of the Internal Revenue Service (IRS) published a post encouraging taxpayers to wait to file until they’re sure they’ve received all of their tax…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldDonald Trump was widely expected to launch a tariff war as soon as he returned to office. In the event, the first shots in his war on the globalised economy happened on quite a different front. In his flurry of orders and memos this week, Trump definitively withdrew already shaky US support for the global compromise on taxing the profits of multinational corporations, a reform painstakingly worked out over the past decade. He also threatened punitive retaliation on any country…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldDonald Trump has threatened to double tax rates for foreign nationals and companies in the US to hit back at “discriminatory” levies on American multinationals, in a move that threatens to trigger a global confrontation over tax regimes.In a memo outlining his “America First” trade policy on Monday, the US president referred to an obscure 90-year-old provision of the US tax code — Section 891 — that empowers him to retaliate against foreign countries by imposing punitive taxes on their…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldScott Bessent told US senators that he would deploy America’s economic power against geopolitical foes as he defended Donald Trump’s tariff threats and pushed for tax cuts and looser regulations at home.The billionaire hedge fund boss, who has been nominated by Trump to be the next US Treasury secretary, on Thursday revealed his most detailed plans on how the incoming administration will seek to reshape the world’s largest economy.“We must secure supply chains that are vulnerable to strategic competitors, and…