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Republican-backed legislation now winding its way through the House includes a number of tax breaks promised by President Trump during the campaign, such as eliminating taxes on worker tips and overtime pay, as well as sharply lowering lowering rates on corporations. One tax break that isn’t in the bill: Mr. Trump’s suggestion last year that seniors shouldn’t have to pay income taxes on Social Security benefits. “Seniors should not pay taxes on Social Security and they won’t,” Mr. Trump said while during an August campaign rally in Harrisburg, Pennsylvania.A provision to eliminate taxes on Social Security isn’t included in the bill approved by the House…

A customer exits a Cava restaurant in New York City on June 22, 2023.Brendan McDermid | ReutersCava on Thursday reported better-than-expected sales in its latest fiscal quarter, shaking off the malaise the broader restaurant industry has felt as consumers have cut back on dining.The Mediterranean chain said its same-store sales grew 10.8% in the three months that ended April 20, lifted by traffic growth of 7.5%. Analysts surveyed by StreetAccount were projecting same-store sales growth of 10.3%.”When we look at our consumers in the quarter, we saw an increase in premium attachment on higher priced items, like our pita chips…

Speaker Johnson says House on track to pass Trump budget next week – CBS News Watch CBS News The House of Representatives is moving forward with President Trump’s budget bill, but a sticking point among lawmakers over state and local tax deductions could cause issues. CBS News congressional correspondent Caitlin Huey-Burns has more on where negotiations stand. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On Source link

Price increases are coming soon to a Walmart near you.On Thursday, Walmart CFO John David Rainey warned investors that even the retail giant known for its discounts will have to raise the prices of many items because of tariffs — despite a 90-day reprieve that lowered duties on Chinese imports to 30%. Goods from dozens of other countries face a 10% duty.”We’re trying to navigate this the best that we can,” he said in a CNBC interview. “But this is a little bit unprecedented in terms of the speed and magnitude in which the price increases are coming.”He said the…

The Financial Accounting Standards Board issued an accounting standards update Thursday to offer guidance on share-based consideration payable to a customer in conjunction with selling goods or services.The changes aim to improve financial reporting results by dealing with the intersection of the requirements of FASB’s revenue recognition and stock compensation standards, Topics 606 and 718 in FASB’s Accounting Standards Codification.The amendments to the two standards impact the timing of revenue recognition for entities that offer to pay share-based consideration (such as equity instruments) to a customer (or to other parties that purchase the entity’s goods or services from the customer)…