Author: Editor

The far-reaching tax legislation that passed early Thursday morning in the House included a provision that would transfer the responsibilities of the Public Company Accounting Oversight Board to the Securities and Exchange Commission, effectively eliminating the PCAOB.The House Financial Services Committee passed a bill at the end of April that would transition the PCAOB’s responsibilities to the SEC within one year of enactment, and it was included as part of the overall tax package, which is now headed to the Senate. PCAOB chair Erica Williams has been speaking out against the proposal ever since the bill emerged in the House committee…

How House GOP passed Trump’s budget bill after infighting; Where its path lies in Senate – CBS News Watch CBS News House Republicans passed President Trump’s budget bill by a single vote early Thursday morning. Leigh Ann Caldwell, chief Washington correspondent for Puck News, and Juliegrace Brufke, Capitol Hill reporter for 24sight News, join “America Decides” to discuss how the legislation came together after last-minute changes and its chances in the Senate. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On Source link

Some U.S. homeowners may soon get a sizable tax break thanks to the massive budget package that was passed by the House early Thursday. The legislation — dubbed the  One Big Beautiful Bill Act — includes a provision that would lift the tax deduction cap for state and local taxes, or SALT, to $40,000 from its current $10,000 limit. That could provide tax savings for homeowners with high property taxes or who earn enough to have significant state income tax liabilities.The SALT deduction cap was introduced by Mr. Trump in his 2017 Tax Cuts and Jobs Act as a way to…

The FAA Air Traffic Control tower at Newark Liberty International Airport in Newark, New Jersey on May 7, 2025. Kena Betancur | AFP | Getty ImagesAmerican Airlines chief financial officer said Thursday that some travelers are avoiding Newark Liberty International Airport for other options in the area after a spate of recent disruptions, but cautioned that the impact is “modest.””There probably is some amount of book-away from Newark flights over into LaGuardia, JFK, maybe Philadelphia to a lesser extent,” CFO Devon May said at the Wolfe Research conference.The Federal Aviation Administration this week ordered airlines to temporarily cut flights at…

Stocks close relatively flat after Wednesday’s selloff – CBS News Watch CBS News One day after it tumbled more than 800 points, the Dow Jones landed in the red by the tiniest of margins on Thursday. CBS News contributor JD Durkin examines the market. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On Source link