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President Trump on Friday said he’s considering issuing rebate checks for Americans based on the billions in new tariff revenue collected by his administration. “We’re thinking about a little rebate. But the big thing we want to do is pay down debt. But we’re thinking about a rebate,” Mr. Trump said in comments to reporters before he left for a four-day visit to Scotland. Federal debt, which currently stands at more than $36 trillion, is projected to rise due to the new tax cuts and spending bill signed into law by Mr. Trump on July 4, according to forecasts from economists and public…

Millions of taxpayers could see a lower tax bill next year due to the so-called “big, beautiful bill” that was signed into law on July 4 by President Trump, with a recent analysis finding that every income group will see some savings. On average, taxpayers will save about $2,900 per household in 2026, according to the analysis from the Tax Policy Center, a nonpartisan think tank focused on taxes. But higher-income Americans are more likely to see a bigger relative boost than lower-income households, their analysis found. The new law extends the tax cuts in President Trump’s 2017 Tax Cuts and Jobs…

Millions of car buyers in the U.S. could soon get some tax relief thanks to a provision in the so-called “big, beautiful bill” that was signed into law on July 4 by President Trump. The idea of giving a tax break for auto purchasers was first floated by Mr. Trump while on the campaign trail in October, when he promised that such a measure would “make car ownership dramatically more affordable for millions and millions of working American families.”That promise has now materialized as part of the One Big Beautiful Bill Act, with the new tax break taking effect for car…

European markets mostly fell Monday as investors digested President Trump’s latest trade war salvos, which saw him threaten to hit the European Union and Mexico with 30% tariffs starting on August 1. Mr. Trump’s threat came after a series of announcements last week that included warnings of a possible 50% levy on all copper imports and all goods from Brazil, 35% levies on Canadian goods, and a possible 200% tariff on imported pharmaceuticals.In announcing his latest intentions on Saturday, Mr. Trump cited Mexico’s role in illicit drugs flowing into the United States and a trade imbalance with the European Union.The…

Brazilian President Luiz Inácio Lula da Silva said Thursday that he would impose retaliatory tariffs on the United States if President Donald Trump follows through on a pledge to boost import taxes by 50% over the South American country’s criminal trial against his predecessor, Jair Bolsonaro.Lula said he would trigger Brazil’s reciprocity law approved by Congress earlier this year if negotiations with the U.S. fail.”If there’s no negotiation, the reciprocity law will be put to work. If he charges 50 (% tariffs) from us, we will charge 50 from them,” Lula told TV Record in excerpts of an interview that…

Looking at little-known items in Trump’s “big, beautiful bill” – CBS News Watch CBS News President Trump’s massive domestic policy law has several lesser-known provisions tucked into it. CBS News congressional correspondent Caitlin Huey-Burns joins “The Takeout” to walk through some of them. Source link

Check out what’s clicking on FoxBusiness.com. The Internal Revenue Service has staked out the position that churches may discuss electoral politics without running afoul of tax-exempt status law. The IRS, and other parties involved in a lawsuit, expressed the view in a court filing.”The text of the Johnson Amendment may cause certain otherwise tax-exempt organizations to lose their § 501(c)(3) status if they ‘participate in, or intervene in . . . , any political campaign on behalf of (or in opposition to) any candidate for public office.’ 26 U.S.C. § 501(c)(3),” the filing notes. CONSERVATIVE GROUP TAKES ON IRS OVER…

How Trump’s new spending law will impact taxes – CBS News Watch CBS News Does President Trump’s new economic law really wipe away taxes on Social Security and tips? CBS News MoneyWatch correspondent Kelly O’Grady dives into the fine print. Source link

The European Union expects to find out on Monday whether President Donald Trump will impose punishing tariffs on America’s largest trade partner in a move economists have warned would have repercussions for companies and consumers on both sides of the Atlantic.President Trump said on social media this weekend that he would start sending tariff increase letters to countries with which the U.S. does not reach satisfactory trade deals beginning at noon on Monday. Japan and South Korea were the first recipients, with letters from the Trump administration sent to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung…

As Congress was approving President Trump’s “big, beautiful bill” on Thursday, the Social Security Administration touted the legislation by stating that it “eliminates federal income taxes on Social Security benefits for most beneficiaries.”That claim, which echoes previous promises by Mr. Trump to remove taxes on Social Security, may have come as welcome news for the millions of older and disabled people who depend on the program for income. So does the bill deliver? Not entirely. In a press release, the SSA said that the tax and spending package, which the president is set to sign into law on Friday, “ensures that nearly 90%…