Author: Editor

House Speaker Mike Johnson said he’s pressuring Senate Republicans to refrain from changing a deal to increase the state and local tax deduction cap to $40,000, pushing back on President Donald Trump’s willingness to scale back the write-off.”I’ve asked them to modify it as little as possible because I’ve got a very delicate balance there,” Johnson told reporters at the White House on Monday.”The reality is that we have a very diverse conference,” Johnson added, noting that he has several members who represent high-tax areas in New York, New Jersey and California. “This is a very important thing for their…

President Donald Trump touted a provision in his tax bill that would deposit $1,000 into an investment account for babies born in the next few years alongside corporate leaders who said they would aid the effort.Under the initiative, the federal government would make the one-time contribution into a tax-deferred, low-cost index fund that will track the overall stock market, White House officials told Bloomberg. Guardians of the children would have control over the accounts.Trump said Monday at a White House event that the accounts would help “countless American children to have a strong start in life.””In addition to the substantial…

Last Friday’s jobs report was upbeat, but the numbers might not be telling the whole story, one economist warns.Samuel Tombs, Chief US economist at Pantheon Macroeconomics, sees a labor market struggling with softening hiring and an accelerating trend of downward revisions.In May, 139,000 jobs were added, beating the 125,000 consensus estimate, but that was overshadowed somewhat by sharp revisions to prior months’ data. March’s initial figure of 224,000 payrolls added has since been nearly slashed in half, down to 120,000.It’s likely that May’s figure is inflated, too, Tombs said.”We expect May’s number to be revised down to about 100,000 by…

Each year since 2019, David Solomon has marked the arrival of Goldman Sachs’ summer interns with a welcome letter filled with words of wisdom.The Goldman chief executive continued that tradition on Tuesday with a letter encouraging the 2025 intern class to “participate in team meetings” and not to “settle for anything less than your best work,” according to a copy of the email obtained by Business Insider.In an apparent nod to this year’s market volatility, he also reminded them to stay focused on the job at hand.”The only constant is change,” the note said, referencing the “highly dynamic environment” the…

Boeing 737 aircraft fuselages are pictured at the company’s Renton factory in Renton, Washington, on April 15, 2025. Jason Redmond | AFP | Getty ImagesBoeing’s gross orders for new airplanes hit 303 last month, the most since December 2023, as the company makes strides against its rival Airbus and works to stabilize production of its bestselling jets near the Federal Aviation Administration limit.The manufacturer handed over 45 aircraft in May, in line with the month before but higher than the 24 it delivered a year earlier.This year through May, Boeing delivered 220 airplanes to customers, while Airbus delivered 243 planes.…

Miley Cyrus shared in a recent podcast interview about her past drug use and how she hid those purchases from her accountant by calling them “vintage clothes.”The 32-year-old Grammy-winning singer said that drugs were a large part of the creative process recording her 2015 album “Miley Cyrus & Her Dead Petz.” Miley Cyrus at the 2025 Met GalaGetty Images ​​”The drugs were the biggest cost, which to hide those from my accountant, we called them ‘vintage clothes,'” Cyrus said on an episode of The Ringer’s “Every Single Album” podcast. “So she would get these checks for thousands of dollars worth…

2025-06-10T13:07:05Z Share Facebook Email X LinkedIn Copy link lighning bolt icon An icon in the shape of a lightning bolt. Impact Link Save Saved Read in app This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in. Paramount is cutting 3.5% of its US workforce amid linear TV declines. The layoffs follow similar moves by Disney and Warner Bros. Discovery in recent days. The industry is navigating a painful shift from legacy TV to streaming. Paramount is laying off 3.5% of its US workforce as it deals with ongoing…

US Speaker of the House Mike Johnson Photographer: Kevin Dietsch/Getty ImagesKevin Dietsch/Photographer: Kevin Dietsch/Gett The House-passed version of the Trump administration’s “Big Beautiful Bill,” now in the Senate, is almost certain to pass in one form or another, despite threats by budget hawks to oppose it if certain cuts are not made, and by blue state Republicans who want different ceilings on the state and local tax deduction. The alternative — a significant tax hike at the end of the year — is, for many, too radical to contemplate. Nevertheless, the time between now and the vote to finalize it will…

Enjoy complimentary access to top ideas and insights — selected by our editors. President Donald Trump’s “One Big Beautiful Bill” has weathered numerous voting rounds, a temporary stoppage and more, but changemakers are confident that it will all be finalized by July 4.Chris Kleponis/Bloomberg President Donald Trump’s “One Big Beautiful Bill” is fast approaching the finish line, and has accumulated updates that not only set out to renew expiring portions of his landmark Tax Cuts and Jobs Act, but add new provisions to the Tax Code.The legislation is currently under review in the Senate, and could be in for a…

The Paramount Studios in Los Angeles on April 29, 2024.Eric Thayer | Bloomberg | Getty ImagesParamount Global is cutting its U.S.-based staff by 3.5%, or several hundred employees, in the latest round of layoffs at the media company as it contends with the decline of the traditional pay-TV bundle and macroeconomic headwinds.The company notified its staff of the impending layoffs on Tuesday morning, according to a memo viewed by CNBC. The memo, which came from the office of the CEO — George Cheeks, Chris McCarthy and Brian Robbins — said the majority of the impacted staff will be notified on…