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Rep. Ro Khanna says he’s “glad” Elon Musk is “speaking up” about budget bill – CBS News Watch CBS News What do Democrats think about Elon Musk’s call to kill the Trump agenda budget bill? Rep. Ro Khanna of California joins “The Takeout” with his reaction. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On Source link

Does David Zaslav deserve a $51.9 million payday?With Warner Bros. Discovery facing falling revenue, stalling earnings, and a 60% stock decline in the last three years, shareholders don’t think so.This week, they resoundingly rejected the proposed pay package for Zaslav, the company’s CEO, which would give him a 4% raise. Nearly 60% of shareholders’ non-binding votes were against this hefty package, which is an unusually high mark. (Zaslav’s stock-heavy compensation package is largely tied to boosting cash flow and paying down debt.)Although WBD shares have risen about 20% in the past year, they’re still trading below $10. That’s down from…

Senate Majority Leader John Thune believes the deal that led the House to increase the maximum deduction for state and local taxes to $40,000 will have to be changed in his chamber, according to his office.  The Senate has begun deliberations over President Donald Trump’s massive “Big Beautiful Bill” that narrowly passed the House on May 22, with several Republican senators expressing concerns over its cost as well as cuts to Medicaid and clean energy tax credits.Ryan Wrasse, a Thune spokesman, did not provide details about how, exactly, the deal might be revised.   Republican lawmakers from states like New York and California…

The House-passed version of President Donald Trump’s tax and spending bill would add $2.42 trillion to U.S. budget deficits over the next decade, according to a new estimate from the nonpartisan Congressional Budget Office.The CBO’s calculation, released Wednesday in its so-called scoring of the “One Big Beautiful Bill,” reflects a $3.67 trillion decrease in expected revenues and a $1.25 trillion decline in spending over the decade through 2034, relative to baseline projections.Prospects for an even more dire U.S. fiscal trajectory threaten to stoke concerns about the bill among GOP fiscal hawks. Trump ally Elon Musk on Tuesday blasted the package…

Private sector employment increased by only 37,000 jobs in May, payroll giant ADP reported Wednesday, down from a revised figure of 60,000 in April, while annual pay increased 4.5% year over year.The professional and business services sector, which includes accounting and tax preparation services, lost 17,000 jobs, although the financial activities sector, which includes banking,  gained 20,000 jobs. The goods-producing sector lost 2,000 jobs.”May job growth slowed for the second straight month, and this is after a strong start to the year where hiring was really solid, we’re seeing that same hiring lose momentum,” said ADP chief economist Nela Richards…

The US housing market has been brutal for buyers to navigate in the last few years, leaving house hunters wondering when conditions might ease. Goldman Sachs shared three predictions this week about where things may be headed. The bank updated its forecast for the path of mortgage rates, predicted the impact of Donald Trump’s possible move to shake up mortgage finance giants Fannie Mae and Freddie Mac, and examined the possible effects of lower immigration on supply. Here’s what the bank sees ahead for US housing through the rest of 2025. Mortgage rates will stay elevatedDon’t count on rate cuts…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldDonald Trump’s landmark tax bill will add $2.4tn to the US debt by 2034, the congressional fiscal watchdog has warned, in the latest blow to the president as he urges the Senate to back the legislation. The Congressional Budget Office said on Wednesday that what the US president has dubbed the “big beautiful bill” would drive up budget deficits over the coming decade, despite the administration’s insistence it would slash them.The non-partisan estimate comes a day after billionaire Trump backer Elon…

“Too Late Powell” is in the president’s crosshairs again.That’s the nickname Donald Trump has given to Federal Reserve Chairman Jerome Powell, whom he’s said repeatedly this year has been late to adjust monetary policy and lower borrowing costs for Americans.Wednesday’s private payrolls report is the latest data point Trump is using to support his critique of the central bank chief.ADP data showed private payrolls rose 37,000 in May, lower than the 110,000 jobs economists were expecting.”ADP NUMBER OUT!!!” Trump wrote in a post on Truth Social shortly after the private payrolls data rolled out Wednesday morning. “‘Too Late’ Powell must…

Senate Republican Leader John Thune said President Donald Trump’s giant fiscal bill is unlikely to repeal the estate tax.”I’d love to get rid of it,” Thune told reporters Wednesday, adding that senators had considered repealing the tax. “I don’t think it’s probably likely to happen here.”Thune has been a vocal critic of the 40% estate tax paid by the wealthiest U.S. individuals when they die. The South Dakota Republican has assailed the levy, which he says harms family-owned businesses and farms.Thune told reporters he anticipates the Senate version of the bill will mirror the House’s plan. The legislation permanently increases…

Service over the phone and at Taxpayer Assistance Centers and safety at TACs are among the issues still in need of improvement by the Internal Revenue Service, according to the latest report to Congress from the Treasury Inspector General for Tax Administration.TIGTA’s “Semiannual Report to Congress” examines IRS activities from Oct. 1, 2024, to March 31, 2025, in the wake of the Inflation Reduction Act pumping some $80 billion in supplemental funding to the agency (which was cut by Congress as of last March to $37.6 billion).Among the findings:1. Toll-free lines. Similar to the 2023 season, expectations were for the IRS…