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Rep. Gwen Moore, D-Wisconsin, a member of the tax-writing House Ways and Means Committee, introduced legislation Thursday to expand the Section 199A Qualified Business Income deduction to provide a bigger benefit to the smallest businesses.The Mom and Pop Tax Relief Act, H.R. 3249, would let businesses deduct $25,000 of their QBI, giving small businesses with lower revenues an advantage. The deduction would phase out at $200,000 of QBI for single filers and $400,000 of QBI income for joint fillers, providing targeted tax relief to small businesses.The Tax Cuts and Jobs Act of 2017 created the Section 199A deduction, which allows…

President Trump withdrew the nomination of Ed Martin, seen here in 2023, for U.S. Attorney for D.C., after facing bipartisan pushback from the U.S. Senate. Amanda Andrade-Rhoades/AP hide caption toggle caption Amanda Andrade-Rhoades/AP President Trump announced he will withdraw his nomination for U.S. Attorney for Washington, D.C., following unified opposition from Senate Democrats and pushback from some key Republicans. Ed Martin, a longtime Republican activist with no previous prosecutorial experience, had been serving as the interim U.S. Attorney in the nation’s capital since Trump’s inauguration. Trump said he was “very disappointed” by the Senate’s response, but promised to name a…

I first moved from Colorado to Bozeman, Montana, in 2012 for a publishing job. Immediately, the picturesque city felt like home.My community felt small, vibrant, athletic, and artsy. I loved being surrounded by nature and hiking and snowboarding in the mountains one day while taking advantage of convenient city perks, like walkable stretches of restaurants and shops, the next.For years, my rent was never more than $600 a month for either a one-bedroom or a large studio apartment, and the cost of living felt easy for me to navigate. In 2017, I moved to Missoula for a career switch, but…

Updated 2025-05-08T18:19:05Z 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. Jeff Bezos sold one of his several Washington properties after moving to Miami in 2023. He snapped up three mansions on Indian Creek Island, leaving behind eight properties in Washington. He closed the reported deal for $63 million on a Hunts Point estate. Amazon founder Jeff Bezos has amassed a real…

House Speaker Mike Johnson said Republicans are discussing raising the state and local tax deduction cap to $30,000 — among other options — as the party seeks to resolve disagreements on the details of President Donald Trump’s tax package.”I’ve heard that number, and I’ve heard others as well,” Johnson told reporters on Thursday.”It’s still an ongoing discussion amongst the members, and I think we’ll find the right point,” he added. “I’m not going to handicap it because I’m not sure exactly what that is, but there’s a lot of analysis that’s going into it.”Republicans are seeking a deal between members…

House Republicans are considering nixing a Medicaid drug pricing plan floated by President Donald Trump and fiercely opposed by the pharmaceutical industry as the party pushes to strike a massive tax and spending deal in the coming days. But drugmakers may not be totally off the hook. Lawmakers have separately discussed eliminating a tax deduction for pharmaceutical advertising, Representative Vern Buchanan, the chairman of the House tax committee’s health subcommittee, said Thursday. It’s unclear whether that provision will be in the final tax cut package.”I know it’s been brought up, so I don’t know where it landed,” Buchanan said.Representative Richard Hudson of…

Warner Bros. Discovery is putting a stop to password mooching — eventually.HBO’s parent company is now telling users that they need their own Max accounts to catch up on “The White Lotus.” WBD wants users to make their own accounts or get their account holder to pay an extra $8 a month to give them access.Netflix popularized that “paid sharing” strategy to great success, and Disney is doing the same. But those mooching off their friend’s account don’t have to reach for their credit cards just yet. While WBD is starting to gently encourage freeloaders to pay up, executives said…

Bill Gates arrives for a press conference to launch the Global Polio Eradication Initiative at the European Commission’s Berlaymont headquarters in Brussels on October 11, 2023.Simon Wohlfahrt | Afp | Getty ImagesBillionaire Bill Gates announced on Thursday that he will double his charitable giving to $200 billion over the next 20 years.In a blog post, the Microsoft co-founder wrote that he was motivated by the many challenges facing the world, such as children’s health and climate change, as well as the late Andrew Carnegie’s admonishment of wealth hoarding.”People will say a lot of things about me when I die, but…

Justin Sullivan | Getty Images News | Getty ImagesKrispy Kreme stock plunged 24% on Thursday morning after the doughnut chain said it is “reassessing” its rollout with McDonald’s and pulled its full-year outlook in part due to economic “softness.”Krispy Kreme is not planning to launch its doughnuts in any additional McDonald’s locations in the second quarter, suspending a nationwide rollout. As of March 30, more than 2,400 of the burger chain’s roughly 13,500 domestic locations carried Krispy Kreme doughnuts.”I remain confident in the long-term national opportunity, but we need to work together with them to identify levers to improve sales,”…

From Apple Inc. to General Motors Co., corporate America is bracing for tens of billions of dollars in damages from Trump’s trade war — and that’s before most affected goods have landed.Among U.S. companies that have disclosed financial projections so far, GM sees a $5 billion hit this year, while Apple expects $900 million in higher costs in the current quarter. Nvidia is taking a $5.5 billion charge to account for new export controls.President Donald Trump’s administration imposed across-the-board tariffs on most imports and targeted some countries and industries for additional levies. Duties are as high as 145% on many…