Trump wants to close the carried interest tax loophole, a longtime target of Democrats
CBSN
President Trump is proposing to eliminate a tax loophole that's also a long-time target of some Democratic lawmakers.
Mr. Trump is working on "no tax on seniors' Social Security, no tax on overtime pay" as well as renewing the tax cuts in the 2017 Tax Cuts and Jobs Act, White House press secretary Karoline Leavitt said on Jan. 6. But, she added, the president also wants to abolish the "carried interest tax deduction loophole."
The latter tax break might not be well-known to many Americans given that it's predominantly used by hedge funds, private equity firms and other types of investment funds. That loophole allows investment managers to greatly lower their taxable income, a major perk for investors whose annual earnings can mount into the billions.
Mexico is handing over one of the FBI's Ten Most Wanted Fugitives to the United States after his arrest in Veracruz, officials said.
The Trump administration plans to eliminate a major research body of the Environmental Protection Agency, possibly cutting more than 1,000 employees, according to documents on the government's reduction in force agenda.
Amazon is suing the U.S. Consumer Product Safety Commission over the government agency's order requiring the online retailer to recall hundreds of thousands of potentially hazardous products sold by other sellers on its platform.
Washington — A federal judge on Tuesday found that Elon Musk and the White House's Department of Government Efficiency likely violated the Constitution when they unilaterally acted to shut down the U.S. Agency for International Development.
An Immigration and Customs Enforcement officer provided new details about the Trump administration's deportation flights of alleged gang members, but continued to argue the government had a right to reject a judge's order directing the planes to return to the U.S., even if they were already in the air.
More than 3 million deaths are reported to the Social Security Administration each year. Among them, a small portion — less than 10,000 — are erroneous and need to be corrected, according to the agency.
Washington — Chief Justice John Roberts issued a rare statement Tuesday defending federal judges who have issued decisions against the Trump administration, saying that "impeachment is not an appropriate response to disagreement" with a court's decision.
Chinese electric vehicle maker BYD says its new cars can be charged in almost the same time it takes to refill a gas engine vehicle at the pump, giving the world's top EV seller a major advantage in a highly competitive market.
Washington — More than 24,000 workers at 18 federal agencies who were fired as part of President Trump's efforts to shrink the size of the government are now in the process of being rehired following a federal judge's order last week.
Investors are bailing out of U.S. stocks — big time.
The Federal Bureau of Investigation is warning Americans to take precautions while traveling abroad on spring break.
Google owner Alphabet will buy cybersecurity firm Wiz for $32 billion — in a deal set to boost the tech giant's in-house cloud computing amid burgeoning artifical intelligence growth.
Senate Minority Leader Chuck Schumer argued Tuesday that he remains the "best leader for the Senate" despite backlash from some Democrats over his decision to allow a Republican-led measure to advance, avoiding a government shutdown.