Tobias Burns

4 days ago | ktla.com | Emily Brooks |Tobias Burns

The House Ways and Means Committee, which has jurisdiction over taxes, on Friday evening released partial text for its portion of President Trump’s “big beautiful bill” and scheduled a meeting to debate and advance the legislation for Tuesday at 2 p.m.The proposal had been highly anticipated, but the text released Friday appears to leave out some of the most contentious issues that have divided Republicans and threatened to sink the bill.

5 days ago | thehill.com | Tobias Burns

President Trump announced a trade agreement with the U.K. on Thursday, the first country-specific deal since the April 2 “Liberation Day” import taxes that raised the overall U.S. tariff rate to the highest level in more than a century. The U.K. deal is meant to be the first of many for Trump, and comes as Treasury Secretary Scott Bessent heads to Switzerland for high-stakes trade talks with China.

1 week ago | thehill.com | Tobias Burns

The Federal Reserve’s interest rate setting committee held rates steady Wednesday at a range of 4.25 to 4.5 percent, despite calls from President Trump to lower borrowing costs amid price pressures from his trade war. Wednesday’s rate hold was the third in a row, following pauses during meetings in March and January, after the central bank cut rates three times in the back half of 2024. The Fed’s move was in line with market expectations.

1 week ago | thehill.com | Tobias Burns

Businesses are worried about the possible cancellation of a tax treaty between the U.S. and China as Treasury Secretary Scott Bessent gets ready for trade talks in Switzerland. U.S. businesses operating in China could have a hard time collecting profits and will have to pay higher taxes if the treaty is done away with or scaled back, business groups argue.

1 week ago | thehill.com | Tobias Burns

A block of five Republicans from suburban districts is setting itself apart from the larger group of Republicans who want to raise the controversial state and local tax (SALT) deduction cap. The lawmakers are saying they’re prepared to vote no as a group on the wide-ranging tax and spending cut package key to President Trump’s agenda if they don’t get the raise they want. The group consists of Reps.