Latest news with #BernieMoreno
Yahoo
3 days ago
- Automotive
- Yahoo
The Senate is looking to trim some of Trump's favorite tax breaks
Some sad news for America's motor sports enthusiasts: The GOP's 'one big, beautiful bill' might not give you a tax break on a new four-wheeler, after all. Senate Republicans on Monday night unveiled their version of the legislation's tax section, which includes a number of departures from the text passed by the House last month. Among them are several trims to the populist tax breaks advocated by President Trump: Cuts for workers who earn tips or work overtime get pared back some, as does a deduction for auto loan interest that lower-chamber lawmakers would have extended to ATV and RV purchases too. Here's a quick rundown of the Senate bill and some notable tweaks. One thing to keep in mind: All these breaks end after 2028 in order to reduce their cost on paper. Most experts assume there will be some pressure to renew them. The Senate bill includes Trump's signature campaign tax proposal, but reins it in slightly compared to the House version. It would shield up to $25,000 worth of tips from federal income taxes by letting filers deduct them from their returns. (They'd still owe Medicare and Social Security payroll taxes on those earnings). The break is available to itemizers and non-itemizers alike, but starts phasing out for individuals who earn at least $150,000 a year, or $300,000 for joint filers. The House version is slightly more generous, placing no limit on how much tip income employees could deduct. It would bar 'highly compensated' employees from receiving the break, currently defined as individuals making more than $160,000. To keep Americans from abusing the measure by swapping their regular salary for gratuities, the new deduction will only be available to workers in jobs 'which customarily and regularly received tips' prior to 2025, like waiters and Uber drivers. The Treasury secretary will also be required to create a list of eligible occupations. By subscribing, you are agreeing to Yahoo's Condizioni and Informativa sulla privacy The Senate also gave this break a bit of a haircut. Under its version, workers can deduct up to $12,500 worth of overtime pay from their income taxes; the benefit begins phasing out for households making over $150,000. Under the House bill, there was no limit to how much overtime households can deduct, though highly compensated employees aren't eligible. One nuance here: Under the proposal, workers can only deduct the 50% bonus they are paid for overtime under federal labor law. In other words, the 'half' in 'time-and-a-half' would be tax-free. Read more: What is taxable income, and how can you reduce it? This measure will let a couple deduct up to $10,000 in annual interest from a loan used to buy a new car or motorcycle, as long as it's assembled in America, with the benefit phasing out for couples earning more than $200,000. The big change? Unlike under the House proposal, all-terrain and recreational vehicles won't qualify for the deduction. Ohio Sen. Bernie Moreno, a former car dealer himself, had been especially critical of their previous inclusion. 'An R.V.? Motorcycles? A.T.V.s?' he told the New York Times. 'That's not the idea; the idea is to help working Americans be able to afford a car.' Here's one tax break the Senate would make more generous: The chamber's proposal would create a new, temporary $6,000 deduction for senior citizens, phasing out for individuals making more than $75,000 or couples earning more than $150,000. The House version, meant to replace Trump's much more sweeping and expensive call to end taxes on Social Security, is just $4,000. Read more: 4 ways to save on taxes in retirement The fate of the State and Local Tax Deduction is still one of the biggest and most politically consequential questions hanging over this legislation. In the House, blue state Republicans successfully negotiated to lift the current $10,000 cap, which was put in place as part of the 2017 Tax Cuts and Jobs Act, up to $40,000 a year. The Senate GOP, which doesn't include any members from high-tax New York or California, has looked to lower that ceiling back down a bit to reduce their legislation's cost. Currently, the Senate bill would leave the cap at $10,000, but that's seen as a placeholder until lawmakers can negotiate a final number. Republican House members from New York have already started firing warning shots. 'After engaging in good faith negotiations, we were able to increase the cap on SALT from $10,000 to $40,000,' New York Rep. Mike Lawler posted on X. 'That is the deal and I will not accept a penny less. If the Senate reduces the SALT number, I will vote NO and the bill will fail in the House.' Jordan Weissmann is a senior reporter at Yahoo Finance. Sign up for the Mind Your Money newsletter Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
Yahoo
3 days ago
- Automotive
- Yahoo
The Senate is looking to trim some of Trump's favorite tax breaks
Some sad news for America's motor sports enthusiasts: The GOP's 'one big, beautiful bill' might not give you a tax break on a new four-wheeler, after all. Senate Republicans on Monday night unveiled their version of the legislation's tax section, which includes a number of departures from the text passed by the House last month. Among them are several trims to the populist tax breaks advocated by President Trump: Cuts for workers who earn tips or work overtime get pared back some, as does a deduction for auto loan interest that lower-chamber lawmakers would have extended to ATV and RV purchases too. Here's a quick rundown of the Senate bill and some notable tweaks. One thing to keep in mind: All these breaks end after 2028 in order to reduce their cost on paper. Most experts assume there will be some pressure to renew them. The Senate bill includes Trump's signature campaign tax proposal, but reins it in slightly compared to the House version. It would shield up to $25,000 worth of tips from federal income taxes by letting filers deduct them from their returns. (They'd still owe Medicare and Social Security payroll taxes on those earnings). The break is available to itemizers and non-itemizers alike, but starts phasing out for individuals who earn at least $150,000 a year, or $300,000 for joint filers. The House version is slightly more generous, placing no limit on how much tip income employees could deduct. It would bar 'highly compensated' employees from receiving the break, currently defined as individuals making more than $160,000. To keep Americans from abusing the measure by swapping their regular salary for gratuities, the new deduction will only be available to workers in jobs 'which customarily and regularly received tips' prior to 2025, like waiters and Uber drivers. The Treasury secretary will also be required to create a list of eligible occupations. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy The Senate also gave this break a bit of a haircut. Under its version, workers can deduct up to $12,500 worth of overtime pay from their income taxes; the benefit begins phasing out for households making over $150,000. Under the House bill, there was no limit to how much overtime households can deduct, though highly compensated employees aren't eligible. One nuance here: Under the proposal, workers can only deduct the 50% bonus they are paid for overtime under federal labor law. In other words, the 'half' in 'time-and-a-half' would be tax-free. Read more: What is taxable income, and how can you reduce it? This measure will let a couple deduct up to $10,000 in annual interest from a loan used to buy a new car or motorcycle, as long as it's assembled in America, with the benefit phasing out for couples earning more than $200,000. The big change? Unlike under the House proposal, all-terrain and recreational vehicles won't qualify for the deduction. Ohio Sen. Bernie Moreno, a former car dealer himself, had been especially critical of their previous inclusion. 'An R.V.? Motorcycles? A.T.V.s?' he told the New York Times. 'That's not the idea; the idea is to help working Americans be able to afford a car.' Here's one tax break the Senate would make more generous: The chamber's proposal would create a new, temporary $6,000 deduction for senior citizens, phasing out for individuals making more than $75,000 or couples earning more than $150,000. The House version, meant to replace Trump's much more sweeping and expensive call to end taxes on Social Security, is just $4,000. Read more: 4 ways to save on taxes in retirement The fate of the State and Local Tax Deduction is still one of the biggest and most politically consequential questions hanging over this legislation. In the House, blue state Republicans successfully negotiated to lift the current $10,000 cap, which was put in place as part of the 2017 Tax Cuts and Jobs Act, up to $40,000 a year. The Senate GOP, which doesn't include any members from high-tax New York or California, has looked to lower that ceiling back down a bit to reduce their legislation's cost. Currently, the Senate bill would leave the cap at $10,000, but that's seen as a placeholder until lawmakers can negotiate a final number. Republican House members from New York have already started firing warning shots. 'After engaging in good faith negotiations, we were able to increase the cap on SALT from $10,000 to $40,000,' New York Rep. Mike Lawler posted on X. 'That is the deal and I will not accept a penny less. If the Senate reduces the SALT number, I will vote NO and the bill will fail in the House.' Jordan Weissmann is a senior reporter at Yahoo Finance. Sign up for the Mind Your Money newsletter
Yahoo
13-06-2025
- Politics
- Yahoo
Ohio lawmakers react to Israel attacking Iran's nuclear, missile sites
Ohio lawmakers have reacted to Israel's attack on Iran's nuclear and missile sites. [DOWNLOAD: Free WHIO-TV News app for alerts as news breaks] We will have the latest developments from the Middle East this morning on News Center 7 Daybreak from 4:25 a.m. until 7 a.m. TRENDING STORIES: Have you seen her? Police looking for missing 40-year-old woman Arrest made in connection to shooting that killed Dayton teen Officer shoots armed man after he runs from police, chief says As reported on News Center 7 at 11:00, Israel attacked Iran early Friday in strikes that targeted the country's nuclear program. The Associated Press reported that at least two military officers were killed. Israel's military said early Friday that it had begun intercepting Iranian drones launched in retaliation. Several Ohio lawmakers have reacted to Israel striking Iran's nuclear facilities and military leaders. Senator Bernie Moreno talked about the dangers of a nuclear Iran. 'Red lines are red lines. A nuclear Iran would be the end of Israel, its people, and would destabilize the world. Praying for the safety of our troops, for peace, and for the people of the Middle East.' Senator Jon Husted defended Israel's strike by saying it was necessary to stop Iran from becoming a 'nuclear state.' 'A nuclear Iran would be a danger to Israel, the entire Middle East, and the United States. Iran refused to negotiate a peaceful solution or to give up its nuclear ambitions. This limited strike by Israel was a necessary step to thwart Iran's ambition to become a nuclear state.' Cincinnati Congressman Greg Landsman said Israel 'justifiably' defended itself. 'Iran has long worked to destroy Israel, through terror armies on Israel's borders and with direct attacks. The international watchdog agency has declared Iran to be in violation of agreements regarding their nuclear program. Israel is justifiably defending itself and its people.' News Center 7 will continue to follow this story. [SIGN UP: WHIO-TV Daily Headlines Newsletter]
Fox News
12-06-2025
- Politics
- Fox News
'Spectacle of himself': Senate Republicans blast Alex Padilla after his forcible removal from DHS presser
After Democratic California Sen. Alex Padilla was forcibly removed and detained during a press event in his home state involving Homeland Security Secretary Kristi Noem, his Republican colleagues blasted the senator for potentially breaking the law and making "a spectacle of himself" rather than doing his job. Video of the incident showed Padilla trying to walk up to Noem while she was speaking at a podium during a press conference in Los Angeles. Padilla simultaneously attempted to shout over Noem, but law enforcement stepped in and forcefully stopped Padilla's advance. Padilla was eventually taken to the ground and handcuffed, the video showed. Fox News reporters who were present said Padilla appeared to be detained for a period of time. "I think [Padilla] should have been here in Washington voting," Sen. John Barrasso, R-Wyo., said of the incident when asked for a reaction. "He has a responsibility to his constituents, to show up at work, not to go try to make a spectacle of himself." While Democrats are angerd by the way law enforcement handled the incident, Republicans like Ohio Sen. Bernie Moreno and Majority Leader John Thune have signaled they want to learn the facts of what took place. Moreno said if Padilla broke the law, it would have been right to arrest him. "The important facts are, was he committing a crime? Right? The fact that I'm a United States senator doesn't make me immune from laws. In fact, the Democrats are the ones that like to say 'nobody's above the law,'" said Moreno, who had not seen the video at the time Fox News Digital spoke to him. "If you walked into the Senate chamber right now and started yelling and screaming and asking questions, you couldn't say, 'Wait a second, I have a First Amendment right to do this.' It would be more than frowned upon. The Capitol Police would escort you out of the building. If you refuse to leave, they would arrest you." Moreno added he thought it was "a little ironic" that Democrats "cheered" as federal law enforcement raided President Donald Trump's house "with almost completely no justification whatsoever" but are condemning law enforcement now that one of them is caught in the crosshairs. However, at least one GOP senator, Alaska's Lisa Murkowski, sided with Democrats in their complaints over how Padilla was treated by law enforcement. "It's horrible. It is shocking at every level. It's not the America I know," Murkowski said. After the incident Thursday in Padilla's home state of California, Senate Democrats took to the front steps of the Capitol to speak out against law enforcement's treatment of Padilla. The Congressional Hispanic Caucus also marched over to House Speaker Mike Johnson's office to protest the incident. Padilla's office responded to the incident Thursday, describing the senator's actions as "exercising his duty to perform congressional oversight of the federal government's operations in Los Angeles." "He was in the federal building to receive a briefing with General (Gregory) Guillot and was listening to Secretary Noem's press conference," the statement from Padilla's says. "He tried to ask the secretary a question and was forcibly removed by federal agents, forced to the ground and handcuffed." The statement added Padilla was not "currently detained" and that his team was working to get additional information. But the White House fired back in a statement to Fox News, shifting criticism to Padilla for disrupting the press conference. "Padilla stormed a press conference without wearing his Senate pin or previously identifying himself to security, yelled and lunged toward Secretary Noem," White House deputy press secretary Abigail Jackson said. " Padilla didn't want answers; he wanted attention. Padilla embarrassed himself and his constituents with this immature, theater-kid stunt, but it's telling that Democrats are more riled up about Padilla than they are about the violent riots and assaults on law enforcement in LA."
Daily Mail
12-06-2025
- Politics
- Daily Mail
GOP senator floats moving 2028 Olympics from LA after riots
A Republican is calling for the 2028 Olympic host city of Los Angeles to be stripped of the honor of hosting the games after anti-ICE riots have engulfed the liberal city in flames. Senator Bernie Moreno (R-Ohio) said he is unsure of LA's ability to host matches during the 2026 FIFA World Cup in light of the violence and distress rocking the city. Moreno pointed to the realities of current political leadership at the state and local levels in California as the causes for his concern. Moreno suggested that LA's liberal leadership, who will still be in place in 2028, are 'incapable of handling two big, high-profile' event like the Olympics. 'Won't we be better off as a nation, just to make an acknowledgement of that and move it to someplace that actually will have law and order, that will have the proper amount of protections for American citizens and the tens of millions of visitors that are going to come to both of those events?' Moreno added during a Senate hearing. Oklahoma Senator James Lankford, who serves as the chair of the subcommittee during which Moreno's exchange took place, noted that President Donald Trump was the one who pushed for the United States to host the Olympics in Los Angeles during his first term. 'We're going to continue to welcome the world to the United States,' Lankford said Tuesday. 'We want to make this the most secure, and demonstrate the freedom that happens here in the United States, and literally invite the world to come enjoy that freedom with us,' Lankford also noted. Moreno's Tuesday exchange came one day after California Democratic Rep. Linda Sanchez told CNN Monday that the rioters participating in the fiery Los Angeles ICE protests were no different than sports fans. The California lawmaker also used the appearance to blast the Trump administration for sending both Marines and California National Guard members to the Golden State to deal to rioters who have set vehicles on fire and hurled bricks at law enforcement officers. 'It's no different than when a team wins a national championship and people get overexcited,' Sanchez said, adding that the 'vast majority of protestors have been peaceful.' 'We have been calling for protestors to protest peacefully, that is their constitutional right. The vast majority of protestors have been peaceful. There are always a few bad actors.' 'And yes, we think anybody who commits property damage ought to be arrested and ought to be prosecuted,' Sanchez noted. Sanchez condemned Trump's decision to deploy federal troops to handle civilian unrest as 'authoritarian flexing' that does not enhance anyone's safety.
