Latest news with #TheOneBigBeautifulBill
Indian Express
5 days ago
- Business
- Indian Express
‘Money, money, money': White House talks up ‘no tax on overtime' under Trump's pet bill that came under fire from Musk
The White House has touted the benefits of United States President Donald Trump's 'One Big Beautiful Bill,' which has seen pushback from many quarters and was the starting point for former DOGE chief Elon Musk's public critique of the president. A video posted by the official handle of the White House on multiple social media platforms Monday talked up the proposal to eliminate tax on tips and overtime. Asserting that 'you keep what you earn,' under the proposed bill, it proclaimed: 'More hours = More cash. That's America First.' followed by emojis of an explosion and the American flag. The White House captioned the post: 'Money, money, money, moneyyyy! Every overtime shift? TAX-FREE. Under President Trump's One Big Beautiful Bill, YOU KEEP WHAT YOU EARN. More hours = More cash. That's America First. US.' A post shared by The White House (@whitehouse) The 'One Big Beautiful Bill' seeks to shake up several aspects of the US economy, according to the Trump administration, including via Tax cuts: The bill promises permanent tax cuts, with a double-digit per cent decrease in tax bills No tax on tips and overtime: Eliminates federal taxes on tips and overtime pay for workers Tax relief for seniors: Slashes taxes on seniors' Social Security benefits Medicaid changes: Removes illegal immigrants from taxpayer-funded Medicaid benefits; Prohibits Medicaid funding for gender transition procedures for minors. Raises debt ceiling: It raises the upper limit on what the US government is allowed to borrow to keep itself running. The US government already runs a deficity. Why the bill has sparked debate The One Big Beautiful Bill has sparked intense debate and also ignited the infamous Trump-Musk feud. Days before exiting his role as a special government employee, Musk said he was 'disappointed' to see the bill. 'I was disappointed to see the massive spending bill, frankly, which increases the budget deficit and undermines the work that the DOGE team is doing,' Musk said, while speaking to CBS News. 'I think a bill can be big or it can be beautiful, but I don't know if it can be both,' he said. Once outside the government setup, his criticism was more scathing, calling it a 'disgusting abomination'. He also called on the Americans to tell their representatives in Washington to 'kill the bill'. Trump soon turned his ire towards his once staunch ally, warning him of 'serious consequences' if the Tesla boss proceeded with plans to fund Democratic candidates.
Time of India
15-06-2025
- Business
- Time of India
Strict checks coming in! RBI to tighten rules for overseas remittances by resident Indians; here's what is being planned
The RBI's Liberalised Remittance Scheme (LRS) governs foreign investments by individuals. (AI image) The Reserve Bank of India intends to strengthen regulations concerning international money transfers, that is, overseas remittances by Indian residents, with new restrictions on foreign currency deposits that involve lock-in periods. The RBI's Liberalised Remittance Scheme (LRS) governs foreign investments by individuals, permitting resident Indians to send up to $250,000 annually for various purposes, including overseas education, travel, investment in equity and debt instruments, and healthcare services. The RBI will modify its guidelines to stop international transfers from being utilised to deposit funds in overseas interest-bearing accounts or time deposits, an official told Reuters. "This is akin to passive wealth shifting, which is a red flag for the RBI in a still-controlled capital regime," noted the official. India's conservative approach towards increasing outward remittances and complete rupee convertibility is evident in these proposed modifications, as officials work to protect forex reserves and control currency fluctuations, according to the sources. The central bank, whilst in talks with the government, intends to implement measures preventing such deposits from being made under different nomenclatures, as per the second source. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like What She Did Mid-Air Left Passengers Speechless medalmerit Learn More Undo Also Read | Rs 4.58 crore siphoned off from customer accounts, FDs! How former ICICI Bank relationship manager pulled off a stunning fraud - explained in 10 points The initiative aims to streamline regulations within the scheme's legal structure, aligning with the central bank's stated objectives in its yearly report. According to RBI statistics, individual residents' outward remittance deposits increased significantly to $173.2 million in March, up from $51.62 million in February. March traditionally sees heightened outward remittances as residents seek to utilise their yearly allowances and manage tax implications. Whilst it remains the scheme's peak period under LRS, the RBI has expressed concerns about potential passive fund parking. The total outward remittances under the scheme for the financial year 2024/25 showed a slight decrease but maintained substantial levels at approximately $30 billion, compared to $31 billion in the previous year. The outbound transfers from India through the programme have shown consistent growth, especially with fintech companies and private banking institutions facilitating international investments for individual investors. Also Read | Remittances tax: How Donald Trump's 'The One Big Beautiful Bill' may turn out to be ugly for Indians in the US "The move addresses a growing misuse of the scheme as a vehicle for passive capital export," according to the second official. "It also aligns the scheme more closely with India's calibrated approach to capital account convertibility." India maintains a prudent stance regarding unrestricted outward flows, primarily to safeguard its forex reserves and regulate currency fluctuations. The updated regulations will not impact authorised foreign investments in shares, mutual funds or real estate under the LRS, as confirmed by the second official. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
10-06-2025
- Automotive
- Yahoo
Have you seen this car?
Donald Trump's red Tesla was not seen on the White House grounds on Tuesday. Trump bought a red Tesla Model S in March. Trump and Elon Musk have been going through a very public spat. Donald Trump may be erasing one very public sign of Elon Musk's White House tenure. Trump's red Tesla Model S was not in its usual spot on the White House grounds on Tuesday, ABC News's Jonathan Karl wrote on X. Monday afternoon, hours before the car's apparent absence was noticed, Trump said that he might move the vehicle amid his very public spat with Musk, the man who once called himself Trump's "First Buddy." "I may move the Tesla around a little bit, but I don't think we'll be doing that with Starlink," he told reporters. "It's a good service." Trump didn't say where he might move it. "I have a lot of locations," he said. "I had so many locations that I don't know what to do with them all." The president could have had the car moved to one of his properties, including his private golf club near the nation's capital. Trump and his allies have criticized Musk after the world's richest man refused to back down from his call to kill "The One Big Beautiful Bill," the centerpiece of the president's domestic agenda. Musk retorted by alleging that Trump is blocking the release of the so-called "Epstein Files" because of his ties to the disgraced financier Jeffrey Epstein. Trump bought the Tesla in March at a White House event aimed at bucking up Musk's flagship company as backlash mounted to the billionaire's work with the White House's DOGE office. At the time, a handful of top administration officials made public moves to boost Tesla as its share prices tanked amid protests at dealerships and a rise in trade-ins of its popular EVs. Following last week's high-profile spat, a White House official said Trump was considering selling the car. A White House spokesperson did not immediately respond to a request for comment from Business Insider. Read the original article on Business Insider
Business Insider
10-06-2025
- Automotive
- Business Insider
Have you seen this car?
Donald Trump 's red Tesla was not seen on the White House grounds on Tuesday. Trump bought a red Tesla Model S in March. Trump and Elon Musk have been going through a very public spat. Donald Trump may be erasing one very public sign of Elon Musk 's White House tenure. Trump's red Tesla Model S was not in its usual spot on the White House grounds on Tuesday, ABC News's Jonathan Karl wrote on X. Meanwhile … The red Tesla that @POTUS bought from @elonmusk is no longer at the White House — Jonathan Karl (@jonkarl) June 10, 2025 Monday afternoon, hours before the car's apparent absence was noticed, Trump said that he might move the vehicle amid his very public spat with Musk, the man who once called himself Trump's "First Buddy." "I may move the Tesla around a little bit, but I don't think we'll be doing that with Starlink," he told reporters. "It's a good service." Trump didn't say where he might move it. "I have a lot of locations," he said. "I had so many locations that I don't know what to do with them all." The president could have had the car moved somewhere else, including to his private golf club near the nation's capital. Trump and his allies have criticized Musk after the world's richest man refused to back down from his call to kill "The One Big Beautiful Bill," the centerpiece of the president's domestic agenda. Musk retorted by alleging that Trump is blocking the release of the so-called "Epstein Files" because of his ties to the disgraced financier Jeffrey Epstein. Trump bought the Tesla in March at a White House event aimed at bucking up Musk's flagship company as backlash mounted to the billionaire's work with the White House's DOGE office. At the time, a handful of top administration officials made public moves to boost Tesla as its share prices tanked amid protests at dealerships and a rise in trade-ins of its popular EVs. Following last week's high-profile spat, a White House official said Trump was considering selling the car. A White House spokesperson did not immediately respond to a request for comment from Business Insider.
Business Insider
08-06-2025
- Business
- Business Insider
Elon Musk and President Trump Clash Heads on X amid 'One Big Beautiful Bill'
The last few days on X have been a showdown between President Trump and his longtime friend, Elon Musk. They have gone back and forth with each other, with Elon being very vocal about his disapproval of the One Big Beautiful Bill. This has been surprising for many observers, given the well-known and open relationship between the President and the tech billionaire. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Over the last 140 days of President Trump's second term, we have seen the close-knit relationship between him and Elon Musk. Elon served as the head of DOGE (Department of Government Efficiency) for the first 130 days of Trump's second term, wiping out more than $170 billion from U.S. government spending. Elon's last day in office included a meeting with President Trump in the Oval Office to praise Elon and the DOGE team for the work they had been doing. 'Elon is really not leaving, he's gonna be back and forth, I think I have a feeling,' Trump said. Musk added, 'The DOGE team is doing an incredible job. They're going to continue doing an incredible job, and I will continue to be visiting here and be a friend and advisor to the President.' The One Big Beautiful Bill Looking at President Trump's new bill, which he wants the Senate to pass by July 4th, there is a lot to uncover and discuss about what he wants for America. To begin with, he starts with lots of tax relief for American families and workers. He permanently extends lower federal income tax brackets and repeals the deduction for personal exemptions. He permanently doubles the child tax credit to $2,000 and then implements a temporary boost to $2,500 until 2028 to adjust for inflation. Additional tax benefits include deductions on tips and overtime pay for workers. He includes major Medicaid cuts by adding work requirements, frequent eligibility checks, and restrictions on who can be covered (transgender care ban, caps on undocumented immigrants). Looking now at national defense—this is where the bill has seen some negative feedback. Trump wants to have a massive defense boost by spending $150 billion on new defense projects and a new 'Golden Dome' weapon system. Within this $150 billion investment, about $50–$70 billion would be allocated for new border wall construction and an increase in CBP and ICE agents. Finally, looking at energy, Trump wants to end the tax break for electric cars, which would also eliminate credits to make solar panels and wind farms cheaper to install. In addition, he wants to cut renewable energy capacity in half, which could lead to more fossil fuels and ultimately more pollution. All in all, this would reduce current government revenue by $3.7 trillion through tax breaks and deductions, offset by government spending cuts of $1.3 trillion through reductions in government programs. The net result, however, is that this would add more than $2.5 trillion of new debt for the U.S. over the next decade. Elon Musk Calls Out President Trump on New Bill Musk has turned against Trump and the bill because it ultimately goes against all the work he and the DOGE team accomplished over the last 130 days—reducing U.S. spending, promising to begin balancing the budget, and lowering national debt levels. On Wednesday, Elon started sharing his views about the bill on X: 'Call your Senator, Call your Congressman, Bankrupting America is NOT ok, KILL the BILL.' The main issue Elon has with the bill is that it adds more than $2.5 trillion back into the nation's debt; in contrast, his job at DOGE and Trump's promise to America were to cut government spending and decrease the national deficit. He continued to vocalize his opinions about the bill all day Thursday. While he agrees with parts of the bill—including cutting the tax break for electric vehicles—Elon tweeted: 'Either you get a big and ugly bill or a slim and beautiful bill; Slim and beautiful is the way.' During President Trump's press conference on Thursday with German Chancellor Friedrich Merz, he finally had a chance to give his opinion: 'I'm very disappointed with Elon. I've helped him a lot. He knew the inner workings of the bill better than anybody sitting here. He had no problem with it. All of a sudden, he had a problem, and he only developed the problem when he found out we're going to cut the EV mandate.' Elon was quick to respond by saying: 'False. This bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it!' The two continued later into Thursday, going back and forth, with Trump even threatening to terminate Elon's Tesla (TSLA) and SpaceX government-backed contracts and subsidies. Elon's comments on Thursday led Tesla stock to decrease 15%, wiping out more than $150 billion in market cap—one of the largest single-day declines and the largest single-day dollar loss in Tesla's history. Since then its been able to correct itself just slightly, but not a full rebound to Wednesdays price. Elon has continued to be vocal on X in showing his displeasure with the new bill, calling on U.S. Senators to take a close look at it over the next few weeks and implement major changes. Conclusion
