Biden administration

Blinken report expected to say Israel is not breaking weapons terms, Axios reports

by
Blinken report expected to say Israel is not breaking weapons terms, Axios reports

U.S. Secretary of State Antony Blinken is expected to submit a critical report to Congress on Israel’s conduct in Gaza, which does not conclude that it has violated the terms for its use of U.S. weapons. The report also reviews the use of weapons by Israel and six other countries in different armed conflicts. President Joe Biden’s national security memorandum required the State Department to report to Congress by May 8 on whether Israel is violating international humanitarian law in Gaza, but the deadline was missed. The State Department is working hard to complete the report.

WTI edges up to $78.50 after Israeli strike on Rafah

by
WTI edges up to $78.50 after Israeli strike on Rafah

– West Texas Intermediate (WTI) crude oil was up slightly and hovering around .50 a barrel in Asian trading on Tuesday following Israel’s strike on Rafah in Gaza.
– Israeli forces targeted Rafah on Gaza’s southern edge through air and ground attacks, leading to concerns about potential disruptions in crude supplies from the region.
– Hamas accepted a ceasefire proposal from mediators, but Israel rejected the terms.
– Analyst forecasts suggested that crude oil and product stockpiles in the United States were anticipated to have declined last week.
– US President Joe Biden’s energy adviser stated that the US has ample oil supply in the Strategic Petroleum Reserve (SPR) to address any supply-related worries.
– The SPR remains close to 40-year lows despite the largest-ever sale of 180 million barrels following Russia’s invasion of Ukraine.
– The Biden administration has halted the repurchase of oil for the reserve due to crude trading above the targeted price of .00 per barrel.

Jordan’s King Abdullah presses Biden to avert Israel offensive in Rafah

by
Jordan’s King Abdullah presses Biden to avert Israel offensive in Rafah

Jordan’s King Abdullah warned U.S. President Joe Biden that an Israeli offensive in Rafah could lead to a new massacre of Palestinian civilians and urged urgent international action. Israel carried out airstrikes in Rafah, prompting concerns about a regional conflict. Biden pressed Israeli Prime Minister Netanyahu not to proceed with a large-scale military offensive in Rafah without a plan to protect civilians. The leaders discussed the need for a ceasefire in Gaza and the release of hostages held by Hamas. Jordan and other Arab states have been critical of Israel’s actions and have been calling for a ceasefire.

Warren Buffett predicts ‘higher taxes are likely’ since the national debt won’t pay for itself

by
Warren Buffett predicts ‘higher taxes are likely’ since the national debt won’t pay for itself

Warren Buffett predicts that companies like his may have to pay higher taxes in the future, and he is fine with the idea.

US Justice Department takes step to make marijuana use a less serious crime

by
US Justice Department takes step to make marijuana use a less serious crime

The U.S. Justice Department is moving to make marijuana use a less serious federal crime by recommending it be reclassified as a schedule three drug with lower penalties. This shift could bridge the gap between state and federal cannabis laws, leading to more research, medical use, lighter criminal penalties, and increased private investment in the cannabis sector. President Joe Biden initiated a review of the drug’s classification, and public support for marijuana legalization has significantly increased. Reclassifying marijuana could also benefit cannabis businesses by allowing their shares to be listed on major stock exchanges, receiving more generous tax deductions, and facing fewer restrictions from banks.

Biden Tax Increases Won’t Hit Middle Class, Yellen Says

by
Biden Tax Increases Won’t Hit Middle Class, Yellen Says

Republicans pressed Treasury Secretary Janet Yellen on President Biden’s tax proposals and the fate of the Trump tax cuts that will expire in 2025.

Rep. Blake Moore, Treasury Secretary Janet Yellen argue over whether Trump-era tax cuts benefitted the middle class

by
Rep. Blake Moore, Treasury Secretary Janet Yellen argue over whether Trump-era tax cuts benefitted the middle class

Tax policy has an impact on the economy, with Utah Rep. Blake Moore and Treasury Secretary Janet Yellen disagreeing on whether former President Donald Trump’s tax framework or President Joe Biden’s proposed one is more beneficial. Moore argues that the Tax Cuts and Jobs Act of 2017 helped strengthen the economy, while Yellen believes the Trump-era tax cuts disproportionately benefited the wealthy. Biden has proposed raising the corporate tax rate to 28%, with the administration aiming to increase taxes for billionaires and corporations to reduce the national debt. Yellen assures that families earning less than 0,000 will not face a tax hike under Biden’s plan.

Fox Business Host Attacks Biden’s ‘Woke’ Tax Plans as Anti-White

by
Fox Business Host Attacks Biden’s ‘Woke’ Tax Plans as Anti-White

Larry Kudlow asserted that President Biden’s tax policies are part of “racial warfare against white folks” and criticized the push for Diversity, Equity, and Inclusion initiatives. Biden’s proposed tax policies include raising the capital gains tax, which Kudlow believes unfairly targets white people who disproportionately hold assets. Kudlow argued that these policies are antithetical to traditional American values and will harm the economy. Biden has also proposed a 25 percent minimum income tax on those worth at least 0 million and raising the corporate tax rate.

Biden administration takes step to make marijuana use a less serious crime

by
Biden administration takes step to make marijuana use a less serious crime

The U.S. Department of Justice is considering reclassifying marijuana as a schedule three drug, which would indicate a moderate to low potential for physical and psychological dependence. This potential policy change could be the biggest shift in federal cannabis policy in 40 years.

Republican-led states sue to block Biden protections for transgender students

by
Republican-led states sue to block Biden protections for transgender students

Five Republican-led states have filed lawsuits challenging new Biden administration regulations that prohibit schools and colleges receiving federal funding from discriminating against students based on their gender identity.