Biden administration

Many GOP billionaires balked at Jan. 6. They’re coming back to Trump.

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Many GOP billionaires balked at Jan. 6. They’re coming back to Trump.

Nelson Peltz expressed remorse for voting for Donald Trump after the Capitol insurrection on Jan. 6, 2021, but later had breakfast with Trump and other billionaires at his mansion in Palm Beach, Florida. Peltz has stated that he would “probably” vote for the GOP front-runner in 2024. Elite donors who were once critical of Trump are now rediscovering their affinity for him due to fears of President Biden’s tax agenda. Some billionaires are considering supporting Trump financially, including Larry Ellison and Richard Uihlein, while others like Ken Griffin and Peter Thiel remain resistant. Some tech investors and leaders in Silicon Valley who were alienated by Trump’s election-fraud crusade are now coming around to support him. Gary Cohn, who was once critical of Trump, has recently spoken positively about the former president. Robert Bigelow, who criticized Trump after the Capitol riot, has pledged million to a pro-Trump campaign group. Trump is facing financial challenges and is seeking support from wealthy donors to fund his campaign.

Balancing Uncle Sam’s Checkbook: Biden’s Tax Proposals | JD Supra

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Balancing Uncle Sam’s Checkbook: Biden’s Tax Proposals | JD Supra

Fact: President Biden’s Fiscal Year 2025 Budget Proposals include new tax proposals such as increasing the corporate alternative minimum tax, increasing the excise tax rate on corporate stock repurchases, limiting corporate tax deductions for certain salaries, increasing the tax cost of private jet usage, limiting benefits for private placement life insurance, expanding the 10% shareholder exclusion from the portfolio interest exemption, and requiring controlled foreign corporations’ taxable year to match the year of its majority U.S. shareholder.

President Biden’s Budget Will Raise Taxes and Federal Debt

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President Biden's Budget Will Raise Taxes and Federal Debt

President Biden has released his fiscal year 2025 budget request, which includes massive tax hikes and harmful healthcare policies. The budget proposal increases taxes by .5 trillion and includes raising the corporate tax rate and implementing a global minimum tax for multinational corporations. The budget also expands on harmful healthcare policies and seeks to restore funding to the IRS. The budget projects that the federal deficit will continue to grow, reaching trillion by 2034. Interest on the debt will exceed defense spending beginning in FY 2025. The President’s budget would hurt taxpayers and the economy, and Congress should reject it in favor of a fiscally responsible budget.

Turkey’s Erdogan to visit U.S. on May 9, security official says

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Turkey’s Erdogan to visit U.S. on May 9, security official says

Turkey’s President Tayyip Erdogan will visit the United States on May 9 for his first White House meeting during the Biden Administration.

US, Mexico to partner on semiconductor supply chain development

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US, Mexico to partner on semiconductor supply chain development

The United States will partner with Mexico to explore semiconductor supply chain opportunities as part of the U.S. CHIPS Act, a 2022 law that created a 0 million fund for developing the semiconductor supply chain through initiatives with allies and partners.

New Corporate Tax Increase Proposal and Focused IRS Audits – Is the Cost of Business Going Up? | JD Supra

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New Corporate Tax Increase Proposal and Focused IRS Audits - Is the Cost of Business Going Up? | JD Supra

The Biden Administration has proposed corporate tax increases, including raising the corporate tax rate to 28% and imposing a minimum tax on high-income individual taxpayers. They also plan to increase taxes on offshore earnings and corporate aircraft, with a focus on cracking down on corporate jet loopholes. The IRS is conducting audits on corporate aircraft expenses to ensure proper allocation of expenses and income inclusion for personal use.

Trump says Hamas’ Oct 7 attack was horrible, but Israel should wrap up war

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Trump says Hamas’ Oct 7 attack was horrible, but Israel should wrap up war

Donald Trump said he would have reacted the same way as Israel did after Hamas’ Oct. 7 attack, but believes Israel should wrap up its war against the Islamist group in Gaza.

What a second Biden term means for taxes

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What a second Biden term means for taxes

The richest Americans should expect multiple tax increases if President Joe Biden is reelected in November and the Democrats end up in control of the Senate and House of Representatives, according to a leading taxation expert.