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The Latest Breaking News from Tax Cuts

Trump's Tax Reversal: Wealthy Face 39.6% Rate in Dramatic Policy Shift

Donald Trump proposes raising the top tax rate to 39.6% for Americans earning over $2.5 million, aiming to fund middle-class tax relief and reshape GOP tax policy.

International Business Times UK

Farage’s ‘fantasy’ economics will lead to Liz Truss-style meltdown, Starmer warns as Reform hits new poll high

The prime minister’s intervention came as a stunning new poll saw Reform’s lead over Labour grow to nine points in what a leading pollster describes as ‘an uncontrollable political earthquake’

The Independent UK

Starmer: Farage’s ‘fantasy’ economics will lead to Liz Truss-style meltdown

The Prime Minister is expected to urge the public to reject Reform UK’s calls to use ‘family finances’ as a gambling chip on ‘unfunded’ tax cuts

Evening Standard

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Trump brushes aside Elon Musk’s criticisms of his signature budget bill

Dubbed the ‘One Big Beautiful Bill’, the bill would secure several of Trump’s priorities while raising the debt limit.

Al Jazeera

GOP Senator Insists Trump's 'Big, Beautiful Bill' Will 'Bankrupt American': 'It Has to Stop'

A Republican Senator recently established himself as a strong opponent to Donald Trump's "Big, Beautiful" spending bill, a comprehensive legislative Act which is inclusive of tax cuts, spending reforms, and policy changes.

International Business Times

GOP Senator Insists Trump's 'Big, Beautiful Bill' Will 'Mortgage Our Children's Future': 'It Has to Stop'

Latin Times

Nigel Farage accused of ‘fantasy promises’ with expensive policy pledges

Reform UK leader unveils plans to reverse benefit cuts and bring in tax breaks without explaining how they would be funded

The Guardian - UK

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Farage’s pledges to slash taxes don’t add up, top economists warn

Nigel Farage has pledged billions of pounds of tax cuts and painted Reform UK as the true ‘party of workers’

The Independent UK

Trump is going to get 'punched in the face' by markets if he pushes through spending bill without a plan for national debt and tariffs, says Wharton professor

Republicans argue that growth is the best way to rebalance America’s books, but economists fear that tax cuts may be the final nail in the coffin for national debt.

Fortune

U.S. economy will be growing faster than 3% this time next year, predicts Treasury’s Bessent

A combination of pro-growth trade policies, tax cuts, and deregulation will soon lead to a pickup in activity, according to the Trump administration, following a 0.3% annualized contraction in the first quarter.

Fortune

‘Fiscally irresponsible’: Trump’s ‘big, beautiful bill’ benefits the rich at the expense of the poor

Bill will make permanent huge tax cuts to the wealthy and cost the government $4.6tn over the next 10 years

The Guardian - US

Why Republicans are angry about Trump’s ‘big, beautiful bill’

President’s signature legislation moves to Senate after narrowly passing House but could face a raft of further objections on everything from tax cuts to Medicaid

The Independent UK

Trump Official Banking on 'Growing Economy' to Offset Tax Cuts Sparks Backlash Online: 'My Grandchildren Are Screwed''

A senior Trump administration official sparked online backlash after being asked how the cost of tax cuts provided by the GOP spending bill would be counteracted, stating that the administration was depending on the future possibility of a growing economy.

Latin Times

‘We need grown up conversations’: Adam Kinzinger cuts through MAGA spin to clarify ‘Big Beautiful Bill’ offers no tax cuts whatsoever

The lone wolf howls again.

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The Guardian - US

Trump’s ‘big, beautiful’ spending bill, from tax cuts to mass deportations

All the key points laid out in the US president’s House-approved sweeping bill as it awaits Senate consideration

We Got This Covered

‘Debt bomb ticking’: Thomas Massie rebrands Trump’s ‘big beautiful bill’ in Senate speech

It's Trump vs. Massie, round 7,384.

The Guardian - US

‘Pro-worker priorities’? Trump’s budget bill offers the exact opposite

The ‘big, beautiful’ measure going through Congress would cut health, food and education benefits – and offer a huge boost to the richest

International Business Times

Asian Equities Track Wall St Sell-off As US Deficit Fears Grow

Asian equities sank and Treasuries remained under pressure following sharp losses on Wall Street fuelled by US economy fears as Donald Trump tries to push through fresh tax cuts that could balloon the already huge deficit.

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The Texas Tribune

$12 billion added to congressional spending bill to reimburse states like Texas for border spending

The U.S. House approved the budget reconciliation bill, which also includes preservation of 2017 tax cuts and changes to Medicaid and SNAP.

The Conversation

NZ Budget 2025: tax cuts and reduced revenues mean the government is banking on business growth

Not a lot is known about the government’s plans for taxes in the 2025 budget. Few tax policies have been announced so far, and what has been revealed involves targeted tax cuts for business interests.

Fortune

Trump warns Republicans not to 'f— around' with Medicaid because he knows it's political suicide for MAGA

The GOP caucus is still divided on how deeply to cut public programs in order to achieve trillions in tax cuts.

International Business Times

Trump Pushes Republicans To Back 'Big, Beautiful' Tax Bill

US President Donald Trump told rebel Republicans Tuesday to back his so-called "big, beautiful bill," despite criticism that its tax cuts will increase America's yawning budget deficit.

Kiplinger

Millions Could Lose SNAP Food Benefits Under Trump Tax Cut Plan

The House Agriculture Committee approved nearly $300 billion in cuts to SNAP benefits, putting many at risk of hunger.

Fortune

Uncle Sam’s biggest creditor faces a fiscal crisis ‘worse than Greece’ as its borrowing costs hit 20-year high

Japan's prime minister warned members of parliament the country cannot afford any tax cuts funded through the issue of new debt as calls grow for stimulus ahead of July elections to the upper house.

MarketBeat

MarketBeat Week in Review – 05/12 - 05/16

Stocks had a strong week on a potential U.S.-China trade deal and cooler inflation data, but volatility may remain as investors shift focus to tax cuts

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