Global Glance: Trump tax cuts face big hurdles; Internet firms bracing for fight on ‘net neutrality’

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Here are today’s top business headlines from across the nation and world:

Massive Trump tax cuts face big hurdles as debt mounts

WASHINGTON (AP) — President Donald Trump is proposing tax cuts for individuals and businesses even as Washington struggles with mounting debt and the populist president tries to make good on promises to bring jobs and prosperity to the middle class. Trump is scheduled Wednesday to unveil the broad outlines of a tax overhaul that would provide massive tax cuts to businesses big and small. The top tax rate for individuals would be cut by a few percentage points, from 39.6 percent to the “mid-30s,” said an official with knowledge of the plan. Small business owners would see their top tax rate go from 39.6 percent to 15 percent, said the official. Read more

Internet firms bracing for fight on ‘net neutrality’

NEW YORK (AP) — Internet companies are readying for a showdown with telecoms and a Republican-controlled government over a policy near and dear to their hearts: net neutrality. Net neutrality basically prevents broadband providers from playing favorites or steering users toward (or away from) particular internet sites. Under rules enacted during the Obama administration, the likes of Comcast and Verizon – which offer their own video services they’d very much like subscribers to use – can’t slow down Netflix, can’t block YouTube, and can’t charge Spotify extra to stream faster than Pandora. Read more

Big unwind begins: Republicans target crisis financial rules

WASHINGTON (AP) — Emboldened by a business-friendly president, Republicans in Congress are moving to unwind the stricter regulations that took effect after the 2008 financial crisis and Great Recession. A House committee takes up legislation Wednesday that would defang the tighter rules. While passage by the GOP-controlled House could come in a few months, the Senate – where Republicans have only 52 of 100 seats – poses an obstacle. Sweeping legislation rolled out by Rep. Jeb Hensarling, the Texas Republican who is Dodd-Frank’s fiercest foe and heads the House Financial Services Committee, would deliver a body blow to the financial law. Read more

EU expresses hope of Greek bailout cash payment soon

BRUSSELS (AP) — The European Union’s head office says Greece is delivering on its fiscal targets and that an agreement to hand more bailout cash to Athens could come next month. EU Commission Vice President Valdis Dombrovskis said Wednesday that Greece continues to show progress on its budget targets and held out hope of an agreement between Greece and its bailout creditors from the 19-country eurozone and the International Monetary Fund soon. Read more

Trump Tweets don’t help: First Twitter revenue drop since IPO

NEW YORK (AP) — You’d think Twitter would be able to milk its status as President Donald Trump’s megaphone. But the company still faces stagnant user growth, has never made a profit and even reported a quarterly revenue decline Wednesday, a first since going public. Trump’s frequent tweets ricochet well beyond his 28 million Twitter followers. Anything he tweets can serve as fodder for social media, TV news shows and, often, late-night comedy. Analysts say Twitter’s user engagement – how often people respond, retweet or “like,” for instance – likely benefited from “political discourse” in the first quarter. Read more

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