Global Glance: Trump tax plan leaves Congress, Ryan with heavy lift; lawmakers work to avert shutdown

Powered by The Associated Press

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

Trump tax plan leaves Congress, Ryan with heavy lift

WASHINGTON (AP) — President Donald Trump’s plan to overhaul the U.S. tax code leaves much of the heavy lifting to Congress, while ignoring years of hard work by the guy who will have to do a lot of that lifting: House Speaker Paul Ryan. The one-page proposal outlined by the Trump administration Wednesday has something for everyone – massive tax cuts for businesses and a bigger standard tax deduction for middle-income families, lower investment taxes for the wealthy, and an end to the federal estate tax for the superrich – like the president and his family. The changes to the tax code are the most concrete guidance so far on Trump’s vision for spurring job growth and fulfilling his promise to help workers who have been left behind by an increasingly globalized economy. Read more

Trump says US won’t leave NAFTA — for now

WASHINGTON (AP) — President Donald Trump said he has told the leaders of Mexico and Canada that he will not pull out of the North American Free Trade Agreement at this time, but could still withdraw if he concludes a renegotiated pact is not “a fair deal for all.” Trump tweeted early Thursday that he has agreed to remain a partner in the much-discussed trade agreement in calls he received from Mexican President Enrique Pena Nieto and Canadian Prime Minister Justin Trudeau. The White House released a statement late Wednesday saying only that Trump had assured the two leaders in phone conversations that the U.S. would not withdraw from NAFTA at this time. Read more

White House backs off as lawmakers work to avert shutdown

WASHINGTON (AP) — Lawmakers are nearing agreement on sweeping spending legislation to keep the lights on in government, after the White House backed off a threat to withhold payments that help lower-income Americans pay their medical bills. It was the latest concession by the White House, which had earlier dropped a demand for money for President Donald Trump’s border wall. Even with Republicans in control of both chambers of Congress and the White House, the Trump administration is learning that Democrats retain significant leverage when their votes are needed on must-pass legislation. Read more

ESPN laying off 100 broadcasters, writers as viewers dwindle

NEW YORK (AP) — ESPN is laying off about 100 employees, including former athletes-turned-broadcasters Trent Dilfer, Len Elmore and Danny Kanell, in a purge designed to focus the sports network on a more digital future. The cuts will trim ESPN’s stable of on-air talent and writers by about 10 percent. The 37-year-old network has been squeezed by rising fees to broadcast live events at the same time hordes of cord-cutting TV viewers have been canceling their ESPN subscriptions. ESPN has lost about 10 million subscribers during the past six years, based on estimates by Nielsen Media Research. Read more

European Central Bank keeps stimulus on hold as risks loom

FRANKFURT, Germany (AP) — The European Central Bank has left its stimulus program unchanged as it waits for the continent’s political situation to settle down and held off Thursday from signaling any plan to taper off its support for the economy despite evidence that growth is picking up sharply. The stand-pat decision comes days ahead of the second round of France’s presidential election, in which anti-euro candidate Marine Le Pen is battling pro-EU front-runner Emmanuel Macron. A Le Pen victory on May 7 could unsettle financial markets since she has advocated taking France out of the shared, 19-country currency. Read more

Want the state’s top business and entrepreneurship news in your inbox? Sign up here for our newsletters.

Leave a Reply

Have you heard?

Missouri Business Alert is participating in CoMoGives2019!

Find out how we plan to use your gift to enhance training and programming for our students