Economy

Private jet owners have benefited tax break

Private jet owners have benefited tax break

Owners of private jets are among those set to benefit from a major tax bill passed by the US Senate in a late-night vote, a result Donald Trump said was a major win for “millions of hardworking families”. The Republican Senate’s version of the Tax Cuts and Jobs Act passed by just two votes and specifically exempts maintenance costs of private jets, and ...

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Senate passes major tax cuts in victory for Trump

Senate passes major tax cuts in victory for Trump

 The U.S. Senate narrowly approved a tax overhaul, moving Republicans and President Donald Trump a big step closer to their goal of slashing taxes for businesses and the rich while offering everyday Americans a mixed bag of changes. In what would be the largest change to U.S. tax laws since the 1980s, Republicans want to add $1.4 trillion over 10 ...

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Venezuela’s Maduro says he could stop oil sales to US

Venezuela’s Maduro says he could stop oil sales to US

Venezuelan President Nicolas Maduro floated the idea Tuesday of cutting off oil sales to the United States, which buys almost half its output. Never one to shy away from provocative rhetoric, socialist Maduro said that US sanctions against Caracas were over the top, and maybe not worth the trouble. Venezuela produces 1.9 million barrels per day of which the United ...

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Trump’s Thanksgiving will cost Americans $3 million

Trump’s Thanksgiving will cost Americans $3 million

Donald Trump’s decision to fly down to his Florida resort for Thanksgiving vacation will cost taxpayers nearly $3 million. The trip is the latest big ticket luxury outing in what seems to be a never-ending parade of extravagance since Trump took office. Trump plans to spend 5 days in Florida, with the cost largely coming from the elaborate travel and ...

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Israel sells Britain £78m ‘Iron Dome’ to protect Falklands from missile attacks

Britain has spent £78 million protecting the Falkland Islands with a new missile defense shield also used by Israel, shortly after Argentina bought a new fleet of fighter jets. Argentina has long claimed what it calls the Islas Malvinas as its own. The Falklands’ new Sky Sabre defense system is part of a £280-million renewal package for the islands announced ...

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Seattle’s controversial tax on the wealthy failed

Seattle’s controversial tax on the wealthy failed

Seattle’s controversial tax on the wealthy failed its first legal test this week after a judge ruled the new ordinance violates state law – but the city isn’t backing down and vows to appeal, setting the stage for a Washington State Supreme Court showdown. King County Superior Court Judge John Ruhl ruled in a Wednesday that Seattle did not have ...

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House ‘on track’ to pass tax reform before Thanksgiving

House ‘on track’ to pass tax reform before Thanksgiving

House Speaker Paul Ryan said Sunday he is confident the Republican Party’s bid to overhaul the tax system will pass the House by Thanksgiving, lining up with an aggressive timeline set out by the White House. “We’re on track for moving this through the House before Thanksgiving. House Speaker Paul Ryan said Sunday he is confident the Republican Party’s bid ...

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Trump must act urgently to save the US steel industry

Trump must act urgently to save the US steel industry

American industry has always been a primary source of strength and jobs in our nation. But today, a great industry that has played a vital role in building and defending the United States – the steel industry – is in crisis. Surging steel imports, largely subsidized by foreign governments, have hammered prices, forced some steel mills to close, and cost ...

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China signs energy accords with Cuba after Hurricane Irma

China signs energy accords with Cuba after Hurricane Irma

The agreements will help the island nation’s long-term recuperation from Hurricane Irma. China and Cuba have signed five joint agreements that will help the island nation’s long-term recuperation from Hurricane Irma, reaffirming both country’s economic and political ties. Cuban Minister of Foreign Trade and Investment Rodrigo Malmierca and Chinese Ambassador to Cuba Chen Xi signed the agreements. Included in the accords are ...

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Republicans to satisfy Trump’s tax overhaul demands

Republicans to satisfy Trump’s tax overhaul demands

From the day he declared his intention to overhaul the tax code to the signing ceremony in the Oval Office, President Ronald Reagan’s comprehensive tax reform efforts took almost three years, replete with laborious congressional hearings, marathon backroom negotiations and several premature declarations of the bill’s demise. In a prime-time address to the nation on taxes in May 1985, Reagan ...

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