House Passes Bipartisan Tax Bill, Moves To Senate For Consideration

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FEATURED INDUSTRY NEWS House Passes Bipartisan Tax Bill, Moves To Senate For Consideration Last Wednesday, the U.S. House of Representatives overwhelmingly passed the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024), which would reinstate the research and development (R&D) tax deduction – a top priority for the industry. The bipartisan bill passed by a vote of 357 to 70. Read More LEADING ECONOMIC AND POLICY NEWS US Businesses Grappling With Uncertainty From Trump Tariff Proposals Politico reports US businesses and trading partners “are beginning to struggle with a familiar problem: former President Donald Trump’s tariff threats.” Trump and his advisers are “reportedly considering up to a 60 percent tariff on all imports from China and a 10 percent ‘universal’ tariff on all other trading partners if he wins reelection in November.” While Trump “has refused to commit to any specific numbers,” the proposals have left “American businesses, foreign officials and their lobbyists in Washington with a recognizable dilemma. They can either acknowledge and publicly push back on the rhetoric – and potentially make the situation worse by sparking Trump’s ire – or keep quiet and risk being caught flat footed if Trump wins. ... The fresh tariff threats open a new era of Trumpian uncertainty for American companies and trading partners as the former president closes in on the GOP presidential nomination.” New York Federal Reserve: Credit Card Balances Hit $1.13 Trillion, Delinquencies On The Rise CNBC reports the Federal Reserve Bank of New York’s latest report on household debt shows that Americans now owe $1.13 trillion on their credit cards. Credit card balances rose roughly 5%, or $50 billion, in the fourth quarter of 2023, according to the report. Credit card delinquency rates also rose, “particularly among younger millennials, or borrowers between the ages of 30 and 39, who are burdened by high levels of student loan debt.” “This signals increased financial stress, especially among younger and lower-income households,” said New York Fed economic research advisor Wilbert van der Klaauw.         Also reporting are CBS News and Fox Business. Major Stock Indices Close Higher As Treasury Yields Retreat CNBC reports, “Stocks rose on Tuesday as Wall Street assessed the latest batch of corporate earnings and the timeline for rate cuts from the Federal Reserve. The S&P 500 rose 0.23% to settle at 4,954.23, while the Nasdaq Composite inched up 0.07% to close at 15,609.00. The Dow Jones Industrial Average jumped 141.24 points, or 0.37%, to end at 38,521.36.” Previous Top Stories  • Don’t Miss Miami Industry Breakfast Tickets  • New Fed Survey Reveals Banks Plan To Tighten Loan Credit Standards As Demand Increases

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