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Republicans in Congress are expected this week to reveal whether they are willing to go ahead with President Donald Trump’s suggestion to raise taxes on the rich, which would break with decades of party orthodoxy. After weeks of closed-door talks, the House of Representatives Ways and Means Committee is due to unveil full details of tax-cut legislation that would be the centerpiece of a sweeping budget package that also would raise spending on the military and border security. The legislation would build on a measure enacted during Trump’s first presidential term that lowered tax rates, especially for the wealthiest. Late on Friday the panel made some details public, but without providing the outcome on the thorniest matters under debate within Republican ranks. Still unknown is whether the legislation will deliver on Trump’s promises to discontinue taxes on tips, overtime pay and Social Security retirement benefits, and whether the bill would increase the deduction for state and local taxes. That is an issue particularly important to moderate Republicans, mainly in coastal states, as well as to Democrats. Trump has indicated a willingness to raise taxes on the wealthiest in what would be a stark departure from a red line drawn by Republicans for many years. These questions might be answered as soon as Tuesday, when the House committee plans to debate the complex legislation. Republicans did unveil provisions for increasing the child tax credit to $2,500 through 2028, from $1,000. Trump’s presidential term ends on Jan. 20, 2029. The House Republicans’ bill also would reduce some taxes for multinational companies and unincorporated businesses. Republicans also have been at odds over spending cuts to safety-net programs mainly the Medicaid health insurance program for the poor and disabled to offset some of the costs. Trump has privately urged House Speaker Mike Johnson to raise the tax rate on the wealthiest Americans, sources say, though publicly he has been more ambivalent. Some on the party’s right flank have come out in favor of it. Johnson has told some Republicans that he might have to scale back the tax cut package by $500 million to $4 trillion. House fiscal hawks are pushing for deep spending cuts of up to $2 trillion to allow for deeper tax cuts. But some moderates are resisting cuts to Medicaid and SNAP, the crucial food assistance program. Democrats are warning that Republicans could put other social service programs on the chopping block. Their legislation feeds corporate and wealthy individuals greed by abandoning vulnerable children, starving seniors, and cutting off families in need,” a group of Democratic senators said in a letter on Friday. Republicans aim to extend Trump’s signature 2017 Tax Cuts and Jobs Act. Some of its provisions are due to expire at the end of this year. Hes wanting to help the blue-collar worker,” Representative Kevin Hern, a Republican tax writer from Oklahoma, said. So were going to make that happen. “This is where the rubber hits the road for tax writers, who will be challenged to preserve President Trumps first-term legacy at a fiscal cost that is acceptable to the conference,” said Mimi Bair, a former Republican tax staffer now at McGuireWoods Consulting. “Were all eager to see the tax committee shed more light on how they will strike that balance.” Meanwhile, a handful of Republicans from high-tax states like New York, New Jersey and California are pressing for a higher deduction amount for state and local taxes. The Ways and Means committee is expected to offer a $30,000 limit for these state and local taxes, up from the current $10,000, according to a Republican aide. However, these Republican lawmakers have said that is not enough. Either were going to have a bill that has a fix that assuages the concerns of constituents like mine, or we wont have a bill and the tax cuts will expire, Representative Nick LaLota, a New York Republican, told reporters last week. That could sink the budget bill in the House, which Republicans control by a narrow 220-213 margin. Bo Erickson, Reuters
Category:
E-Commerce
House Republicans unveiled the cost-saving centerpiece of President Donald Trump’s “big, beautiful bill” late Sunday, at least $880 billion in cuts largely to Medicaid to help cover the cost of $4.5 trillion in tax breaks.Tallying hundreds of pages, the legislation is touching off the biggest political fight over health care since Republicans tried to repeal and replace the Affordable Care Act, or Obamacare, during Trump’s first term in 2017which ended in failure.While Republicans insist they are simply rooting out “waste, fraud and abuse” to generate savings with new work and eligibility requirements, Democrats warn that millions of Americans will lose coverage. A preliminary estimate from the nonpartisan Congressional Budget Office said the proposals would reduce the number of people with health care by 8.6 million over the decade.“Savings like these allow us to use this bill to renew the Trump tax cuts and keep Republicans’ promise to hardworking middle-class families,” said Rep. Brett Guthrie of Kentucky, the GOP chairman of the Energy and Commerce Committee, which handles health care spending.But Democrats said the cuts are “shameful” and essentially amount to another attempt to repeal Obamacare.“In no uncertain terms, millions of Americans will lose their health care coverage,” said Rep. Frank Pallone of New Jersey, the top Democrat on the panel. He said “hospitals will close, seniors will not be able to access the care they need, and premiums will rise for millions of people if this bill passes.”As Republicans race toward House Speaker Mike Johnson’s Memorial Day deadline to pass Trump’s big bill of tax breaks and spending cuts, they are preparing to flood the zone with round-the-clock public hearings this week on various sections before they are stitched together in what will become a massive package.The politics ahead are uncertain. More than a dozen House Republicans have told Johnson and GOP leaders they will not support cuts to the health care safety net programs that residents back home depend on. Trump himself has shied away from a repeat of his first term, vowing there will be no cuts to Medicaid.All told, 11 committees in the House have been compiling their sections of the package as Republicans seek at least $1.5 trillion in savings to help cover the cost of preserving the 2017 tax breaks, which were approved during Trump’s first term and are expiring at the end of the year.But the powerful Energy and Commerce Committee has been among the most watched. The committee was instructed to come up with $880 billion in savings and reached that goal, primarily with the health care cuts, but also by rolling back Biden-era green energy programs. The preliminary CBO analysis said the committee’s proposals would reduce the deficit by $912 billion over the decade with at least $715 billion coming from the health provisions.Central to the savings are changes to Medicaid, which provides almost free health care to more than 70 million Americans, and the Affordable Care Act, which has expanded in the 15 years since it was first approved to cover millions more.To be eligible for Medicaid, there would be new “community engagement requirements” of at least 80 hours per month of work, education or service for able-bodied adults without dependents. People would also have to verify their eligibility to be in the program twice a year, rather than just once.This is likely to lead to more churn in the program and present hurdles for people to stay covered, especially if they have to drive far to a local benefits office to verify their income in person. But Republicans say it’ll ensure that the program is administered to those who qualify for it.Many states have expanded their Medicaid rosters thanks to federal incentives, but the legislation would cut a 5% boost that was put in place during the COVID-19 pandemic. Federal funding to the states for immigrants who have not shown proof of citizenship would be prohibited.There would be a freeze on the so-called provider tax that some states use to help pay for large portions of their Medicaid programs. The extra tax often leads to higher payments from the federal government, which critics say is a loophole that creates abuse in the system.The energy portions of the legislation run far fewer pages, but include rollbacks of climate-change strategies President Joe Biden signed into law in the Inflation Reduction Act.It proposes rescinding funds for a range of energy loans and investment programs while providing expedited permitting for natural gas development and oil pipelines.__ Associated Press writer Amanda Seitz contributed to this report. Lisa Mascaro, AP Congressional Correspondent
Category:
E-Commerce
Rite Aid is plotting an immediate wind-down of operations at dozens of additional locations as it scrambles this week to sell off its pharmacy assets and retail operations to potential bidders. The drugstore chain, which last week sought Chapter 11 bankruptcy protection for a second time, has marked 68 locations in seven states for closure, meaning it wants to promptly start the process of going-out-of-business sales. The list was disclosed in a filing on Friday with the United States Bankruptcy Court for the District of New Jersey. Interested parties have until May 19 to object to the additional closings, according to the filing. Fast Company has reached out to Rite Aid for comment. The move comes after Rite Aid identified 47 locations that would initially close, noting in a court filing earlier last week that it saw “little or no value” in keeping the stores open as it moves through the bankruptcy process. Deadlines approaching for potential bidders In a statement last week, Rite Aid CEO said the company has seen “meaningful interest” from potential buyers at the local and regional level. Rite Aid has stressed that it is seeking to minimize the impact on its customers and employees by soliciting bids from pharmacy companies that could acquire its prescription files, retail locations, or both. However, time is running out. According to court documents, potential bidders for Rite Aid’s pharmacy assets have until tomorrow to submit a bid. Although the deadline could be extended, Rite Aid has expressed concern about customer attrition during a drawn-out sale process, which could significantly diminish the value of its assets. Ultimately every Rite Aid location will either close or be sold to another owner. For now, expect the 68 locations listed below to close quickly: California 3860 SEPULVEDA BOULEVARD TORRANCE CA 90505 5075 OLIVEHURST AVENUE OLIVEHURST CA 95961 New Hampshire 360 SUMMER STREET BRISTOL NH 03222 41 CARROLL STREET PITTSFIELD NH 03263 New York 9 BROAD STREET SALAMANCA NY 14779 1070 GENESEE STREET BUFFALO NY 14211 Oregon 728 SOUTH WEST 4TH AVENUE ONTARIO OR 97914 4041 NW LOGAN ROAD LINCOLN CITY OR 97367 2049 WEST CASCADE AVENUE HOOD RIVER OR 97031 178 WEST ELLENDALE AVENUE DALLAS OR 97338 1217 CAMPBELL STREET BAKER CITY OR 97814 44 MICHIGAN AVENUE NE BANDON OR 97411 313 SOUTH ROOSEVELT DRIVE SEASIDE OR 97138 626 MCCLAINE ST SILVERTON OR 97381 Pennsylvania 805 HUNTINGDON PIKE HUNTINGDON VALLEY PA 19006 6 BOCHICCHIO BOULEVARD MOSCOW PA 18444 601 DELAWARE AVENUE PALMERTON PA 18071 315 WEST FOURTH STREET QUARRYVILLE PA 17566 2201 WEST ALLEGHENY AVE. PHILADELPHIA PA 19132 10 NEWPORT PLAZA NEWPORT PA 17074 801 GROW AVENUE MONTROSE PA 18801 2503-05 WELSH ROAD PHILADELPHIA PA 19114 5 FRIENDLY DRIVE DUNCANNON PA 17020 260 WEST LEHIGH AVENUE #80 PHILADELPHIA PA 19133 3145 MAIN STREET MORGANTOWN PA 19543 205 CENTER STREET TAMAQUA PA 18252 9635 WILLIAM PENN HIGHWAY HUNTINGDON PA 16652 15 WEST CENTRE STREET MAHANOY CITY PA 17948 4530 NORTH 5TH STREET PHILADELPHIA PA 19140 101 EAST SHIRLEY STREET MT UNION PA 17066 4390 RICHMOND STREET PHILADELPHIA PA 19137 5201 SPRING ROAD SUITE 6 SHERMANS DALE PA 17090 126 W. MAIN STREET GROVE CITY PA 16127 111 NORTH PLAZA APOLLO PA 15613 5214-30 BALTIMORE AVENUE PHILADELPHIA PA 19143 1941 DERRY STREET HARRISBURG PA 17104 5400 RISING SUN AVENUE PHILADELPHIA PA 19120 901 S SAINT MARYS STREET SAINT MARYS PA 15857 200 RESORT PLAZA DRIVE BLAIRSVILLE PA 15717 630 MAIN ST. PORTAGE PA 15946 207 ROUTE 6 WEST COUDERSPORT PA 16915 838 FIFTH AVENUE FORD CITY PA 16226 620 E ALLEGHENY AVENUE EMPORIUM PA 15834 100 SOUTH THIRD STREET CONNEAUT LAKE PA 16316 200 MEMORIAL BLVD. CONNELLSVILLE PA 15425 59 NORTH MAIN STREET PORT ALLEGANY PA 16743 610 BROAD STREET NEW BETHLEHEM PA 16242 1340 MAIN STREET BURGETTSTOWN PA 150 1365 LOGAN AVENUE TYRONE PA 16686 1212 SECOND STREET CRESSON PA 16630 201 WEST MAHONING STREET PUNXSUTAWNEY PA 15767 165 BUTLER ROAD KITTANNING PA 16201 100 FRANKLIN STREET MERCER PA 16137 1222 BROWNSVILLE RD PITTSBURGH PA 15210 521 NORTH FRALEY STREET KANE PA 16735 3939 BUTLER STREET PITTSBURGH PA 15201 1 EAST HIGH STREET UNION CITY PA 16438 2150 BROWNSVILLE RD STE120 PITTSBURGH PA 15210 Virginia 115 BRUNSWICK SQUARE COURT LAWRENCEVILLE VA 23868 144 SCOTTSVILLE CENTER SCOTTSVILLE VA 24590 4171 LEE JACKSON HWY, STE 113 GREENVILLE VA 24440 200 AUGUSTA AVENUE GROTTOES VA 24441 Washington 27000 MILLER BAY RD NE KINGSTON WA 98346 909 EAST YELM AVENUE YELM WA 98597 608 W. STANLEY STREET GRANITE FALLS WA 98252 609 OMACHE DRIVE OMAK WA 98841 35013 SNOQUALMIE PKWY SNOQUALMIE WA 98065 1517 COMMERCIAL AVE. ANACORTES WA 98221
Category:
E-Commerce
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