Bessent points to the administration’s pro-growth efforts to counter tariff concerns. Treasury Secretary Scott Bessent said the Trump administration’s forthcoming tax package will contain pro-growth provisions designed to ease investor fears over recent tariff actions. Speaking at the Milken Institute, Bessent previewed incentives such as permanent small business deductions, expanded R&D tax breaks, and restoring 100 percent equipment expensing (while also expanding that measure to include new factory construction). He said the measures aim to boost domestic investment and mitigate economic turbulence, reports TaxNotes.
Federal film tax credits instead of a tariff? After President Trump proposed a 100 percent tariff on films produced outside the US, California Gov. Gavin Newsom (D) responded with a call for a $7.5 billion federal film tax credit to strengthen domestic production. The proposed credit, which would be the first of its kind at the federal level, has drawn backing from industry unions and lawmakers, including Rep. Adam Schiff (D-CA). While details are still emerging, industry leaders are urging tax incentives over tariffs to revive film jobs in the US, reports The New York Times.
SALT squabbles slow GOP tax bill progress. Internal GOP disagreements over how to adjust the state and local tax (SALT) deduction cap are still stalling momentum for a broader Republican tax package, reportsPolitico. While blue-state Republicans want to raise the $10,000 cap, they’re divided on whether to include an income limit on who qualifies. Lawmakers from high-tax states are also divided on how high to raise the cap. Speaker Mike Johnson (R-LA) says a deal is close, but the House Ways & Means Committee is still grappling with the issue ahead of a possible markup next week.
Nation’s capital welcomes record-breaking tourism and tax revenue. Washington, DC, drew over 27 million visitors in 2024. It’s a new record according to the latest report from Destination DC. That surge generated $11.4 billion in visitor spending and $2.3 billion in tax revenue, offsetting the average DC household’s tax burden by more than $3,600. City officials credited major events for boosting tourism and emphasized the importance of recurring, high-impact gatherings.
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