Trump plan would cut taxes for companies — and people, too
WASHINGTON (AP) — President Donald Trump proposed dramatic cuts in corporate and personal taxes Wednesday in an overhaul his administration asserts will spur national economic growth and bring jobs and prosperity to America’s middle class. But his ambitious plan is alarming lawmakers who worry it will balloon federal deficits.
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Trump tax cut: Huge, vague and likely mild boost for economy
WASHINGTON (AP) — President Donald Trump’s team boasted Wednesday that its tax-cut plan would shrink Americans’ financial burdens, ignite economic growth and vastly simplify tax filing. Yet the plan so far remains short of vital details, including how it would be paid for. And based on the few specifics spelled out so far, most experts suggest that it would add little to growth while swelling the budget deficit and potentially handing large windfalls to wealthier taxpayers.
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Mnuchin: Trump has ‘no intention’ of releasing tax returns
WASHINGTON (AP) — The U.S. treasury secretary says President Donald Trump “has no intention” of releasing his tax returns to the public. Steve Mnuchin made the comment while briefing reporters on the president’s new proposed tax plan Wednesday. Trump has repeatedly refused to make his past returns public, breaking decades of tradition. He says it’s because his taxes are being audited by the IRS.
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Stock indexes wobble as White House unveils tax plan
NEW YORK (AP) — Stock indexes wobbled between modest gains and losses Wednesday, as the White House unveiled broad outlines of its plan to slash tax rates but left many of the details to be determined. Anticipation for a big tax cut, along with looser regulations on businesses, have been two of the main drivers behind the stock market’s surge since November, when Republicans swept into Washington.
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Conservatives back revised health bill, GOP moderates balk
WASHINGTON (AP) — The moribund Republican health care bill has received a jolt of life because the conservative House Freedom Caucus has endorsed a revised version of the measure. But Pennsylvania’s Charlie Dent says the reshaped legislation is a conservative “exercise in blame-shifting.” The GOP moderate says the measure isn’t winning new support from party centrists. That leaves its fate unclear.
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Dispute over health payments defused, spending bill on track
WASHINGTON (AP) — The White House and congressional Democrats on Wednesday defused a tense standoff over payments for the working poor under the health care law, keeping a massive government spending bill on track just days ahead of a shutdown deadline. President Donald Trump on Wednesday backed away from a threat to immediately withhold payments to help people with modest incomes with out-of-pocket medical expenses on their policies under Democrat Barack Obama’s Affordable Care Act.
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Insurer Anthem hands feds deadline on crucial ACA subsidies
INDIANAPOLIS (AP) — Health insurers are pressing President Donald Trump and Congress to guarantee a crucial customer subsidy for the Affordable Care Act’s shaky insurance exchanges, and one of the biggest carriers has thrown in its participation as bargaining chip. Blue Cross-Blue Shield insurer Anthem said Wednesday that it’s planning to return next year, but that could change if it doesn’t know for certain by early June that the government will fund cost-sharing subsidies next year.
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FCC chief lays out attack on ‘net neutrality’ rules
NEW YORK (AP) — Internet companies are readying for a showdown with a Republican-controlled government over a policy near and dear to their hearts: net neutrality. The head of the country’s telecommunications regulator says there will be a vote in May on ditching Obama-era “net neutrality” rules that keep telecoms from favoring some sites and apps.
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Blood test offers hope for better lung cancer treatment
BOSTON (AP) — Researchers have taken an important step toward better lung cancer treatment, they reported Wednesday. Using experimental tests that detect bits of DNA that tumors shed into the blood, they were able to track genetic changes in early-stage cases over time, and to find some recurrences up to a year before imaging scans could, giving a chance to try new therapy sooner.
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Trump tweets don’t help: 1st Twitter revenue drop since IPO
NEW YORK (AP) — Twitter’s frequent presence in the news — as the preferred megaphone for President Donald Trump — has not translated into profit or meaningful user growth for the company. Twitter has even reported a quarterly revenue decline Wednesday, a first since going public. Average monthly users grew just 3 percent to 328 million, leaving Twitter far behind Facebook and Instagram.
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HSN CEO to step down to take top job at Weight Watchers
NEW YORK (AP) — The CEO of a heavyweight of home shopping on TV is leaving that job to take the top spot at Weight Watchers International Inc. The companies said separately Wednesday that Mindy Grossman is leaving HSN Inc. on May 24 and assuming the role of president and CEO of Weight Watchers in July. She had been HSN’s CEO since 2008.
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The Standard & Poor’s 500 index slipped by 1.16 points, or less than 0.1 percent, to 2,387.45. The Dow Jones industrial average lost 21.03 points, or 0.1 percent, to 20,975.09, and the Nasdaq composite slipped 0.27 points, or less than 0.1 percent, to 6,025.23.
Benchmark U.S. crude oil rose 6 cents to settle at $49.62 a barrel. Brent crude, which is used to price international oils, fell 28 cents to $51.82. Natural gas rose 10 cents to $3.14 per 1,000 cubic feet, wholesale gasoline fell 3 cents to $1.59 per gallon and heating oil fell 1 cent to $1.54 per gallon.
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