Posted September 28
$5 trillion question for Trump tax plan: How to pay for it?
President Donald Trump and Republican leaders took a first step toward outlining how they propose to cover some of their tax cut's monumental cost over the next 10 years, mainly by removing certain tax breaks. But even those proposed changes were left vague — and wouldn't remotely pay for the full cost of the tax cut.
How tax-cut plan could benefit Trump and wealthy staffers
President Donald Trump. Ivanka Trump. Steven Mnuchin. A long list of wealthy insiders in the Trump White House would, at least in theory, enjoy a financial windfall from the tax cuts the president proposed Wednesday. Yet the president maintains that rich Americans like him would actually pay more under his plan. His claim rests largely on how he's keeping score of a plan still short on key specifics.
US economic growth revised up to 3.1 percent rate in Q2
The U.S. economy grew at an upgraded annual rate of 3.1 percent in the spring. It is the fastest pace in more than two years. But growth is expected to slow sharply this quarter in the wake of a string of devastating hurricanes.
American Airlines CEO: We'll never lose money again
The CEO of American Airlines says the once-volatile industry has changed so radically that his company will never lose money again. Even in a bad year, Doug Parker says, the world's biggest airline should earn about $3 billion in profit before taxes.
Feds move forward on asking states to track car emissions
The U.S. government is moving forward with requirements that states track vehicle emissions on federal highways after California and seven other states sued over what they called an unlawful delay. But federal transportation authorities are also evaluating whether to end the new rules next year anyway. The rules say states must track greenhouse gas emissions from vehicles, a major source of carbon emissions, and set targets for how much can be spewed into the air on federal highways.
Full steam ahead: Funds of all types rose again last quarter
The good times kept rolling for investors in the third quarter. Funds of all types delivered yet more gains during the summer after stocks and bonds around the world rose in unison. Not only were the returns strong, they were also remarkably steady.
Google proposes remedy in response to EU antitrust crackdown
Google has proposed a remedy for its search results that European regulators have said favor its own shopping listings: holding an auction for those advertiser-paid spots. But critics say the proposal still favors the deep-pocketed tech giant, and Europe's top antitrust regulator is taking a wait-and-see attitude. The company is appealing a $2.9 billion fine imposed by European regulators for favoring shopping listings it gets paid for.
Tree company to pay record fine for immigration practices
A suburban Philadelphia company that trims trees around power lines throughout the United States will pay a record fine after pleading guilty in a scheme to employ people in the country illegally. Asplundh Tree Expert Co. of Willow Grove pleaded guilty Thursday to a federal criminal charge. A judge sentenced the company to pay a total of $95 million. Prosecutors say it's the largest monetary penalty ever levied in an immigration case.
Senate approves aviation, hurricane tax relief bill
The Senate has passed a bill that would avoid a partial shutdown of federal aviation programs and provide tax relief for hurricane victims. The House passed the bill earlier in the day with provisions that would have expanded the private flood insurance provisions, just hours before members planned to leave town for the weekend. The Senate stripped the flood insurance provisions from the bill before passing the revised measure by a voice vote and sending it back to the House.
Gains for drugmakers help US stocks reach new records
U.S. stocks finished slightly higher Thursday, led by technology companies and drugmakers. After a big move the day before, that was enough to take stocks back to record highs. After a slow start, stocks gradually moved upward in afternoon trading as companies in technology, basic materials, real estate and finance contributed modest gains.
The Standard & Poor's 500 index rose 3.02 points, or 0.1 percent, to a record high of 2,510.06. The Dow Jones industrial average gained 40.49 points, or 0.2 percent, to 22,381.20. The Nasdaq composite inched up 0.19 points to 6,453.45. The Russell 2000 index of smaller-company stocks continued to set new highs as it advanced 3.97 points, or 0.3 percent, to 1,488.79.
Benchmark U.S. crude gave up an early gain and fell 58 cents, or 1.1 percent, to $51.56 a barrel in New York. Brent crude, the standard for international oil prices, fell 49 cents to $57.41 per barrel in London. Wholesale gasoline lost 2 cents to $1.63 a gallon. Heating oil fell 1 cent to $1.83 a gallon. Natural gas slid 4 cents to $3.02 per 1,000 cubic feet.