Bloomberg News Now May 9, 2025: House Panel Releases Partial Version of Trump Bill, Bessent Warns on Debt Limit, More
May 10, 2025
Dive into the latest on tax proposals, including Trump's enhanced child tax credits and estate tax exemptions. Discover Texas's major settlement with Google and negotiations over Newark Airport. Unpack the significant trade talks aimed at easing a tense trade war, along with updates on tariffs and stock market trends. Plus, explore the growing partnership between Russia and China and its global implications.
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Trump Tax Proposal Highlights
- The House Ways and Means Committee released a partial version of Trump's tax proposal, focusing on child tax credit and estate tax exemption.
- The plan notably omits raises to state and local tax deductions and wealth taxes, showing division within the proposal.
Act Early On Debt Limit
- Treasury Secretary Scott Bessent urged Congress to increase or suspend the debt limit by mid-July.
- Acting before August exhaustion and Congress's recess is critical to protect the U.S. credit.
Google Biometric Data Settlement
- Google will pay $1.4 billion to Texas to settle claims over unauthorized biometric data collection.
- This case signals heightened scrutiny on tech companies' use of biometric identifiers.