Bloomberg News Now May 20, 2025: Trump Pushes Tax Bill, Cuomo Responds to DOJ Probe Report, More
May 21, 2025
Dive into the heated debate over Trump's tax cut bill and the impact of state and local tax deductions. Explore Andrew Cuomo's contentious campaign amid a DOJ investigation and claims of election interference. Discover how geopolitical tensions in Iran are affecting oil prices, along with updates on Tesla's stock surge and Fortnite's comeback to the Apple App Store. Plus, learn about Google's innovative AI search features and small business insurance trends.
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Trump's SALT Deduction Standoff
- President Trump is frustrated with demands to increase the cap on state and local tax deductions (SALT) in his tax bill.
- Republicans from high-tax states face pressure to delay SALT adjustments until the main tax legislation passes.
SALT Debate Misses Bigger Picture
- Congressman Frank Pallone argues tax cut focus on SALT misses the bigger issue.
- He highlights that tax cuts mainly benefit large corporations and billionaires, funded by Medicaid and healthcare cuts.
Speaker Johnson's SALT Proposal
- House Speaker Mike Johnson proposes raising the SALT cap to $40,000 over four years.
- He urges Republicans to finalize a deal soon and maintain the Thursday vote schedule.