House Democrats move to block Trump’s national emergency declaration

The Democratic-held House plans to vote on the bill Tuesday, House Speaker Nancy Pelosi told reporters on Friday. Several Republicans have showed concerns about the precedent set by Trump’s declaration. At least one GOP senator — Susan Collins of Maine — will vote for a resolution to block the emergency declaration. The measure would then need veto-proof, two-thirds majorities of 290 and 67 votes in the House and Senate, respectively. Garnering that much support would prove much tougher, conside


The Democratic-held House plans to vote on the bill Tuesday, House Speaker Nancy Pelosi told reporters on Friday. Several Republicans have showed concerns about the precedent set by Trump’s declaration. At least one GOP senator — Susan Collins of Maine — will vote for a resolution to block the emergency declaration. The measure would then need veto-proof, two-thirds majorities of 290 and 67 votes in the House and Senate, respectively. Garnering that much support would prove much tougher, conside
House Democrats move to block Trump’s national emergency declaration Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: jacob pramuk, carlos barria
Keywords: news, cnbc, companies, trumps, block, emergency, national, democrats, trump, resolution, week, senate, support, declaration, wall, house, pelosi


House Democrats move to block Trump's national emergency declaration

The Democratic-held House plans to vote on the bill Tuesday, House Speaker Nancy Pelosi told reporters on Friday. On the same call where Pelosi spoke, Castro told reporters that the measure has at least 226 co-sponsors, including one Republican, Rep. Justin Amash of Michigan. The number tops the 218 votes the plan needs to pass the House.

On Friday, Castro called the declaration “an historic power grab.” Pelosi argued it “clearly violates Congress’s exclusive power of the purse.”

The challenge for Democrats starts when the proposal goes to the GOP-held Senate. Several Republicans have showed concerns about the precedent set by Trump’s declaration. The resolution will put pressure on them to choose between acting on professed worries about expanded executive power, or backing a president with strong support among GOP voters.

At least one GOP senator — Susan Collins of Maine — will vote for a resolution to block the emergency declaration. To reach the majority needed for the measure to clear the Senate, the 47 Democrats in the chamber would then need only three more Republicans to join them. That could easily happen.

However, Trump pledged Friday to veto the legislation if it comes to his desk. The measure would then need veto-proof, two-thirds majorities of 290 and 67 votes in the House and Senate, respectively. Garnering that much support would prove much tougher, considering both House Minority Leader Kevin McCarthy, R-Calif., and Senate Majority Leader Mitch McConnell, R-Ky., have pledged to support Trump’s declaration.

The resolution extends the political and legal dispute over Trump’s campaign pledge to build a wall on the U.S.-Mexico border. In several recent lawsuits, including one filed by 16 U.S. states, groups have challenged the emergency declaration. Critics have questioned not only the president’s authority to take the step, but also whether migration over the border really constitutes a national emergency.

“All Members take an oath of office to support and defend the Constitution,” Pelosi wrote to colleagues this week. “The President’s decision to go outside the bounds of the law to try to get what he failed to achieve in the constitutional legislative process violates the Constitution and must be terminated.”

Opponents of the emergency declaration have partly pointed to Trump’s comments last week, when he said he “didn’t need to” take the action but would rather get money for the wall “much faster.”

Trump last week signed a spending bill into law to keep the government running through Sept. 30 and allocate $1.375 billion for building border barriers. Trump had pushed for $5.7 billion for a wall — a demand that led to a record 35-day partial government shutdown in December and January.

Stymied by Congress, Trump aims to use executive authority to construct the wall, using $8 billion total toward the barriers. The sum includes the funds appropriated by Congress, along with money he plans to divert from other departments through executive action.


Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: jacob pramuk, carlos barria
Keywords: news, cnbc, companies, trumps, block, emergency, national, democrats, trump, resolution, week, senate, support, declaration, wall, house, pelosi


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US, China extend trade talks as Trump and Xi express optimism

Liu echoed Trump’s outlook, saying that a trade deal was “very likely” from China’s perspective. Markets, which initially pared their gains on reports of Trump’s remarks after the meeting with Liu, quickly recovered as both sides of the ongoing trade negotiations signaled that a trade deal was on the horizon. Trump also said he would be willing to extend the March 1 deadline previously set for the trade talks to conclude, “if I see substantial progress being made.” Towards the end of the press e


Liu echoed Trump’s outlook, saying that a trade deal was “very likely” from China’s perspective. Markets, which initially pared their gains on reports of Trump’s remarks after the meeting with Liu, quickly recovered as both sides of the ongoing trade negotiations signaled that a trade deal was on the horizon. Trump also said he would be willing to extend the March 1 deadline previously set for the trade talks to conclude, “if I see substantial progress being made.” Towards the end of the press e
US, China extend trade talks as Trump and Xi express optimism Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: christina wilkie, carlos barria
Keywords: news, cnbc, companies, trump, understanding, term, lighthizer, mou, extend, contract, trumps, express, think, china, talks, trade, xi, deal, optimism


US, China extend trade talks as Trump and Xi express optimism

“I think we’re making a lot of progress,” Trump said, adding that there was a “very good chance a deal could be made.”

Liu echoed Trump’s outlook, saying that a trade deal was “very likely” from China’s perspective.

Markets, which initially pared their gains on reports of Trump’s remarks after the meeting with Liu, quickly recovered as both sides of the ongoing trade negotiations signaled that a trade deal was on the horizon.

U.S. Trade Representative Robert Lighthizer, who also attended the Oval Office meeting, said negotiations had moved forward, but noted that “a few very big hurdles” remained.

Trump also said he would be willing to extend the March 1 deadline previously set for the trade talks to conclude, “if I see substantial progress being made.” He added, “If we’re doing well, I could see extending that.”

Towards the end of the press event, Trump and Lighthizer publicly sparred over what to call the agreement currently being negotiated. Traditionally, bilateral trade deals between nations have been inked with memoranda of understanding, or MOUs rather than legally binding contracts, given the diversity of legal systems around the world.

“An MOU is a contract, it’s the way trade agreements are generally used,” Lighthizer said in response to a reporter’s question about whether the MOU currently being hashed out between the U.S. and China would be short term or longer term.

“I disagree,” Trump replied. “I think that a MOU is not a contract to the extent that we want…To me the final contract is really the thing, Bob. To me, MOUs don’t mean anything.”

Rather than openly disagree with the president in public, Lightheizer simply agreed to call the same deal by a different name.

“From now on, we’re not using the term memorandum of understanding anymore,” Lighthizer said. “We’re going to use the term trade agreement. We’ll have the same document, but it’s going to be known as a trade agreement.”

While the two sides remain far from reconciling their disputes over forced technology transfers and what the U.S. alleges is China’s theft of its intellectual property, sources confirmed to CNBC on Friday that China has committed to buying $1.2 trillion in U.S. goods.


Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: christina wilkie, carlos barria
Keywords: news, cnbc, companies, trump, understanding, term, lighthizer, mou, extend, contract, trumps, express, think, china, talks, trade, xi, deal, optimism


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US, China extend trade talks as Trump and Xi express optimism

Liu echoed Trump’s outlook, saying that a trade deal was “very likely” from China’s perspective. Markets, which initially pared their gains on reports of Trump’s remarks after the meeting with Liu, quickly recovered as both sides of the ongoing trade negotiations signaled that a trade deal was on the horizon. Trump also said he would be willing to extend the March 1 deadline previously set for the trade talks to conclude, “if I see substantial progress being made.” Towards the end of the press e


Liu echoed Trump’s outlook, saying that a trade deal was “very likely” from China’s perspective. Markets, which initially pared their gains on reports of Trump’s remarks after the meeting with Liu, quickly recovered as both sides of the ongoing trade negotiations signaled that a trade deal was on the horizon. Trump also said he would be willing to extend the March 1 deadline previously set for the trade talks to conclude, “if I see substantial progress being made.” Towards the end of the press e
US, China extend trade talks as Trump and Xi express optimism Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: christina wilkie, carlos barria
Keywords: news, cnbc, companies, trump, understanding, term, lighthizer, mou, extend, contract, trumps, express, think, china, talks, trade, xi, deal, optimism


US, China extend trade talks as Trump and Xi express optimism

“I think we’re making a lot of progress,” Trump said, adding that there was a “very good chance a deal could be made.”

Liu echoed Trump’s outlook, saying that a trade deal was “very likely” from China’s perspective.

Markets, which initially pared their gains on reports of Trump’s remarks after the meeting with Liu, quickly recovered as both sides of the ongoing trade negotiations signaled that a trade deal was on the horizon.

U.S. Trade Representative Robert Lighthizer, who also attended the Oval Office meeting, said negotiations had moved forward, but noted that “a few very big hurdles” remained.

Trump also said he would be willing to extend the March 1 deadline previously set for the trade talks to conclude, “if I see substantial progress being made.” He added, “If we’re doing well, I could see extending that.”

Towards the end of the press event, Trump and Lighthizer publicly sparred over what to call the agreement currently being negotiated. Traditionally, bilateral trade deals between nations have been inked with memoranda of understanding, or MOUs rather than legally binding contracts, given the diversity of legal systems around the world.

“An MOU is a contract, it’s the way trade agreements are generally used,” Lighthizer said in response to a reporter’s question about whether the MOU currently being hashed out between the U.S. and China would be short term or longer term.

“I disagree,” Trump replied. “I think that a MOU is not a contract to the extent that we want…To me the final contract is really the thing, Bob. To me, MOUs don’t mean anything.”

Rather than openly disagree with the president in public, Lightheizer simply agreed to call the same deal by a different name.

“From now on, we’re not using the term memorandum of understanding anymore,” Lighthizer said. “We’re going to use the term trade agreement. We’ll have the same document, but it’s going to be known as a trade agreement.”

While the two sides remain far from reconciling their disputes over forced technology transfers and what the U.S. alleges is China’s theft of its intellectual property, sources confirmed to CNBC on Friday that China has committed to buying $1.2 trillion in U.S. goods.


Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: christina wilkie, carlos barria
Keywords: news, cnbc, companies, trump, understanding, term, lighthizer, mou, extend, contract, trumps, express, think, china, talks, trade, xi, deal, optimism


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Ex-Trump lawyer Cohen to testify before US House oversight panel next week

Cohen had originally been scheduled to testify on Feb. 7 but his advisor Lanny Davis said he canceled because of threats against his family from Trump. “I am pleased to announce that Michael Cohen’s public testimony before the Oversight Committee is back on, despite efforts by some to intimidate his family members and prevent him from appearing,” House Oversight and Reform Committee Chairman Elijah Cummings said in a statement. Cohen has pleaded guilty to crimes including campaign finance violat


Cohen had originally been scheduled to testify on Feb. 7 but his advisor Lanny Davis said he canceled because of threats against his family from Trump. “I am pleased to announce that Michael Cohen’s public testimony before the Oversight Committee is back on, despite efforts by some to intimidate his family members and prevent him from appearing,” House Oversight and Reform Committee Chairman Elijah Cummings said in a statement. Cohen has pleaded guilty to crimes including campaign finance violat
Ex-Trump lawyer Cohen to testify before US House oversight panel next week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: eduardo munoz alvarez, getty images news, getty images
Keywords: news, cnbc, companies, oversight, testimony, week, cohen, trumps, panel, testify, public, feb, house, extrump, campaign, scheduled, lawyer, committee


Ex-Trump lawyer Cohen to testify before US House oversight panel next week

President Donald Trump’s former lawyer Michael Cohen will testify in a public hearing before a U.S. congressional committee on Feb. 27 and the panel’s chairman said Trump’s business practices would be a focus of the testimony.

Cohen had originally been scheduled to testify on Feb. 7 but his advisor Lanny Davis said he canceled because of threats against his family from Trump.

“I am pleased to announce that Michael Cohen’s public testimony before the Oversight Committee is back on, despite efforts by some to intimidate his family members and prevent him from appearing,” House Oversight and Reform Committee Chairman Elijah Cummings said in a statement.

Cohen has pleaded guilty to crimes including campaign finance violations during Trump’s 2016 election campaign and has cooperated with investigators.

Trump called Cohen a “rat” in a tweet in December for cooperating with prosecutors. Cohen had been Trump’s self-described longtime “fixer” and once said he would take a bullet for the New York real estate developer.

The Oversight Committee said in a memo to its members that Cohen would be questioned about Trump’s “debts and payments relating to efforts to influence the 2016 election,” Trump’s compliance with tax and campaign finance laws, and Trump’s business practices, among other topics.

Davis confirmed in a tweet that Cohen would appear before the Oversight Committee and said Cohen “will speak about his decade long experiences working for Mr. Trump.”

Cohen will report to federal prison on May 6 after a judge granted him a two-month delay to allow him to recover from a surgical procedure and to prepare for his congressional testimony, according to a court filing on Wednesday.

Cohen is also scheduled to testify at a closed hearing of the House Intelligence Committee on Feb. 28.


Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: eduardo munoz alvarez, getty images news, getty images
Keywords: news, cnbc, companies, oversight, testimony, week, cohen, trumps, panel, testify, public, feb, house, extrump, campaign, scheduled, lawyer, committee


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Trump plans to nominate Jeffrey Rosen as deputy US attorney general, White House says

President Donald Trump plans to nominate Jeffrey Rosen as the next deputy U.S. attorney general, the White House said on Tuesday night, the latest shuffle in the Justice Department at a time when it faces close scrutiny over its Russia investigation. Rosenstein is expected to step down by mid-March, a Justice Department official said on Monday. Attorney General William Barr welcomed the choice of Rosen, saying in a statement that he had 35 years of experience at the highest levels of government


President Donald Trump plans to nominate Jeffrey Rosen as the next deputy U.S. attorney general, the White House said on Tuesday night, the latest shuffle in the Justice Department at a time when it faces close scrutiny over its Russia investigation. Rosenstein is expected to step down by mid-March, a Justice Department official said on Monday. Attorney General William Barr welcomed the choice of Rosen, saying in a statement that he had 35 years of experience at the highest levels of government
Trump plans to nominate Jeffrey Rosen as deputy US attorney general, White House says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, possible, department, rosen, justice, nominate, house, deputy, trumps, trump, general, attorney, barr, white, jeffrey, plans, office


Trump plans to nominate Jeffrey Rosen as deputy US attorney general, White House says

President Donald Trump plans to nominate Jeffrey Rosen as the next deputy U.S. attorney general, the White House said on Tuesday night, the latest shuffle in the Justice Department at a time when it faces close scrutiny over its Russia investigation.

Rosen, currently deputy secretary of the U.S. Department of Transportation, would succeed Rod Rosenstein, who appointed a special counsel to investigate possible ties between Russia and Trump’s campaign.

Rosenstein is expected to step down by mid-March, a Justice Department official said on Monday.

Attorney General William Barr welcomed the choice of Rosen, saying in a statement that he had 35 years of experience at the highest levels of government and in the private sector.

“His years of outstanding legal and management experience make him an excellent choice to succeed Deputy Attorney General Rod Rosenstein, who has served the Department of Justice over many years with dedication and distinction,” Barr said.

Rosen’s nomination must be confirmed by the U.S. Senate.

He previously served as general counsel in the Transportation Department and the Office of Management and Budget (OMB) but does not have experience as a prosecutor or Justice Department official, which is unusual for a deputy attorney general candidate.

The Justice Department oversees the nation’s law enforcement and various federal investigations, including the U.S. Special Counsel’s Office probe into alleged Russian meddling in the 2016 election and possible collusion by Trump’s presidential campaign.

Rosenstein gained national attention after Trump’s former attorney general, Jeff Sessions, recused himself from the Russia investigation, leaving his then second-in-command to oversee U.S. Special Counsel Robert Mueller and his team.

Trump, who repeatedly criticized Sessions over the probe that he calls a “witch hunt,” ousted Sessions in November.

Former acting FBI Director Andrew McCabe told CNN’s “Anderson Cooper 360” on Tuesday that it was possible Trump was a Russian asset.

“I think it’s possible. I think that’s why we started our investigation, and I’m really anxious to see where director Mueller concludes that,” he said.

Trump has repeatedly dismissed accusations hurled at him by McCabe, who told CBS’ “60 Minutes” on Sunday that Rosenstein had discussed invoking the U.S. Constitution’s 25th Amendment to remove Trump from office in the months after Trump took power.

Rosenstein, who stopped overseeing Mueller’s probe on Nov. 7 when Trump named Matt Whittaker acting attorney general, had been expected to leave soon after Barr assumed office. The U.S. Senate confirmed Barr last week.


Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, possible, department, rosen, justice, nominate, house, deputy, trumps, trump, general, attorney, barr, white, jeffrey, plans, office


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Deutsche Bank reportedly considered restructuring Trump’s loans on worries he might default

Deutsche Bank officials were worried enough that President Donald Trump might default on loans after he was elected that the institution considered extending the repayment dates, according to a Bloomberg News report Wednesday. The Trump Organization had about $340 million in outstanding loans that were to come due in 2023 and 2024, or potentially in the president’s second term should he win re-election in 2020. Bank officials worried about the optics of collecting from a sitting president, so th


Deutsche Bank officials were worried enough that President Donald Trump might default on loans after he was elected that the institution considered extending the repayment dates, according to a Bloomberg News report Wednesday. The Trump Organization had about $340 million in outstanding loans that were to come due in 2023 and 2024, or potentially in the president’s second term should he win re-election in 2020. Bank officials worried about the optics of collecting from a sitting president, so th
Deutsche Bank reportedly considered restructuring Trump’s loans on worries he might default Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: jeff cox, mandel ngan, afp, getty images
Keywords: news, cnbc, companies, deutsche, default, president, report, loans, reportedly, considered, win, dates, bank, officials, trump, restructuring, worries, trumps, worried


Deutsche Bank reportedly considered restructuring Trump's loans on worries he might default

Deutsche Bank officials were worried enough that President Donald Trump might default on loans after he was elected that the institution considered extending the repayment dates, according to a Bloomberg News report Wednesday.

The Trump Organization had about $340 million in outstanding loans that were to come due in 2023 and 2024, or potentially in the president’s second term should he win re-election in 2020. Bank officials worried about the optics of collecting from a sitting president, so they considered pushing out the due dates to 2025, the report said.

Ultimately, the bank apparently decided against taking actions for reasons that are not clear, opting instead to not do any additional business with Trump.


Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: jeff cox, mandel ngan, afp, getty images
Keywords: news, cnbc, companies, deutsche, default, president, report, loans, reportedly, considered, win, dates, bank, officials, trump, restructuring, worries, trumps, worried


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Deutsche Bank reportedly considered restructuring Trump’s loans on worries he might default

Deutsche Bank officials were worried enough that President Donald Trump might default on loans after he was elected that the institution considered extending the repayment dates, according to a Bloomberg News report Wednesday. The Trump Organization had about $340 million in outstanding loans that were to come due in 2023 and 2024, or potentially in the president’s second term should he win re-election in 2020. Bank officials worried about the optics of collecting from a sitting president, so th


Deutsche Bank officials were worried enough that President Donald Trump might default on loans after he was elected that the institution considered extending the repayment dates, according to a Bloomberg News report Wednesday. The Trump Organization had about $340 million in outstanding loans that were to come due in 2023 and 2024, or potentially in the president’s second term should he win re-election in 2020. Bank officials worried about the optics of collecting from a sitting president, so th
Deutsche Bank reportedly considered restructuring Trump’s loans on worries he might default Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: jeff cox, toni l sandys, the washington post, getty images, mandel ngan, afp
Keywords: news, cnbc, companies, considered, bank, dates, trump, default, officials, report, win, trumps, loans, worried, president, worries, reportedly, deutsche, restructuring


Deutsche Bank reportedly considered restructuring Trump's loans on worries he might default

Deutsche Bank officials were worried enough that President Donald Trump might default on loans after he was elected that the institution considered extending the repayment dates, according to a Bloomberg News report Wednesday.

The Trump Organization had about $340 million in outstanding loans that were to come due in 2023 and 2024, or potentially in the president’s second term should he win re-election in 2020. Bank officials worried about the optics of collecting from a sitting president, so they considered pushing out the due dates to 2025, the report said.

Ultimately, the bank apparently decided against taking actions for reasons that are not clear, opting instead to not do any additional business with Trump.


Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: jeff cox, toni l sandys, the washington post, getty images, mandel ngan, afp
Keywords: news, cnbc, companies, considered, bank, dates, trump, default, officials, report, win, trumps, loans, worried, president, worries, reportedly, deutsche, restructuring


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US-China trade war: Deal needs enforcement, says Chamber of Commerce

Pledges from Beijing to buy more American goods and fix some economic structural issues are meaningless victories for the U.S. if Donald Trump’s administration doesn’t also create ways to enforce a trade agreement with China, according to a top official from the U.S. Chamber of Commerce. That comes as Chinese negotiators ready for the next round of trade talks, set to begin Tuesday in Washington. “Without enforcement, this deal fails,” he told CNBC’s Eunice Yoon in Beijing. Enforcement mechanism


Pledges from Beijing to buy more American goods and fix some economic structural issues are meaningless victories for the U.S. if Donald Trump’s administration doesn’t also create ways to enforce a trade agreement with China, according to a top official from the U.S. Chamber of Commerce. That comes as Chinese negotiators ready for the next round of trade talks, set to begin Tuesday in Washington. “Without enforcement, this deal fails,” he told CNBC’s Eunice Yoon in Beijing. Enforcement mechanism
US-China trade war: Deal needs enforcement, says Chamber of Commerce Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: huileng tan, mark schiefelbein, pool
Keywords: news, cnbc, companies, trade, tariffs, enforcement, brilliant, war, commerce, beijing, needs, uschina, deal, china, according, need, chamber, trumps


US-China trade war: Deal needs enforcement, says Chamber of Commerce

Pledges from Beijing to buy more American goods and fix some economic structural issues are meaningless victories for the U.S. if Donald Trump’s administration doesn’t also create ways to enforce a trade agreement with China, according to a top official from the U.S. Chamber of Commerce.

That comes as Chinese negotiators ready for the next round of trade talks, set to begin Tuesday in Washington. So far, reports indicate, the two countries have found common ground on China decreasing its trade surplus with the U.S. through more purchases, but sticking points remain on issues such as intellectual property theft and the subsidies Beijing gives to its domestic firms.

Still, even if Trump’s team can realize its goals on those fronts, it will all come down to whether both countries actually live up to their commitments, according to Myron Brilliant, executive vice president and head of international affairs at the U.S. Chamber of Commerce.

“Without enforcement, this deal fails,” he told CNBC’s Eunice Yoon in Beijing. “Implementation and enforcement are going to be two key elements — so you need to have implementation, you need to have follow-through, but you need to have enforcement mechanisms that will ensure that both sides have trust that this deal is sustaining and verifiable.”

Enforcement mechanisms could include a “snapback” in tariffs if China doesn’t live up to the terms of the deal, he said. Another option, according to Brilliant, would be for the U.S. to “delay the reduction of tariffs being reduced from 10 percent down to zero” contingent on Beijing’s adherence to the agreement.

Such measures are unlikely to be well received by the Chinese negotiators, and multiple media reports indicate that remains one of the biggest sticking points in the ongoing discussion. Still, Brilliant emphasized that the business community is hoping some sort of agreement will come together.


Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: huileng tan, mark schiefelbein, pool
Keywords: news, cnbc, companies, trade, tariffs, enforcement, brilliant, war, commerce, beijing, needs, uschina, deal, china, according, need, chamber, trumps


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I owe how much? Americans are shocked by the impact of Trump’s tax law

The couple’s effective tax rate was lower, but they still owed the government. The IRS reported Thursday that the average tax refund as of the second week of filing season was $1,949, down 8.7 percent from the year earlier. The couple increased her paycheck withholdings to ensure the same but found they are only getting back $519 this year. Their income and tax rate did increase, and McCreanor acknowledges there is probably more he could have done to prepare but he is very disappointed all the s


The couple’s effective tax rate was lower, but they still owed the government. The IRS reported Thursday that the average tax refund as of the second week of filing season was $1,949, down 8.7 percent from the year earlier. The couple increased her paycheck withholdings to ensure the same but found they are only getting back $519 this year. Their income and tax rate did increase, and McCreanor acknowledges there is probably more he could have done to prepare but he is very disappointed all the s
I owe how much? Americans are shocked by the impact of Trump’s tax law Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: carlos barria
Keywords: news, cnbc, companies, withholdings, americans, rate, shocked, trumps, owe, taxes, impact, refund, law, increased, paycheck, irs, taxpayers, tax, refunds


I owe how much? Americans are shocked by the impact of Trump's tax law

“We were very comfortable with our tax law, it had basically been there since 1986, suddenly all these things that were very important to people changed … it’s all different,” said Howard Gleckman, a senior fellow at the Tax Policy Center.

Kraft and Elias are able to pay their tax bill but he’s still stunned. He even tried to reverse-engineer things to figure out where they went wrong, diving into page after page of IRS rules. He painstakingly put together all the numbers. The couple ultimately asked a CPA to verify the figures they were seeing on TurboTax. Crushingly, they were correct.

The couple’s effective tax rate was lower, but they still owed the government.

“I feel like I have reached a stage of grief of acceptance,” he said. “In a twisted way I should have been paying this all year and now I just have to pay it in one lump sum.”

A number of experts such as Gleckman are urging taxpayers to obsess less about their refund or what they owe when measuring the effect of the new tax law. These are just a sliver of your tax picture.

But the truth is, many Americans have come to rely on refunds. About three-quarters of U.S. taxpayers typically get one and they had averaged around $2,800. For some low-income households it is the biggest cash infusion of the year.

The IRS reported Thursday that the average tax refund as of the second week of filing season was $1,949, down 8.7 percent from the year earlier. The total number of refunds is down 16 percent.

Experts caution it is too early to draw conclusions about a tax season that ends in April. Plus, the number of returns — 27 million as of Feb. 8 — is down 10 percent from a year ago, due in part to the partial government shutdown. The picture will become much clearer as more filings are processed, refunds are issued and the IRS gets back up to full speed.

All the same, the initial results have surprised early filers and worried those who haven’t yet tackled their taxes.

Part of the problem centers around how employees and employers adjusted (or didn’t adjust) withholdings from paychecks to account for the law’s changes. The government issued updated withholding guidelines to help employers determine how much to set aside from an employee’s paycheck to cover taxes. Withhold too much and you get a refund at tax time; too little and you owe.

It is at best, an estimate. But it’s an estimate that grew drastically more difficult to make under the new law.

The Government Accountability Office estimated in a report last summer that about 30 million workers had too little withheld from their paychecks, which made their take home pay bigger but increased their tax liability. That’s about 3 million more workers than normal.

Few taxpayers appear to have heeded the IRS’ advice to do a “paycheck checkup” to make sure they had the proper amount withheld. Payroll processor ADP, which is responsible for paying one out of every six Americans, said the vast majority of people in its system didn’t update their withholdings last year.

Some taxpayers who did make adjustments found they couldn’t get it quite right.

Kevin McCreanor of Milton, Georgia and his wife normally get a sizeable refund each year — it was more than $12,000 last year. While they know waiting for a large refund isn’t the best strategy financially, they like a refund and they put anything they get back toward their daughters’ education. Their income, earned primarily from his wife’s job in telecom, can vary greatly, so there was comfort in never facing a big bill.

The couple increased her paycheck withholdings to ensure the same but found they are only getting back $519 this year. Their income and tax rate did increase, and McCreanor acknowledges there is probably more he could have done to prepare but he is very disappointed all the same.

Some surprises were welcome, however. Brian Goodell and his wife typically face a tax bill of anywhere from $10,000 to $15,000 each year. But this year the Tigard, Oregon, couple is getting a $15,000 refund. They believe they got some benefit from the increased child tax credit. They also made more charitable donations and increased their withholdings. While Goodell isn’t entirely sure why it worked out so well, he’ll gladly take the refund.

Taxpayers can get a better sense of how they fared by looking at their tax liability or effective tax rate. This information is often available on the summary received from an accountant or tax preparation software. They can also look at the “total tax” on those summaries or form 1040. These are not perfect measures either, but provide some perspective.

And remember that getting a refund is not necessarily a good thing. Breaking even is really the best outcome from an economic point of view. If you get a refund, that means the government has been holding onto your money when you could have been using it.

Additionally, consider that taxes are rarely an equal comparison from year-to-year, said Eric Bronnenkant, the head of tax at Betterment and a CPA and certified financial planner. People’s lives change in ways that can dramatically influence their taxes, such as marriages, divorces, kids, moving or job changes. The average taxpayer may not realize the full impact some of these changes might have.

“I am not surprised by the reaction people are having,” Bronnekant said. “I think for some people the reaction is more justified than others.”


Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: carlos barria
Keywords: news, cnbc, companies, withholdings, americans, rate, shocked, trumps, owe, taxes, impact, refund, law, increased, paycheck, irs, taxpayers, tax, refunds


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Lawsuits challenging Trump’s national emergency declaration use his words against him

President Donald Trump’s words are being used against him in a slew of lawsuits challenging his declaration of a national emergency at the southern border. But I’d rather do it much faster,” Trump said of the national emergency declaration, speaking from the White House Rose Garden, according to an official transcript. The White House, which did not respond to a request for comment, has said that a national emergency declaration is necessary to address the “situation at the southern border.” Rat


President Donald Trump’s words are being used against him in a slew of lawsuits challenging his declaration of a national emergency at the southern border. But I’d rather do it much faster,” Trump said of the national emergency declaration, speaking from the White House Rose Garden, according to an official transcript. The White House, which did not respond to a request for comment, has said that a national emergency declaration is necessary to address the “situation at the southern border.” Rat
Lawsuits challenging Trump’s national emergency declaration use his words against him Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: tucker higgins, carlos barria
Keywords: news, cnbc, companies, presidents, wrote, president, wall, trumps, challenging, national, border, public, emergency, words, statements, declaration, lawsuits


Lawsuits challenging Trump's national emergency declaration use his words against him

President Donald Trump’s words are being used against him in a slew of lawsuits challenging his declaration of a national emergency at the southern border.

In at least three federal court lawsuits filed, lawyers have seized on the president’s remark during Friday’s press conference announcing the declaration that he “didn’t need to” declare a national emergency.

In suits brought by the Center for Biological Diversity, Public Citizen and 16 U.S. states, the challengers have argued that the president’s comments show that his national emergency declaration is a matter of personal preference or a negotiating tactic — not a true emergency requiring the use of American armed forces, as the White House has claimed.

The American Civil Liberties Union, which has said it will file a lawsuit against the administration this week, has featured the president’s comment in news releases.

The president’s remarks on Friday came after a protracted battle with Congress over his demands for billions of dollars in funding for his proposed border wall.

The tussle led to a partial government shutdown that stretched through December and January — the longest in American history. The issue appeared to be resolved last week only after the president agreed to sign a spending bill without funding for the wall, while simultaneously declaring a national emergency to bypass Congress and unlock already appropriated Department of Defense funds.

“I didn’t need to do this. But I’d rather do it much faster,” Trump said of the national emergency declaration, speaking from the White House Rose Garden, according to an official transcript. “And I don’t have to do it for the election. I’ve already done a lot of wall, for the election — 2020.”

The White House, which did not respond to a request for comment, has said that a national emergency declaration is necessary to address the “situation at the southern border.” It argues the situation poses a threat to core national security interests and that a wall is needed to stem what it says is a flow of criminal activity from Mexico.

Following the declaration, the administration has access to $8.1 billion to build a southwestern border wall, including up to $3.6 billion in DOD funds appropriated for military construction, according to a fact sheet prepared by the administration.

But the president’s comment, according to lawyers for Public Citizen, “conceded that the situation at the southern border does not require a declaration of national emergency.”

“Of the 58 times presidents have previously declared emergencies under the National Emergencies Act, none involved using the emergency powers to fund a policy goal after a president failed to meet that goal through foreign diplomacy (having Mexico pay for the wall) or the congressional appropriations process,” wrote attorneys for the Center for Biological Diversity, citing the comment.

And the coalition of states opposing the declaration wrote that the president, while “explaining his rationale” for the declaration, “candidly admitted that the emergency declaration reflected his personal preference to construct the wall more quickly, rather than an actual urgent need for it to be built immediately.”

“In his own public statements, President Trump has made clear that his emergency declaration was triggered by his inability to secure funding for the border wall from Congress rather than an actual national emergency at the border,” the California-led group of attorneys general wrote in their complaint.

That lawsuit, the most extensive yet filed, cites public statements and tweets from Trump dating to 2014, when he began advocating for a border wall on Twitter.

The “salient facts,” the group wrote, including “the historic pattern of unauthorized immigrants committing crimes at substantially lower rates than native-born Americans,” have not changed since Trump’s inauguration in 2017.

Rather, the states allege that the president’s inability to obtain funding from Congress is the reason for the national emergency declaration.

In addition to Trump’s comments on Friday, the group of states cited the president’s comments to reporters last month in which he said his “threshold” for declaring a national emergency was “if I can’t make a deal with people that are unreasonable.”

The president said on Friday that he was anticipating a number of legal challenges, and that he expected to ultimately be vindicated by the U.S. Supreme Court.

“Hopefully we will get a fair shake, and we will win in the Supreme Court, just like the ban,” Trump said.

The justices upheld a version of the president’s travel ban in June 2018 after it was blocked by lower courts. The ban was challenged on the grounds that it was motivated by hostility to Muslims. The top court’s reasoning at the time could be good news for the president’s national emergency declaration.

In the travel ban case, the state of Hawaii argued that the president’s public statements and tweets demonstrated his intent to discriminate against Muslims. But the justices, ruling 5-4 in the president’s favor, found that the tweets were not relevant to the case at hand, and instead relied only on the text of the ban itself.

“The issue before us is not whether to denounce the statements,” Chief Justice John Roberts wrote in the opinion of the court upholding the president’s order.

“It is instead the significance of those statements in reviewing a Presidential directive, neutral on its face, addressing a matter within the core of executive responsibility.”


Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: tucker higgins, carlos barria
Keywords: news, cnbc, companies, presidents, wrote, president, wall, trumps, challenging, national, border, public, emergency, words, statements, declaration, lawsuits


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