The ongoing debate over the state and local tax (SALT) deductions in the United States has ignited significant political discussions, particularly following the introduction of new legislation by New York Republican Rep. Mike Lawler. This bill proposes to dramatically increase the current SALT deduction cap, raising it from $10,000 to as much as $100,000 for
Politics
The landscape of American transportation is undergoing significant transformation, spurred by multifaceted federal initiatives aimed at modernizing infrastructure, enhancing safety, and promoting sustainability. As the Biden-Harris Administration draws to a close, the U.S. Department of Transportation (DOT) is championing a substantial allocation of nearly $5 billion in federal grants. This financial push comes at a
In a landmark initiative, the U.S. Department of Transportation (DOT) is allocating upwards of $332 million in federal grants to modernize airports across 32 states, primarily through funding from the Bipartisan Infrastructure Law (BIL). This financial injection is pivotal for revamping the nation’s airports, addressing extensive backlogs and the increasing demand for air travel. As
California is no stranger to the devastating impact of wildfires, and this year has been particularly harsh, with Los Angeles at the epicenter of destruction. As the state grapples with the immediate aftermath of these catastrophes, the focus turns toward the fiscal health of California and the impending budget deliberations led by Governor Gavin Newsom.
The state of Maryland, renowned for its AAA credit rating, finds itself grappling with a significant budget deficit amounting to approximately $3 billion. This fiscal predicament has arisen from a confluence of factors, including sluggish economic growth, surging Medicaid expenses, and the withdrawal of emergency pandemic funding. Governor Wes Moore, a Democrat, has voiced his
In a notable shift in the dealings between Texas governmental authorities and financial institutions, Texas Attorney General Ken Paxton recently commended significant actions taken by major banks such as Bank of America, Morgan Stanley, and JP Morgan. These banks have hastily opted out of the Net-Zero Banking Alliance (NZBA), an initiative aiming to transition toward
In a recent press conference, California Governor Gavin Newsom revealed a preview of the state’s budget for the 2025-26 fiscal year. This announcement comes ahead of a more comprehensive briefing expected later this week. With an overarching goal of fiscal responsibility, Newsom highlighted a budget that is “fully balanced with no deficit,” forecasting an additional
On a promising Sunday, the New York Metropolitan Transportation Authority (MTA) took a pivotal step in urban transportation management by implementing congestion pricing for vehicles entering the bustling streets of lower Manhattan. This launch marks a watershed moment for the MTA’s ambition to manage traffic congestion—a goal that has been fraught with challenges, including legal
As the United States stands on the brink of reaching its borrowing cap, the implications for both the economy and financial markets are profound. The looming deadline, set for midnight Wednesday, raises concerns over potential political deadlocks that could destabilize markets and lead to downgrades in credit ratings. Treasury Secretary Janet Yellen has intensified the
Recently, the financial landscape has witnessed significant turmoil as major banks, namely Bank of America (BofA) and Morgan Stanley, have chosen to exit the Net-Zero Banking Alliance. This move is not merely a corporate strategy shift but a direct response to scrutiny from Texas Attorney General Ken Paxton. Following Wells Fargo’s earlier withdrawal, these banks