Washington, July 2 (IANS) US lawmakers have called for reforms to protect college athletes from crippling tax bills as the explosive growth of Name, Image and Likeness (NIL) deals leaves many young sports stars struggling to navigate a complex tax system without adequate guidance.During a House Ways and Means Committee hearing this week on the multibillion-dollar sports industry, lawmakers from both parties heard testimony that student athletes, many still in their teens, are earning hundreds of…
Latest House Ways and Means Committee News & Updates
Washington, June 13 (IANS) US lawmakers this week debated a package of tax proposals aimed at easing compliance burdens for millions of cryptocurrency users, as Congress moved to establish clearer rules for a rapidly expanding digital asset sector that supporters say is critical to maintaining America’s leadership in financial innovation.During a hearing of the House Ways and Means Committee, lawmakers and industry representatives argued that existing tax rules have failed to keep pace with the …
Washington, June 5 (IANS) The Trump administration is investigating reports of continued Chinese involvement in US manufacturing projects receiving federal tax incentives, US Treasury Secretary Scott Bessent told lawmakers on Thursday, signalling heightened scrutiny of Beijing’s role in sectors Washington considers strategically important. Bessent disclosed the review during a hearing before the House Ways and Means Committee after lawmakers raised concerns that some companies benefiting from US…
Washington, June 5 (IANS) US Treasury Secretary Scott Bessent and senior Republican lawmakers on Thursday highlighted what they described as growing success in reducing US economic dependence on China, citing a shrinking trade deficit, expanding domestic manufacturing and new efforts to protect American industries from Chinese competition. During a House Ways and Means Committee hearing on the administration’s economic policies, Republicans argued that US President Donald Trump’s trade and tax a…
Washington, June 5 (IANS) US Treasury Secretary Scott Bessent on Thursday defended the Trump administration’s handling of the economy amid mounting criticism over rising fuel and consumer prices, telling lawmakers that inflationary pressures linked to the conflict involving Iran were temporary and would ease once the situation stabilised. The issue emerged repeatedly during a lengthy and often heated hearing before the House Ways and Means Committee, where Democratic lawmakers argued that the co…
Washington, June 5, (IANS) US Treasury Secretary Scott Bessent on Thursday vigorously defended President Donald Trump’s economic agenda during a contentious House Ways and Means Committee hearing, rejecting Democratic criticism over inflation, tariffs and the administration’s handling of the economy. Appearing before the committee to discuss the administration’s 2027 budget, Bessent argued that Trump’s tax, trade and deregulation policies were delivering benefits to working Americans, while Demo…
Washington, May 13 (IANS) First Lady Melania Trump highlighted a series of foster care reforms launched by the Trump administration 180 days after President Donald Trump signed the “Fostering the Future” executive order.The White House said the initiative aims to improve housing, education and career support for young people leaving foster care. Several federal agencies are involved in the effort.Among the key steps was the creation of a new “Fostering the Future Fund”. The White House s…
Washington, April 23 (IANS) US Trade Representative Jamieson Greer mounted a strong defence of the Trump administration’s trade policy, telling lawmakers that tariffs and aggressive negotiations were beginning to deliver tangible gains for American workers and industry.Appearing before the House Ways and Means Committee, Greer said the administration’s approach marked a decisive break from past policies that, in his view, encouraged offshoring and weakened domestic manufacturing.“We’re exp…
Washington, March 18 (IANS) US lawmakers pushed for a permanent ban on tariffs on digital products ahead of the WTO ministerial, with India’s opposition emerging as a key hurdle.At a Congressional hearing, officials said extending the moratorium on customs duties on electronic transmissions is a top priority. The rule has been in place since 1998.The moratorium bars countries from taxing digital trade such as software, data, and online services.House Ways and Means Committee Chairman Adrian Sm…