| Republicans Release Sweeping Tax Plan, Key Component of Trump’s Agenda
The tax bill includes Trump’s campaign promises such as no tax on tips and overtime. It also increases the state and local tax deduction cap to $30,000.
The House Ways and Means Committee, which manages taxes, released the full 389-page text of the long-awaited multi-trillion-dollar Republican tax plan on May 12.
The legislation, which President Donald Trump called “the one big beautiful bill,” proposes lowering taxes by more than $4 trillion and cutting spending by $1.5 trillion over a decade. It would also raise the federal government’s borrowing limit to $4 trillion.
“Ways and Means Republicans have spent two years preparing for this moment, and we will deliver for the American people,” committee chair Jason Smith (R-Mo.) said in a statement. “Pro-family, pro-worker tax provisions are the heart of President Trump’s economic agenda.”
DELIVERING MOST-FAVORED-NATION PRESCRIPTION DRUG PRICING TO AMERICAN PATIENTS
By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:
Section 1. Purpose. The United States has less than five percent of the world’s population and yet funds around three quarters of global pharmaceutical profits. This egregious imbalance is orchestrated through a purposeful scheme in which drug manufacturers deeply discount their products to access foreign markets, and subsidize that decrease through enormously high prices in the United States.
Americans should not be forced to subsidize low-cost prescription drugs and biologics in other developed countries, and face overcharges for the same products in the United States. Americans must therefore have access to the most-favored-nation price for these products.
My Administration will take immediate steps to end global freeloading and, should drug manufacturers fail to offer American consumers the most-favored-nation lowest price, my Administration will take additional aggressive action.
Enabling Direct-to-Consumer Sales to American Patients at the Most-Favored-Nation Price. To the extent consistent with law, the Secretary of Health and Human Services (Secretary) shall facilitate direct-to-consumer purchasing programs for pharmaceutical manufacturers that sell their products to American patients at the most-favored-nation price.
British Prime Minister Brings In Tougher Policies to Reduce UK Immigration
Starmer said the policies will ’take back control of our borders and close the book on a squalid chapter for our politics, our economy, and our country.’
British Prime Minister Sir Keir Starmer announced on Monday a raft of tougher policies on immigration and promised to reduce the total number migrating to the UK.
Announcing the publication of a white paper, he told reporters at a briefing in Downing Street: “Now, make no mistake, this plan means migration will fall. That’s a promise.”
Starmer’s speech comes only 10 days after Labour suffered a major setback at local elections on May 1 and lost one of its safest seats, in Runcorn, to Reform UK.
Hamas Frees Edan Alexander, Its Last Living American Hostage in Gaza
The release was the result of indirect negotiations between the United States, led by special envoy Steve Witkoff, and Hamas.
After almost 585 days in captivity in Gaza, Israeli American Edan Alexander has been freed by Hamas.
U.S. President Donald Trump announced the release on May 11.
“Edan Alexander, American hostage thought dead, to be released by Hamas. Great news!” he wrote in an all-caps post on Truth Social. |
