09-27-2022  4:13 pm   •   PDX and SEA Weather
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NORTHWEST NEWS

Black United Fund Launches Emerging Entrepreneur Program

Pilot program will support promising small business owner ready to take the next step.

After a Rocky Start Oregon Drug Decriminalization Eyes Progress

When voters passed the state's pioneering Drug Addiction Treatment andRecovery Act in 2020, the emphasis was on treatment as much as on decriminalizing possession of personal-use amounts of heroin, cocaine, methamphetamine and other drugs. But progress has been slow and Oregon still has among the highest addiction rates in the country yet over half of addiction treatment programs in the state don't have enough staffing and funding to help those who want help

Morgan State University Students Win Zillow’s HBCU Hackathon With App That Measures Financial Credibility Outside of Credit Scoring

Second-annual competition challenged participants to develop new technologies to help consumers during their journey to find a home.

Portland, Oregon, to Use Microphones to Track Gunshots

The decision to advance a pilot program with ShotSpotter was made after Wheeler met with Police Chief Chuck Lovell.

NEWS BRIEFS

Expiring Protections: 10-Day Notices of Nonpayment of Rent And "Safe Harbor" Protections

Effective October 1, a Landlord will be able to resume use of a 72-hour notice or 144-hour notice when issuing a termination notice...

11 Area Post Offices to Host Hiring Events

Over 100 Northwest USPS Hosting Job Fairs ...

Rep. Janelle Bynum Champions Oregon Business and Sets Sights on Strengthening Key Industries

Rep. Bynum invited leaders and experts to discuss ways the state can champion businesses of all sizes, expand broadband, bolster the...

PPS Renames Headquarters

The central office will be named after Matthew Prophet, Portland Public School's first Black Superintendent from 1982-1992,...

Affordable Housing Plan to Go Before Seattle Voters

If I-135 passes it would create a public development authority ...

Ex-Arby's manager sentenced after urinating in milkshake mix

VANCOUVER, Wash. (AP) — A former manager at an Arby’s restaurant in Washington has been sentenced to more than five years in prison after admitting he possessed child pornography and urinated into a milkshake mix that might have been served to dozens of people. Vancouver police...

Oregon's 3 major gubernatorial candidates to debate

SALEM, Ore. (AP) — The three women who want to be Oregon's next governor were gearing up Tuesday for an in-person debate, just six weeks before election day. The debate was to be held Tuesday evening at Oregon State University-Cascades, in Bend, Oregon. Democratic...

Auburn loses 2nd center, Tate Johnson, to injury

AUBURN, Ala. (AP) — Auburn has lost its second center of the season with Tate Johnson slated for surgery on his left elbow. Tigers coach Bryan Harsin said Monday that Johnson is scheduled for surgery on the elbow Thursday and is expected to miss 6-8 weeks but could be out for the...

LSU survives Daniels' injury scare in romp over New Mexico

BATON ROUGE, La. (AP) — The LSU defense held New Mexico to 88 total yards and the Tigers survived an injury scare to starting quarterback Jayden Daniels in a 38-0 victory Saturday night at Tiger Stadium. “Once is an accident, twice is a coincidence, three times is a habit,” LSU...

OPINION

No Room for Black Folk

A recent interview with Dr. Ebony Elizabeth Thomas and an associate professor, reveals the inability of certain white Americans to share the benefits of our society ...

The Cruelty of Exploiting Vulnerable People for Political Advantage

There is always a new low for Trump Republicans. And that is pretty frightening. ...

The Military to American Youth: You Belong to Me

The U.S. military needs more than just money in its annual budget. It needs access to America’s young people as well — their wallets, their bodies, and their minds. ...

Financial Fairness at Risk With Proposed TD Bank-First Horizon Merger

As banks grow larger through mergers and focus on growing online and mobile services, serious concerns emerge on how fair and how accessible banking will be to traditionally underserved Black and Latino communities. ...

AFRICAN AMERICANS IN THE NEWS

Expert questions whether school shooter's mom drank heavily

FORT LAUDERDALE, Fla. (AP) — Prosecutors in the penalty trial of Florida school shooter Nikolas Cruz began their rebuttal of the defense case Tuesday by questioning whether his birth mother drank as heavily during pregnancy as some witnesses portrayed. They also showed his sometimes...

NAACP says Jackson's water problems are civil rights issue

JACKSON, Miss. (AP) — In a federal complaint Tuesday, the NAACP said Mississippi officials “all but assured” a drinking water calamity in Jackson by depriving the state’s majority-Black capital city of badly needed funds to upgrade its infrastructure. The organization asked the...

Federal court finds 3rd Iowa ag-gag law unconstitutional

DES MOINES, Iowa (AP) — A federal judge has struck down the third attempt by the Iowa Legislature to stop animal welfare groups from secretly filming livestock abuse, finding once again that the law passed last year violates free speech rights in the U.S. Constitution. The decision...

ENTERTAINMENT

A doc from the Disney family takes aim at the Mouse House

NEW YORK (AP) — Abigail E. Disney has been critical of the company that bears her name before. But for the first time, Disney, the granddaughter of co-founder Roy O. Disney, has put her views into the medium the Mouse House was built on: a movie. In the new documentary “The...

Procedural dramas jump to front in TV's opening week

NEW YORK (AP) — Besides live sports, the one thing broadcast networks can be counted on for these days is franchise procedural dramas. That was evident on opening week of a new television season, when the 10 most-watched scripted programs all fit this tried-and-true formula,...

TV hit ‘Peaky Blinders’ expands story through dance show

LONDON (AP) — Steven Knight looks astounded, almost lost for words. He’s just watched contemporary dance company Rambert run through scenes from the first act of their “Peaky Blinders” production, based on the hit TV show that he wrote and created. Watching the immediate...

U.S. & WORLD NEWS

FAFSA season starts: What you need to know for financial aid

NEW YORK (AP) — The Free Application for Federal Student Aid filing season starts Oct. 1 for the 2023-2024...

Over 194,000 Russians flee call-up to neighboring countries

TALLINN, Estonia (AP) — It took Vsevolod four days to drive from Moscow to Russia's southern border with...

Recreating Marilyn Monroe’s iconic outfits in ‘Blonde’

Marilyn Monroe’s on-screen costumes are almost as iconic as her. Think of the hot pink strapless gown she wore...

Live Updates: Russia-Ukraine War

KYIV, Ukraine — Pro-Moscow officials say residents in one of the four occupied areas of Ukraine voted to join...

Abe's militaristic funeral captures Japan's tense mood

TOKYO (AP) — The leadup to former Japanese Prime Minister Shinzo Abe's controversial state funeral could seem...

Japanese former leader Abe honored at divisive state funeral

TOKYO (AP) — Japan's assassinated hawkish former leader, Shinzo Abe, was given a rare state funeral Tuesday full...

Stephen Ohlemacher the Associated Press

The president is taking a risky gamble by proposing a rollback on tax breaks for corporations that buy their own business jets



WASHINGTON (AP) -- President Barack Obama is renewing an old fight with the business community by insisting that $400 billion in tax increases be part of a deficit-reduction package. His proposals have languished on Capitol Hill, repeatedly blocked by Republicans, often with help from Democrats.

Some would raise big money. Limiting tax deductions for high-income families and small business owners could raise more than $200 billion over the next decade. Others are more symbolic, such as scaling back a tax break for companies that buy corporate jets.

The corporate jet proposal would raise $3 billion over the next decade, according to GOP congressional aides. That's a relatively small sum in the big scheme of Washington budgets, but Obama and Democrats call attention to it repeatedly in their effort to portray Republicans as defenders of corporate fat cats.

No matter how Democrats characterize their proposals as revenue raisers or plugging tax loopholes, GOP leaders oppose them all, arguing that raising taxes in a bad economy would only make matters worse.

"If we choose to keep those tax breaks for millionaires and billionaires, if we choose to keep a tax break for corporate jet owners, if we choose to keep tax breaks for oil and natural gas companies that are making hundreds of billions of dollars," Obama said this week, "then that means we've got to cut some kids off from getting a college scholarship, that means we've got to stop funding certain grants for medical research, that means that food safety may be compromised, that means that Medicare has to bear a greater part of the burden."

The White House has identified about $600 billion in tax increases it wants over the next decade. About $400 billion of them were offered as part of deficit-reduction talks led by Vice President Joe Biden. That would be paired with more than $1 trillion in spending cuts.

Some of the tax proposals are vague and budget experts have yet to calculate just how much they would raise. For example, limiting deductions for high-income families and small businesses could raise anywhere between $210 billion and $290 billion, depending on what threshold is established as high income.

Obama is proposing to eliminate $41 billion in tax breaks for oil and natural gas companies, raise taxes on investment fund managers by $21 billion and change the way many businesses value their inventories for tax purposes. The change in inventory accounting would raise an estimated $70 billion over the next decade, hitting manufacturers and energy companies, among others.

Treasury Secretary Timothy Geithner has given Congress an Aug. 2 deadline for raising the current debt ceiling, currently $14.3 trillion, to avoid defaulting on the government's financial obligations for the first time in the nation's history. He warns that a default could trigger potentially dire consequences for an already anemic economy, including higher interest rates, tighter credit and new rounds of job layoffs. The government hit the debt ceiling in May and has been juggling accounts since then to make all its payments.

Obama says he is proposing a balanced approach that spreads the pain among people who rely on government services and those most able to finance them.

While Republican leaders argue that raising taxes is bad policy, bad politics and too unpopular to pass the Republican-controlled House, several GOP senators have said they are willing to consider eliminating unspecified tax breaks to reduce the deficit.

Two weeks ago, 33 Republican senators joined a 73-27 majority to repeal a $5 billion annual tax subsidy for ethanol gasoline blends. On Wednesday, Sen. Ron Johnson, R-Wis., said, "I would like to do away with special tax breaks but not legitimate business deductions."

But GOP leaders insist there is no support among Republicans to impose the kind of tax increases Obama is proposing.

"The president is sorely mistaken if he believes a bill to raise the debt ceiling and raise taxes would pass the House," Speaker John Boehner, R-Ohio, said. "The votes simply aren't there, and they aren't going to be there because the American people know tax hikes destroy jobs."

Among the tax increases proposed by the White House and the amount they'd raise over the next decade:

- Limit itemized deductions, including those for charitable contributions and mortgage interest, for families and small business owners with high incomes. Under current law, if a taxpayer's top income tax rate is 35 percent - the highest rate - a $100 deduction is worth $35 in tax savings. For several years, Obama has proposed limiting itemized deductions for people making above $250,000 to 28 percent, meaning a $100 deduction would be worth only $28 in tax savings at most. That would raise $293 billion, according to congressional estimates.

A similar proposal would gradually phase out itemized deductions for people making more than $500,000, raising "in the ballpark of $210 billion," said Maryland Rep. Chris Van Hollen, one of the House Democratic negotiators in the Biden talks.

- Change the way businesses value their inventory, raising an estimated $70 billion. Current law allows businesses to lower their taxable profits - and their tax bills - by using an accounting method that can inflate the cost of goods sold. Obama proposes to phase out the practice, known as last-in, first out, or LIFO.

- Increase taxes on investment fund managers, mainly hedge funds and private equity firms, raising about $21 billion. Investment managers typically pay capital gains taxes on their fees, with a top rate of 15 percent. Obama wants to tax the fees as regular income, with a top tax rate of 35 percent.

- Eliminate about $41 billion in tax breaks for oil and natural gas companies. Obama has called for eliminating tax breaks for all oil and gas companies every year since he took office in 2009. The biggest is a deduction for production expenses that is available to all manufacturers. In May, the Senate rejected a smaller proposal that targeted the five biggest companies: Shell Oil Co., ExxonMobil, ConocoPhillips, BP America and Chevron Corp.

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Associated Press writers Jim Kuhnhenn, Andrew Taylor and Laurie Kellman contributed to this report.

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