07-01-2022  6:37 am   •   PDX and SEA Weather
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NORTHWEST NEWS

Eugene Woman Attacked With Acid for Third Time Since March

A Eugene, Oregon, woman who had acid thrown on her while walking her dog in March has been the target of two additional acid attacks at her home

Minimum Wage Increase Initiative Qualifies in WA City

An initiative to increase the minimum hourly wage in Tukwila, Washington, by more than has qualified for the November ballot.

Sydney McLaughlin Does It Again, Breaks Own World Record

When asked how she was going to celebrated afterward, McLaughlin joked: “Eating some real food besides vegetables. Like a cheeseburger or something, some pancakes.”

Inslee Seeks Abortion Rights Amendment to State Constitution

Gov. Jay Inslee will push for a state constitutional amendment to protect abortion rights within the state, and laws that make it difficult for other states to investigate whether their own residents have visited Washington for abortion care.

NEWS BRIEFS

State Continues Paying Out Oregon Emergency Rental Assistance Program Applications to Renters and Landlords Across Oregon

More than 60,000 Oregon households facing pandemic hardship receive over 6 million in rental assistance relief ...

KGW and TEGNA Foundation Award $40k in Community Grants to Aid Four Oregon Nonprofit Organizations

Among the grant recipients are Urban Nature Partners PDX, Self Enhancement, Inc (SEI), Portland YouthBuilders (PYB), and p:ear. ...

Hawthorne, Morrison Bridges Will Close to Motorized Vehicles for July 4 Fireworks Show

The bridges will remain open for bicyclists and pedestrians. ...

Increased Emergency Snap Benefits Continue in July

Approximately 422,000 households will receive an estimated million in extra food benefits ...

Opacity of Performance: Takahiro Yamamoto Opens at PAM

The Portland Art Museum marks a return to live art inside its galleries with a dance installation by Takahiro Yamamoto, the museum’s...

Puget Sound crabbing starts Friday

SEATTLE (AP) — Puget Sound crabbing kicks off Friday! While some Western Washington crabbing areas, like the South Coast / Pacific Ocean and Columbia River have yearlong crabbing seasons, the season starts July 1 in most Puget Sound areas. In a few areas, the crab season starts on...

Post-Roe, states struggle with conflicting abortion bans

BOISE, Idaho (AP) — In Arizona, Republicans are fighting among themselves over whether a 121-year-old anti-abortion law from the pre-statehood Wild West days, when Arizona was still a frontier mining territory, should be enforced over a 2022 version. In Idaho, meanwhile, it is not...

OPINION

Biden’s Menthol Ban Follows the ‘Racist Law’ Playbook

The ban on menthol threatens to do more harm than good for the Black people these activists purport to want to protect ...

Black Women Will Suffer the Harshest Consequences After the Overturn of Roe

Black women are nearly three times more likely to die during childbirth than white women and are more likely to face maternal health issues. ...

Justice Clarence Thomas and the Conservative Supreme Court Have Fanned the Flames of Racism in America

Former President Donald Trump’s Make America Great Again cry proved an easy between-the-lines moniker, but even that stood as a dog whistle – until now. ...

Portland Will Be Center of the Golf Universe as $25 Million Event Debuts in the Rose City

The last time Oregon hosted a PGA Tour event was the Portland Invitational Open back in 1966. ...

AFRICAN AMERICANS IN THE NEWS

Jackson sworn in, becomes 1st Black woman on Supreme Court

WASHINGTON (AP) — Ketanji Brown Jackson was sworn in to the Supreme Court on Thursday, shattering a glass ceiling as the first Black woman on the nation’s highest court. The 51-year-old Jackson is the court’s 116th justice, and she took the place of the justice she once worked...

New Zealand designates Proud Boys a terrorist organization

WELLINGTON, New Zealand (AP) — New Zealand's government has declared that American far-right groups the Proud Boys and The Base are terrorist organizations. The two groups join 18 others including the Islamic State group that have been given an official terrorist designation, making...

Essence CEO Wanga: Festival is 'never leaving' New Orleans

NEW ORLEANS (AP) — Essence's chief executive officer said she's been asked multiple times whether the Essence Festival of Culture is staying in New Orleans. On Thursday, Caroline Wanga ended any speculation, making the answer to that question very clear. “The Essence Festival of...

ENTERTAINMENT

'Glass Onion: A Knives Out Mystery' to debut at TIFF

NEW YORK (AP) — “Glass Onion: A Knives Out Mystery,” writer-director Rian Johnson’s follow-up to his whodunit hit “Knives Out,” will premiere at this year’s Toronto International Film Festival. The Canadian festival announced Wednesday that “Glass Onion” will make...

Trial winds down in shooting death of rapper Nipsey Hussle

LOS ANGELES (AP) — Both sides rested their cases Wednesday in the trial of a man charged with the killing of rapper Nipsey Hussle after a day's delay because of an assault on the defendant by fellow jail inmates. Closing arguments are set to begin Thursday in the trial of Eric...

Sonny Barger, figurehead of Hells Angels, dies at 83

LIVERMORE, Calif. (AP) — Sonny Barger, the leather-clad fixture of 1960s counterculture and figurehead of the Hells Angels motorcycle club who was at the notorious Rolling Stones concert at Altamont Speedway, has died. He was 83. Barger's death was announced on his Facebook page...

U.S. & WORLD NEWS

Xi defends vision of Hong Kong on 25th anniversary of return

HONG KONG (AP) — China’s leader Xi Jinping marked the 25th anniversary of Hong Kong’s return with a speech...

N. Korea suggests balloons flown from South brought COVID-19

SEOUL, South Korea (AP) — North Korea suggested Friday its COVID-19 outbreak began in people who had contact...

COVID cases up by more than 30% in Britain last week

LONDON (AP) — The number of new coronavirus cases across Britain has surged by more than 30% in the last week,...

Turkey blocks access to Deutsche Welle and Voice of America

ISTANBUL (AP) — Turkey’s media watchdog has banned access to the Turkish services of U.S. public service...

Cups, straws, spoons: India starts on single-use plastic ban

NEW DELHI (AP) — India banned some single-use or disposable plastic products Friday as part of a federal plan to...

Taliban supreme leader prays for Afghanistan's quake victims

ISLAMABAD (AP) — The Taliban’s supreme leader offered prayers Friday for Afghanistan's earthquake victims...

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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Jan. 6 Committe Hearings - Day 6

A suprise hearing with newly discovered evidence will be held Tuesday, June 28 at 9:45 a.m. PT (12:45 p.m. ET).

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