Politics
A Complete List of Everything in the Republican Bill, and How Much It Would Cost or Save
Depreciation allowance for qualified production property
Allow immediate deductibility of 100 percent of the cost of certain new factories and improvements
Business interest deduction
Change calculation of adjusted taxable income
Depreciation allowance for certain property
Allow immediate expensing of 100 percent of the cost of qualified property acquired from 2025 to 2030
Expensing of certain depreciable business assets
Increase dollar limitations
Deduction of domestic research and experimental expenditures
Allow immediate deductibility for expenditures paid or incurred from 2025 to 2030
Charitable contributions to organizations with scholarships
Provide new tax credit for gifts to organizations that provide scholarships. For calendar years 2026-2029.
“MAGA accounts”
Create new savings accounts for children, with a government contribution of $1,000 per child born from 2024 to 2028
The name was changed to “Trump accounts”
Small manufacturing businesses
Change accounting rules
Low-income housing credit
Modifies credit allocations and bond-financing thresholds, and gives a basis boost to Indian and rural areas
Reporting threshold for payments
Increase thresholds for reporting payments to independent contractors and other payees
Employer payments of student loans
Make the exclusion from gross income permanent and index for inflation
Opportunity zones
Renew and make changes to the existing program
Adoption tax credit
Make credit partially refundable and change rules for tribal governments
Interactions between provisions
Firearm silencers
Eliminate transfer tax
A last-minute change would deregulate silencers and eliminate a manufacturer tax on them.
Loans secured by rural or agricultural real estate
Partially exclude interest on certain loans
Certain income earned in the U.S. Virgin Islands
Exempt income for the purposes of a “GILTI” deduction
Employer-provided child care credit
Permanently increase, add a new separate amount for small businesses, index for inflation
Repeal excise tax on indoor tanning
This provision was removed from the bill.
Sound recording productions
Increase ability to expense certain costs of producing sound recordings
529 savings plans
Expand allowed expenses
Disaster-related personal casualty losses
Extend rules
Certain purchases of employee-owned stock
Disregard for purposes of foundation tax on excess business holdings
Exclusion of research income from unrelated business taxable income
Limit to publicly available research
I.R.S. Direct File program
Replace program with a public-private partnership to offer free tax filing
Increase penalties for unauthorized disclosures of taxpayer information
Postpone tax deadlines for those wrongfully detained abroad
Restrict regulation of contingency fees
Terminate tax-exempt status of certain organizations
Organizations that “provided more than a minor amount of material support or resources to a listed terrorist organization”
Wagering losses
Permanently extend limit
Qualified bicycle commuting reimbursement
Permanently eliminate the exclusion
American opportunity and lifetime learning credits
Require that students or taxpayers filing on behalf of students include their Social Security Numbers on tax returns
Sports franchises
Limit amortization deductions for certain sports-related intangibles
Increase penalties connected to Covid-related employee retention credits
Unrelated business taxable income of a tax-exempt organization
Increase by amount of certain fringe benefit expenses for which deduction is disallowed
Name and logo royalties
Treat as unrelated business taxable income
Tax on excess compensation within tax-exempt organizations
Expand application of tax
Mortgage, casualty loss and other itemized deductions
Permanently lower the home mortgage interest deduction to the first $750,000 in debt, limit the casualty loss deduction to losses resulting from federally declared disasters and terminate miscellaneous itemized deductions
Investment income of certain private colleges and universities
Increase excise tax for wealthier institutions
Excise tax for tobacco products
Limit drawback of taxes paid with respect to substituted merchandise
Moving expenses exclusion and deduction
Permanently eliminate both, except for active-duty military
Earned income tax credit
Make changes to prevent duplicate claims and create a program integrity task force
Compensation paid to certain high-earning employees
Change deduction limitation rules
Investment income of tax-exempt private foundations
Increase excise tax rates
Charitable contributions made by corporations
Establish a floor of one percent of taxable income on deduction
Excise tax on on money sent abroad
Impose new excise tax on remittance transfers by those who are not U.S. citizens or U.S. nationals
Limitation on excess business losses by noncorporate taxpayers
Make permanent
De minimis entry privilege
Repeal the privilege, which currently allows shipments under $800 to enter the U.S. duty-free
New limitation on itemized deductions
Permanently change
Raise certain taxes to retaliate against “unfair foreign taxes”
State and local tax deduction
Permanently cap itemized deductions for state and local taxes at $30,000 per household. The current cap is set to expire next year, so any cap imposed would save the government money.
Late negotiations increased the SALT cap to $40,000. That change is not reflected in the savings shown here.
Politics
Video: Walz Drops Re-Election Bid as Minnesota Fraud Scandal Grows
new video loaded: Walz Drops Re-Election Bid as Minnesota Fraud Scandal Grows
transcript
transcript
Walz Drops Re-Election Bid as Minnesota Fraud Scandal Grows
Governor Tim Walz of Minnesota abandoned his re-election bid to focus on handling a scandal over fraud in social service programs that grew under his administration.
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“I’ve decided to step out of this race, and I’ll let others worry about the election while I focus on the work that’s in front of me for the next year.” “All right, so this is Quality Learing Center — meant to say Quality ‘Learning’ Center.” “Right now we have around 56 kids enrolled. If the children are not here, we mark absence.”
By Shawn Paik
January 6, 2026
Politics
Pelosi heir-apparent calls Trump’s Venezuela move a ‘lawless coup,’ urges impeachment, slams Netanyahu
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A San Francisco Democrat demanded the impeachment of President Donald Trump, accusing him of carrying out a “coup” against Venezuelan strongman Nicolás Maduro.
California state Sen. Scott Wiener, seen as the likely congressional successor to Rep. Nancy Pelosi, also took a swipe at Israeli Prime Minister Benjamin Netanyahu.
Wiener has frequently drawn national attention for his progressive positions, including his legislation signed by Gov. Gavin Newsom designating California as a “refuge” for transgender children and remarks at a San Francisco Pride Month event referring to California children as “our kids.”
In a lengthy public statement following the Trump administration’s arrest and extradition of Maduro to New York, Wiener said the move shows the president only cares about “enriching his public donors” and “cares nothing for the human or economic cost of conquering another country.”
KAMALA HARRIS BLASTS TRUMP ADMINISTRATION’S CAPTURE OF VENEZUELA’S MADURO AS ‘UNLAWFUL AND UNWISE’
California State Sen. Scott Wiener, D-San Francisco, speaks at a rally. (John Sciulli/Getty Images)
“This lawless coup is an invitation for China to invade Taiwan, for Russia to escalate its conquest in Ukraine, and for Netanyahu to expand the destruction of Gaza and annex the West Bank,” said Wiener, who originally hails from South Jersey.
He suggested that the Maduro operation was meant to distract from purportedly slumping poll numbers, the release of Jeffrey Epstein-related documents, and to essentially seize another country’s oil reserves.
“Trump is a total failure,” Wiener said. “By engaging in this reckless act, Trump is also making the entire world less safe … Trump is making clear yet again that, under this regime, there are no rules, there are no laws, there are no norms – there is only whatever Trump thinks is best for himself and his cronies at a given moment in time.”
GREENE HITS TRUMP OVER VENEZUELA STRIKES, ARGUES ACTION ‘DOESN’T SERVE THE AMERICAN PEOPLE’
In response, the White House said the administration’s actions against Maduro were “lawfully executed” and included a federal arrest warrant.”
“While Democrats take twisted stands in support of indicted drug smugglers, President Trump will always stand with victims and families who can finally receive closure thanks to this historic action,” White House spokeswoman Anna Kelly said.
Supporters of the operation have pushed back on claims of “regime change” – an accusation Wiener also made – pointing to actions by Maduro-aligned courts that barred top opposition leader María Corina Machado from running, even as publicly reported results indicated her proxy, Edmundo González Urrutia, won the vote.
“Trump’s illegal invasion of Venezuela isn’t about drugs, and it isn’t about helping the people of Venezuela or restoring Venezuelan democracy,” Wiener added. “Yes, Maduro is awful, but that’s not what the invasion is about. It’s all about oil and Trump’s collapsing support at home.”
EX-ESPN STAR KEITH OLBERMANN CALLS FOR IMPEACHMENT OF TRUMP OVER VENEZUELA STRIKES THAT CAPTURED MADURO
Around the country, a handful of other Democrats referenced impeachment or impeachable offenses, but did not go as far as Wiener in demanding such proceedings.
Rep. April McClain-Delaney, D-Md., who represents otherwise conservative “Mountain Maryland” in the state’s panhandle, said Monday that Democrats should “imminently consider impeachment proceedings,” according to TIME.
McClain-Delaney said Trump acted without constitutionally-prescribed congressional authorization and wrongly voiced “intention to ‘run’ the country.”
SCHUMER BLASTED TRUMP FOR FAILING TO OUST MADURO — NOW WARNS ARREST COULD LEAD TO ‘ENDLESS WAR’
One frequent Trump foil, Rep. Maxine Waters, D-Calif., cited in a statement that she has called for Trump’s impeachment in the past; blaming Republicans for letting the president “escape accountability.”
“Today, many Democrats have understandably questioned whether impeachment is possible again under the current political reality. I am reconsidering that view,” Waters said.
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“What we are witnessing is an unprecedented escalation of an unlawful invasion, the detention of foreign leaders, and a president openly asserting power far beyond what the Constitution allows,” she said, while appearing to agree with Trump that Maduro was involved in drug trafficking and “collaborat[ion] with… terrorists.”
Wiener’s upcoming primary is considered the deciding election in the D+36 district, while a handful of other lesser-known candidates have reportedly either filed FEC paperwork or declared their candidacy, including San Francisco Councilwoman Connie Chan.
Politics
California Congressman Doug LaMalfa dies, further narrowing GOP margin in Congress
California Rep. Doug LaMalfa (R-Richvale) has died, GOP leadership and President Trump confirmed Tuesday morning.
“Jacquie and I are devastated about the sudden loss of our friend, Congressman Doug LaMalfa. Doug was a loving father and husband, and staunch advocate for his constituents and rural America,” said Rep. Tom Emmer (R-Minn.), the House majority whip, in a post on X. “Our prayers are with Doug’s wife, Jill, and their children.”
LaMalfa, 65, was a fourth-generation rice farmer from Oroville and staunch Trump supporter who had represented his Northern California district for the past 12 years. His seat was one of several that was in jeopardy under the state’s redrawn districts approved by voters with Proposition 50.
Emergency personnel responded to a 911 call from LaMalfa’s residence at 6:50 p.m. Monday, according to the Butte County Sheriff’s Office. The congressman was taken to the Enloe Medical Center in Chico, where he died while undergoing emergency surgery, authorities said.
An autopsy to determine the cause of death is planned, according to the sheriff’s office.
LaMalfa’s district — which stretches from the northern outskirts of Sacramento, through Redding at the northern end of the Central Valley and Alturas in the state’s northeast corner — is largely rural, and constituents have long said they felt underrepresented in liberal California.
LaMalfa put much of his focus on boosting federal water supplies to farmers, and seeking to reduce environmental restrictions on logging and extraction of other natural resources.
One LaMalfa’s final acts in the U.S. House was to successfully push for the reauthorization of the Secure Rural Schools Act, a long-standing financial aid program for schools surrounded by untaxed federal forest land, whose budgets could not depend upon property taxes, as most public schools do. Despite broad bipartisan support, Congress let it lapse in 2023.
In an interview with The Times as he was walking onto the House floor in mid-December, LaMalfa said he was frustrated with Congress’s inability to pass even a popular bill like that reauthorization.
The Secure Rural Schools Act, he said, was a victim of a Congress in which “it’s still an eternal fight over anything fiscal.” It is “annoying,” LaMalfa said, “how hard it is to get basic things done around here.”
In a statement posted on X, California Democratic Sen. Adam Schiff said he considered LaMalfa “a friend and partner” and that the congressman was “deeply committed to his community and constituents, working to make life better for those he represented.”
“Doug’s life was one of great service and he will be deeply missed,” Schiff wrote.
Democratic Gov. Gavin Newsom in a statement called LaMalfa a “devoted public servant who deeply loved his country, his state, and the communities he represented.”
“While we often approached issues from different perspectives, he fought every day for the people of California with conviction and care,” Newsom said.
Flags at the California State Capitol in Sacramento will be flown at half-staff in honor of the congressman, according to the governor.
Before his death, LaMalfa was facing a difficult reelection bid to hold his seat. After voters approved Proposition 50 in November — aimed at giving California Democrats more seats in Congress — LaMalfa was drawn into a new district that heavily favored his likely opponent, State Sen. Mike McGuire, a Democrat who represents the state’s northwest coast.
LaMalfa’s death puts the Republican majority in Congress in further jeopardy, with a margin of just two votes to secure passage of any bill along party lines after the resignation of Georgia Rep. Marjorie Taylor Greene on Monday evening.
Adding to the party’s troubles, Rep. Jim Baird, a Republican from Indiana, was hospitalized on Tuesday for a car crash described by the White House as serious. While Baird is said to be stable, the Republican House speaker, Mike Johnson from Louisiana, will not be able to rely on his attendance. And he has one additional caucus member – Thomas Massie of Kentucky – who has made a habit of voting against the president, bringing their margin for error down effectively to zero.
President Trump, addressing a gathering of GOP House members at the Kennedy Center, addressed the news at the start of his remarks, expressing “tremendous sorrow at the loss of a great member” and stating his speech would be made in LaMalfa’s honor.
“He was the leader of the Western caucus – a fierce champion on California water issues. He was great on water. ‘Release the water!’ he’d scream out. And a true defender of American children.”
“You know, he voted with me 100% of the time,” Trump added.
A native of Oroville, LaMalfa attended Butte College and then earned an ag-business degree from Cal Poly San Luis Obispo. He served in the California Assembly from 2002 to 2008 and the California State Senate from 2010 to 2012. Staunchly conservative, he was an early supporter of Proposition 209, which ended affirmative action in California, and he also pushed for passage of the Protection of Marriage Act, Proposition 22, which banned same-sex marriage in California.
While representing California’s 1st District, LaMalfa focused largely on issues affecting rural California and other western states. In 2025, Congressman he was elected as Chairman of the Congressional Western Caucus, which focuses on legislation affected rural areas.
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