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House Ways and Means Committee Chairman Jason Smith (R-MO) holds a news conference before a markup hearing in the Longworth House Building on Capitol Hill on May 13, 2025 in Washington, DC.Chip Somodevilla | Getty Images News | Getty ImagesHouse lawmakers on Thursday morning passed changes for the federal deduction for state and local taxes, known as SALT, as part of President Donald Trump’s tax package.Enacted via the Tax Cuts and Jobs Act, or TCJA, of 2017, there’s currently a $10,000 limit on the SALT deduction, and raising that cap has been a priority for certain House lawmakers in high-tax…

London CNN  —  JPMorgan Chase CEO Jamie Dimon isn’t ruling out stagflation in the United States, citing risks posed by large government budget deficits, including in America, and the disruption to global trade induced by US tariffs. The term refers to a nightmare combination of economic stagnation or even a recession and rising inflation. It’s a very tricky scenario for central banks to navigate: raising interest rates to rein in inflation risks stifling growth and pushing up unemployment, but cutting interest rates to juice the economy could stoke inflation. “There’s a chance that (we’ll) have stagflation (in the US),” Dimon…

New York CNN  —  In the spring of 2020, America faced a once-in-a-century health crisis that crashed the economy and threatened the lives of millions. Republicans and Democrats came together to pass a forceful, and expensive, emergency response that helped prevent permanent scarring to the economy. Today, America’s mountain of debt is casting a shadow over Washington’s financial capability to respond to the next emergency, whatever it might be. In a future crisis, Congress may not have as much firepower to come to the rescue because the government is already saddled with $36 trillion of debt. The nonpartisan Congressional Budget…

ZIMBABWE pacer Blessing Muzarabani bowls during a practice session at Trent Bridge on Wednesday.—Reuters LONDON: England captain Ben Stokes, who leads his side in one-off Test against Zimbabwe on Thursday, has challenged his players to make the jump from second in the Test world rankings to first. It is now more than a decade since Andrew Strauss was the last England skipper to take the team to the summit, back in 2011. England held the number one spot for under a year and have struggled to challenge since. When all-rounder Stokes succeeded close friend Joe Root as Test captain in…

LAHORE: Quetta Gla­dia­tors sealed a spot in the HBL Pakistan Super League (PSL) with a clinical 30-run victory over Islamabad United in the Qualifier here at the Gadd­afi Stadium on Wednesday, thanks to brilliant contributions by Dinesh Chandi­mal, Faheem Ashraf and Usman Tariq. It was a statement win for Gladiators, who came into the match against the defending champions as the league stage’s table toppers and the Saud Shakeel-led side hardly felt the heat of the big occasion. After having posted 209-5, thanks to what proved to be a match-winning partnership between Chandimal and Faheem, Gladiators never really let United…

People shop at a grocery store in Brooklyn on May 13, 2025 in New York City. Spencer Platt | Getty ImagesAs Republicans push forward with the “big, beautiful” tax bill, federal food assistance may see big cuts.The Supplemental Nutrition Assistance Program, or SNAP, may be cut about 30% under the terms of the bill, which would be the “biggest cut in the program’s history,” according to Ty Jones Cox, vice president for food assistance policy at the Center on Budget and Policy Priorities.SNAP, formerly known as food stamps, currently provides food assistance to more than 40 million individuals including children,…

U.S. President Donald Trump speaks at an event about the economy at the Circa Resort and Casino in Las Vegas, Nevada, U.S., January 25, 2025. Leah Millis | ReutersThe Senate this week unanimously passed the No Tax on Tips Act in a surprise vote, which could boost momentum for an idea floated by President Donald Trump during his 2024 campaign. If enacted, the legislation would create a federal income tax deduction of up to $25,000 per year, with some limitations. The tax break applies to workers who typically receive cash tips reported to their employer for payroll tax withholdings, according to a…

A visitor waves an American flag near the U.S. Capitol, as the U.S. House of Representatives considers U.S. President Donald Trump’s sweeping tax-cut bill, on Capitol Hill in Washington, D.C., U.S., May 19, 2025. Nathan Howard | ReutersA tax package House Republicans may pass as soon as this week would kill a slew of consumer tax breaks tied to clean energy, as currently drafted. If it becomes law, households interested in the tax breaks may have to rush to claim them this year, experts said.Tax breaks on the chopping block include ones for consumers who buy or lease electric vehicles,…

The Pakistan Cricket Board (PCB) dropped Shaheen Shah Afridi, Babar Azam and Mohammad Rizwan on Wednesday as it named a new-look squad for three home Twenty20 internationals against Bangladesh. Former New Zealand coach Mike Hesson will take charge for the first time after being appointed last week, replacing Aaqib Javed. Salman Ali Agha will captain Pakistan as they look towards next year’s T20 World Cup, to be hosted by India and Sri Lanka. Fast bowler Shaheen had played in Pakistan’s last T20 series in New Zealand in March, but batsmen Babar and Rizwan were omitted for the second consecutive T20…

LAHORE: Players of Lahore Qalandars attend a training session on Tuesday.—M.Arif/White Star LAHORE: High-flying Quetta Gladiators face defending champions Islamabad United in the first qualifier of the HBL Pakistan Super League X here at the Gaddafi Stadium on Wednesday. Though United have won three PSL titles — in 2016, 2018 and 2024 — ever since the league was launched in 2016 while Gladiators have clinched the title only once (2019), the latter have shown great form and consistency in the ongoing edition to top the table with 15 points (seven wins, two losses, one no result) in the league stage…