Cutting the corporate tax rate from 35% to 20%, as President Donald Trump laid out in his tax plan, would raise the average family's income by $4,000 to $9,000 annually, according to a report by Kevin Hassett, chairman of the Council of Economic Advisers. Average household incomes could increase from $83,143 in 2016 to the range of $87,520 to $92,222, his analysis found.
The Senate is expected to vote this week on a budget resolution for fiscal 2018, a key measure to enable Republicans to pass tax legislation by a simple majority without a Democratic filibuster. Sen. Susan Collins, R-Maine, who voted against a budget resolution in 2015 that included repealing the estate tax, said she is likely to vote in favor of this budget.
Attorneys general in 18 states and Washington, D.C., filed a lawsuit against the Trump administration Friday seeking to stop the government from ending cost-sharing reduction payments under the Affordable Care Act. New York Attorney General Eric Schneiderman said President Donald Trump's decision to scrap the payments "with no warning or even a plan to contain the fallout is breathtakingly reckless," but Senate Minority Leader Chuck Schumer, D-N.Y., says he's optimistic that Democrats and Republicans will be able to reach a deal during federal spending negotiations in December, if not before.
The Laffer Curve, sketched by professor Arthur Laffer on a napkin for an aide to President Gerald Ford in 1974, is credited for convincing the Republican Party of the value of tax cuts, but Laffer says the napkin now displayed in the Smithsonian is not the original but likely a reproduction he made for a reporter later. "You tell me how, late at night with a glass of wine, you're going to do it that neatly," Laffer said.
United Nations Secretary-General Antonio Guterres says he is "sickened" by a pair of bombings in the Somali capital of Mogadishu that killed more than 300 people and wounded more. Guterres offered the UN's support and condolences to victims and urged the Somali people to unify against terrorism and violent extremism.
Rohingya refugees who continue to stream over the border into Bangladesh say that Myanmar has closed food markets in the Rakhine state and is restricting aid deliveries, forcing remaining Rohingya to flee in search of food. About 18,000 new refugees arrived in Bangladesh in the past week, and the situation is a "critical humanitarian emergency," according to a report by the United Nations Inter Sector Coordination Group.
Former United Nations Secretary-General Kofi Annan is urging Security Council members to pressure Myanmar to allow more than half a million Rohingya Muslims to return to the country and provide assistance for them to rebuild their homes. The World Bank has announced it will delay a $200 million loan to Myanmar in response to the "violence, destruction and forced displacement of the Rohingya."
Women make significant contributions to agriculture, sustainability and food security around the world, but rural women are disproportionately harmed by climate change, according to United Nations Women. The agency urged world leaders and climate actors to make gender equity a part of climate management plans as it marked the International Day of Rural Women.
The United Nations Food and Agriculture Organization and the World Food Programme will mark World Food Day today with a focus on food security and rural development as ways to affect global migration. UN Secretary-General Antonio Guterres on Sunday called on world leaders to develop strategies for addressing food shortages and climate change.
United Nations Secretary-General Antonio Guterres says the 2015 nuclear treaty with Iran is important to world peace and nuclear nonproliferation and urges continued support for it as the US threatens to decertify the deal. UN inspectors have said Iran is complying with the terms of the deal.