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Trump's tax proposals, including extending the 2017 Tax Cuts and Jobs Act, face challenges due to a significant federal deficit and the complexities of Congress's budget reconciliation process. While some Republicans may support these initiatives, the fiscal implications could limit the scope of tax cuts pursued in 2025. The new administration's focus will likely prioritize immediate extensions over more complicated proposals like tax-free overtime.
Argentina's President Javier Milei, known for his radical spending cuts, visited President-elect Donald Trump at Mar-a-Lago, praising Trump's victory as a significant political comeback. As Milei implements drastic budget reductions in Argentina, including a 32% cut in federal spending, he influences U.S. figures like Elon Musk, who aims to replicate similar cuts in the U.S. budget. Despite the severe economic impact in Argentina, forecasts suggest recovery may begin by 2025.
Elon Musk reportedly met with Iran's UN ambassador, Amir Saeid Iravani, at a secret location to discuss potential easing of US-Iran relations. The meeting, described as "positive," comes amid a backdrop of US sanctions and follows Trump's nomination of Marco Rubio as Secretary of State, known for his hardline stance on Iran.
Elon Musk and Vivek Ramaswamy are leading a new commission, the Department of Government Efficiency (DOGE), aimed at slashing government spending. They are seeking "super high-IQ" staff for unpaid positions, emphasizing the need for dedicated individuals willing to work long hours on cost-cutting measures. The commission, which is not yet an official federal department, has a deadline of July 4, 2026, to propose significant spending cuts and regulatory changes.
US stock markets are retreating as Treasury yields surge, leading to declines in major indices, with the S&P 500 slipping below 6,000 and the Russell 2000 down 1.77%. Investor sentiment is affected by speculation around Trump's cabinet appointments, particularly concerning potential tariffs on Chinese goods, while Tesla shares fell 6% amid broader market concerns. Digital World Acquisition Corp (DWAC) also saw a nearly 9% drop, reflecting reassessment of Trump-related investments.
Support for highway expansion in Switzerland has dropped from 56% to 49% ahead of national referendums on November 24, with resistance growing particularly among urban and younger populations. In the U.S., Trump has appointed Fox News anchor Pete Hegseth as Secretary of Defense, while Elon Musk will lead a new Ministry of Government Efficiency. Meanwhile, climate researchers report a record high in global CO₂ emissions, and opposition mounts against a proposed nuclear waste repository in Zurich, with activists planning a referendum.
The recent appointment of Elon Musk and Vivek Ramaswamy to lead the new Department of Government Efficiency (DOGE) by Donald Trump has triggered an 87.77% surge in the DOGE memecoin. In related news, Trump proposed replacing federal income tax with import tariffs during a podcast interview, while inflation data and Federal Reserve rate decisions continue to shape economic expectations.
Vivek Ramaswamy, a 39-year-old multimillionaire and former biotech executive, has a net worth exceeding $1 billion. He owns two homes in Ohio valued at $2.5 million and gained political prominence in 2023 by declaring his candidacy for the Republican Party nomination. Ramaswamy is set to lead the newly-established Department of Government Efficiency alongside Tesla's Elon Musk.
Dogecoin surged nearly 20% following President-elect Donald Trump's announcement of the Department of Government Efficiency, dubbed "DOGE." Led by Tesla CEO Elon Musk and Vivek Ramaswamy, the department aims to reduce government bureaucracy and waste. Since election day, Dogecoin has skyrocketed 153%, outpacing Bitcoin's 30% rise, and has become the sixth largest cryptocurrency by market cap.
Vivek Ramaswamy
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highway expansion support declines as climate concerns and political changes emerge
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