Nebraska's economic growth has stalled, missing Site Selection magazine's top 10 development states for the second year. Business leaders see this as a pressing issue. A Flatwater Free Press analysis shows Nebraska's job growth lags behind neighboring states, costing 70,000 jobs. Challenges include a worker shortage, lack of affordable housing, and a "brain drain" of young graduates. State leaders have been criticized for not prioritizing growth. Recent efforts include new tax incentives and initiatives to boost housing and child care. However, experts say reversing the trend will require a long-term, statewide effort.
President Donald Trump is betting that the tax cuts he signed into law last year will resonate with voters in Las Vegas. He promoted those cuts in remarks there Thursday, as he pushes a focus on economic issues for this year’s elections. But his effort to highlight the fact that workers who earn tips and overtime will get bigger returns this tax season is getting eclipsed by higher gas prices driven by the Iran war. The president’s trip includes a stop in Phoenix on Friday for an event with conservative political group Turning Point USA.
The tax filing deadline for most Americans is Wednesday, and the Trump administration is highlighting the impacts of Republicans' massive tax and spending law. The law includes eliminating taxes on tips and overtime, exemptions for interest on certain car loans, and new deductions for some seniors. The administration says more than 53 million filers claimed deductions under these provisions, as of Tuesday. Despite these changes, recent polling shows that 7 in 10 Americans still think their taxes are too high. The IRS has faced leadership turnover and workforce reductions, and on Wednesday, its CEO Frank Bisignano is set to testify before the Senate Finance Committee.
President Donald Trump used a McDonald's delivery to the Oval Office to promote a tax policy meant to benefit tip earners. On Monday, a DoorDash driver from Arkansas delivered cheeseburgers and fries to the White House, and Trump tipped her $100. The event, staged for cameras, was meant to highlight a tax deduction allowing workers to deduct up to $25,000 from income earned on tips. Officials are intensifying efforts to promote the policy ahead of Tax Day. The White House says Trump personally delivered the food to West Wing staff.
Millions of Americans are expected to claim new federal tax breaks for tips and overtime wages under a law enacted by President Donald Trump. However, many states have decided not to match these federal changes. That means workers who receive federal deductions for tips or overtime will still owe state taxes on those earnings. Federal tax deductions for tips, overtime and auto loan interest are being matched in only about a half-dozen states. Arizona's situation is unique -- the tax deductions are being offered there under an executive order, even though state law has not been changed to officially allow them.
Gas prices are still rising due to the Iran war but drivers are saving by fueling up at tribally owned gas stations. Especially in California, New Mexico, New York, Oklahoma and Washington state, tribes exempt from state fuel taxes offer much lower prices than gas stations nearby. Apps such as Gas Buddy make finding such stations easy. Nationwide, average prices are up more than $1 a gallon since the war began but some tribally owned gas stations offer savings of 50 cents or more. As with other convenience stores, the real profits aren't in gasoline but selling snacks and, on many reservations, getting drivers to gamble in casinos.
The Trump administration is using emergency powers and subsidies to keep U.S. coal plants running. Market analysts believe no coal plant closures are likely during President Donald Trump's term. Interior Secretary Doug Burgum has acknowledged the goal is to avoid any shutdowns. The administration says coal helps electric reliability during extreme demand. Critics say keeping plants open will cost ratepayers and taxpayers and lock in more pollution. The emergency orders are being challenged by states and consumer groups. Meanwhile, the Trump administration has also rolled back clean energy incentives, environmental regulations and slowed new wind and solar permits.
Finance ministers from five European Union member states are urging the bloc to introduce a windfall tax on energy companies as surging oil and gas prices raise inflation fears. Spain, Germany, Italy, Portugal and Austria warned of market distortions linked to the Iran conflict that are driving up costs for households and businesses. The proposal would revive profit caps used during the 2022 energy crisis after Russia’s invasion of Ukraine. Inflation in the eurozone has already risen to 2.5% in March. With Iran disrupting tanker traffic through the Strait of Hormuz, officials warn fuel prices may stay elevated.
Some federal and state officials are talking about reducing fuel taxes to ease the burden of high gas prices caused by the war in Iran. Georgia and Utah have already passed laws to suspend all or part of their gas taxes. But officials in some states are hesitant. Concerns include the impact on government finances, the effectiveness of the action, and uncertainty about how long the war with Iran will last. California's high gas tax has sparked debate, but no action has been taken. Florida's governor says he doesn't think consumers noticed the full benefit when the state suspended gas taxes in the past.
The clock is ticking to file taxes before the April 15 deadline. If you're worried you won't be done in time, you can file for an extension.