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One Tax Loophole Untouched So Far: The Trump Golf-Course Break

Republican lawmakers pushing to close dozens of tax loopholes have left open one that’s been good to President the outline for a sweeping tax rewrite on Thursday, a lucrative break for golf-course owners — including the president — remains firmly in place in the House version of the measure. The Obama administration estimated in 2014 that closing the controversial loophole would save more than $600 million over a decade. While Republicans are eliminating many write-offs, the House version of the bill allows golf-course owners to claim deductions for promising never to…

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RenTechs Robert Mercer to Exit as Co-CEO, Sell Breitbart Stake

Donald Trump. Peter Brown, 62, will continue as CEO, according to a letter sent to employees at his hedge fund Thursday. Mercer, 71, will also leave Renaissance’s board and remain at the company as a member of the technical staff, focusing on research. Mercer and Brown took the co-CEO posts in 2010 after the company’s founder Read More: Read Mercer’s Letter to His Staff at Renaissance personal political projects dragged the notoriously secretive firm into the national spotlight. Mercer and his daughter, Rebekah, are prominent Republican donors and patrons of Stephen…

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Papa John’s Blames the NFL for Hurting Pizza Sales

Papa John’s International Inc. founder John Schnatter is going after NFL Commissioner Roger Goodell, saying weak handling of the league’s national-anthem controversy has hammered sales of his pizza. “The NFL has hurt us by not resolving the current debacle to the players’ and owners’ satisfaction,” Schnatter, who serves as the pizza chain’s chairman and chief executive officer, said on a conference call. “NFL leadership has hurt Papa John’s shareholders.” The remarks follow a controversy over NFL football players protesting during the national anthem, a movement that started last season. The demonstrations…

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Three Trump Associates Charged in Russia Collusion Probe

The federal investigation into whether President Read the full indictment here The accusations arrive after a months-long probe into possible crimes including obstruction of justice by Trump and other crimes by his associates. The Read more: Your Guide to Understanding the Trump-Russia Saga Manafort, 68, has been targeted by Mueller for months. A top Republican strategist who also worked extensively for foreign politicians, he left Trump’s campaign after only a few months in 2016. He departed after information surfaced about his work in Ukraine for a pro-Russian party, which intensified…

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Billionaire Founder Charged in Opioid Bribery Case

More than a decade after opioid painkillers first exploded across the U.S., John Kapoor found an aggressive way to sell even more, according to prosecutors: He began bribing doctors to prescribe them. Speakers’ fees, dinners, entertainment, cash — federal charges unsealed Thursday claim Kapoor’s striving company, Purdue Pharmaceutical Inc.’s marketing of OxyContin. Scores of states, cities and counties have sued companies including Purdue, Johnson & Johnson’s Janssen Pharmaceuticals, alleging they triggered the opioid epidemic by minimizing the addiction and overdose risks of painkillers such as Percocet. But so far, no…

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Taylor Has Complex History to Overcome If Picked as Fed Chair

John Taylor has a complicated history with the U.S. Federal Reserve that could force him into a hard pivot if he’s selected as its next leader. The Stanford University economist, who is on President Donald Trump’s short list to lead the central bank, wrote the monetary policy rule that Fed officials use as a constant reference, and many of the institution’s own economists are schooled in his ideas. On the other hand, he’s been a vocal critic of recent Fed policy, arguing that the institution should hew closer to the…

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Mnuchin Says Its Very Hard Not to Give Tax Cuts to the Wealthy

U.S. Treasury Secretary Steven Mnuchin said in an interview published Wednesday that the Republican tax plan will include breaks for the wealthy, a rhetorical reversal that contradicts President told CNBC that Trump wanted “no absolute tax cut for the upper class,” which prompted Democrats to label that promise the “Mnuchin Rule.” In the ensuing months, Mnuchin softened that promise in public remarks — in June, he

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North Korea Warns That Nuclear War Could Break Out Any Moment

North Korea warned that a nuclear war “may break out any moment” as the U.S. and South Korea began one of the largest joint naval drills off both the east and west coasts of the peninsula. Kim In Ryong, North Korea’s deputy ambassador to the United Nations, said on Monday that his nation had become a “full-fledged nuclear power which possesses the delivery means of various ranges” and warned that “the entire U.S. mainland is within our firing range.” He also called North Korea “a responsible nuclear state.” “As long…

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Airbus to Buy Majority Stake in Bombardier C Series Jet Program

Bombardier Inc.’s C Series jetliner program, breathing new life into a slow-selling plane and opening a new front in the battle with United Technologies Corp. After the transaction, which is expected to be completed in the second half of next year, the Canadian planemaker will own about 31 percent of the C Series partnership. The province of Quebec, which invested $1 billion in the C Series after the cost overruns and delays, will hold approximately 19 percent. A Canadian government official said the deal is expected to be approved after…

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Yellen Calls Inflation the ‘Biggest Surprise’ in the Economy

Federal Reserve Chair Janet Yellen said that the U.S. central bank expects to continue to raise interest rates gradually as solid growth, a strong labor market and a healthy global economy lift prices even as she recognized that inflation has been surprisingly low.  “My best guess is that these soft readings will not persist, and with the ongoing strengthening of labor markets, I expect inflation to move higher next year,” Yellen said Sunday at the Group of Thirty’s Annual International Banking Seminar in Washington. Yellen’s term expires in February and…

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North Korean Hack of U.S. War Plans Shows Off Cyber Skills

The techno soldiers of Kim Jong Un are growing more aggressive in defending North Korea’s supreme leader against threats from The Interview.” If Kim’s cyber warriors have indeed stolen the top-secret intelligence, it raises alarms about the security of U.S.-South Korea information and the effectiveness of potential military options. “The plan is fundamental to conducting a war operation and leakage of even a small part of it is very critical,” Rhee Cheol-hee, the ruling party lawmaker, said in a telephone interview. “How could we fight against an enemy and win a…

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Why the U.S. and Turkey Are Suddenly in a Major Standoff

Relations between the U.S. and Turkey, allies since the aftermath of World War II, have soured in the 15 months since an Fethullah Gulen, whom the U.S. has so far refused to extradite. Further increasing tensions, the U.S. and Turkey are at odds over the war in Syria. This backdrop may help explain why the arrest of a U.S. consular employee in Turkey, on charges of involvement in the coup attempt, blew up so quickly into a major diplomatic rift, with the two nations suspending visa services for each other’s…

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Trump Hands Democrats an Opportunity on Immigration

President Donald Trump’s renewed demands for a border wall and dramatic changes to immigration laws in exchange for deportation protections for young undocumented immigrants may help Democrats by keeping the issue alive in the 2018 election year. Polls show voters side with Democrats on shielding the immigrants, known as Dreamers. By adopting a hard line, Trump is setting the stage for a prolonged fight in Congress that could help Democrats gain seats in the House and Senate. The White House on Sunday demanded “complete construction” of a U.S.-Mexico border wall…

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Private-Jet Glut Spurs Insane Bargains for Aspiring Buyers

Corporate-jet makers are flooding the market, spurring deep discounts for new aircraft and fueling a three-year slide in prices of used planes. Most major manufacturers, including Gulfstream and Bombardier Inc. — which is also contending with rising hurdles in its commercial-jet business — have slowed production in the last couple years as demand for private jets sagged. That still hasn’t been enough to halt declines in aircraft values, say consultants, brokers and analysts in the $18 billion industry. Gone is the optimism stoked by the election of President Donald Trump, a…

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No U.S. Bailout for Puerto Rican Debt, Trumps Budget Chief Says

President Donald Trump’s budget chief said not to take literally the president’s suggestion that Puerto Rico’s debt would be “wiped out,” even as the territory’s bonds plunged to a record low on Wednesday: 32 cents on the dollar. "I think what you heard the president say is that Puerto Rico is going to have to figure out a way to solve its debt problem,” Mick Mulvaney, director of the White House budget office, said in an interview Wednesday. Puerto Rico, ravaged by Hurricane Maria on Sept. 20, is dealing with…

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