Metals Australia (MLS:AU) has announced Thick High-Grade Graphite Drilling Results In New Zone
Download the PDF here.
This post appeared first on investingnews.com
As Burger King enters the next phase of its turnaround efforts, the fast-food chain is trying to lure families back to its restaurants with colored Whopper buns and kid-friendly movie partnerships.
Starting Tuesday, the Restaurant Brands International chain will sell new menu items inspired by the “live action” remake of “How to Train Your Dragon.” The collaboration is more than just a one-time partnership — it’s part of Burger King’s broader strategy to lift U.S. sales.
“Where we’re really starting to lean in now that we’ve made some progress in both operations and in our restaurants is on a family-first marketing strategy,” Burger King U.S. and Canada President Tom Curtis told CNBC.
Burger King’s U.S. business has been in turnaround mode for more than 2½ years. After falling behind burger rivals McDonald’s and Wendy’s, the company announced plans to invest hundreds of millions of dollars in a comeback strategy to renovate its restaurants, improve its operations and spend on advertising. The chain even bought its largest U.S. franchisee with the goal of accelerating its restaurant remodels.
“We’re finding that there will be chapters to this as we go through time, and right now is this family strategy chapter, where we’ve done enough work and transformed our restaurant operations to the extent that we’re proud of,” Curtis said. “We’re inviting families back in, and we’re finding that we’re getting better retention when they do come back in.”
Curtis said focusing on families gives Burger King the opportunity to attract customers across age cohorts, from millennials to Generation Alpha, which is roughly defined as people born between 2010 and 2025. Plus, parents’ avid use of social media means that word spreads quickly, giving the approach a leg up compared with targeting a single demographic that isn’t as enthusiastic online.
The limited-time themed menu items include the Dragon Flame-Grilled Whopper, with a red and orange marbled bun; Fiery Dragon Mozzarella Fries, made with Calabrian chili pepper breading; Soaring Strawberry Lemonade; and the Viking’s Chocolate Sundae, with Hershey’s syrup and black and green cookie crumbles.
Movie collaborations aren’t anything new for fast food — or Burger King. It was one of the first fast-food chains to lean into movie tie-ins. In 1977, the chain sold “Star Wars” drinking glasses ahead of the film’s release.
McDonald’s wasn’t far behind, following with a Star Trek-themed Happy Meal two years later, kicking off decades of movie, TV and toy tie-ins aimed at kids. More recently, the Golden Arches’ collaboration with “A Minecraft Movie” across more than 100 markets sold out within two weeks in the U.S., about half the time earmarked for the promotion.
In Burger King’s more recent past, under Curtis’ leadership, the chain has had two major partnerships: one with “Spider-Man: Across the Spider-Verse” two years ago and another with the Addams Family franchise, timed for Halloween last year.
Both of those menus featured Whoppers with thematic, colored buns, dyed using natural colorants, like beet juice or ube.
“Not having artificial dyes and colors is something that’s been important to us for a while,” Curtis said.
Burger King use of natural dyes comes as artificial food dyes have come under fire from health-concerned parents. Following a push from Health and Human Services Secretary Robert F. Kennedy Jr., the Food and Drug Administration recently announced plans to phase out the use of petroleum-based synthetic dyes in food and drinks.
The two previous collaborations also were Burger King’s top-selling Whopper innovations, based on the number sold, according to Curtis.
“What we found in the Addams Family promotion specifically was, as we dug into the property, traffic was fairly flat, but sales were up,” he said, attributing the sales growth to families, which have a higher average check than a solo diner or a couple.
The expected sales lift from the “How to Train Your Dragon” menu comes at a crucial time for Burger King.
In its most recent quarter, the company’s comeback stumbled. The chain’s U.S. same-store sales slid 1.1%, mirroring an industrywide slump as fears about the economy and bad weather kept diners at home.
But Curtis is confident that Burger King is on the right track, pointing to the chain’s relative outperformance compared with its two biggest competitors: McDonald’s and Wendy’s.
“I know that they’re scrambling, and sometimes, frankly, copying some of the things that we do, which, you know, plagiarism is the sincerest form of flattery,” he said. “When we see them doing that, it gives us more conviction to stay on course.”
When the live-action version of “How to Train Your Dragon” hits theaters on June 13, it’s expected to be one of the summer’s big blockbusters. After all, the animated trilogy has grossed more than $1.6 billion worldwide.
Burger King has similar expectations for its menu tie-in.
The past success of the Spider-Verse and Addams Family menu items pushed Burger King to “dramatically” up its forecast for the “How to Train Your Dragon” menu, according to Curtis. And Burger King is also planning on changing its advertising strategy, which could drastically increase demand for the Dragon Flamed-Grilled Whoppers.
“In the past, we would just kind of associate ourselves with the movie property, but we wouldn’t necessarily advertise the association — you’d just see it and hear about it in social media,” Curtis said.
The promotion is supposed to run through early July, but in case Burger King burns through its supply in just three weeks, the chain is prepared to monitor what locations have run out of the menu items. That’s a lesson it learned during its Spider-Verse promotion, when it had to launch a tracker on its website to help customers find the coveted Whopper.
As it learns from every experience, Burger King is planning to dive deeper into franchise partnerships, betting that the extra effort will drive long-term loyalty for the brand.
“We’re doing a couple more of them than we have in the past,” Curtis said. “We’ve got one toward the end of the year that we’re very, very excited about … and we’re getting some lined up for next year as well. In every one of those, we’ll go all in.”
Disclosure: Comcast owns CNBC and Universal Studios, the producer and distributor of “How to Train Your Dragon.”
This post appeared first on NBC NEWS
: Republican senators John Cornyn and Chuck Grassley and Democratic Sen. Amy Klobuchar are rolling out a bipartisan measure to protect sensitive genetic data in response to privacy concerns sparked by 23andMe’s bankruptcy, Fox News Digital has learned.
Cornyn, R-Texas; Grassley, R-Iowa; and Klobuchar, D-Minn., are introducing the Don’t Sell My DNA Act, which would safeguard customers’ sensitive genetic information when an entity that maintains data files for bankruptcy. The bill would add genetic information to the definition of ‘personally identifiable information’ in the bankruptcy code.
Under current law, the bankruptcy code provides protections for personally identifiable information in bankruptcy court proceedings to prevent the possibility of identity theft, harm or other unlawful injury.
Senate aides told Fox News Digital the current definition of personally identifiable information includes an individual’s name, address, email, phone number, Social Security number, credit card numbers and other information that could be used for identification purposes.
Those aides said the definition is ‘outdated’ and does not include a reference to genetic information, leaving the information vulnerable.
‘This legislation would solve this problem by updating the definition of ‘personally identifiable information’ in the bankruptcy code to include genetic information,’ a Senate aide said.
The bill also addresses consumer privacy concerns by having consumers affirmatively consent to the sale or lease of their genetic information after a bankruptcy case commences and requiring companies to provide prior written notice of the use, sale or lease of their genetic information during bankruptcy.
The bill also requires the trustee or debtor in possession to delete any genetic information not subject to a sale or lease.
‘Advances in DNA testing have allowed Americans to have unprecedented access to important insights about their genetics, but these companies must have a plan to protect this data in the event of bankruptcy,’ Cornyn told Fox News Digital.
‘By updating the bankruptcy code, this legislation would safeguard Americans’ sensitive genetic information to ensure it cannot be weaponized against them or made public without their knowledge and consent.’
And Klobuchar said companies ‘have profited off of Americans’ data while consumers have been left in the dark, which is especially concerning in light of reports that 23andMe plans to sell customer genetic data assets to a large pharmaceutical company.’
‘This bill will put new protections in place to safeguard Americans’ privacy while giving consumers greater control over how their sensitive health data is shared,’ Klobuchar said.
Grassley told Fox News Digital consumers should ‘feel confident that any personal nformation shared with a public company isn’t up for grabs when that company files for bankruptcy.’
Grassley told Fox News Digital the bill ‘would fill gaps in current law to help safeguard consumers’ genetic information and ensure Americans’ DNA isn’t treated like any other financial asset.’
On Monday, 23andMe announced Regeneron Pharmaceuticals would purchase 23andMe through a bankruptcy auction.
Senate aides said Regeneron promises to ‘protect consumer information, but the data privacy concerns for future bankruptcies remain.’
The genetic testing company 23andMe, once a pioneer in consumer DNA testing, filed for Chapter 11 bankruptcy in March amid financial struggles, a leadership shakeup and growing concerns about the security of its customers’ genetic data.
Regeneron Pharmaceuticals announced it will acquire ‘substantially all’ of genetic testing company 23andMe’s assets.
The pharmaceutical company said it won the court-supervised auction of the genetic testing company, with Regeneron agreeing to pay $256 million for the assets. The auction for 23andMe was part of the Chapter 11 bankruptcy protection it filed in March to arrange a sale of its business.
In its bankruptcy petition, the company estimated a range of $100 million to $500 million for its assets. Estimated liabilities were the same.
The pharmaceutical company is buying 23andMe’s personal genome service and its health and research services segments, according to 23andMe.
This post appeared first on FOX NEWS
European stock markets commenced Thursday’s trading session on a decidedly negative note, with major indices across the continent slipping into the red shortly after the opening bell.
This broad-based downturn was accompanied by company-specific news, including a wider first-half loss for budget airline EasyJet and a notable stock downgrade for British telecom giant BT Group.
Approximately ten minutes into the trading day, the pan-European Stoxx 600 index was trading 0.5% lower, with nearly every sector experiencing losses.
This negative sentiment was reflected in the performance of key regional stock exchanges.
Germany’s DAX and France’s CAC 40 were both down by around 0.5%, while London’s FTSE 100 had shed 0.4%.
Pre-market indications from IG had already signaled a lower open, with London’s FTSE seen opening down 43 points at 8,739, Germany’s DAX 135 points lower at 23,984, the French CAC 40 down 48 points at 7,865, and Italy’s FTSE MIB anticipated to open 251 points lower at 40,331.
EasyJet navigates headwinds
Budget airline EasyJet found its shares under pressure after reporting a widened loss for the first six months of its financial year.
The company announced a pre-tax loss of £394 million ($529 million) for the first half, compared with a £350 million loss recorded for the same period in 2024.
In response to the earnings release, EasyJet’s shares were down 3% at 08:10 a.m. London time, shortly after the market opened.
Despite the larger loss, EasyJet’s CEO, Kenton Jarvis, expressed confidence in the airline’s full-year performance, citing strong current booking trends.
Jarvis described the first half of the year—typically a quieter period for airlines—as an “interesting time.”
Speaking to CNBC’s ‘Squawk Box Europe’ on Thursday, he elaborated: “In the first half, we have two quarters. The first quarter is the October through to December, and in that quarter, we actually performed very well.”
Jarvis also acknowledged industry-wide capacity strains, noting that both Airbus and Boeing are failing to meet their original aircraft delivery schedules, but he stressed that underlying “demand is there.”
Looking ahead, EasyJet stated that current bookings provide confidence that it will meet profit forecasts for the financial year.
We’re also seeing very positive bookings in our holidays division, where we’re expecting something like 25% passenger growth year-on-year. So demand is looking good for the summer at the moment, and supply is relatively constrained.
BT Group faces analyst downgrade amid rally concerns
In other company news, British telecommunications stalwart BT Group saw its shares come under scrutiny.
Deutsche Bank analysts downgraded BT’s stock to a “Sell” rating, just weeks ahead of its fourth-quarter results.
The downgrade was primarily attributed to the significant 17% rally in its share price this year.
In a note to clients, Deutsche Bank’s Robert Grindle observed that BT shares “have proven even more defensive than peers at a time of trade war confusion, a weak economy and GBP strength, despite Openreach line losses.”
However, the analyst cautioned investors that BT still faces fundamental challenges, including new competitors encroaching on its market share.
Grindle did acknowledge that the recent acquisition of a stake in the company by Bharti, one of India’s largest telecom operators, had contributed to positive sentiment surrounding the stock.
The post Europe markets open: Stoxx 600 down; EasyJet loss widens, BT shares take a hit appeared first on Invezz
We now know who won the contest to attend an intimate dinner with President Donald Trump by buying his cryptocurrency — and he’s a familiar face to Securities and Exchange Commission regulators and law enforcement officials.
Justin Sun, a Chinese-born crypto entrepreneur, confirmed in an X post Tuesday that he was behind the account, labeled ‘SUN,’ that purchased the most $TRUMP meme coin to sit at the president’s table at a crypto-focused gala scheduled for Thursday.
‘Honored to support @POTUS and grateful for the invitation from @GetTrumpMemes to attend President Trump’s Gala Dinner as his TOP fan!’ Sun wrote. ‘As the top holder of $TRUMP, I’m excited to connect with everyone, talk crypto, and discuss the future of our industry.’
He capped the post with an American flag emoji.
Critics have blasted the dinner contest as potentially unconstitutional and a blatant opportunity for corruption. Trump has not publicly commented on the accusations, and the Office of Government Ethics has declined to comment. A White House official did not immediately respond to a request for comment Tuesday.
The Trump administration is not directly involved in administering $TRUMP coin. As for the dinner, a White House official said in a statement that the president ‘is working to secure GOOD deals for the American people, not for himself.’
‘President Trump only acts in the best interests of the American public — which is why they overwhelmingly re-elected him to this office, despite years of lies and false accusations against him and his businesses from the fake news media,” White House spokesperson Anna Kelly said.
While Trump has not been as aggressive in directly promoting cryptocurrencies as some campaign backers in the industry had hoped, his administration has abandoned or paused many pending cases that had been brought against crypto entrepreneurs and businesses.
That includes Sun, who was charged in 2023 with market manipulation and offering unregistered securities. Regulators sought various injunctions against him that would have largely prevented him from participating in crypto in the U.S. The Verge, a tech industry website, had also reported Sun was the target of an FBI investigation.
But in February, the SEC, now controlled by Trump appointees, agreed to a 60-day pause of the suit in order to seek a resolution.
Two months earlier, Sun purchased $30 million in crypto tokens from World Liberty Financial (WLF), the crypto venture backed by Trump and his family, the website Popular Information reported.
Eventually, Sun became the largest publicly known investor in World Liberty after he brought his funding total to $75 million.
According to Bloomberg News, per the terms of World Liberty’s financial structure, 75% of the proceeds of token sales like Sun’s get sent to the Trump family as a fee — meaning they may have directly earned as much as $56 million.
On Jan. 22 — two days after Trump was inaugurated — Sun posted on X, “if I have made any money in cryptocurrency, all credit goes to President Trump.”
In April, The Wall Street Journal reported that Joe Biden’s Justice Department had been investigating Sun, noting that researchers had estimated that more than half of all illicit crypto activity took place on Sun’s Tron blockchain platform. The Journal said it wasn’t clear whether the investigation was ongoing. It said Sun’s representatives declined to comment about what they called “baseless allegations about legal matters” while denying Tron enables criminal activity.
Sun may now be a multibillionaire, with a net worth estimated at $8.5 billion, according to Forbes. He reportedly was forced to spend $2 billion to shore up one of his crypto firms that was facing collapse in 2022.
He did not immediately respond to a request for comment about what he hoped to get out of the dinner with the president.
Sun has also earned headlines for purchasing ‘Comedian,’ an art installation composed of a banana duct-taped to a wall, for $6.2 million, and for buying lunch with Warren Buffett for $4.57 million.
This post appeared first on NBC NEWS
President Donald Trump’s ‘big, beautiful bill’ could be headed for a House-wide vote as soon as Wednesday night after its approval by a key committee in an 8-4 vote.
The House Rules Committee, the gatekeeper for most legislation before it gets to the full chamber, first met at 1 a.m. Wednesday to advance the massive bill in time for Speaker Mike Johnson’s Memorial Day deadline for sending it to the Senate.
The panel adjourned shortly before 11 p.m. Wednesday after all four Democrats voted against the measure and all present Republicans voted for it. Rep. Chip Roy, R-Texas, was the lone lawmaker to miss the vote.
Proceedings crept on for hours as Democrats on the committee repeatedly accursed Republicans of trying to move the bill ‘in the dead of night’ and of trying to raise costs for working class families at the expense of the wealthy.
Democratic lawmakers also dragged out the process with dozens of amendments that stretched from early Tuesday well into Wednesday.
Republicans, meanwhile, contended the bill is aimed at boosting small businesses, farmers, and low- and middle-income families, while reducing waste, fraud, and abuse in the government safety net.
In a sign of the meeting’s high stakes, Johnson, R-La., himself visited with committee Republicans shortly before 1 a.m. and then again just after sunrise.
But the committee kicked off its meeting to advance the bill with several key outstanding issues – blue state Republicans pushing for a raise in state and local tax (SALT) deduction caps, and conservatives demanding stricter work requirement rules for Medicaid as well as a full repeal of green energy subsidies granted in former President Joe Biden’s Inflation Reduction Act (IRA).
A long-awaited amendment to the legislation aimed at fixing those issues debuted around 9 p.m. on Wednesday evening.
The amendment would speed up the implementation of Medicaid work requirements for certain able-bodied recipients from 2029 to December 2026, and award states that did not follow Obamacare-era expansion plans with more federal dollars.
It would also end a host of green energy tax subsidies by 2028 if they did not demonstrate relatively quick return on investment.
Democrats, meanwhile, accused Republicans of hastily trying to change the legislation without proper notice.
Johnson told Fox News Digital during his Wednesday 1 a.m. that he was ‘very close’ to a deal with divided House GOP factions.
Returning from that meeting, Johnson signaled the House would press ahead with its vote either late Wednesday or early Thursday.
But the legislation’s passage through the House Rules Committee does not necessarily mean it will fare well in a House-wide vote.
A pair of House Rules Committee members, Roy and Rep. Ralph Norman, R-S.C., and were two of the conservative House Freedom Caucus members who had called for the House-wide vote to be delayed on Wednesday.
Meanwhile, the White House bore down hard on those rebels, demanding a vote ‘immediately’ in an official statement of policy that backed the House GOP bill.
Several of those fiscal hawks were more optimistic after a meeting at the White House with Trump and Johnson, however.
Republicans are working to pass Trump’s policies on tax, immigration, energy, defense and the national debt all in one massive bill via the budget reconciliation process.
Budget reconciliation lowers the Senate’s threshold for passage from 60 votes to 51, thereby allowing the party in power to skirt the minority — in this case, Democrats — to pass sweeping pieces of legislation, provided they deal with the federal budget, taxation or the national debt.
House Republicans are hoping to advance Trump’s bill through the House and Senate by the Fourth of July.
This post appeared first on FOX NEWS
European markets slipped on Wednesday as geopolitical tensions resurfaced and fresh inflation data from the UK cast doubt on the prospect of interest rate cuts.
Germany’s DAX declined 0.2%, France’s CAC 40 fell 0.3%, and the UK’s FTSE 100 lost 0.17% in early trade.
Sentiment was hit after US President Donald Trump’s latest attempt to mediate the war in Ukraine failed to yield any progress.
In a two-hour phone call with Russian President Vladimir Putin on Tuesday, Trump abandoned his earlier demand for a 30-day unconditional ceasefire—an approach that had been supported by Ukraine as a starting point for peace talks.
German Defence Minister Boris Pistorius criticized the shift, saying, “Putin is clearly playing for time. Unfortunately, we have to say Putin is not really interested in peace.”
The setback in diplomatic efforts adds further strain to Kyiv, especially following Trump’s public rift with Ukrainian President Volodymyr Zelenskiy earlier this year.
Meanwhile, in economic developments, the UK reported a sharp jump in inflation.
April’s consumer price index rose 3.5% year-on-year, up from 2.6% in March, marking the highest level since January 2024.
The acceleration in inflation, driven by wage pressures and persistent service-sector costs, may complicate the Bank of England’s path to easing.
Markets had been pricing in the potential for two rate cuts by year-end, but Wednesday’s data now makes even one cut appear uncertain.
The inflation surprise, coupled with ongoing geopolitical uncertainty, weighed on risk appetite and added to the cautious tone across European equity markets.
Asia markets open mostly higher
Asia-Pacific markets were mostly higher on Wednesday, shrugging off Wall Street’s first loss in seven sessions.
Japan’s Nikkei 225 slipped 0.23% after official data showed exports declined for the second consecutive month, underscoring the impact of US President Donald Trump’s broad tariffs on Japanese trade.
South Korea’s Kospi rose 0.58%, and the tech-heavy Kosdaq outperformed with a 0.95% gain.
Australia’s S&P/ASX 200 advanced 0.43%, lifted by strength in energy and financial stocks.
Hong Kong’s Hang Seng Index opened 0.45% higher, while mainland China’s CSI 300 was little changed in early trade.
US stocks on Tuesday
US stocks slipped on Tuesday as investors paused to reassess recent gains, with all three major indexes ending in the red despite paring intraday losses.
The Dow Jones Industrial Average lost 114.83 points, or 0.3%, closing at 42,677.24. The Nasdaq Composite dropped 72.75 points, or 0.4%, to 19,142.71, while the S&P 500 declined 23.14 points, or 0.4%, to settle at 5,940.46.
Tuesday’s modest pullback followed a solid stretch of gains for equities, with the Nasdaq and S&P 500 recently hitting their highest levels in nearly three months.
Traders appeared to take profits following the market’s rally from April lows, spurred by waning trade tensions and improving sentiment.
Still, caution lingered on the Street, as JPMorgan Chase CEO Jamie Dimon flagged risks that may not be fully reflected in current valuations.
Speaking at the bank’s investor day, Dimon noted signs of investor complacency and warned about the potential impact of rising inflation and stagflation.
The post European stocks open lower: FTSE down 0.2%, CAC 40 slips 0.3% appeared first on Invezz
Brightstar Resources (BTR:AU) has announced Canaccord Global Mining Conference Presentation
Download the PDF here.
This post appeared first on investingnews.com
BEIJING — One Chinese baby products company announced Tuesday it is officially entering the United States, the world’s largest consumer market — regardless of the trade war.
Shanghai-based Bc Babycare expects its supply chain diversification and the U.S. market potential to more than offset the impact of ongoing U.S.-China trade tensions, according to Chi Yang, the company’s vice president of Europe and the Americas.
“Even [if] the political things are not steady … I’m very confident about our product for the moment,” he told CNBC, adding he anticipates “very fast” growth in the U.S. in coming years. That includes his bold predictions that Bc Babycare’s flagship baby carrier can become the best-seller on Amazon.com in half a year, and that U.S. sales can grow by 10-fold in a year.
The $159.99 carrier, eligible for a $40 discount, already has 4.7 stars on Amazon.com across more than 30 reviews. The device claims to reduce pressure on the parent’s body by up to 33%. A far cheaper version of the baby carrier is a top seller among travel products for pregnancy and childbirth on JD.com in China.
Bc Babycare already has the carrier stocked in its U.S. warehouses, and has a network of factories and raw materials suppliers in the Americas, Europe and Asia, Yang said. “The global supply chain is one of the things we keep on building in the past couple years.”
The Trump administration has sought to reduce U.S. reliance on China-made goods and to encourage the return of manufacturing jobs to the U.S. In a rapid escalation of tensions last month, the U.S. and China had added tariffs of more than 100% on each other’s goods. Last week, the two sides agreed to a 90-day pause for most of the new duties in order to discuss a trade deal.
Baby gear is particularly sensitive to tariffs since the majority of those sold in the U.S. are made in China, said U.S.-based Newell Brands, which owns stroller company Graco, on an April 30 earnings call. That’s according to a FactSet transcript.
The company said it raised baby gear prices by about 20% in the last few weeks, but had not incorporated the additional 125% tariffs announced in mid-April. Newell said on the call it had about three to four months of inventory in the U.S., and had paused additional orders from China.
The company did not respond to a request for comment about whether it had resumed orders from China and whether it planned more price increases.
Bc Babycare declined to share how much it planned to invest in the U.S. But Yang said the company plans to open an office in the country and hire about five to 10 locals.
The company initially plans to sell online, spend on marketing and eventually work with major retailers for offline store sales. Its partners for raw materials and research include three U.S. companies: Lyra, Dow and Eastman.
The Chinese company, which entered the baby products segment in 2014, in 2021 claimed a 700 million yuan ($97.09 million) funding round from investors including Sequoia Capital China.
Yang said the company scrutinizes the comments section on Chinese and U.S. e-commerce websites to improve its products. As a result, the U.S. version of the baby carrier is softer and larger than the Chinese version, he said.
Bc Babycare’s U.S. market ambitions reflect how large U.S. and European multinationals not only face growing competition in China, but also in their home markets.
“After experiencing substantial growth due to the premiumization of consumption in the Chinese market, multinational brands are now entering a challenging second phase where they compete fiercely for market share,” Dave Xie, retail and consumer goods partner in Shanghai at consultancy Oliver Wyman, said in a statement last week.
Oliver Wyman said in a report last month that the Chinese market has become the incubator for premium product innovations that are being exported. The authors noted, for example, that Tineco floor scrubbers have become Amazon best-sellers.
This post appeared first on NBC NEWS
House Speaker Mike Johnson has reached a tentative deal with blue state Republican lawmakers to boost the cap on state and local tax deductions, or ‘SALT,’ to $40,000 in President Donald Trump’s so-called ‘big, beautiful bill,’ Republican sources confirmed to Fox News late Tuesday.
The proposed cap – which is up from $30,000 – would be per household for taxpayers making less than $500,000 per year.
It remains unclear whether GOP hardliners who oppose raising the SALT cap deductions will sign off on the measure.
The tentative agreement, first reported by Politico and confirmed by Fox News, comes as House GOP factions have been engaged in high-stakes debates on taxes, Medicaid, and green energy subsidies while crafting the president’s ‘big, beautiful bill.’
SALT deduction caps primarily benefit people living in high-cost-of-living areas like New York City, Los Angeles, and their surrounding areas.
Republicans representing those areas have framed raising the SALT deduction cap as an existential issue, arguing that a failure to address it could cost the GOP the House majority in the 2026 midterms.
Meanwhile, Republicans representing lower-tax states are largely wary of raising the deduction cap, believing that it incentivizes blue states’ high-tax policies.
Fox News Digital’s Elizabeth Elkind contributed to this report.
This post appeared first on FOX NEWS