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The Story
President Trump is making moves that could unravel both the Iran nuclear deal and NAFTA.
Tell me about Iran.
The Obama-era deal between the US, Iran, and five other countries lifted heavy economic sanctions against Iran in exchange for it pausing the country's nuclear weapons program. But Trump says it doesn't go far enough to protect US national security because it's temporary, and could eventually still let Iran build a nuclear program. 'Decertifying' it doesn't officially nix the deal. But it kicks the issue to Congress, which then has 60 days to decide what to do. That could include doing nothing, reimposing sanctions, or trying to renegotiate. But Iran's president says the negotiation stage is over. Trump is expected to provide more deets on his decision tomorrow.
And what about NAFTA?
It's on thin ice. Talks are happening now to renegotiate the '90s deal between the US, Canada, and Mexico that opened up trade across their borders. Trump has said he'll pull out unless the countries can work out better terms. Think: requiring more auto parts to be made in North America. Talks have been extended but many think Trump's new asks will be deal-breakers.
theSkimm
It's hard to tell whether Trump's tough talk is for real, or the art of the deal. If it's for real, pulling the US from these agreements could alienate international allies, and send shockwaves across the global economy.
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SIP 'N SKIMM WITH HOUSE SPEAKER PAUL RYAN (R-WI)
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We stopped by House Speaker Ryan's office in Washington DC to sip his favorite beer (Miller Lite) and Skimm the GOP's push to pass tax reform – and what it's like negotiating with President Trump.
You can watch the full interview here. Here's a preview...
The current tax code has been around for as long as we've been alive. What changes are you proposing?
We want to simplify this thing so much that you can fill out your taxes on a postcard. So by dramatically taking away loopholes, you simplify the system. You double the standard deduction...so that for an individual the first $12,000 of the money you earn, you don't pay taxes on it. If you're a couple, the first $24,000 of the money you earn you don't pay taxes on it. That's double what it is today.
Some people are looking at this plan and saying that it could actually raise tax rates for about 30% of people that are in the middle class, while also getting rid of things like the estate tax or the alternative minimum tax.
That's completely untrue...The whole purpose of this is to give middle income taxpayers a tax cut. To reduce people's taxes. If you're in the 10% bracket, more of your money's gonna be in the 0% bracket. If you're in the 15% bracket you're gonna be in the 12% bracket.
What is the most surprising thing about negotiating with President Trump?
Negotiating with President Trump – he's a business guy. The way I look at this is he comes at this job as a businessperson trying to find the best answer he can find...It's basically a businessperson as president, which is new for us, and new for the country.
PS: Watch the full interview here.
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What to say to your partner…
You cleaned the whole apartment? That's a first. Yesterday, the Boy Scouts of America agreed to let girls become Cub Scouts. Because cooties aren't real. The Boy Scouts have more than two million kids across the US earning badges. Girls are allowed to participate in some Boy Scouts programs, but there's always been a 'no girls allowed' sign on the Cub Scouts clubhouse. Not anymore. The change means that girls can work their way towards becoming an Eagle Scout. The Boy Scouts say the move is a reflection of what modern families want, and will help girls build leadership skills. The Girl Scouts say it's already the best girl leadership org out there, and that this is merely a ploy to boost the Boy Scouts' declining membership numbers. Count this as one of the many headlines the Boy Scouts have been making recently. After lots of scrutiny, they opened membership to transgender boys, and lifted bans on gay members and leaders.
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What people are talking about…
California's wildfires. Yesterday, the death toll from wildfires across the state – mostly in Northern California – rose to 23. Thousands of homes and buildings have been destroyed, and firefighters are still trying to get them under control. Meanwhile, Puerto Rico is still recovering from Hurricane Maria. Last month, the storm hit the island and knocked out power for every single person. As of yesterday, more than 80% of the island is still in the dark and roughly a third of the island still doesn't have cell service. Last week, the Trump administration rolled out a $29 billion relief package for hurricanes Maria, Harvey, and Irma. Now Congress just has to approve it. Tick tock.
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What to say when your boss sends a last-minute email…
Not done yet. Neither is the fallout from sexual harassment and assault allegations against Harvey Weinstein. Yesterday, model Cara Delevingne came forward to say the Hollywood producer sexually harassed her and once tried to kiss her. Ashley Judd, Angelina Jolie, and Gwyneth Paltrow are also among a growing group of women with similar stories. Weinstein has been fired from his company and his wife is leaving him. Now, the group behind the Oscars is holding an emergency meeting this weekend to discuss "any actions warranted" against Weinstein and his membership. BAFTA has already decided to suspend him. Speaking of, after the allegations came out, Ben Affleck – who won an Oscar for the Weinstein-produced "Good Will Hunting" – said the news made him "sick." Then he got called out on Twitter for groping actress Hilarie Burton on TRL back in 2003. Yesterday, he apologized.
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Investing. Don't ignore. It can be hard to know where to start. Skimm HQ had to go back to the basics. Here's a thing to know…
Stocks vs. Bonds vs. Cash
Stocks are shares of a company. If you're a shareholder, you own a piece of that company. Bonds are IOUs that governments, companies, etc. give out to raise money. You're the one doing the lending. Cash is what's sitting in your checking account. It's good to have some set aside in case of emergency.
PS…Later we'll tell you about putting together a portfolio. If you're ready to start investing, here's a bonus to make your first investment.
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*P.S. This is an affiliate partner, which means if you purchase or sign up, theSkimm may get something in return. Thanks.
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* indicates Skimm'bassador. Raise your glass.
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theSkimm50 West 23rd Street, Suite 5B; New York, NY, 10010, United States Update Profile
