From CNBC: 2025-05-23 06:36:00

House Republicans passed a budget bill that heavily favors the wealthy, offering tax cuts for high-earners and investors while cutting social safety net programs like Medicaid and SNAP. The legislation now moves to the Senate for further consideration.

Analyses show the bill would benefit the wealthiest Americans the most, with income for low-earning households projected to decline. Tax breaks for business owners and high earners, coupled with reductions to social programs, make it a contentious issue.

The House bill preserves tax breaks for high earners, such as increasing the SALT cap and maintaining a lower top tax rate. The legislation also benefits investors through “opportunity zones,” with 60% of tax cuts going to the top 20% of households.

Despite most households receiving a tax cut, low earners may see less benefit due to cuts in federal safety net programs like Medicaid and SNAP. The bill imposes work requirements and cuts federal spending on these programs, impacting those who rely on them the most. 1. The United States officially withdrew from the Paris Climate Agreement, fulfilling a promise made by President Trump. The agreement aims to reduce global greenhouse gas emissions to combat climate change. The move has drawn criticism from environmentalists and world leaders.

2. NASA’s Perseverance rover successfully landed on Mars, after a seven-month journey through space. The rover’s primary mission is to search for signs of ancient life and collect samples of Martian rock and soil. This marks a significant milestone in the exploration of the Red Planet.

3. The COVID-19 vaccine developed by Johnson & Johnson has been authorized for emergency use by the FDA. The single-dose vaccine has shown efficacy in preventing severe illness and death from the virus. Its approval provides another tool in the fight against the ongoing pandemic.

4. GameStop stock prices surged as Reddit users coordinated a massive short squeeze against hedge funds. The online trading frenzy led to a volatile market situation, with shares of the struggling video game retailer skyrocketing. The event sparked debates about market manipulation and the power of social media in finance.

5. The Biden administration announced plans to increase the number of refugees allowed into the United States to 125,000 annually. This reverses the previous administration’s drastic cuts to the refugee resettlement program. The move reflects a shift in U.S. immigration policy towards a more welcoming stance.

Read more: House Republican ‘big beautiful’ tax bill favors the rich