Business
Tax deal faces obstacles as crucial markup looms on January 19, 2024 at 10:30 am Business News | The Hill
A deal reached this week by top tax writing committees in Congress faces a number of hurdles in the House and Senate.
Ahead of a Friday markup scheduled for the bill in the House Ways and Means Committee, lawmakers in both chambers have concerns about how exactly the $70 to $80 billion in tax relief will be divided between an expansion of the child tax credit (CTC) and deductions for businesses.
The Democratic left flank says the bill allots too little for the CTC and restores business credits that were already offsetting a 2017 reduction in the corporate tax rate.
“We should demand more of ourselves than going along with a deal that gives big corporations billions and billions of dollars more in tax breaks than help for struggling families. It just makes no sense at all,” Sen. Elizabeth Warren (D-Mass.) told reporters Wednesday.
“The fact that we’re not prioritizing children first as a country and understanding that that will help our economy, businesses and future entrepreneurs – the whole thing is sort of ridiculous,” Sen. Cory Booker (D-N.J.) said Wednesday.
Republicans argue the CTC expansion is too generous and that people should be working harder to qualify for the credit.
“There are some things that shouldn’t be in there, some of the things on the CTC, for example. It’s always been connected to work. You can get it for one year, but then you can get the thing for two successive years without working,” Sen. John Thune (R-S.D.) said Wednesday. “They increased the refundability amount and indexed the overall credit [to inflation]. There are some things in there that I’ve got to take a look at.”
Revenue tables for the bill hadn’t been released to the public as of Thursday, but the proposal from the Ways and Means Committee allows taxpayers in 2024 and 2025 to use income estimates from prior taxable years in calculating their credit.
Conservatives are troubled that this would mean people who would have to work less to claim the credit — a major sticking point in past efforts to expand the CTC.
“This policy would cut the CTC’s current annual work requirement in half by allowing parents to claim the CTC for two years while working in just one,” Matt Weidinger, a senior fellow with the conservative American Enterprise Institute, wrote in a Wednesday analysis of the proposal.
Beyond disagreements about the substance of the deal, there are procedural questions about what larger package the tax proposal could be attached to, or whether it would be its own separate bill. Standalone tax bills are relatively rare pieces of legislation.
“I think probably it will be a standalone bill,” Rep. Tom Cole (Okla.), a senior Republican appropriator, told The Hill Wednesday. “We’re having enough challenges moving appropriations bills. I don’t know why you’d want to add something else to them right now.”
“I have a lot to criticize in the bill, but I think this is the best we can get at this particular time, realizing the precarious situation that [Speaker Mike] Johnson [R-La.] is in,” Ways and Means Committee member Bill Pascrell (D-N.J.) told The Hill.
Johnson is under pressure from House conservatives to support steeper cuts and stricter immigration policy despite the speaker already striking a bipartisan funding agreement with Senate Majority Leader Chuck Schumer (D-N.Y.).
While Schumer endorsed the deal on the Senate floor Tuesday and Wednesday, and specifically its expansion of low-income housing credits, Johnson still hadn’t weighed in on the deal as of Thursday morning.
Experts on the Congressional tax negotiations process told The Hill the bill is just at the beginning of its journey on the way to becoming a potential law and that the changes to it could be manifold.
“I just have a sense that we may see changes in the markup in Ways and Means, and once we get to the Senate, the Senate always gets its own stuff,” former Ways and Means Committee tax counsel Marc Gerson said in an interview. “And so what we have is a base bill … and I think it’s going to change.”
One source of pressure for more changes to the bill is the $10,000 cap on the state and local tax (SALT) deduction imposed through Republicans’ 2017 Tax Cuts and Jobs Act (TCJA).
Blue-state Republican lawmakers representing districts with high local taxes have insisted on raising the SALT cap in any tax measure.
“I’m a no on a tax package that does not have adequate relief for SALT,” Rep. Nick LaLota (R-N.Y.) told The Hill.
“In high-tax blue states, it’s a popular thing to be pro-SALT, but to also fight for it. And I’m willing to fight for my constituents by voting no against my own party’s tax package unless and until it has meaningful relief on SALT,” he added.
Top tax writers in both chambers say there’s plenty of room to maneuver to get the deal done, specifically with the cancellation of the employee retention tax credit (ERC), which would serve as the deal’s main source of new revenue.
“There’s room on that,” Rep. Richard Neal (D-Mass.), ranking member of the House Ways and Means Committee, told The Hill on Wednesday.
“There’s a lot of moving parts that could bring a lot of Democrats along. We could make some adjustments based on the score [to] refundability on the child tax credit. There’s no inherent hostility on our side to some of the provisions, but we want them better paired with our requests for equitable purposes,” he said.
Neal said he “speculated” that the lion’s share of the roughly $78 billion in tax relief was now going to business credits rather than the expanded CTC.
“With a little bit more raising the ceiling, we could accomplish all the priorities that the members desire,” he added.
IRS Commissioner Danny Werfel was on Capitol Hill last week briefing the Senate Finance Committee on fraudulent activity associated with the ERC claims, which lawmakers say has been rampant as a result of intensive marketing a promotion by lawyers and accountants in the tax prep industry.
“We heard from a whistleblower that with these new claims, 95 percent of them were fraudulent,” Senate Finance Committee chair Ron Wyden (D-Ore.) told The Hill Wednesday. “I asked the commissioner if that was right, and he said, basically, ‘Yes.’”
Enthusiasm for the deal is also high with Wyden’s counterpart on the Senate Finance Committee, ranking member Mike Crapo (R-Idaho).
“The agreement announced … by Chairman Smith and Chairman Wyden is a thoughtful starting point for the House to begin the process,” Crapo said Tuesday.
A White House spokesperson told The Hill the White House looks forward to reviewing the full details of their agreement and supports the work of the tax-writing committees on the CTC and low-income housing.
Despite encouragement from the White House and at the committee level, lawmakers hardly think the tax deal is a lock.
“I hope people don’t try to tamper with it too much, because I think it will all just fall apart,” Cole said.
Business, Domestic Taxes, House, American Enterprise Institute, Bill Pascrell, business taxes, Child Tax Credit, Chuck Schumer, Cory Booker, Danny Werfel, Elizabeth Warren, Mike Crapo, Nick LaLota, Rep. Mike Johnson, Richard Neal, Sen. John Thune, Sen. Ron Wyden, Tax credits, tax fraud, taxes, Tom Cole A deal reached this week by top tax writing committees in Congress faces a number of hurdles in the House and Senate. Ahead of a Friday markup scheduled for the bill in the House Ways and Means Committee, lawmakers in both chambers have concerns about how exactly the $70 to $80 billion in tax relief…
Business
Google Accused Of Favoring White, Asian Staff As It Reaches $28 Million Deal That Excludes Black Workers

Google has tentatively agreed to a $28 million settlement in a California class‑action lawsuit alleging that white and Asian employees were routinely paid more and placed on faster career tracks than colleagues from other racial and ethnic backgrounds.
- A Santa Clara County Superior Court judge has granted preliminary approval, calling the deal “fair” and noting that it could cover more than 6,600 current and former Google workers employed in the state between 2018 and 2024.

How The Discrimination Claims Emerged
The lawsuit was brought by former Google employee Ana Cantu, who identifies as Mexican and racially Indigenous and worked in people operations and cloud departments for about seven years. Cantu alleges that despite strong performance, she remained stuck at the same level while white and Asian colleagues doing similar work received higher pay, higher “levels,” and more frequent promotions.
Cantu’s complaint claims that Latino, Indigenous, Native American, Native Hawaiian, Pacific Islander, and Alaska Native employees were systematically underpaid compared with white and Asian coworkers performing substantially similar roles. The suit also says employees who raised concerns about pay and leveling saw raises and promotions withheld, reinforcing what plaintiffs describe as a two‑tiered system inside the company.
Why Black Employees Were Left Out
Cantu’s legal team ultimately agreed to narrow the class to employees whose race and ethnicity were “most closely aligned” with hers, a condition that cleared the path to the current settlement.

The judge noted that Black employees were explicitly excluded from the settlement class after negotiations, meaning they will not share in the $28 million payout even though they were named in earlier versions of the case. Separate litigation on behalf of Black Google employees alleging racial bias in pay and promotions remains pending, leaving their claims to be resolved in a different forum.
What The Settlement Provides
Of the $28 million total, about $20.4 million is expected to be distributed to eligible class members after legal fees and penalties are deducted. Eligible workers include those in California who self‑identified as Hispanic, Latinx, Indigenous, Native American, American Indian, Native Hawaiian, Pacific Islander, and/or Alaska Native during the covered period.
Beyond cash payments, Google has also agreed to take steps aimed at addressing the alleged disparities, including reviewing pay and leveling practices for racial and ethnic gaps. The settlement still needs final court approval at a hearing scheduled for later this year, and affected employees will have a chance to opt out or object before any money is distributed.
H2: Google’s Response And The Broader Stakes
A Google spokesperson has said the company disputes the allegations but chose to settle in order to move forward, while reiterating its public commitment to fair pay, hiring, and advancement for all employees. The company has emphasized ongoing internal audits and equity initiatives, though plaintiffs argue those efforts did not prevent or correct the disparities outlined in the lawsuit.
For many observers, the exclusion of Black workers from the settlement highlights the legal and strategic complexities of class‑action discrimination cases, especially in large, diverse workplaces. The outcome of the remaining lawsuit brought on behalf of Black employees, alongside this $28 million deal, will help define how one of the world’s most powerful tech companies is held accountable for alleged racial inequities in pay and promotion.
Business
Luana Lopes Lara: How a 29‑Year‑Old Became the Youngest Self‑Made Woman Billionaire

At just 29, Luana Lopes Lara has taken a title that usually belongs to pop stars and consumer‑app founders.
Multiple business outlets now recognize her as the world’s youngest self‑made woman billionaire, after her company Kalshi hit an 11 billion dollar valuation in a new funding round.
That round, a 1 billion dollar Series E led by Paradigm with Sequoia Capital, Andreessen Horowitz, CapitalG and others participating, instantly pushed both co‑founders into the three‑comma club. Estimates place Luana’s personal stake at roughly 12 percent of Kalshi, valuing her net worth at about 1.3 billion dollars—wealth tied directly to equity she helped create rather than inheritance.

Kalshi itself is a big part of why her ascent matters.
Founded in 2019, the New York–based company runs a federally regulated prediction‑market exchange where users trade yes‑or‑no contracts on real‑world events, from inflation reports to elections and sports outcomes.
As of late 2025, the platform has reached around 50 billion dollars in annualized trading volume, a thousand‑fold jump from roughly 300 million the year before, according to figures cited in TechCrunch and other financial press. That hyper‑growth convinced investors that event contracts are more than a niche curiosity, and it is this conviction—expressed in billions of dollars of new capital—that turned Luana’s share of Kalshi into a billion‑dollar fortune almost overnight.
Her path to that point is unusually demanding even by founder standards. Luana grew up in Brazil and trained at the Bolshoi Theater School’s Brazilian campus, where reports say she spent up to 13 hours a day in class and rehearsal, competing for places in a program that accepts fewer than 3 percent of applicants. After a stint dancing professionally in Austria, she pivoted into academics, enrolling at the Massachusetts Institute of Technology to study computer science and mathematics and later completing a master’s in engineering.
During summers she interned at major firms including Bridgewater Associates and Citadel, gaining a front‑row view of how global macro traders constantly bet on future events—but without a simple, regulated way for ordinary people to do the same.

That realization shaped Kalshi’s founding thesis and ultimately her billionaire status. Together with co‑founder Tarek Mansour, whom she met at MIT, Luana spent years persuading lawyers and U.S. regulators that a fully legal event‑trading exchange could exist under commodities law. Reports say more than 60 law firms turned them down before one agreed to help, and the company then spent roughly three years in licensing discussions with the Commodity Futures Trading Commission before gaining approval. The payoff is visible in 2025’s numbers: an 11‑billion‑dollar valuation, a 1‑billion‑dollar fresh capital injection, and a founder’s stake that makes Luana Lopes Lara not just a compelling story but a data point in how fast wealth can now be created at the intersection of finance, regulation, and software.
Business
Harvard Grads Jobless? How AI & Ghost Jobs Broke Hiring

America’s job market is facing an unprecedented crisis—and nowhere is this more painfully obvious than at Harvard, the world’s gold standard for elite education. A stunning 25% of Harvard’s MBA class of 2025 remains unemployed months after graduation, the highest rate recorded in university history. The Ivy League dream has become a harsh wakeup call, and it’s sending shockwaves across the professional landscape.

Jobless at the Top: Why Graduates Can’t Find Work
For decades, a Harvard diploma was considered a golden ticket. Now, graduates send out hundreds of résumés, often from their parents’ homes, only to get ghosted or auto-rejected by machines. Only 30% of all 2025 graduates nationally have found full-time work in their field, and nearly half feel unprepared for the workforce. “Go to college, get a good job“—that promise is slipping away, even for the smartest and most driven.
Tech’s Iron Grip: ATS and AI Gatekeepers
Applicant tracking systems (ATS) and AI algorithms have become ruthless gatekeepers. If a résumé doesn’t perfectly match the keywords or formatting demanded by the bots, it never reaches human eyes. The age of human connection is gone—now, you’re just a data point to be sorted and discarded.
AI screening has gone beyond basic qualifications. New tools “read” for inferred personality and tone, rejecting candidates for reasons they never see. Worse, up to half of online job listings may be fake—created simply to collect résumés, pad company metrics, or fulfill compliance without ever intending to fill the role.
The Experience Trap: Entry-Level Jobs Require Years
It’s not just Harvard grads who are hurting. Entry-level roles demand years of experience, unpaid internships, and portfolios that resemble a seasoned professional, not a fresh graduate. A bachelor’s degree, once the key to entry, is now just the price of admission. Overqualified candidates compete for underpaid jobs, often just to survive.
One Harvard MBA described applying to 1,000 jobs with no results. Companies, inundated by applications, are now so selective that only those who precisely “game the system” have a shot. This has fundamentally flipped the hiring pyramid: enormous demand for experience, shrinking chances for new entrants, and a brutal gauntlet for anyone not perfectly groomed by internships and coaching.
Burnout Before Day One
The cost is more than financial—mental health and optimism are collapsing among the newest generation of workers. Many come out of elite programs and immediately end up in jobs that don’t require degrees, or take positions far below their qualifications just to pay the bills. There’s a sense of burnout before careers even begin, trapping talent in a cycle of exhaustion, frustration, and disillusionment.
Cultural Collapse: From Relationships to Algorithms
What’s really broken? The culture of hiring itself. Companies have traded trust, mentorship, and relationships for metrics, optimizations, and cost-cutting. Managers no longer hire on potential—they rely on machines, rankings, and personality tests that filter out individuality and reward those who play the algorithmic game best.
AI has automated the very entry-level work that used to build careers—research, drafting, and analysis—and erased the first rung of the professional ladder for thousands of new graduates. The result is a workforce filled with people who know how to pass tests, not necessarily solve problems or drive innovation.
The Ghost Job Phenomenon
Up to half of all listings for entry-level jobs may be “ghost jobs”—positions posted online for optics, compliance, or future needs, but never intended for real hiring. This means millions of job seekers spend hours on applications destined for digital purgatory, further fueling exhaustion and cynicism.
Not Lazy—Just Locked Out
Despite the headlines, the new class of unemployed graduates is not lazy or entitled—they are overqualified, underleveraged, and battered by a broken process. Harvard’s brand means less to AI and ATS systems than the right keyword or résumé format. Human judgment has been sidelined; individuality is filtered out.

What’s Next? Back to Human Connection
Unless companies rediscover the value of human potential, mentorship, and relationships, the job search will remain a brutal numbers game—one that even the “best and brightest” struggle to win. The current system doesn’t just hurt workers—it holds companies back from hiring bold, creative talent who don’t fit perfect digital boxes.
Key Facts:
- 25% of Harvard MBAs unemployed, highest on record
- Only 30% of 2025 grads nationwide have jobs in their field
- Nearly half of grads feel unprepared for real work
- Up to 50% of entry-level listings are “ghost jobs”
- AI and ATS have replaced human judgment at most companies
If you’ve felt this struggle—or see it happening around you—share your story in the comments. And make sure to subscribe for more deep dives on the reality of today’s economy and job market.
This is not just a Harvard problem. It’s a sign that America’s job engine is running on empty, and it’s time to reboot—before another generation is locked out.
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