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New bill would prevent restored Social Security benefits from prompting tax bill

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Social Security SSI benefits to be paid early due to weekend calendar quirk

A newly introduced bill would prevent some public sector retirees from being hit with a tax bill after they were made eligible for Social Security benefits last year.

The bipartisan bill, known as the No Tax on Restored Benefits Act, was introduced by Rep. Lance Gooden, R-Texas, and would create a gross income tax exclusion for the retroactive, lump sum payments of Social Security benefits paid to certain public sector retirees on pensions who previously had their benefits reduced or eliminated because they didn’t pay Social Security taxes while working. 

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It follows last year’s enactment of the Social Security Fairness Act, which allowed for the retroactive benefit payments to covered retirees.

“First, the federal government shortchanged public servants by withholding the Social Security benefits. Now, Washington is trying to tax those benefits,” Gooden told FOX Business. “It’s a slap in the face to teachers, firefighters, law enforcement officers and more who devoted their careers to serving our communities. The No Tax on Restored Benefits Act finally ends the mistreatment of our public-sector retirees.”

SOCIAL SECURITY PAYMENTS TO INCREASE FOR PUBLIC PENSION RECIPIENTS

Woman with walker heads into Houston Social Security office

The new bill would aim to prevent a tax consequence for those who got lump sum payments under the Social Security Fairness Act. (Mark Felix/The Washington Post)

Rep. Chellie Pingree, D-Maine, is a lead cosponsor of the bill and said the Social Security Fairness Act “was truly transformative” for hundreds of thousands of Americans, but “it was never intended to saddle widows, low-income seniors and dedicated public servants with an unexpected tax bill.”

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“The No Tax on Restored Benefits Act addresses this problem in a fair, commonsense way by protecting people who were previously below the taxation threshold from being unfairly punished because of a one-time, retroactive increase in their earned benefits,” Pingree said.

The bill has received support from the National Association of Police Organizations, and Executive Director Bill Johnson noted that “retirees are facing a large tax bill on those same benefits Congress worked to restore,” and the new legislation “will ensure no public servant will continue to be penalized simply because they chose public service.”

MILLIONS TO GET HIGHER SOCIAL SECURITY PAYMENTS UNDER NEW LAW

Rep. Lance Gooden talks to the press

Rep. Lance Gooden, R-Texas, introduced this bill to protect restored Social Security benefits from taxes. (Al Drago/Bloomberg via Getty Images)

The introduction of the No Tax on Restored Benefits Act follows the enactment of the Social Security Fairness Act last year, which made certain public sector retirees eligible for the retroactive payments and was signed into law in January 2025 by then-President Joe Biden.

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It eliminated policies known as the Windfall Elimination Provision (WEP) and Government Pension (GPO) which reduced or eliminated Social Security benefits for workers who received a public pension and weren’t covered by Social Security taxes. 

Those policies reduced or eliminated Social Security benefits for over 3.2 million people who receive a pension for work that wasn’t covered by Social Security because they didn’t pay Social Security taxes.

SOME SOCIAL SECURITY BENEFICIARIES TO RECEIVE PAYMENTS EARLY FOR FEBRUARY AND MARCH

Rep. Chellie Pingree holds a press conference

Rep. Chellie Pingree, D-Maine, cosponsored the No Tax on Restored Benefits Act. (Bryan Dozier/Middle East Images/AFP via Getty Images)

Among the groups of people affected include certain teachers, firefighters and police officers in many states; federal employees covered by the Civil Service Retirement System; and people whose work was covered by a foreign social security system.

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The WEP and GPO policies didn’t apply to all people within those groups because about 72% of state and local public employees work in roles covered by Social Security and pay into the system. So, those retirees won’t see a benefit increase under the Social Security Fairness Act.

The elimination of WEP and GPO policies was retroactive to January 2024, and the Social Security Administration indicated the one-time payment would be deposited into the account on file by the end of March 2025.

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The nonpartisan Committee for a Responsible Federal Budget estimated that the Social Security Fairness Act will add $196 billion to the federal budget deficit over the 10 years after its enactment and projected it will hasten the insolvency of Social Security’s main trust fund by six months.

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Opinion: Gas up for energy insurance role

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Opinion: Gas up for energy insurance role

OPINION: The flexibility of gas cements its value as a transitional energy source.

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Greer signals tariffs may rise to 15% or higher for some countries

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Greer signals tariffs may rise to 15% or higher for some countries

U.S. Trade Representative Jamieson Greer signaled tariffs could rise for some countries early Wednesday, telling FOX Business they may increase to 15% or higher as President Trump continues his push for economic leverage.

“Even right now, we have the 10% tariff, it’ll go up to 15 for some, and then it may go higher for others,” Greer said on “Mornings with Maria.”

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“I think it will be in line with the types of tariffs we’ve been seeing. We want to have continuity in this program,” he added.

TRUMP ANNOUNCES ‘FINAL’ 25% TARIFF ON COUNTRIES DOING BUSINESS WITH IRAN REGIME

Jamieson Greer

U.S. Trade Representative Jamieson Greer speaks during an Economic Club of New York luncheon in New York on Sept. 30, 2025. (Victor J. Blue/Bloomberg via Getty Images)

The comments come as U.S. trading partners, including the European Union, have sought clarity on how the administration plans to implement its revised tariff strategy following a recent Supreme Court setback.

Greer said the administration is preparing to launch a series of investigations under existing trade authorities in the coming days and weeks, including Section 301 probes targeting what he described as unfair trading practices.

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HOW SHOULD BUSINESSES APPROACH TARIFF REFUNDS?

Then-U.S. President-elect Donald Trump smiling during a Turning Point USA event in Phoenix, Arizona.

Then-President-elect Donald Trump smiles during Turning Point USA’s AmericaFest on Dec. 22, 2024 in Phoenix, Ariz. The president has vowed to work around the Supreme Court’s recent tariff ruling to continue implementing his global economic strategy. (Rebecca Noble/Getty Images)

“These include things like people who use forced labor in their supply chains,” Greer explained, adding that the U.S. would also examine countries accused of building industrial excess capacity and flooding American markets.

Under the process, the Office of the U.S. Trade Representative would issue a Federal Register notice, open a public comment period, and hold hearings, giving countries an opportunity to address those concerns before additional tariffs are imposed, he noted.

“We think that the deals that we’ve made with these folks actually tend to address, at least in part, some of the practices I’m talking about,” he said.

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“With Indonesia, for example, we will run an investigation. We’ll look at industrial excess capacity. We’ll look at what they’re doing in fishing and that kind of thing, and we’ll run that investigation, and then we’ll bump it up against what they’ve agreed to do and what we think the problem is. Then, we make a determination on what kind of tariff should apply,” he said.

“We expect to have continuity in what we’re doing,” he said. 

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Netflix (NFLX) Stock Hits Record High Near $1,050 as Subscriber Growth Accelerates

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Netflix said it was appealing against the decision

Netflix Inc.’s stock reached a new all-time high in late February 2026, closing at $1,048.72 on February 24 after gaining 1.82%, as the streaming giant posted blockbuster fourth-quarter and full-year 2025 results that showcased accelerating paid subscriber additions, explosive growth in its advertising-supported tier, and sustained profitability improvements.

Netflix said it was appealing against the decision
Netflix
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As of February 24, 2026, Netflix (NASDAQ: NFLX) traded in a session range of $1,030.15 to $1,055.40 with volume of approximately 4.2 million shares. The shares have surged more than 65% year-to-date in 2026 following a strong 2025 close, pushing market capitalization above $450 billion for the first time. The 52-week range spans $610.20 to $1,055.40, reflecting investor confidence in Netflix’s transition to a mature, high-margin business.

The rally followed Netflix’s fourth-quarter earnings report released January 21, 2026, which delivered multiple records. The company added 18.9 million paid net subscribers in Q4—the largest quarterly gain in its history—bringing total paid memberships to 301.6 million, up 16% year-over-year. Full-year 2025 net additions reached a record 51.4 million, surpassing prior guidance and marking the strongest growth since the streaming wars began.

Revenue climbed 15.7% year-over-year to $10.25 billion in Q4, beating analyst expectations of $10.13 billion. Full-year revenue hit $39.00 billion, up 15%. Operating margin expanded to 29% in Q4 from 22% the prior year, with operating income reaching $2.97 billion. Net income rose to $2.48 billion, or $5.73 per diluted share, compared with $1.48 billion and $3.33 per share in Q4 2024.

The advertising tier drove outsized gains, with ad-supported memberships growing more than 65% sequentially in Q4 and representing a significant portion of new sign-ups in launch markets. Netflix reported that ad revenue more than doubled year-over-year in Q4, with average revenue per user in the ad tier approaching levels seen in the standard plan in some regions. Management guided for continued rapid ad-tier expansion in 2026, with plans to roll out the tier in additional countries and enhance targeting through improved data and partnerships.

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CEO Ted Sarandos and co-CEO Greg Peters emphasized the success of password-sharing restrictions, now implemented in nearly every market, which contributed to both subscriber adds and revenue growth. The company also highlighted strong content performance, with hits like “Squid Game” Season 2, “Stranger Things” final season, and live events—including NFL games and WWE Raw—driving engagement. Live programming, including the upcoming Jake Paul-Mike Tyson boxing match rescheduled to early 2026, is expected to further boost viewership.

Netflix provided optimistic 2026 guidance, projecting revenue growth of 14-15% and operating margin expansion to 29-30%. The company anticipates another year of significant paid net subscriber additions, though at a moderated pace compared with 2025’s record. Free cash flow is forecast to exceed $8 billion in 2026, up from $6.9 billion in 2025, supporting continued content investment and potential share repurchases or dividends.

Wall Street responded enthusiastically. Consensus among 35-40 analysts rates NFLX a Moderate Buy to Buy, with average 12-month price targets around $1,100 to $1,150—implying 5-10% upside from current levels. High targets reach $1,300 from firms like Wedbush and Morgan Stanley, citing the advertising business’s long runway and global market penetration potential. Some analysts noted Netflix’s valuation at roughly 35 times forward earnings appears reasonable given margin expansion and cash flow strength.

Challenges include intensifying competition from Disney+, Amazon Prime Video, and emerging players, as well as content cost pressures and potential saturation in mature markets. International growth remains a focus, with Latin America, Asia-Pacific, and Europe, Middle East and Africa showing robust additions. Password-sharing crackdowns continue to yield benefits but face occasional pushback.

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The next major update arrives with first-quarter 2026 earnings, expected in late April. Investors will watch subscriber trends, ad-tier penetration, content slate performance, and any refinements to full-year guidance.

Netflix has evolved from a DVD-by-mail pioneer into the dominant global streaming service, with a differentiated strategy blending originals, licensed content, live events, gaming, and advertising. Record subscriber gains, margin expansion, and a maturing ad business position it for continued outperformance in 2026, even as the streaming landscape grows more competitive. With shares at fresh highs, Netflix remains a bellwether for digital media and a core holding for growth-oriented investors.

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DUG will fight Shell US court bill

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DUG will fight Shell US court bill

WA high-performance computing company DUG will fight a hefty legal bill lobbed at it by a Texas court, after it was found to have breached a supplier contract with a Shell subsidiary.

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The Bank of Thailand unexpectedly lowers its key interest rate by 25 basis points to 1.00%

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The Bank of Thailand unexpectedly lowers its key interest rate by 25 basis points to 1.00%

The Bank of Thailand’s Monetary Policy Committee unexpectedly lowered its key interest rate by 25 basis points to 1.00% during its first review of 2026.

The decision comes as a surprise to analysts who had widely anticipated no change in the rate. The move aims to support economic growth amid global uncertainties and sluggish domestic demand.

Key Points

  • The Monetary Policy Committee voted 4 to 2 to reduce the one-day repurchase rate to 1.00%.
  • The move caught the market by surprise, as only six of 27 economists surveyed by Reuters had predicted a rate cut.
  • This reduction marks the sixth rate cut since October 2024, bringing the total reduction over that period to 150 basis points.
  • The central bank cited the need to mitigate risks from a strong baht and global trade uncertainties, particularly regarding US trade policy.
  • Despite the rate cut, the Bank of Thailand raised its 2026 GDP growth projection to 1.9%, up from a previous estimate of 1.5%, following a stronger-than-expected economic performance in the fourth quarter of the prior year.

The Bank of Thailand’s Monetary Policy Committee (MPC) unexpectedly voted 4 to 2 to cut the one-day repurchase rate by 25 basis points to 1.00% during its first review of 2026. This move caught the majority of economists by surprise, as most had predicted no change following stronger-than-expected economic performance in late 2025.

This decision aims to support economic recovery, alleviate the debt burden for SMEs and households, and anchor inflation expectations amid heightened downside risks. While the economy showed stronger-than-expected momentum in late 2025, the committee anticipates that future growth will remain below potential due to structural impediments, necessitating a more accommodative policy stance to counter a strengthening currency and slowing private consumption.

Key Factors

  • Economic growth is projected to stay below potential in 2026 and 2027, constrained by intensified competition and structural issues that limit the value added by exports and investment.
  • Headline inflation risks have increased on the downside due to falling energy prices and weak demand-side pressures, with a return to the target range now delayed until the second half of 2027.
  • The Thai baht has appreciated against the U.S. dollar, leading to concerns regarding exchange rate misalignment and its negative impact on exporter competitiveness.
  • Overall credit continues to contract as financial institutions maintain a cautious lending stance, particularly toward SMEs and high-risk borrowers.
  • Two dissenting members voted to maintain the rate at 1.25%, arguing that existing policy transmission is still ongoing and that preserving limited monetary policy space is critical.
  • The MPC emphasized that monetary policy alone cannot resolve structural growth problems and called for integrated policies to improve national productivity and competitiveness.

Primary Macroeconomic Factors

The decision was driven by the need to buffer the Thai economy against specific external and domestic challenges:

  • US Tariff Uncertainty: The central bank cited concerns regarding the unpredictable nature of US trade tariffs and the potential impact they could have on the Thai economy.
  • Strengthening Currency: The “strengthening baht” was identified as a key challenge that the rate cut seeks to address, as a strong currency can impact export competitiveness.
  • External Risks: The move serves as a proactive measure to protect the economy against broader external risks that may threaten stability.

Economic Stimulation and Support

Beyond immediate risks, the rate cut was part of a broader strategy to support the national economy:

  • Sparking Growth: The reduction is intended to “spark” Southeast Asia’s second-largest economy, which has seen authorities trying to stimulate momentum through a series of cuts.
  • Continued Monetary Support: This was the sixth rate cut since October 2024 (totaling a 150-basis-point reduction), indicating an ongoing effort to provide a supportive monetary environment despite recent improvements in the economy.

Context of the “Unexpected” Decision

The move was considered unexpected by the majority of economists (21 out of 27 polled by Reuters) because several positive indicators suggested no change was necessary:

  • Stronger-than-expected GDP growth in the fourth quarter of the previous year.
  • An optimistic outlook from the central bank, which raised its 2026 GDP growth projection from 1.5% to 1.9%.
  • An improving political outlook within the country.

Although the domestic growth outlook was improving, the MPC focused on defensive measures to counter currency strength and global trade uncertainties, such as US tariffs, to ensure sustained economic stability. While domestic indicators showed signs of recovery, the MPC remained cautious, prioritizing strategies to mitigate risks associated with external pressures. These included addressing potential volatility from fluctuating exchange rates and navigating the challenges posed by shifting global trade policies. By maintaining a balanced approach, the committee aimed to safeguard long-term economic resilience and foster a stable growth environment.

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Not even potholes will hold up self-driving cars, UK firm predicts

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Not even potholes will hold up self-driving cars, UK firm predicts

Wayve says it’s confident all cars will one day be autonomous, as it announced more than a £1bn in additional investment.

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Fenix Resources' profit rockets as mines ramp up

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Fenix Resources' profit rockets as mines ramp up

Fenix Resources’ profit has jumped more than 400 per cent as the Mid West iron ore miner gets its projects operating at full capacity.

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BioNTech: The Market Is Pricing Low Oncology Success

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BioNTech: The Market Is Pricing Low Oncology Success

BioNTech: The Market Is Pricing Low Oncology Success

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DoorDash takes on Resy, OpenTable as restaurant reservation wars heat up

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DoorDash takes on Resy, OpenTable as restaurant reservation wars heat up
Why OpenTable, Resy and DoorDash are fighting for your reservation

Now available on your favorite food delivery app: restaurant reservations.

The still-simmering reservation wars of the last decade could fully reignite this year, as a shifting tech landscape pits some of the biggest players against each other to capture businesses and users alike. Reservation incumbents, delivery app newcomers and premium credit card partnerships are all ramping up the fight for a shrinking pool of diners.

Delivery giant DoorDash announced in June its $1.2 billion acquisition of SevenRooms, a reservation platform focused on direct bookings through a restaurant’s own website. Several months earlier, UberEats and Booking Holdings’ OpenTable announced a partnership to integrate reservations on Uber’s app. And in 2024, American Express, already the owner of Resy, bought Tock, a reservation platform focused on upscale restaurants, for $400 million.

“It’s three very large, very ambitious, very well-resourced companies all vying for the same exact piece of real estate, which is high-demand restaurants,” Resy and Eater founder Ben Leventhal told CNBC.

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Leventhal still acts as an advisor to Resy, which was bought by AmEx in 2019, although today he focuses on Blackbird Labs, a loyalty program for independent restaurants that he founded in 2022.

Bringing restaurants online

The reservation wars initially kicked off more than 10 years ago. Leventhal’s Resy burst onto the scene in 2014 and won market share, undercutting OpenTable’s legacy business, by charging eateries a simple monthly fee.

At the time, OpenTable, which was founded in 1998, charged restaurants both a monthly fee and a cover for each diner who booked through the platform. These days, the company still sometimes charges a variable cover fee for seated diners, depending on the establishment.

Thomas Barwick | Digitalvision | Getty Images

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Despite Resy’s rise and buzzy partnerships with high-profile restaurants, OpenTable still significantly outstrips its rival by restaurant count.

Starting this summer, Resy will integrate the 5,000 eateries, bars and wineries that have listed on Tock onto its own platform, bringing its total number of venues to about 25,000. That’s still less than half of OpenTable’s roughly 60,000 restaurants.

But where OpenTable has scale, Resy has a “cool factor” and strong positioning in major cities, like New York, where dining out is big business.

And each companies’ relationships with credit card companies has added a new layer to the war, too.

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Supercharging the platforms

Platinum American Express cardholders get special access to restaurant reservations at sought-after establishments, plus a $400 dining credit per year to use at Resy restaurants.

“We know that American Express card members spend close to $90 billion a year … on dining, and it’s a passion area for them,” Resy CEO Pablo Rivero told CNBC. “And we know that they also spend more. People with a Resy credit on an American Express card spend over 25% more on dining transactions.”

Likewise, eligible Visa and Chase cardholders get exclusive OpenTable reservations.

Those partnerships have also helped the legacy player woo some big-name restaurants away from Resy through cash incentives made possible by the credit card companies.

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Recapturing top-tier restaurants with Michelin stars or James Beard awards has been a priority for OpenTable over the last five years, said OpenTable CEO Debby Soo.

“Credit card companies are looking for a perk to differentiate their cards, especially for their premium cardholders,” Soo said. “Especially after Covid, the experiential has become even more important.”

Delivery’s here

Now, DoorDash is entering the fray with its SevenRooms acquisition.

The company is used to fighting for market share in a competitive industry. Before the pandemic, DoorDash was up against UberEats and Grubhub for market dominance of online third-party food delivery.

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As of 2025, DoorDash was the biggest player in the U.S. market, with about 67% share, according to digital restaurant operations firm Deliverect. UberEats trails with a 23% share.

Eric Baradat | AFP | Getty Images

As it enters the bookings game, DoorDash is looking to capture the range of dining possibilities, whether it’s delivery, takeout or table.

In the early months of its reservations integration, the platform was offering users DoorDash cash per booking to use on future delivery orders. And in select cities, it offers exclusive tables at trendy spots for members of DashPass, its subscription service.

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Above all, the integration with SevenRooms gives DoorDash and its restaurants access to more data about diners.

“Delivery and dine-in have typically been siloed data sets,” SevenRooms co-founder Joel Montaniel said. “So if a customer has ordered six times, and they’re coming into the restaurant for the first time, are they a first-time customer or a seventh-time customer?”

Following a diner across touchpoints means a better experience, and more tailored marketing, he said.

“We’re seeing the flywheel happening and the excitement about the DoorDash reservation marketplace happening, but it’s still early days,” said Parisa Sadrzadeh, vice president of strategy and operations for DoorDash. “We’ve got a lot of room to continue to grow.”

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AppLovin: Time To Load Up Again (Rating Upgrade)

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AppLovin: Time To Load Up Again (Rating Upgrade)

AppLovin: Time To Load Up Again (Rating Upgrade)

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