President Donald Trump said Monday that he plans to use tariff revenue to issue $2,000 payments to low- and middle-income Americans, with any remaining funds directed toward paying down the nation’s massive debt.

Over the weekend, Trump called those who oppose tariffs “fools” and defended his proposal, saying revenue from the duties would deliver direct payments to Americans.

“All money left over from the $2000 payments made to low and middle income USA Citizens, from the massive Tariff Income pouring into our Country from foreign countries, which will be substantial, will be used to SUBSTANTIALLY PAY DOWN NATIONAL DEBT,” Trump wrote in a Truth Social post.

TRUMP CALLS TARIFF OPPONENTS ‘FOOLS,’ PROMISES $2K DIVIDEND PAYMENTS FOR AMERICANS

With the nation’s debt hovering just north of $38 trillion, it’s unclear how tariff revenue could really chip away at it.

Tariffs typically raise billions, not trillions, in revenue, a fraction of what would be needed to meaningfully shrink the national debt.

Since Trump announced his “Liberation Day” tariffs in April, tariff revenues have climbed sharply from $23.9 billion in May to $28 billion in June and $29 billion in July. Total duty revenue reached $215.2 billion in fiscal year 2025, which ended Sept. 30, according to the Treasury Department’s Customs and Certain Excise Taxes report.

TRUMP DEFENDS TARIFFS, SAYS US HAS BEEN ‘THE KING OF BEING SCREWED’ BY TRADE IMBALANCE

So far in fiscal year 2026, which began on Oct. 1, the U.S. has collected $35.9 billion, according to the latest numbers published by the Treasury Department.

And while customs duties under Trump have soared, they remain a small slice of overall federal revenue. Individual income taxes are by far the government’s largest source of income, generating more than $2.6 trillion in fiscal 2025, compared with about $195 billion from tariffs. 

TRUMP SAYS SUPREME COURT CASE ON TRADE IS ‘LIFE OR DEATH’ FOR THE US

Corporate income taxes brought in roughly $452 billion, according to Treasury data.

The latest revelation comes as Trump’s trade policies face renewed legal scrutiny, with the Supreme Court last week hearing arguments over whether he had authority under the International Emergency Economic Powers Act to impose tariffs and whether those actions violated the Constitution’s separation of powers.

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A federal appeals court ruled on Aug. 29 that Trump overstepped his authority by using emergency powers to impose new tariffs on imported goods. The court said that authority rests with Congress or within existing trade policy frameworks. 

The nation’s highest court is still in the process of deciding the fate of Trump’s trade agenda and the tariffs in question.

The longest government shutdown in U.S. history is exacerbating the already dire situation at control towers across the nation, a retired air traffic controller said.

While the Federal Aviation Administration said it will reduce air traffic by 10% across 40 high-volume markets to maintain safety amid the shutdown and ongoing air traffic control staffing shortages, Stephen Abraham, who worked as a controller at John F. Kennedy Airport in New York for over two decades before retiring, said the move is more like a Band-Aid to prevent a meltdown.

“It doesn’t solve the crisis, it just prevents a complete meltdown,” said Abraham, who said staffing hasn’t been adequate in decades.

FORMER AIR TRAFFIC CONTROLLER UNVEILS THE SHOCKING TRUTH ABOUT ONGOING FAA STAFFING CRISIS

“They’re really overworked. They’re fatigued,” Abraham said.

Air traffic controllers are classified as essential workers, meaning that they are required to keep working even when the government isn’t funding regular operations. They’ve now gone more than a month without a paycheck.

Stress and fatigue rise because controllers are already working long hours with staffing shortages, and now they’re worried about bills and financial survival, which means some may call out sick or take unscheduled leave – not necessarily out of protest, but because they’re exhausted, mentally strained or dealing with financial hardship.

TURBULENCE AHEAD: CHARTS SHOW HOW THE SHUTDOWN IS DISRUPTING AMERICA’S AIRPORTS

“If you don’t sleep real well, I’m not going to work the next day,” he said. “It’s really just that simple because you can’t mail it in. It just doesn’t work in that profession. You can’t mail it in… every day has to be an ‘A’ day. You don’t get ‘B’ days.”

And with no back-up staff, it’s creating “an untenable situation,” Abraham said.

More than 3.2 million airline passengers have been impacted by delays or cancellations attributed to staffing shortages tied to air traffic controller staffing issues since the government shutdown began on Oct. 1, industry trade group Airlines for America said.

AIR TRAFFIC CONTROLLERS ISSUE DESPERATE PLEA AS FAMILIES STRUGGLE WITHOUT PAYCHECKS

The issues have become so significant that Frontier Airlines CEO Barry Biffle said on Instagram that he highly recommends travelers buy an extra ticket.

“If you are flying Friday or in the next 10 days, and need to be there or don’t want to be stranded, I highly recommend booking a backup ticket on another carrier,” wrote Biffle. 

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Reuters contributed to this report. 

President Donald Trump and administration officials signaled that they’re planning to develop a 50-year mortgage that they think could expand access to homeownership, though experts are cautioning the longer-term mortgages could hamstring homebuyers.

Trump on Saturday posted on his Truth Social platform with a graphic showing pictures of “Great American Presidents” including Franklin D. Roosevelt, who was in office when the 30-year mortgage was popularized, and himself to suggest he will develop a 50-year mortgage.

Federal Housing Finance Agency Director Bill Pulte added in a post on X that, “Thanks to President Trump, we are indeed working on The 50 year Mortgage – a complete game changer.”

Financial industry experts responded to the 50-year mortgage proposal with skepticism, noting it would likely come with a higher interest rate than a traditional 30-year mortgage and the longer duration would increase the cumulative interest paid by borrowers.

US HOUSEHOLD DEBT HITS A NEW RECORD, NY FED FINDS

Joel Berner, senior economist at Realtor.com, noted that while the appeal of the plan is to “break up the log jam” in the housing market, which has seen sluggish sales this year, there are significant downsides for buyers under the proposal and the “‘savings’ from 50-year mortgages may be totally negated by rising home prices.”

“The drawbacks are that a 50-year mortgage results in almost double the interest payments of a 30-year mortgage and a longer path to meaningful home equity, and that the result of subsidizing home demand without increasing home supply could be an increase to home prices that negates the potential savings,” Berner said.

He said that assuming a 6.25% rate on both a 50-year mortgage and a 30-year mortgage – which he noted is unlikely as the longer duration loan would have a higher rate and more interest costs – total interest on the 50-year loan would be $816,396 as compared with the 30-year loan’s interest of $438,156.

THESE 10 STATES OFFER THE BIGGEST PROPERTY TAX SAVINGS FOR AMERICAN HOMEOWNERS

David Bahnsen, the founder, managing partner and chief investment officer of The Bahnsen Group, told FOX Business that a 50-year mortgage would exacerbate affordability issues with higher interest costs over the life of the loan.

“The major issue with affordability is the down payment and the interest rate. A 50-year mortgage would not change the requirement of a down payment, and interest rates for longer-maturity debt are higher than they are for shorter-maturity debt,” Bahnsen said.

“Stretching the payment out an extra 20 years would lower the monthly payment but only by making the total cost of borrowing over time way, way, way higher. And of course, to the extent a longer maturity mortgage lowers the monthly payment, this gets priced into the sticker price of the home and makes affordability worse, not better,” he said.

BESSENT SAYS US HOUSING MARKET IN ‘RECESSION’ DUE TO FEDERAL RESERVE INTEREST RATE POLICIES

Bahnsen added that “banks would love it as the total interest paid would be dramatically higher with such a longer amortization period,” and said that a better way to address housing affordability would be to expand the construction of housing by easing regulatory burdens related to zoning and permitting.

Pulte on Sunday responded to criticism over the proposal on social media, saying on X, “We hear you. We are laser focused on ensuring the American Dream for YOUNG PEOPLE and that can only happen on the economic level of homebuying. A 50 Year Mortgage is simply a potential weapon in a WIDE arsenal of solutions that we are developing right now. STAY TUNED!”

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He later said that the Trump administration is also “working on ways to give relief in the 5 year mortgage, the 10 year mortgage, and the 15 year mortgage.”

Florida Attorney General James Uthmeier announced Monday that his office has launched a probe into New York-based JPMorgan Chase following reports of a Biden-era FBI investigation that allegedly targeted Republican-linked entities.

President Donald Trump told CNBC in August that JPMorgan Chase and other banks refused to accept more than $1 billion in deposits from Trump Media & Technology Group (TMTG), forcing him to spread his funds “all over the place” among smaller financial institutions.

Uthmeier alleged JPMorgan Chase coordinated with then-Special Counsel Jack Smith during the Justice Department’s “Arctic Frost” operation, which led the financial behemoth to “de-bank” TMTG at a crucial point in its formative period. 

GRASSLEY RELEASES MEMO SHOWING DOJ ‘UNLEASHED UNCHECKED GOVERNMENT POWER’ ON TRUMP ASSOCIATES

In a letter to JPMorgan Chase CEO Jamie Dimon obtained by Fox News Digital, Uthmeier expressed “grave concerns” over “explosive revelations” that the Biden administration targeted political opponents and that the bank may have played a role.

Led by former Rep. Devin Nunes, R-Calif., TMTG went public in 2024 under the stock ticker “DJT” – the president’s initials – but encountered major headwinds when JPMorgan Chase suddenly de-banked it.

“In addition to spying on Republican senators, the Biden administration subpoenaed sensitive banking information from several Florida individuals, organizations, and business entities including [TMTG],” Uthmeier wrote.

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TMTG is incorporated in Sarasota, giving Uthmeier legal jurisdiction.

“It is our understanding that TMTG established a banking relationship with JPMC in Florida, shortly after incorporating. On March 28, 2023, Biden’s Justice Department subpoenaed JPMC for “[a]ny and all records” of TMTG, including records covering a time period before TMTG existed,” he wrote.

After Biden’s “fishing expedition” began focusing on TMTG, Uthmeier said, JPMorgan Chase began questioning the company’s leadership about its transactions prior to its relationship with them.

DEM REP DEFENDS DOJ OBTAINING GOP SENATOR CALL RECORDS IN 2023: ‘YOU WEREN’T SURVEILLED’

“These inquiries, however, appear to be pretextual and unrelated to their stated purpose,” Uthmeier alleged.

“Immediately after TMTG closed a merger in March 2024, JPMC notified TMTG that it was closing its bank accounts,” he said, characterizing the timing as very suspect.

“This activity may implicate numerous Florida criminal and civil anti-fraud laws and de-banking prohibitions, as well as a breach of the basic, fundamental duties owed to your banking customers,” the letter went on.

JORDAN DEMANDS JACK SMITH TESTIFY OVER ‘PARTISAN AND POLITICALLY MOTIVATED’ TRUMP PROSECUTIONS

Uthmeier said he has directed the Florida Office of Statewide Prosecution and Enforcement to begin investigating the situation.

He ordered Dimon to preserve all records and documents relevant to the TMTG matter and told him his office would contact him again soon.

A source familiar with the investigation told Fox News Digital the evidence in the case is “damning.”

NEW YORK AG LETITIA JAMES’ INDICTMENT SPARKS SHARP PARTISAN DIVIDE

“The attorney general’s office is going to prosecute any wrongdoing to the fullest,” the source said, foreshadowing a high likelihood of actual legal recourse against Chase.

A spokesperson for JPMorgan Chase declined comment on Uthmeier’s letter or ensuing probe, but said that the bank “follows the law in responding to subpoenas from the government and will continue to do so.”

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In terms of debanking in general – a term that has increased in ubiquity among political critics in recent years, the spokeswoman said JPMorgan Chase does not discriminate based on political persuasions and that it is “terrible that people can lose their bank accounts because of broken policies that encouraged banks to be overly cautious.”

“It’s not fair, and it shouldn’t happen, and it’s great that this administration is finally bringing needed regulatory change we’ve been requesting for years.”

High taxes, surging rents and the overall increase in cost-of-living expenses are causing some New Yorkers to search for a new home outside the Big Apple.

But, they aren’t necessarily moving far away.

Economists at Realtor.com identified the top destinations that had the most interest among people living in all five boroughs – Manhattan, Brooklyn, Queens, the Bronx and Staten Island. The data analysis covers the third quarter of 2025, from July through September, before Zohran Mamdani won the city’s mayoral election.

EX-NYC MAYOR DE BLASIO DEFENDS MAMDANI’S RENT FREEZE PROPOSAL WHILE OTHERS WARN OF MARKET DAMAGE

New York state, New Jersey and Pennsylvania were among the top states that had the most viewed listings on Realtor.com.

New York state, excluding the city, drew the most attention from New Yorkers, accounting for just more than 14% of out-of-city listing views. New Jersey followed closely at 12.9%, according to the data. Pennsylvania narrowly edged out Florida, making up 10.7% of views. Meanwhile, Florida listings accounted for 10.4%.

The data showed that the trends are driven in large part by affordability. Realtor.com senior analyst Hannah Jones told FOX Business that sky-high rents and home prices are driving many residents of the Big Apple to look beyond the city limits in their search for homeownership. 

IS NOW THE RIGHT TIME TO GET A MORTGAGE – OR SHOULD YOU WAIT UNTIL DECEMBER?

“Recent home-shopping activity suggests that buyers are seeking more space and value for their money, while still wanting to remain within reach of the economic and cultural core that New York represents,” Jones said. 

Jones also said the growing prevalence of remote and hybrid work has also aided their search, allowing more New Yorkers to live farther from the city center without sacrificing job access. 

MORTGAGE RATES FALL FOR FOURTH CONSECUTIVE WEEK, LOWEST LEVEL IN OVER A YEAR

“As a result, nearby suburbs and exurban areas are increasingly attractive to would-be buyers looking to balance affordability, lifestyle and opportunity, trading the pace and prices of the city for a bit more breathing room,” Jones said. 

Southern and Midwestern states are gaining some attention, but their share of views from New York City residents has declined over the last year, according to the data. 

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Top 10 states for NYC out-of-city views in the third quarter of 2025:

New York (excluding NYC) – 14.1%

New Jersey – 12.9%

Pennsylvania – 10.7%

Florida – 10.4%

North Carolina – 5.1%

Connecticut – 5.1%

Ohio – 5.0%

Massachusetts – 3.5%

Michigan – 3.2%

Georgia – 3.2%

Legendary investor Warren Buffett on Monday published a letter to shareholders letting them know he will be handing off the duties of writing Berkshire Hathaway’s annual report and speaking at shareholder meetings to his successor, Greg Abel.

Buffett, the 95-year-old chairman and CEO of Berkshire Hathaway, wrote that, “I will no longer be writing Berkshire’s annual report or talking endlessly at the annual meeting. As the British would say, I’m ‘going quiet.’ Sort of.”

Ticker	Security	Last	Change	Change %
BRK.B	BERKSHIRE HATHAWAY INC.	496.98	-2.08	-0.42%

“Greg Abel will become the boss at yearend. He is a great manager, a tireless worker and an honest communicator. Wish him an extended tenure,” Buffett wrote about Abel, who he and the board chose as his successor.

“I will continue talking to you and my children about Berkshire via my annual Thanksgiving message. Berkshire’s individual shareholders are a very special group who are unusually generous in sharing their gains with others less fortunate. I enjoy the chance to keep in touch with you,” Buffett added.

BUFFETT DONATES $6B IN BERKSHIRE STOCK TO 5 FOUNDATIONS: LIFETIME GIVING TOPS $60B

Buffett wrote about his confidence in Abel to lead Berkshire Hathaway, saying that Abel “has more than met the high expectations I had for him when I first thought he should be Berkshire’s next CEO.”

“He understands many of our businesses and personnel far better than I now do, and he is a very fast learner about matters many CEOs don’t even consider. I can’t think of a CEO, a management consultant, an academic, a member of government – you name it – that I would select over Greg to handle your savings and mine,” he added.

Buffett said that he plans to accelerate the sale of his Berkshire shares to speed up his pace of giving to his children’s foundations, saying that the transactions “in no way reflects any change in my views about Berkshire’s prospects.”

WHO IS GREG ABEL, WARREN BUFFETT’S SUCCESSOR AT BERKSHIRE HATHAWAY?

Ticker	Security	Last	Change	Change %
BRK.A	BERKSHIRE HATHAWAY INC.	744,500.10	-3,819.90	-0.51%

He also said that he plans to retain some of his “A” shares of Berkshire stock “until Berkshire shareholders develop the comfort with Greg that Charlie [Munger] and I long enjoyed. That level of confidence shouldn’t take long.”

Buffett said that Berkshire’s businesses “have moderately better-than-average prospects, led by a few non-correlated and sizable gems,” and that the conglomerate “has less chance of a devastating disaster than any business I know.”

The man who earned the nickname the “Oracle of Omaha” reflected on his good fortune in business and in life. He encouraged readers to take their mistakes in stride and “learn at least a little from them and move on. It is never too late to improve.”

BUSINESS LEADERS REACT TO WARREN BUFFETT STEPPING DOWN AS CEO OF BERKSHIRE HATHAWAY: ‘ONLY G.O.A.T’

“Greatness does not come about through accumulating great amounts of money, great amounts of publicity or great power in government. When you help someone in any thousands of ways, you help the world. Kindness is costless but also priceless. Whether you are religious or not, it’s hard to beat The Golden Rule as a guide to behavior,” Buffett wrote.

“I write this as one who has been thoughtless countless times and made many mistakes but also became very lucky in learning from some wonderful friends how to behave better (still a long way from perfect, however). Keep in mind the cleaning lady is as much a human being as the Chairman,” he added.

“I wish all who read this a very happy Thanksgiving. Yes, even the jerks; it’s never too late to change. Remember to thank America for maximizing your opportunities. But it is – inevitably – capricious and sometimes venal in distributing its rewards,” he wrote.

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“Choose your heroes very carefully and then emulate them. You will never be perfect, but you can always be better,” Buffett wrote.

Warren Buffett, 95 years old, delivered his final letter to shareholders, telling his followers, “I’m going quiet.” 

He did, however, make note of his plans for more philanthropic donations to the charities he supports, while also wishing his successor, Greg Abel, who will take the helm at the end of the year, an “extended tenure.” 

READ HERE:

BERKSHIRE HATHAWAY’S DEAL TO BUY OCCIDENTAL PETROLEUM

Shares of Berkshire’s B class stock have gained over 10% this year, trailing the S&P 500’s 16% rise through Monday. 

The Schumer shutdown is one of the dumbest things I have ever seen. Even by Washington standards, this was so foolish. Even by Schumerian standards, which is a very low bar, this shutdown was utterly stupid. Millions of Americans were highly aggravated. It accomplished absolutely nothing. With a few bells and whistles, the original Speaker Mike Johnson House CR bill is the one that’s gonna pass.

The Democrats did not get the $1.5 trillion spending add-on they wanted. They did not get health spending for illegal immigrants. They did not undo the able-bodied Medicaid requirements. They did not undo the Trumpian one, big, beautiful bill. As far as I can tell, they didn’t get anything. According to reports, they did get a promise from Majority Leader Thune that they could get a vote on a bill of their choice. That could mean an Obamacare spending bill. Maybe it could mean a vote on some other subject. Perhaps Democrats would like a vote on a third term for President Trump. Sounds like a good idea to me. But it’s up to them.

Now, the people who suffered through this Schumerian catastrophe, were all furloughed federal workers, who had to go without pay. Military people in harms way. Delays for food stamps and WIC (women, infants, and children). A complete mess with air traffic controllers illegally walking off the job in protest of their missed payments. The cancellation of a quadrillion flights all across the country that infuriated ordinary folks. By the way, the President has threatened to fine the air controllers who walked off the job. I remember Ronald Reagan firing the whole lot of them when they illegally went on strike back in the 80s. 

Mr. Trump is offering a $10,000 bonus to those who stayed on the job. That sounds like a good idea. But basically, millions of highly agitated Americans are gonna ask themselves why go through with this utterly stupid exercise that caused so much heartburn. 

Fortunately, President Trump and the Republican majorities in the House and Senate,refuse to cave in to Schumeresque blackmail to try to keep spending all that money on Obamacare, and healthcare in general without any serious debate. 

And one idea I really like from President Trump, is to let healthcare spending go directly to individuals, perhaps through their health savings accounts, but not through the health insurance industry and the failed system with runaway costs that industry has engendered. 

Gary Weiss

Welcome to the 2025 Annual General Meeting of Cromwell Property Group. My name is Gary Weiss, and I am the Chair of Cromwell Property Group. I’m also the Chair of today’s Annual General Meeting.

I warmly welcome all Cromwell securityholders to the meeting, whether you’re joining in person here at 308 Queen Street or through the online platform provided by our registry MUFG Corporate Markets. The Cromwell Board thanks all securityholders for their participation.

Today’s Annual General Meeting is held as a hybrid meeting. Cromwell is deeply committed to diversity and inclusion, and we believe the hybrid meeting format creates the most inclusive meeting environment for our very diverse securityholders and stakeholders. To further promote engagement and transparency, we will upload an archived copy of the webcast to our website after the meeting.

To begin, I acknowledge the Traditional Custodians of the lands on which we meet today, and pay my respects to their Elders, past and present.

I would now like to introduce my fellow directors. Joining me here in Brisbane, we have, to my left, our Managing Director and Chief Executive Officer, Jonathan Callaghan. Next to Jonathan, we have Independent Nonexecutive Director, Lisa Scenna. And next to Lisa is Independent Nonexecutive Director, Joseph Gersh AM. And on my right, we have Independent Nonexecutive Director, Tanya Cox; and next to me, our Independent Lead Deputy Chair, Eng Peng Ooi. Via our conference call, we have Nonexecutive Director, Jialei Tang, who is joining from Hong Kong. Our Company Secretary, Michael Foster is here in Brisbane to coordinate the virtual component of our meeting. Mr. Nicholas Rozario is also present today. Nick is a partner of Deloitte Touche Tohmatsu, which is Cromwell Property Group’s auditor.