by Matthew Holloway | Mar 6, 2025 | Economy, News
By Matthew Holloway |
Arizona Congressman Abe Hamadeh (R-AZ8) issued a statement following the announcement by President Donald Trump of a pivotal deal with TSMC (Taiwan Semiconductor Manufacturing Co.) to bring $100 billion in investment for chip manufacturing plants in the U.S. over the next four years.
“Earlier this month, my team met with representatives of TSMC to discuss their plans for future jobs in Arizona, which should focus on tapping into our veteran workforce,” Hamadeh said in the statement. “They are clearly committed to President Trump’s American First Manufacturing agenda, bringing high-paying employment opportunities to CD8 allowing US leaders to increase the quality of life for our residents.”
TSMC established itself during the Biden Administration through the controversial 2020 CHIPS Act. It was at the center of a lawsuit in November due to its hiring practices allegedly favoring Taiwanese nationals as previously reported by AZ Free News. Their current Arizona facility is located within Hamadeh’s congressional district.
In December, the development of TSMC’s Phoenix facility was placed at risk by an unfavorable nonattainment status of ozone National Ambient Air Quality Standards (NAAQS) by the EPA under Biden, leading then-Congresswoman Debbie Lesko, Hamadeh’s predecessor to intervene.
In December 2022, TSMC announced a commitment to build a second fabrication facility (fab) in addition to its North Phoenix facility, increasing its total investment to $40 billion.
As detailed by President Trump in a press conference on Monday, the new investment is set to bring Arizona’s total number of TSMC facilities to five, with thousands of new jobs.
President Trump told reporters, “This $100 billion in new investment will go into building five cutting-edge fabrication facilities in the great state that we just discussed, Arizona, and will create thousands of jobs — many thousands of jobs, and they’re high-paying jobs. In total, today’s announcement brings Taiwan Semiconductor investments to about $165 billion — they’ve started already — among the largest new foreign direct investments in the United States.”
The President added, “Taiwan pretty much has a monopoly on that market. And I think ‘pretty much’ is not a term that’s even appropriate. They do have a monopoly. And this is a tremendous move by the most powerful company in the world. It’s a matter of economic security. It’s also a matter of national security for us.”
TSMC expansion is expected to create approximately 80,000 jobs over the next 5 years.
Matthew Holloway is a senior reporter for AZ Free News. Follow him on X for his latest stories, or email tips to Matthew@azfreenews.com.
by Matthew Holloway | Mar 6, 2025 | Economy, News
By Matthew Holloway |
The Arizona Corporation Commission (ACC) is urging caution from the public in the use of Crypto ATMs with a warning that they are being utilized to facilitate cryptocurrency scams in a bigger way “than ever before.” Reporting from the FBI has indicated losses to consumers in Arizona of over $325 million.
According to a press release by the ACC Securities Division, national data from the Federal Trade Commission (FTC) has shown American consumers reporting losses in excess of $110 million through scams linked to cryptocurrency ATMs documented in 2023, a drastic escalation at ten-times the 2020 figure.
As explained by the ACC, Crypto ATMs, kiosks that allow users to purchase cryptocurrencies using a credit or debit card, have become more ubiquitous and are visually similar to traditional ATMs. They are often located at gas stations, convenience stores, malls, and other places where an ATM would typically be present. However, unlike a typical ATM, these kiosks convert dollars to cryptocurrency held in an electronic wallet… for a fee.
Portal scamming, an already common issue at ATMs, fuel pumps, and cash registers poses an added danger with the advent of Crypto ATMs as the ACC explains:
“The scams typically start through online chats, social media, emails, texts, pop-up messages and phone calls from strangers. The lies told by scammers vary, but they create some urgent justification for consumers to take cash out of their bank accounts and put it into a crypto ATM.
“Often, the scammers fabricate an investment that promises great returns with limited risk. When consumers put their money into the crypto ATM, the ATM converts the money to cryptocurrency. The consumer types in the scammer’s electronic wallet address, or the consumer is given a QR code to scan which points to the scammer’s electronic wallet address. The ATM then transfers the crypto to the scammer’s electronic wallet. Once in their control the scammers quickly move the crypto making it very difficult to trace and recover.”
The commission offered a series of proactive recommendations to consumers to avoid becoming a victim to scam artists employing these tactics:
- Never click on links or respond directly to unexpected calls, messages, or computer pop-ups. If you think it could be legitimate, contact the company or agency, but look up their number or website yourself. Don’t use the phone number the caller or message gave you.
- Slow down. Scammers want to rush you, so stop and check it out. Before you do anything else, talk with someone you trust.
- Never withdraw cash in response to an unexpected call or message. Only scammers will tell you to do that.
- Don’t believe anyone who says you need to use a crypto ATM to protect your money or to fix a problem or to get in a great investment. Real businesses and government agencies will never do that—and anyone who asks is a scammer.
One victim identified as Tamara Glerum by AZFamily, reportedly lost $28,000 to a scammer, with the FBI stating that Arizonans overall lost about $325 million in reported Crypto ATM fraud.
As reported by ABC15, a Peoria woman reportedly lost $17,000 to such as scam, and AZ State Rep. David Marshall has introduced House Bill 2387 to crack down on Crypto ATM fraud by imposing a $1,000 daily transaction limit on the devices, requiring state operator licensing and refund policy options as well.
Matthew Holloway is a senior reporter for AZ Free News. Follow him on X for his latest stories, or email tips to Matthew@azfreenews.com.
by Daniel Stefanski | Mar 1, 2025 | Economy, News
By Daniel Stefanski |
A proposal to help keep cash in circulation is moving on in the Arizona Legislature.
Earlier this week, the Arizona House of Representatives approved HB 2683 “to ensure that businesses with a physical presence in Arizona must accept cash for transactions up to $100.” The bill was sponsored by State Representative Joseph Chaplik.
In a statement accompanying the announcement of the bill’s progress, Chaplik said, “Legal tender is exactly that – it must be accepted. Millions of Americans, including the most financially vulnerable rely on cash for their daily transactions. No one should be denied the ability to buy groceries, medicine, or other essentials simply because they choose or need to use cash.”
Chaplik added, “Not everyone has a credit card or a bank account. This bill protects seniors, working-class families, and those who prefer the privacy of cash transactions. It stops businesses from turning away customers who are simply trying to pay with their own hard-earned money.”
The bill was overwhelmingly passed by the state House with a 45-15 vote. Earlier in the month, HB 2683 was given the green light from the House Commerce Committee with a unanimous 10-0 vote.
According to the press release from the Arizona House Republicans, the legislation would “prohibit businesses from imposing extra fees for cash payments and establishes civil penalties for violations. The bill does not apply to online sales or private contracts but ensures that brick-and-mortar businesses cannot deny customers the ability to use U.S. currency.” The release also revealed that similar statutes are in place in the States of Colorado, New York, New Jersey, and Pennsylvania.
On the Arizona Legislature’s Request to Speak system, representatives from Arizona Public Interest Research Group and Arizona Faith Network signed in to support the bill. Representatives from the Chandler Chamber of Commerce, Arizona Chamber of Commerce, East Valley Chambers of Commerce Alliance, West Valley Chamber of Commerce Alliance, National Federation of Independent Business, Buckeye Valley Chamber of Commerce, and Greater Phoenix Chamber of Commerce indicated their organizations’ opposition to this legislation.
HB 2683 will now be considered by the Arizona Senate.
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
by Matthew Holloway | Feb 26, 2025 | Economy, News
By Matthew Holloway |
Congressman Abraham Hamadeh (R-AZ8) has joined Arizona Reps. Andy Biggs (R-AZ5) and Paul Gosar (R-AZ9) in co-sponsoring the Senior Citizens Tax Elimination Act, H.R. 1040, which was introduced earlier this month by Rep. Thomas Massie (R-KY). If enacted, the bill would eliminate the current regime of de facto double taxation on Social Security benefits.
In a press release, Hamadeh explained his support for the bill saying, “Amid all of the FAKE news about Social Security benefits and the Democrats’ fear-mongering weaponization of it, I am glad to bring some REAL news to the residents of Arizona’s 8th Congressional District. Help is on the way.”
He added, “’Prior to 1984, Social Security benefits were exempt from the federal income tax. Congress then enacted legislation to tax a portion of those benefits, with the share gradually increasing as a person’s income rose above a specified income threshold,’ noted a Congressional Research Service report. That is simply unfair, and unnecessary.”
Massie laid out the bill’s impact in his own release saying, “Although seniors have already paid tax on their Social Security contributions via the payroll tax, they are still required to list these benefits as taxable income on their tax returns. This is simply a way for Congress to obtain more revenue for the federal government at the expense of seniors who have already paid into Social Security. My bill would exempt Social Security retirement benefits from taxation and boost the retirement income of millions of older Americans.”
As Hamadeh’s office notes, Senators Tommy Tuberville (R-AL) and Tim Sheehy (R-MT) have already introduced corresponding legislation in the U.S. Senate with Tuberville recently telling Newsmax, “In a day and age where the cost of living has skyrocketed, our seniors should not experience a second tax on their Social Security when they’ve already paid income tax on their paychecks.”
The Senior Citizens Tax Elimination Act was first introduced by former Congressman Ron Paul and has been subsequently introduced by Massie every year since he took office in 2012.
Hamadeh called back to the introduction of the bill by Paul in a statement, “It is my honor – one of the highest honors – to support a bill first introduced by Congressman Ron Paul. The wisdom of the fiscal battles he waged over the years is now becoming evident to everyone thanks to President Donald Trump and his Department of Government Efficiency (DOGE). My hope is that as DOGE dives deeper into our bloated and broken bureaucracies, we will find many opportunities to reduce taxes on hard-working Americans.”
“In fact, my colleagues and I are committed to delivering a ‘big, beautiful bill’ that will deliver tax relief to all taxpaying Americans,” said Congressman Hamadeh. “The Senior Citizens Tax Elimination Act delivers immediate relief to those who need it most — our seniors who built this country.”
Matthew Holloway is a senior reporter for AZ Free News. Follow him on X for his latest stories, or email tips to Matthew@azfreenews.com.
by Matthew Holloway | Feb 25, 2025 | Economy, News
By Matthew Holloway |
Arizona State Rep. Jeff Weninger (R-LD13) has targeted the hidden fees—also known as interchange fees—which are imposed by credit card companies every time a card is used for payment. These fees are charged on every transaction and can range from 1% to 5%. The lawmaker is calling for these fees, which are charged on transaction totals, including taxes, to be reformed to include only pre-tax totals.
Weninger penned an op-ed with the straightforward message that “It’s time to wipe the swipe on taxes.” He called upon members of the Arizona House of Representatives to support HB2629, legislation he has sponsored to force credit card companies to eliminate swipe fees on sales taxes.
He wrote in part, “The credit card industry is dominated by two major players—Visa and Mastercard—who control 90% of payment processing transactions outside of China. These companies are raking in record profits, while Arizona businesses are left footing the bill for an unfair, hidden charge.
“HB2629 will stop this practice and ensure Arizona businesses and consumers are treated fairly. By eliminating swipe fees on sales taxes, we can keep more money in our state’s economy, help small businesses grow, and prevent credit card companies from profiting off of money that should go back to our communities.”
The National Federation of Independent Business (NFIB) announced its support for the bill with NFIB State Director Chad Heinrich explaining in a statement, “HB 2629 will protect small businesses and keep more resources in Arizona for Arizonans. Today, millions of dollars, which could be better spent in Arizona on higher employee wages, better benefits, and business expansion, are instead being sent to out-of-state banks and major credit card companies that profit off Arizona state and local taxes.”
As noted in Weninger’s op-ed, Arizona businesses and consumers combined paid out over $217 million in interchange fees in 2023. According to Weninger, it’s “a fee on a fee that never should have existed in the first place.”
Matthew Holloway is a senior reporter for AZ Free News. Follow him on X for his latest stories, or email tips to Matthew@azfreenews.com.
by Staff Reporter | Feb 24, 2025 | Economy, News
By Staff Reporter |
The Phoenix-based Nikola Corporation filed for bankruptcy this week — Arizona gave millions in incentives and tax credits to the company over the past five years.
Nikola develops electric- and hydrogen-powered vehicles. The company’s bankruptcy comes after years of federal investigations for fraud concerning the company’s innovation and development claims.
In 2019, Nikola received $1.3 million in pre-approved incentives based on projections. That year, projected new jobs were estimated at 400 and the average wage of projected new jobs was estimated at $80,500. The Arizona Commerce Authority (ACA) earned Project of the Year by the Area Development Magazine for bringing on the company.
In 2020, ACA awarded Nikola the highest single pre-approved A-1 incentives grant out of seven awardees for the Arizona Competes Fund Program: $3.5 million. That year, ACA projected Nikola capital investment to be at around $1 billion. Projected new jobs were estimated at over 2,000, with the average wage of projected new jobs at $65,000.
That was the year Nikola had an estimated value of $30 billion.
ACA also gave Nikola a pre-approval for a $7.1 million tax credit. In 2021, ACA then post-approved Nikola for a $6 million tax credit as part of the Qualified Facility Incentive Program. Nikola was one of 19 businesses to receive the award that year.
The company paid $125 million in a settlement to the Securities and Exchange Commission (SEC) that year, though Nikola didn’t claim wrongdoing.
In 2023, ACA pre-approved Nikola for a $3.74 million tax credit as part of the Qualified Facility Incentive Program. Nikola was one of 24 businesses to receive the award that year.
That year, Nikola founder Trevor Milton was convicted of fraud and sentenced to four years in prison for making false and misleading claims to encourage investor demand. Despite resigning from the company in 2020 and the federal investigations into Milton, ACA continued to give millions in financial incentives to Nikola.
The Department of Justice (DOJ) in its announcement of Milton’s sentencing described Nikola’s promise as a mirage:
“Milton made false claims regarding nearly all aspects of Nikola’s business, including: (i) false and misleading statements that the company had early success in creating a ‘fully functioning’ semi-truck prototype known as the ‘Nikola One,’ when MILTON knew the prototype was inoperable; (ii) false and misleading statements that Nikola had engineered and built an electric- and hydrogen-powered pickup truck known as ‘the Badger’ from the ‘ground up’ using Nikola’s parts and technology, when MILTON knew that was not true; (iii) false and misleading statements that Nikola was producing hydrogen and was doing so at a reduced cost, when MILTON knew that in fact no hydrogen was being produced at all by Nikola, at any cost; and (iv) false and misleading claims that reservations made for the future delivery of Nikola’s semi-trucks were binding orders representing billions in revenue, when the vast majority of those orders could be cancelled at any time.”
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