American Express to trim $1B in expenses and other business news

American Express will trim $1 billion in expenses by the end of next year.

The move comes after the company watched quarterly profits tumble 38 percent. American Express also issued a weak profit forecast. One of the major issues hitting the credit card giant is the expiration of its exclusive deal with Costco, which is expected to take a bite out of profits.

In other business news, Texas is ranked fifth lowest in the nation when it comes to taxes. Texans pay just 7.6 percent of their income to taxes, compared to New York, where residents pay about 12.7 percent. That’s the highest in the nation, according to a new report from the Tax Foundation.

Alaska was the lowest at 6.5 percent.