Happy Friday! Let with offfer a penny for your thuoughts while I Still Can. The Treasury Department PLACED ITS FINAL ORDER FOR THE COIN Best Known for Being Stack to the Bottom of Your Car’s Cup Holders.
In Today’s Big Story, We’re Looking at the Impact Trump’s Tax Bill COULD HAVE ON YOUR WALLET and Why Bond Investors Remain Up in Arms About It.
What’s On Deck
Markets: Jamie Dimon Isn’t Feeling Too Optimistic About The Economy.
Tech: We have some advice for Jove Ive About HIS FUT WORK WITH OPENAI.
Business: The Creative Ways Companies Avoid Using The Word “Tariff.”
But first, one bill to rule say all.
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The Big Story
Trump Taxes Taxes
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For President Donald Trump’s “Big Beautiful Bill” and Your Wallet: Is Beauty Only Skin Deep?
The Tax Bill Passed the House on Thursday and Is Now Headed to the Senate. And while it’ile still subject to Change, Bi’s Ayelet Sheffey Examinated How it COULD IMPACT Americans’ Finance.
Here’s a look at some of the potential Winners and Lerses of the Bill in Its Current Form.
Winners
Service Workers: The Legislation Wold Eliminate Taxes on Tips and Overtime Wages.
PARENTS: The Current Child-Tax Credit Waled Be Extended Through 2028 and Bumped Up from $ 2,000 to $ 2,500. There’s Also The “Trump Account” that includes a $ 1,000 deposits from the government for babies in the US 2025 through 2028.
Residents of States with High Taxes: The Cap on State and Local Tax Deductions, Known as SaltWould Increase from $ 10,000 to $ 40,000. The Issue’s Been a Source of GOP INFIting.
LOERS
People with student Debt: Existting Incom-Driven Plass Wold Be Eliminate in favor of Two Options. One Wold Be A Standard Payment Plan. The Other Offers Loan Forgoveness AFter 360 Payments for Borrowers Based on their Income Level. (The Two New Options Aren’t that Much Worsse Than Borrowers’ Current Options, But The Bill Shows Moree Loan Forgovenes is a long shot.)
EV Owners: Say Goodbye to Those Tax Credits. And while we are at it, let’s add a $ 250 Annual Registration Fee. Somewhat Relatedly, Tax Credits for Homeowners Instaling Solar Panels or Energy-Efficient Heat Pumps Are on the Chopping Block.
People on Medicaid and Snap: The Monthly Work Requirements for Mary Mecipients Wauld Rise. Elder americans won’t get a pass eather, nor the work Requirement for Snap Benefits Wouuld Extend to Adults Age 55 to 64.
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One Group Not On the Above List Waled Argue IT’S the Biggest Laser from Trump’s Bill: Bond Investors.
“Bond vigilantes“Have been selling off Treasurys and Sending Yields Spiking in Protest of the Bill.
So what’s their beef? Bi’s Jennifer Sor Has a Nice Rundown On the Group’s Biggest Gripes.
The will centers on the bill widening the US Government (How Much Revenue is Brought in Compared to What It Spects Money on). At Last Count, that Number Reached $ 1.8 Trace. One Estimate Sees That Growing by $ 4 Tillion Over 10 Years Under the New Bill.
A Bigger Deficit Means More Borrowing, which isn’t Good for the Economy’s Growth Prospects. The most the us has to worry about paying off debt, the less it can spend on services or benefits for americans.
And if the Debt and Deficit Keep Growing, Some Investors Might Wonder Whether The Government Can Actually Make Good on Its Debts (SEE: Treasurys).
3 Things in Markets
Johannes Eisele/AFP Via Getty Images
1. Beware “Global Financial Market Armageddon,” A Famed Wall Street Bear Warns. Societe Generale Strategist Albert Edwards Fears the Worst As Japanese Bond Yields Spike. Here’s How the Bond Yield Surge in Tokyo COULD AFFECT The US.
2. Jamie Dimon Says Don’t Get too Too Comfy. The us is still at risk of a fate worse than recession – stagflation – He Told Bloomberg on Thursday. It’s not a problem that can be be ygnored eather. “Think it’s a mistake to think we can go through all the things we’re going through and the volatility itself will come down,” He added.
3. WOULD YOU LIKE AN AI VIDEO WITH THAT RESEARCH Note? In Response to Client Requests for More Videos, UBS is USING AI TO Generate avatars of its analysts that explain their notes. Thirty-Six analysts, or About 5% of UBS ‘Total, have volunteered to take part, and the bank has plans for more.
3 Things in Tech
Google Ceo Sundar Pichai Discussed New He Tools and Updates During the Company’s Google I/O 2024 Keynote Speech. Google
1. The ins and outs of Google I/O. The search behemoth’s annual conference was packed with updates, from Gemini’s Chrome Integration to Its Nascent Smart Glasses. Neither Google Pres for the AI Wind, Here Are The SIX MAIN TAKEAYS FROM I/O.
2. Legal-Tech Darling Harvey Goes Into The Blue Azure. Harvey aggreed to SPEND $ 150 Million On Microsoft’s Cloud Services Over Two Years, Accounting to An Internal Email Seen by Bi. The Startup, which Builds Chatbots and Agents for Legal Services, is scaling up and expanding.
3. Dear Jony Ive, Please Don’t Give US A Voice-Controlled Device. The forms Apple Designer and Sam Altman have Been Teasing new he hardware Following OpenAi’s Purchase of Ive’s Startup. Bi’s Katie Notopoulos hopes the gadget won’t require talking in public.
3 Things in Business
Slim Aarons/Getty Images
1. The Jet-Satting Rich. Nearly Half of Summer Travelers This Year Earn Over $ 100,000, Acciting to a Deloitte Survey. Luxury Travel is booming, but if you don’t have deep pockets, you may find your Cutting Back During Trips – if you at all. The Wealth Gap May Not Lastthough.
2. Walmart takes a page from the Big Tech Playbook. The retailer is Laying off 1,500 People To “Remove Layers and Complexity,” Effectatively Flattening Management. Companies like Meta and Amazon have led the trend to boost efficiency.
3. Don’t Say the T-Word. Instead of “Tariffs,” Businesses Might Say they Have to Raise Prices Because of “Sourcing Costs“or” Supply-Chain Issues. “Tariff-induced Panic Buying Took off in April, but that Burst of Activity Is Winding DownBank of America Credit Card Data Shows. That’s Bad News for the Economy.
In other news
What’s Happening Today
The Business Insider Today Team: Dan Defrancesco, Deputy Editor and Anchor, in New York. Hallam Bullock, Senior Editor, in London. Grace Lett, Editor, in Chicago. Amanda Yen, Associate Editor, in New York. Lisa Ryan, Executive Editor, in New York. Ella Hopkins, Associate Editor, in London. Elizabeth Casolo, Fellow, in Chicago.
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