4. Virginia
Population: 8,811,195
GDP growth (Q1 2025): -0.5
Unemployment rate (May 2025): 3.4%
Top corporate tax rate: 6%
Top individual income tax rate: 5.75%
Gasoline tax: 59 cents/gallon
Bond rating (Moody's/S&P): Aaa, Stable/AAA, Stable
Economic profile sources: U.S. Census Bureau, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federation of Tax Administrators, Energy Information Administration (including 18.40 cent/gallon federal tax), Moody's Investor Service, S&P Global Market Intelligence
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New York Post
15 minutes ago
- New York Post
Why free snacks at the office could soon get scrapped — thanks to new Trump tax law
A popular workplace perk — free office snacks — may be on the chopping block after President Donald Trump's newly signed tax law eliminated a long-standing deduction for employer-provided meals. Starting Jan. 1, US companies will no longer be able to deduct the cost of snacks, coffee or on-site lunches provided to employees. The change, which received little attention during the legislative process, is part of Trump's Big Beautiful Bill that he signed into law on July 4. 4 Free office snacks may soon be a thing of the past for companies after passage of a new tax-and-spending bill. Franci Leoncio – The legislation maintains the scheduled expiration of the food deduction, a move originally set in motion by Trump's 2017 tax law, which had halved the deduction and scheduled its full elimination at the end of this year. The loss of the deduction affects a perk that has become emblematic of modern office culture. Initially popularized during Silicon Valley's dot-com boom, the freebies have become common-place across various sectors, including Wall Street banks and tech companies. According to the Society for Human Resource Management, 44% of US employers now offer free snacks — double the rate from a decade ago. Eliminating the deduction is expected to generate $32 billion in new tax revenue from employers through 2034, according to the Joint Committee on Taxation. But the practical impact on companies remains unclear, as many have yet to disclose whether they will cut back on employee food offerings or absorb the additional cost. Tech and finance, two of the most lucrative sectors in the economy, stand out for the generous office perks that are offered to its employees. 4 President Trump's 'Big Beautiful Bill' was signed into law after the Republican-led Congress managed to get it across the finish line. AFP via Getty Images Google sets the standard with gourmet cafeterias, all-day meals and snack kitchens. Meta and Apple also offer free snacks and on-site meals, with Apple focusing on health and wellness. LinkedIn adds catered meals and sends snack boxes to remote staff, while Indeed provides unique, around-the-clock snack options. In finance, JPMorgan Chase offers 24/7 'Snack Spots' and healthy options, and Goldman Sachs provides stocked pantries and after-hours meal stipends. Every morning, the NY POSTcast offers a deep dive into the headlines with the Post's signature mix of politics, business, pop culture, true crime and everything in between. Subscribe here! Some sectors, however, were spared. Alaska's fishing industry secured an exemption in the final version of the bill, a move aimed at securing the support of Sen. Lisa Murkowski (R-Alaska). Maine's lobstermen, by contrast, did not receive similar treatment after Sen. Susan Collins (R-Maine) declined to support the legislation. The bill ultimately passed with Vice President JD Vance casting the tie-breaking vote. Restaurants also retained their long-standing ability to deduct the cost of meals provided to staff. But the benefit is now off-limits for most other employers, including hospitals, factories and office-based businesses that have traditionally offered free or subsidized food as a means of boosting morale and encouraging longer hours. 4 The newly signed law eliminates corporate tax deductions for on-site meals and snacks. New Africa – Free food has long been viewed by companies as a tool for improving workplace culture. Google co-founder Sergey Brin is famously quoted as instructing office designers to ensure no employee was more than 200 feet from food, underscoring the belief that snacks and casual eating spaces help facilitate collaboration and productivity. Despite the looming cost increase, some in the food services sector are not anticipating a major disruption. Ali Sabeti, chief executive officer of San Francisco-based corporate catering firm ZeroCater Inc., said his company weathered the 2017 reduction in the deduction without losing clients — and he expects the same this time. 4 The elimination of the deduction in Trump's new law takes effect on Jan. 1. REUTERS 'It's pretty inelastic,' Sabeti told Bloomberg News. 'When you take a tax deduction away, the cost is going to go up, but companies will continue to spend, just like if you took away a deduction on a laptop.' 'The Trump administration's rapid deregulation and The One, Big, Beautiful Bill's pro-growth provisions like full equipment expensing will help turbocharge economic and investment growth — growth that will yield better pay, benefits, and perks for American workers than any one-off deduction,' White House spokesperson Kush Desai told The Post.
The Hill
23 minutes ago
- The Hill
Trump give Russia ultimatum
Thank you for signing up! Subscribe to more newsletters here It's Monday. A year ago today, the Republican National Convention began in Milwaukee. This was right after President Trump's first assassination attempt, and we were all on high alert. If you want a refresher, check out my reporting from that day. In today's issue: President Trump is upping the ante with Russia to end its war with Ukraine. He has been growing increasingly frustrated with Russian President Vladimir Putin, and to that end, he just made two major announcements: 1) Secondary tariffs: Trump will impose 100 percent secondary tariffs on any country that trades with Russia unless Moscow agrees to a ceasefire with Ukraine in the next 50 days. 'We're very, very unhappy with them, and we're going to be doing very severe tariffs if we don't have a deal in about 50 days,' Trump told reporters. He noted Congress wants 500 percent tariffs, so his 100 percent threat is far lower. 2) Sending weapons paid for by Europe: European countries will buy U.S.-made weapons to help Ukraine. 'In a nutshell, we're going to make top-of-the-line weapons, and they'll be sent to NATO,' Trump said alongside NATO Secretary-General Mark Rutte. Yes, Rutte, the person who infamously referred to the president as 'daddy' a few weeks ago. 😅 (FWIW, he later tried to clarify it.) 📸 Photo from the room Did we see these announcements coming?: Washington had been bracing for the 'major statement' Trump had teased regarding Russia. 💬 Follow today's live blog 💻 Watch Trump's remarks ➤ WHAT ELSE TRUMP SAID DURING HIS ANNOUNCEMENT: Trump said he spoke with Melania Trump about Russia: 'I [got] home and told the first lady, 'I spoke with Vladimir today. We had a wonderful conversation.' She said, 'oh really? Another city was just hit,'' Trump 📹 explained. Trump's intention: 'I think this is a chance at getting peace,' Trump 📹 said in his announcement. ➤ TIDBIT — WANT TO SEE HOW THE ROSE GARDEN REMODEL IS COMING?: Construction crews began work in June to complete the Rose Garden renovation Trump ordered. It includes replacing the grass with gravel. Well, The Hill's Alex Gangitano is at the White House today and 📸posted a photo of the construction. Republicans are trying to take back billions of dollars in federal funding this week — and it could make for a potentially ugly week in the Senate. I'll explain: The Senate is expected to take up the bill, known as the rescissions package, this week before Friday's deadline. The House has already approved it. The dynamics are tricky. Some Republicans are concerned about the bill's cuts to public broadcasting and global public health programs. But President Trump threatened to withhold support for any Republican who votes 'no.' A prominent senator has concerns: Senate Appropriations Committee Chair Susan Collins (R-Maine) and other members of the committee are not thrilled with cutting programs that have already been funded through bipartisan bills. A broader concern: The Hill's Alexander Bolton reports that 'a handful of senior Republican senators are worried about ceding even more power to the Trump administration, as Congress has already done by allowing President Trump to shutter or overhaul agencies such as the U.S. Agency for International Development or impose steep tariffs on many of the nation's trading partners without much pushback.' Read Bolton's reporting: 'GOP leader faces showdown with Republicans on Trump-backed funding cuts' What else is happening on Capitol Hill this week, via The Hill's Mychael Schnell We're learning more about what happened in the early morning of July 4 when a flash flood seemingly caught parts of Central Texas, including Camp Mystic, off guard. The Washington Post published a new report today on the circumstances that made this flood so deadly. A leader at Camp Mystic, which is located in a flood zone, got a flood alert warning of 'life threatening' conditions at 1:14 a.m. However, Dick Eastland, the camp's director, didn't begin evacuations until 2:30 a.m. The Post notes the National Weather Service's (NWS) alert didn't include an evacuation order and interviews with families indicate there was spotty cell service. Other camps also delayed their evacuations, but Camp Mystic had a higher risk. The camp had a speaker system, but it wouldn't have worked without electricity. The Washington Post also spoke with a camp counselor who recounted what happened that night. It is hard to read. Excerpt: 'A native Texan, [camp counselor Ainslie Bashara had] seen hundreds of summer squalls, but this one felt heavier. The thunder cracked like fireworks inside the cabin. … The lightning lit the room like flashbulbs, and at each strike, she scanned faces around the room. Then she noticed a car pass by, a bizarre sight at that hour. She glanced at her watch: 1:58 a.m. She soon heard another noise that, at first, felt out of place. Two nearby cabins housed Mystic's youngest campers, and the 8-year-olds had started shrieking.' Read: 'In the dark, amid screams, a Camp Mystic counselor had 16 girls and one headlamp' The New York Times reports the Federal Emergency Management Agency (FEMA) did not respond to nearly two-thirds of calls from flood survivors to the disaster assistance line. Why?: 'The lack of responsiveness happened because the agency had fired hundreds of contractors at call centers, according to a person briefed on the matter who spoke on the condition of anonymity in order to discuss internal matters.' Timing: Contractors were laid off on July 5 once their contracts expired. Homeland Security Secretary Kristi Noem, who introduced a new rule that any expense exceeding $100,000 must be personally approved by her, didn't renew those contracts for five days. The percentage of FEMA calls that were answered, per the Times: Noem defended her response this weekend: Noem denied reports of resources being delayed in Texas due to her new $100,000 sign-off rule as 'absolutely false.' She told NBC's 'Meet the Press' on Sunday that 'call centers were fully staffed and responsive.' President Trump is desperately trying to move on from the controversy surrounding convicted sex offender Jeffrey Epstein, but his attempts to put to rest the conspiracy theories have backfired. His administration concluded Epstein had no client list of powerful people and that he was not murdered in jail, both theories that have long fueled conspiracies. But the reported memo debunking these questions has only sparked more intense scrutiny. A reporter asked Attorney General Pam Bondi about the Department of Justice's (DOJ) conclusions last week — and before Bondi could respond, Trump snapped at the journalist. This didn't end the discussion, so this past weekend, Trump tried another approach. He praised Bondi on Truth Social, called into Charlie Kirk's radio show to express support for his attorney general and 📸invited her to his box at the FIFA Club World Cup. But the questions are only intensifying. Far-right activist Laura Loomer, who is a strong ally of Trump, called for a special counsel to investigate the handling of the Epstein files. She told Politico late last night that she doesn't think Bondi 'has been transparent or done a good job handling this issue.' Tomorrow: In The Movement newsletter, The Hill's Emily Brooks will take a look at how the Epstein saga could affect Republicans in the midterms. Click here to sign up & get it in your inbox. Related, via The Wall Street Journal's Editorial Board: 'Now Trump Says Forget Jeffrey Epstein: He urges MAGA to give up a conspiracy tale that he and his allies promoted.' ➤ DEMOCRATS ARE ALSO TRYING TO FORCE THE FILES TO BE RELEASED: Rep. Ro Khanna (D-Calif.) called on House Republicans to demand the Trump administration release the 'FULL Epstein files.' And Rep. Marc Veasey (D-Texas) says he will introduce a resolution to demand the file release. There is speculation swirling that President Trump could replace Federal Reserve Chair Jerome Powell with Treasury Department Secretary Scott Bessent. The Hill's Tobias Burns reports this possibility 'is spinning heads from Washington to Wall Street.' Could this happen?: Burns published a helpful explainer on whether it is actually possible to have a dual Fed-Treasury chief. Basically, there's no law prohibiting it, but losing the Federal Reserve's independence could have serious ramifications for the economy, particularly inflation. Read Burns's reporting: 'Will Bessent serve as Fed chair, Treasury secretary at the same time?' The House and Senate are in. President Trump is in Washington. (All times EST) Noon: Trump participates in the White House Faith Office luncheon in the State Dining Room. 💻Livestream 2 p.m.: Speaker Mike Johnson (R-La.) will be the first guest on GOP strategist Scott Jennings's new radio show, per The Hill's Emily Brooks. 5:30 p.m.: Two Senate votes, one judicial confirmation and the other to end debate on another nominee. 📆Today's agenda 6:30 p.m.: First and last House votes. 📆Today's agenda Wednesday: The Hill and NewsNation are hosting an inaugural Hill Nation Summit to interview Washington's top leaders. Speakers include: Speaker Mike Johnson (R-La.), Homeland Security Secretary Kristi Noem, White House senior counselor for trade and manufacturing Peter Navarro, House Democratic Vice Chair Ted Lieu (Calif.), former DNC co-Vice Chair David Hogg and more. 🎤Full speaker list📝Request to attend 🧀 Celebrate: Today is National Mac and Cheese Day! 🧑💻 Elmo, I sure hope your password wasn't Elmo!ABC123: Elmo's X account was hacked over the weekend. The hacker posted racist and antisemitic messages, per USA Today. To leave you smiling, watch this dog process the news of a new baby entering the family.
UPI
26 minutes ago
- UPI
DOGE cuts on Senate agenda in busy week for lawmakers
1 of 2 | The Senate is set to consider a plan this week that will withhold funding from foreign aid and public broadcasting. File Photo by Bonnie Cash/UPI | License Photo July 14 (UPI) -- Lawmakers will have a busy week in Washington as senators consider a GOP plan with a Friday deadline to pull back billions of dollars that hits foreign aid and public broadcasting. The Senate will hold yet another "vote-a-rama" after the House in June approved a Republican-crafted rescission package in a 214-212 vote to rescind some $9.4 trillion in federal money. It seeks to claw back already-approved funding for the Corporation for Public Broadcasting -- which funds PBS and NPR -- and cuts cash for the U.S. Agency for International Development, which was targeted this year by the Elon Musk-run Department of Government Efficiency. Trump has long attacked both NPR and PBS over a perceived bias. In May, he signed an executive order to halt federal streams. But concerns exist among some Republican members over cuts to public broadcasting and the 22-year-old President's Emergency Plan for AIDS Relief under USAID. Trump last week threatened to withhold political support for any Republican who opposed the legislation. "What we're trying to do is ensure that every dollar spent by the federal government is used efficiently and effectively," House Speaker Mike Johnson, R-La., said in June on the package. Last month, four House Republicans broke from GOP ranks to vote against the proposed cuts. But Republicans can afford to lose only three votes this week in the Senate and still have it pass the upper chamber. "I want to strike the rescission of funds for PEPFAR, which has an enormous record of success, having saved some 26 million lives over the course of the program, as well as preventing nearly 8 million infants from receiving AIDS from their infected mothers," Sen. Susan Collins, R-Maine, said previously. PEPFAR came to life under then-Republican President George W. Bush with global success in dealing with the immunity virus, which currently infects more than 1 million American women and men. "So I can't imagine why we would want to terminate that program," added Collins. In a social media post last week, the president said it was "very important" that "all Republicans adhere" to his recessions bill. "Any Republican that votes to allow this monstrosity to continue broadcasting will not have my support or Endorsement," Trump wrote. The Senate's Democratic leader has signaled that attempts to ditch pre-approved federal spending may lead to a breakdown in future budget talks headed to a government shutdown. "It is absurd to expect Democrats to play along with funding the government if Republicans are just going to renege on a bipartisan agreement," Sen. Chuck Schumer, D-N.Y., said last week on the floor. However, even some Republicans remain skeptical that Trump's cuts can pass the divided Congress. "Will it pass? I don't know. I really don't know," Sen. John Kennedy, R-L.a., told CNN on Monday. "We got a lot of Republicans who talk tough. We'll see if they're tough." Meanwhile, ex-U.S. Rep. Mike Waltz, a former Republican congressman from Florida who briefly served this year as Trump's national security adviser, will be on Capitol Hill this week for his confirmation as UN ambassador. The House will consider landmark cryptocurrency-related legislation, and also vote on a Pentagon funding bill for fiscal year 2026 that will include a further $831 billion in discretionary spending.
