
Trump's budget bill could complicate 2026 tax filing season after IRS cuts, watchdog warns
Taxpayers will likely see effects of staffing reductions
The Trump administration's efforts to shrink the size of the federal bureaucracy to a mass exodus of probationary employees who had not yet gained civil service protections and were offered buyouts through a 'deferred resignation program.' More than 17,500 IRS workers took that route. The biggest cuts were in taxpayer services, the small business/self-employed office and information technology.
Get Starting Point
A guide through the most important stories of the morning, delivered Monday through Friday.
Enter Email
Sign Up
The report noted that the Republican administration's proposed budget includes a 20 percent reduction in IRS funding next year. That's a 37 percent reduction when taking into account the supplemental funding in the Biden-era Inflation Reduction Act that Republicans previously stripped away.
Advertisement
'A reduction of that magnitude is likely to impact taxpayers and potentially the revenue collected,' wrote Erin M. Collins, who leads the organization assigned to protect taxpayers' rights.
The 2026 tax season could be precarious
Collins said the 2025 filing season was 'one of the most successful filing seasons in recent memory,' though she warned that the 2026 season could be rocky.
Advertisement
'With the IRS workforce reduced by 26 percent and significant tax law changes on the horizon, there are risks to next year's filing season,' Collins wrote. 'It is critical that the IRS begin to take steps now to prepare.'
She said that, halfway through the year, there were concerns that the IRS had not yet undertaken key preparation steps, including hiring and training seasonal and permanent employees.
Trump's package could add new layer of problems
The report warned about the possibility of understaffing to manage new provisions from Trump's legislative package if it's enacted.
'Several provisions will retroactively affect the 2025 tax year, thus impacting millions of taxpayers and requiring the IRS to quickly update tax year 2025 tax forms and programming for the 2026 filing season,' the report said.
Specifically, the House bill retroactively prohibits the IRS from allowing or making payment of Employee Retention Credit claims filed after Jan. 31, 2024.
The report also said the IRS historically receives more calls in years following significant changes in tax law, so it may need additional employees and improved digital tools to maintain its level of service.
Identity theft cases are still piling up
The IRS is dealing with delays in resolving self-reported identity theft victim assistance cases — taking up to 20 months to resolve, the report said.
As of the end of the 2025 filing season, the IRS was handling about 387,000 of these cases.
That is a slight improvement from the more than 22 months it took to resolve identity theft cases, as noted in last year's report, which outlined roughly 500,000 unresolved cases in its inventory.
'The cycle time remains unacceptably long,' Collins said. 'I continue to urge the agency to focus on dramatically shortening the time it takes' to resolved identity theft cases, 'so it does not force victims, particularly those dependent on their tax refunds, to wait nearly two years to receive their money.'
Advertisement
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


CNN
13 minutes ago
- CNN
Trump administration moves to terminate a form of humanitarian relief for Nicaraguans and Hondurans in the US
The Department of Homeland Security has moved to terminate a form of humanitarian relief for migrants from Nicaragua and Honduras residing in the United States, according to an announcement from the department and draft notices published in the Federal Register. The Trump administration has stripped protections from multiple nationalities in the US who were protected from deportation and allowed to temporarily live in the country, arguing that conditions at home no longer justified those protections. The termination of the relief, known as Temporary Protected Status, has prompted legal challenges nationwide — and has been blocked by federal judges in some instances. The latest move would affect approximately 72,000 migrants from Honduras and 4,000 from Nicaragua, according to government estimates. Honduras was initially designated for TPS in 1999 based on an environmental disaster, according to a draft notice in the Federal Register. Nicaragua was similarly designated for TPS in 1999 because of an environmental disaster. 'Temporary Protected Status was designed to be just that — temporary,' Homeland Security Secretary Kristi Noem said in a statement. 'It is clear that the Government of Honduras has taken all of the necessary steps to overcome the impacts of Hurricane Mitch, almost 27 years ago.' TPS applies to people who would face extreme hardship if forced to return to homelands devastated by armed conflict or natural disasters, therefore the protections are limited to people already in the United States. Past Republican and Democratic administrations have designated the protections, though some Republicans have argued the relief shouldn't have been extended multiple times.
Yahoo
16 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq fall as Trump amps up tariff threats with deadline looming
US stocks fell on Monday as President Trump made a fresh tariff threat and confirmed that country-specific duties will kick in on Aug. 1, ramping up trade uncertainty as the end to his tariff pause looms. The Dow Jones Industrial Average (^DJI) slipped 0.7%, while the S&P 500 (^GSPC) also backed off 0.6%. The tech-heavy Nasdaq Composite (^IXIC) dropped 0.7% as Tesla (TSLA) stock sank amid worries about CEO Elon Musk's plan to launch a political party. Stocks are pulling back after a strong jobs report helped boost the S&P 500 and Nasdaq Composite to all-time closing highs on Thursday, before the early trading shutdown for the long Independence Day weekend. With equities at record levels, investors are wary that any sharp turn in trade negotiations could trigger volatility. Trump said late Sunday that any country aligning itself with the "Anti-American policies of BRICS" will face an additional 10% tariff. "There will be no exceptions to this policy," he said in a post to social media. The warning came after BRICS — a group of countries including key US trading partners China and India — criticized Trump's tariff policy at its summit at the weekend. It ramped up already-high trade tensions as nations race to clinch tariff deals ahead of Trump's self-imposed deadline of July 9, when his "pause" on steep April tariffs would go back into effect. Global markets have been bracing for that potential shock, with the US only having reached deals with the UK and Vietnam, as well as a framework toward an agreement with China. On Sunday, Treasury Secretary Scott Bessent and Trump confirmed that while letters will be sent out this week informing countries of their tariff rates, those duties would not go into effect until Aug. 1. Read more: The latest on Trump's tariffs. Bessent hinted at several possible deals in the coming days, suggesting the focus this week is clarity with 18 major trading partners before setting duties for the 100-plus other countries that the administration has in its sights for trade taxation. Earnings are coming back into the conversation this week, with Thursday's report from Delta (DAL) serving as the unofficial kickoff to the second quarter season. Wall Street analysts predict a significant drop in oil prices by the end of the year as increased supply is expected to flood the market. However, as of Monday, West Texas Intermediate crude (CL=F) was trading above $67 per barrel, and Brent crude (BZ=F), the international benchmark, was above $69 per barrel. The session rise occurred despite the Organization of the Petroleum Exporting Countries (OPEC) and its allies announcing output increases over the weekend. "All in all, the supply picture definitely looks to be elevating; however, the stronger demand is remaining above expectations as well, hence the choppy trade," said Dennis Kissler, senior vice president at BOK Financial, in a note on Monday. OPEC cited lower global oil inventories as a reason to boost output in August by 548,000 barrels per day. This marks the cartel's fourth consecutive monthly increase and was larger than anticipated. "Saturday's announcement to accelerate supply hikes suggests that the strategic shift to normalizing spare capacity and market share, supporting internal cohesion, and disciplining US shale supply is continuing," Goldman Sachs analysts Daan Struyven and his team noted on Sunday. Struyven and his team anticipate OPEC will increase production yet again in September, and maintained their price forecast with Brent averaging $59 in the fourth quarter of 2025 and $56 in 2026. Tesla (TSLA) stock slid on Monday, falling 7% as CEO Elon Musk and President Trump's feud erupted again and as investors grew concerned over the loss of electric vehicle tax credits from Trump's budget bill. Reuters reported that short sellers of the stock were set to make $1.4 billion after the stock slump, according to data analytics firm Ortex. Over the weekend, Musk wrote on X that he was forming a new political party, the America Party. Trump responded on social media by saying the Tesla CEO had gone "completely 'off the rails.'" Yahoo Finance's Pras Subramanian reports: Read more here. Citi lifted its price target for Nvidia stock (NVDA) on Monday, citing the expanding AI market, though shares of the AI chipmaker fell 0.5% in early trading. Yahoo Finance's Francisco Velasquez reports: Read more here. Stocks opened lower amid renewed trade uncertainty after President Trump extended a tariff pause but issued new threats toward countries aligning with "Anti-American policies." The Dow Jones Industrial Average (^DJI) fell below the flat line. The S&P 500 (^GSPC) retreated 0.3% from its record high. The tech-heavy Nasdaq Composite (^IXIC) dropped 0.5%, and Tesla (TSLA) shares sank as CEO Elon Musk announced a new political party. Comments from Trump sparked trade uncertainty over the weekend when he appeared to extend a July 9 tariff pause deadline to Aug. 1. He also said late Sunday that any country aligning itself with the "Anti-American policies of BRICS" will face an additional 10% tariff. CoreWeave (CRWV) announced Monday it will buy crypto miner Core Scientific (CORZ) in an all-stock deal valued at about $9 billion. Shares of the Nvidia-backed (NVDA) company fell 4.6% just ahead of the opening bell, while Core Scientific stock dropped nearly 18%. Reuters reports: Read more here. Amazon stock (AMZN) edged 0.3% higher in premarket trading on Monday ahead of the kickoff of its Prime Day sales event. Online spending is expected to surge to $23.8 billion across US retailers during Amazon's four-day event, according to an Adobe Analytics forecast. Amazon extended the sales period to four days from two days. Reuters reported that sales from July 8 to 11 are projected to rise 28.4% compared with the same period last year. Online sales hit $14.2 billion during the two-day Amazon shopping event last year. "This is equivalent to two Black Fridays," Adobe noted in the report. Walmart (WMT) and Target (TGT), which are holding competing sales events, saw their shares drop marginally premarket. Read more here. Yahoo Finance's Brooke DiPalma reports: Read more here. Earnings: No notable earnings releases. Economic data: No notable economic releases. Here are some of the biggest stories you may have missed over the weekend and early this morning: Trump warns of extra 10% tariff for 'anti-American' BRICS Markets await clarity as Trump tariff deadline looms Tesla stock sinks as Musk's 'America Party' worries investors US consumers to cut summer spending on tariff worries: Poll Trump is already making the next Fed chair's job harder Amazon Prime Day set to lift US online sales to $23.8B: Adobe Trump slams Musk's plan for rival political party How China's Xiaomi succeeded where Apple failed Here are some top stocks trending on Yahoo Finance in premarket trading: Wolfspeed: (WOLF) Shares in semiconductor company Wolfspeed surged over 20% before the bell on Monday, after it filed an unexpected Chapter 11 bankruptcy last month. While bankruptcy usually signals financial distress, investors reacted positively to the filing. Tesla (TSLA) stock took a hit on Monday, falling 6% in premarket trading after CEO Elon Musk's plans to launch a new US political party were announced. Metals had a rough start to the week, with copper (HG=F) and other industrial metals extending losses after President Trump injected fresh uncertainty into his trade agenda with a warning to impose a 10% tariff on any country that supports what he called BRICS "anti-American" policies. Trump posted on Truth Social saying: Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter! Trump's threat caused metals fall on Monday. Bloomberg News reports Read more here. Tesla (TSLA) shares are getting run over right out of the gate post-holiday weekend. The stock is down 7% premarket as president Trump and Elon Musk return to public battle. The general vibe from those I have chatted with is that Musk creating his own political party is the last thing Tesla shareholders want to see. Where is the board of directors here to get this guy under control? However, lost in the sauce today is that the new tax and spending bill signed into law by Trump ends the EV tax credit on Sept. 30. That's further bad news for Tesla, argues William Blair analyst Jed Dorsheimer. "The elimination of the corporate average fuel economy (CAFE) fines requires a reset in expectations," Dorsheimer wrote. "While the $7,500 tax credit is likely to affect demand, the combination of a demand headwind and over $2 billion in profit from regulatory credits at risk may be too much for investors to bear. Unlike the EV tax credit, we expect the reduction in regulatory credit revenue to result in a direct hit to profitability, prompting yet another across-the-board reset to Street models." Tesla is our "stock of the day" on Yahoo Finance's Opening Bid this morning. Tune in around 9:40 am ET here to get some fire analysis! Bloomberg reports: Read more here. Wall Street analysts predict a significant drop in oil prices by the end of the year as increased supply is expected to flood the market. However, as of Monday, West Texas Intermediate crude (CL=F) was trading above $67 per barrel, and Brent crude (BZ=F), the international benchmark, was above $69 per barrel. The session rise occurred despite the Organization of the Petroleum Exporting Countries (OPEC) and its allies announcing output increases over the weekend. "All in all, the supply picture definitely looks to be elevating; however, the stronger demand is remaining above expectations as well, hence the choppy trade," said Dennis Kissler, senior vice president at BOK Financial, in a note on Monday. OPEC cited lower global oil inventories as a reason to boost output in August by 548,000 barrels per day. This marks the cartel's fourth consecutive monthly increase and was larger than anticipated. "Saturday's announcement to accelerate supply hikes suggests that the strategic shift to normalizing spare capacity and market share, supporting internal cohesion, and disciplining US shale supply is continuing," Goldman Sachs analysts Daan Struyven and his team noted on Sunday. Struyven and his team anticipate OPEC will increase production yet again in September, and maintained their price forecast with Brent averaging $59 in the fourth quarter of 2025 and $56 in 2026. Tesla (TSLA) stock slid on Monday, falling 7% as CEO Elon Musk and President Trump's feud erupted again and as investors grew concerned over the loss of electric vehicle tax credits from Trump's budget bill. Reuters reported that short sellers of the stock were set to make $1.4 billion after the stock slump, according to data analytics firm Ortex. Over the weekend, Musk wrote on X that he was forming a new political party, the America Party. Trump responded on social media by saying the Tesla CEO had gone "completely 'off the rails.'" Yahoo Finance's Pras Subramanian reports: Read more here. Citi lifted its price target for Nvidia stock (NVDA) on Monday, citing the expanding AI market, though shares of the AI chipmaker fell 0.5% in early trading. Yahoo Finance's Francisco Velasquez reports: Read more here. Stocks opened lower amid renewed trade uncertainty after President Trump extended a tariff pause but issued new threats toward countries aligning with "Anti-American policies." The Dow Jones Industrial Average (^DJI) fell below the flat line. The S&P 500 (^GSPC) retreated 0.3% from its record high. The tech-heavy Nasdaq Composite (^IXIC) dropped 0.5%, and Tesla (TSLA) shares sank as CEO Elon Musk announced a new political party. Comments from Trump sparked trade uncertainty over the weekend when he appeared to extend a July 9 tariff pause deadline to Aug. 1. He also said late Sunday that any country aligning itself with the "Anti-American policies of BRICS" will face an additional 10% tariff. CoreWeave (CRWV) announced Monday it will buy crypto miner Core Scientific (CORZ) in an all-stock deal valued at about $9 billion. Shares of the Nvidia-backed (NVDA) company fell 4.6% just ahead of the opening bell, while Core Scientific stock dropped nearly 18%. Reuters reports: Read more here. Amazon stock (AMZN) edged 0.3% higher in premarket trading on Monday ahead of the kickoff of its Prime Day sales event. Online spending is expected to surge to $23.8 billion across US retailers during Amazon's four-day event, according to an Adobe Analytics forecast. Amazon extended the sales period to four days from two days. Reuters reported that sales from July 8 to 11 are projected to rise 28.4% compared with the same period last year. Online sales hit $14.2 billion during the two-day Amazon shopping event last year. "This is equivalent to two Black Fridays," Adobe noted in the report. Walmart (WMT) and Target (TGT), which are holding competing sales events, saw their shares drop marginally premarket. Read more here. Yahoo Finance's Brooke DiPalma reports: Read more here. Earnings: No notable earnings releases. Economic data: No notable economic releases. Here are some of the biggest stories you may have missed over the weekend and early this morning: Trump warns of extra 10% tariff for 'anti-American' BRICS Markets await clarity as Trump tariff deadline looms Tesla stock sinks as Musk's 'America Party' worries investors US consumers to cut summer spending on tariff worries: Poll Trump is already making the next Fed chair's job harder Amazon Prime Day set to lift US online sales to $23.8B: Adobe Trump slams Musk's plan for rival political party How China's Xiaomi succeeded where Apple failed Here are some top stocks trending on Yahoo Finance in premarket trading: Wolfspeed: (WOLF) Shares in semiconductor company Wolfspeed surged over 20% before the bell on Monday, after it filed an unexpected Chapter 11 bankruptcy last month. While bankruptcy usually signals financial distress, investors reacted positively to the filing. Tesla (TSLA) stock took a hit on Monday, falling 6% in premarket trading after CEO Elon Musk's plans to launch a new US political party were announced. Metals had a rough start to the week, with copper (HG=F) and other industrial metals extending losses after President Trump injected fresh uncertainty into his trade agenda with a warning to impose a 10% tariff on any country that supports what he called BRICS "anti-American" policies. Trump posted on Truth Social saying: Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter! Trump's threat caused metals fall on Monday. Bloomberg News reports Read more here. Tesla (TSLA) shares are getting run over right out of the gate post-holiday weekend. The stock is down 7% premarket as president Trump and Elon Musk return to public battle. The general vibe from those I have chatted with is that Musk creating his own political party is the last thing Tesla shareholders want to see. Where is the board of directors here to get this guy under control? However, lost in the sauce today is that the new tax and spending bill signed into law by Trump ends the EV tax credit on Sept. 30. That's further bad news for Tesla, argues William Blair analyst Jed Dorsheimer. "The elimination of the corporate average fuel economy (CAFE) fines requires a reset in expectations," Dorsheimer wrote. "While the $7,500 tax credit is likely to affect demand, the combination of a demand headwind and over $2 billion in profit from regulatory credits at risk may be too much for investors to bear. Unlike the EV tax credit, we expect the reduction in regulatory credit revenue to result in a direct hit to profitability, prompting yet another across-the-board reset to Street models." Tesla is our "stock of the day" on Yahoo Finance's Opening Bid this morning. Tune in around 9:40 am ET here to get some fire analysis! Bloomberg reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
17 minutes ago
- Yahoo
Saks Is Ceding Ground to Luxury Rivals After Buying Neiman Marcus
(Bloomberg) -- The $2.7 billion acquisition of Neiman Marcus by Saks Fifth Avenue's owner last year was supposed to create a luxury powerhouse. Instead, both department stores are losing customers and sales to competitors including Bloomingdale's and Nordstrom. Are Tourists Ruining Europe? How Locals Are Pushing Back Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals Trump's Gilded Design Style May Be Gaudy. But Don't Call it 'Rococo.' Massachusetts to Follow NYC in Making Landlords Pay Broker Fees In California, Pro-Housing 'Abundance' Fans Rewrite an Environmental Landmark Sales at Saks Fifth Avenue fell 16% during the quarter that ended in June from a year earlier, according to Bloomberg Second Measure, which tracks debit and credit purchases. During the same period, combined sales at Neiman Marcus and Bergdorf Goodman sank 10%. The slowdown accelerated over the three months, with June showing the biggest drop at the three retailers. Meanwhile, sales at Bloomingdale's, owned by Macy's Inc., and Nordstrom Inc. both rose more than 10% during the same quarter, according to Second Measure. The declining revenue figures show the magnitude of the challenges facing Saks Global, as the combination of the department store chains is called. The closely held company is trying to reverse the sales decline and just took on more debt in part to pay vendors $275 million in overdue bills. Bloomberg Second Measure data may not fully capture the sales trends at these retailers because it analyzes more debit than credit card purchases. Shoppers at Neiman Marcus, Bergdorf Goodman and Saks customers often use credit cards more frequently than middle-income shoppers at other outlets. That means the sales slowdown in the Bloomberg Second Measure data could be sharper than it really is. And the sales increase could appear stronger at Bloomingdale's and Nordstrom, where more shoppers use debit cards. But the Bloomberg Second Measure data is still helpful to show the trajectory of revenue trends. In June, sales fell 28% at Saks and 26% at Neiman Marcus and Bergdorf Goodman. At Bloomingdale's, sales rose 13%. After Saks borrowed $2.2 billion in December to finance its acquisition of longtime rival Neiman Marcus, executives had planned to spend this year working to combine the two iconic chains, cutting costs and streamlining technology and supply-chain operations to position the new juggernaut to take an even greater share of luxury spending in the US. But the company has also been contending with some vendors who are slowing or holding back their shipments, worried about not getting paid. Investors, concerned about Saks' ability to pay its bills, have sent the price of its bonds plummeting in recent months. The challenges aren't all homegrown. The broader luxury sector is undergoing a slowdown, too. That's hit sales at LVMH Moët Hennessy Louis Vuitton SE and Gucci owner Kering SA — brands that sell large quantities of products at Saks Global. Saks Global has seen green shoots recently, including an uptick in vendor shipments after the company secured new financing. It expects 'this trend to continue as we execute on our plan to begin paying outstanding balances in July,' a Saks Global spokesperson said in a statement. 'As inventory flow approaches normalized levels, we are confident that we can deliver for our customers.' Also, Saks' recently launched storefront on is starting to show a positive response, the spokesperson said. Client Complaints Even if Saks repays overdue bills and persuades enough vendors to restart or increase their shipments of merchandise, the company still has another uphill battle: win back clients who have shifted their shopping to rivals in recent months or pulled back on spending altogether because of economic jitters. Complaints about receiving orders in damaged boxes, charging for returns and rejected or delayed refunds from Saks and Neiman Marcus have increased since the beginning of the year, said Bloomberg Intelligence analyst Mary Ross Gilbert, who has looked through online reviews. That points to how Saks' efforts to conserve cash and cut costs are starting to undermine what's supposed to be a high-end shopping experience, she said. 'Bankruptcy risk remains given what appears to be a multitude of execution problems impacting customer experience,' Ross Gilbert said. 'It's just so much easier to shop elsewhere.' Although online reviews about retailers in general skew negative, those raised about Bloomingdale's tend to focus on late package deliveries and are more benign than customers' frustration with Saks Global, Ross Gilbert said. The Saks spokesperson said the company's fulfillment centers have implemented new processes that 'reduce the time for processing returns within 7 to 10 days, while ensuring customers receive high-quality merchandise in future orders.' Saks Fifth Avenue has had steep revenue declines since early 2023, with sales falling an average of nearly 21% each quarter versus a year earlier, according to Bloomberg Second Measure. At Neiman Marcus and Bergdorf Goodman, revenue trends have been choppier. Sales were up in the final quarter of 2024 and again in the first quarter of 2025 versus a year earlier, but then turned negative in the most recent one. Meanwhile, Bloomingdale's and Nordstrom have increased year-over-year sales every quarter during the last year. Holiday Season The pressure on Saks is particularly acute now because it's filling its warehouses and stores with products to sell during the crucial holiday season from November through January. If vendors hold back on shipments to Saks now – because they don't want to risk not being paid or being paid late – that would leave the department stores without enough luxury goods on shelves during the holiday shopping season, which would likely accelerate shoppers' shift to Bloomingdale's and Nordstrom. Saks is using $600 million in fresh financing to start to make $275 million in overdue payments to brands this month and, separately, is starting to pay them for new products they've shipped since the beginning of the year. 'We're in the window where, I think, investors and brands are looking to see how the proposed game plan is actually going to play out in real life,' said Jeff Abrams, founder and chief executive officer of Los Angeles apparel company Rails, which sells its products at Saks. 'This next month or two will be very telling.' Rails has continued to ship merchandise to Saks despite being owed a couple million dollars because Abrams sees an opportunity to expand the availability of Rails products at the department store as other brands scale back, wary of not getting paid. But Abrams is also continuing to open up more Rails stores across the US in part to be less reliant on selling its products at third-party retailers. Rails has started to receive some recent payments from Saks, via its financial intermediary, called a factor, which guarantees orders from retailers. Vendors, particularly smaller ones that have less financial room to maneuver, are between a rock and a hard place with Saks. To ship or not to ship, that's the question they're asking themselves. They don't want to risk more unpaid bills but, at the same time, Rails and others want Saks – which needs more inventory – to succeed. 'If Saks can stabilize and thrive,' Abrams said, 'that benefits us and many other vendors as well.' --With assistance from Matt Townsend. (Updates with additional context starting in fifth paragraph.) SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too For Brazil's Criminals, Coffee Beans Are the Target Sperm Freezing Is a New Hot Market for Startups Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate China's Homegrown Jewelry Superstar ©2025 Bloomberg L.P.