Jobs Report, Fed Speakers, Megabill: What to Watch This Week
The official June jobs report is due Thursday, ahead of the Independence Day holiday. (Alexandra Citrin-Safadi/WSJ)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fox News
10 minutes ago
- Fox News
Trump warns of 'whopping 68% tax increase' if Senate fails to pass historic bill
As the Senate continued to inch closer to finalizing President Donald Trump's "One Big Beautiful Bill," the president took to social media early Tuesday to warn that a failure to come to an agreement would end in the largest tax increase in history. The message came after lawmakers had been in a marathon "vote-a-rama," for several hours, submitting amendments to the megabill from either side of the aisle. "Republicans, the One Big Beautiful Bill, perhaps the greatest and most important of its kind in history, gives the largest Tax Cuts and Border Security ever, Jobs by the Millions, Military/Vets increases, and so much more. The failure to pass means a whopping 68% Tax increase, the largest in history!!!," he posted. There is currently no end in sight as Republican leaders are searching for ways to garner support for the bill while simultaneously fighting proposed amendments from Democrats who are opposing it. GOP leaders have a narrow margin and cannot afford to lose more than three Republican senators as two, Sen. Thom Tillis of North Carolina and Sen. Rand Paul of Kentucky has already indicated that they oppose it. Tillis announced that he would not be seeking reelection after President Trump made threats of a campaign against him. Senate Majority Leader John Thune of South Dakota said Republicans are "figuring out how to get to the end game," but an end to the vote-a-rama has been predicted to come well into the middle of the night. The bill, if passed, will enact Trump's domestic tax and spending agenda that includes $4.5 trillion in tax cuts, according to the latest CBO analysis. The package would also roll back billions in green energy tax credits threatening wind and solar investments, according to Democrats. Billionaire Elon Musk, who until a few weeks ago led the Department of Government Efficiency (DOGE), took to social media late Monday, lashing out at Republicans as "the PORKY PIG PARTY!!" for including a provision, he argued, would raise the nation's debt limit by $5 trillion. Trump fired back at Musk on Truth Social, threatening to turn DOGE on its former leader. "Elon Musk knew, long before he so strongly Endorsed me for President, that I was strongly against the EV Mandate. It is ridiculous, and was always a major part of my campaign. Electric cars are fine, but not everyone should be forced to own one. Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa. No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!" the president wrote. The bill will also impose $1.2 trillion in cuts to Medicaid and food stamps and make sign-up eligibility more rigorous and change federal reimbursements to states. It will also provide a $350 billion infusion for border and national security to include deportations.
Bloomberg
10 minutes ago
- Bloomberg
Bloomberg Daybreak Europe: EU to Accept 10% US Tariff
Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) The European Union is willing to accept a trade arrangement with the US that includes a 10% universal tariff on many of the bloc's exports, but wants the US to commit to lower rates on key sectors such as pharmaceuticals, alcohol, semiconductors and commercial aircraft. (2) President Donald Trump threatened to proceed with ramping up tariffs on Japan, while his top economic adviser said the White House aims to finalize deals with partners after the July 4 holiday. (3) UK Prime Minister Keir Starmer is girding for what could be the most consequential vote of his premiership, with Labour rebels warning that the government's welfare overhaul still risks defeat despite huge concessions to push it through parliament. (4) Apple is considering using artificial intelligence technology from Anthropic PBC or OpenAI to power a new version of Siri, sidelining its own in-house models in a potentially blockbuster move aimed at turning around its flailing AI effort. (5) Cybersecurity woes are plaguing the US Treasury Department, deepening a rift between the agency responsible for protecting the integrity of the financial system and the banks it regulates. (6) Senate Republican leaders continue to scrounge for votes to pass Donald Trump's $3.3 trillion tax and spending bill as lingering intraparty fights threaten to upend the legislative centerpiece of the president's domestic agenda.
CBS News
14 minutes ago
- CBS News
California's 4% cannabis tax increase kicks in July 1
California's cannabis excise tax is set to increase from 15% to 19% on all products beginning July 1. It's an increase that some business owners feel would stunt the growth of the state's cannabis industry. People packed in and stocked up at Off the Charts in Manteca on Monday. It's one of the new and few marijuana dispensaries in the city. Customers like Miguel Gutierrez are feeling burned after learning about the increase in the state's cannabis tax. He says the constant increase makes it more tempting to turn to the illegal market. "It adds up, especially with everything else going up," he said. Lauren Nair, the store manager at Off the Charts, said that the industry is already struggling with taxes and having to compete with the underground market. Her store often offers specials to lure more customers. "We're trying to sympathize with them because 4% is not a little bit. It'll be on every product they purchase, so it'll be a hefty amount," she said. The California Department of Tax and Fee Administration is legally required to increase the tax every two years. Currently, Assembly Bill 564 aims to cap the tax at 15%, but it still needs revenue and tax review. "Tax is at 15% right now. I can understand how it going up could help a lot with California, but it also is coming out of our customers' pockets," Nair said. Nair said business owners in the industry know the taxes are high, so they have specials constantly. On average, customers spend $120 to $140 every time they come into Off the Charts. The increase would amount to about $5 extra that the average customer will have to pay.
