Forbes Daily: Trump's Tax Bill Fractures Senate GOP On Push To Final Vote

Forbes

2 days ago

As soon as Zohran Mamdani declared victory in the Democratic mayoral primary in New York City, billionaires began to sound the alarm, suggesting his policies would drive out wealthy residents. But is that true?
To fund ideas such as free buses and childcare, Mamdani has proposed adding a 2% tax on New Yorkers earning more than $1 million per year, which his campaign suggests would raise $4 billion annually.
He's not the first to pitch a 'millionaire tax,' and in states that have enacted it, the rich aren't fleeing: Two years after Massachusetts voters approved a 4% tax on personal income over $1 million, the number of millionaires in the state has actually increased. Still, Mamdani's biggest hurdle may be convincing decision-makers in Albany, who would have to sign off on an income tax increase.
Senator Thom Tillis, R-N.C., talks with reporters in the Dirksen Senate building on Wednesday, June 18, 2025. Tom Williams/CQ-Roll Call, Inc via Getty Images
Senate Republicans narrowly voted to push President Donald Trump's One Big Beautiful Bill Act forward for what's expected to be a chaotic 'vote-a-rama' on the Senate floor Monday, where unlimited amendments could be introduced before a final vote. Senator Thom Tillis (R-N.C.) broke with the GOP in opposing the bill over Medicaid cuts, before announcing he would not seek re-election in 2026.
After delaying enforcement three times, Trump said a 'group of very wealthy people' was lined up to purchase TikTok, which was banned by a law passed in 2024. Trump told Fox News host Maria Bartiromo on Sunday he would need China's approval, and 'President Xi will probably do it,' without disclosing more detail on the buyer.
President Donald Trump indicated Friday he could extend, or more likely shorten, the 90-day deadline he set for tariff negotiations after pausing his 'Liberation Day' tariffs, which were set to go back into effect July 9. The president has promised to make '90 deals in 90 days' while the levies are on hold, but so far he has only announced new trade deals with China and the U.K.
The S&P 500 officially overcame its spring tariff losses, reaching a record high for the first time since February, though JPMorgan Chase predicts stocks will have a rough stretch in the second half of the year. The recovery over the last two months has come as the White House continues to ease on trade, which has created a popular phrase among traders: TACO, or 'Trump Always Chickens Out.'
MORE: Wall Street's optimism came despite a worse-than-expected inflation report for May, as the average effective tariff rate still sits at its highest level since 1936. Despite economists' warnings, recent inflation data has yet to show a significant tariff-driven surge, though it's unclear what the impacts will be moving forward. WEALTH + ENTREPRENEURSHIP
Jeff Bezos and Lauren Sánchez ahead of their wedding in Venice. LUCA BRUNO/AP
Amazon billionaire Jeff Bezos and former TV host Lauren Sánchez tied the knot in Venice this weekend in what was an 'intimate' 200-person ceremony, and Forbes estimates at least $20 million was spent on the celebration. That's more than 600 times the cost of an average American wedding—which the wedding site The Knot puts at $33,000—but won't exactly make a dent in Bezos' estimated $237 billion fortune.
MORE: Protestors of the wedding called for Bezos to pay more taxes, and Forbes estimates that the world's fourth-richest man likely paid some $2.7 billion in taxes in 2024. Most of that is due to his record year of share sales, since stock is only taxed when sold, a fact that activists want to change.
Nvidia CEO Jensen Huang briefly became the ninth-wealthiest person in the world before finishing last week at No. 10, with a net worth of about $137.4 billion, as the stock gained for the fifth consecutive day. Wedbush Securities analyst Dan Ives suggested Nvidia and Microsoft—the 'poster [children]' of AI—will each hit a $4 trillion market cap this summer. MONEY + POLITICS
The Supreme Court handed President Donald Trump a major win Friday as it ruled on the first major case of his agenda, limiting the ability of lower court judges to block his policies nationwide. But the court didn't actually rule on the constitutionality of his order to restrict birthright citizenship, which the case sought to challenge.
MORE: The ruling will have a far-reaching impact on the dozens of pending lawsuits over the president's agenda, slowing down efforts to halt controversial actions and likely giving the Supreme Court a greater role over which policies stay in place. Trump said Friday that his administration is expected to return to court in a number of cases to now challenge injunctions that have blocked the government's policies nationwide.
California Governor Gavin Newsom filed a $787 million lawsuit against Fox News for defamation after host Jesse Watters claimed that Newsom lied about the timing of his phone calls with President Donald Trump during recent protests in Los Angeles. The Fox reporting stems from Trump's claim on June 10 that he last spoke with Newsom the previous day, a call Newsom said never occurred. DAILY COVER STORY The Kings Of CBD Are Now Cooking Up Plans To Make Billion-Dollar Meds From Cannabis And Mushrooms
Joel (left) and Jared Stanley CHARLOTTE'S WEB
The Stanley Brothers, known for popularizing CBD with their groundbreaking company Charlotte's Web, are now developing pharmaceuticals derived from cannabis and psilocybin in the hopes of treating autism, PTSD and depression. 'We're taking a pharmaceutical approach to nature,' says Joel Stanley, CEO and founder of drug development company Ajna BioSciences.
Ajna has raised a total of $11 million, about $4.5 million from the Stanley family, $5.5 million from Joel and other executives at his company, and the rest from early Charlotte's Web investors, to develop a suite of botanical drugs from hemp, marijuana and psilocybin mushrooms. But Ajna has leased 100% of its intellectual property for its frontrunner drug, codenamed AJ001, to Joel's brother Jared's new company, DeFloria, to help Ajna navigate the FDA approval process by raising $15 million from British American Tobacco.
AJ001 is targeting what is arguably the central condition of the Make America Healthy Again era—autism, which now affects one in every 31 children and one in 45 adults. Jared Stanley, CEO of DeFloria, says the autism drug follows the FDA's botanical drug pathway, meaning it is wholly derived from the plant and not a synthetic single-molecule drug, like most pharmaceuticals on the market. Botanical drugs can be more difficult than single-molecule drugs due to the sheer number of active compounds in plants. Currently, there are only four FDA-approved botanical drugs.
Success for the Stanley Brothers' newest venture is obviously not guaranteed: Getting a new drug through clinical trials and approved by the FDA is a herculean task that requires very deep pockets. On average, it costs $880 million to obtain FDA approval for completely new medication.
And while 39 states have legalized medical marijuana and 25 have legalized recreational sales, pharmaceutical cannabis is an entirely different industry.
WHY IT MATTERS 'All the hype and headlines around hemp and marijuana lie in recreational use, but turning cannabis compounds into pharmaceutical medicines presents even more billion-dollar opportunities,' says Forbes staff writer Will Yakowicz. 'If approved, the Stanley Brothers believe their medicine could rake in a 'conservative' $2.4 billion in sales within its first five years on the market.'
MORE With Federal Legalization Stalled, Cannabis Companies Are Finding A New Green Rush In Europe FACTS + COMMENTS
The most recent tax filing season was the 'smoothest yet,' Erin Collins, the National Taxpayer Advocate, told Congress. But she warned about personnel cuts and the absence of consistent leadership at the IRS:
Around $5 trillion: The amount of revenue the IRS collected
25%: The reduction in the number of employees at the agency in 2025, not including proposed budget cuts
'Not only an IRS imperative but also a national one,' Collins said of having a successful filing season STRATEGY + SUCCESS
It can be intimidating to negotiate salary in a job offer, but maintaining poise is key to making a good impression and ultimately getting the outcome you want. Prepare for the conversation by researching the average salary range for similar roles and outlining your value, then rehearse with a friend or mentor—and don't be afraid to take some time to consider a recruiter's offer. VIDEO
Amid recent heat waves across the U.S., the National Park Service declared that it is 'sploot season' for animals. What does it mean when an animal is splooting?
A. Standing straight up
B. Sitting belly down with their legs outstretched
C. Crouching while waiting for prey
D. c
Check your answer.
Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire, Chris Dobstaff and Caroline Howard.