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Forbes
3 days ago
- Business
- Forbes
Forbes Daily: Trump's Tax Bill Fractures Senate GOP On Push To Final Vote
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.
New York Post
3 days ago
- Politics
- New York Post
GOP Sen. Thom Tillis passes on reelection bid after stoking Trump's ire by voting against ‘big beautiful bill'
North Carolina Sen. Thom Tillis stunningly announced Sunday that he won't seek reelection after drawing President Trump's wrath over the One Big Beautiful Bill Act, leaving a vulnerable GOP seat up for grabs. Just before his sudden announcement, the Republican senator had rankled Trump by voting against advancing the marquee Trump legislation because of his concerns about the Medicaid provisions in the megabill. 'In Washington over the last few years, it's become increasingly evident that leaders who are willing to embrace bipartisanship, compromise, and demonstrate independent thinking are becoming an endangered species,' Tillis said in a statement Sunday. Advertisement 3 Sen. Thom Tillis announced on Sunday he would not be seeking reelection in 2026. CQ-Roll Call, Inc via Getty Images 3 Tillis was ripped by Trump late Saturday in a lengthy Truth Social post, where the president said he was making a 'BIG MISTAKE.' Bloomberg via Getty Images 'It's not a hard choice, and I will not be seeking re-election.' Advertisement After GOP Sen. Susan Collins' seat in Maine, Tillis was widely viewed as the next most vulnerable incumbent senator. Trump had fumed against Tillis on Saturday over his vote against advancing the act and threatened to back a primary challenge against him. 3 'It's not a hard choice, and I will not be seeking re-election,' Tillis said on Sunday, Getty Images 'Looks like Senator Thom Tillis, as usual, wants to tell the Nation that he's giving them a 68% Tax Increase, as opposed to the Biggest Tax Cut in American History!' Trump wrote on Truth Social. Advertisement 'Thom Tillis is making a BIG MISTAKE for America, and the Wonderful People of North Carolina!' he added. 'Numerous people have come forward wanting to run in the Primary against 'Senator Thom' Tillis.' This is a developing story. Check back for more information.
Yahoo
5 days ago
- Politics
- Yahoo
Amid Mamdani's Rise, Democrat in Congress Warns Party Against Him
From left: Rep. Laura Gillen, a New York Democrat, and Zohran Mamdani, state assemblyman and New York City mayoral candidate Credit - Gillen: Tom Williams—CQ-Roll Call, Inc/Getty Images; Mamdani: Madison Swart—Hans Lucas/AFP/Getty Images In the wake of Zohran Mamdani's surprise primary success in New York City's mayoral primary, prominent Democrats across the country have kept unusually quiet. Rep. Laura Gillen, a freshman Democrat in Congress representing part of Long Island, took a different approach: she issued a sharp, immediate rebuke. 'Socialist Zohran Mamdani is too extreme to lead New York City,' Gillen said in a statement released Wednesday morning. 'His entire campaign has been built on unachievable promises and higher taxes, which is the last thing New York needs.' She went on to accuse Mamdani of promoting 'a deeply disturbing pattern of unacceptable antisemitic comments,' referencing his refusal during the campaign to denounce the slogan 'globalize the intifada,' and his comparison of it to the Warsaw Ghetto Uprising. 'He is the absolute wrong choice for New York,' she concluded, making her the first Democrat in Congress to publicly oppose Mamdani's candidacy. It was a striking move from a Democrat whose district borders the city where Mamdani just toppled former Governor Andrew Cuomo, a party heavyweight with near-universal name recognition. But Gillen's district—NY-4, a swing seat anchored in Nassau County on Long Island—is far from the progressive epicenter of New York City. It is among the wealthiest districts in the country, home to a large Jewish population and a substantial number of moderate and independent voters. Gillen flipped the district in 2024, and her political survival may depend on maintaining daylight between herself and the party's leftmost edge. In an interview with TIME on Thursday, Gillen doubled down on her criticism, arguing that Mamdani's vision of fare-free public transit, rent freezes, city-run grocery stores, and steeper taxes on the wealthy is not just ideologically extreme, but structurally unsound. 'Saying things like 'we're going to give away free everything' is not realistic, and it's not the direction the Democratic Party should go in,' she says. 'They should find ways to make people's lives affordable in tangible ways, and say we will reach across the aisle to do that.' Read More: Zohran Mamdani's Success Sparks a Democratic Reckoning—and a GOP Attack Plan Gillen dismissed the notion that Mamdani's victory signaled a larger ideological shift for the party. 'This is hardly a mandate or some grand proclamation about where Democrats are,' she said, pointing out that fewer than one in three of the city's registered Democrats turned out in the primary. Mamdani, a 33-year-old assemblyman and member of the Democratic Socialists of America, declared victory in the party's primary for mayor of New York City early Wednesday. His win was powered by a coalition of younger voters, left-leaning activists, and progressive organizations—the same political base that helped launch the careers of Rep. Alexandria Ocasio-Cortez and other progressive candidates over the past decade. Mamdani told MSNBC a day after the primary that his populist campaign could be deployed anywhere: 'I think ultimately this is a campaign about inequality, and you don't have to live in the most expensive city in the country to have experienced that inequality, because it's a national issue,' he said. Read more: Meet Zohran Mamdani's Wife, an Illustrator He Met on Hinge But his win has sparked a wave of GOP attacks and triggered a fresh round of soul-searching among Democrats. Prominent Republicans, including President Donald Trump, have already moved to frame Mamdani as the 'new face' of the Democratic Party ahead of the 2026 midterms. 'I'm sure the Republicans would like to say that all Democrats are socialists,' Gillen says. 'But in fact, I think the people in my district know quite clearly that I am not a socialist. I am a Democrat.' Rep. Mike Lawler, a New York Republican and potential gubernatorial candidate, echoed that strategy in an interview with TIME on Wednesday, warning that Democrats now face a brutal political dilemma. 'If they own [Mamdani's views], voters will not take kindly to them. If they disavow them, their base will revolt,' he said. Gillen said she has received some pushback on social media since issuing her statement, but she insisted that other Democrats share her view privately. The hesitation among Democrats may reflect the precarious balancing act they face: while Mamdani's rise represents the kind of base enthusiasm many Democrats feel the party sorely lacked in 2024, it also poses a threat in more moderate or conservative-leaning districts that are essential to retaking the House. Larry Sabato, director of the University of Virginia's Center for Politics, warned that Democrats may already be nearing the limits of how far left they can lean without alienating the broader electorate. 'They reached it during Biden,' Sabato says. 'And they certainly reach it if they try and parallel what Bernie or AOC are doing—or now Mamdani. That doesn't fit most districts. It doesn't fit most states.' But he noted that Democrats would be wise to channel some of the energy that figures like Mamdani inspire—not by adopting their full platforms, but by embracing elements of economic populism that can boost turnout and reconnect with disengaged voters. Gillen, however, believes the party's future lies in reclaiming the political center. 'The people in the middle who are willing to work together are the people who should be leading this nation,' she says. 'The majority of this country is in the middle—not on the fringes to the left, and not on the fringes to the right.' Whether others in the party will follow her lead remains unclear. House Minority Leader Hakeem Jeffries and Senate Minority Leader Chuck Schumer both congratulated Mamdani after his win, but stopped short of offering endorsements. For now, most of the party's national leadership appears content to stay silent—hoping perhaps that Mamdani will moderate, or that the issue will fade before it forces an internal confrontation. Gillen is not waiting. In a party still reeling from its 2024 losses and facing existential questions about its identity, she's chosen to draw a line. Write to Nik Popli at
Forbes
5 days ago
- Health
- Forbes
Supreme Court Keeps Affordable Care Act Coverage For Preventive Services—At Least For Now
The Supreme Court upheld Friday the legality of the task force that decides which preventive health services should be covered under the Affordable Care Act, avoiding a ruling that could have raised healthcare costs for millions of Americans—though other aspects of the case are still moving forward. A demonstrator holds up a pro-Affordable Care Act sign outside the U.S. Supreme Court on Nov. 10, ... More 2020. CQ-Roll Call, Inc via Getty Images This story is breaking and will be updated.
New York Post
7 days ago
- Politics
- New York Post
GOP congressional lawmaker says she's been getting ‘imminent death threats' since revealing life-threatening ectopic pregnancy
Rep. Kat Cammack (R-Fla.) said that 'imminent death threats' forced the evacuation of her offices on Wednesday, days after she revealed that she suffered an ectopic pregnancy last year. Cammack, who is currently pregnant, said the threats were directed at 'me, my unborn child, my family, and my staff,' in a post on X. 'These threats erupted after the Wall Street Journal reported on my life-threatening ectopic pregnancy — a nonviable pregnancy with no heartbeat,' the congresswoman explained. 'Since then, we've recieved [sic] thousands of hate-filled messages and dozens of credible threats from pro-abortion activists, which law enforcement is actively investigating.' Advertisement 3 Rep. Kat Cammack attends a House Judiciary Select Subcommittee hearing in the Rayburn Building on May 18, 2023. CQ-Roll Call, Inc via Getty Images 'In light of recent violence against elected officials, these threats are taken very seriously.' Cammack, who represents Florida's 3rd Congressional District, included screenshots of some of the disturbing messages she's been receiving since the Wall Street Journal published a piece Sunday on her life-threatening ectopic pregnancy. Advertisement 'Too bad those of us who actually believe in freedom fought for the medical care that saved your life!! We all would be better off if you hadn't survived!! The only good republican is …. A DEAD ONE,' read one unhinged Instagram comment shared by Cammack. 'Count your days,' a deranged Instagram user direct messaged the congresswoman. 'You should've been dead the other like every other women has been due to the laws you agreed to,' the menacing message continued. 3 Cammack, who is currently pregnant, said the threats were directed at 'me, my unborn child, my family, and my staff,' in a post on X. Kat Cammack/X Advertisement In the Wall Street Journal piece, Cammack shared the challenges she faced getting medical treatment for the unviable pregnancy as Florida's six-week abortion ban went into effect just as she discovered she was five-weeks pregnant. The congresswoman said doctors and nurses feared losing their licenses or going to jail if they provided her with drugs to terminate the pregnancy, which could have ruptured her fallopian tube, but eventually agreed to offer her the treatment. 'To those spreading misinformation: I did not vote for Florida's heartbeat law; I serve in the US House of Representatives, not the Florida Legislature,' Cammack noted in her X post. 'Let me be clear: I will not be intimidated. I won't back down in the fight for women and families,' she continued. 'Ensuring women have the resources and care they deserve is critical.' Advertisement 3 Rep. Cammack speaks during the Republican Study Committee press conference on May 19, 2021. CQ-Roll Call, Inc via Getty Imag 'We need real conversations about maternal healthcare in America—conversations based on truth, not fear.' Cammack is generally opposed to abortion but supports the procedure in cases of rape or incest or when the life of mother is in danger. Her office and US Capitol Police did not immediately respond to The Post's requests for comment.
