Latest news with #MiriamWaldvogel
The Hill
4 days ago
- Business
- The Hill
Crypto lobby gains ground under Trump
At least 27 crypto companies or advocates filed their first-ever lobbying disclosures this year across some 20 firms, reflecting an increasing appetite for influence in a more crypto-friendly Washington. The newcomers originate from all corners of the industry. There's betting website Polymarket, a gaming company that created an NFT version of the White House Easter egg hunt, and a Seychelles-based exchange that cannot operate in the U.S. market due to a federal money laundering settlement. Together, they spent nearly $2.8 million between April 1 and June 30 on lobbying landmark legislation promoting digital assets to the Treasury Department and the Securities and Exchange Commission, and a host of other issues relevant to blockchain infrastructure — an increasingly sprawling ecosystem that some hope could one day be as ubiquitous as the internet. The push has paid off for crypto so far. The GENIUS Act, a bill with bipartisan support signed by President Trump last week, has been regarded as the government's 'seal of approval' on the industry. The law sets up a regulatory framework for stablecoins, a type of cryptocurrency that is theoretically pegged to the U.S. dollar or another reference asset. The House also advanced several other landmark bills during its monumental 'crypto week,' which featured high-profile lobbying stunts such as vending machines around the Capitol and the National Mall with customized chocolate bars urging 'yes' votes, bankrolled by the crypto exchange Coinbase. Lobbying expenses that week were not covered in the second quarter disclosures. At least 73 companies or associations focused on crypto disclosed federal lobbying activities, to the tune of about $11.4 million. This total doesn't include spending from investment firms such as Andreessen Horowitz ($790,000) or BlackRock ($810,000) that have substantial crypto interests but also lobbied on a suite of other financial regulation issues. The Hill's Miriam Waldvogel has more here.
The Hill
03-07-2025
- Business
- The Hill
High-income earners to benefit most from megabill tax breaks
View Online The Big Story With the GOP's 'big, beautiful bill' headed to President Trump's desk for signature Friday, wealthy Americans are poised to receive significant tax breaks. /iStockphoto Here's how the bill would impact your taxes. High-income earners (>$217,000): For taxes filed in 2026, households making between $217,000 and $318,000 would see their after-tax income raise 2.6 percent, a tax break of about $5,400. For Americans making $318,000 to $460,000 — in the 90th to 95th percentile — that cut would be about $8,900, or a 3.1 percent increase to their after-tax income. Middle-income earners ($50,000-$200,000): The tax breaks for the rest of Americans are far less substantial, according to the center's estimates. Households making between $100,000 and $200,000 a year would see their after-tax income increase by 2.5 percent, about a $3,000 tax break. For those making between $75,000 and $100,000, the tax cut as a percentage of income is similar — at about $1,700 or 2.3 percent. Low-income earners (<$50,000): For those making between $40,000 and $50,000, that cut will be about $630. Those are after-tax boosts of 1.9 percent and 1.5 percent, respectively. Those in the bottom quintile of incomes, making below $34,600 a year, would see their taxes decrease by about $150, or a 0.8 percent increase in their after-tax income. The Hill's Miriam Waldvogel has more here. Welcome to The Hill's Business & Economy newsletter, I'm Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue. Programming note: We will not publish tomorrow for the July 4 holiday. See you Monday! Did someone forward you this newsletter? Subscribe here. Essential Reads Key business and economic news with implications this week and beyond: Trump: US to begin informing countries Friday of tariff rates President Trump said Thursday his administration would begin sending letters out to other countries this week informing them of tariff rates they would have to pay to do business in the United States, downplaying his desire to strike dozens of individual trade deals. Layoffs climb to highest level since 2020: Research Layoffs across the United States have climbed to the highest level since 2020, when the COVID-19 pandemic slowed down economies around the world, according to a new report that was published on Wednesday. China knocks Trump trade deal with Vietnam China knocked the newly announced U.S. trade deal with Vietnam, saying Beijing 'firmly opposes' any deal that disadvantages its economy and pledged to take 'countermeasures' to protect its own interests. Tax Watch Inside Trump's push to pass the 'big, beautiful bill' With the signature policy bill of President Trump's second term hanging in the balance this week, the president and his allies got to work, using a mixture of vinegar and honey to win over skeptics and ensure its final passage. It was a week of late night meetings and phone calls, stern posts on social media and cordial discussions at the White House as Trump and top advisers sought to win over skeptics of the 'big, beautiful bill.' Sources close to the White House argued Trump's dominance within the Republican Party and the political risks of drawing his ire loomed large as the administration corralled votes. But they also pointed to assurances the White House made to lawmakers to win their support as a sign that it was not just threats that got enough Republicans to 'yes.' Trump is expected to sign the legislation Friday after it passed the Senate on Tuesday and the House on Thursday, with both chambers having embarked on marathon rounds of voting procedure, including several all-nighters. 'The president's focus on relationships carried us through in kind of a cascade here when it came to be crunch time and the president was asking people to take tough votes, to come together, to unify,' a senior Trump White House official told reporters Thursday. The Hill's Brett Samuels has more here. Tax Watch is a regular feature focused on the fight over tax reform and extending the 2017 Trump tax cuts this year. Email a tip In Other News Branch out with more stories from the day: US stocks set another record and yields leap on signals the US economy is solid NEW YORK (AP) — U.S. stocks climbed further into record heights on Thursday after a report showed … Good to Know Business and economic news we've flagged from other outlets: What Others are Reading Top stories on The Hill right now: House sends GOP's 'big, beautiful bill' to Trump's desk in major win for Republicans The 'big, beautiful bill' is heading to President Trump's desk. Read more What to know about the $6,000 'senior deduction' in GOP megabill The Senate's version of the 'big, beautiful bill,' which passed Tuesday, includes a $6,000 tax deduction for Americans 65 or older. Read more What People Think Opinion related to business and economic issues submitted to The Hill: You're all caught up. See you next week! Thank you for signing up! Subscribe to more newsletters here
