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 Business & Economy | Business & Economy <!– | | | How Trump’s big bill could affect your taxes | President Trump’s bill to cut taxes and spending centers on an extension of his previous round of tax cuts, which Republicans slated for expiration at the end of this year. | Other tax cuts in the legislation now moving through Congress will be brand new, though most of the new additions are scheduled to end after a few years. Here’s a look at some of the big-ticket items in the latest round of GOP tax cuts. Personal income tax rates will stay the same: Under current law and moving up the income spectrum, marginal rates are 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent, and 37 percent. The new GOP law will lock those rates in place. Higher standard deduction, no personal exemptions: The law preserves — and temporarily boosts — the higher standard deduction, which was nearly doubled back in 2017. The new boost is $1,000 for individuals and $2,000 for couples filing jointly and will last for four years. No taxes on tips or overtime pay: The bill creates a temporary full deduction for tips and overtime pay, allowing taxpayers to avoid paying taxes on those types of compensation. Taken together, the tax breaks will reduce revenues by about $164 billion through 2028 when they expire. Read more here. | Welcome to The Hill’s Business & Economy newsletter, I'm Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue. | Did someone forward you this newsletter? Subscribe here. | | | Key business and economic news with implications this week and beyond: | | | Target: Price hikes to cover Trump tariffs ‘very last resort’ | | | Target CEO Brian Cornell said on Wednesday that hiking prices on customers due to President Trump’s tariff agenda would be the retail giant’s “very last resort.” | | | | Tucker Carlson on Trump Organization Middle East deals: ‘Seems like corruption’ | | | Former Fox News host Tucker Carlson agreed with a guest on his podcast that the timing of the Trump Organization’s business ventures in the Middle East — just as the Trump administration announced new deals with those foreign governments — “seems like corruption.” | | | | No Tax on Tips Act: What to know about the bill and what comes next | | | The Senate on Tuesday passed a bill that would eliminate federal taxes on tips, advancing a key campaign promise of President Trump’s, with the help of Senate Democrats. | | | | Air traffic control system ‘failing Americans’: Airline executives | | | The heads of the largest airlines in the country penned an open letter Wednesday calling on Congress to fund a major modernization of the U.S.’s antiquated air traffic control system that has contributed to heightened safety concerns and rampant airport delays. | | | | The Hill's Evening Report breaks down the day's big political stories and looks ahead to tomorrow. Click here to sign up & get it in your inbox
| | | Upcoming news themes and events we're watching: | - House GOP leadership is working to pass legislation to advance President Trump's tax priorities, along with a host of proposed spending cuts, before Congress is set to leave this week for Memorial Day recess.
- Federal Reserve Chair Jerome Powell is set to deliver remarks at the Princeton University Baccalaureate Ceremony, Princeton, N.J., on Sunday at 2:40 pm E.T.
| | | Branch out with more stories from the day: | | | After meeting at the White House Speaker Johnson vows to push ahead on Trump’s big bill | WASHINGTON (AP) — Defying opposition from within his ranks, House Speaker Mike Johnson insisted late … | | | Invest In America Thursday, June 5 at 8 a.m. EDT — Washington, D.C. Join The Hill for a half-day summit featuring titans from Washington and Wall Street, focused on solutions-oriented conversations that will deliver insights into the future of the domestic and global economy, covering everything from tariffs, investing, AI, crypto, taxes and more. | | | Business and economic news we've flagged from other outlets: | - Dow tumbles more than 700 points as Treasury yields continue to push higher (CNBC)
- US and China are already feuding again after unexpected trade truce (CNN)
- Trump drafts America’s business titans to burnish his image at home and abroad (The Associated Press)
| | | Top stories on The Hill right now: | | | Judge scolds DOJ in dismissing ICE facility trespassing charge against Newark mayor | A federal judge chided the Department of Justice (DOJ) during a Wednesday hearing where he agreed to dismiss a trespassing charge against Newark Mayor Ras Baraka (D) that stemmed from his visit to a U.S. Immigration and Customs Enforcement (ICE) facility earlier this month alongside three Democratic … Read more | | White House, GOP leaders bet Trump bill is too big to fail | Speaker Mike Johnson (R-La.) and the White House are betting that the bill full of President Trump’s priorities is so big — and so “beautiful,” at least in the eyes of the president — that it cannot fail. Read more | | | | You're all caught up. See you tomorrow! | | | |
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