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 Business & Economy | Business & Economy <!– | | | Trump tax bill debate: ‘Donor states' vs. ‘taker states' | Democrats and blue-state Republicans defend the state and local tax (SALT) deduction and advocate for a higher cap because their states often pay more in taxes than they get back in services. | They distinguish between “donor states” and “taker states” and argue that, as donors, they should be able to fully exempt their regional taxes from their federal tax bill. “Most of these states … are high tax states that give more to the federal government than they get back in federal services. Most of the red states are taker states, states that get more from the federal government than they actually pay in taxes,” Rep. Tom Suozzi (D-N.Y.) said during a markup of the tax portion of the GOP bill earlier this month. “It’s really not fair that we are being stuck with this cap on our state and local tax deduction because people are getting taxed on taxes that they’ve already paid,” he said. Republicans in red states see things dramatically differently. They argue many residents of blue states are simply living in high-tax areas and shouldn’t get a federal tax reduction for doing so. If they want lower taxes, vote to lower the local taxes or move. State tax experts say blue states are generally sending in more to the federal government than they are getting out in benefits because they have larger local economies and more higher-income taxpayers. The Hill's Tobias Burns has 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: | | | GOP beats down key budget office over tax plan projections | | | Republicans are using Congress’s official budget scorer as a whipping boy, as they argue a major package of President Trump’s tax priorities is costless, despite multiple projections placing the plan’s price tag at trillions of dollars over the next decade. | | | | Wall Street drifts higher as oil prices jump and US manufacturing slumps | | | U.S. stock indexes drifted closer to their records on Monday, coming off their stellar May, which was Wall Street’s best month since 2023. | | | | Disney laying off hundreds of employees | | | The Walt Disney Co. is laying off hundreds of its employees, a company spokesperson told The Hill on Monday. | | | | 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: | - The Labor Department releases the Job Openings and Labor Turnover (JOLTS) report for April at 8:30 a.m. EST
| | | Branch out with more stories from the day: | | | Campbell’s Co. says sales rise as more Americans cook meals at home | The Campbell’s Co. said Monday it saw stronger sales of broth and condensed soup in its latest quarter … | | | Invest In America Wednesday, June 4 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: | - Trump administration requests another pause in tariff ruling on two toy companies (CNN)
- Elon Musk's Neuralink raises $650 million in fresh capital (CNBC)
- Economists Question G.O.P. Bill: Why Increase the Deficit in Good Times? (NYT)
| | | Top stories on The Hill right now: | | | Kavanaugh signals Supreme Court will soon decide constitutionality of banning AR-15s | The Supreme Court on Monday declined to take up a case that involves whether possessing AR-15s is protected by the Second Amendment, but the court’s conservatives are signaling they soon will. Read more | | Bannon: Graham should be arrested if he keeps ‘stirring it up’ in Ukraine | MAGA insider and former Trump White House chief strategist Steve Bannon said Monday that Sen. Lindsey Graham (R-S.C.), one of Kyiv’s strongest backers in Congress, should be “arrested” if he doesn’t stop traveling overseas and “stirring it up” in Ukraine. Read more | | | Opinions related to business and economic issues submitted to The Hill: | - Why would the US government ever refuse the US dollar?
- Trump’s tariff tantrum risks a global depression
| | | You're all caught up. See you tomorrow! | | | |
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