Trump's tax bill and your wallet
Trump's tax bill and your wallet
Good morning!🙋🏼♀️ I'm Nicole Fallert, I'll have an Iced Horchata Oatmilk Shaken Espresso, please.
Quick look at Tuesday's news:
The more you make the better Trump's "big, beautiful bill" looks.
More bouts of severe weather are possible in Kentucky.
Every second matters in Karen Read's second murder trial.
Will President Trump's tax bill help all Americans?
President Donald Trump's tax bill won approval from a key congressional committee over the weekend. He claims it would lower taxes for all Americans. While it's true that certain Americans will see after-tax income gains if the bill passes, analyses from nonpartisan organizations suggest top earners stand to gain the most from these tax cuts, with some of the lowest earners losing income when accounting for spending cuts to programs like Medicaid. Increased prices from tariffs would only make matters worse for low-income households.
Supreme Court lets Trump strip Venezuelan migrants of protected status for now
In an unsigned order, the Supreme Court said the Trump administration can move to strip more than 300,000 Venezuelan migrants of temporary protected status.
The background: In March, U.S. District Judge Edward Chen in Northern California blocked the administration from abruptly ending a program that allowed a population of Venezuelan migrants to live and work temporarily in the United States due to living conditions in their country. The lower court said the government had failed to identify any real harm in keeping the program in place while the migrants are challenging its termination.
But now the lower court's order is lifted. Advocates for the migrants say now many could be deported before the case is fully litigated.
Advocates for the migrants say now many could be deported before the case is fully litigated. Why it matters for Americans: An attorney for the migrants described the order as "the largest single action stripping any group of non-citizens of immigration status in modern U.S. history."
An attorney for the migrants described the order as "the largest single action stripping any group of non-citizens of immigration status in modern U.S. history." What this means for Trump's strategy: Judges have stepped in and blocked a range of Trump's most aggressive policies. The unresolved question is how − or whether − presidential policies could be blocked if the Supreme Court limits or abolishes nationwide court orders.
More news to know now
What's the weather today? Check your local forecast here.
Storms continue in the Midwest and South after a deadly weekend
Another round of severe weather is possible in Kentucky during the afternoon and evening hours of Tuesday, and communities impacted by tornadoes just days ago may be hit with more strong storms. The forecast comes as a wave of tornadoes and furious storms left at least 28 people dead and dozens more injured as the storms passed through multiple states over the weekend. More than 80 tornadoes had been confirmed as of Monday morning, according to AccuWeather, with areas of Kentucky, Kansas, Missouri, Indiana, Illinois and Virginia reporting some of the worst damage. The storms left a trail of destruction, including flattened houses and downed power lines in wake of the devastating storms and tornadoes.
Here's how to help Kentucky residents impacted by deadly tornadoes.
American women are about to inherit trillions
Many young adults are pinning their hopes on the Great Wealth Transfer, a generational exchange of riches that could pass $84 trillion from older Americans to their children and other beneficiaries. But first, trillions of dollars will transfer from one spouse to the other within the same generation: In most cases, from a dying husband to a surviving wife. Between 2024 and 2048, an estimated $54 trillion will pass from one spouse to another, rather than to children or grandchildren. If you're banking on an inheritance, you may have to wait.
Today's talkers
Seconds count in the Karen Read trial
As the case entered it's fifth week of witness testimony, prosecutors brought out digital forensics expert to lay out a timeline that potentially ties Karen Read to the death of her police officer boyfriend. It relied on clock data from Read's vehicle and John O'Keefe's phone — and a timeframe of about 10 seconds. The timeline suggests Read's Lexus could have struck O'Keefe while backing up. But Read's lawyers contend she was framed for the death in an elaborate conspiracy contrived by Massachusetts police officers.
Photo of the day: Fallout and a Fever foul
During the third quarter of Indiana's 93-58 win over Chicago on Saturday, Angel Reese and Caitlin Clark got into a brief fight after Clark committed a flagrant 1 foul on Reese, who was attempting to make a rebound. According to IndyStar, part of the USA TODAY Network, the foul is not involved in a new WNBA investigation over Reese's claim fan made racially insensitive comments to her during the game.
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Yahoo
40 minutes ago
- Yahoo
Oil prices slip as rising OPEC+ output, tariff fears weigh on outlook
By Yuka Obayashi TOKYO (Reuters) - Oil prices edged lower in early Asian trade on Wednesday, weighed down by a loosening supply-demand balance following increasing OPEC+ output and lingering concerns over the global economic outlook due to tariff tensions. Brent crude futures dipped 5 cents, or 0.1%, to $65.58 a barrel by 0040 GMT while U.S. West Texas Intermediate crude was at $63.32 a barrel, down 9 cents, or 0.1%. Both benchmarks climbed about 2% on Tuesday to a two-week high, supported by worries over supply disruptions from Canadian wildfires and expectations that Iran will reject a U.S. nuclear deal proposal that is key to easing sanctions on the major oil producer. "Despite fears over Canadian supply and stalled Iran-U.S. nuclear talks, oil markets are struggling to extend gains," said Tsuyoshi Ueno, senior economist at NLI Research Institute, adding that OPEC+ production increases were capping the upside. Ueno said hopes for progress in U.S.-China trade talks were overshadowed by profit-taking, as investors remained cautious over the broader economic fallout from tariffs. U.S. President Donald Trump and Chinese leader Xi Jinping will likely speak this week, White House press secretary Karoline Leavitt said on Monday, days after Trump accused China of violating an agreement to roll back tariffs and trade restrictions. As the Trump administration pressed U.S. trading partners to provide their best offers by Wednesday, the protracted negotiations and moving deadlines have led economists to scale back growth forecasts. On Tuesday, the Organisation for Economic Co-operation and Development (OECD) cut its global growth forecast as the fallout from Trump's trade war takes a bigger toll on the U.S. economy. Meanwhile, scores of wildfires have swept across Canada since the start of May, forcing thousands of evacuations and disrupting crude oil production in the country. U.S. crude stocks fell by 3.3 million barrels in the week ended May 30, market sources said, citing American Petroleum Institute figures on Tuesday. Gasoline inventories rose by 4.7 million barrels and distillate stocks rose by about 760,000 barrels. [API/S] A Reuters poll of nine analysts estimated an average draw of 1 million barrels in crude stocks. [EIA/S] Official inventory data from the U.S. Energy Information Administration (EIA) is due on Wednesday.
Politico
an hour ago
- Politico
White House allies ‘disappointed' at Musk's opposition to the megabill
Republican allies close to the White House are privately argue that the former special government employee — who spent Tuesday afternoon blasting the spending bill and threatening to retaliate against its supporters — is opposing the bill because it harms the tech billionaire's business interests. The House-passed megabill represents the president's chief — and potentially only — major legislative priority this Congress. But Musk's opposition suggests that the coalition that vaulted Trump to the White House is still facing internal disagreement over it as it makes its way through the Senate. It marks another dust-up between the MAGA and Tech Right. And it raises the possibility some members face pressure from Musk if they ultimately support it. 'The West Wing is perplexed, unenthused, and disappointed' with Musk, who left the White House to attend to his ailing business empire, according to one White House official, who like others interviewed for this story were granted anonymity to be candid about an ally who spent hundreds of millions to ensconce them in the White House.
The Hill
an hour ago
- The Hill
Army hits recruiting goal four months ahead of schedule
The Army has hit its annual recruiting goal of 61,000 new active duty soldiers, four months ahead of the end of fiscal 2025 in September, the service announced Tuesday. The Army said the goal – 10 percent higher than the 55,000 recruits it sought last year – 'represents a significant turning point for the Army and indicates a renewed sense of patriotism and purpose among America's youth,' according to a statement. The surge in new potential troops comes as the Army has significantly ramped up its recruiting efforts over the past several years in response to its struggle with number shortfalls over the past decade. That outreach included loosening certain rules and restrictions to target young Americans who historically have been unqualified to serve due to tattoos, prior medical conditions or drug use. In 2023, the Army fell about 11,000 people short of its 65,000-person goal but rebounded in 2024 to meet its goal of 55,000, though just barely. The U.S. military as a whole struggled to entice young people to serve in the midst of and in the aftermath of the COVID-19 pandemic, as well as during periods of low unemployment across the country and the emergence of more attractive job opportunities within the private sector. It is unclear exactly why the uptick in enlistments occurred after the service struggled to meet its goals across the finish line last year, but the Trump administration has insisted that the recruiting momentum is a sign of renewed excitement to serve following the presidential election. 'I want to thank the commander in chief, President Trump, and Secretary of Defense Hegseth for their decisive leadership and support in equipping, training and supporting these future Soldiers as they face a world of global uncertainty and complex threats,' Army Secretary Dan Driscoll said in the statement. 'Putting Soldiers first is having a tangible impact and shows that young people across our country want to be part of the most lethal land fighting force the world has ever seen.'
