Balance of Power: Early Edition 8/12/2025
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The Hill
a few seconds ago
- The Hill
Trump, DC residents face off in federal takeover
Happy Thursday. Isn't August recess glorious? 🌞 In today's issue: DC residents heckle authorities World readies for Trump-Putin summit Trump: 25 percent chance Putin meeting unsuccessful Wholesale inflation spikes Taylor Swift breaks the internet 🚓 The new militarized zone: President Trump 's Washington, D.C., takeover has begun. FBI Director Kash Patel said 45 arrests were made in the nation's capital overnight. '29 immigration-related, 16 tied to the violent crime surge, and 3 firearm seizures,' Patel posted on X. And a group of protesters heckled law enforcement officers near the 14th Street NW corridor, where agents had set up a vehicle checkpoint. Protesters held up signs that read, 'Go home, fascists' and 'Get off our streets,' according to The Associated Press. Some details about the 14th Street checkpoint: NOTUS's Anna Kramer reports, 'Police have set up a checkpoint and appear to be stopping every single car on 14th st NW, between W+V. Some cars are being pulled over after being stopped. Some police are wearing 'HSI police' vests (Homeland Security Investigations)' 📸 Photos National Guard vehicles were spotted near the National Mall early Thursday, per NewsNation. Trump ripped into D.C. last night: He bashed the city as one of the 'highest rates of crime in the world,' arguing it is higher than the mayor says it is. And this morning, he promoted a U.S. Marshals Service post highlighting their night operations in the District. You know how I said Trump can only take over D.C. police for 30 days?: Well, Trump signaled Wednesday that he would ask Congress for an extension beyond those 30 days. ➤ HAVE YOU HEARD ABOUT THE MAN WHO THREW A SANDWICH?: A man allegedly threw a sandwich at a U.S. Customs and Border Protection agent Sunday. Well, he was charged with a felony for the incident. 📹 Watch the video – warning, there is some sharp language. ➤ TIDBIT — SEN. MULLIN SAYS HE DOESN'T 'BUCKLE UP' IN D.C.: Sen. Markwayne Mullin (R-Okla.) told Fox News on Wednesday that he doesn't 'buckle up' when driving around Washington, D.C., for fear of being carjacked. ➤ RELATED READS: Washingtonian: 'My Life Is Not a Political Football': How Community Leaders in DC's Neighborhoods With the Most Crime Are Reacting to Trump's Takeover The Washington Post: Congress tried to control D.C. police in 1989. The results were disastrous. Politico: Donald Trump Took Over DC's Police. Why Is the City's Mayor So Zen? Alaska will be the epicenter of the universe tomorrow: All eyes are on the 49th state, where President Trump 's high-stakes summit with Russian President Vladimir Putin is set to happen Friday. Trump has described this meeting as the start of the peace process with Ukraine. If not, Trump says Russia will face 'consequences.' How does Trump think it will go?: He told Fox News's Brian Kilmeade that he believes there is a '25 percent chance' Friday's meeting is *not* successful. If the meeting *does* go well: Trump floated a follow-up summit involving Putin and Ukrainian President Volodymyr Zelensky. He said he has three potential locations in mind, including Alaska. What to expect: Trump and Putin will have a one-on-one meeting, followed by a joint press conference, White House press secretary Karoline Leavitt told Fox News this morning. Other preparations happening today: Ukrainian President Volodymyr Zelensky met with British Prime Minister Keir Starmer in London to discuss expectations for the Alaska meeting. ➤ RELATED READS TO FEEL PREPARED: The New York Times: Why Putin Thinks Russia Has the Upper Hand The Washington Post: Even before Alaska summit, Putin is redrawing global order to his liking The Atlantic: Vladimir Putin Could Be Laying a Trap CNN: Ahead of summit, Trump questions what's changed about Putin The Wall Street Journal: The Secret Channel Russia and Ukraine Use to Trade Prisoners of War Wholesale prices, comin' in hot: 'Wholesale prices increased in July at the quickest pace since February, as economists are keeping a sharp eye on inflation data amid President Trump 's trade war,' reports The Hill's Tobias Burns. 'The 3.3 percent yearly increase — which blew past economists' expectations — puts the Federal Reserve in a tough position, as the central bank faces pressure on both sides of its mandate to keep prices low and employment as high as possible.' Combine that with the July jobs report: 'The surprisingly weak July jobs report showed that employment conditions are worsening, but upward-moving prices mean the Fed will have to negotiate stagflationary concerns in the short term.' What does this mean for interest rates?: The New York Times's Colby Smith reports that 'the Federal Reserve is poised to lower interest rates in September. But signs of stickier inflation could limit how much relief officials can ultimately provide to borrowers.' Read: ❤️🔥 THE TALK OF SOCIAL MEDIA Taylor Swift broke the internet: Taylor Swift made her podcast debut Wednesday, appearing on her boyfriend Travis Kelce and his brother Jason Kelce 's 'New Heights' podcast. She rarely does media appearances these days, so it was fascinating to hear her talk candidly for nearly two hours about her life. Here are some of the moments getting the most attention: ❤ She revealed the track list of her new album: It's coming out Oct. 3 and will have 12 songs. 📹 Watch her announce the songs ❤ She posted photos on her social accounts: 📸 Photos from the album ❤ She explained the backstory of buying her masters: It involved her mom and brother meeting with the private equity firm that owned them. 📹 Watch ❤ How she and Travis met: 'This dude didn't get a meet and greet [at her concert] and he's making it everyone's problem,' Swift joked. 📹 Watch the clip ❤ Comparing her job to Travis's: 'On paper, we actually have a very similar job. Our job is to entertain people for three-plus hours in NFL stadiums,' Swift said. 'When I'm there it's called a dressing room. When Travis is there, it's called a locker room. For me, it's called a rehearsal, for him, it's called a practice. For him, it's called his coach, for me, it's my mom.' Tidbit: Jason Kelce posted seven minutes after the podcast premiered: 'Oh my god, there's already 976k watching this live, what in the actual f—.' 15 minutes later, he updated that figure to 1.2 million. ^ As of 12:30 p.m., the podcast had 10.3 million views on YouTube. this broke the record for the 'New Heights' podcast.
CNET
a few seconds ago
- CNET
Amazon Slashes 25% Apple's Latest M3 iPad Air in Every Color Just in Time for Back to School
Apple's iPad Air M3 tablet is the latest one in the iPad Air collection. Plus it ranks as the best tablet for students. And luckily, it's often the subject of a discount at various retailers. But this current round of deals slashes it to its lowest price yet -- and we don't expect it to go much lower any time soon. What better way to kick off the back-to-school season? Amazon is now offering the entry-level 128GB 11-inch M3 iPad Air for just $449, down from the usual $599. That's a respectable $150 discount, as long as you choose the space gray model. Other colors are discounted but not as significantly on Amazon. Need a bigger display? The same $150 discount applies to the 13-inch model as well, with all the colors on sale. Both Walmart and Best Buy are currently matching Amazon's prices and they have all colors marked down. The latest iPad Air comes with the fast M3 chip, so it won't struggle to play all the latest games or run the most capable apps. It features a gorgeous Liquid Retina display in 11- and 13-inch size options, just like the eye-wateringly priced M4 iPad Pro. Other specs worth noting include fast Wi-Fi 6E support for streaming content and downloading apps, while storage options go all the way to 1TB. To learn more, check out our full review of the iPad Air M3. Need to take your iPad on the road? Models with cellular connectivity are also offered, again with a $50 discount. Hey, did you know? CNET Deals texts are free, easy and save you money. Why this deal matters This is the best iPad Air that Apple has ever made, and it's a very viable alternative to the iPad Pro for people who want a great tablet without spending laptop-like sums of cash. It comes in multiple colors and will be a great tablet for years to come.
Entrepreneur
a few seconds ago
- Entrepreneur
Top 5 Planning Opportunities for Entrepreneurs After the New Tax Law
With proactive guidance and scenario modeling, CLA empowers entrepreneurs to seize new tax law opportunities and drive growth through strategic tax planning. Spotlight is brought to you by the Entrepreneur Partner Studio, which creates dynamic and compelling content for our partners. Opinions expressed by Entrepreneur Spotlight partners are their own. Recent changes to federal tax law1 are opening valuable planning opportunities for entrepreneurs and small-business owners. With a proactive approach, business leaders can use these new benefits to strengthen their companies and plan for growth. Professionals at CLA (CliftonLarsonAllen LLP)—including Miryam Wisnicki, Tax Principal, and Leslie Boyd, Managing Principal of Industry—are guiding clients through these changes and helping them align tax strategies with larger business goals. "Whenever there's a shift in tax policy, it's a good time for business owners to take a fresh look at their overall strategy," Wisnicki says. "The factors that influence planning may have changed, which can open up new possibilities." Here are five areas where business owners can benefit from a fresh look at their tax planning. 1. Enhancing itemized deductions options The new law temporarily raises the state and local tax (SALT) deduction cap to $40,000 for those with adjusted gross income (AGI) of less than $500,000, beginning in 2025. At the same time, higher earners should be aware of new limitations on itemized deductions and changes to charitable giving rules coming in 2026. Wisnicki explains, "There's a new overall limitation on itemized deductions, and that will typically affect the higher-income taxpayers." She adds, "People who don't typically think of themselves as being in that 37% bracket because they have a significant number of itemized deductions may still be impacted." Another new provision affects charitable giving: "There's a new floor placed on charitable contributions where the first 0.5% of the taxpayer's AGI is deducted from their charitable contributions," Wisnicki says. "If the taxpayer has a high AGI, that could be a significant reduction in the benefit." Because these changes are not effective until 2026, they create a window of opportunity. CLA advisors are helping clients consider options such as accelerating charitable gifts or using donor-advised funds in 2025. 2. Business deductions encourage growth and innovation The revised tax law brings new flexibility to business deductions, especially for companies that are investing in their future. The ability to immediately deduct domestic research and development (R&D) expenses, take advantage of expanded business interest deductions, and claim 100% bonus depreciation on qualifying property after January 19, 2025, are all significant changes. Wisnicki highlights the biggest benefits: "The three that I highlight for business owners is the ability to deduct research and development expenses once again, business interest expense expansion, and then finally bonus depreciation and Section 179 opportunities." For companies that are investing in R&D, these changes support new ideas and investments, helping businesses stay competitive at home and abroad. "All of that will interplay with things like state tax considerations and maybe even what you are doing with respect to your research expenditures," Boyd says. CLA's team uses scenario modeling to help business owners see how these deductions fit together, so their tax planning supports immediate needs and long-term strategy. 3. Using cost segregation to save on building purchases or upgrades For those building, renovating, or buying property, cost segregation studies are now even more valuable. These studies help businesses identify which parts of a property can be depreciated more quickly, allowing for greater flexibility in tax planning. "It can supercharge the value of a cost segregation, from a time value of money standpoint," Boyd explains. "Cost segregation can accelerate deductions on certain building components, allowing you to reduce taxable income." The professionals at CLA work with business owners to identify qualifying components and time deductions for greater benefit. 4. Reviewing your business structure A company's legal structure has a big impact on taxes, succession, and growth. With the expanded Qualified Small Business Stock (QSBS) exclusion and the continuation of a low corporate tax rate, entrepreneurs have a good reason to revisit their entity choice. "In order to be a qualified small business and get the benefits, you need to be a C corporation," Wisnicki says. "There is an opportunity here for pass-through businesses to consider whether there is a benefit in converting to a C corporation… so this evaluation has to be done with the help of a CLA tax advisor." Boyd adds, "There are a lot of factors that go into our choice of entity, and if somebody is considering that, the biggest factor they need to think about is what their goal with the business is, whether to sell or to hold, and if they are investing the earnings in the business or withdrawing cash. Those tend to be the two biggest levers in those decisions." CLA's approach combines technical knowledge with a clear understanding of business goals, helping owners make confident decisions. 5. Planning for clean energy credits Clean energy incentives remain a positive feature of the new tax law. C corporations, nonprofits, and public entities can find opportunities with credits and direct pay options, especially by acting before certain phase-outs begin. "There are still opportunities available concerning clean energy projects, in particular if you are a C corporation... there is still the opportunity to look at credits out there available to purchase, and that's a planning opportunity," Boyd says. CLA assists clients in finding the right timing and approach to make their projects as beneficial as possible. A collaborative approach to growth Several provisions in the updated tax law are intended to encourage growth, reinvestment, and innovation. "There's so much more than just the numbers," Boyd observes. "And that's where I think CLA offers a valuable perspective on how we help clients." Working with experienced advisors allows entrepreneurs to approach these changes confidently, knowing their tax planning supports immediate results and future success. Click here to learn more about how CLA can help you navigate the new tax law and grow your business. 1 On July 4, 2025, U.S. President Donald Trump signed the One Big Beautiful Bill Act into law following swift passage by both the House and Senate.
