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Politico
2 hours ago
- Politico
Donors to Trump allies' anti-Massie super PAC revealed
GOP megadonor Paul Singer was the largest donor to a super PAC seeking to oust Rep. Thomas Massie (R-Ky.) last month, according to a filing submitted to the Federal Election Commission on Thursday. The group, MAGA KY, raised $2 million between its launch in late June and the end of the month: $1 million from Singer $250,000 from hedge fund manager John Paulson $750,000 from Preserve America PAC, a super PAC tied to Miriam Adelson that backed President Donald Trump last year Trump allies launched the super PAC last month after Massie voted against Trump's signature 'Big, Beautiful Bill.' The Kentucky lawmaker has also criticized the president on a range of other issues including war powers and the Epstein files. MAGA KY has spent $1.2 million so far on ads opposing Massie, according to AdImpact, as the group aims to take him out in next year's primary. Massie, who has staved off primary challengers before, has raised just over $1 million this year, and he ended June with $1.7 million in the bank. It is not yet clear which Republican might be favored by Trump to challenge him.
The Hill
3 hours ago
- The Hill
Trump tariffs spur inflation ahead of deadline
Business & Economy The Big Story Prices pop as Trump tariff deadline looms The White House is racing to finish trade deals ahead of its Aug. 1 deadline, just as prices in the economy are starting to take off from tariffs. President Trump's novel 'reciprocal' tariffs will go back into effect Friday after first being imposed in April. They were set to resume in early July, but were pushed back to Friday. Trump has said there will be no more extensions. 'The August first deadline is the August first deadline,' Trump posted on his social media website Wednesday. 'It stands strong, and will not be extended. A big day for America!' The pressure is on to close the deals as the new import taxes are starting to make their way through value chains and into the sticker prices of goods and services. The Federal Reserve's preferred inflation gauge for June came in hotter than expected Wednesday. The personal consumption expenditures price index popped to a 2.6 percent annual increase from 2.3 percent in May. Removing the more volatile categories of energy and food, the index rose to a 2.8 percent annual increase. The numbers align with the June readings of the consumer price increase, which jumped to a 2.7 percent increas e from 2.4 percent in its previous reading. 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. Essential Reads Key business and economic news with implications this week and beyond: Senate panel rejects Trump cuts to NIH, other health agencies The Senate Appropriations Committee rejected the Trump administration's massive proposed funding cut to the National Institutes of Health, advancing a measure that would increase the agency's budget by $400 million. Full Story Trump trade wins leave voters, businesses wanting more The Trump administration has struck trade pacts in recent months that seem to benefit the U.S. over its trading partners, giving President Trump ample opportunity to tout his dealmaking skills. Full Story Play kitchens recalled after toddler's death Thousands of children's play kitchens are being recalled after a toddler died of asphyxiation, according to the U.S. Consumer Product Safety Commission. Full Story Trump, Bessent knock India as tariff deadline nears Treasury Secretary Scott Bessent and President Trump took swings at India as a tariff deadline nears for the country. Full Story The Ticker Upcoming news themes and events we're watching: The Senate working to consider its first batch of government funding bills for fiscal 2026 this week. In Other News Branch out with more stories from the day: Apple overcomes Trump's trade war, slow start in AI to deliver surprisingly strong quarter SAN FRANCISCO (AP) — Apple shook off a thicket of tariffs and a botched entry into artificial intelligence … Full Story Good to Know Business and economic news we've flagged from other outlets: S&P 500 posts third straight losing day as Meta, Microsoft fail to lift market (CNBC) Jamie Dimon and Trump finally had a meeting after battling for years (CNN) Dozens of countries with no deals face higher tariffs as trade deadline nears (The Associated Press)
USA Today
a day ago
- USA Today
Trump accounts are a 'backdoor for privatizing Social Security,' Treasury secretary says
"In a way, it is a backdoor way for privatizing Social Security," Treasury Secretary Scott Bessent said of new $1,000 accounts for newborns that passed in President Trump's "Big, Beautiful Bill." WASHINGTON ― Treasury Secretary Scott Bessent touted new savings accounts for American babies included in President Donald Trump's recently approved megabill as a "backdoor for privatizing Social Security." Bessent, speaking July 30 at a policy event hosted by Breitbart, hailed so-called "Trump accounts" for American newborns that passed in Trump's "Big, Beautiful Bill" as an innovative way to get more Americans to take part in the financial system, increase financial literacy and build their retirement savings. Under the program, American children born this year through 2028 are eligible for a one-time $1,000 contribution from the federal government per toddler into a mutual fund or index fund that is tied to the performance of the stock market. "In a way, it is a backdoor way for privatizing Social Security," Bessent said. "Social Security is a defined benefit plan paid out ‒ that to the extent that if all of a sudden these accounts grow, and you have in the hundreds of thousands of dollars for your retirement, that's a game-changer." 'Trump accounts' for babies? Why the White House is pushing cash for kids Trump's megabill ‒ which the president signed into law on July 4 after it cleared Congress with only Republican support ‒ extended Trump's 2017 tax cuts, ended taxes on tips, allocated billions in border-wall funding and cut Medicaid and food stamp benefits, among other new policies including the "Trump accounts." The new law did not make changes to Social Security, which the president vowed to protect. Democrats have long accused Republicans of aiming to privatize Social Security, a New Deal era welfare program that provides benefits for seniors and Americans with disabilities. In 2005, President George W. Bush proposed a plan that would have allowed Americans to invest a portion of their Social Security tax payments into the stock market, but the overhaul failed to gain traction in Congress. The Trump baby accounts are expected to become available next July. Parents can also contribute up to $5,000 annually to the tax-deferred account to be invested in a diversified fund that tracks a U.S.-stock index. Qualified withdrawals, including for education expenses or credentials, a down payment on a first home or as capital to start a small business, are taxed at the long-term capital-gains rate. Big Beautiful Bill 101: What you need to know about the new law There are no income requirements and everyone is eligible, as long as the child is a U.S. citizen, and both parents have Social Security numbers. Money from "Trump accounts" can't be withdrawn until the beneficiaries turn 18 years old. Bessent recounted recently talking to construction workers at a gas station who were purcashing $20 lottery tickets. "I was sitting there thinking ‒ and I tell them ‒ the best thing you could do is save that $20. Now with these (Trump) accounts, they can be part of the system," Bessent said. "What if they had put that money in the S&P or in Bitcoin, or anything? We are making people part of the system. We are increasing financial literacy." Reach Joey Garrison on X @joeygarrison.
