
Legendary Bear Marko Kolanovic Explains the Market Slump
The stock market is plummeting on fears of slower growth and higher inflation from President Donald Trump's tariffs. Bloomberg News reporter Alexandra Semenova sat down with one of Wall Street's most notorious bears to assess the damage and discuss the future. Plus: H Mart's executives aren't crying, and the makers of Wegovy and Zepbound face booming demand.
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Yahoo
26 minutes ago
- Yahoo
"A Phone So Sh*tty You Won't Want To Use It": The Internet Is Clowning Donald Trump So Hard For His Bizarre Comments Following The Launch Of "Trump Mobile"
President Donald Trump faced ridicule on Tuesday as critics suggested he'd delivered the perfect anti-advertisement for the newly launched Trump-branded smartphone. Just hours after the Trump Organization unveiled its latest venture — 'Trump Mobile' — the president said he doesn't 'believe in telephones.' Trump made the comment while explaining to reporters on Air Force One why he cut short his attendance at the G7 summit in Canada. Trump said he left the gathering of world leaders early to return to Washington, D.C., so that he could address rising tensions between Israel and Iran. atrupar / X / Via When asked what he could do in the US capital that he couldn't do in Canada, Trump responded: 'Just be a little bit, I think, more well-versed. Not having to use telephones so much, because I don't believe in telephones. Because people like you listen to them, you know, so being on the scene is much better.' Critics highlighted the irony, noting how Trump's dismissal of telephones clashed with the announcement of the phone company. Related: "Honestly Speechless At How Evil This Is": 26 Brutal, Brutal, Brutal Political Tweets Of The Week Related: "Let Them Eat Teslas": People At The "No Kings" Protests This Weekend Brought Signs That Were So Clever I'm Still Laughing About Them implausibleblog / X / Via This article originally appeared on HuffPost. Also in In the News: This Conservative Said He Wears A Fake ICE Uniform For A Really, Really, Really Gross Reason Also in In the News: This Dem Lawmaker Is Going Viral For His Extremely Shady Question To Secretary Kristi Noem Also in In the News: MAGA Really, Really, Really, Really, Really, Really, Really Doesn't Like This Army Vet's Now-Viral Speech


New York Post
27 minutes ago
- New York Post
What Team Trump must do to get deportations right
When it comes to illegal-migrant deportations, President Donald Trump stressed last week, 'We're going to have to use a lot of common sense.' That principle must keep guiding his team's drive to expel the millions of 'asylum seekers' the last guy waved in. In particular, Deputy White House Chief of Staff Stephen Miller's demand that ICE now aim for 3,000 arrests a day is asking for trouble. Advertisement First, that's impossible if Homeland Security boss Kristi Noem's people focus mainly on the resource-intensive work of going after the worst-of-the-worst — even though those are the deportations with the most overwhelming public support. Second, hitting the quota almost requires the kind of mass roundups that are the highest-risk, public-opinion-wise. Advertisement And which are also likely to capture pre-Biden (and even pre-Obama) illegal immigrants who've managed to put down some roots — and so prompt the kind of economic troubles that Agriculture Secretary Brooke Rollins warned of, such as 'severe disruptions to our food supply.' But the president can't, and won't, simply abandon one of his central campaign promises —nor should he. So far, that's meant a zig-zag: 'Changes are coming,' Trump vowed, and a top ICE official then ordered a 'hold on all work site enforcement investigations/operations on agriculture,' restaurants and hotels — only for top Homeland Security brass to order a resumption of such raids Advertisement Even it out, people: Common sense, remember. First, keep pushing self-deportation, which is cheaper than arresting and removing people. Nearly 1 million have already voluntarily left under Trump, per some estimate. The president is wise to offer migrants an incentive — $1,000, a one-way flight out of the country and no black mark on your record if you seek to immigrate legally — to self-deport. Second, balance goals and resources. The Big Beautiful Bill will fund 10,000 new ICE officers and 3,000 border agents (as well as more self-deport grants ) — but until that passes, Miller's quotas are going to force ICE to focus on lower-priority targets. Advertisement Third, make it clear — to both migrants and employers — that widespread reliance on illegal labor can't continue. Since 1986, the law has required businesses to verify workers' eligibility, but enforcement's been a joke. That must change — but a gradual transition is key to minimizing economic disruptions. Bottom line: Trump won election vowing to secure the border and to deport illegal migrants; he's done the first and will keep working on the second. But as he himself acknowledged, implementation sometimes requires a scalpel, not a hammer, to avoid needless harm — and major political pain.


CNBC
34 minutes ago
- CNBC
Senate version of Trump's budget bill includes a new tax break worth up to $2,000—around 90% of filers could take advantage
Congress will soon begin a reconciliation process for the so-called One Big Beautiful Bill Act — President Donald Trump's sweeping tax reform and spending bill, which Republicans hope to bring to the President's desk by July 4. The bill promises continuity for taxpayers by permanently extending the cuts from the 2017 Tax Cuts and Jobs Act as well as a raft of new cuts, including breaks for tipped and overtime income. Both the House and Senate versions of the bill also include a throwback: an above-the-line deduction on charitable contributions. The House version allows taxpayers who don't itemize to deduct $150 ($300 for joint filers) in charitable contributions from their taxable income through 2028 — a tax rule you may remember from a similar provision of the CARES Act, which expired in 2021. The Senate version is even more generous, with permanent deductions of up to $1,000 for single filers and $2,000 for married couples filing jointly. "This could provide some tax savings for folks," says Erica York, vice president of federal tax policy at the Tax Foundation. "That could be something unexpected if you're not currently deducting charitable giving." Most people don't deduct charitable contributions — and it's not because they're not generous or don't want a tax break. Other than under the Covid-19 relief bill, taxpayers generally have had to itemize deductions in order to get a break for charitable giving. For most people, that doesn't make sense. Some 9 in 10 taxpayers take the standard deduction, which in 2025 is $15,000 for singles and $30,000 for joint filers. You'd typically only itemize if the sum of your deductions would save you more money than just taking the standard deduction. In short, the legislation currently bouncing around Congress would, at least temporarily, allow anyone who donates to charity to get a tax break — not just the mega-philanthropists among us. Because these deductions reduce your taxable income, they're the most beneficial for people in the highest tax brackets. A $1,000 deduction from income is effectively worth $100 to someone in the 10% tax bracket. The same deduction is worth $350 to someone in the 35% bracket. Should some version of the provision become law, you'll still have to follow the IRS' rules on charitable giving. Donations must be made to qualifying charitable organizations — donations to political campaigns, crowdfunding efforts and, in the case of the proposed tax break, donor-advised funds won't be eligible. Before you make a donation you plan on deducting, check the IRS' search tool to make sure the organization is tax-exempt. And be sure to get a receipt for your donation; the IRS generally requires written acknowledgement of any donation in excess of $250.