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Business & Economy
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Business & Economy
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Trump loves ‘concept,’ but not politics of tax hike
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In an interview published Friday, the president said he loves the idea of raising taxes on the wealthy to pay for some of his policy proposals, but acknowledged it may not be “acceptable to the public.”
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Trump sat down Tuesday for an interview with Time magazine centered on his first 100 days in office and was asked about the idea floated by some Republicans.
Despite longstanding Republican opposition to tax hikes, some GOP members have proposed raising taxes on millionaires to offset the cost of extending tax cuts, as well as adding the new cuts the president proposed while on the campaign trail.
His comments were made one day before Trump warned the concept of a higher tax on millionaires would be “disruptive.”
“It doesn’t make that much difference, and yet, I could just see somebody trying to bring that up as a subject, and, you know, say, ‘Oh, he raised taxes.’ Well, I wouldn’t be, really, you know, in the true sense, I wouldn’t. I’d be raising them on wealthy to take care of middle class,” Trump told Time.
Read the full report at TheHill.com.
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Welcome to The Hill’s Business & Economy newsletter, I’m Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.
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Did someone forward you this newsletter? Subscribe here.
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Key business and economic news with implications this week and beyond:
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Apple juice distributed in 28 states recalled over potential contamination with toxic compound: FDA
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More than 170,000 bottles of Martinelli’s apple juice have been recalled over potential contamination with patulin, according to the Food and Drug Administration (FDA).
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Trump says he ‘can’t even imagine’ staff gave stock tips on trade deals
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President Trump said Friday he can’t imagine an administration official sharing nonpublic information about his tariff plans with Wall Street as the White House and some GOP lawmakers face accusations of potential insider trading.
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Climate change could deliver considerable blows to US corn growers, insurers: Study
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Federal corn crop insurers could see a 22 percent spike in claims filed by 2030 and a nearly 29 percent jump by midcentury, thanks to the impacts of climate change, a new study has found.
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Rules on self-driving cars loosened in bid to challenge China
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The Trump administration will allow self-driving cars an exemption from some safety rules for testing amid a push to compete with China, Transportation Secretary Sean Duffy said Thursday.
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US reports record customs taxes after tariffs
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Customs tax revenues are hitting record levels in the wake of President Trump’s tariffs, though the Congressional Budget Office won’t include them in baseline budget projections for Republicans’ tax cut and spending bill.
Customs taxes for April came in between $15.6 billion to $68.8 billion for the fiscal year so far, according to Treasury data. That’s more than double the year-ago number at about $7 billion.
Analysts for Deutsche Bank said that was about 50-percent more than the previous full-month record.
“This surge likely reflects the earlier-announced 10 percent universal tariffs and targeted increases from countries like China and Mexico, although it could also be partially driven by importers front-loading inventory,” they wrote.
The Treasury’s general account had a closing balance of $576 billion as of Wednesday. That’s compared to $908 billion reported on April 25, 2024.
Republicans are aiming to raise the U.S. debt ceiling as part of their tax cut and spending bill, with the House calling for a $4-trillion increase and the Senate calling for a $5-trillion increase.
— Tobias Burns
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Upcoming news themes and events we’re watching:
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- The House and Senate return from recess next week.
- The Labor Department releases the April jobs report Friday.
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Stay ahead of the political trends by signing up for The Hill’s Evening Report newsletter. Click here to sign up
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Branch out with more stories from the day:
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Tesla could benefit the most from new rules on reporting of self-driving car crashes
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NEW YORK (AP) — Rule changes announced by the Trump administration this week could allow automakers …
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Business and economic news we’ve flagged from other outlets:
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- Chinese Manufacturers Make Appeals to Americans: Buy Direct (NYT)
- Buy now, stock up or delay: Here’s what consumers are snapping up or putting off in face of tariffs’ (CNBC)
- Elizabeth Warren presses Bessent for answers on Treasury secretary’s private Wall Street event (MarketWatch)
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Top stories on The Hill right now:
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Who is Hannah Dugan, judge arrested by FBI in Wisconsin?
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Milwaukee County Circuit Judge Hannah C. Dugan was arrested Friday, with federal authorities alleging the judge tried to impede with President Trump’s immigration agenda by helping a migrant illegally in the country avoid arrest in her courtroom. Read more
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Trump: ‘I’m really not trolling’ with talk of Canada as 51st state
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President Trump in an interview published Friday was adamant that he is serious about his talk of adding Canada as the 51st state, something Canadian leaders have outright rejected. Read more
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Opinions related to business and economic issues submitted to The Hill:
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- Why tackling America’s ‘twin deficit’ now is essential
- If Trump succeeds in pressuring the Fed, he will regret it
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You’re all caught up. See you next week!
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