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Business & Economy
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Business & Economy
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How senators plan to change the Trump bill
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Senate Republicans say theyāre going to rewrite the 1,000-plus page package the House narrowly passed Thursday to enact President Trumpās agenda.
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Here are some of the areas they are eyeing changes. š
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State and local tax deductions: Speaker Johnson and House Republicans hailing from high-tax blue states held intense talks in recent weeks to nail down a deal on the state and local tax (SALT) deduction cap that helped the chamber clear the bill before Memorial Day.
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Much to their chagrin, itās possible that could all be for nought, as Senate Republicans are widely expected to throw their weight around over how to handle the SALT deduction cap.
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Medicaid: Sens. Josh Hawley (R-Mo.), Susan Collins (R-Maine), Lisa Murkowski (R-Alaska) and Jerry Moran (R-Kan.) are threatening to oppose Medicaid reforms that would cut benefits, and they are taking a close look at limits in the bill on statesā ability to use health care provider taxes to collect more federal Medicaid funding.
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Green energy incentives: Senate Republicans may want to loosen the tough stance the House bill takes on climate-friendly tax credits.Ā
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The Hill has more changes to watch for here.
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Welcome to The Hillās Business & Economy newsletter, I’m Aris Folley ā 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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Trump announces Nippon, US Steel partnership
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President Trump announced Friday a partnership between U.S. Steel and Japanese corporation Nippon Steel, saying that jobs will be created in Pennsylvania as a result.
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Venezuelan workers at Disney put on leave from jobs after losing protective status
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Almost four dozen Venezuelan workers who had temporary protected status have been put on leave by Disney after the U.S. Supreme Court allowed the Trump administration to strip them of legal protections.
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Lutnick: Current 10 percent tariffs not increasing prices
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Commerce Secretary Howard Lutnick said the 10 percent tariffs imposed across the board are not increasing prices on consumers.
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Bessent: Trump tariff threat should ālight fireā under EU
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Treasury Secretary Scott Bessent said Friday he hopes a new tariff threat from President Trump would speed along talks with the European Union regarding a new trade deal.
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Senate GOP weighs SALT changes
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Senate Republicans are staring down a collision course with the House as they weigh possible changes to the state and local tax (SALT) deduction cap as part of larger revisions to the partyās massive tax bill.
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āThereās not one Republican in the United States Senate who gives a sāāā about SALT,ā Sen. Kevin Cramer (R-N.D.) said. āHaving said that, what does matter is 218 votes in the House, and we want to be cognizant about that.ā
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For much of the last month, the issue had been a vexing one for Speaker Mike Johnson (R-La.) and House Republicans as the group of nearly a half-dozen SALT members held the keys, intent on reversing what they viewed as a wrong implemented during the 2017 tax cut package.Ā
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āIt comes down to costs. Itās probably going to get entangled [in the larger debate]. I hate the SALT policy,ā Sen. Thom Tillis (R-N.C.) told reporters.
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Tillis, a former Speaker of the House in Raleigh, noted, though, that heās sympathetic to Johnsonās plight and recognizes the cap probably has to remain in the bill in some form as it is debated in coming weeks.
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ā Al Weaver has the latest here.
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Tax Watch is a regular feature focused on the fight over tax reform and extending the 2017 Trump tax cuts this year. Email a tip
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Upcoming news themes and events we’re watching:
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- Federal Reserve ChairĀ Jerome PowellĀ is set to deliver remarks at theĀ Princeton University Baccalaureate Ceremony, Princeton, N.J., on Sunday at 2:40 pm E.T.
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Branch out with more stories from the day:
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Trump signs executive orders to boost nuclear power, speed up approvals
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WASHINGTON (AP) ā President Donald Trump signed executive orders Friday intended to quadruple domesticĀ ā¦
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Invest In America
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Thursday, June 5 at 8 a.m. EDTĀ ā Washington, D.C.Ā
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Join The Hill for a half-day summit featuring titans from Washington and Wall Street, focused on solutions-oriented conversations that will deliver insights into the future of the domestic and global economy, covering everything from tariffs, investing, AI, crypto, taxes and more.
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Business and economic news we’ve flagged from other outlets:
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- Dow slides 200 points, S&P 500 tumbles for a fourth day after Trump threatens tariffs on EU, Apple (CNBC)
- Apple has had few incentives in the past to start making iPhones in US (The Associated Press)
- A record number of Americans applied for UK citizenship as Trump began his second term (CNN)
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Top stories on The Hill right now:
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Chief Justice Roberts temporarily halts discovery in DOGE case
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Chief Justice John Roberts temporarily halted discovery Friday in a lawsuit seeking access to documents and information about the Department of Government Efficiencyās (DOGE) operations. Read more
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Trumpās ābig, beautiful billā faces a swarm of Senate GOP objections
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The 1,116-page bill the House passed early Thursday morning to enact President Trumpās ambitious legislative agenda faces a swarm of objections from Senate Republicans. Read more
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Opinions related to business and economic issues submitted to The Hill:
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- The SALT cap isnāt the problem ā high-tax states are
- Asian economies are the collateral damage of the US-China trade war
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You’re all caught up. See you next week!Ā
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