Money, Wealth & Power—A Daily Look at the Financial World
California’s looming capital flight is not a distant risk but an active force that is already reshaping who lives in the state, which companies stay, and where innovation happens. As high earners, major corporations, and investors reconsider their ties, the result could be a brutal remaking of California’s tax base, job market, and housing landscape…
Business owners and real estate investors have quietly regained access to one of the most aggressive tax breaks in the code: a full, first‑year write off on qualifying assets that can easily top six figures. Under President Donald Trump’s domestic policy bill, 100 percent bonus depreciation has been restored for a wide range of purchases,…
When I asked an AI to walk through what would actually happen if President Donald Trump somehow made federal income tax disappear, the response was not a libertarian fantasy. It was a spreadsheet horror story. Instead of a clean break from the IRS, the model described a vast funding crater, a scramble for new taxes,…
President Donald Trump has staked his economic agenda on sweeping import taxes that touch nearly every major trading partner, turning tariffs into his defining policy tool on trade and foreign affairs. The Supreme Court is now weighing whether his use of emergency powers to levy those duties went too far, but the structure of U.S….
New York City is staring at a projected $12 billion budget gap that evokes the worst days of the 2008 financial crisis, and the political response is already hardening into a fight over who pays to close it. Rather than treat the shortfall as a reason to retrench, Mayor Zohran Mamdani is using the crisis…
The Trump team has walked away from a controversial plan to fold the Bureau of Alcohol, Tobacco, Firearms and Explosives into the Drug Enforcement Administration after an unusually unified backlash from both gun control advocates and gun rights groups. The reversal halts an internal Justice Department effort that would have redrawn the map of federal…
The Supreme Court has pushed its long awaited decision on President Donald Trump’s global tariffs into next week, setting Tuesday as the next chance for a ruling and leaving markets, allies and the White House guessing. The delay keeps intact a high stakes legal and political standoff over the president’s use of emergency powers to…
Gavin Newsom built his political rise with the help of some of the richest people in California, and now those fortunes are at the center of a fierce fight over whether the state should tax extreme wealth to pay for health care. The proposed levy on billionaires has exposed a sharp divide inside the Democratic…
Federal investigators have quietly launched a criminal probe into Minnesota Governor Tim Walz and Minneapolis Mayor Jacob Frey, focusing on whether state and local leaders illegally interfered with immigration enforcement operations. According to a person familiar with the matter, the inquiry centers on an alleged effort by Minnesota Democrats to impede federal agents during a…
President Donald Trump has ordered a sweeping halt to some of the harshest collection tools used against borrowers who have fallen into default on federal student loans. The administration is freezing wage garnishment, tax refund seizures, and other involuntary collections, giving millions of struggling borrowers a temporary reprieve as the government rethinks how it pursues…