Money, Wealth & Power—A Daily Look at the Financial World
Florida’s fight over property taxes has moved from quiet committee rooms to the center of a high-stakes clash between lawmakers and Governor Ron DeSantis. At issue is whether the state should strip away most local property taxes on primary homes and how far to go in reshaping who pays for local government. With DeSantis already…
California built its global reputation on climate ambition, yet Governor Gavin Newsom’s latest spending blueprint sharply pares back the state’s environmental muscle just as climate impacts intensify. The plan trims core climate and natural resources programs, then leans on one-time fixes and future borrowing to keep marquee initiatives alive on paper. The result is a…
California’s latest immigration crackdown has not just inflamed politics, it has punched a billion‑dollar hole in the state’s economy. After a summer of federal raids and street clashes in Los Angeles, officials now tally more than $1 billion in lost productivity, sales, and wages, a shock that lands on top of existing fiscal stress and…
Japanese pharmaceutical shares were hit by a sharp selloff after President Donald Trump unveiled a new U.S. discount drug website, TrumpRx.gov, rattling investors who see fresh pressure on global medicine prices. The slump in Tokyo trading reflects how a policy framed as a win for American patients can instantly reprice expectations for overseas drugmakers that…
Illinois is staring down a fiscal crunch that state officials describe as unlike anything they have seen in years, driven by a rapid pullback in federal support under President Donald Trump. The squeeze is not just a matter of accounting, it is reshaping choices on schools, health care, infrastructure and the broader economy as Washington…
President Donald Trump is preparing to halt federal payments to jurisdictions with sanctuary policies starting February 1, a sweeping move his allies frame as a crackdown on crime and misuse of public money. The plan would target cities and states that limit cooperation with federal immigration authorities, potentially touching everything from housing grants to transportation…
Ron DeSantis has turned a dry topic, property tax policy, into a populist rallying cry by branding annual tax bills as “rent to the government” and warning that homeowners are being treated like ATMs. His push to wipe out property taxes on primary residences in Florida is no longer a thought experiment, it is a…
California Governor Gavin Newsom used a rare face-to-face moment with some of the country’s most powerful executives to accuse them of capitulating to President Donald Trump, turning a high-wattage business forum into a public shaming of corporate deference. His blunt language, aimed at CEOs, university presidents, and global elites, framed their outreach to the White…
California entered the Newsom era with some of the nation’s highest housing costs and deepest poverty, and the gap between what homes cost and what residents earn has only widened. Rents and home prices have continued to outpace wages, while the state’s ambitious promises on affordability and homelessness have collided with local resistance, construction bottlenecks,…
California’s decade of surging tax receipts has allowed Governor Gavin Newsom to expand programs, promise ambitious climate investments, and backstop struggling cities without confronting the full cost of those commitments. That era is now colliding with slower growth, volatile capital gains, and a state budget that has swung from record surplus to deep deficit in…