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S&P 500 futures are little changed as investors look to recover from Monday's tariffs shock: Live updates CNBCStock market today: Dow, S&P 500, Nasdaq futures hit pause as Trump's deadline delay gives hope of trade deals Yahoo FinanceWall Street turns more bullish on US stocks despite Donald Trump's tariff threats Financial TimesWall Street mixed early as markets shrug off Trump's new tariff deadlines AP News
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The One Big Beautiful Bill Act is now law. It's expected to cost the government a pretty penny. The Congressional Budget Office predicts a $3.4 trillion increase in the deficit over ten years. This is driven by significant tax cuts, including extensions of those made in 2017.
Trump's advisors argue the tax cuts will pay for themselves. Today on the show, we speak with the guru on that school of thought, Arthur Laffer, and dig into some of those claims with a tax economist.
Related episodes:
The simple math of the big bill (Apple / Spotify)
What's going to happen to the Trump tax cuts? (Apple / Spotify)
So, how's this No Tax On Tips thing gonna go? (Apple / Spotify)
For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money via Apple Podcasts or at plus.npr.org.
Fact-checking by Corey Bridges. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.
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The country's new president, in office for a little over a month, had just dispatched his senior deputies to Washington to try to work out a trade deal.
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Stocks drop after Trump announces tariffs on countries including Japan and South Korea CNNStock market today: Dow, S&P 500, Nasdaq futures rise as Trump ramps up tariff threats ahead of August deadline Yahoo FinanceThe markets just don't believe Trump on tariffs Financial TimesShares steady, dollar firms on US tariff letters; oil dips Reuters
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The maker of solar-power components saw its stock downgraded after Trump's executive order enforcing a phaseout of tax credits.
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Medical groups sue HHS, RFK Jr. over 'unlawful' vaccine changes ABC News - Breaking News, Latest News and VideosRFK Jr.'s vaccine policy sparks a lawsuit from the American Academy of Pediatrics NPRMedical Societies Sue Kennedy and H.H.S. Over Vaccine Advice The New York TimesPregnant doctor denied Covid-19 vaccine sues Trump administration The Guardian
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President Trump has told seven countries that they will face tariffs of at least 25 percent on Aug. 1 if they don't reach agreements by then.
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Trump announces new tariffs of up to 40% on a growing number of countries CNNTrump news at a glance: tariff threats draw muted reaction from Asian allies amid hopes deals can be reached The GuardianTrump announces steep tariffs on 14 countries starting Aug. 1 CNBCTrump Revives Trade War, Threatening Steep Aug. 1 Tariffs on Allies The New York Times
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Stocks sell off, dollar gains as Trump plans 25% tariffs on Japan, South Korea ReutersStocks drop after Trump announces tariffs on countries including Japan and South Korea CNNDow slides more than 400 points Monday as new Trump tariffs incite sell-off: Live updates CNBCAsian Investors Brace for Renewed Tariff Fallout: Markets Wrap Bloomberg
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Why it's a smart time to buy an EV Business InsiderEV Tax Credit: All The Cars That Lose The $7,500 Benefit In September EdmundsHow to save thousands on a car by stacking Trump's tax credits with Biden's USA TodayUS electric vehicle tax breaks will expire on Sept. 30 ReutersHow Republican E.V. Cuts Could Put U.S. Carmakers Behind China The New York Times
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Shares of Rocket Lab Corp. ended Monday's session up 9% amid the ongoing clash between President Donald Trump and SpaceX Chief Executive Elon Musk.
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Ted Cruz ensured Trump spending bill slashed weather forecasting funding The GuardianCruz came back ‘as fast as humanly possible' from Greece vacation after floods hit Texas, his office says CNNTed Cruz's Office Blasts Report About His Vacation During Texas Flooding NewsweekTed Cruz Caught on Vacay Abroad During Texas Tragedy—Again The Daily Beast
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After his break with the Trump White House, Musk says he's starting the America Party.
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Wall Street is opening lower as the Trump administration steps up pressure on trading partners to make trade deals before a Wednesday deadline.
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President Trump posted the letters to country leaders — including of Japan and South Korea — on social media, informing them of the new rates. The White House expects about 14 letters to go out today.
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Gross domestic product was expected to rise at a 0.4% annualized pace in the first quarter, according to the Dow Jones consensus estimate.
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