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Welcome to The Hill’s Business & Economy newsletter
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Business & Economy
Business & Economy
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The Big Story
Biden backs bill to lift tip taxes
President Biden would “absolutely” sign legislation to eliminate taxes on tipped wages if Congress sends a bill to his desk, the White House said Monday.
“Look, this is something that the president supports,” press secretary Karine Jean-Pierre said in a briefing.
“He supports eliminating taxes on tips for service and hospitality workers while also raising minimum wage and preventing the wealthy from gaming the system.”
Trump first floated the idea in June at a rally in Nevada, which is a battleground state and home to thousands of service industry workers.
Republican lawmakers quickly introduced a bill to do so, although critics of the proposal have warned it could further increase the national debt and that wealthy individuals may take advantage of it.
Harris said at a Las Vegas rally Saturday night she would support ending taxes on tipping, mirroring Trump’s proposal and invoking his ire.
“The difference is, she won’t do it, she just wants it for Political Purposes!” Trump posted on Truth Social.
“This was a TRUMP idea – She has no ideas, she can only steal from me. Remember, Kamala has proposed the LARGEST TAX INCREASE IN HISTORY – It won’t happen.”
The Hill’s Brett Samuels has more here.
Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Lobbying Line
The latest moves in some of Washington’s biggest lobbying battles:
Rep. Frank Lucas (R-Okla.) secured a farm bill provision that would block the transfer of the 9,500 acres in his home state “except as otherwise specifically authorized by law,” raising alarm within the USDA and among leaders of the Cheyenne and Arapaho Tribes seeking its return. The Hill’s Taylor Giorno has more here.
Essential Reads
Key business and economic news with implications this week and beyond:
Harris plan to nix taxes on tips, raise minimum wage could cost up to $200 billion: Analysis
Vice President Harris’s proposal to nix taxes on tips and raise the federal minimum wage could cost up to $200 billion over a decade, a budget watchdog estimated in an analysis.
Full Story
UAW president blasts Trump as ‘all talk,’ draws sharp contrast with Harris
The United Auto Workers union released a new video Monday blasting former President Trump as “all talk,” escalating the long-running feud between the Republican presidential nominee and UAW President Shawn Fain.
Full Story
Agencies roll out initiative making it easier to click unsubscribe button
The Biden administration on Monday launched a new initiative, “Time is Money,” aimed at cracking down on “corporate tricks” that cause unnecessary aggravation in Americans’ lives.
Full Story
The Ticker
Upcoming news themes and events we’re watching:
The National Federation of Independent Business will release the next Small Business Optimism Index on Tuesday morning.
In Other News
Branch out with more stories from the day:
Vance backs Trump’s support for a presidential ‘say’ on Federal Reserve’s interest rate policy
WASHINGTON (AP) — JD Vance has endorsed former President Donald Trump’s call for the White House …
Full Story
Good to Know
Business and economic news we’ve flagged from other outlets:
Stocks wobble as traders struggle to build on last week’s comeback (CNBC)
Hosting the Olympics has become financially untenable, economists say (CNN)
Nvidia is one of BofA’s top ‘rebound’ stock picks. Here are the others. (MarketWatch)
What Others are Reading
Top stories on The Hill right now:
How to tune into the Trump, Elon Musk interview
Tech billionaire Elon Musk will interview former President Trump on Monday night on Musk’s social platform X, marking the former president’s latest effort to take the spotlight in a tight race against Vice President Harris. Read more
Harris builds momentum against Trump in national, swing-state polls
Vice President Harris has taken the lead over former President Trump in the national polling average kept by Decision Desk HQ/The Hill, underscoring how the new Democratic presidential candidate has quickly seen polls move in her favor. Read more
Janet Payne is a writer and editor with a passion for politics, health, business, and finance. She loves writing about the intersection of those topics and how they affect people's everyday lives.
