Terry Haines, founder of Pangea Policy, and Paisley Nardini, Managing Director at Simplify Asset Management, dive into the implications of Trump's $3.3 trillion tax bill that just passed the Senate. They discuss the potential impacts on the economy, corporate influence, and market reactions. Haines shares insights on the bill's strategic aims and the importance of manufacturing incentives, while Nardini explores how political dynamics are shaping investment strategies amidst rising market volatility.
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insights INSIGHT
Tax Bill's Broad Economic Impact
Trump's $3.3 trillion bill bundles tax cuts, spending cuts, and debt ceiling raise, aiming for economic certainty.
It includes incentives for manufacturing onshoring and addresses key defense economic aspects.
insights INSIGHT
Deficit Impact and CBO Limitations
The bill's tax cuts exceed spending cuts, likely worsening the deficit.
CBO scoring may understate true impact by not fully accounting for growth and tariff revenues.
insights INSIGHT
Federal Power Over States
Federal government increasingly overrides state autonomy, diminishing states' rights.
The bill furthers this trend, including AI regulation moratoriums and changes in tax policy.
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Watch Bloombreg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF. Donald Trump’s $3.3 trillion tax and spending cut bill passed the Senate Tuesday after a furious push by Republican leaders to persuade holdouts to back the legislation and hand the president a political win. Senators voted 51-50 to pass the bill, with three Republicans — Susan Collins of Maine, Thom Tillis of North Carolina and Rand Paul of Kentucky, defying Trump to oppose the legislation. Vice President JD Vance cast the tie-breaking vote. The package, which now goes to the House, combines $4.5 trillion in tax cuts with $1.2 trillion in spending cuts. “This was a team effort,” Senate Majority Leader John Thune told reporters immediately following the vote on Tuesday. “In the end, we got the job done.” The Bloomberg Dollar Spot Index climbed to a session high after the bill passed the Senate. It was falling for six months through the end of June. The package — informally known as the “One Big Beautiful Bill” — includes the entirety of the president’s legislative agenda in a single package. Trump personally lobbied lawmakers to quickly move the legislation through Congress. “It’s a great bill. There is something for everyone,” Trump told reporters on Tuesday. “And I think it’s going to go very nicely in the House. Actually, I think it will be easier in the House than it was in the Senate.” Republicans say passing the bill will help them maintain their congressional majorities in the midterms. But polling suggests the bill is not particularly popular. A recent Pew Research survey found that 49% of Americans oppose the bill, while 29% supported it. Some 21% weren’t sure what to think. The House is expected to vote on the bill this week, but success is not guaranteed. Only a few Republicans can vote “no” in the House for the bill to pass in the face of united Democratic opposition. Speaker Mike Johnson said the House “will work quickly” to pass the bill by July 4.
Today's show features:
Terry Haines, Founder of Pangea Policy on the Senate passing a $3.3 trillion tax and spending cut bill
Bloomberg Technology Co-Host Ed Ludlow and Bloomberg News Team Leader for the Capitol Influence Team Mike Dorning on Elon Musk’s renewed tensions with President Donald Trump, whether Musk still holds sway in Washington and what it means for Tesla
Olaolu Aganga, US Chief Investment Officer for Mercer on businesses adjusting to pending legislation and the economic outlook
Paisley Nardini, Managing Director and Head of Multi-Asset Solutions at Simplify Asset Management on diversified return streams for investor
Bloomberg Businessweek 