Lawmakers across the U.S. will be debating whether to adopt new federal tax breaks for tips, overtime and business expenses. The Trump administration is urging states to follow its lead by applying the federal tax cuts to state income taxes. But that decision varies by state. In some places, the tax breaks automatically apply unless legislatures opt out. In others, they won't occur unless legislatures opt in. States embracing all of President Donald Trump's tax cuts could offer significant savings to taxpayers but may also face financial strain. So far, only a few states have voted on these tax breaks, with Michigan being the first to opt in for tips and overtime.

Elon Musk, already the world’s richest man, scored another huge windfall Friday when the Delaware Supreme Court reversed a decision that deprived him of a $55 billion pay package that Tesla doled out in 2018 as an incentive for its CEO to steer the automaker to new heights. Besides padding Musk’s current fortune of $679 billion, the restoration of the 2018 pay package vindicates his long-held belief that the Delaware legal system had overstepped its bounds in January 2024 when Chancellor Kathaleen St. Jude McCormick rescinded the compensation in a case brought by a disgruntled Tesla shareholder.