Billionaires Michael and Susan Dell pledged a historic $6.25 billion on Tuesday to provide an incentive to families to adopt new investment accounts for children. The so-called “Trump Accounts” were created as part of President Donald Trump’s tax and spending legislation but have not yet launched. The gift has little precedent in terms of size, with few single charitable commitments in the past 25 years exceeding $1 billion. Through their gift, the Dells will deposit $250 into the investment accounts of 25 million children aged 10 and younger as an incentive for their families to claim the accounts and make investments in the stock market.
The Trump administration says pharmaceutical companies have agreed to slash the Medicare prices for 15 prescription drugs after months of negotiations and that it's expected to produce billions in savings for older adults. But the net prices unveiled Tuesday aren't what Medicare recipients will pay at their pharmacy counters because those final amounts will depend on each individual's plan and how much they spend annually on prescriptions. Health Secretary Robert F. Kennedy Jr. touted the deals as part of efforts to address affordability concerns. The negotiation program is mandated by law and began under the Biden administration.
U.S. Sen. Jim Justice of West Virginia has agreed to pay nearly $5.2 million in overdue personal taxes. An attorney for Justice and his wife, Cathy, entered into a joint motion with the federal government in a court filing Monday, the same day that the government filed a lawsuit seeking payment for the taxes dating to 2009. A Republican, Justice was elected last November to the seat vacated by Joe Manchin. Justice is a former two-term governor who owns dozens of businesses. Forbes magazine estimated that Justice's fortune was at $1.9 billion last decade but that his net worth has since disintegrated to “less than zero.”
President Donald Trump’s decision to back down from some tariffs is being celebrated by tea importers, who say the levies have been devastating this year. But the nature of the business means some prices could still rise. That’s because much of next year’s tea supply was already imported to the U.S. before tariffs were halted. The U.S. relies on foreign growers for nearly all of its tea and its history is uniquely entwined with tea tariffs. British Parliament’s decision to begin taxing American colonists’ tea sparked the revolt known as the Boston Tea Party and helped lead to the revolution that brought independence.
Rep. Marjorie Taylor Greene of Georgia says she is resigning from Congress in January. The once-loyal supporter of President Donald Trump has become a critic more recently. In a more than 10-minute video posted online, Greene explained her decision and said she has “always been despised in Washington” and “just never fit in.” In recent months she has criticized the president for his stance on files related to Jeffrey Epstein, along with foreign policy and health care. Trump branded her a “traitor” and “wacky” and said he would endorse a primary challenge against her next year. Greene said her last day will be Jan. 5.
Russia's economy has slowed after two years of robust growth fueled by the war in Ukraine. That's opening a hole in the Kremlin's budget, and President Vladimir Putin is looking for money to cover the deficit. It's clear where he'll get it: from an increase in value-added tax paid by consumers on purchases. The rate is rising from 20% to 22%. The government also has proposed increasing taxes on spirits, wine, beer, cigarettes and vapes. Muscovites are greeting the changes with grumbling and shrugs. The economic slowdown and tax increases are signs that Russia will face harder choices in the months ahead, between military spending and consumer welfare, after 3 1/2 years of war against Ukraine.
The rush to redraw America's congressional maps has put a historically Black neighborhood in downtown Kansas City, Missouri, and a mostly white farming community 100 miles away in the same district. The 18th and Vine area in Kansas City is known for a museum telling the story of segregated professional baseball. To the east, Boonville wants federal help rebuilding an old railroad bridge to improve a popular biking trail. Republican lawmakers redrew districts this summer to meet President Donald Trump's call for states to help the GOP ahead of the 2026 midterm elections. The redrawing could mean a significant shift in priorities by its representatives.
A former top aide to California’s Gavin Newsom was arrested and indicted on federal corruption charges this week. Dana Williamson is accused of helping in a scheme to steal campaign money from former federal Health Secretary Xavier Becerra, filling fraudulent tax forms for personal expenses and making false statements to law enforcement. Becerra is not implicated, calling the news “a gut punch.” Newsom’s office said Williamson was placed on leave “as soon as” she notified the office of the federal investigation last year. Williamson's attorney said federal authorities asked her to cooperate in a probe into the governor more than a year ago.
Voter anger over rising electricity costs is shaping next year's midterm elections. Communities with fast-rising electric bills or debates over who pays for Big Tech's energy needs are pivotal. This week, electricity costs played a key role in elections in New Jersey, Virginia, and Georgia. Voters in several states cited economic concerns as a top issue. Rising electric costs aren't expected to ease soon, and many Americans could see higher bills during next year's campaigns. Analysts attribute the increases to grid modernization, demand from data centers, and rising natural gas prices.
Expect to hear President Donald Trump talk a lot about affordability in coming months. The White House is adjusting its messaging strategy after voters in this week's elections said the economy was their biggest concern. Trump says his team is doing a “great job on affordability,” promoting a new plan to lower the cost of anti-obesity drugs. But data shows prices for groceries and electricity bills are climbing. Part of the plan will be a push to educate people ahead of tax season about new tax cuts. The White House also hopes the Federal Reserve will do more to cut interest rates.