Donald Trump has closed the fundraising gap with President Biden, bringing in $141 million last month compared to Biden’s $85 million. Wealthy donors on both sides continue to contribute, with Trump receiving a $50 million donation from Timothy Mellon and Biden receiving support from Mike Bloomberg and Melinda French Gates. The race for November may come down to which side can continue to tap into their billionaire backers for financial support.
The Supreme Court upheld a Trump-era tax on foreign income, potentially setting the stage for a debate on taxing the assets of the rich rather than just their income. President Biden and Democrats have proposed raising taxes on the wealthy, including taxing multimillionaires on unrealized gains, which could face legal challenges.
In Europe, economists are closely monitoring the impact of Taylor Swift’s Eras Tour on inflation. Central bankers are cutting interest rates to combat slowing inflation, and any increase in prices from the tour could affect overall inflation rates in countries where Swift performs.
In other news, Revolut is considering a stock sale at a $40 billion valuation, and Tony Ressler has purchased a stake in Bill Ackman’s Pershing Square. Pharmacy benefit managers are under scrutiny for driving up drug prices, and China has a mixed view of Elon Musk but admires his mother.
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