There’s one less-discussed group that’s getting a boost from the GOP’s One Big Beautiful Bill: .

The spending package permanently restores the 100% “bonus depreciation” law, which permits businesses to write off the full amount of qualifying items the year they were purchased and was previously set to expire by 2027. And while bonus depreciation applies to a variety of physical items, its creation led to a boom in jet sales in the past decade.

The Congressional Budget Office estimates that the permanent establishment of 100% bonus depreciation would cost taxpayers $378 billion over a decade.

Flash flooding in Central Texas killed at least 81 people over the July 4 weekend, including 28 children, and recovery and rescue efforts are ongoing. and whether residents were properly alerted, and the National Weather Service was one of several federal agencies targeted by DOGE’s cost-cutting efforts.

President Donald Trump’s Wednesday, he pledged to send letters to at least a dozen countries imposing rates as high as 70%, the latest in his administration’s start-and-stop trade saga. Treasury Secretary Scott Bessent said there are likely to be a “flurry” of deals made before this week’s deadline, as Trump suggested countries would have to start paying their new tariff rates on August 1 “in pretty much all cases.”

MORE: Trump on Sunday night and warned that any country adopting its policies will face an additional 10% tariff, as the group of developing economies including Brazil, Russia, India, China, and South Africa held its annual summit. Trump didn’t clarify if he intends to impose levies on all members of BRICS or if he has issues with any specific policies.

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Hiring topped economists’ forecasts last month, despite recession warnings. Still, the seemingly good news means investors could wait longer for relief from the Federal Reserve on interest rates, as the data “completely dispels [the] case for imminent rate cuts” wrote Seema Shah, Principal Asset Management’s chief global strategist.

Despite , Americans are highly unlikely to change how they pay for goods on a widespread basis. International payments are the clearest use case for stablecoins so far, according to one Stripe executive, and they are becoming popular among consumers in emerging markets in Latin America and Africa, but there are few incentives for those in developed countries to adopt them.

Homebuilding mogul Pat Neal has built a $1.2 billion fortune despite , largely thanks to his company Neal Communities, which has put up 25,000 houses in Florida. “I like controlling my own future,” says Neal, who sells undeveloped home lots when he requires additional cash.

Paylocity founder Steve Sarowitz suddenly shut down his charitable foundation in May amid the legal drama and threats surrounding the saga between actor , Lively’s co-star in the film It Ends with Us. Though several media outlets blamed Wayfarer’s shuttering in part on financial difficulties arising from the legal battle, that’s not likely the case: While experts say the hefty legal, security and PR expenses could already total $40 million, Sarowitz still has an estimated $2.3 billion fortune.

President Donald Trump signed his signature spending bill on the July 4 deadline he had set, as the legislation will slash federal Medicaid spending, extend Trump’s tax cuts and phase out the wind and solar tax credit, among other changes. The bill will impact millions of Americans and businesses, whether it’s a new, temporary deduction for seniors, an increased child tax credit or a higher SALT (State and Local Tax) cap. It’s slated to increase federal per the nonpartisan Congressional Budget Office.

The French founders of have grown their brand to one that generates nearly $60 million in annual revenue. But Izipizi has a different approach than competitor Warby Parker, focusing on brick-and-mortar stores rather than a direct-to-consumer strategy. Now, the company is eyeing a U.S. expansion, and looking to launch its first American retail location next year.

Larger, wealthy universities—including some that have been targeted by the Trump Administration—will face a higher tax on their endowments’ investment earnings as a result of President Donald Trump’s budget and tax bill. But :Forbes identified at least 26 wealthy colleges that are likely subject to the endowment tax now, but will be exempt next year based on their size.

This Secretive Company Built An Empire By Hawking Bad Financial And Health Advice To Seniors On Facebook

In a roughly 57-minute video, a white-haired man in a checkered shirt is sitting in a blurred hallway. He speaks slowly: “With Donald Trump taking the White House and RFK Jr. now positioned to dismantle the uniparty’s corrupt FDA … multibillion dollar drug conglomerates, some of Big Pharma’s oldest and most prominent, will be in a desperate race to flood our nation with poison.” The man urges “seniors like you and me” to join the online “Health Sciences Institute,” where they can learn about alleged “remarkable medical breakthroughs” that the government and pharmaceutical companies “have been intentionally hiding.” (The Institute’s website contains a disclaimer stating that its content should not be interpreted as personal medical advice.)

The man’s video is one of many of longform advertisements produced by The Agora and its sprawling conglomerate of subsidiaries, which have , financial institutions and healthcare providers.

The Agora makes its money by selling subscriptions to “natural health” newsletters that are a vector for its wellness supplements business, as well as investment advice newsletters that can cost thousands of dollars a year. It says it is a “1.5bn+ company,” and its subsidiaries pour millions each month into advertising on Facebook and Instagram.

But a Forbes investigation into hundreds of Agora-linked ads domains, and opaque social media accounts—and interviews with six people who have worked for Agora companies—reveal a .

Despite regulatory action from the FTC in recent years, The Agora seems to have done little to change its ways—and it’s poised to continue its practices at a moment when Trump has gutted consumer protection enforcement, social media companies have taken their proverbial feet off the gas when it comes to taking down misleading messages, and mistrust in institutions is at an all-time high. As Bonnie Patten, executive director of the nonprofit consumer protection group Truth in Advertising, told Forbes, “This is the in the U.S.”

AI Generated Pro-Iran Propaganda Is Flooding TikTok, Instagram And YouTube

Teenage drivers are on their phone more than one-fifth of the time they’re behind the wheel, a new study shows, though most respondents.The most common reasons were to be entertained, text or follow a map:

21%: The average percentage of each drive that teens said they spend on their phones, the survey found

More than a quarter: The share of those instances that lasted two seconds or longer, which is shown to significantly increase the risk of a crash or near crash

235: The number of people killed in crashes involving distracted drivers between the ages of 15 and 19 in 2022, according to the Children’s Hospital of Philadelphia’s Teen Driver Source

The One Big Beautiful Bill will transform taxes for millions of Americans: The legislation provides an exemption of $25,000 of tip income for certain professions, an additional $6,000 deduction for taxpayers ages 65 and older, and an increase in the cap on state and local tax deductions to $40,000. Plus, the federal estate tax exemption will increase to $15 million.

QUIZ

Centibillionaire and Tesla CEO Elon Musk informally announced a new political party Saturday, after breaking with Republicans and former ally President Donald Trump over their tax megabill. What is the name of the party?

A. xParty

B. DOGE Party

C. Never Trump Party

D. America Party

Check your answer.

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Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff