For the fiscal year through May, tax revenues of $217 billion were overwhelmed by government spending of $363 billion, creating a fiscal-year-to-date deficit of $146 billion.

Just one month after Seattle voted unanimously to pass a head tax on businesses such as Starbucks and Amazon, the City Council repealed it by a vote of 7-2, noting that the head tax (not surprisingly) hurts businesses.

With the Fed likely to raise overnight bank lending rates by one quarter of one percent on Wednesday, observers are increasingly concerned that those increases may throttle Trump’s roaring economy just as it’s beginning to hit its stride.

High-income earners in high-tax states such as New York, Illinois, and California are migrating to low-tax states such as Texas, Florida, Nevada, and Georgia.

The United States has asked OPEC producers to increase oil production by about one million barrels a day after Trump complained about “artificially very high” oil prices.

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